Document:

EX-4.(b).(3)

 Exhibit 4(b)(3) 

SUPPLEMENTAL AND RESTATED 

TRUST INDENTURE 
 FROM

 NORTHERN STATES POWER COMPANY 

TO 
 HARRIS TRUST AND
SAVINGS BANK TRUSTEE 
  
  

DATED MAY 1, 1988 
  

 
 (Restating,
amending and supplementing the Trust Indenture dated February 1, 1937, 
 as previously supplemented through September 1,
1985) 

 CROSS-REFERENCE SHEET SHOWING THE LOCATION IN THE SUPPLEMENTAL AND RESTATED 

TRUST INDENTURE OF THE PROVISIONS INSERTED PURSUANT TO SECTIONS 310 THROUGH 

318(a) INCLUSIVE OF THE 

TRUST INDENTURE ACT OF 1939 
  

							
	 Section of

Trust Indenture Act
	 	 Section of Indenture
	  	Page	 
	 310(a)(1)
	 	16.09	  	 	94	 
	 310(a)(2)
	 	16.09	  	 	94	 
	 310(a)(3)
	 	16.14(b)	  	 	100	 
	 310(a)(4)
	 	Not Applicable	  			
	 310(b)
	 	16.08	  	 	89	 
		 	16.10(a)	  	 	94	 
		 	16.10(d)	  	 	94	 
		 	16.10(e)	  	 	95	 
	 310(c)
	 	Not Applicable	  			
	 311(a)
	 	16.13	  	 	96	 
	 311(b)
	 	16.13	  	 	96	 
	 311(c)
	 	Not Applicable	  			
	 312(a)
	 	8.17	  	 	51	 
		 	16.17(a)	  	 	102	 
	 312(b)
	 	16.17(b)	  	 	102	 
	 312(c)
	 	16.17(c)	  	 	103	 
	 313(a)
	 	16.18(a)	  	 	103	 
	 313(b)
	 	16.18(b)	  	 	104	 
	 313(c)
	 	16.18(c)	  	 	105	 
	 313(d)
	 	16.18(d)	  	 	105	 

  
 i 

							
	 Section of

Trust Indenture Act
	 	 Section of Indenture
	  	Page	 
	 314(a)
	 	8.18	  	 	51	 
	 314(b)
	 	8.19	  	 	52	 
	 314(c)(1)
	 	1.03 - definition of Officer’s Certificate	  	 	19	 
		 	4.01(g)	  	 	35	 
		 	9.04(b)	  	 	54	 
		 	11.03(b)	  	 	60	 
		 	11.03(k)(2)	  	 	63	 
		 	11.10(c)	  	 	67	 
		 	17.01(c)	  	 	108	 
		 	20.08	  	 	117	 
		 	20.09	  	 	117	 
	 314(c)(2)
	 	1.03 - definition of Opinion of Counsel	  	 	19	 
		 	4.01(c)	  	 	34	 
		 	5.05(d)	  	 	39	 
		 	11.03(h)	  	 	63	 
		 	11.03(k)(5)(C)	  	 	65	 
		 	17.01(c)	  	 	108	 
		 	20.08	  	 	117	 
		 	20.09	  	 	117	 
	 314(c)(3)
	 	1.03 - definition of Accountant,	  	 	14	 
		 	Accountant’s Certificate,	  	 	14	 
		 	Independent and	  	 	18	 
		 	Independent Accountant’s Certificate	  	 	18	 
		 	4.01(d)	  	 	34	 
		 	5.04	  	 	37	 
		 	5.05(c)	  	 	39	 
		 	5.07(b)	  	 	40	 
		 	5.07(c)	  	 	41	 
		 	5.07(d)	  	 	41	 
		 	9.02	  	 	53	 
		 	9.04(c)	  	 	54	 
		 	11.03(k)(6)	  	 	65	 

  
 ii 

							
	 Section of

Trust Indenture Act
	 	 Section of Indenture
	  	Page	 
		 	11.10(d)	  	 	67	 
		 	20.08	  	 	117	 
		 	20.09	  	 	117	 
	 314(d)(1)
	 	1.03 - definition of Engineer,	  	 	17	 
		 	Engineer’s Certificate	  	 	17	 
		 	Independent and	  	 	18	 
		 	Independent Engineer’s Certificate	  	 	18	 
		 	11.03(c)	  	 	60	 
		 	11.03(d)	  	 	61	 
		 	11.03(k)(3)	  	 	64	 
		 	11.03(k)(4)	  	 	64	 
	 314(d)(2)
	 	1.03 - definition of Engineer,	  	 	17	 
		 	Engineer’s Certificate	  	 	17	 
		 	Independent and	  	 	18	 
		 	Independent Engineer’s Certificate	  	 	18	 
		 	11.03(e)	  	 	62	 
		 	11.03(f)	  	 	62	 
	 314(d)(3)
	 	1.03 - definition of Engineer,	  	 	17	 
		 	Engineer’s Certificate	  	 	17	 
		 	Independent and	  	 	18	 
		 	Independent Engineer’s Certificate	  	 	18	 
		 	5.05(a)	  	 	37	 
		 	5.05(b)	  	 	38	 
		 	7.02	  	 	45	 
		 	9.04	  	 	54	 
		 	11.03	  	 	60	 
		 	11.10	  	 	67	 
		 	16.01(d)	  	 	87	 
		 	20.08	  	 	117	 
		 	20.09	  	 	117	 
	 314(e)
	 	20.08	  	 	117	 

  
 iii 

							
	 Section of

Trust Indenture Act
	 	 Section of Indenture
	  	Page	 
	 314(f)
	 	Not Applicable	  			
	 315(a)
	 	16.01(a)(1)	  	 	86	 
		 	16.01(a)(2)	  	 	86	 
	 315(b)
	 	16.02	  	 	87	 
	 315(c)
	 	16.01(b)	  	 	86	 
	 315(d)
	 	16.01(c)	  	 	86	 
	 315(e)
	 	13.15(b)	  	 	79	 
	 316(a)(1)
	 	1.03 - definition of “Outstanding”	  	 	20	 
		 	13.05	  	 	76	 
		 	16.01(c)(3)	  	 	86	 
		 	18.02	  	 	111	 
	 316(a)(2)
	 	18.02	  	 	111	 
	 316(b)
	 	13.15(a)	  	 	79	 
		 	13.15(c)	  	 	80	 
		 	18.02(a)	  	 	111	 
	 317(a)(1)
	 	13.13	  	 	78	 
	 317(a)(2)
	 	13.04	  	 	75	 
	 317(b)
	 	8.16	  	 	50	 
	 318(a)
	 	20.13(a)	  	 	118	 

  
 iv 

 Table of Contents 

(Definitions of certain capitalized words used in the 

Indenture are contained in Section 1.03) 
  

							
	 	 	 	  	Page	 
	 Parties
	  	 	1	 
	 Recitals
	  	 	1	 
	 Granting Clauses
	  	 	4	 
	 Habendum
	  	 	5	 
	ARTICLE I.	 
	
	 Effective Date; Amendment and Restatement

of Original Indenture; Definitions
	  
  

			
	 Section 1.01 -
	 	Effective Date	  	 	6	 
	 Section 1.02 -
	 	Amendment and Restatement of Original Indenture; deletion of provisions of Supplemental Trust Indentures	  	 	6	 
	 Section 1.03 -
	 	Definitions	  	 	14	 
	
	ARTICLE II.	 
	
	Form and Execution of Bonds.	 
			
	 Section 2.01 -
	 	Amount of Bonds; Bonds to be issued in series; general provisions as to series	  	 	27	 
	 Section 2.02 -
	 	Form of Bonds	  	 	27	 
	 Section 2.03 -
	 	Payment of Principal and Interest	  	 	28	 
	 Section 2.04 -
	 	Bonds may contain tax reimbursement provision	  	 	29	 
	 Section 2.05 -
	 	Provisions of different series to be as set forth in Bonds of particular series	  	 	29	 
	 Section 2.06 -
	 	Provision for conversion into other securities	  	 	29	 
	 Section 2.07 -
	 	Provision for creation of sinking or similar fund	  	 	29	 

  
 v 

							
	 	 	 	  	Page	 
	 Section 2.08 -
	 	Bonds to be issued as Registered Bonds without coupons; denominations thereof	  	 	30	 
	 Section 2.09 -
	 	Date of Bonds	  	 	30	 
	 Section 2.10 -
	 	Exchange and interchange provisions	  	 	30	 
	 Section 2.11 -
	 	Exchange of Bonds, charge therefor	  	 	30	 
	 Section 2.12 -
	 	(a) Registration of Bonds; Bond Register;	  	 	30	 
		 	(b) Trustee appointed Bond Registrar; transfer of Bonds	  	 	31	 
		 	(c) Provision for safekeeping and book entry registration system	  	 	31	 
	 Section 2.13 -
	 	Execution of Bonds	  	 	31	 
	 Section 2.14 -
	 	Temporary Bonds	  	 	31	 
	 Section 2.15 -
	 	Lost, mutilated, destroyed or stolen Bonds	  	 	31	 
	 Section 2.16 -
	 	Bonds to be of tenor and effect provided; to be certified by Trustee	  	 	32	 
	 Section 2.17 -
	 	(a) Provision for exchange of Bonds for Bonds of Successor Corporation	  	 	32	 
		 	(b) Provision for exchange of old for new Bonds of any series if name is changed	  	 	32	 
		
	ARTICLE III.	  			
	[Omitted]	  			
		
	ARTICLE IV.	  			
		
	Provisions Applicable Generally to Issuance of All Additional Bonds.	  			
			
	 Section 4.01 -
	 	Documents to be delivered before or at the time of authentication of additional Bonds	  	 	34	 
	 Section 4.02 -
	 	No Bonds to be authenticated except as provided in other Sections and Articles	  	 	35	 
		
	ARTICLE V.	  			
		
	Issuance of Bonds upon the Basis of Permanent Additions.	  			
			
	 Section 5.01 -
	 	Bonds may be issued on basis of Permanent Additions	  	 	36	 
	 Section 5.02 -
	 	Property available as a basis for issuance of Bonds	  	 	36	 

  
 vi 

							
	 	 	 	  	Page	 
	 Section 5.03 -
	 	Cost and Fair Value of property to be certified to Trustee; Limitation on the issuance of Bonds based on such Cost or Fair Value	  	 	36	 
	 Section 5.04 -
	 	Net earnings requirement	  	 	37	 
	 Section 5.05 -
	 	Uses of Permanent Additions; documents to be delivered to Trustee for establishing Cost and Fair Value of Permanent Additions; Amount of Established Permanent Additions	  	 	37	 
	 Section 5.06 -
	 	(a) No Permanent Additions certified under Section 5.05 to be subsequently included in a similar certificate	  	 	40	 
		 	(b) No Amount of Established Permanent Additions used or applied for certain purposes to be used again for such purposes	  	 	40	 
	 Section 5.07 -
	 	Documents to be delivered to the Trustee for issuance of Bonds on basis of Amount of Established Permanent Additions	  	 	40	 
	 Section 5.08 -
	 	Percentages of Amount of Established Permanent Additions to be applied for particular purposes under Indenture	  	 	42	 
		
	ARTICLE VI.	  			
		
	Issuance of Bonds upon Retirement of Bonds.	  			
			
	 Section 6.01 -
	 	Issuance of Bonds on the basis of retired Bonds	  	 	43	 
	 Section 6.02 -
	 	No Bonds to be issued more than one year prior to the Stated Maturity of retired Bonds, with certain exceptions	  	 	43	 
	 Section 6.03 -
	 	When Bond is deemed retired	  	 	43	 
		
	ARTICLE VII.	  			
		
	Issuance of Bonds upon Deposit of Cash with Trustee.	  			
			
	 Section 7.01 -
	 	Issuance of Bonds on basis of deposit of cash with Trustee	  	 	45	 
	 Section 7.02 -
	 	Conditions for cash withdrawal	  	 	45	 
		
	ARTICLE VIII.	  			
		
	Particular Covenants of the Company.	  			
			
	 Section 8.01 -
	 	Seizin. Maintain Lien of Indenture	  	 	46	 

  
 vii 

							
	 	 	 	  	Page	 
	 Section 8.02 -
	 	 Pay principal of and interest on Bonds
	  	 	46	 
	 Section 8.03 -
	 	 Keep office or agency where the principal of and interest on Bonds are payable
	  	 	46	 
	 Section 8.04 -
	 	 Pay taxes and not permit encumbrances
	  	 	46	 
	 Section 8.05 -
	 	 Insurance
	  			
		 	 (a) Keep property insured
	  	 	46	 
		 	 (b) Trustee’s possession of insurance proceeds
	  	 	47	 
		 	 (c) Company expenditure of insurance moneys
	  	 	47	 
		 	 (d) Trustee liability for insurance loss settlements
	  	 	47	 
	 Section 8.06 -
	 	 Keep property in good repair; maintain corporate existence and franchises
	  	 	48	 
	 Section 8.07 -
	 	 Declare dividends on its common stock or acquire its common stock only as specified
	  	 	48	 
	 Section 8.08 -
	 	 Record mortgage, etc
	  	 	49	 
	 Section 8.09 -
	 	 Covenant for further assurance
	  	 	49	 
	 Section 8.10 -
	 	 Keep proper books of account and records open to inspection of Trustee
	  	 	49	 
	 Section 8.11 -
	 	 Bankruptcy, insolvency and receivership
	  	 	49	 
	 Section 8.12 -
	 	 Authorized to execute and deliver Indenture and issue Bonds
	  	 	49	 
	 Section 8.13 -
	 	 Pay taxes imposed on issue of Bonds
	  	 	50	 
	 Section 8.14 -
	 	 Issue Bonds only in accordance with Indenture
	  	 	50	 
	 Section 8.15 -
	 	 Perform all conditions and obligations of any Prior Lien
	  	 	50	 
	 Section 8.16 -
	 	 Paying Agents
	  	 	50	 
	 Section 8.17 -
	 	 Furnish lists of Bondholders to Trustee
	  	 	51	 
	 Section 8.18 -
	 	 Reporting
	  			
		 	 (a) File certain annual reports and information with Trustee
	  	 	51	 
		 	 (b) File additional information with Trustee and Commission
	  	 	51	 
		 	 (c) Transmit summaries of reports and information to Bondholders
	  	 	52	 
	 Section 8.19 -
	 	 Provide Opinion of Counsel
	  	 	52	 

  
 viii 

							
	 	 	 	  	Page	 
	ARTICLE IX.	  			
		
	Maintenance Fund.	  			
			
	 Section 9.01 -
	 	 Maintenance covenant
	  	 	53	 
	 Section 9.02 -
	 	 Documents to be filed with Trustee annually
	  	 	53	 
	 Section 9.03 -
	 	 Maintenance Fund may be applied to the purchase or redemption of Bonds
	  	 	54	 
	 Section 9.04 -
	 	 Requirements for withdrawal of cash from Maintenance Fund
	  	 	54	 
	 Section 9.05 -
	 	 Use of excess Maintenance Fund credits
	  	 	54	 
	 Section 9.06 -
	 	 Status of Maintenance Fund on sale of mortgaged and pledged property
	  	 	55	 
		
	ARTICLE X.	  			
		
	Redemption of Bonds.	  			
			
	 Section 10.01 -
	 	 Redemption provisions
	  	 	56	 
	 Section 10.02 -
	 	 Redemption in part; notice of redemption
	  	 	56	 
	 Section 10.03 -
	 	 Cash or Government Obligations to be deposited with Trustee
	  	 	57	 
	 Section 10.04 -
	 	Disposal of cash or Government Obligations deposited; Bonds cease to bear interest and are deemed paid after Redemption Date	  	 	57	 
	 Section 10.05 -
	 	 Bonds paid, retired or redeemed to be cancelled
	  	 	57	 
	 Section 10.06 -
	 	 Redeemed Bonds are considered paid
	  	 	57	 
	 Section 10.07 -
	 	 Decision of Trustee is final
	  	 	57	 
		
	ARTICLE XI.	  			
		
	Possession, Use and Release of Mortgaged and Pledged Property.	  			
			
	 Section 11.01 -
	 	 Company to possess, use and enjoy property until Completed Default
	  	 	58	 
	 Section 11.02 -
	 	 Property which may be disposed of without Trustee’s consent
	  	 	58	 
	 Section 11.03 -
	 	 Documents to obtain release from Lien of the Indenture
	  	 	60	 

  
 ix 

							
	 	 	 	  	Page	 
	 Section 11.04 -
	 	Trustee to release, without compliance with Section 11.03, property of Fair Value less than 1% of the aggregate principal amount of Bonds Outstanding, not exceeding annual limitation	  	 	65	 
	 Section 11.05 -
	 	Interest on obligations payable to Company; obligations or property received in exchange to be subject to Lien	  	 	65	 
	 Section 11.06 -
	 	 Proceeds of property taken by eminent domain to be paid to Trustee
	  	 	66	 
	 Section 11.07 -
	 	 Receiver or trustee in possession may exercise powers of Company
	  	 	66	 
	 Section 11.08 -
	 	 Purchaser in good faith not bound to inquire into authority of Trustee
	  	 	66	 
	 Section 11.09 -
	 	 Proceeds of released property to constitute Release Fund
	  	 	66	 
	 Section 11.10 -
	 	 Disposition of money in Release Fund
	  	 	67	 
	 Section 11.11 -
	 	 Certain Proceeds to be paid to Company
	  	 	67	 
	 Section 11.12 -
	 	 Status of Release Fund on sale of mortgaged and pledged property
	  	 	67	 
	 Section 11.13 -
	 	 Release Fund may be applied to purchase of Bonds
	  	 	67	 
	 Section 11.14 -
	 	 Release Fund may be applied to redemption of Bonds
	  	 	68	 
	 Section 11.15 -
	 	 Certain Amounts in Release Fund for 24 months to be applied to purchase or redemption of
Bonds
	  	 	68	 
	 Section 11.16 -
	 	 Bonds delivered under this Article are equivalent to cash
	  	 	69	 
	 Section 11.17 -
	 	 Moneys may be withdrawn from Release Fund on basis of Bonds delivered
	  	 	69	 
	 Section 11.18 -
	 	 Bonds delivered for Release Fund to be cancelled
	  	 	69	 
		
	ARTICLE XII.	  			
		
	Meetings of Bondholders.	  			
			
	 Section 12.01 -
	 	 Purposes
	  	 	70	 
	 Section 12.02 -
	 	 Trustee may call meetings
	  	 	70	 
	 Section 12.03 -
	 	 Company or Bondholders may call meetings
	  	 	70	 
	 Section 12.04 -
	 	 Persons entitled to vote
	  	 	71	 

  
 x 

							
	 	 	 	  	Page	 
	 Section 12.05 -
	 	 Determination of voting rights; conduct and adjournment of meetings
	  	 	71	 
	 Section 12.06 -
	 	 Counting votes and recording action of meetings
	  	 	72	 
		
	ARTICLE XIII.	  			
		
	Remedies of Trustee and Bondholders upon Default.	  			
			
	 Section 13.01 -
	 	Certain events to be Completed Defaults; Bonds may be declared due when a Completed Default exists	  	 	73	 
	 Section 13.02 -
	 	Entry, possession and operation of mortgaged and pledged property by Trustee on Completed Default; application of income collected by Trustee	  	 	73	 
	 Section 13.03 -
	 	Power of sale on Completed Default	  	 	74	 
	 Section 13.04 -
	 	Judicial proceedings and suits at law or in equity upon Completed Default; Trustee may file proof of claim; remedies cumulative; failure to exercise right not waiver	  	 	75	 
	 Section 13.05 -
	 	Majority of Bondholders may direct Trustee	  	 	76	 
	 Section 13.06 -
	 	Appointment of a receiver as a matter of right	  	 	76	 
	 Section 13.07 -
	 	All Bonds to become due in case of sale upon Completed Default	  	 	76	 
	 Section 13.08 -
	 	Bondholders or Trustee may bid for property; Bonds may be used for purchase price	  	 	76	 
	 Section 13.09 -
	 	Purchaser not obligated to see to application of proceeds of sale	  	 	77	 
	 Section 13.10 -
	 	Any sale to divest title of Company	  	 	77	 
	 Section 13.11 -
	 	Application of proceeds of sale	  	 	77	 
	 Section 13.12 -
	 	Company’s waiver of stay, extension and redemption, etc.	  	 	78	 
	 Section 13.13 -
	 	Trustee to collect the whole amont due and payable; has power to sue therefor	  	 	78	 
	 Section 13.14 -
	 	Trustee may enforce rights without possession of Bonds	  	 	79	 

  
 xi 

							
	 	 	 	  	Page	 
	 Section 13.15 -
	 	 (a) Bondholder instituted actions or proceedings
	  	 	79	 
		 	(b) In any suit under Indenture or against Trustee, court may require undertaking to pay costs and may assess reasonable costs	  	 	79	 
		 	(c) Nothing in this Indenture to impair Company’s obligation or to affect Bondholders’ right, to extent permitted by law, to enforce payment	  	 	80	 
	 Section 13.16 -
	 	Company may waive period of grace	  	 	80	 
	 Section 13.17 -
	 	Discontinuance or abandonment of proceedings	  	 	80	 
	 Section 13.18 -
	 	Rights, remedies and powers may be exercised only to extent that exercise does not violate any applicable provision of law	  	 	80	 
	
	ARTICLE XIV.	 
	
	Evidence of Rights of Bondholders and Ownership of Bonds.	 
			
	 Section 14.01 -
	 	 Evidence of Bondholder action
	  	 	81	 
	 Section 14.02 -
	 	 Acknowledgements and proofs
	  	 	81	 
	 Section 14.03 -
	 	 Recognition of Bondholders
	  	 	82	 
	 Section 14.04 -
	 	 Revocation of Bondholder action; action of Bondholders to bind subsequent Holders
	  	 	82	 
	
	ARTICLE XV.	 
	
	Effect of Merger, Consolidation, Etc. on the Lien of the Indenture.	 
			
	 Section 15.01 -
	 	 Consolidation or merger permitted under certain conditions
	  	 	83	 
	 Section 15.02 -
	 	 Successor Corporation entitled to issue Bonds; conditions thereof
	  	 	83	 
	 Section 15.03 -
	 	 Limit of Lien of the Indenture on property of Successor Corporation
	  	 	84	 
	 Section 15.04 -
	 	 Company may surrender powers
	  	 	84	 
	
	ARTICLE XVI.	 
	
	The Trustee.	 
			
	 Section 16.01 -
	 	 Duties, responsibilities and liability
	  	 	86	 

  
 xii 

							
	 	 	 	  	Page	 
	 Section 16.02 -
	 	 Notice of Defaults
	  	 	87	 
	 Section 16.03 -
	 	 Actions and rights
	  	 	87	 
	 Section 16.04 -
	 	 Not responsible for recitals or issuance of Bonds or application of proceeds
	  	 	88	 
	 Section 16.05 -
	 	 May hold Bonds
	  	 	88	 
	 Section 16.06 -
	 	 Money held in trust
	  	 	88	 
	 Section 16.07 -
	 	 Company commits to compensate, reimburse and indemnify Trustee; Trustee’s prior lien
	  	 	88	 
	 Section 16.08 -
	 	 (a) Requirement to eliminate conflicting interest or resign
	  	 	89	 
		 	 (b) Notice of failure to comply with requirements of subsection (a)
	  	 	89	 
		 	 (c) Conflicting interest
	  	 	89	 
		 	 (d) Certain definitions
	  	 	92	 
		 	 (e) Voting Security calculations
	  	 	93	 
	 Section 16.09 -
	 	 Eligible Trustee required
	  	 	94	 
	 Section 16.10 -
	 	 Resignation and removal; appointment of successor; notice to Bondholders
	  	 	94	 
	 Section 16.11 -
	 	 Acceptance of appointment by successor
	  	 	95	 
	 Section 16.12 -
	 	 Merger, conversion, consolidation or succession to business
	  	 	95	 
	 Section 16.13 -
	 	 (a) Preferential collection of claims against Company
	  	 	96	 
		 	 (b) Certain creditor relationships exempt from obligation to account
	  	 	98	 
		 	 (c) Certain definitions
	  	 	99	 
	 Section 16.14 -
	 	 Co-trustee and separate Trustee
	  	 	100	 
	 Section 16.15 -
	 	 Authenticating Agent
	  	 	101	 
	 Section 16.16 -
	 	Address where notices to be served on Company; notice of change of address of Trustee’s principal corporate trust office	  	 	102	 
	 Section 16.17 -
	 	(a) Preservation of information by Trustee; destruction of information by Trustee and conditions thereof	  	 	102	 
		 	(b) Access of Bondholders to list, and conditions thereof	  	 	102	 
		 	(c) Trustee not accountable by reason of mailing information	  	 	103	 
	 Section 16.18 -
	 	(a) Annual information to be furnished to Bondholders by Trustee	  	 	103	 

  
 xiii 

							
	 	 	 	  	Page	 
		 	 (b) Additional reports to Bondholders
	  	 	104	 
		 	 (c) Transmission of reports to Bondholders
	  	 	105	 
		 	 (d) Filings of report with stock exchanges and Commission
	  	 	105	 
	 Section 16.19 -
	 	 Trustee may examine books, records and premises of Company
	  	 	105	 
	 Section 16.20 -
	 	 Trustee’s relationship with Paying Agents
	  	 	106	 
	 Section 16.21 -
	 	 Notice to Trustee to be notice to separate trustee or
co-trustee
	  	 	106	 
	 Section 16.22 -
	 	 Trustee entitled to file proofs of claim, etc. for its claims and Bondholders’ claim
	  	 	106	 
	 Section 16.23 -
	 	 Power of Trustee to do acts necessary incidental to powers
	  	 	107	 
	 Section 16.24 -
	 	 Acknowledgement by Trustee of Permitted Encumbrances
	  	 	107	 
	
	ARTICLE XVII.	 
	
	Defeasance.	 
			
	 Section 17.01 -
	 	 Payment of indebtedness; satisfaction and discharge of Indenture
	  	 	108	 
	 Section 17.02 -
	 	 Application of deposited money
	  	 	109	 
	
	ARTICLE XVIII.	 
	
	Supplemental Trust Indentures; Modification of Indenture.	 
			
	 Section 18.01 -
	 	 Supplemental Trust Indentures without consent of Bondholders
	  	 	110	 
	 Section 18.02 -
	 	 Supplemental Trust Indentures with consent of Bondholders
	  	 	111	 
	 Section 18.03 -
	 	 Conditions for Trustee’s execution of Supplemental Trust Indentures
	  	 	112	 
	 Section 18.04 -
	 	 Effect of Supplemental Trust Indentures
	  	 	113	 
	 Section 18.05 -
	 	 Conformity with Trust Indenture Act
	  	 	113	 
	 Section 18.06 -
	 	 Reference in Bonds to Supplemental Trust Indentures
	  	 	113	 
	
	ARTICLE XIX.	 
		
	 Immunity of Stockholders, Officers and Directors
	  	 	114	 

  
 xiv 

							
	 	 	 	  	Page	 
	ARTICLE XX.	 
	
	Miscellaneous.	 
			
	 Section 20.01 -
	 	 Indenture for executive benefit of parties and Bondholders
	  	 	115	 
	 Section 20.02 -
	 	Powers, privileges or rights of Company may be restricted or surrendered by instrument executed by Company, etc.	  	 	115	 
	 Section 20.03 -
	 	Withdrawal of moneys deposited for payment or redemption of Bonds	  	 	115	 
	 Section 20.04 -
	 	Interest on overdue principal or interest ceases on deposit with Trustee and notice	  	 	116	 
	 Section 20.05 -
	 	Company may specify that cash deposited with Trustee is to be held in trust	  	 	116	 
	 Section 20.06 -
	 	Investment of moneys by Trustee in certain securities; such securities to be held by Trustee as part of mortgaged and pledged property	  	 	116	 
	 Section 20.07 -
	 	Destruction of Bonds on request of Company; certificate of destruction	  	 	117	 
	 Section 20.08 -
	 	Requirements as to certificates and opinions furnished by Company to Trustee	  	 	117	 
	 Section 20.09 -
	 	(a) Permissive basis for certificate or opinion by officer or others	  	 	117	 
		 	(b) Permissive basis for certificate or Opinion of Counsel	  	 	118	 
		 	(c) Additional certificates and opinions required concerning conditions precedent prior to Trustee acting at request of Company	  	 	118	 
	 Section 20.10 -
	 	Company not relieved of furnishing documents required by other Articles	  	 	118	 
	 Section 20.11 -
	 	Consent of Holders of Bonds issued on or subsequent to the date of Restated Indenture	  	 	118	 
	 Section 20.12 -
	 	Restated Indenture to be construed as a part of the Original Indenture, as supplemented	  	 	118	 
	 Section 20.13 -
	 	(a) Trust Indenture Act to control	  	 	118	 
		 	(b) Severability of conditions contained	  	 	118	 
	 Section 20.14 -
	 	(a) Provision for execution in counterparts	  	 	119	 
		 	(b) Table of contents and descriptive headings of Articles not to affect meaning	  	 	119	 
	 Section 20.15 -
	 	Parties named include successors or assigns	  	 	119	 
	 Section 20.16 -
	 	Amount of obligations to be issued under Restated Indenture	  	 	119	 

  
 xv 

							
	 	 	 	  	Page	 
	 Section 20.17 -
	 	 Permissive bases for certificate or Opinion of Counsel as to title
	  	 	119	 
	 Section 20.18 -
	 	 Approval by Trustee of Engineer, appraiser or other expert, counsel or Accountant
	  	 	120	 
	 Section 20.19 -
	 	 Transmission of notice to Bondholders accomplished by mailing
	  	 	120	 
	 Section 20.20 -
	 	 Provisions as to the form that certificates of officers, etc. required under the Indenture may
take
	  	 	120	 
	 Section 20.21 -
	 	 Applicable Law
	  	 	120	 
	
	ARTICLE XXI.	 
	
	Financing Statement to Comply with the Uniform Commercial Code.	 
			
	 Section 21.01 -
	 	 Names and addresses of debtor and secured party
	  	 	121	 
	 Section 21.02 -
	 	 Property subject to Lien of the Indenture
	  	 	121	 
	 Section 21.03 -
	 	 Maturity dates and principal amounts of obligations secured
	  	 	121	 
	 Section 21.04 -
	 	 Financing statement adopted for all Bonds listed in Section 21.03
	  	 	122	 
	 Section 21.05 -
	 	 Recording data for 1937 Indenture
	  	 	122	 
	 Section 21.06 -
	 	 Financing statement covers additional series of Bonds
	  	 	123	 
	 Signatures and Acknowledgements
	  	 	124	 
	 Schedule A
	 		  	 	A-1	 

  
 xvi 

 THIS SUPPLEMENTAL AND RESTATED TRUST INDENTURE (the “Restated
Indenture”), made as of the first day of May, 1988 by and between NORTHERN STATES POWER COMPANY, a corporation duly organized and existing under and by virtue of the laws of the State of Minnesota, having its principal office in the City
of Minneapolis, Minnesota (the “Company”), party of the first part, and HARRIS TRUST AND SAVINGS BANK, a corporation duly organized and existing under and by virtue of the laws of the State of Illinois, having its principal office
in the City of Chicago, Illinois, as Trustee (the “Trustee”), party of the second part; 
 WITNESSETH: 

WHEREAS, the Company has heretofore executed and delivered to the Trustee its Trust Indenture (the “1937
Indenture”), made as of February 1, 1937, whereby the Company granted, bargained, sold, warranted, released, conveyed, assigned, transferred, mortgaged, pledged, set over, and confirmed to the Trustee, and to its respective successors in
trust, all property, real, personal, and mixed then owned or thereafter acquired or to be acquired by the Company (except as therein excepted from the lien thereof) and, subject to the rights reserved by the Company under the provisions of the 1937
Indenture, to be held by the Trustee in trust in accordance with provisions of the 1937 Indenture for the equal pro rata benefit and security of each and every bond issued and to be issued thereunder in accordance with the provisions thereof; and

 WHEREAS, the Company has executed and delivered to the Trustee a Supplemental Trust Indenture, dated as of
June 1, 1942, whereby the Company conveyed, assigned, transferred, mortgaged, pledged, set over, and confirmed to the Trustee, and its respective successors in said trust, additional property acquired by it subsequent to the date of the 1937
Indenture; and 
 WHEREAS, the Company has executed and delivered to the Trustee the following additional
Supplemental Trust Indentures which, in addition to conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee, and its respective successors in said trust, additional property acquired by it subsequent to
the preparation of the next preceding Supplemental Trust Indenture and adding to the covenants, conditions, and agreements contained in the 1937 Indenture certain additional covenants, conditions, and agreements to be observed by the Company,
created the following series of Bonds: 
  

			
	 Date of Supplemental Trust Indenture
	  	 Designation of Series

	 February 1, 1944
	  	 Series due February 1, 1974 (retired)

	 October 1, 1945
	  	 Series due October 1, 1975 (retired)

	 July 1, 1948
	  	 Series due July 1, 1978 (retired)

	 August 1, 1949
	  	 Series due August 1, 1979 (retired)

	 June 1, 1952
	  	 Series due June 1, 1982 (retired)

	 October 1, 1954
	  	 Series due October 1, 1984 (retired)

	 September 1, 1956
	  	 Series due 1986 (retired)

  
 1 

			
	 August 1, 1957
	  	 Series due August 1, 1987 (redeemed)

	 July 1, 1958
	  	 Series due July 1, 1988

	 December 1, 1960
	  	 Series due December 1, 1990

	 August 1, 1961
	  	 Series due August 1, 1991

	 June 1, 1962
	  	 Series due June 1, 1992

	 September 1, 1963
	  	 Series due September 1, 1993

	 August 1, 1966
	  	 Series due August 1, 1996

	 June 1, 1967
	  	 Series due June 1, 1995

	 October 1, 1967
	  	 Series due October 1, 1997

	 May 1, 1968
	  	 Series due May 1, 1998

	 October 1, 1969
	  	 Series due October 1, 1999

	 February 1, 1971
	  	 Series due March 1, 2001

	 May 1, 1971
	  	 Series due June 1, 2001

	 February 1, 1972
	  	 Series due March 1, 2002

	 January 1, 1973
	  	 Series due February 1, 2003

	 January 1, 1974
	  	 Series due January 1, 2004

	 September 1, 1974
	  	 Pollution Control Series A

	 April 1, 1975
	  	 Pollution Control Series B

	 May 1, 1975
	  	 Series due May 1, 2005

	 March 1, 1976
	  	 Pollution Control Series C

	 June 1, 1981
	  	 Pollution Control Series D, E and F (redeemed)

	 December 1, 1981
	  	 Series due December 1, 2011 (redeemed)

	 May 1, 1983
	  	 Series due May 1, 2013

	 December 1, 1983
	  	 Pollution Control Series G

	 September 1, 1984
	  	 Pollution Control Series H

	 December 1, 1984
	  	 Resource Recovery Series I

	 May 1, 1985
	  	 Series due June 1, 2015

	 September 1, 1985
	  	 Pollution Control Series J, K and L;

		  	 and

 The 1937 Indenture and the foregoing Supplemental Trust Indentures are collectively referred
to herein as the “Original Indenture.” The Original Indenture, this Restated Indenture, any Subsequent Supplemental Trust Indentures and any Supplemental Trust Indentures executed after the Effective Date are collectively referred to
herein as the “Indenture’; and 
 WHEREAS, the Company has deemed it necessary and desirable to amend,
restate and supplement the Original Indenture as provided in Article I of this Restated Indenture; and 
 WHEREAS,
this Restated Indenture shall become and be effective as provided in Article I hereof; and 
 WHEREAS, each Holder of
a Bond of any series not now Outstanding, which series shall be originally authenticated by the Trustee and originally issued by the Company under the Indenture on or subsequent to the date of the Restated Indenture, by the acquisition, holding or
ownership of such Bond, thereby consents and agrees to, and shall be bound by, the provisions of this Restated Indenture on and after the Effective Date; and 

WHEREAS, the execution and delivery of this Restated Indenture have been duly authorized by the Company; and 

  
 2 

 WHEREAS, this Restated Indenture is supplemental to the Original Indenture
and shall not in any way extinguish or otherwise adversely affect the Lien of the Original Indenture on the mortgaged and pledged property of the Company; and 

WHEREAS, capitalized terms previously used in these recitals or hereafter used in the granting clauses (and not
otherwise defined herein or therein) shall have the meanings assigned to them by Section 1.03; and 
 WHEREAS,
all things necessary to make this Restated Indenture a valid, binding and legal instrument for the security of the Bonds have been done and performed; 

  
 3 

 GRANTING CLAUSES 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: The Company, in consideration of the premises and of one dollar duly paid to
it by the Trustee at or before the ensealing and delivery of these presents, the receipt of which is hereby acknowledged, and in order to secure the payment, of both the principal and interest, of all Bonds at any time Outstanding according to their
tenor and effect and the performance of and compliance with the covenants and conditions contained in the Indenture, has granted, bargained, sold, warranted, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and
by these presents does grant, bargain, sell, warrant, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto the Trustee, and to its successors in said trust forever, all property, real, personal and mixed now owned or
hereafter acquired or to be acquired by the Company, and wherever situated (except as hereinafter excepted from the Lien Hereof) subject to the rights reserved by the Company and by other provisions of the Indenture, including in the property
subject and to be subject to the Lien of the Indenture (without in any manner limiting or impairing by the enumeration of the same the scope and intent of the foregoing or of any general description contained in the Indenture) all lands, rights-of-way, other land rights, flowage and other water rights, reservoirs, dams, waterways, docks, roads, and other land improvements; fossil, nuclear, hydro and other
electric generating plants, including buildings and other structures, turbines, generators, exciters, boilers, reactors, nuclear fuel, other boiler plant equipment, condensing equipment and all other generating equipment; substations; electric
transmission and distribution systems, including structures, poles, towers, fixtures, conduits, insulators, wires, cables, transformers, services and meters; steam heating mains and equipment; gas transmission and distribution systems, including
structures, storage facilities, mains, compressor stations, purifier stations, pressure holders, governors, services and meters; telephone plant and related distribution systems; trucks and trailers; office, shop and other buildings and structures,
furniture and equipment; apparatus and equipment of all other kinds and descriptions; materials and supplies; all municipal and other franchises, leaseholds, licenses, permits, privileges, patents and patent rights; all shares of stock, bonds,
evidences of indebtedness, contracts, claims, accounts receivable, choses in action and other intangibles, all books of account and other corporate records; parts or parcels of such real property and items of other property being more specifically
described and mentioned or enumerated in Schedule A annexed hereto, and in schedules marked Schedule A and annexed to the Original Indenture and to all Subsequent Supplemental Trust Indentures, except all Permanent Additions owned by the Company on
or after February 1, 1937, which have been removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service or property described in such schedules which has been released by the Trustee from the Lien
Hereof (reference to such schedules for a more specific description and enumeration of the property therein described and enumerated being hereby made with the same force and effect as if the same were incorporated herein at length); 

Together with all and singular the tenements, hereditaments and appurtenances belonging or in any way appertaining to the
aforesaid property or any part thereof with the reversion and reversions, remainder and remainders, tolls, rents and revenues, issues, income, product 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 property and franchises and every part and parcel thereof. 

Notwithstanding anything contained herein to the contrary, all merchandise and appliances heretofore or hereafter acquired for
the purpose of sale to customers and others is hereby excepted from the Lien of the Indenture. 

  
 4 

 It is hereby agreed by the Company that, except as aforesaid, all the property,
rights and franchises acquired by the Company after the Effective Date shall be as fully embraced within the Lien Hereof as if such property were now owned by the Company and were specifically described herein and conveyed hereby, subject to the
Company’s rights until the occurrence and continuation of a Completed Default to: retain in its possession all shares of stock, notes, evidences of indebtedness, other securities and cash not expressly required by the provisions hereof to be
deposited with the Trustee; retain in its possession all contracts, bills, accounts receivable, motor cars, any stock of goods, wares and merchandise, equipment or supplies acquired for the purpose of consumption in the operation, construction or
repair of any of the properties of the Company; and sell, exchange, pledge, hypothecate or otherwise dispose of any or all of such property so retained in its possession free from the Lien Hereof, without permission or hindrance on the part of the
Trustee, or any of the Bondholders. No person in any dealings with the Company in respect of any such property shall be charged with any notice or knowledge of any Completed Default while the Company is in possession of such property. Nothing
contained herein shall be deemed or construed to require the deposit with, or delivery to, the Trustee of any of such property, except such as is specifically required to be deposited with the Trustee by some express provisions hereof. 

The foregoing provisions, as they purport to subject to the Lien Hereof property hereafter acquired by any Successor
Corporation, are subject to the provisions of Article XV relating to the effect of a consolidation or merger into another corporation or sale or lease of substantially all of the property of the Company. 

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

IN TRUST NEVERTHELESS, for the equal pro rata benefit and security of each and every Bond issued and to be issued in
accordance with the provisions of the Indenture, without preference, priority or distinction as to lien over any other by reason of priority in time of the issue, negotiation or maturity thereof; subject however, to the provisions of the Indenture
and of any Supplemental Trust Indenture relating to any sinking fund or similar fund for the benefit of the Bonds of any particular series or of any portion of the Bonds of any series; it being intended that the lien and security for all Bonds shall
take effect from the execution and delivery of the Indenture, and that the security and Lien of the Indenture shall take effect from the date of execution and delivery thereof as though all of the Bonds of all series were actually authenticated and
delivered upon such date. 
 PROVIDED, HOWEVER, and these presents are upon the condition that if the Company, its
successors, or assigns, shall pay or cause to be paid unto the Holders of Bonds the principal and interest to become due in respect thereof, at the times and in the manner stipulated therein and herein, and shall keep, perform and observe each and
every covenant and promise expressed in the Bonds and expressed in the Indenture to be maintained, performed and observed by or on the part of the Company, then the Indenture and the estate and rights hereby granted, shall cease and be void,
otherwise to be and remain in full force and effect. 
 IT IS HEREBY COVENANTED, DECLARED AND AGREED by the Company
that, after the Effective Date, all Bonds previously or hereafter issued are to be issued, authenticated and delivered in accordance with, and that, after the Effective Date, all property subject or to become subject hereto is to be held subject to,
the covenants, conditions, uses and trusts set forth herein. The Company, for itself and its successors and assigns, does hereby declare, covenant and agree to and with the Trustee and its successor or successors in said trust, for the benefit of
those who shall hold Bonds after the Effective Date as follows: 

  
 5 

 ARTICLE I. 

Effective Date; Amendment and Restatement of 

Original Indenture; Definitions. 

SECTION 1.01. The term “Effective Date” as used herein shall mean the date selected by the Company that is no earlier than
the date on which a Supplemental Trust Indenture is first recorded and filed in such manner and to such extent as may be required by law and which states that: (a) the Original Indenture Bonds shall have been retired through payment or
redemption (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of the Original Indenture) at, before or after the maturity thereof, or (b) the Holders or Registered
Holders of the Original Indenture Bonds not so retired through payment or redemption (or deemed to be paid within the meaning of Article XVII of the Original Indenture) in accordance with the requirements of Article XVIII of the Original Indenture,
as amended pursuant to Article VI of the Supplemental Trust Indenture dated May 1, 1985, shall have approved and agreed to be bound by Section 1.02, Section 1.03, Article II and Articles IV through XX of this Restated Indenture. 

SECTION 1.02. (a) Upon the Effective Date, Articles I through XX of the 1937 Indenture shall be deleted and replaced by
Section 1.03, Article II and Articles IV through XX of this Restated Indenture. 
 (b) Upon the Effective Date, the
General Form of Coupon Bond, the General Form of Coupon, the General Form of Registered Bond without Coupons, the Form of Trustee’s Certificate, the Form of Coupon Bonds of 3-1/2% Series due 1967, and the
Form of Registered Bonds without Coupons of the 3 1/2% Series due 1967 in the 1937 Indenture are deleted. 
 (c) Upon
the Effective Date, the Articles of the Supplemental Trust Indentures listed below shall be deleted: 
  

			
	 Date of Supplemental Trust Indenture
	  	 Articles Deleted

	 February 1, 1944
	  	 Art. II

		  	 Art. III

		  	 Art. IV

		  	 Art. V

		  	 Art. VI

		
	 October 1, 1945
	  	 Art. II

		  	 Art. III

		  	 Art. IV

		  	 Art. V

		  	 Art. VI

		
	 July 1, 1948
	  	 Art. II

		  	 Art. III

		  	 Art. IV

		  	 Art. V

  
 6 

			
		
	 August 1, 1949
	  	 Art. II

		  	 Art. III

		  	 Art. IV

		
	 June 1, 1952
	  	 Art. II

		  	 Art. III

		  	 Art. IV

		  	 Art. V

		
	 October 1, 1954
	  	 Art. II

		  	 Art. III

		  	 Art. IV

		  	 Art. V

		
	 September 1, 1956
	  	 Art. II

		  	 Art. III

		  	 Art. IV

		
	 August 1, 1957
	  	 Art. II

		  	 Art. III

		  	 Art. IV

 (d) On the Effective Date, the following clause in the recitals of the Supplemental Trust
Indenture dated February 1, 1944, October 1, 1945, July 1, 1948, August 1, 1949, June 1, 1952, October 1, 1954, September 1, 1956, August 1, 1957, July 1, 1958, December 1, 1960, August 1, 1961,
June 1, 1962, September 1, 1963, August 1, 1966, June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1, 1973, January 1,
1974, September 1, 1974, April 1, 1975, May 1, 1975, March 1, 1976, June 1, 1981, December 1, 1981, May 1, 1983, December 1, 1983, September 1, 1984, December 1, 1984, May 1, 1985 and
September 1, 1985 is deleted:      
 “WHEREAS, Section 1 of Article II of the
Original Indenture provides that bonds may be issued thereunder in one or more series, each series to have such distinctive designation as the Board of Directors of the Company may select for such series; and” 

and is replaced by the following clause: 

“WHEREAS, the Indenture provides that bonds may be issued thereunder in one or more series, each series to have
such distinctive designation as the Board of Directors of the Company may select for such series; and”. 
 (e) On the
Effective Date, the following clause in the recitals of the Supplemental Trust Indentures dated July 1, 1958, December 1, 1960, August 1, 1961, June 1, 1962, September 1, 1963, August 1, 1966, June 1, 1967,
October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1, 1973, January 1, 1974, September 1, 1974, April 1, 1975, May 1, 1975, March 1,
1976, June 1, 1981, December 1, 1981, May 1, 1983, December 1, 1983, September 1, 1984, December 1, 1984, May 1, 1985 and September 1, 1985 is deleted: 

“WHEREAS, the Company has heretofore furnished the Trustee an opinion of counsel, satisfactory to said Trustee and
in accordance with the provisions of Section 1 of Article II of the Original Indenture, that bonds thereafter issuable under the Original Indenture may be properly designated “First Mortgage Bonds”; and”. 

  
 7 

 (f) On the Effective Date, the following clause in the recitals of the
Supplemental Trust Indentures dated February 1, 1944, October 1, 1945, July 1, 1948 and August 1, 1949 is deleted: 

“WHEREAS, the Company has heretofore furnished the Trustee an opinion of counsel satisfactory to said Trustee and
in accord with the provisions of Section 1 of Article II of the Original Indenture, that bonds thereafter issuable under the Original Indenture may be properly designated “First Mortgage Bonds”; and”. 

(g) On the Effective Date, the following clause in the recitals of the Supplemental Trust Indentures dated June 1, 1952,
October 1, 1954, September 1, 1956 and August 1, 1957 is deleted: 
 “WHEREAS, the Company has
heretofore furnished the Trustee an opinion of counsel satisfactory to said Trustee and in accordance with the provisions of Section 1 of Article II of the Original Indenture, that bonds thereafter issuable under the Original Indenture may be
properly designated “First Mortgage Bonds”; and”. 
 (h) On the Effective Date, the following clause in the
recitals of the Supplemental Trust Indenture dated February 1, 1944 is deleted: 
 “WHEREAS, Section 1
of Article II and Section 1 of Article IV and Section 3 of Article XX of the Original Indenture provide in substance that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of
creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided for in the Original Indenture and of assigning, conveying, mortgaging,
pledging and transferring unto the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Original Indenture; and” 

and is replaced by the following clause: 

“WHEREAS, the Indenture provides in substance that the Company and the Trustee may enter into indentures
supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided for in the
Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Indenture;
and”. 
 (i) On the Effective Date, the following clause in the recitals of the Supplemental Trust Indentures dated
October 1, 1945, July 1, 1948 and August 1, 1949 is deleted: 
 “WHEREAS, Section 1 of
Article II and Section 1 of Article IV and Section 3 of Article XX (as amended by Section 11 of Article VI of the Supplemental Trust Indenture dated February 1, 1944) of the Original Indenture provide in substance that the Company and
the Trustee may enter into indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not
expressly provided for in the Original Indenture and of assigning, conveying, mortgaging, pledging and transferring unto the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Original
Indenture; and” 

  
 8 

 and is replaced by the following clause: 

“WHEREAS, the Indenture provides in substance that the Company and the Trustee may enter into indentures
supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided for in the
Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Indenture;
and.” 
 (j) On the Effective Date, the following clause in the recitals of the Supplemental Trust Indentures dated
June 1, 1952, October 1, 1954, September 1, 1956 and August 1, 1957 is deleted: 
 “WHEREAS,
Section 1 of Article II and Section 1 of Article IV and Section 3 of Article XX (as amended by Section 11 of Article VI of the Supplemental Trust Indenture dated February 1, 1944) of the Original Indenture provide in substance
that the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issues of the
bonds of any series not expressly provided for in the Original Indenture and of conveying, assigning, mortgaging, pledging, transferring and setting over unto the Trustee additional property of the Company, and for and any other purpose not
inconsistent with the terms of the Original Indenture; and” 
 and is replaced by the following clause: 

“WHEREAS, the Indenture provides in substance that the Company and the Trustee may enter into indentures
supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided for in the
Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Indenture;
and”. 
 (k) On the Effective Date, the following clause in the recitals in the Supplemental Trust Indentures dated
July 1, 1958, December 1, 1960, August 1, 1961 and June 1, 1962 is deleted: 
 “WHEREAS,
Section 1 of Article II and Section 1 of Article IV and Section 3 of Article XX (as amended by Section 11 of Article VI of the Supplemental Trust Indenture dated February 1, 1944) of the Original Indenture provide in substance that
the Company and the Trustee may enter into indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds
of any series not expressly provided for in the Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over and confirming to the Trustee additional property of the Company, and for any other purpose not
inconsistent with the terms of the Original Indenture; and” 
 and is replaced by the following clause: 

  
 9 

 “WHEREAS, the Indenture provides in substance that the Company and
the Trustee may enter into indentures supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not
expressly provided for in the Original Indenture and of conveying, assigning, transferring, mortgaging, pledging setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the
terms of the Indenture; and”. 
 (1) On the Effective Date, the following clause in the recitals of the Supplemental
Trust Indentures dated September 1, 1963, August 1, 1966, June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1, 1973, January 1,
1974, September 1, 1974, April 1, 1975, May 1, 1975, March 1, 1976, June 1, 1981, December 1, 1981, May 1, 1983, December 1, 1983, September 1, 1984, December 1, 1984, May 1, 1985 and
September 1, 1985 is deleted: 
 “WHEREAS, Section 1 of Article II and Section 1 of Article IV and
Section 3 of Article XX (as amended by Section 11 of Article VI of the Supplemental Trust Indenture dated February 1, 1944) of the Original Indenture provide in substance that the Company and the Trustee may enter into indentures
supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided for in the
Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Original Indenture;
and” 
 and is replaced by the following clause: 

“WHEREAS, the Indenture provides in substance that the Company and the Trustee may enter into indentures
supplemental thereto for the purposes, among others, of creating and setting forth the particulars of any new series of bonds and of providing the terms and conditions of the issue of the bonds of any series not expressly provided for in the
Original Indenture and of conveying, assigning, transferring, mortgaging, pledging, setting over, and confirming to the Trustee additional property of the Company, and for any other purpose not inconsistent with the terms of the Indenture;
and”. 
 (m) On the Effective Date, the following clause in the recitals of the Supplemental Trust Indenture dated
February 1, 1944 is deleted: 
 “WHEREAS, Section 2 of Article XX of the Original Indenture provides,
in substance, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Original Indenture, may be in whole or in part waived or surrendered or subjected to any restriction
if at any time unrestricted, or to additional restriction if already restricted, by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to record in all states
in which any real property at the time subject to the lien of the Original Indenture shall be situated; and that upon the execution, acknowledgment, and delivery to the Trustee of such instrument any modification of the provisions of the Original
Indenture authorized by said Section 2 of Article XX shall be binding upon the parties to the Original Indenture, and successors and assigns and the holders of the bonds and coupons secured by the Original Indenture; and” 

  
 10 

 and is replaced by the following clause: 

“WHEREAS, Section 20.02 of the Indenture provides, in substance, that any power, privilege or right expressly
or impliedly reserved to or in any way conferred upon the Company by any provision of the Indenture, may be in whole or in part waived or surrendered or subjected to any additional restriction, by a resolution of the Board of Directors of the
Company and an instrument in writing, executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to be recorded in all states in which any real property at the time subject to the lien of the
Indenture shall be situated; and that upon the execution, acknowledgment and delivery to the Trustee of such resolution of the Board of Directors of the Company and instrument, any modification of the provisions of the Indenture authorized by said
Section 20.02 of the Indenture shall be binding upon the parties to the Indenture, and successors and assigns and the holders of the bonds and coupons secured by the Indenture; and”. 

(n) On the Effective Date, the phrase “a completed default as defined in Section 1 of Article XIII of the Original
Indenture,” referred to in Section 1.01 of the Supplemental Trust Indenture dated August 1, 1966, June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971,
February 1, 1972, January 1, 1973, January 1, 1974, September 1, 1974, April 1, 1975, May 1, 1975, March 1, 1976, June 1, 1981, December 1, 1981, May 1, 1983, December 1, 1983, September 1,
1984, December 1, 1984, May 1, 1985 and September 1, 1985, is deleted and the following phrase is inserted in lieu thereof: 

“a Completed Default as defined in the Indenture,”. 

(o) On the Effective Date, the phrase “permitted liens as defined in Section 5 of Article 1 of the Original
Indenture” referenced in Section 1 of Article I of the Supplemental Trust Indenture dated February 1, 1944, and in Section 1.01 of the Supplemental Trust Indentures dated October 1, 1945, July 1, 1948, August 1,
1949, June 1, 1952, October 1, 1954, September 1, 1956, August 1, 1957, July 1, 1958, December 1, 1960, August 1, 1961, June 1, 1962, September 1, 1963, August 1, 1966, June 1, 1967,
October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1, 1973, January 1, 1974, September 1, 1974, April 1, 1975, May 1, 1975, March 1,
1976, June 1, 1981, December 1, 1981, May 1, 1983, December 1, 1983, September 1, 1984, December 1, 1984, May 1, 1985 and September 1, 1985 is deleted and the following phrase is inserted in lieu thereof: 

“Permitted Encumbrances as defined in the Indenture”. 

(p) On the Effective Date, the phrase “shall be dated as in Section 9 of Article II of the Original Indenture
provided.” referenced in Section 2.01 of the Supplemental Trust Indentures dated July 1, 1958, December 1, 1960, August 1, 1961, June 1, 1962, September 1, 1963, August 1, 1966 and June 1, 1967 is deleted
and the following phrase is inserted in lieu thereof: 
 “shall be dated as of the interest payment date of the Bonds of
the series of which it is one, next preceding the date of issue thereof, unless issued on an interest payment date, in which event it shall be dated as of such date and shall bear interest from its date or if issued prior to an interest payment date
in which event it shall be dated as of the date of coupon bonds of such series.” 
 (q) On the Effective Date, the
phrase “Section 2 of Article X of the Original Indenture” referenced in Section 2.02 of the Supplemental Trust Indentures dated July 1, 1958, December 1, 

  
 11 

 1960, August 1, 1961, June 1, 1962, September 1, 1963, August 1, 1966,
June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1, 1973, January 1, 1974, May 1, 1975, December 1, 1981, May 1, 1983
and May 1, 1985 is deleted wherever it appears and the following phrase is inserted in each instance in lieu thereof: 

“Section 10.02 of the Indenture”. 

(r) On the Effective Date, the phrase “Section 2 of Article X of the Original Trust Indenture” referenced in
Sections 3.01, 3.02, 3.03 and 3.04 of the Supplemental Trust Indenture dated September 1, 1974 is deleted wherever it appears and the following phrase is inserted in each instance in lieu thereof: 

“Section 10.02 of the Indenture”. 

(s) On the Effective Date, the phrase “bearing interest as provided in Section 9 of Article II of the Original
Indenture,” referenced in Section 2.03 of the Supplemental Trust Indentures dated October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1, 1973,
January 1, 1974, September 1, 1974, April 1, 1975, May 1, 1975, December 1, 1981, May 1, 1983 and May 1, 1985 is deleted and the following phrase is inserted in lieu thereof: 

“bearing interest from its date,”. 

(t) On the Effective Date, the phrase “bearing interest as provided in Section 9 of Article II of the Original
Indenture,” referenced in Section 2.04 of the Supplemental Trust Indentures dated March 1, 1976, June 1, 1981, December 1, 1983, September 1, 1984 and December 1, 1984 is deleted and the following phrase is
inserted in lieu thereof: 
 “bearing interest from its date,”. 

(u) On the Effective Date, the phrase “bearing interest as provided in Section 9 of Article II of the Original
Indenture,” referenced in Section 2.06 of the Supplemental Trust Indentures dated August 1, 1966 and June 1, 1967 is deleted and the following phrase is inserted in lieu thereof: 

“bearing interest from its date,”. 

(v) On the Effective Date, the phrase “bearing interest as provided in Section 9 of Article II of the Original
Indenture,” referenced in Section 2.08 of the Supplemental Trust Indenture dated September 1, 1985 is deleted and the following phrase is inserted in lieu thereof: 

“bearing interest from its date,”. 

(w) On the Effective Date, the phrase “dated and bearing interest as provided in Section 9 of Article II of the
Original Indenture, and upon payment, if the Company shall so require, of the charge therefor as provided in Section 11 of Article II of the Original Indenture.” referenced in Section 2.05 of the Supplemental Trust Indentures dated
July 1, 1958, December 1, 1960, August 1, 1961, June 1, 1962 and September 1, 1963 is deleted and the following phrase is inserted in lieu thereof: 

“dated and bearing interest as provided in Section 2.01 hereof, and upon payment, if the Company shall so require, of
a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge required to be paid by the Company by reason of such exchange 

  
 12 

 and in addition may charge a sum not exceeding five dollars ($5.00) for each bond
issued upon any such exchange, which shall be paid by the party requesting such exchange as a condition precedent to the exercise of the privilege of making such exchange.” 

(x) On the Effective Date, the phrase “dated and bearing interest as provided in Section 9 of Article II of the
Original Indenture.” referenced in Section 2.05 of the Supplemental Trust Indentures dated August 1, 1966 and June 1, 1967 is deleted and the following phrase is inserted in lieu thereof: 

“dated and bearing interest as provided in Section 2.01 hereof.” 

(y) On the Effective Date, the phrase “bearing interest as provided in Section 9 of Article II of the Original
Indenture, and upon payment, if the Company shall so require, of the charge therefor provided in Section 11 of Article II of the Original Indenture.” referenced in Section 2.06 of the Supplemental Trust Indentures dated July 1,
1958, December 1, 1960, August 1, 1961, June 1, 1962 and September 1, 1963 is deleted and the following phrase is inserted in lieu thereof: 

“bearing interest as provided in Section 2.01 hereof, and upon payment, if the Company shall so require, of a charge
therefor sufficient to reimburse it for any tax or taxes or other governmental charge required to be paid by the Company by reason of such exchange and in addition may charge a sum not exceeding five dollars ($5.00) for each bond issued upon any
such exchange, which shall be paid by the party requesting such exchange as a condition precedent to the exercise of the privilege of making such exchange.” 

(z) On the Effective Date, Section 3.01(c) of the Supplemental Trust Indentures dated July 1, 1958, December 1, 1960,
August 1, 1961, June 1, 1962, September 1, 1963, August 1, 1966, June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1,
1973, January 1, 1974, May 1 1975, December 1, 1981, May 1, 1983 and May 1, 1985 is deleted and the following phrase is inserted in lieu thereof: 

“(c) The delivery by the Company to the Trustee of a written application of the Company signed by its
President or a Vice President, to apply an Amount of Established Permanent Additions established as provided in Sections 5.05 and 5.06 of the Indenture (which has not previously been applied to any other purpose specified in the Indenture) to the
Sinking Fund provided for in this Article III, shall for purposes of said Sinking Fund be deemed equivalent under this Section to the payment of cash equal to the amount required to effect the redemption on the first day of December next following,
of a principal amount of Bonds of this Series equal to 66-2/3% of the Amount of Established Permanent Additions so applied.” 

(aa) On the Effective Date, the phrase “(subject to the provisions of Section 5 of Article XX, of the Original
Indenture)” and the phrase “subject to the provisions of Section 5 of Article XX,” referenced in Section 3.02(c) of the Supplemental Trust Indentures dated July 1, 1958, December 1, 1960, August 1, 1961,
June 1, 1962, September 1, 1963, August 1, 1966, June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971, February 1, 1972, January 1, 1973, January 1,
1974, May 1, 1975, December 1, 1981, May 1, 1983 and May 1, 1985 are deleted and the following phrase is inserted in lieu thereof: 

“subject to the provisions of Section 20.03 of the Indenture”. 

(bb) On the Effective Date, Article VI of the Supplemental Trust Indentures dated October 1, 1967 and May 1, 1985 is
deleted. 

  
 13 

 (cc) On the Effective Date, Section 2.12 of the Supplemental Trust Indenture
dated September 1, 1985 is deleted. 
 SECTION 1.03. Definitions. 

Certain terms, as used specifically in particular Articles of the Indenture, are defined in those Articles. 

For all purposes of the Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(A) The terms defined in this Section have the meanings assigned to them in this Section and include the plural
as well as the singular. 
 (B) If the Indenture is qualified under the Trust Indenture Act, all other terms
used herein which are defined in said Act, either directly or by reference therein, have the meanings assigned to them therein. 

(C) All accounting terms not otherwise defined herein have the meanings assigned to them, and all computations
herein provided for, shall be made in accordance with generally accepted accounting principles, except that the Company may conform to any order, rule or regulation of any regulatory authority having jurisdiction over the Company. 

(D) Unless otherwise indicated, all references in this instrument to designated Articles, Sections,
subsections, paragraphs and clauses are to the designated Articles, Sections, subsections, paragraphs and clauses of this instrument as originally executed. 

(E) Unless otherwise indicated, all references in this instrument to a particular article and section of the
Original Indenture are intended to refer to the specified article and section of the 1937 Indenture, subject to any amendments thereto contained in a Supplemental Trust Indenture. 

(F) The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to the Indenture as a whole and not to any particular Article, Section, subsection, paragraph or clause unless specifically stated to the contrary. 

“Accountant” means a Person engaged in the practice of accounting who (except as otherwise expressly provided in the
Indenture) may be employed by or affiliated with the Company. 
 “Accountant’s Certificate” means a
certificate, conforming to the applicable requirements of Sections 20.08 and 20.09, signed and verified by the President or a Vice President of the Company and by an Accountant, who may be such President or Vice President (in which case only one
signature shall be required), or who may otherwise be employed by the Company. 
 “Acquired Facility” means any
property which, within six months prior to the date of its acquisition by the Company, has been used or operated by a Person other than the Company in a business similar to that in which such property has been or is to be used or operated by the
Company. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

  
 14 

 “Amount of Established Permanent Additions” means the balance stated in
each Engineer’s Certificate delivered pursuant to paragraph (8) of subsection (a) of Section 5.05. 

“Application” means an application for the authentication and delivery of Bonds, the release of property or the
withdrawal of cash under any provision of the Indenture and shall consist of, and shall not be deemed complete until there shall have been delivered to the Trustee, such cash, Bonds, securities and documents as are required by such provision to
establish the right of the Company to the action applied for. The date of a particular Application shall be deemed to be the date of completion of all such deliveries to the Trustee and not the date of any particular document so delivered. 

“Authenticating Agent,” when used with respect to any particular series of Bonds, means any Person named as
authenticating agent for said series in the provisions of the Indenture relating to said series and any successor authenticating agent. 

“Board of Directors” means either the Board of Directors of the Company or any committee of the Company appointed by
the Board of Directors of the Company, provided that such committee of the Company has been properly elected or appointed in accordance with law and the by-laws of the Company and has the power requisite to
take the action in question. 
 “Bondholder” means a Registered Holder of a Bond or, when used with respect to a
Coupon Bond, means the bearer of such Bond or, when used with respect to any coupon, shall mean the bearer thereof. 

“Bond Register” and “Bond Registrar” have the respective meanings stated in Section 2.12. 

“Bond” means any bond authenticated and delivered under the Indenture and, if applicable unless the context
otherwise requires, any coupons applicable thereto. 
 “Commission” means the Securities and Exchange Commission,
created under the Securities Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties theretofore assigned to it under the Trust Indenture Act, then the body performing
such duties at such time. 
 “Company” means the party of the first part hereto, Northern States Power Company, a
Minnesota corporation, until a Successor Corporation shall have become such pursuant to the Indenture, and thereafter, “Company” shall mean such Successor Corporation. 

“Company Consent,” “Company Order” and “Company Request” mean, respectively, a written consent,
order or request signed in the name of the Company by the President, a Vice President, the Treasurer, an Assistant Treasurer or the Controller and attested by the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 

“Completed Default” has the meaning stated in Section 13.01. 

  
 15 

 “Completed Depreciable Property” means, as of any specified time of
computation, an amount, determined in accordance with generally accepted accounting principles, equal to the cost, as shown on the books of the Company, of the portion of the properties subject to the Lien Hereof that are currently depreciable. 

“Cost,” as applied to Permanent Additions and used in any certificate herein provided for, shall be computed as of
any particular date to be the amounts paid, expended or incurred by the Company for such Permanent Additions and added to the utility plant or fixed capital accounts of the Company according to the pertinent classification of accounts prescribed by
any commission or other governmental authority to whose jurisdiction the Company at the time may be subject (or, in the absence of such a system, in accordance with generally accepted accounting principles), and, in the case of an Acquired Facility,
shall be deemed to include the cost of any franchises, contracts, operating agreements, other rights or intangible property acquired simultaneously therewith and related thereto, even though no separate or distinct consideration shall have been paid
for or apportioned to such franchises, contracts, operating agreements or other rights or property; provided that: 

(1) there shall be included in the Cost of Permanent Additions the principal amount of any monetary obligations
incurred or assumed by the Company which is directly related to the construction, acquisition or erection thereof or subject to which such Permanent Additions are acquired. 

(2) if the Company acquires any Permanent Additions in consideration, in whole or in part, of its own capital
stock, the reasonable value of such stock may, at the option of the Company, be included in the Cost of such Permanent Additions. The reasonable value of such stock shall be the value thereof as found or determined by a commission or other
governmental authority to whose jurisdiction the Company may be subject or, if no such finding or determination shall have been made, then the reasonable value of such stock shall be ascertained as follows: The Company shall appoint one or more
Independent appraisers, approved by the Trustee, to determine the reasonable value of such stock on the date or dates of its delivery, which determination shall be evidenced by a certificate, conforming to the requirements of Sections 20.08 and
20.09, signed by such Person so appointed and filed with the Trustee, stating the reasonable value of such stock in the opinion of such Person. Such certificate shall be conclusive evidence of the reasonable value of such stock for purposes of the
Indenture. 
 (3) if Permanent Additions consist of property owned by a Successor Corporation immediately
prior to the time it shall have become such by consolidation, merger or sale, as provided in Section 15.01, the Cost to the Company shall be the ledger value of such property on the books of such Successor Corporation, less applicable reserves
for depreciation, retirements and depletion immediately prior to such consolidation, merger or sale. 
 “Coupon
Bond” means any coupon bond of the Series due July 1, 1988, December 1, 1990, August 1, 1991, June 1, 1992, September 1, 1993, June 1, 1995 or August 1, 1996. 

“Date Hereof” means May 1, 1988. 

“Default” means any event which has occurred and is continuing which, with the lapse of time or giving of notice, or
both, would constitute a Completed Default. 

  
 16 

 “Defaulted Interest” has the meaning stated in Section 2.03. 

“Depreciable Property” means, as of any specified time of computation, an amount, determined in accordance with
generally accepted accounting principles, equal to the cost, as shown on the books of the Company, of (i) the Completed Depreciable Property and (ii) properties subject to the Lien Hereof that are in the process of being constructed and
will be depreciable upon completion. 
 “Earnings Applicable to Bond Interest” for any applicable period means an
amount computed as follows: From Gross Revenues of the Company, plus losses sustained from the disposition, write down or write off of capital assets, subtract (1) all profit realized from the sale of capital assets; (2) deductions (other
than taxes measured by income and interest charges) for all operating expenses and other income deductions (including, to the extent not otherwise deducted, all losses sustained from the disposition, write down or write off of capital assets); and
(3) any amount by which the actual expenditures or charges of the Company for ordinary repairs and maintenance and charges for reserves, renewals, replacements, retirements, depreciation and depletion are less than 2.50% of Completed
Depreciable Property, as of the end of such period. 
 “Effective Date” means the date defined in
Section 1.01. 
 “Engineer” means a Person who is (1) engaged in the engineering profession, (2) an
appraiser or (3) other expert who (except as otherwise expressly provided in the Indenture) may be employed by or affiliated with the Company. 

“Engineer’s Certificate” means a certificate, conforming to the applicable requirements of Sections 20.08 and
20.09, signed and verified by the President or a Vice President of the Company and by an Engineer who may be such President or Vice President (in which case only one signature shall be required), or who may otherwise be employed by the Company. 

“Fair Value,” when used with respect to any property (including obligations for the payment of money or other
securities), means the fair value thereof to the Company in the opinion of the Person making the determination. The Fair Value to the Company of any Permanent Additions consisting of an Acquired Facility (i) shall include an amount for any
franchises, contracts, operating agreements or other rights acquired simultaneously therewith and related thereto, even though no separate or distinct consideration shall have been paid for or apportioned to such franchises, contracts, operating
agreements or other rights, and (ii) shall include as an element of the value of such Permanent Additions a proper amount for the earnings capability of such Permanent Additions. 

If the Fair Value of any property, obligation or securities shall be stated both in an Engineer’s Certificate and in an
Independent Engineer’s Certificate, the Fair Value stated in the Independent Engineer’s Certificate shall be deemed to be the Fair Value of such property, obligations or securities for all purposes of the Indenture. 

“Government Obligations” means obligations which are full faith and credit obligations of the United States of
America or payment of which has been unconditionally guaranteed by the United States of America. 
 “Gross
Revenues” means and includes all operating revenues, other revenues and other income of the Company determined in accordance with generally accepted accounting principles. 

“Holder,” when used with respect to any Bond, means a Bondholder. 

  
 17 

 “Indenture” means the 1937 Indenture, as supplemented: (i) by
Supplemental Trust Indentures thereto dated June 1, 1942, February 1, 1944, October 1, 1945, July 1, 1948, August 1, 1949, June 1, 1952, October 1, 1954, September 1, 1956, August 1, 1957, July 1,
1958, December 1, 1960, August 1, 1961, June 1, 1962, September 1, 1963, August 1, 1966, June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971,
February 1, 1972, January 1, 1973, January 1, 1974, September 1, 1974, April 1, 1975, May 1, 1975, March 1, 1976, June 1, 1981, December 1, 1981, May 1, 1983, December 1, 1983, September 1,
1984, December 1, 1984, May 1, 1985 and September 1, 1985, (ii) by this Supplemental and Restated Trust Indenture dated May 1, 1988, (iii) by any Subsequent Supplemental Trust Indentures, and (iv) by any other Supplemental
Trust Indentures or instruments supplemental to the Indenture entered into pursuant to the applicable provisions hereof. 

“1937 Indenture” means the Trust Indenture dated February 1, 1937, from the Company to Harris Trust and Savings
Bank. 
 “Independent,” when used with respect to any specified Person, means such a Person who (1) is in
fact independent, (2) does not have any direct financial interest or any material indirect financial interest in the Company or in any other obligor upon the Bonds or in any Affiliate of the Company or such other obligor and (3) is not
connected with the Company, or such other obligor or any Affiliate of the Company or such obligor as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions. The term “employee” in
this definition of Independent shall not include any Person, otherwise independent, by reason of having been employed for any purpose for which an Independent Person is necessary under the provisions of the Indenture. Whenever it is herein provided
that any Independent Person’s opinion or certificate shall be furnished to the Trustee, such Person shall be appointed by a Company Order and approved by the Trustee in the exercise of reasonable care. Such opinion or certificate shall state
that the signer has read this definition and that the signer is Independent within the meaning hereof. 
 “Independent
Accountant’s Certificate” means a certificate, conforming to the applicable requirements of Sections 20.08 and 20.09, signed by an Independent Accountant or a firm of Independent Accountants who are Independent and are appointed by a
Company Order and approved by the Trustee in the exercise of reasonable care. 
 “Independent Engineer’s
Certificate” means a certificate, conforming to the applicable requirements of Sections 20.08 and 20.09, signed by an Independent Engineer appointed by a Company Order and approved by the Trustee in the exercise of reasonable care. 

“Interest Payment Date” means the Stated Maturity of an installment of interest on the Bonds. 

“Land” means, as of any specified time of computation, an amount, determined in accordance with generally accepted
accounting principles, equal to the cost, as shown on the books of the Company, of the portion of the properties subject to the Lien Hereof that consist of any interest in real property and are not currently depreciable. 

“Lien Hereof” and “Lien of the Indenture” mean the lien created by the Indenture (including the after
acquired property clauses of the Indenture) and the lien created by any concurrent or subsequent conveyance to the Trustee hereunder (whether made by the Company or any other Person), of any property which is a part of the security held by the
Trustee pursuant to the terms, trusts and conditions specified in the Indenture. 

  
 18 

 “Maintenance Fund” means the fund created in Section 9.01. 

“Maturity,” when used with respect to any Bond, means the date on which the principal of such Bond becomes due and
payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration or call for redemption or otherwise. 

“Net Earnings Certificate” means an Accountant’s Certificate stating the amount of Earnings Applicable to Bond
Interest for a specified period, computed as provided herein, and describing, in reasonable detail, how the same has been calculated and, to that end, specifying the amounts deducted from Gross Revenues on account of the items required to be
deducted pursuant to the definition of Earnings Applicable to Bond Interest. When applicable the following rules shall be applied: 

(1) for purposes of calculating: (i) the interest requirements applicable to any Bonds, Prior Lien
Obligations or Permitted Indebtedness bearing interest at adjustable, floating or variable rates and (ii) the interest requirements applicable to any Bonds, Prior Lien Obligations or Permitted Indebtedness on which interest charges attributable
to such Bonds, Prior Lien Obligations or Permitted Indebtedness will not become payable until a date more than one year after the date of such calculation, the interest rate used shall be the higher of (x) the interest rate applicable to such
Bonds, Prior Lien Obligations or Permitted Indebtedness on the date of such calculation, or (y) the average interest rate payable on all Bonds Outstanding, Prior Lien Obligations and Permitted Indebtedness during the 12-month period immediately preceding the date of such calculation. 
 (2)
if any property is owned by the Company at the time of: (i) the authentication and delivery of any Bonds applied for or (ii) the withdrawal of any cash, either or both of which require a Net Earnings Certificate, then, although not owned
during the whole, or any part, of the period for which the computation of Earnings Applicable to Bond Interest is made, the net earnings or income of such property during the whole of such period (computed in the same manner as Earnings Applicable
to Bond Interest is computed), may at the option of the Company be included in Earnings Applicable to Bond Interest for all purposes of the Indenture; provided that if any such property has been acquired in exchange or substitution for property
released from the Lien Hereof or through the use of cash deposited with the Trustee under any of the provisions hereof (other than cash deposited in accordance with the provisions of Article VII as a basis for the issuance of Bonds) then the
earnings from the property released or which is represented by such cash shall be excluded from Earnings Applicable to Bond Interest. 

“Officer’s Certificate” means a certificate, conforming to the applicable requirements of Sections 20.08 and
20.09, signed by the President, a Vice President, the Treasurer, or the Controller and attested by the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. Whenever the Indenture requires that an Officer’s
Certificate also be signed by an Engineer or an Accountant or other expert, such Engineer, Accountant or other expert (except as otherwise expressly provided in the Indenture) may be employed by the Company and shall be acceptable to the Trustee.

 “Opinion of Counsel” means a written opinion of counsel, conforming to the applicable requirements of
Sections 20.08 and 20.09, and who (except as otherwise expressly provided in the Indenture) may be counsel for the Company, and shall be acceptable to the Trustee. Any Opinion of Counsel given as to title to property may be based, in whole or
in part, upon the documents and opinions described in Section 20.17. 

  
 19 

 “Original Indenture” means the 1937 Indenture, as supplemented by
Supplemental Trust Indentures thereto dated June 1, 1942, February 1, 1944, October 1, 1945, July 1, 1948, August 1, 1949, June 1, 1952, October 1, 1954, September 1, 1956, August 1, 1957, July 1,
1958, December 1, 1960, August 1, 1961, June 1, 1962, September 1, 1963, August 1, 1966, June 1, 1967, October 1, 1967, May 1, 1968, October 1, 1969, February 1, 1971, May 1, 1971,
February 1, 1972, January 1, 1973, January 1, 1974, September 1, 1974, April 1, 1975, May 1, 1975, March 1, 1976, June 1, 1981, December 1, 1981, May 1, 1983, December 1, 1983, September 1,
1984, December 1, 1984, May 1, 1985 and September 1, 1985. 
 “Original Indenture Bonds” means all
the Bonds of each series originally authenticated by the Trustee and originally issued under the Original Indenture prior to the date of this Restated Indenture and the coupons, if any, pertaining to such Bonds. 

“Outstanding,” when used with respect to Bonds, means, as of the date of determination, all Bonds theretofore
authenticated and delivered under the Indenture, except: 
 (1) Bonds theretofore cancelled by the Trustee or
delivered to the Trustee for cancellation; 
 (2) Bonds for which provisions for payment or redemption shall
have been made in accordance with Section 6.03 or for whose payment or redemption money, in the necessary amount, has been deposited with the Trustee or any Paying Agent in trust for the Holders of such Bonds, provided that, if such Bonds are
to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefor, satisfactory to the Trustee, has been made; and 

(3) Bonds in exchange for or in lieu of which other Bonds have been authenticated and delivered under the
Indenture; 
 provided that, in determining whether the Holders of the requisite principal amount of Bonds Outstanding have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, Bonds owned by the Company or any other obligor upon the Bonds or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Bonds which the Trustee knows to be so owned shall be so disregarded. Bonds so
owned which have been pledged in good faith may be regarded as Outstanding for such purposes if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act independently with respect to such Bonds and that the
pledgee is not the Company or any other obligor upon the Bonds or any Affiliate of the Company or of such other obligor. 

“Paying Agent” means any Person meeting the requirements established by Section 16.20 who is authorized by the
Company to pay the principal of, premium, if any, or interest on any Bonds on behalf of the Company. 
 “Permanent
Additions” means all interests (fractional or otherwise) in property, real, personal or mixed (including therein, without in any way limiting or impairing, by the enumeration of the same, the scope and intent of the foregoing except as
hereinafter specifically limited, all lands, buildings, plants, power houses, dams, facilities that process raw materials or waste materials into fuel for the purpose of producing energy, nuclear fuel, reservoirs, stations, lines, pipes, mains,
conduits, cables, machinery, pumps, transmission lines, pipelines, rights-of-way, distribution systems, storage facilities,
sub-stations, transformers, service systems, supply systems, wires, poles, cross-arms, 

  
 20 

 apparatus of all kinds and descriptions, improvements, extensions and additions, including
operating public utility properties acquired as an entirety) which shall have been made, acquired, constructed or erected by the Company subsequent to January 31, 1937, or which shall be in the process of construction or erection insofar as
actually constructed or erected subsequent to January 31, 1937, and used or to be used in the business of: (1) generating, manufacturing, storing, transporting, transmitting, distributing or supplying electricity or other forms of energy,
including but not limited to gas for light, heat, power, refrigeration or other purposes or steam for heating, processing or other energy purposes, or other forms of energy; (2) acquiring, storing, transporting, transmitting, distributing or
supplying water for use in the generation of power; (3) selling, granting, leasing or licensing the right to use water (but not for the purpose of irrigation) or (4) providing telephone or other communications services. 

(a) Permanent Additions, as described above, need not consist of a specific or completed development, plant, betterment,
addition, extension, improvement or enlargement, but may include construction work in progress and property in the process of purchase insofar as the Company shall have acquired title to such property, and may include the following: 

(1) fractional interests in poles or other property used for transmission or distribution; 

(2) other interests (fractional or otherwise) in property owned jointly or in common with any other Person or
in other property used in connection with or relating to any such property owned jointly or in common, whether there are or are not other agreements or obligations on the part of the Company with respect to any such property; 

(3) engineering, economic, environmental, financial, geological and legal or other studies, surveys and
reports, preliminary to or associated with the acquisition or construction of any property included in the calculation of Depreciable Property. 

(b) The term Permanent Additions shall not include: 

(1) any property not subject to the Lien of the Indenture; 

(2) any land or equipment acquired, leased or used by the Company for the purpose of producing gas, oil, coal,
or natural gas or oil rights owned or under lease or gas wells or oil wells or equipment therefor, or coal mines or equipment therefor; 

(3) any shares of stock, bonds, notes, evidences or certificates of indebtedness or other securities; 

(4) goodwill, going concern value, contracts, agreements, franchises, licenses or permits, whether acquired as
such, separate and distinct from the property operated in connection therewith, or acquired as an incident thereto; 

(5) any stock of goods, wares and merchandise acquired for the purpose of consumption in the operation,
construction or repair of any of the properties of the Company and not chargeable to capital investment by generally accepted accounting principles or any merchandise or appliances held by the Company for sale to customers or others; 

(6) any property acquired, made or constructed by the Company for keeping or maintaining the property subject
to the Lien Hereof in good repair, working order and condition or merely to renew, replace or substitute for Retired Property or any property whose cost has not been charged, or is not properly chargeable, to a utility plant or fixed capital
account; 

  
 21 

 (7) any plant or system or other property in which the Company
shall acquire only a leasehold interest or any betterments, extensions or improvements or additions of, upon or to any plant or system or other property in which the Company shall own only a leasehold interest, unless the same shall be movable
physical personal property which the Company has the right to remove; or 
 (8) any property that is subject
to an encumbrance of the type described in paragraph (20) of the definition of Permitted Encumbrances. 

“Permanent Additions of the Company” means and includes property owned by the Company within the definition of
Permanent Additions. 
 “Permitted Encumbrances,” prior to the retirement through payment or redemption of the
Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of the 1937 Indenture) means “permitted liens” as defined in Section 5 of Article
I of the 1937 Indenture, and thereafter means: 
 (1) as to the property specifically described in Granting
Clauses of the Indenture as of the Effective Date, the restrictions, exceptions, reservations, conditions, limitations and interests which are set forth or referred to in such descriptions and each of which fits one or more of the descriptions in
the following paragraphs of this definition, provided that such exceptions do not, in the aggregate, materially detract from the value of the property affected thereby and do not materially impair the use of such property for the purposes for which
it is held by the Company; 
 (2) liens for taxes, assessments and other governmental charges that are not
delinquent; 
 (3) liens for taxes, assessments and other governmental charges already delinquent which are
currently being contested in good faith by appropriate proceedings, provided that the Company shall have set aside on its books any reserves with respect thereto that are required by generally accepted accounting principles; 

(4) mechanics’ and materialmen’s liens not filed of record and similar charges, not delinquent, that
are incident to current construction and mechanics’ and materialmen’s liens incident to such construction which are filed of record but which are being contested in good faith and have not proceeded to judgment, provided that the Company
shall have set aside on its books any reserves with respect thereto that are required by generally accepted accounting principles; 

(5) mechanics’, workmen’s, repairmen’s, materialmen’s warehousemen’s and
carriers’ liens and other similar liens arising in the ordinary course of business for charges which are not delinquent, or which are being contested in good faith and have not proceeded to judgment, provided that the Company shall have set
aside on its books any reserves with respect thereto that are required by generally accepted accounting principles; 

(6) liens in respect of attachments, judgments or awards with respect to which the Company shall in good faith
currently be prosecuting an appeal or proceedings for review and with respect to which the Company shall have secured a stay of execution pending such appeal or proceedings for review, provided that the Company shall have set aside on its books any
reserves with respect thereto that are required by generally accepted accounting principles; 
 (7) easements
or reservations in any property of the Company for roads, public utilities or similar purposes, rights-of-way and easements over or in respect of any real property owned
by the 

  
 22 

 
Company and zoning ordinances, regulations and restrictions, provided that they do not materially impair the use of such property in the operation of the business of the Company; 

(8) minor defects, liens and encumbrances as to which an Opinion of Counsel states: (1) that they will not
interfere with the proper operation of the Company’s business and (2) (a) that any effect thereof upon the security of the Indenture, is adequately guarded against by bond or other designated indemnity or (b) that any effect thereof does
not materially affect the marketability of title to such property and does not materially impair the use of such property for the purposes for which it is held by the Company; 

(9) rights of Persons who are parties to agreements with the Company relating to property owned or used jointly
(in common) by the Company with such Persons, provided (a) that such rights do not materially impair the use of such jointly owned or used property in the normal operation of the Company’s business and do not materially affect the security
afforded by the Indenture for the Bonds Outstanding and (b) that such rights are not inconsistent with the rights of the Trustee under Article XIII (a waiver of a right to partition by all joint owners is binding upon the Trustee and is not
inconsistent with the provisions of Article XIII); 
 (10) liens existing at the Effective Date that secure
indebtedness neither created, assumed nor guaranteed by the Company nor on account of which it customarily pays interest, or, at the time of acquisition of property by the Company after the Effective Date, liens upon lands over which easements or rights-of-way are acquired by the Company, provided: (a) that such liens do not materially impair the use of such easements or rights-of-way for the purposes for which they are held by the Company or (b) that, in the Opinion of Counsel, the Company has power under eminent domain, or similar statutes, to remove such liens; 

(11) (a) leases existing at the Effective Date affecting property owned by the Company on the Effective Date;
(b) leases permitting the lessee to occupy or use any of the mortgaged and pledged property in any manner that does not interfere in any material respect with the use of such property for the purpose for which it is held by the Company and
which will not have a material adverse impact on the security afforded by the Indenture; or (c) other leases relating to not more than 5% of the sum of (i) Depreciable Property and (ii) Land; 

(12) terminable or short-term leases or permits for occupancy, which leases or permits expressly grant to the
Company the right to terminate them at any time on not more than six months’ notice and which occupancy does not interfere with the operation of the business of the Company; 

(13) liens or privileges vested in any lessor, licensor or permittor for rent to become due or for other
obligations or acts to be performed, the payment of which rent or the performance of which other obligations or acts is required under leases, subleases, licenses or permits, so long as the payment of such rent or the performance of such other
obligations or acts is not delinquent; 
 (14) liens or privileges of any employees of the Company for salary
or wages earned but not yet payable; 
 (15) burdens of any law or governmental regulation or permit
requiring the Company to maintain certain facilities or perform certain acts as a condition of its occupancy of or interference with any public lands or any river or stream or navigable waters; 

(16) irregularities in or deficiencies of title to any right-of-way for telephone, telegraph or other communications lines, pipelines, power lines or appurtenances thereto, or other improvements thereon, and to any real estate used or to be used primarily for right-of-way purposes, provided that, 

  
 23 

 
in the Opinion of Counsel, the Company shall have obtained from the apparent owner of the lands or estates therein covered by any such right-of-way a sufficient right, by the terms of the instrument granting such right-of-way, to the use thereof for the
construction, operation or maintenance of the lines, appurtenances or improvements for which the same are used or are to be used, or provided that, in the Opinion of Counsel, the Company has power under eminent domain, or similar statutes, to remove
such irregularities or deficiencies; 
 (17) rights reserved to, or vested in, any municipality or
governmental or other public authority to control or regulate any property of the Company, or to use such property in any manner, which rights do not materially impair the use of such property for the purposes for which it is held by the Company;

 (18) obligations or duties, affecting the property of the Company, to any municipality or governmental or
other public authority with respect to any franchise, grant, license or permit; 
 (19) rights which any
municipal or governmental authority may have by virtue of any franchise, license, contract or statute to terminate any franchise, license or other rights or to regulate the property and business of the Company; 

(20) any mortgage, lien, charge or encumbrance prior or equal to the Lien of the Indenture, other than a
Prepaid Lien, existing at the date any property is acquired by the Company, provided that at the date of acquisition of such property: (a) no Default has occurred and is continuing; (b) the principal amount of indebtedness outstanding
under and secured by such mortgage, lien, charge or encumbrance shall not exceed 66-2/3% of the lesser of the Cost or Fair Value of the property so acquired (determined in the same manner as the Cost or Fair
Value to the Company of Permanent Additions); (c) each such mortgage, lien, charge or encumbrance shall apply only to the property originally subject thereto and fixed improvements erected on such real property or affixed to such personal property
or equipment used in connection with such real or personal property and the Company shall cause to be closed all mortgages or other liens existing at the time of acquisition of any property hereafter acquired by the Company and will permit no
additional indebtedness to be issued thereunder or secured thereby, except for the replacement of any mutilated, lost or destroyed notes or bonds or to effect exchanges of notes or bonds of different denominations or transfer of such notes or bonds,
as may be permitted by the mortgage, lien, charge or encumbrance securing such notes or bonds; 
 (21)
Prepaid Liens; and 
 (22) reservations of minerals and mineral rights existing at the time any real property
is acquired by the Company. 
 “Permitted Indebtedness” means any outstanding indebtedness which is secured by a
mortgage, lien, charge or encumbrance described in paragraph (20) of the definition of Permitted Encumbrances. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subsection thereof. 
 “Place of Payment,”
when used with respect to the Bonds of any series, means a city or any political subdivision thereof in which the Company is required, by the Indenture, to maintain an office or agency for the payment of the principal of, premium, if any, or
interest on the Bonds of such series. 

  
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 “Prepaid Lien” means any Prior Lien Obligation or Permitted
Indebtedness, for which the Company has deposited or caused to be deposited in trust, with the Trustee, or other banking institution specified in the documentation pertaining to such Prior Lien Obligation or Permitted Indebtedness, any combination:

 (i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay and discharge the entire principal of, premium, if any, and interest on such Prior Lien Obligation or Permitted
Indebtedness to the date of maturity thereof or the redemption date, as the case may be; and, if such Prior Lien Obligation or Permitted Indebtedness is to be redeemed, the Company has made arrangements satisfactory to the Trustee for the giving of
notice of redemption at the expense of the Company. Upon the filing with the Trustee of an Accountant’s Certificate and an Opinion of Counsel stating that such Prior Lien Obligation or Permitted Indebtedness has been paid or reduced or has been
ascertained by judicial determination or otherwise to be in whole or in part invalid, and specifying the amount of such payment, reduction or the extent of such invalidity, as the case may be, any cash and Government Obligations so deposited shall
be repaid to the Company proportionately to the extent of such payment, reduction or invalidity, as the case may be. 

“Prior Lien” means any mortgage, lien, charge or encumbrance on or pledge of or security interest in any of the
property of the Company subject to the Lien of the Indenture prior to or upon a parity with the Lien of the Indenture, other than Permitted Encumbrances. 

“Prior Lien Obligation” means any indebtedness and any evidence thereof secured by a Prior Lien. 

“Redemption Date,” when used with respect to any Bond to be redeemed, means the date fixed for such redemption. 

“Registered Bond” means any Bond registered in the Bond Register. 

“Registered Holder,” when used with respect to any Registered Bond, means the Person in whose name such Bond is
registered in the Bond Register. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on
the Bonds of any series means the date specified in the provisions of the Supplemental Trust Indenture creating such series. 

“Release Fund” means the fund created by Section 11.09. 

“Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to
have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Responsible Officer,” when used with respect to the Trustee, means the chairman or vice-chairman of the board of
directors of the Trustee, the chairman or vice-chairman of the executive committee of said board, the president, any vice-president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the cashier, any assistant cashier,
any trust officer or assistant trust officer, the controller, any assistant controller or any other officer of the Trustee customarily performing 

  
 25 

 
functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such
matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restated
Indenture” means this Supplemental and Restated Trust Indenture dated May 1, 1988. 
 “Retired Property”
shall mean (a) all Permanent Additions owned by the Company on or after February 1, 1937, which have been removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service and (b) after the Date
Hereof, the portion of all Permanent Additions for which reductions have been made in the Cost at which such Permanent Additions have been recorded on the books of the Company, except reductions resulting from the transfer of any portion of the Cost
of such Permanent Additions to some other property account of the Company (until the Permanent Additions so transferred shall be retired from such other account) and except reductions, if any, resulting from depreciation or similar charges. 

“Special Record Date” for the payment of any Defaulted Interest on Bonds means a date fixed by the Trustee pursuant
to Section 2.03. 
 “Stated Maturity,” when used with respect to any Bond, means each date specified in such
Bond as the fixed date on which the principal of and installments of interest on such Bond are due and payable. 

“Subsequent Supplemental Trust Indenture” means any indenture supplement to the Indenture that is dated, executed by
the Company and delivered to the Trustee after the Date Hereof and prior to the Effective Date. 
 “Successor
Corporation” has the meaning stated in Section 15.02. 
 “Supplemental Trust Indenture” means an
indenture supplemental to the Indenture executed by the Company and delivered to the Trustee. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939, as in force at the Date Hereof. 
 “Trustee” means the party of
the second part hereto, Harris Trust and Savings Bank, until a successor Trustee shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“Vice President,” when used with respect to the Company or the Trustee, means any vice president, whether or not
designated by a number or a word added to the title. 

  
 26 

 ARTICLE II. 

Form and Execution of Bonds. 

SECTION 2.01. The Indenture creates a continuing lien to secure the full and final payment of the principal of, premium if any, and
interest on all Bonds which may be Outstanding. The aggregate principal amount of Bonds which may be issued, authenticated, delivered and Outstanding under the Indenture is not limited, except as provided in Articles IV through VII and the
provisions of any Supplemental Trust Indenture creating any series of Bonds and except as may be limited by law. 
 At the
option of the Company, Bonds may be issued in one or more series. All Bonds of any one series shall be identical in form and language except for necessary or proper variations between temporary Bonds, Registered Bonds and Coupon Bonds or Bonds of
different denominations and, in the case of Bonds of any series of serial maturity as to the date of maturity, and the prices, terms, and conditions of redemption thereof. Each series shall have such distinctive designation as the Board of Directors
may select for such series, and each Bond shall bear upon the face thereof the designation so selected for the series to which it belongs. Each series may bear interest at a fixed or variable rate or may bear no interest or may bear interest only
upon the occurrence of certain events described in the Bonds or the Supplemental Trust Indenture relating to the Bonds of that series. The form of the Bonds of each series created before the Effective Date shall conform to the applicable provisions
of the Original Indenture or any Subsequent Supplemental Trust Indenture relating thereto. The form of the Bonds of each series that is created on or after the Effective Date shall be established at the time of the creation of the series by
Resolution. Subject to the qualifications contained in the preceding sentence and in Sections 2.02 through 2.17, the text of the Bonds and of the certificate of the Trustee upon all Bonds shall be as described in Section 2.02. The Bonds of any
series, whether temporary or Registered or Coupon, may contain such other terms, provisions, specifications and descriptive words, and may have such letters, words, numbers or other marks of identification or designation and such legends or
endorsements printed, lithographed or engraved thereon, not inconsistent with the provisions hereof, as may be necessary or proper to comply with the rules of any broker’s board or exchange or with the order of any governmental body having
jurisdiction, or to conform to usage with respect thereto or as may be desired by the Board of Directors. 
 Before any
Bonds of any series that is created on or after the Effective Date shall be authenticated or delivered by the Trustee, a copy of the Resolutions creating the series shall be delivered by the Company to the Trustee. The Company also shall deliver to
the Trustee a Supplemental Trust Indenture in recordable form, which contains the particulars of the new series of Bonds as above set forth, and also contains provisions appropriate to give such Bonds the protection and security of the Indenture.

 SECTION 2.02. The form of Bonds of each series that is created on or after the Effective Date and the form of the Trustee’s
certificate of authentication shall be set forth in a Supplemental Trust Indenture. The Bonds of any one or more series that is created on or after the Effective Date may be expressed in one or more foreign languages, if also expressed in the
English language. The English text shall govern the construction thereof and both or all texts shall constitute only a single obligation. The English text of the Bonds and the Trustee’s certificate of authentication shall be in the form set
forth in a Supplemental Trust Indenture; provided that the form of each series of Bonds shall specify the descriptive title of such series of Bonds (which title shall contain the words “First Mortgage Bond”), the designation of such
series, the rate or rates of interest, if any (or the method by which such rate or rates are determined), to be borne by the Bonds of such series, the coin 

  
 27 

 or currency in which payable (which need not be coin or currency of the United States of
America), the Stated Maturities of principal and interest, and a place or places (which need not be in the United States of America), and the means (which may include mail) for the payment of principal of, premium, if any, and interest on such
Bonds, and the record dates for the payment of interest. Any series of Bonds that is created on or after the Effective Date also may have such omissions or modifications or contain such other provisions not prohibited by the Indenture as may be set
forth in a Supplemental Trust Indenture. Any portion of the text of any Bond may be set forth on the reverse side thereof, with an appropriate reference thereto on the face of the Bond. 

The definitive Bonds of each series shall be printed, lithographed, engraved or produced by any combination of these methods
or produced in any other manner permitted by the rules of any securities exchange on which the Bonds may be listed or, if not so listed, as determined by the Company but subject to the provisions of subsection (c) of Section 2.12, all as
determined by the officers executing such Bonds as evidenced by their execution thereof. 
 SECTION 2.03. The principal of and
interest on the Bonds shall be payable at the option of the Company at such place or places as set forth in such Bonds. 

Interest on any Bond of any series that was created prior to the Effective Date shall be payable to the Person specified in
such Bond or in the provisions of the Supplemental Trust Indenture creating such series. 
 Interest on any Bond of any
series that is created on or after the Effective Date which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Bond is registered at the close of business on the
Regular Record Date for such interest. At the option of the Company, interest on any such Bond may be paid by check mailed to the Person entitled to such interest. 

Any interest on any Bond of any series that is created on or after the Effective Date which is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Registered Holder on the relevant Regular Record Date solely by virtue of such Holder having been such
Holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in subsection (a) or (b) below: 

(a) The Company may elect to make payment of any Defaulted Interest on the Bonds of any series to the Persons in whose names
such Bonds are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment. Such money, when deposited, shall be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as provided in this subsection (a) and shall not be deemed part of the mortgaged and pledged property hereunder. The Company also shall notify the Trustee, in writing, of the
amount of Defaulted Interest proposed to be paid on each Bond and the date of the proposed payment. Such date of proposed payment shall enable the Trustee to comply with the next sentence hereof. Thereupon, the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall be (i) not more than 15 nor less than 10 days prior to the date of the proposed payment and (ii) not less than 10 days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such 

  
 28 

 Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage
prepaid, to each Holder of a Bond of such series at his address, as it appears in the Bond Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Registered Holders of the Bonds of such series on such Special Record Date and shall no longer be payable pursuant to the following subsection (b). 

(b) The Company may make payment of any Defaulted Interest on the Bonds of any series in any other lawful manner not
inconsistent with the requirements of any securities exchange on which such Bonds may be listed (or, if not so listed, in any other lawful manner) and upon such notice as may be or would be required by such exchange, if, after written notice given
by the Company to the Trustee of the proposed payment pursuant to this subsection (b), such payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section 2.03, each Bond delivered upon transfer of or in exchange for or in
lieu of any other Bond shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Bond. 

SECTION 2.04. At the option of the Company, provision may be made with respect to the Bonds of any series for (a) the payment of
the principal thereof, interest thereon or both without deduction for taxes and (b) any taxes which shall be reimbursed by the Company in case of payment by the Bondholder, provided that the obligation to make any such reimbursement shall not
be deemed part of the indebtedness secured by the Lien of the Indenture. Such provision may be limited to taxes imposed by any taxing authorities of a specified class and may exclude from its operation, or be limited to, any specified tax or taxes
or any portion thereof. 
 SECTION 2.05. The dates of issue, Stated Maturities of principal and interest and rates of interest of the
Bonds of each series, the designation of the series, and the descriptive title of the Bonds included therein and the terms and conditions, if any, upon which the Company may redeem any of such Bonds before its Stated Maturity, shall be as designated
in the form established for such series in accordance with the provisions hereof. 
 SECTION 2.06. The Company may, in the Bonds of
each series that is created on or after the Effective Date, stipulate and agree that the principal of such Bonds may be converted, at the option of the Holders, into the capital stock or other securities, of any class of the Company, or of any
Successor Corporation, upon such terms and conditions as the Board of Directors may determine and may cause appropriate insertions to be made in the text of such Bonds for the purpose of stating such agreement with respect to conversion and the
terms and conditions thereof. 
 SECTION 2.07. The Company may, at the time of creation of any series of Bonds, make suitable
provision, in such manner as may be determined by the Board of Directors not inconsistent with the provisions hereof, for the payment to the Trustee as or toward a sinking fund or similar fund 

  
 29 

 
for the payment, redemption, acquisition or retirement in any manner of the Bonds of such series, or any portion thereof. 

SECTION 2.08. Except as otherwise provided in any Supplemental Trust Indenture creating a series of Bonds, the Bonds of any series
shall be executed, authenticated and delivered as Registered Bonds without coupons and may be issued in denominations of $1,000 and such multiples thereof as the Board of Directors may authorize. 

SECTION 2.09. All Bonds of each series that is created on or after the Effective Date shall be dated the date of their authentication.
Bonds of each series created prior to the Effective Date shall be dated in the manner specified in the Supplemental Trust Indenture creating such series. 

SECTION 2.10. The Bonds of any series, at the option of the Company, may contain provisions permitting the exchange or interchange of
Bonds as specified in this Section 2.10, to wit: the exchange or interchange of Bonds for or with Bonds of other denominations; and the exchange of Bonds of one series for Bonds of another series of the same or later maturity. Such privileges
of exchange or interchange may be made subject to any conditions, limitations or restrictions which the Company shall cause to be specified in the Bonds so made exchangeable or interchangeable or in the Supplemental Trust Indenture creating the
series. The privilege of exchange or interchange may be conferred upon the Holders of Bonds of one or more denominations and withheld from the Holders of Bonds of other denominations of the same series. 

Each Bond issued in exchange for or upon transfer of any other Bond shall be a valid obligation of the Company, evidence the
same debt, secured by the Lien Hereof and entitled to all benefits and protection hereof to the same extent as the Bond surrendered for such exchange or transfer. 

SECTION 2.11. In all cases of exchanges of Bonds contemplated by Section 2.10, the Bonds to be exchanged shall be surrendered at
the office or agency of the Company in such place or places as shall be designated for the purpose in such Bonds or in the Indenture or any Supplemental Trust Indenture and the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor the Bonds which the Bondholder making the exchange shall be entitled to receive. All Bonds so surrendered for exchange shall be cancelled by the Trustee. After the Effective Date, and before the Effective Date if so provided in a
Supplemental Trust Indenture creating a series of Bonds prior to the Effective Date, the Company may impose a reasonable service charge to cover its costs incurred in connection with any registration, transfer or exchange, including registrations
and transfers of Bonds under the provisions of Section 2.12. The Company may make a charge sufficient to reimburse it for any tax or taxes or other governmental charge required to be paid by the Company by reason of such exchange or transfer.
The Company shall not be obligated (a) to exchange any Bond of any series that is created on or after the Effective Date for the 15-day period next preceding the day of the first mailing of a notice of
redemption of Bonds of such series under Section 10.02 or (b) to exchange any such Bond so selected for redemption in whole or in part. 

SECTION 2.12. (a) The Company shall keep at the office of the Trustee and at the Company’s office or agency in such other place as
shall be designated for the purpose in any Bond, books for the registration and transfer of Bonds (the “Bond Register”), which, at all reasonable times, shall be open for inspection by the Trustee, and, upon presentation for such purpose
at any office or agency, the Company will register or cause to be registered therein, and permit to be transferred thereon, under such reasonable regulations as it may prescribe, any Bonds entitled to be transfered at such office or agency. 

  
 30 

 (b) The Trustee is hereby appointed “Bond Registrar” for the purposes
of registering and transferring Bonds. Upon the transfer of any Bond, the Company shall issue, in the name of the transferee or transferees, a new Bond of like form and the Trustee shall authenticate and deliver the same to him or them. The Company
shall not be required (1) to issue or transfer any Bond of any series that is created on or after the Effective Date during the 15 days next preceding the day of the first mailing of a notice of redemption of Bonds of such series under
Section 10.02 or (2) to issue or transfer any such Bond so selected for redemption in whole or in part. 
 (c) The
Company may, at its option, provide for alternative methods or forms for evidencing and recording the ownership of Bonds. As provided in Section 18.01, the Company may amend the Indenture to establish such alternative methods or forms. 

SECTION 2.13. All Bonds shall be executed on behalf of the Company by its President or one of its Vice Presidents and its corporate
seal shall be affixed thereunto, or printed, lithographed, or engraved thereon, in facsimile, and attested by the signature of its Secretary or one of its Assistant Secretaries. Any such signatures may be manual or facsimile signatures and may be
imprinted or otherwise reproduced. In case any of the officers who shall have signed any Bonds or attested the seal thereon shall cease to be such officers of the Company before the Bonds so signed and sealed shall have been authenticated by the
Trustee or delivered by the Company, such Bonds nevertheless may be issued, authenticated and delivered with the same force and effect as though the Persons who signed such Bonds and attested the seal thereon had not ceased to be such officers of
the Company. Any Bond may be signed or attested on behalf of the Company by a Person who at the actual date of the execution of such Bond shall be the proper officer of the Company, although at the date of such Bond such Person shall not have been
an officer of the Company. 
 SECTION 2.14. Until definitive Bonds are ready for delivery, there may be authenticated, delivered and
issued in lieu thereof, temporary printed, lithographed or typewritten Bonds in registered form substantially of the tenor of the Bonds described herein, with appropriate variations, omissions or insertions. Such temporary Bonds may be of such
denominations, as the Company may determine. Until exchanged for definitive Bonds, such temporary Bonds shall be entitled to the benefit and Lien of the Indenture. Without unnecessary delay, the Company will execute and furnish definitive Bonds to
be exchanged for such temporary Bonds upon surrender thereof to the Trustee or, at the option of the Holder, at the office of any Authenticating Agent appointed in accordance with Section 16.15. Upon such exchange, which the Company shall make
without any charge therefor, such temporary Bonds shall be destroyed by the Trustee. Upon the exchange and destruction of said Bonds, a certificate of such destruction shall be delivered to the Company pursuant to Section 20.07. Until such
definitive Bonds are ready for delivery, the Holder of temporary Bonds may, if provided by the terms thereof, exchange the same by surrendering such temporary Bonds to the Trustee for a like aggregate principal amount of temporary Bonds in such
denominations as the Company may determine to issue in exchange. 
 SECTION 2.15. Upon receipt by the Company and the Trustee of
evidence satisfactory to them of the loss, destruction, mutilation or theft of any Outstanding Bond and of indemnity satisfactory to them and upon surrender and cancellation of any mutilated Bond, the Company may execute, and the Trustee may
authenticate and deliver, a new Bond of the same series and maturity and of like tenor, to be issued in lieu of such lost, stolen, destroyed or mutilated Bond. Such new 

  
 31 

 Bond in the discretion of the Company or the Trustee may bear the same serial number as the lost,
stolen, destroyed or mutilated Bond in lieu of which it is issued (in which case the new Bond may be marked “Duplicate” or be otherwise distinguished) or may bear a different serial number and such endorsement as may be agreed upon by the
Company and by the Trustee, and which at the time may be necessary to conform to the requirements of any stock exchange. The Company and the Trustee may require the payment of a sum sufficient to reimburse them for all expenses in connection with
the issue of each new Bond under this Section 2.15. 
 SECTION 2.16. Subject to the qualifications herein set forth, the Bonds
to be secured hereby shall be substantially of the tenor and effect herein recited. No Bonds shall be secured hereby unless there shall be endorsed thereon the certificate by the Trustee that it is one of the Bonds described herein; and such
certificate on any such Bond shall be conclusive evidence that such Bond has been duly authenticated and delivered and is secured hereby. 

SECTION 2.17. (a) If the Company, pursuant to Article XV, shall be consolidated with or merged into any other corporation or shall sell
the mortgaged and pledged property as an entirety or substantially as an entirety, and the Successor Corporation resulting from such consolidation, or into which the Company shall have been merged, or which shall have received a conveyance or
transfer as aforesaid, shall have executed with the Trustee and caused to be recorded an indenture pursuant to Article XV, any of the Bonds issued prior to such consolidation, merger, conveyance or transfer may, at the request of the Successor
Corporation, be exchanged for other Bonds of the same series and Maturity executed in the name and under the seal of the Successor Corporation, with such changes in phraseology and form as may be appropriate but in substance of like tenor as the
Bonds surrendered for such exchange, and of like principal amount; and the Trustee, upon the request of the Successor Corporation, shall authenticate Bonds as specified in such request for the purpose of such exchange and shall deliver them upon
surrender of the Bonds to be exchanged therefor. In case of any such exchange, the Trustee shall forthwith cancel the surrendered Bonds and, on the written request of the Company, deliver the same to the Company. All Bonds so executed in the name
and under the seal of the Successor Corporation and authenticated and delivered shall in all respects have the same legal rank and security as the Bonds executed in the name of the Company and surrendered upon such exchange with like effect as if
the Bonds so delivered in the name of the Successor Corporation had been made, authenticated and issued hereunder on the Date Hereof. 

(b) The Company covenants and agrees that, if additional Bonds of any particular series of which Bonds are at the time
Outstanding shall be authenticated and delivered in the name of a Successor Corporation, the Company will provide for the exchange of any Bonds of any such series previously issued for Bonds issued in the name of such Successor Corporation, at the
option of and without expense to the Holder. 

  
 32 

 ARTICLE III. 

[Omitted] 

  
 33 

 ARTICLE IV. 

Provisions Applicable Generally to Issuance of All Additional Bonds. 

SECTION 4.01. No Bonds shall be authenticated and delivered by the Trustee under the provisions of Articles V, VI or VII unless the
Trustee shall have received prior to or at the time of the authentication and delivery thereof: 
 (a) a written Application,
dated not more than ninety days preceding the date of the authentication and delivery of Bonds then applied for, executed in the name of the Company by the President or a Vice President of the Company stating the aggregate principal amount, the
series thereof, the denomination and form of the Bonds requested to be authenticated and delivered, and the Persons to whom or upon whose order such Bonds are to be delivered; 

(b) a Resolution authorizing such Application; 

(c) an Opinion of Counsel that (i) no consent of any governmental authority is requisite to the legal issue of the Bonds,
the authentication and delivery of which have been applied for, or that the issue of such Bonds has been duly authorized by any and all governmental authorities, the consent of which is requisite to the legal issue of such Bonds and specifying any
officially authenticated certificates or other documents by which such consent is or may be evidenced, (ii) all mortgage, registration and other similar taxes applicable to the Bonds applied for have been paid, or that provision for the payment
thereof has been made or that no such payment is required by law, (iii) the amount of indebtedness or bonded indebtedness which may be incurred by the Company is not then limited by law or by any corporate action limiting the total authorized
indebtedness or bonded indebtedness of the Company, or that the total amount of outstanding indebtedness or bonded indebtedness of the Company, stated in the accompanying Accountant’s Certificate provided for in subsection (d) of this
Section 4.01, plus the aggregate principal amount of the Bonds applied for in the accompanying Application, does not exceed the amount of indebtedness or bonded indebtedness of the Company as then limited by law or by such corporate action and
(iv) all corporate action necessary to be taken by the Company to permit the legal and valid issue and authentication and delivery of the Bonds which have been applied for has been duly taken; 

(d) Unless the Opinion of Counsel provided for in the foregoing subsection (c) shall state that the amount of indebtedness
or bonded indebtedness which may be incurred by the Company is not then limited by law or by such corporate action, an Accountant’s Certificate stating the total amount of indebtedness or bonded indebtedness of the Company, including the
aggregate face amount of Bonds Outstanding; 
 (e) the officially authenticated certificates or other documents, if any,
specified in the Opinion of Counsel provided for in the foregoing subsection (c), and evidence satisfactory to the Trustee of the payment or provision for payment of any taxes therein referred to; 

(f) the Resolution or Resolutions and the Supplemental Trust Indenture creating the series of which such Bonds are a part, if
the Bonds, the authentication and delivery of which are applied for, are not a part of any series then existing; 

  
 34 

 (g) an Officer’s Certificate stating that no Default has occurred and is
continuing and that the granting of such Application will not result in a Default. 
 SECTION 4.02. The Trustee shall authenticate
and deliver Bonds only in accordance with the provisions of the Indenture. 

  
 35 

 ARTICLE V. 

Issuance of Bonds upon the Basis of Permanent Additions. 

SECTION 5.01. Subject to the provisions of Article IV, Bonds may be executed by the Company and delivered to the Trustee and shall be
authenticated and delivered by the Trustee upon the basis of the acquisition or construction of Permanent Additions. Such additional Bonds shall be authenticated and delivered only in accordance with and subject to the conditions, provisions and
limitations set forth in Sections 5.02 through 5.08. 
 SECTION 5.02. Any Permanent Additions which shall have been certified to the
Trustee at any time, in accordance with Section 5.05 for one of the purposes described in Section 5.05, of a Cost or Fair Value, whichever shall be less, in excess of the amount required by the applicable provisions of the Indenture, shall
be available to the extent of such excess, upon submission to the Trustee of any subsequent Application, as a basis for any of the purposes set forth in Section 5.05. 

SECTION 5.03. No Bonds shall be authenticated and delivered under the provisions of this Article V upon the basis of the acquisition or
construction by the Company of any Permanent Additions until the Cost and Fair Value of such Permanent Additions shall have been certified to the Trustee as provided in Section 5.05. The aggregate principal amount of Bonds that may be
authenticated and delivered under the provisions of this Article V is limited to 66-2/3% of the Cost or Fair Value, whichever is less, of the Permanent Additions forming the basis of the authentication and
delivery thereof, provided that: (a) in each case, there shall be deducted from such Cost or Fair Value, as the case may be, the amounts removed from the fixed capital accounts of the Company as and for the Cost of any Retired Property during
the period from February 1, 1937 to a date not more than 90 days preceding the date of authentication and delivery of the Bonds applied for; (b) in the case of Retired Property lost or destroyed by fire, or sold and released from the Lien
of the Indenture, which is offset in whole or in part by cash, purchase money obligations deposited with the Trustee or property received in exchange for such Retired Property and made subject to the Lien of the Indenture, the amount deducted on
account of such Retired Property shall be only the amount by which the Cost thereof shall exceed the aggregate amount of cash, the Fair Value of the purchase money obligations so deposited and the property received in such exchange; and (c) any
such amounts which shall have been once deducted from the Cost or Fair Value of Permanent Additions included in any certificate previously delivered to the Trustee (including certificates delivered, prior to the Effective Date, pursuant to the
Original Indenture or any Subsequent Supplemental Trust Indenture), for the authentication and delivery of Bonds, the withdrawal of cash or the release of property under any of the provisions of the Indenture, for the establishment of a credit to
the Maintenance Fund or for the satisfaction of any sinking fund requirement relating to any series of Bonds, need not be deducted again on any such subsequent Application. 

In no event shall the Indenture be construed to require the Company to deduct the Cost of Retired Property which was
constructed, acquired or erected on or subsequent to February 1, 1937, but which has not at any time been included and may not after such time be included as a Permanent Addition in any Engineer’s Certificate delivered to the Trustee under
subsection (a) of Section 5.05. 

  
 36 

 SECTION 5.04. No Bonds shall be authenticated and delivered under this Article V unless,
as shown by a Net Earnings Certificate, the Earnings Applicable to Bond Interest for a period of 12 consecutive calendar months within the 15 calendar months immediately preceding the date of any Application for authentication and delivery of Bonds
shall have been, in the aggregate, at least twice the interest requirements for a period of one year upon (a) the Bonds applied for, (b) all Bonds Outstanding on the date of such Application and (c) all Prior Lien Obligations and
Permitted Indebtedness maturing more than one year after the date of such calculation. 
 SECTION 5.05. The Company may deliver to
the Trustee the documents described in the following subsections (a), (c) and (d) and, when applicable, subsections (b) or (e), each accompanied by the others, for the purpose of establishing the Cost and Fair Value of Permanent Additions
and the Amount of Established Permanent Additions to be used for any of the following purposes: 
  

	 	(i)	 authentication and delivery of Bonds under the provisions of this Article V; 

 

	 	(ii)	 withdrawal of cash under Section 7.02; 

 

	 	(iii)	 taking a credit to the Maintenance Fund under the provisions of subsection (d) of Section 9.01;

  

	 	(iv)	 withdrawal of cash from the Maintenance Fund based on the Cost or Fair Value of any Permanent Additions under
the provisions of Section 9.04; 

  

	 	(v)	 withdrawal under the provisions of Section 11.10 of moneys in the Release Fund or moneys which are
required by any provision of the Indenture to be held, applied or disposed of by the Trustee in the same manner as moneys in the Release Fund; or 

  

	 	(vi)	 application to a sinking fund of the Bonds of any series as and to the extent set forth in the Supplemental
Trust Indenture creating such series. 

 (a) An Engineer’s Certificate dated not more than 90 days
preceding the delivery thereof to the Trustee: 
 (1) stating, with respect to the first Engineer’s
Certificate delivered on or after the Effective Date: (i) the amount of Permanent Additions that has been certified to the Trustee prior to the Effective Date in accordance with the Original Indenture as supplemented by any Subsequent
Supplemental Trust Indenture and that could have been used immediately prior to the Effective Date as a basis for the authentication of Bonds under the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures and (ii) that
none of such Permanent Additions has been used for any of the purposes set forth in Section 2 of Article V of the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures and the amount set forth shall be the initial
Amount of Established Permanent Additions; 

  
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 (2) stating that between dates specified in the certificate, the
Company has made, acquired, constructed or erected the Permanent Additions therein described in addition to those listed in paragraph (1) above or any subsequent Engineer’s Certificate delivered under this subsection (a); 

(3) specifying such Permanent Additions and briefly describing the same in such manner as to show conformity
thereof with the definition of Permanent Additions set forth in Section 1.03 and stating that no part of the Permanent Additions so described was included in any Engineer’s Certificate previously delivered to the Trustee under this
subsection (a); 
 (4) stating that the signers, either personally or through one or more competent
assistants, have examined the Permanent Additions so specified; that such properties conform to the definition of Permanent Additions; that they are used or to be used in a business specified in said definition and that they do not include any
property excluded from the definition of Permanent Additions; 
 (5) stating the Cost and the Fair Value to
the Company of the property described in the Engineer’s Certificate and that the Cost, so stated, was the amount stated in the Accountant’s Certificate provided for in subsection (c) of this Section 5.05; 

(6) stating whether or not any of the property described in the Engineer’s Certificate is an Acquired
Facility and specifying each such Acquired Facility and separately stating the Fair Value of each such Acquired Facility and if the Fair Value of said Acquired Facility, is, or are, as the case may be, not less than $25,000 and not less than 1% of
the aggregate principal amount of Bonds then Outstanding, that such Fair Value in the Independent Engineer’s Certificate provided for in subsection (b) of this Section 5.05 was included in the aggregate amount stated pursuant to
paragraph (5) of this subsection (a); 
 (7) stating the amount removed from the utility plant or fixed
capital accounts of the Company as and for the Cost of all Retired Property (to the extent provided in Section 5.03) subsequent to February 1, 1937, to a date specified in the certificate, which shall be not more than 90 days preceding the
date of the delivery of the certificate (exclusive of amounts in respect of which appropriate deduction has been made in an Engineer’s Certificate or certificates or an Accountant’s Certificate or certificates previously delivered under
this Section 5.05, under subsection (d) of Section 5.07 or under another provision of the Indenture containing the statements and calculation required by subsection (d) of Section 5.07 or, prior to the Effective Date, under
the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures); and stating that such amount stated pursuant to this paragraph (7) was taken at the amount stated in the Accountant’s Certificate provided for in
subsection (c) of this Section 5.05; and 
 (8) stating an “Amount of Established Permanent
Additions,” which is the balance remaining after deducting from the lesser of the Cost or Fair Value (as stated pursuant to paragraph (5) of this subsection (a)), the amounts removed from the utility plant or fixed capital accounts (as
stated pursuant to paragraph (7) of this subsection (a)). 
 (b) If any portion of the Permanent Additions described in
the accompanying Engineer’s Certificate, delivered pursuant to subsection (a) of this Section 5.05, consists of an Acquired Facility of a Fair Value not less than $25,000 and not less than 1% of the aggregate principal amount of 

  
 38 

 
Bonds then Outstanding, then there shall be delivered to the Trustee an Independent Engineer’s Certificate, stating, in the opinion of the signer, the Fair Value of such Acquired Facility
(together with the Fair Value of any other Acquired Facility which has been subjected to the Lien of the Indenture since the commencement of the then current calendar year, and for which an Independent Engineer’s Certificate has not previously
been furnished), determined as of a date not more than 90 days preceding the date of the delivery of the Independent Engineer’s Certificate to the Trustee. 

(c) An Accountant’s Certificate, dated not earlier than the date of the accompanying Engineer’s Certificate provided
for in subsection (a) of this Section 5.05, stating in substance: 
 (1) the Cost of the Permanent
Additions described in such Engineer’s Certificate, pursuant to paragraph (3) of subsection (a) of this Section 5.05 and, if any portion of such Permanent Additions is stated in such Engineer’s Certificate to consist of an
Acquired Facility, the Cost of such Acquired Facility shall be specified; 
 (2) the amount removed from the
utility plant or fixed capital accounts of the Company as and for the Cost of all Retired Property (to the extent provided in Section 5.03) subsequent to February 1, 1937, to a date specified in the certificate which shall be the date
specified in the accompanying Engineer’s Certificate (exclusive of amounts in respect of which appropriate deduction has been made in an Engineer’s Certificate or certificates or an Accountant’s Certificate or certificates previously
delivered under this Section 5.05, under subsection (d) of Section 5.07 or under another provision of the Indenture containing the statements and calculation required by subsection (d) of Section 5.07 or, prior to the
Effective Date, under the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures); and specifying by classes the amount of Retired Property previously characterized as Permanent Additions which has not been included in a
certificate previously delivered to the Trustee; and 
 (3) that no part of the Permanent Additions described
in the accompanying Engineer’s Certificate, and no part of the Cost or Fair Value thereof, was included in any Engineer’s Certificate previously delivered to the Trustee pursuant to subsection (a) of this Section 5.05. 

(d) An Opinion of Counsel, stating, in the opinion of the signer that: 

(1) except for all Permanent Additions owned by the Company on or after February 1, 1937, which have been
removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service, the Company has title to all of the Permanent Additions specified in the accompanying Engineer’s Certificate, subject to Permitted
Encumbrances, or that, upon the delivery of instruments of conveyance, assignment or transfer specified in the Opinion of Counsel, it will have title to such properties, subject to Permitted Encumbrances; 

  
 39 

 (2) except for all Permanent Additions owned by the Company on or
after February 1, 1937, which have been removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service, and subject to Permitted Encumbrances, all of the Permanent Additions specified in the accompanying
Engineer’s Certificate are subject to the Lien of the Indenture and that none of such Permanent Additions is subject to any Prior Lien or, in the alternative, stating what, if any, documents should be delivered, recorded or filed to subject
such property to the Lien of the Indenture; 
 (3) except for all Permanent Additions owned by the Company on
or after February 1, 1937, which have been removed, sold, abandoned, destroyed or which for any cause have been permanently withdrawn from service, the Company has corporate authority to own the Permanent Additions specified in the accompanying
Engineer’s Certificate, subject to Permitted Encumbrances; and 
 If any of the Permanent Additions specified in the
accompanying Engineer’s Certificate include any property which is subject to any Permitted Encumbrances of the character described in paragraphs (8), (10) or (16) of the definition of Permitted Encumbrances, an Opinion of Counsel also
shall be provided as required in such paragraphs. 
 (e) The instruments of conveyance, assignment and transfer, if any,
specified in the Opinion of Counsel provided for in subsection (d) of this Section 5.05 in accordance with paragraph (1) of said subsection (d) or evidence satisfactory to the Trustee of the delivery thereof to the Company and
the documents, if any, stated in such Opinion of Counsel in accordance with paragraph (2) of said subdivision (d) or evidence satisfactory to the Trustee of their delivery or recording or filing. 

SECTION 5.06. (a) No Permanent Additions specified or described in any Engineer’s Certificate provided for in subsection
(a) of Section 5.05 shall thereafter be included in any similar Engineer’s Certificate subsequently delivered to the Trustee. 

(b) In accordance with Section 5.02, no Amount of Established Permanent Additions used or applied for any of the purposes
specified in Section 5.05 shall be used or applied again for any such purposes, except to the extent permitted by Section 9.05. 

SECTION 5.07. No Application by the Company to the Trustee for the authentication and delivery of Bonds under this Article shall be
granted by the Trustee unless the Trustee shall have received: 
 (a) the documents provided for in Section 4.01. 

(b) a Net Earnings Certificate stating the amount of Earnings Applicable to Bond Interest for a specified period of 12
consecutive calendar months within the 15 calendar months immediately preceding the first day of the calendar month in which the accompanying Application for the authentication and delivery of Bonds is made and stating separately: (1) the
aggregate principal amount of (i) the Bonds applied for, (ii) all Bonds Outstanding at the date of said Application and (iii) the aggregate principal amount of all Prior Lien Obligations and Permitted Indebtedness maturing more than
one year after the date of such calculation; (2) the interest requirements for a period of one year on all such Bonds, Prior Lien Obligations and Permitted Indebtedness maturing more than one year after the date of such calculation; and
(3) the aggregate principal amount of 

  
 40 

 Bonds authenticated and delivered since the commencement of the then current calendar year,
exclusive of: (i) Bonds in connection with the authentication and delivery for which no Net Earnings Certificate was required and (ii) Bonds in connection with the authentication and delivery for which an Independent Accountant’s
Certificate has been previously delivered to the Trustee. 
 (c) an Independent Accountant’s Certificate containing the
statements required by subsection (b) of this Section 5.07, if (1) the aggregate principal amount of the Bonds stated in the Net Earnings Certificate provided for in subsection (b) of this Section 5.07 to have been
authenticated and delivered since the commencement of the current calendar year, plus the principal amount of the Bonds applied for, is equal to or exceeds 10% of the aggregate principal amount of all Bonds Outstanding at the time, as stated in such
Net Earnings Certificate, and (2) the 12-month period in respect of which Earnings Applicable to Bond Interest are stated in such Net Earnings Certificate is a period with respect to which an annual
report is required to be filed by the Company pursuant to Section 8.18. 
 (d) an Accountant’s Certificate
containing a statement of the Amount of Established Permanent Additions remaining available for the purposes set forth in Section 5.05 and stating; 

(1) the unapplied balance, if any, of the Amount of Established Permanent Additions (including any amounts
attributable to subsection (b) of Section 9.05) stated in the next preceding similar Accountant’s Certificate, if any, delivered to the Trustee under the provisions of this subsection (d) or under another provision of the
Indenture containing the statements and calculation required by this subsection (d); 
 (2) the Amount
of Established Permanent Additions stated in such of the Engineer’s Certificates delivered to the Trustee under the provisions of subsection (a) of Section 5.05 that have not been included in any similar Accountant’s Certificate
previously delivered to the Trustee under this subsection (d) or under another provision of the Indenture containing the statements and calculation required by this subsection (d), which it is desired then to include in the Accountant’s
Certificate, taking such Engineer’s Certificates consecutively according to the dates thereof; and specifying the respective dates of such Engineer’s Certificates; 

(3) the aggregate of the unapplied balance stated under paragraph (1) above and the Amount of Established
Permanent Additions stated under paragraph (2) above; 
 (4) the amount removed from the utility plant
or fixed capital accounts of the Company as and for the Cost of all Retired Property (to the extent provided in Section 5.03) subsequent to February 1, 1937, to a date specified in the certificate which shall be not more than 90 days
preceding the authentication and delivery of the Bonds applied for in the accompanying Application, exclusive of amounts in respect of which appropriate deduction has been made in an Engineer’s Certificate or in a similar Accountant’s
Certificate previously delivered to the Trustee under Section 5.05, this Section 5.07, or under another provision of the Indenture containing the statements and calculation required by this subsection (d) or, prior to the Effective
Date, under the Original Indenture as supplemented by Subsequent Supplemental Trust Indentures; 
 (5) the
balance remaining after deducting the amount stated under paragraph (4) above from the aggregate stated under paragraph (3) above, which remaining balance shall 

  
 41 

 
be the amount available to be applied for any of the purposes stated in Section 5.05 at the time of the delivery of the Accountant’s Certificate to the Trustee. 

(6) such portion (determined pursuant to Section 5.08) of the amount stated under paragraph (5) above
that is to be applied to the authentication and delivery of Bonds (or, as the case may be, any other purpose permitted by Section 5.05) applied for in the accompanying Application; 

(7) the balance remaining after deducting the amount stated under paragraph (6) above from the balance
stated under paragraph (5) above, which remaining balance shall be the amount included in the next similar Accountant’s Certificate delivered to the Trustee as the unapplied balance of the Amount of Established Permanent Additions to be
stated therein in accordance with paragraph (1) of this subsection (d). 
 (8) that no part of any
unapplied balance of the Amount of Established Permanent Additions included under paragraph (1) above, or of any Amount of Established Permanent Additions included under paragraph (2) above, has theretofore been applied for any of the
purposes stated in clauses (i) through (vi) in Section 5.05, except to the extent permitted by Section 9.05. 
 SECTION
5.08. In each case of the application of any Amount of Established Permanent Additions for items specified in paragraph (i) or (ii) of Section 5.05, the amount so applied shall be 150% of the aggregate principal amount of Bonds applied
for and authenticated and delivered under this Article V, or of the cash applied for and withdrawn under Section 7.02, on any particular application. In each case of the application of any Amount of Established Permanent Additions for any items
specified in paragraphs (iii) through (v) of Section 5.05, the amount so applied shall be 100% of the amount of cash applied for and withdrawn on any particular application or credit taken at any particular time. In the case of the
application of any Amount of Established Permanent Additions for any items specified in paragraph (vi) of Section 5.05, the amount so applied shall be the percentage set forth in the Supplemental Trust Indenture creating the series of
Bonds for which the sinking fund is applicable. 

  
 42 

 ARTICLE VI. 

Issuance of Bonds upon Retirement of Bonds. 

SECTION 6.01. Subject to the provisions of Article IV, the Company may issue and the Trustee shall authenticate and deliver Bonds, in
addition to those provided for in any other Section hereof, in an aggregate principal amount not exceeding the aggregate principal amount of any previously issued Bonds which shall have been retired, if the Trustee shall have received an
Officer’s Certificate stating the aggregate principal amount of Bonds in respect of whose retirement the Bonds applied for in the accompanying Application are to be authenticated and delivered and that such retired Bonds do not include Bonds
retired or used as subsequently specified in this Section 6.01; provided that no Bond shall be issued in respect of any such retired Bond (a) which shall have been retired (1) through the use of cash deposited with the Trustee
pursuant to the provisions of Article VII, (2) through the use of cash constituting any part of the Release Fund or which pursuant to the Indenture is to be held or disposed of or applied in the same manner as moneys in the Release Fund, or
(3) through the use of cash constituting a part of, or in lieu of the deposit of any such cash in, or through the operation of, the Maintenance Fund, or through the operation of a sinking fund or other similar fund applicable to its retirement
if the provisions establishing such sinking fund or other similar fund prohibit such issuance, or (b) whose retirement was previously used as a basis for the issuance of Bonds under this Section 6.01, or (c) which shall have been
retired prior to the Effective Date and which the Company would not have been permitted under Section 1 of Article VI of the Original Indenture to use as a basis for the issuance of additional Bonds. 

SECTION 6.02. No Bond shall be issued in respect of any retired Bond more than one year prior to the final Stated Maturity of the
principal amount of such retired Bond unless: the Bond so issued bears no greater rate of interest than such retired Bond or, if the Bond so issued bears a greater rate of interest than such retired Bond, the Trustee shall have received a Net
Earnings Certificate complying with subsection (b) of Section 5.07 and, when required, an Independent Accountant’s Certificate pursuant to subsection (c) of Section 5.07 showing that the Earnings Applicable to Bond Interest
meets the requirements of Section 5.04. 
 SECTION 6.03. Any Bond (including, if applicable, any unmatured Coupons appertaining
thereto) shall be deemed retired if it shall have been paid or redeemed or surrendered to the Trustee and cancelled or destroyed (unless such surrender shall have been made in exchange for another Bond of the same series and evidencing the same
indebtedness) or if provision for the payment or redemption of such Bond shall have been made in the following manner: 
 (a)
if the Bond has been selected for redemption, the Trustee shall have given (or the Company shall have given to the Trustee, in form satisfactory to it, irrevocable instructions to give), on a date in accordance with the provisions of
Section 10.02 and the terms of such Bond notice of redemption of such Bond or portions thereof; 
 (b) there shall have
been deposited with the Trustee any combination: 
 (i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and 

  
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interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay when due the principal of, premium, if any, and interest due and to become due on such Bond on or prior to the
Redemption Date or Stated Maturity thereof, as the case may be; and 
 (c) if the Bond does not mature and is not to be
redeemed within the next succeeding 30 days, the Company shall have given the Trustee, in form satisfactory to the Trustee, irrevocable instructions to give, as soon as practicable, in the same manner as a notice of redemption is given pursuant to
Section 10.02, a notice to the Holder of such Bond stating that: (1) the deposit required by paragraph (b) above has been made with the Trustee; (2) such Bond is deemed to have been paid in accordance with this Section 6.03;
and (3) the Stated Maturity or Redemption Date upon which moneys are to be available for payment of the principal of, premium, if any, and interest on such Bond. 

  
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 ARTICLE VII. 

Issuance of Bonds upon Deposit of Cash with Trustee. 

SECTION 7.01. Subject to the provisions of Article IV, the Trustee shall authenticate and deliver Bonds if the Company shall deposit
cash with the Trustee in an amount equal to the principal amount of the Bonds requested to be authenticated and delivered and if the Trustee shall have received a Net Earnings Certificate as described in Section 5.04 showing that the Earnings
Applicable to Bond Interest for a period of 12 consecutive calendar months within the 15 calendar months immediately preceding the date of the Application for authentication and delivery of Bonds shall have been in the aggregate at least equivalent
to twice the interest requirements for a period of one year upon (a) the Bonds applied for, (b) all Bonds Outstanding on the date of such Application and (c) all Prior Lien Obligations and Permitted Indebtedness maturing more than one
year after the date of such calculation. 
 SECTION 7.02. All cash deposited with the Trustee under the provisions of
Section 7.01 shall be held by the Trustee as part of the mortgaged and pledged property, but, whenever the Company shall become entitled to the authentication and delivery of Bonds under Article V or VI, the Trustee, upon application by the
Company, evidenced by a Resolution, shall pay to the Company, in lieu of the Bonds to which the Company may then be so entitled, such cash equal to the aggregate principal amount of such Bonds without any limitation by reason of the amount of
Earnings Applicable to Bond Interest; and for such purpose (a) the requisite certificates and other documents delivered to the Trustee may contain such variations, omissions or insertions as may be appropriate in the light of the purpose for
which they are used, (b) Section 5.04 shall be inapplicable to the withdrawal of such cash pursuant to this Section 7.02 and (c) it shall not be necessary to deliver to the Trustee any Net Earnings Certificate or any Independent
Accountant’s Certificate with respect to Earnings Applicable to Bond Interest, or any of the documents provided for in Section 4.01 except subsection (g). 

  
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 ARTICLE VIII. 

Particular Covenants of the Company. 

The Company hereby covenants as follows: 

SECTION 8.01. That it lawfully possesses all the aforesaid mortgaged and pledged property; that it will maintain and preserve the Lien
of the Indenture on such mortgaged and pledged property in accordance with the terms hereof so long as any of the Bonds are Outstanding; and that it has good right and lawful authority to mortgage and pledge such mortgaged and pledged property, as
provided by the Indenture; and that the mortgaged and pledged property is free and clear of all liens and encumbrances, except Permitted Encumbrances, and except as otherwise provided herein. 

SECTION 8.02. That it will duly and punctually pay the principal of, premium, if any, and interest on all the Bonds Outstanding
according to the terms thereof and of the Indenture. 
 SECTION 8.03. That it will maintain an office or agency (approved by the
Trustee), while any of the Bonds are Outstanding, at each Place of Payment, where notices, presentations and demands to or upon the Company in respect of the Bonds or the Indenture may be given or made, and for the payment of the principal of,
premium, if any, and interest on the Bonds. The Company will give the Trustee prompt written notice of the location of and any change in location of such office or agency. If the Company shall fail to maintain such office or agency in each Place of
Payment, or to give the Trustee written notice of the location thereof, the Trustee shall appoint in each such Place of Payment an agent of the Company for the foregoing purposes and the Trustee is hereby authorized and empowered to make any such
appointment on behalf of the Company. In case of any such failure of the Company, any such notice, presentation or demand in respect of the Bonds or the Indenture may be given or made, unless other provision is expressly made herein, to or upon the
Trustee at its principal corporate trust office, and the Company hereby authorizes such presentation and demand to be made to and such notice to be served on the Trustee in such event. 

SECTION 8.04. That it will pay, when the same shall become payable, all taxes, assessments and other governmental charges lawfully
levied or assessed upon the mortgaged and pledged property, or upon any part thereof or upon any income therefrom, or upon the interest of the Trustee in the mortgaged and pledged property when the same shall become due, and will duly observe and
conform to all valid requirements of any governmental authority relative to any of the mortgaged and pledged property, and all covenants, terms and conditions upon or under which any of the mortgaged and pledged property is held and that, except as
herein otherwise provided, it will not permit, create or incur any lien to be existing hereafter upon the mortgaged and pledged property whether now owned or hereafter acquired, or any part thereof, or the income therefrom, equal to or prior to the
Lien of the Indenture, except Permitted Encumbrances. 
 SECTION 8.05. (a) That it will keep all the mortgaged and pledged property
of a character usually insured by companies engaged in a similar business and similarly situated, and which is at any time subject to the Lien of the Indenture, insured with reasonable deductibles and retentions against loss or damage by fire or
extended coverage perils, to such amount as such property is usually insured by companies similarly situated, either by means of policies issued by reputable insurance companies or, in lieu of or supplementing such insurance in whole or in part, at
the Company’s election, by means of some other method or plan of protection including an insurance 

  
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fund maintained by the Company alone or in conjunction with any other Person. All such insurance policies or alternative methods or plans of protection upon any part of the mortgaged and pledged
property shall provide that the proceeds thereof shall be payable to the Trustee. The Company agrees to deposit with the Trustee all proceeds from any insurance or alternative method or plan of protection received by the Company with respect to any
such loss relating to the mortgaged and pledged property. 
 Upon request, the Company will furnish to the Trustee a
statement signed by the President, a Vice President, the Treasurer or an Assistant Treasurer and attested by the Secretary or an Assistant Secretary of the Company, showing: 

(i) the number of the policies of insurance in effect and the names of the issuing companies, 

(ii) the amount of such policies, 

(iii) the nature of the property covered by such policies, and 

(iv) a detailed statement of each alternative method or plan of protection, 

and stating that each such insurance policy or alternative method or plan of protection provides that losses thereunder for fire or extended
coverage perils are payable to the Trustee. In lieu of the statement described in the preceding sentence, the Company may deliver to the Trustee a certificate of one or more nationally known insurance brokers that he or they have examined the fire
and extended coverage insurance policies and alternative methods or plans of protection in effect upon the property of the Company and that in his or their opinion the Company has fully complied with the provisions of this subsection (a). 

(b) That all proceeds of any insurance or alternative method or plan of protection received by the Trustee, shall be held and
applied by the Trustee in the same manner and for the same purposes and shall be subject to the same conditions as moneys held in the Release Fund, except that, until a Completed Default shall occur and be continuing, any such proceeds received by
the Trustee for any single loss not exceeding $1,000,000 shall be paid promptly to the Company upon receipt by the Trustee of a Company Order directing such payment. 

(c) That all proceeds of any insurance or alternative method or plan of protection paid to the Company by the Trustee pursuant
to subsection (b) of this Section 8.05 promptly shall be expended for Permanent Additions, or be applied to the rebuilding, renewal or replacement of the property damaged or destroyed. 

(d) That subject to Section 16.01, in case of any loss covered by any insurance policy or alternative method or plan of
protection, any appraisement or adjustment of such loss and settlement and payment of indemnity therefor, which shall be approved in an Officer’s Certificate, may be consented to and accepted by the Trustee, and the Trustee shall in no way be
liable or responsible for the collection of any insurance in case of any loss nor for consenting to or accepting any such appraisement, adjustment, settlement or payment of indemnity. 

  
 47 

 SECTION 8.06. That the business of the Company will be continuously carried on and
conducted in an efficient manner; that all property, plants and equipment of the Company classified as Permanent Additions subject to the Lien of the Indenture and used and useful in the carrying on of its business will be maintained in adequate
repair, working order and condition to the extent that, in the Company’s opinion, it is economical to do so, and, if worn out, obsolete or severely damaged, it will be replaced or offset by other property of the character of Permanent Additions
of at least equal value; that, except as permitted under the provisions of Section 11.02, none of the rights, powers, franchises or privileges of the Company subject to the Lien of the Indenture, whether now owned or hereafter acquired, will be
allowed to lapse other than by expiration of the term of duration thereof or be forfeited so long as the same shall be necessary for the carrying on of the business of the Company; that, except as permitted by Article XV, it will maintain its
corporate existence and right to carry on business in the states in which its property and plants subject to the Lien of the Indenture, or any part thereof, may be located and will use reasonable efforts to obtain all necessary renewals and
extensions thereof, and subject to the provisions hereof, will diligently endeavor to maintain, preserve and renew all such rights, powers, privileges and franchises owned by it and necessary for carrying on the business of the Company; that it will
at all times use all reasonable diligence to provide service adequate to meet the reasonable requirements of the communities in which it may be operating; that, except to the extent herein expressly permitted, it will at no time commit or allow to
be committed any waste upon the mortgaged and pledged property of the character of Permanent Additions, or do, or permit to be done, in or upon the mortgaged and pledged property, anything that may in any way tend to impair the value thereof, or to
weaken, diminish or impair the security afforded by the Indenture, and that it will fully and in due time comply with all laws and ordinances applicable to the Company or the mortgaged and pledged property. However, nothing herein shall be construed
to prevent the Company (a) from contesting in good faith the validity of any such laws or ordinances by necessary and appropriate legal proceedings or in such other manner as may be deemed advisable by the Company; (b) from ceasing to
maintain and operate any of its plants or any other properties if, in the judgment of the Company, it is advisable not to operate or maintain the same; (c) from selling or otherwise disposing of its mortgaged and pledged property subject to the
provisions of Article XI; or (d) from dismantling or taking such other action with respect to its plants or other property as it deems proper and customary under the circumstances. 

SECTION 8.07. That the sum of: 

(i) all dividends declared or paid or other distributions made on or in respect of the common stock of the
Company after the Effective Date (except dividends paid or distributions made solely in shares of common stock of the Company); and 

(ii) the amount, if any, by which all of the Considerations (as defined below) given by the Company for the
purchase or other acquisition of shares by the Company of its common stock after the Effective Date exceeds the Considerations received by the Company after the Effective Date from the sale of its common stock; 

shall not exceed the sum of: 

(i) the retained earnings of the Company at the Effective Date; and 

(ii) an amount equal to the net income of the Company earned after the Effective Date, after deducting all
dividends accruing after the Effective Date on all classes and series of preferred stock of the Company and after taking into consideration all proper charges and 

  
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credits to retained earnings made after the Effective Date, all determined in accordance with generally accepted accounting principles. 

In computing the amount equal to the net income of the Company earned after the Effective Date, there will be deducted any
amount by which after the date commencing 365 days prior to the Effective Date the actual expenditures or charges for ordinary repairs and maintenance and charges for reserves, renewals, replacements, retirements, depreciation and depletion are less
than an amount equal to 2.50% of Completed Depreciable Property as of the end of such period. 
 The term
“Considerations” as used in this Section 8.07 means the amount of any cash considerations and the book value of any considerations other than cash. 

SECTION 8.08. That it will cause the Indenture and all indentures and instruments supplemental thereto to be kept, recorded and filed
in such manner and to such extent as may be required or permitted by law and in such places as may be required by law in order to make effective and maintain the Lien Hereof and to fully preserve and protect the security of the Bondholders and all
rights of the Trustee. 
 SECTION 8.09. That it will execute and deliver such further instruments and do such further acts as may be
necessary or proper to carry out the purposes of the Indenture, and to make subject to the Lien Hereof any property hereafter acquired and intended to be subject to the Lien of the Indenture, and to transfer to any new trustee the estate, powers,
instruments and any funds held in trust under the Indenture. 
 SECTION 8.10. That it will, at all times, keep or cause to be kept,
proper books of record and account in which full, true and correct entries will be made, of all dealings or transactions in relation to the Bonds, plants, properties, business and affairs of the Company; that it will at any and all reasonable times,
upon the written request of the Trustee, permit it, or its clerks, agents, or auditors, for that purpose duly authorized, to inspect the books, accounts, papers, documents and memoranda of the Company, as well as its plants and properties, and to
take from its books, accounts, papers, documents and memoranda such extracts as may be deemed necessary; that it will at any time, upon the written request of the Trustee, furnish to the Trustee a full and complete statement of the property covered
by the Lien Hereof or intended so to be covered. 
 SECTION 8.11. That it will not go into voluntary bankruptcy or insolvency, or
apply for or consent to the appointment of a receiver of itself or of its property or make any general assignment for the benefit of its creditors, or allow any order adjudicating it to be bankrupt or insolvent or appointing a receiver of it or of
its property, to be made and remain unvacated for a period of 90 days. 
 SECTION 8.12. That it is duly authorized under the laws of
the State of Minnesota and under all other applicable provisions of law to create and issue the Bonds and to execute and deliver the Indenture; that all corporate action required for the creation and issue of said Bonds and the execution of the
Indenture has been duly and effectually taken; that said Bonds when issued and in the possession of the Holders thereof are and will be valid and enforceable obligations of the Company; and that the Indenture is and always will be a valid mortgage
or deed of trust to secure the payment of said Bonds. 

  
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 SECTION 8.13. That upon the issue of each Bond, it will pay all such taxes (which may
legally be paid by the Company) as may be imposed by any law, then in force applicable to and imposed upon the issue of such Bond, of the United States of America, of the State of Minnesota or of any other state in which its property and plants, or
any part thereof, may be located. 
 SECTION 8.14. That it will not issue, or permit to be issued, any Bonds in any manner other than
in accordance with the provisions of the Indenture and that it will faithfully observe and perform all the conditions, covenants and requirements of the Indenture. 

SECTION 8.15. That it will duly and punctually perform all the conditions and obligations imposed on it by the terms of any Prior Lien
or any mortgage, lien, charge or encumbrance described in paragraph (20) of the definition of Permitted Encumbrances to the extent necessary to keep the security afforded by the Indenture substantially unimpaired and that it will not permit any
default under any such Prior Lien or mortgage, lien, charge or encumbrance to occur and continue for any grace period, specified therein, if thereby the security afforded by the Indenture would be materially impaired or endangered. 

SECTION 8.16. That, if it shall act as its own Paying Agent, it will, on or before each due date of the principal of, premium, if any,
or interest on any of the Bonds, set aside and segregate and hold in trust for the benefit of the Holders of such Bonds or the Trustee a sum sufficient to pay the principal of, premium, if any, or interest so becoming due, and the Company promptly
will notify the Trustee of its action or failure so to act. 
 Whenever, the Company shall have one or more Paying Agents,
it will, on or prior to each due date of the principal of, premium, if any, or interest on any Bonds, deposit with a Paying Agent a sum sufficient to pay the principal of, premium, if any, or interest so becoming due, such sum to be held in trust
for the benefit of the Holders of such Bonds or the Trustee, and (unless such Paying Agent is the Trustee) the Company promptly will notify the Trustee of its action or failure so to act. 

Moneys so segregated or deposited and held in trust shall not be a part of the mortgaged and pledged property but shall
constitute a separate trust fund for the benefit of the Persons entitled to such principal, premium or interest. Except in the case of moneys so segregated by the Company when acting as its own Paying Agent, moneys held in trust by the Trustee or
any other Paying Agent for the payment of the principal of, premium, if any, or interest on the Bonds need not be segregated from other funds, except to the extent required by law. 

The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which
such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 8.16, that such Paying Agent will: 

(a) hold all sums held by it for the payment of principal of, premium, if any, or interest on Bonds in trust for the benefit of
the Holders of such Bonds or the Trustee until such sums shall be paid to the Holders or withdrawn for deposit with a successor Paying Agent or with the Trustee or until disposed of as herein provided; 

(b) give the Trustee notice of any default by the Company (or any other obligor upon the Bonds) in the making of any such
payment of principal, premium, if any, or interest; and 

  
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 (c) at any time during the continuance of any such default, upon the written
request of the Trustee, promptly pay to the Trustee all sums so held in trust by such Paying Agent. 
 The Company may at
any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all money held in trust by the Company or such Paying Agent
pursuant to this Section 8.16, such money to be held by the Trustee upon the same trusts as those upon which such money was held by the Company or such Paying Agent; and, upon such payment by the Company, the Company shall be discharged from
such trust, and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

Anything in this Section 8.16 to the contrary notwithstanding, any money deposited with the Trustee or any Paying Agent
or held by the Company in trust for the payment of the principal of, premium, if any, or interest on any Bond shall be subject to the provisions of Section 20.03 

SECTION 8.17. That it will furnish or cause to be furnished to the Trustee between September 1 and September 30, in each year
beginning with the September following the Effective Date, and also between March 1 and March 31, in each year beginning with the March following the Effective Date, and at such other times as the Trustee may request in writing, a
statement in such form as the Trustee may reasonably require, containing all the information in the possession or control of the Company or of any of its Paying Agents as to the names and addresses of the Holders of Bonds obtained since the date as
of which the next previous statement, if any, was furnished, excluding from any such list the names and addresses received by the Trustee in its capacity as Bond Registrar. Each such statement shall be dated as of a date not earlier than the tenth
day of the month next preceding the month during which said statement is furnished, and need not include information received after such date. 

SECTION 8.18. That it will: 

(a) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may prescribe by rules and regulations) which the Company may be required to file with the Commission pursuant
to section 13 or section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the Company is not required to file information, documents or reports pursuant to either of such sections, that it will file with the Trustee and the
Commission, in accordance with any rules and regulations that may be prescribed by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to section 13 of the Securities Exchange Act
of 1934, as amended, in respect of a security listed and registered on a national securities exchange as may be prescribed in such rules and regulations; 

(b) file with the Trustee and the Commission, in accordance with such rules and regulations as may be prescribed by the
Commission and to which the Company shall be subject, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants provided for in the Indenture as may be required by such rules and
regulations, including in the case of annual reports (if required by such rules and regulations), certificates or opinions of independent public accountants (conforming to the requirements of Sections 20.08 and 20.09) as to compliance with
conditions or covenants (which compliance is subject to verification by accountants), but no such certificate or opinion shall be required as to any matter specified in 

  
 51 

 
clause (A), (B) or (C) of paragraph (3) of subsection (c) of Section 314 of the Trust Indenture Act; and 

(c) transmit to the Bondholders in the manner and to the extent provided in subsection (c) of Section 16.18, such
summaries of any information, documents and reports required to be filed by the Company pursuant to subsections (a) and (b) of this Section 8.18 as may be required by rules and regulations prescribed by the Commission 

SECTION 8.19. That it will furnish to the Trustee: (a) promptly after the Effective Date and promptly after the execution of any
Supplemental Trust Indenture, after the Effective Date, an Opinion of Counsel either stating that the Indenture has been properly recorded and filed so as to make effective the Lien of the Indenture intended to be created thereby, and reciting the
details of such action, or stating that no such action is necessary to make such Lien of the Indenture effective; and (b) by May 1, in each year after the Effective Date, an Opinion of Counsel either stating that such action has been taken
with respect to the recording, filing, re-recording and refiling of the Indenture as is necessary to maintain the Lien Hereof, and reciting the details of such action, or stating that no such action is
necessary to maintain such Lien of the Indenture. Compliance with clauses (a) and (b) of this Section 8.19 shall be achieved if (1) the Opinion of Counsel herein required to be delivered to the Trustee shall state for details: the
time, place, and manner of such recording, re-recording, filing and refiling as the case might be and that, in the Opinion of Counsel (if such is the case) such receipt for record of filing makes the Lien of
the Indenture intended to be created thereby effective and (2) such Opinion of Counsel is delivered to the Trustee within such time, following the date and execution of this Restated Indenture and each Supplemental Trust Indenture, as shall be
practicable, giving due regard to the number and distance of the jurisdictions in which the Indenture or such Supplemental Trust Indenture is required to be recorded or filed. 

  
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 ARTICLE IX. 

Maintenance Fund. 

SECTION 9.01. The Company covenants that, for each calendar year while any of the Bonds remain Outstanding, it will pay or cause to be
paid to the Trustee on the next succeeding May 1, as a “Maintenance Fund,” an amount equal to 2.50% of Completed Depreciable Property as of the end of such calendar year; less, to the extent that the Company desires to include the
same, the following credits: 
 (a) all amounts expended during such calendar year for maintenance of all property included
in the calculation of Completed Depreciable Property owned by the Company; 
 (b) all expenditures or charges during such
calendar year for renewals and replacements of property included in the calculation of Completed Depreciable Property owned by the Company, or for retirements of property included in the calculation of Completed Depreciable Property owned by the
Company to the extent that the charges for such retirements have been off-set by expenditures for acquisition, construction or erection of Permanent Additions; 

(c) the principal amount of all Bonds which have been retired or redeemed, except Bonds which have been retired or used in any
manner set forth in clause (a), (b) or (c) of Section 6.01; and 
 (d) any portion of an Amount of Established
Permanent Additions determined in accordance with Article V if it has not been previously applied to any other purpose specified in Section 5.05. 

The credits provided for in this Section 9.01 shall not include any amounts reserved for or accrued for depreciation or
obsolescence on the books of the Company in any such calendar year, except to the extent that the charges or expenditures in paragraph (a) or (b) above include depreciation or charges related to equipment or materials used for maintenance,
renewals or replacements of property included in the calculation of Completed Depreciable Property. 
 SECTION 9.02. By May 1 of
each year, the Company shall deliver to the Trustee: 
 (a) an Accountant’s Certificate stating (i) the amount of
the Completed Depreciable Property of the Company at the end of the previous calendar year; (ii) the amount equal to 2.50% of the amount stated pursuant to clause (i) of this subsection (a); (iii) to the extent that the Company desires to
include the same, the credits (separately stated) that are provided for under subsections (a), (b), (c) and (d) in Section 9.01; (iv) the credit balance, if any, provided for in Section 9.05; and (v) the remaining balance, if
any, of the amount set forth under clause (ii) of this subsection (a) after deducting the credits set forth under clauses (iii) and (iv); 

(b) if the Company includes in the Accountant’s Certificate provided for in subsection (a) of this Section 9.02
any credit under subsection (d) of Section 9.01, the Accountant’s Certificate also shall contain the statements and calculation provided for in subsection (d) of Section 5.07, with such changes therein as may be necessary to
adapt the same to the purposes of this Section 9.02 and Section 9.01; and 

  
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 (c) an amount of cash or an aggregate principal amount of Bonds (except Bonds
which have been retired or used in any manner set forth in clause (a), (b) or (c) of Section 6.01), equal to the balance, if any, stated in the Accountant’s Certificate provided for in subsection (a) of this Section 9.02
pursuant to clause (v) of said subsection (a). 
 SECTION 9.03. Any cash balance held in the Maintenance Fund, at the option and
upon the request of the Company, expressed by a Resolution, shall be applied by the Trustee to the purchase or redemption of Bonds in the manner provided for with reference to cash in the Release Fund as provided in Sections 11.13 and 11.14, but in
no event shall such cash be considered as part of the Release Fund for purposes of Section 11.15. At the option of the Company, any moneys constituting any part of the Maintenance Fund may be withdrawn by the Company upon the delivery to the
Trustee of Bonds (except Bonds which have been used or retired in a manner set forth in clause (a), (b) or (c) of Section 6.01) of an aggregate principal amount equal to the amount of moneys so withdrawn. 

All Bonds purchased or otherwise acquired by or delivered to the Trustee for the Maintenance Fund shall forthwith be
cancelled, and the Trustee shall thereupon destroy such Bonds and deliver evidence of the destruction thereof to the Company, pursuant to Section 20.07. 

SECTION 9.04. Any cash deposited by the Company with the Trustee in the Maintenance Fund may be withdrawn by the Company upon the basis
of the Cost or Fair Value, whichever is less (after making the deductions provided for in Section 5.03 because of Retired Property), of Permanent Additions certified to the Trustee as provided in Article V and subject to the conditions of
Sections 5.06 and 5.08, but only upon delivery to the Trustee of: 
 (a) a Company Request, authorized by Resolution; 

(b) an Officer’s Certificate stating that no Default has occurred and is continuing, and that the granting of such Company
Request will not result in a Default; and 
 (c) an Accountant’s Certificate containing the statements and calculation
provided for in subsection (d) of Section 5.07 with such changes therein as may be necessary to adapt the same to the purposes of this Section 9.04. 

SECTION 9.05. If the total amount of credits, applicable to the Maintenance Fund, specified in any Accountant’s Certificate (or
any Treasurer’s certificate filed pursuant to Section 2 of Article IX of the Original Indenture) filed for any calendar year after 1987 shall exceed an amount equal to 2.50% of Completed Depreciable Property as of the end of such calendar
year, the excess, if any, may be used: 
 (a) as a credit balance to offset any deficiency for expenditures or charges as
shown by any subsequent Accountant’s Certificate or Certificates submitted pursuant to Section 9.02; or 
 (b) to
increase the Amount of Established Permanent Additions available for any of the purposes described in paragraphs (i) through (vi) of Section 5.05, but only 

  
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in an aggregate amount equal to the lesser of: (i) such excess credits or (ii) the Amount of Established Permanent Additions used, after calendar year 1987, as a credit to the
Maintenance Fund or for the withdrawal of cash from the Maintenance Fund. 
 The amount of excess Maintenance Fund credits
shall be reduced by the amount of any such excess credits applied for either of the purposes described in the foregoing clauses (a) and (b). 

SECTION 9.06. If the mortgaged and pledged property shall be sold either under the power of sale herein provided, or under decree of
court in a suit for the foreclosure of the Indenture, then any moneys at the time remaining in the Maintenance Fund shall be added to and dealt with as if it were a part of the proceeds of such sale. 

  
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 ARTICLE X. 

Redemption of Bonds. 

SECTION 10.01. Bonds that are, by their terms, redeemable before maturity may, at the option of the Company, be redeemed at such times,
in such amounts and at such prices as may be specified therein and in accordance with the provisions of Sections 10.02 through 10.07. 

SECTION 10.02. In case of redemption of only part of the Bonds of any series, the particular Bonds to be redeemed shall be selected by
the Trustee by lot, in such manner as it shall elect. In any such selection by lot under this Section 10.02, each Bond shall be represented by a separate number for each $1,000 of its principal amount. 

Notice of intention to redeem Bonds of any series, wholly or in part, shall be given, by or on behalf of the Company, by first
class mail, postage prepaid, at least 30 days before the Redemption Date, to each Holder of a Bond to be redeemed at the address shown on the Bond Register; but the failure to give such notice, or any defect in such notice so given, shall not affect
the validity of the proceedings for the redemption of any Bond not affected by such failure or defect. All notices of redemption shall state the Redemption Date and redemption price, the portion, if less than all, of the Bonds to be redeemed, the
place at which the Bonds are to be surrendered for payment, which, unless otherwise stated, shall be the principal corporate trust office of the Trustee, and that on the Redemption Date the redemption price will become due and payable on each such
Bond (or the portion thereof to be redeemed) and interest thereon shall cease to accrue on and after such date. 
 If only
part of the Bonds of any particular series is to be redeemed, said notice of redemption shall specify the numbers of such Registered Bonds to be redeemed in whole or in part. If any Bond is to be redeemed in part only, said notice shall specify the
portion of the principal amount thereof to be redeemed and shall state that, upon presentation of such Bond for redemption, a new Bond of the same series, of the same maturity and of an aggregate principal amount equal to the unredeemed portion of
such Bond, will be issued in lieu thereof. 
 In case of a redemption of any Bonds that are Coupon Bonds, such written
notice of redemption shall also be given, by or on behalf of the Company, by publication at least once in each of not less than three successive calendar weeks preceding the Redemption Date and in each case on any day in the week (the first
publication to be at least thirty days, or such other number of days as shall be fixed by the terms of the Bonds to be redeemed, before the Redemption Date) in one daily newspaper, in the English language, of general circulation published in
Chicago, Illinois, and in one newspaper, in the English language, of general circulation published in each other city, if any, in which the principal of any of the Bonds to be redeemed may be payable. 

In case only a portion of any Bond shall be called for redemption (it being understood that no Coupon Bond shall be called for
redemption in part absent contrary provisions in such Coupon Bond or the Supplemental Trust Indenture creating such Coupon Bond), the Company at its expense shall execute and the Trustee shall authenticate and deliver to the Holder of such Bond a
new Bond of the same series and of the same maturity for the principal amount of the surrendered Bond, less the principal amount redeemed and paid. 

  
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 SECTION 10.03. If the Company shall give and complete notice of its intention to redeem
any of the Bonds, the Company shall, and it hereby covenants that it will, on or before the Redemption Date specified in such notice, deposit with the Trustee a sum of cash, Government Obligations or a combination thereof, which will provide
sufficient cash to redeem all of such Bonds on such Redemption Date. 
 SECTION 10.04. Cash, Government Obligations or a combination
thereof deposited by the Company with the Trustee under the provisions of this Article X for the redemption of any of the Bonds shall be deposited and held in a trust fund for the account of the respective Holders of the Bonds to be redeemed and
shall be paid to them respectively, upon presentation and surrender of such Bonds (including, if applicable, all unmatured coupons appertaining thereto); and on and after such Redemption Date if the moneys for the redemption of said Bonds shall be
on deposit as aforesaid, such Bonds shall cease to bear interest, and such Bonds shall cease to be entitled to the benefits and security of and the Lien of the Indenture and, if applicable, all unmatured coupons relating to such Bonds shall be void
and deemed paid. 
 SECTION 10.05. All Bonds paid, retired or redeemed under any of the provisions of this Article X shall be
cancelled forthwith, and the Trustee shall thereupon destroy such Bonds and deliver evidence of the destruction thereof to the Company in accordance with Section 20.07. 

SECTION 10.06. If there shall have been deposited with the Trustee any combination: 

(i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay when due the principal of premium, if any, and interest due and to become due on such Bond on or prior to the
Redemption Date thereof; and either the notice provided for in respect of the redemption of such Bonds shall have been duly given by the Trustee or irrevocable authorization shall have been given by the Company to the Trustee to give notice, on
behalf of the Company, as provided in Section 10.02, then the Company and the Trustee shall consider such Bonds (including, if applicable, all unmatured coupons appertaining thereto) redeemed from the Holder thereof and paid for purposes of
release and satisfaction of the Indenture. 
 SECTION 10.07. In case any question shall arise as to whether proper and sufficient
action shall have been taken for the redemption of Bonds, such question shall be decided by the Trustee and the decision of the Trustee shall, subject to Section 16.01, be final and binding upon all parties in interest. 

  
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 ARTICLE XI. 

Possession, Use and Release of Mortgaged and Pledged Property. 

SECTION 11.01. Until a Completed Default shall occur and be continuing, the Company shall be permitted, subject to the provisions of
this Article XI, to possess, use, manage, operate and enjoy the mortgaged and pledged property (except money and securities which are expressly required to be deposited with the Trustee); to collect, receive, use, invest and dispose of the rents,
issues, income, revenues, products and profits from all the mortgaged and pledged property, with power (in the ordinary course of business freely and without permission from or hindrance by the Trustee or the Bondholders) to use, consume and dispose
of materials and supplies; and, except as herein otherwise expressly provided to the contrary, to exercise any and all rights under or in relation to choses in action, leases and contracts. 

SECTION 11.02. (a) Until a Completed Default shall occur and be continuing, the Company may, without any release or consent by the
Trustee, or accountability thereto for any consideration received by the Company; 
 (1) sell or otherwise
dispose of, free from the Lien of the Indenture, (A) any machinery, equipment, tools, implements or other similar property subject to the Lien Hereof which may have become obsolete or unfit for use or no longer useful, necessary or profitable
in the conduct of business of the Company, upon replacing the same by or substituting for the same, other machinery, equipment, tools or implements, not necessarily of the same character but of at least equal value to that of such property disposed
of; (B) any shares of stock, bonds, notes, evidences of indebtedness and other securities other than such as may be required to be deposited with the Trustee in accordance with the provisions hereof; (C) contracts, bills, and accounts
receivable; (D) motor vehicles; (E) timber on lands owned by the Company; and (F) any stock of goods, wares and merchandise, equipment or supplies acquired for the purpose of consumption in the operation, construction, or repair of
any of the properties of the Company; 
 (2) abandon, terminate, cancel, or make changes or alterations in,
or substitutions of, any and all contracts, leases and right-of-way grants of either land or easements; 

(3) surrender or assent to the modification of any franchise, license, governmental consent or permit under
which it may be operating, provided that, in the event of any such surrender or modification, the Company shall have (under some other franchise, license, governmental consent, permit or right, or under the modified franchise, license, governmental
consent or permit, or under a new franchise, license, governmental consent or permit) received in exchange therefor, authority which is sufficient, in the Opinion of Counsel, for the conduct of the same or an extended business in the same or
substantially the same or an extended territory for the same or substantially the same or an extended or unlimited period of time or until the maturity date of the last maturing series of Bonds at the time Outstanding or for the most extended period
or term then possible under existing laws or regulations or until it is no longer necessary or expedient to continue in the territory affected thereby; 

  
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 (4) surrender any franchise, license or governmental consent or
permit now held or which may be held hereafter by the Company or under which it now may be operating or may operate hereafter any of its properties or assent to or arrange for any modification or alteration of any of the terms thereof, provided that
the Board of Directors determine by Resolution that it is either no longer necessary or no longer in the best interests of the Company and the Bondholders and that the value and efficiency of the mortgaged and pledged property as an entirety will
not be impaired thereby, and a copy of such Resolution shall be filed with the Trustee, and provided further that the Company shall still have power and authority, in the Opinion of Counsel, sufficient for the conduct of its business in the same or
substantially the same territory; 
 (5) grant rights-of-way and easements over or in respect of any of the mortgaged and pledged property, of the nature described in the definition of Permitted Encumbrances, provided that such grant will not impair the
use of such property for the purposes for which it is held by the Company and will not have a material adverse impact on the security afforded by the Indenture; 

(b) Until a Completed Default shall occur and be continuing, and following the retirement through payment or redemption of the
Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of the Original Indenture), the Company may, without any release or consent by the Trustee, or
accountability thereto for any consideration received by the Company: 
 (1) sell or otherwise dispose of,
free of the Lien of the Indenture: 
 (A) all automobiles, buses, trucks, truck cranes, tractors, trailers
and similar vehicles and movable equipment, and all accessories and supplies used in connection with any of the foregoing; 

(B) all vessels, boats, barges and other marine equipment, all railroad engines, cars and related equipment,
all airplanes, airplane engines and other flight equipment, and all accessories and supplies used in connection with any of the foregoing; 

(C) all office furniture and all leasehold interests in property owned by Persons other than the Company for
office purposes; and 
 (2) enter into leases permitting the lessee to occupy or use any of the mortgaged and
pledged property in any manner that does not interfere in any material respect with the use of such property for the purpose for which it is held by the Company and will not have a material adverse impact on the security afforded by the Indenture;
and 

  
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 (3) surrender any franchise, license or governmental consent or
permit now held or which may be held hereafter by the Company or under which it now may be operating or may operate hereafter any of its properties or assent to or arrange for any modification or alteration of any of the terms thereof, provided that
the Board of Directors determines by Resolution that it is either no longer necessary or no longer in the best interests of the Company to continue to operate in the territory affected thereby or to comply with the terms and provisions of the
franchise or governmental consent or permit and such surrender or modification will not materially impair the value and efficiency of the mortgaged and pledged property as an entirety or be prejudicial in any material respect to the interests of the
Bondholders. 
 (c) The Trustee shall execute a written instrument to confirm any action taken by the Company under this
Section 11.02, upon receipt by the Trustee of (1) a Resolution requesting such written instrument and expressing any required opinions, (2) an Officer’s Certificate stating that no Default has occurred and is continuing and that
said action was duly taken in conformity with a designated subsection of this Section 11.02 and (3) an Opinion of Counsel stating that said action was duly taken by the Company in conformity with said subsection and that the execution of
such written instrument is appropriate to confirm such action under this Section 11.02. 
 SECTION 11.03. Until a Completed
Default shall occur and be continuing, the Company may sell, exchange or otherwise dispose of any other of the mortgaged and pledged property, and the Trustee shall release the same from the Lien Hereof upon the submission by the Company to the
Trustee of an Application and delivery to the Trustee of the items listed in either (i) subsections (a) through (j) or (ii) subsection (k) of this Section 11.03, as applicable: 

(a) a Resolution requesting such release and describing the applicable property; 

(b) an Officer’s Certificate, stating that no Default has occurred and is continuing, and that the granting of such
Application will not result in a Default; 
 (c) an Engineer’s Certificate, dated not more than 90 days preceding the
date of the delivery of the Application for such release, stating in substance that the Company has sold, exchanged, or otherwise disposed of or intends to sell, exchange or otherwise dispose of the property or securities to be released, and
stating: 
 (1) a brief description of the property or securities, if any, to be released (which may be given
by reference to the Resolution requesting the release if such property is described therein) and stating whether such property is of the character of Permanent Additions; 

  
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 (2) a brief description of the consideration, if any, received or
to be received by the Company for the property or securities, if any, to be released, which consideration may consist in whole or in part of one or more of the following: 

(A) cash; 

(B) obligations owed to the Company secured by purchase money first mortgages upon the property to be released,
provided that the principal amount of such obligations does not exceed (i) individually, 66-2/3% of the Fair Value of the property to be released and (ii) when added to the aggregate principal amount
of all other such obligations previously received by the Company for property released pursuant to this clause (B), and then held by the Trustee, 15% of the aggregate principal amount of Bonds then Outstanding; or 

(C) any other property; 

provided that if the property to be released is of the character of Permanent Additions, then such other property referred to
in this clause (C) shall be of the character of Permanent Additions; 
 (3) the amount of cash, if any,
to be deposited by the Company pursuant to subsection (j) of this Section 11.03; 
 (4) the Fair
Value of the property and securities to be released and stating, if such is the case, that the Fair Value of such property and securities is taken at the amount stated in the Independent Engineer’s Certificate provided for in subsection
(d) of this Section 11.03; 
 (5) the Fair Value of the property (other than cash) to be received
in consideration for the property to be released and (A) if such property is of the character of Permanent Additions, stating that the Fair Value of such property is taken at the amount stated in the Engineer’s Certificate provided for in
paragraph (1) of subsection (g) of this Section 11.03 (or, in a proper case, an Independent Engineer’s Certificate provided for in paragraph (2) of subsection (g) of this Section 11.03), and (B) if any portion
of such property to be received consists of securities, stating that the Fair Value of such securities is taken at the amount stated in the Engineer’s Certificate provided for in subsection (e) of this Section 11.03 (or if applicable,
at the amount stated in the Independent Engineer’s Certificate provided for in subsection (f) of this Section 11.03); and 

(6) that, in the opinion of the signer, such release will not impair the security under the Indenture in
contravention of the provisions thereof; 
 (d) if the aggregate of the Fair Value of the property or securities to be
released, the amount of any award or consideration received under Section 11.06, and the Fair Value of any other property or securities theretofore released under this Section 11.03, since the beginning of the then current calendar year,
is shown by the Engineer’s Certificates filed in connection with 

  
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such releases to be 10% or more of the aggregate principal amount of Bonds at the time Outstanding, an Independent Engineer’s Certificate making the statements required by paragraphs
(4) and (6) of subsection (c) of this Section 11.03, but no such Independent Engineer’s Certificate shall be required in the case of any release of property or securities, the Fair Value of which, as set forth in the
Engineer’s Certificate required by subsection (c) of this Section 11.03, is less than $25,000 or less than 1% of the aggregate principal amount of the Bonds at the time Outstanding; 

(e) if any portion of the property to be received in consideration for the property to be released is shown by the
Engineer’s Certificate provided for in subsection (c) of this Section 11.03 to consist of securities, an Engineer’s Certificate stating (1) the Fair Value of such securities and (2) since the commencement of the current
calendar year, the Fair Value of all other securities made the basis for (i) the authentication and delivery of Bonds, (ii) the withdrawal of cash constituting part of the mortgaged and pledged property, and (iii) the release of
property or securities subject to the Lien of the Indenture; 
 (f) if any portion of the property to be received in
consideration for the property to be released is shown by the Engineer’s Certificate provided for in subsection (c) of this Section 11.03 to consist of securities, and if the Fair Value of such securities, together with the Fair Value
of all other securities made the basis for the authentication and delivery of Bonds, withdrawal of cash, and release of property or securities since the beginning of the then current calendar year, as shown by the Engineer’s Certificate
provided for in subsection (e) of this Section 11.03, is 10% or more of the aggregate principal amount of Bonds at the time Outstanding, then, in addition to the Engineer’s Certificate provided for in subsection (e) of this
Section 11.03, the Company shall furnish to the Trustee an Independent Engineer’s Certificate stating, in the opinion of the signer, the Fair Value of such securities at the date of the Engineer’s Certificate provided for in
subsection (c) of this Section 11.03; but no such Certificate of an Independent Engineer shall be required if the Fair Value of the securities constituting consideration for the property then to be released, as set forth in the
Engineer’s Certificate provided for in subsection (e) of this Section 11.03, is less than $25,000 or less than 1% of the aggregate principal amount of Bonds at the time Outstanding under the Indenture; 

(g) if any of the property to be received in consideration for the property to be released is of a character which would be
included within the definition of Permanent Additions: 
 (1) an Engineer’s Certificate containing the
statements required by paragraphs (3), (4), (5) and (6) of subsection (a) of Section 5.05 with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; 

(2) if any portion of such property described in the Engineer’s Certificate provided for in paragraph
(1) above consists of an Acquired Facility of a Fair Value of not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time 

  
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Outstanding, an Independent Engineer’s Certificate containing the statements required by subsection (b) of Section 5.05 with such changes therein as may be necessary to adapt the
same to the purposes of this Article XI; and 
 (3) an Opinion of Counsel and the instruments and documents
or evidence respectively required by subsections (d) and (e) of Section 5.05, with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; 

(h) an Opinion of Counsel, with respect to any of the property consisting of any obligation to be received by the Company in
consideration for the property to be released, stating that such obligation is a valid obligation and, if such obligation is secured by a purchase money mortgage, that such mortgage is sufficient to afford a first lien (subject to Permitted
Encumbrances) upon the property to be released; and if the property to be released consists of or includes any franchise, an Opinion of Counsel that such release will not impair the right of the Company to operate any of its remaining properties
constituting the mortgaged and pledged properties; 
 (i) any cash, obligations or other securities or other property capable
of manual delivery described in the Engineer’s Certificate provided for in subsection (c) of this Section 11.03, pursuant to paragraph (2) of said subsection (c), to be the consideration for the property to be released; and 

(j) cash and Bonds delivered pursuant to Section 11.16, which taken together, equal the amount, if any, by which the Fair
Value of the property and securities, if any, to be released as described in the Engineer’s Certificate provided for in subsection (c) of this Section 11.03, pursuant to paragraph (4) of such subsection (c), exceeds the total of
the cash received by the Trustee pursuant to subsection (i) of this Section 11.03 and the Fair Value of the property and securities to be received in consideration therefor as described in said Engineer’s Certificate pursuant to
paragraph (5) of said subsection (c). 
 (k) following the retirement through payment or redemption of the Original
Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of the Original Indenture), and if the Fair Value of all mortgaged and pledged property of the character
of Permanent Additions, excluding Retired Property, equals or exceeds an amount equal to 150% of the aggregate principal amount of Bonds Outstanding at the time of such release, the following: 

(1) a Resolution requesting such release and describing the applicable property; 

(2) an Officer’s Certificate, stating that no Default has occurred and is continuing, and that the
granting of such Application will not result in a Default; 

  
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 (3) an Engineer’s Certificate, dated not more than 90 days
preceding the date of delivery of the Application for such release, stating: 
 (A) a brief description of
the property to be released (which may be given by reference to the Resolution requesting the release if such property is described therein) and stating whether such property is of the character of Permanent Additions; 

(B) a brief description of the consideration, if any, to be received by the Company for the property to be
released; 
 (C) the Cost and Fair Value of: 

(i) all of the mortgaged and pledged property that are Permanent Additions, excluding Retired Property, and

 (ii) the property to be released; and 

(D) that, in the opinion of the signer, such release will not impair the security under the Indenture in
contravention of the provisions hereof; 
 (4) if the aggregate of the Fair Value of the property to be
released, the amount of any award or consideration received under Section 11.06, and the Fair Value of any other property or securities theretofore released under this Section 11.03, since the beginning of the then current calendar year,
is shown by the Engineer’s Certificates filed in connection with such releases to be 10% or more of the aggregate principal amount of Bonds at the time Outstanding, an Independent Engineer’s Certificate making the statements required by
clause (ii) of subparagraph (C) and subparagraph (D) of paragraph (3) of this subsection (k), but no such Independent Engineer’s Certificate shall be required in the case of any release of property or securities, the Fair
Value of which, as set forth in the Engineer’s Certificate required by paragraph (3) of this subsection (k), is less than $25,000 or less than 1% of the aggregate principal amount of the Bonds at the time Outstanding; 

(5) if any of the property to be received in consideration for the property to be released is of a character
which would be included within the definition of Permanent Additions: 
 (A) an Engineer’s Certificate
containing the statements required by paragraphs (3), (4), (5) and (6) of subsection (a) of Section 5.05 with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; 

(B) if any portion of such property described in the Engineer’s Certificate provided for in subparagraph
(A) of this paragraph (5) consists of an Acquired Facility of a Fair Value of not less than $25,000 and not less than 1% of the aggregate principal amount of Bonds at the time Outstanding, an Independent Engineer’s Certificate
containing the statements 

  
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required by subsection (b) of Section 5.05 with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; and 

(C) an Opinion of Counsel and the instruments and documents or evidence respectively required by subsections
(d) and (e) of Section 5.05, with such changes therein as may be necessary to adapt the same to the purposes of this Article XI; and 

(6) an Accountant’s Certificate stating the aggregate principal amount of Bonds Outstanding at the time of
such release, and stating that the lesser of the Cost or Fair Value of all of the Permanent Additions (excluding the mortgaged and pledged property to be released but including any Permanent Additions to be acquired by the Company with the proceeds
of, or otherwise in connection with, such release) stated in the Engineer’s Certificate filed pursuant to paragraph (3) or the Independent Engineer’s Certificate filed pursuant to paragraph (4), both of this subsection (k), equals or
exceeds an amount equal to 150% of such aggregate principal amount of Bonds Outstanding. 
 SECTION 11.04. Until a Completed Default
shall occur and be continuing and upon receipt of a Company Request, the Trustee without requiring compliance with any of the foregoing provisions of Section 11.03, shall release from the Lien Hereof any property, the Fair Value of which shall
be stated in an Engineer’s Certificate delivered to the Trustee simultaneously with said Company Request, provided that such Fair Value is less than $25,000 or less than 1% of the aggregate principal amount of Bonds Outstanding at the date of
the Engineer’s Certificate and which property, as stated in such Engineer’s Certificate, is not useful or necessary in the conduct of the business of the Company. Said Engineer’s Certificate shall also state that such release will not
in any material respect impair the security under the Indenture. The aggregate Fair Value of all property released pursuant to this Section 11.04 in any calendar year shall not exceed $500,000. The Company covenants that it will deposit with
the Trustee the consideration, if any, received by it upon the sale or other disposition of any property so released. The provisions of this Section 11.04 shall not be available if any portion of the property to be received in consideration for
the property of the Company to be released consists of securities. 
 SECTION 11.05. Interest on and principal of any obligation
received by the Trustee pursuant to the provisions of Section 11.03 may be collected by it, but, until a Completed Default shall occur and be continuing, interest as received by the Trustee on any such obligation thereof shall be paid over to
the Company. 
 Any new property acquired by exchange or purchase (other than cash received pursuant to subsection
(k) of Section 11.03) to take the place of any property released under any provision of this Article XI shall forthwith and without further conveyance become subject to the Lien of the Indenture; and the Company covenants that, if so
requested by the Trustee, it will convey the 

  
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same, or cause to be conveyed, to the Trustee by appropriate instruments of conveyance upon the trusts and for the purposes of the Indenture. 

SECTION 11.06. Should any of the mortgaged and pledged property be taken by exercise of the power of eminent domain or should any
governmental body or agency, at any time, exercise any right which it may have to require the Company to sell to it any part of said property, the Trustee shall accept any cash award therefor, and at the request of the Company shall release the
property so taken or purchased, upon being furnished with an Opinion of Counsel to the effect that such property has been taken by exercise of the power of eminent domain or purchased by a governmental body or agency in the exercise of a right which
it had to purchase the same. The proceeds of all property so taken or purchased shall be paid over to the Trustee, to be held and applied by the Trustee in the same manner and on the same basis as moneys received by the Trustee pursuant to
Section 11.03. 
 SECTION 11.07. If all or substantially all of the mortgaged and pledged property, other than any money and
securities deposited with the Trustee, shall be in the possession of a trustee or receiver, lawfully appointed in any action or judicial proceeding for the foreclosure hereof or for the enforcement of the rights of the Trustee or of the Bondholders,
the powers conferred upon the Company with respect to the sale or other disposition of the mortgaged and pledged property may be exercised by such trustee or receiver, and any request, certificate or appointment made or signed by such trustee or
receiver for such purpose shall have the same effect as if made by the Company or the Board of Directors or any of the officers of the Company as herein provided. If the Trustee shall be in possession of the mortgaged and pledged property under any
provision in the Indenture, then such powers may be exercised by the Trustee in its discretion. 
 SECTION 11.08. No Person,
purchasing in good faith property purporting to have been released hereunder shall be bound to ascertain the authority of the Trustee to execute the release, or to inquire as to the existence of any conditions herein prescribed for the exercise of
such authority; nor shall any purchaser or grantee of any property or rights permitted by Section 11.02, 11.03 or 11.04 to be sold, granted, exchanged or otherwise disposed of by the Company, be under any obligation to ascertain or inquire into
the authority of the Company to make such sale, grant, exchange or other disposition. Any release executed by the Trustee under this Article XI shall be sufficient for the purpose of the Indenture and shall constitute a good and valid release of the
property therein described from the Lien Hereof. 
 SECTION 11.09. The “Release Fund” shall consist of all moneys deposited
with or received by the Trustee, pursuant to any Section of this Article XI (excluding any cash received by the Company pursuant to subsection (k) of Section 11.03) or in payment of or in exchange for any of the obligations deposited with
or received by the Trustee pursuant to the provisions of Section 11.03 or 11.04 (except interest or dividends on said obligations or other securities) or which under any of the provisions of the Indenture are to be held, applied, or disposed of
by the Trustee in the same manner as moneys or cash in such Release Fund. The Release Fund shall be 

  
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held by the Trustee in trust for the security of the Bonds Outstanding until withdrawn or paid out as provided in Sections 11.10 through 11.17. 

SECTION 11.10. Until a Completed Default shall occur and be continuing, at the option of the Company any moneys constituting all or any
part of the Release Fund shall be paid over to the Company by the Trustee in an amount equal to the Cost or Fair Value, whichever is less, of Permanent Additions certified to the Trustee as provided in Article V, after making the deductions provided
for in Section 5.03 for Retired Property and subject to the conditions of Sections 5.06 and 5.08 but only upon the delivery to the Trustee of: 

(a) a Company Order; 

(b) a Resolution authorizing such Company Order; 

(c) an Officer’s Certificate stating that no Default has occurred and is continuing, and that the granting of such Company
Order will not result in a Default; and 
 (d) an Accountant’s Certificate containing the statements and calculation
provided for in subsection (d) of Section 5.07 with the changes necessary to adapt the same to the purposes of this Section 11.10. 

SECTION 11.11. Upon receipt of a Company Request in the form of an Officer’s Certificate and without requiring compliance with any
of the provisions of Section 11.10 (except subsection (c) of Section 11.10), the Trustee shall pay over to the Company the proceeds of any sale of property, for which the consideration was less than $25,000, and the Company covenants
that moneys so received, pursuant to the provisions of this Section 11.11, promptly will be expended for property of the character of Permanent Additions. The aggregate amount withdrawn pursuant to this Section 11.11 in any calendar year
shall not exceed (i) $100,000 prior to the retirement through payment or redemption of the Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of
the Original Indenture) and (ii) $500,000 thereafter. Withdrawals under this Section 11.11 shall be deducted from the Amount of Established Permanent Additions in the next succeeding Accountant’s Certificate filed under Section 11.10.

 SECTION 11.12. If the mortgaged and pledged property shall be sold, either under the power of sale herein provided, or under
decree of court in a suit for the foreclosure of the Indenture, then the Release Fund shall be added to and dealt with as if it were part of the proceeds of such sale. 

SECTION 11.13. Until a Completed Default shall have occurred and be continuing, upon Company Request, authorized by Resolution, the
Trustee shall to the extent that such Bonds are available for such purpose, apply all or any part of the cash held by it in the Release Fund to the purchase of Outstanding Bonds of one or more series as the Company may designate 

  
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at the lowest price obtainable, but such purchase price shall not exceed the current regular redemption price applicable to such Bonds. Upon the purchase by the Trustee of any Bond, as
hereinabove provided, the Trustee shall notify the Company in writing thereof, specifying the serial numbers and principal amount of the Bonds purchased and any amount of accrued interest thereon paid or to be paid by the Trustee on such purchase,
and the Company covenants that, upon the receipt by it of any such notice, it immediately will pay to the Trustee, as an additional payment to the Release Fund, an amount of cash equal to such accrued interest on the Bonds so purchased, or to be
purchased, as specified in such notice to the end that the Release Fund shall not be diminished by the payment therefrom of interest. 

SECTION 11.14. Until a Completed Default shall have occurred and be continuing, and upon Company Request, authorized by Resolution, the
Trustee shall as soon as practicable apply all or any part of the cash held by it in the Release Fund to the redemption of Bonds, which are by their terms then redeemable, of one or more series as may be designated by the Company in the manner and
as provided for redemption of Bonds in Article X. In the event of each such redemption the Trustee promptly shall notify the Company in writing of the Bonds selected for redemption, specifying the amount of accrued interest payable in respect of the
Bonds to be redeemed upon such redemption. The Company covenants that it will give or cause to be given the notice provided for in respect of the redemption of such Bonds and will, on or prior to the date fixed for such redemption, deposit with the
Trustee an additional amount of cash equal to such accrued interest, to the end that the Release Fund shall not be diminished by the payment of interest therefrom. 

The provisions of this Section 11.14 and of Section 11.15 shall not grant to the Company the power to redeem any
Bond that is not otherwise redeemable or to redeem any Bond at a price less than the price at which such Bond could be redeemed pursuant to Article X or pursuant to the terms of such Bond. 

SECTION 11.15. Until a Completed Default shall have occurred and be continuing, if the balance in the Release Fund exceeds $300,000 for
a period of 24 months or more, and during that period the Company shall not have made a proper request for reimbursement pursuant to Section 11.10 or for the application of such balance to the purchase or redemption of Bonds pursuant to
Section 11.13 or 11.14, respectively, then the balance in the Release Fund shall be applied by the Trustee without further action by, or election of, the Company to the purchase or redemption of Bonds (subject to the last paragraph of
Section 11.14) in the manner specified in Sections 11.13 and 11.14, choosing for such purpose Bonds of the series of the lowest current redemption price that may be then Outstanding and available for such purpose. In the event of each such
application and upon written notice from the Trustee, the Company shall give or cause to be given the notice provided for in respect of the redemption of such Bonds and shall pay to the Trustee additional cash equal to any accrued interest that will
be payable upon such redemption. 

  
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 SECTION 11.16. Until a Completed Default shall have occurred and be continuing, delivery
by the Company to the Trustee of Bonds (except Bonds which have been retired or used in any manner set forth in clause (a), (b) or (c) of Section 6.01), shall be deemed equivalent under this Article XI to payment of cash under Sections
11.03 and 11.04 equal to the aggregate principal amount of the Bonds so delivered. 
 SECTION 11.17. Until a Completed Default shall
have occurred and be continuing, any moneys constituting part of the Release Fund may be withdrawn by the Company upon the delivery to the Trustee of Bonds (except Bonds which have been retired or used in any manner set forth in clause (a), (b) or
(c) of Section 6.01), of an aggregate principal amount equal to the amount of moneys withdrawn. 
 SECTION 11.18. All Bonds
purchased or otherwise acquired by, or delivered to the Trustee for the Release Fund shall be cancelled forthwith, and the Trustee thereupon shall destroy such Bonds and deliver evidence of the destruction to the Company, pursuant to
Section 20.07. 

  
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 ARTICLE XII 

Meetings of Bondholders. 

SECTION 12.01. A meeting of Holders of Bonds of any or all series may be called at any time pursuant to the provisions of this Article
XII for any of the following purposes: 
 (1) to give any notice to the Company or to the Trustee, or to give
any directions to the Trustee, or to waive any Completed Default and its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article XIII; 

(2) to remove the Trustee and appoint a successor Trustee pursuant to the provisions of Article XVI; 

(3) to consent to the execution of a Supplemental Trust Indenture pursuant to the provisions of
Section 18.02; or 
 (4) to take any other action authorized to be taken by or on behalf of the Holders
of any specified percentage in aggregate principal amount of the Bonds of any or all series, as the case may be, under any other provisions of the Indenture or under applicable law. 

SECTION 12.02. The Trustee at any time may call a meeting of Holders of Bonds of any or all series to take any action specified in
Section 12.01, such meeting to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be
taken at such meeting, shall be given to Holders of Bonds of each series affected, in the manner and to the extent provided in subsection (c) of Section 16.18, not less than 20 nor more than 180 days prior to the date fixed for the
meeting; provided that; if there shall be Outstanding any Coupon Bonds not registered as to principal, publication of such notice in the newspapers specified in Section 10.02 for a redemption of Coupon Bonds shall occur at least twice, with
each publication to be not less than 20 nor more than 180 days prior to the date fixed for the meeting. 
 SECTION 12.03. If the
Company, pursuant to a Resolution, or the Holders of at least 25% in aggregate principal amount of the Bonds then Outstanding, shall have requested the Trustee in writing to call a meeting of Holders to take any action authorized in
Section 12.01, which request shall set forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the Company or
the Holders of at least 25% in aggregate principal amount of the Bonds then Outstanding may determine the time and the place for such meeting and may call such meeting by mailing (and, if applicable, publishing) notice thereof as provided in
Section 12.02. The Trustee shall be required to attend any such meeting properly called by the Company or Bondholders. 

  
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 SECTION 12.04. To be entitled to vote at any meeting of Holders, a Person shall be a
Holder of one or more Outstanding Bonds, of any or all series, as the case may be, with respect to which such meeting is being held or be a Person appointed by an instrument in writing as proxy by such Holder. The only Persons who shall be entitled
to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

SECTION 12.05. Notwithstanding any other provisions of the Indenture, the Trustee may establish such reasonable rules as it may deem
advisable for any meeting of Holders in regard to: (a) proof of the holding of Bonds and of the appointment of proxies; (b) the appointment and duties of inspectors of votes; (c) the submission and examination of proxies, certificates
and other evidence of the right to vote; and (d) such other matters concerning the conduct of the meeting as the Trustee shall determine. Except as otherwise permitted or required by any such rules, the holding of Bonds shall be proved in the
manner specified in Section 14.02 and the appointment of any proxy shall be proved in the manner specified in Section 14.02 or by having the signature of the Person executing the proxy witnessed or guaranteed by any bank or trust company
satisfactory to the Trustee. 
 The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or the Holders as provided in Section 12.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by majority vote of the meeting. 
 Subject to
the provisions of Section 12.04, at any meeting each Holder of Outstanding Bonds, with respect to which such meeting is being held, or proxy therefor shall be entitled to one vote for each $1,000 principal amount of Outstanding Bonds held or
represented by each Holder; provided, that no vote shall be cast or counted at any meeting in respect of any Bonds challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have
no right to vote except as a Holder or proxy. At any meeting of Holders, the presence of Persons holding or representing Bonds in an aggregate principal amount sufficient to take action on any business for which such meeting was called shall
constitute a quorum. 
 Any meeting of Holders duly called pursuant to the provisions of Section 12.02 or 12.03 may be
adjourned from time to time by vote of the Holders of a majority in aggregate principal amount of the Bonds represented at the meeting and entitled to vote, whether or not a quorum be then present at such meeting, and any meeting so adjourned may be
continued without further notice. 

  
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 SECTION 12.06. The vote upon any resolution submitted to any meeting of Holders of Bonds
with respect to which such meeting is being held or represented by them shall be by written ballots on which shall be subscribed the signatures of the Holders or proxies and, if deemed appropriate by the Trustee, the serial number or numbers and
principal amount of the Bonds of each series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and
file with the secretary of the meeting their notarized and sworn written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of votes on any vote taken by ballot and affidavits by one or more Persons having knowledge of the facts, setting forth a copy of the notice of the meeting and showing
that said notice was given as provided in Section 12.02. The record shall be signed and verified by the permanent chairman and secretary of the meeting. One of the duplicates shall be delivered to the Company. The other duplicate, with the
ballots voted at the meeting attached thereto, shall be delivered to the Trustee to be preserved by the Trustee. 
 Any
record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
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 ARTICLE XIII 

Remedies of Trustee and Bondholders upon Default. 

SECTION 13.01. Upon the occurrence and continuance of any one or more of the following events, a “Completed Default” shall
exist: 
 (a) default in the payment of the principal of, or premium, if any, on any Bond when the same shall have become due
and payable, whether at Stated Maturity or by declaration, or otherwise; or 
 (b) default continued for 90 days in the
payment of any interest upon any Bond; or 
 (c) default in the covenants of the Company with respect to bankruptcy,
insolvency, assignment or receivership contained in Section 8.11; or 
 (d) default continued for 90 days after notice
to the Company from the Trustee in the performance of any other covenant, agreement or condition contained herein; 
 and the Trustee may,
and upon the written request of the Holders of 25% or more in principal amount of the Bonds then Outstanding shall, declare the principal of all Bonds then Outstanding and the interest accrued thereon immediately due and payable, and such principal
and interest thereupon shall be due and payable immediately; subject to the right of the Holders of a majority in principal amount of the Bonds then Outstanding, by written notice to the Company and to the Trustee, to rescind and annul such
declaration and destroy its effect at any time before any sale hereunder if, before any such sale, (1) all agreements with respect to which default shall have been made shall be fully performed and (2) the reasonable expenses and charges
of the Trustee, its agents and attorneys, all arrears of interest upon all Bonds Outstanding and of all other indebtedness secured hereby (except (i) the principal of any Bonds not then due by their terms, and (ii) interest accrued on such
Bonds since the last Interest Payment Date) shall have been paid, or the amount thereof shall have been paid to the Trustee for the benefit of those entitled thereto. 

No rescission or annulment and no waiver of a Completed Default shall extend to or affect any subsequent Completed Default or
impair any right subsequently accruing with respect thereto. 
 SECTION 13.02. Upon the occurrence of one or more Completed Defaults,
the Company, upon demand of the Trustee, forthwith shall surrender to the Trustee the actual possession of, and it shall be lawful for the Trustee, by such officer or agent as it may appoint, to take possession of all the mortgaged and pledged
property (with the books, papers and accounts of the Company) and to hold, operate and manage the same, and to make all necessary repairs, and such alterations, additions and improvements as the Trustee shall deem appropriate, and to 

  
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receive the rents, income, issues and profits thereof, and out of the same to pay all proper costs and expenses of so taking, holding, operating and managing the same, including reasonable
compensation to the Trustee, its agents and counsel, and any charges of the Trustee hereunder, and any taxes and assessments and other charges prior to the Lien of the Indenture, which the Trustee may deem appropriate to pay, and all expenses of all
such repairs, alterations, additions and improvements, and to apply the remainder of the moneys so received by the Trustee, as follows: 

(a) in case the principal of none of the Bonds shall have become due, to the payment of the interest in default, in
chronological order of the Stated Maturity of the installments of such interest, with interest (to the extent permitted by law) on the overdue installments thereof at the same rate that the Bonds themselves bear; such payments to be made ratably to
the Persons entitled thereto, without discrimination or preference; 
 (b) in case the principal of any of the Bonds shall
have become due, by declaration or otherwise, first to the payment of the interest in default, in chronological order of the Stated Maturity of the installments of such interest, with interest (to the extent permitted by law) on the overdue
installments of interest at the same rate that the Bonds themselves bear, and thereafter to the payment of the principal of all Bonds then due, such payments, respectively, to be made ratably to the persons or parties entitled thereto without
discrimination or preference. 
 Whenever all that is due upon such installments of interest, and the principal of such
Bonds and under any of the terms of the Indenture shall have been paid and all defaults made good, the Trustee shall surrender possession to the Company, its successors or assigns; but with the same right of entry to exist upon any subsequent
default. 
 SECTION 13.03. Upon the occurrence of one or more Completed Defaults: (a) it shall be lawful for the Trustee, by
such officer or agent as it may appoint, with or without entry (i) to sell all property subject to the Lien Hereof as an entirety, or in such parcels as the Holders of a majority in principal amount of the Bonds Outstanding shall in writing
request, or in the absence of such request, as the Trustee may determine, at public auction, at some convenient place in Minneapolis, Minnesota, or such other place as may be required by law, or by order of court (having first given notice of such
sale by publication at least once on any day in each of not less than four successive calendar weeks immediately preceding the date fixed for any such sale in at least one daily newspaper of general circulation printed in the English language,
published in Chicago, Illinois, and in at least one daily newspaper of general circulation printed in the English language, published in the City and State of New York, and any other notice which may be required by law) (ii) to adjourn such
sale in its discretion by announcement at the time and place fixed for such sale without further notice, and upon such sale to make and deliver to the purchaser or purchasers a good and sufficient deed or deeds for the same, which sale shall be a
perpetual bar, both at law and in equity, against the Company, and all Persons lawfully claiming or who may claim by, through or under it and (b) the Trustee and its successors are irrevocably 

  
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appointed the true and lawful attorney or attorneys of the Company, in its name and stead, for the purpose of effectuating any such sale to execute and deliver all necessary deeds, bills of sale,
assignments and transfers, and to substitute one or more Persons with like power, the Company hereby ratifying and confirming all that the Trustee’s attorney or attorneys, or such substitute or substitutes, shall lawfully do by virtue hereof.
Nevertheless, if so requested by the Trustee or by any purchaser, the Company shall ratify and confirm any such sale or transfer by executing and delivering to the Trustee or to such purchaser or purchasers all proper conveyances, assignments,
instruments of transfer and releases as may be designated in any such request. 
 SECTION 13.04. In the event of a Completed Default,
the Trustee shall have the right and power to take appropriate judicial proceedings for the enforcement of its rights and the rights of the Bondholders. In case of a Completed Default, the Trustee may after entry, or without entry, proceed by suit
or suits at law or in equity to enforce payment of the Bonds then Outstanding and to foreclose the Indenture and to sell the property subject to the Lien of the Indenture under the judgment or decree of a court of competent jurisdiction; and it
shall be obligatory upon the Trustee to take action, either by such proceedings or by the exercise of its powers with respect to entry or sale, upon being requested to do so by the Holders of a majority in principal amount of the Bonds then
Outstanding and upon being indemnified as hereinafter provided. 
 In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Bonds or the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Bonds shall then be due and payable, as therein expressed or by declaration or otherwise, and irrespective of whether the Trustee shall have made any demand on the Company for the payment of
overdue principal, premium or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 

(a) to file and prove a claim for the whole amount of principal of, premium, if any and interest owing and unpaid in respect of
the Bonds Outstanding and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel) and of the Bondholders allowed in such judicial proceeding, and 
 (b) to collect and receive any
moneys or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Bondholder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the Bondholders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 16.07.

  
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 Nothing contained herein shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Bondholder any plan or reorganization, arrangement, adjustment or composition affecting the Bonds or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Bondholder in any such proceeding. 
 No remedy by the terms of the Indenture, conferred upon or reserved for the Trustee or
for the Bondholders, is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity or by statute.

 No delay or omission to exercise any right or power accruing upon any Completed Default shall impair any such right or
power or shall be construed to be a waiver of any such Completed Default or acquiescence therein; and every such right and power may be exercised from time to time and as often as expedient. 

SECTION 13.05. Anything in the Indenture to the contrary notwithstanding, the Holders of a majority in principal amount of the Bonds
then Outstanding, at any time, by a written instrument, executed and delivered to the Trustee, may reasonably direct the method and place of conducting all proceedings to be taken for any sale of the property subject to the Lien of the Indenture, or
for the foreclosure of the Indenture, or for the appointment of a receiver or for the taking of any action authorized hereby or refraining therefrom; provided that such direction shall not be contrary to the provisions of law or of the Indenture.

 SECTION 13.06. In case of a Completed Default and upon the filing of a bill in equity or other commencement of judicial
proceedings to enforce the rights of the Trustee and of the Bondholders, the Trustee shall be entitled as a matter of right to the appointment of a receiver or receivers of the property subject to the Lien of the Indenture, and of the income, rents,
issues and profits thereof, pending such proceedings, with such powers as the court making such appointment shall confer. 
 SECTION
13.07. Upon any sale made under the power of sale hereby given or under judgment or decree in any judicial proceedings for the foreclosure or otherwise for the enforcement of the Indenture, the principal of all Bonds then Outstanding, if not
previously due, shall immediately be due and payable. 
 SECTION 13.08. Upon any sale made under the power of sale hereby given or
under judgment or decree in any judicial proceedings for foreclosure or otherwise for the enforcement of the Indenture, any Bondholder or Bondholders, or the Trustee, may bid for and purchase the property subject to the Lien of the Indenture and
upon compliance with the terms of sale may hold, retain, possess and dispose of such property without further accountability. To the extent permitted by law, any purchaser at any such sale may deliver any of the Bonds Outstanding in lieu of cash in
a principal amount equal to the cash payable upon distribution of the net proceeds from such sale. Said Bonds, in case the amounts so available for payment to the Holders thereof 

  
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 shall be less than the amount due upon the Bonds, shall be returned to the Holders thereof after
being properly stamped to show partial payment of the Bonds. 
 SECTION 13.09. Upon any sale made under the power of sale hereby
given or under judgment or decree in any judicial proceedings for the foreclosure or otherwise for the enforcement of the Indenture, a receipt from the Trustee or the officer making such sale shall be a sufficient discharge to the purchaser for his
purchase money. Such purchaser, his assigns or personal representatives, after paying such purchase money and receiving such receipt of the Trustee or of such officer therefor, shall not be obliged to see to the application of such purchase money,
or in any way be answerable for any loss, misapplication or nonapplication thereof. 
 SECTION 13.10. Any sale made under the power
of sale hereby given or under judgment or decree in any judicial proceedings for foreclosure or otherwise for the enforcement of the Indenture, shall operate to divest all right, title, interest, claim and demand whatsoever, either at law or in
equity, of the Company, of, in and to the property so sold, and shall be a perpetual bar both at law and in equity against the Company, its successors and assigns and against any and all Persons claiming or who may claim the property which was sold
or any part thereof, from, through or under the Company, its successors or assigns. The purchaser of the Company’s interest in properties owned jointly or in common with others shall have the same rights and status as possessed by the Company
prior to any such sale, but only to the extent permitted by law and subject to the provisions of any such judgment or decree. 
 SECTION
13.11. The proceeds from any sale made under the power of sale hereby given, or under judgment or decree in any judicial proceeding for the foreclosure or otherwise for the enforcement of the Indenture, together with any other amounts of cash
which may then be held by the Trustee, as part of the mortgaged and pledged property, and which by any other provision hereof are to be added to or treated as a part of the proceeds of sale, shall be applied in the following order: 

First. To the payment of all taxes, assessments or Prior Liens, except those taxes, assessments or Prior Liens subject to which
such sales shall have been made, and of all the costs and expenses of such sale, including reasonable compensation to the Trustee, its agents and attorneys, and of all other sums payable to the Trustee as compensation for other services hereunder
and by reason of any expenses or liabilities incurred or advances made in connection with the management or administration of the trusts hereby created; 

Second. To the payment in full of the amounts then due and unpaid for principal and interest upon the Bonds then Outstanding;
and in case such proceeds shall be insufficient to pay in full the amounts so due and unpaid, then to the payment thereof ratably, with interest on the overdue principal and interest (to the extent permitted by law) at the rates that the Bonds
themselves bear without preference or priority of 

  
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principal over interest, or of interest over principal, or of any installment of interest over any other installment of interest; 

Third. To the Company, its successors or assigns, or to whomsoever may be lawfully entitled to receive the same. 

SECTION 13.12. In case of a Completed Default, neither the Company nor any one claiming through or under it shall or will set up, claim
or seek to take advantage of any appraisement, valuation, stay, extension or redemption laws now or hereafter in force in any locality where any of the property subject to the Lien of the Indenture may be situated, in order to prevent or hinder the
enforcement or foreclosure of the Indenture, or the absolute sale of the mortgaged and pledged property, or any part thereof, or the possession thereof by any purchaser at any sale under this Article XIII, but the Company, for itself and all who may
claim through or under it, hereby waives (to the extent it may lawfully do so) the benefit of all such laws. The Company, to the extent it may lawfully do so, for itself and all who may claim through or under it, hereby waives any and all right to
have the mortgaged and pledged property marshaled upon any foreclosure hereof, and agrees that any court having jurisdiction to foreclose the Indenture may sell the mortgaged and pledged property subject to the Lien Hereof as an entirety. 

SECTION 13.13. The Company covenants that if default shall be made in the payment of the principal or of interest on any of the Bonds
when the same shall become payable, whether at the Stated Maturity or by declaration as authorized by the Indenture, or in case of a sale as provided in Section 13.03, 13.04 or 13.07 or otherwise, then, upon demand of the Trustee, the Company will
pay to the Trustee, for the benefit of the Holders of such Bonds so due and payable the whole amount due and payable on all such Bonds for principal and interest, with interest upon the overdue principal and interest (to the extent permitted by law)
at the same rate borne by the Bonds which are overdue. If the Company shall fail to pay the same promptly upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled to sue for and to recover judgment for the
whole amount so due and unpaid. 
 The Trustee shall be entitled to sue for and recover judgment as aforesaid, either
before, after or during the pendency of any proceedings for the enforcement of the Lien of the Indenture, or otherwise for the enforcement of any of its rights, or the rights of the Bondholders. In case of a sale of any of the property subject to
the Lien of the Indenture, and of the application of the proceeds of sale to the payment of the debt hereby secured, the Trustee in its own name and as trustee of an express trust, shall be entitled to enforce payment of and to receive all amounts
then remaining due and unpaid upon any and all the Bonds then Outstanding, for the benefit of the Holders thereof, and the Trustee shall be entitled to recover judgment for any portion of the debt remaining unpaid, with interest. No recovery of any
such judgment by the Trustee and no levy of any execution upon any such judgment upon any of the property subject to the Lien of the Indenture or upon any other property shall affect, in any manner or to any extent, the Lien of the Indenture upon
the mortgaged and pledged property, or any rights, powers or remedies of the 

  
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 Trustee, or any lien, rights, powers or remedies of the Holders of the said Bonds, but such lien,
rights, powers and remedies of the Trustee and of the Bondholders shall continue unimpaired. 
 Any moneys collected or
received by the Trustee under this Section 13.13, shall be applied by it first, to the payment of its expenses, disbursements and compensation and the expenses, disbursements and compensation of its agents and attorneys, and, second, toward
payment of the amounts then due and unpaid upon such Bonds, with respect to which such moneys shall have been collected, ratably and without preference or priority of any kind, according to the amounts due and payable upon such Bonds at the date
fixed by the Trustee for the distribution of such moneys, upon presentation of the several Bonds and upon notation of such payment thereon, if partly paid, and upon surrender thereof, if fully paid. 

SECTION 13.14. All rights of action in favor of the Trustee, in respect of the Bonds or otherwise may be enforced by the Trustee
without the possession of any of the Bonds or the production thereof at any trial or other proceedings relative thereto. Any suit or proceeding instituted by the Trustee shall be brought in its name as Trustee and any recovery of judgment shall be
for the equal benefit of the Holders of the Bonds. 
 SECTION 13.15. (a) No Holder of any Bond shall have any right to institute any
suit, action or proceeding in equity or at law for the foreclosure of the Indenture or for the execution of any trust hereof or for the appointment of a receiver or any other remedy hereunder, unless: (i) such Holder shall have previously given
to the Trustee written notice of the existence of a Completed Default as herein provided; (ii) the Holders of 25% in principal amount of the Bonds then Outstanding also shall have made written request to the Trustee and shall have afforded it
reasonable opportunity to proceed to exercise the powers herein granted or to institute such action, suit or proceeding in its own name; and (iii) the Trustee shall have been offered adequate security and indemnity against the costs, expenses
and liabilities to be incurred therein or thereby, provided that such liabilities do not arise as the result of the Trustee’s negligence or bad faith. No Bondholder shall be entitled to institute any such suit if and to the extent that the
institution or prosecution of such suit or the entry of judgment therein would result, under applicable law, in the surrender, impairment, waiver or loss of the Lien of the Indenture upon the mortgaged and pledged property, or any part thereof, as
security for Bonds held by any other Bondholder. 
 (b) In any suit for the enforcement of any right or remedy under the
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the court may in its discretion require any litigant party in such suit to file an undertaking to pay the costs of such suit and the court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees, against any litigant party in such suit, giving due regard to the merits and good faith of the claims or defenses made by such litigant party; provided that the
provisions of this subsection (b) shall not apply to: (i) any suit instituted by the Trustee, (ii) any suit instituted by any Bondholder, or group of Bondholders, holding in the aggregate more than 10% in principal amount of the 

  
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 Bonds Outstanding, or (iii) any suit instituted by any Bondholder for the enforcement of the
payment of the principal of or interest on any Bond, on or after the respective due dates expressed in such Bond. 
 (c)
Nothing contained in the Indenture shall affect or impair the absolute and unconditional obligation of the Company to pay the principal of and interest on the Bonds, in accordance with the terms thereof, to the respective Holders thereof at the
Stated Maturity thereof (whether by lapse of time or call for redemption), nor affect or impair the right of action of each such Holder to enforce such payment. 

SECTION 13.16. The Company may, if permitted by law, waive any period of grace provided for in this Article XIII. 

SECTION 13.17. In case the Trustee shall have proceeded to enforce any right under the Indenture by foreclosure, entry or otherwise,
and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then, and in every such case, the Company and the Trustee shall be restored to their former positions and rights
hereunder with respect to the property subject to the Lien of the Indenture, and all rights, remedies and powers of the Trustee shall continue as if no such proceedings had been taken. 

SECTION 13.18. All rights, remedies and powers provided for in this Article XIII may be exercised only to the extent that the exercise
thereof does not violate any applicable provision of law, and all the provisions of this Article XIII are intended to be subject to all applicable mandatory provisions of law that may be controlling and to be limited to the extent necessary so that
they will not render the Indenture invalid, unenforceable or not entitled to be recorded or filed under the provisions of any applicable law. 

  
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 ARTICLE XIV. 

Evidence of Rights of Bondholders and Ownership of Bonds. 

SECTION 14.01. Whenever the Holders of a specified percentage in aggregate principal amount of Bonds are entitled to take any action
(including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be
evidenced: (a) by any instrument or any number of substantially concurrent instruments of similar tenor executed by the Holders in person or by agent or proxy, appointed in writing; (b) by the record of the Holders voting in favor thereof
at any meeting of such Holders duly called and held in accordance with the provisions of Article XII; or (c) by a combination of such instrument or instruments and any such record of such a meeting of such Holders. 

SECTION 14.02. Subject to the provisions of Sections 16.01 and 12.05, the fact and date of the execution of any instrument by a Holder
of Bonds or his agent or proxy may be proved by the certificate of any notary public or other officer authorized to take acknowledgements of deeds to be recorded within the United States of America or territories, commonwealths, or possessions
thereof that the Person executing such instrument acknowledged to him the execution thereof, or by an affidavit of a witness to such execution sworn to before any such notary or other such officer, provided that the Trustee may require such
additional proof as it shall deem reasonable. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit also shall constitute sufficient proof of the authority of the Person executing the
same. Subject to Sections 16.01 and 12.05, the fact and date of the execution of any such instrument and the amount and numbers of Bonds of any series held by the Person so executing such instrument and the amount and numbers of any Bond for such
series also may be proven in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any other manner which the Trustee may deem sufficient. 

The ownership and proof of holding of Registered Bonds shall be proved by the Bond Register or by a certificate of the Bond
Registrar. The fact of the holding by any Holder of a Bond of any series, and the identifying number of such Bond and the date of his holding the same, may be proved by the production of such Bond or by a certificate executed by any trust company,
bank, banker or recognized securities dealer satisfactory to the Trustee, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory. Each such certificate shall be dated and shall state that on the date thereof a Bond
of such series bearing a specified identifying number was deposited with or exhibited to such trust company, bank, banker or recognized securities dealer by the Person named in such certificate. Any such certificate may be issued in respect of one
or more Bonds of one or more series specified therein. The holding by the Person named in any such certificate of any Bonds of any series specified therein shall be presumed to continue for a period of one year from the date of such certificate
unless at the time of any determination of such holding (1) another certificate bearing a later date 

  
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issued in respect of the same Bonds shall be produced, or (2) the Bond of such series specified in such certificate shall be produced by some other Person, or (3) the Bond of such
series specified in such certificate shall have ceased to be Outstanding. Subject to Sections 16.01 and 12.05, the fact and date of the execution of any such instrument and the amount and numbers of Bonds of any series held by the Person so
executing such instrument and the amount and numbers of Bonds for such series also may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in any other manner which the Trustee may deem
sufficient. 
 The record of a Holders’ meeting shall be proved in the manner provided in Section 12.06. 

SECTION 14.03. Prior to presentation for registration of transfer of any Bond, the Company, the Trustee, any Authenticating Agent, any
Paying Agent or any Bond Registrar may deem and treat the Holder of any coupon and the Holder of any Bond other than a Registered Bond, and the Person in whose name any Bond shall be registered upon the Bond Register as the absolute owner of such
Bond or coupon (whether or not such Bond or coupon shall be overdue) for the purpose of receiving payment of or interest on account thereof and for all other purposes. Neither the Company nor the Trustee nor any Authenticating Agent nor any Paying
Agent nor the Bond Registrar shall be affected by any notice to the contrary. All such payments made to any such Person, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the
liability for moneys payable upon any such Bond. 
 SECTION 14.04. At any time prior to, but not after, evidence is provided to the
Trustee, pursuant to Section 14.01, of the taking of any action by the Holders of the percentage in aggregate principal amount of the Bonds specified in the Indenture in connection with any such action, any Holder of a Bond which is included in
the Bonds the Holders of which have joined in such action may, by filing written notice with the Trustee at its office and upon proof of holding as provided in Section 14.02, revoke such action so far as concerns such Bond. Except as aforesaid
in this Section 14.04, any such action taken by the Holder of any Bond pursuant to this Article XIV shall be conclusive and binding upon such Holder, upon all future Holders and owners of such Bond and of any Bond issued in exchange or
substitution therefor, irrespective of whether any notation in regard thereto is made upon such Bond. Any action taken by the Holders of the percentage in aggregate principal amount of the Bonds specified in the Indenture in connection with such
action shall be conclusively binding upon the Company, the Trustee and the Holders of the Bonds. 

  
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 ARTICLE XV. 

Effect of Merger, Consolidation, Etc. on the Lien of the Indenture. 

SECTION 15.01. Nothing in the Indenture shall prevent any lawful consolidation or merger of the Company with or into any other
corporation, or any conveyance, transfer or lease, subject to the Lien of the Indenture, of all or substantially all the mortgaged and pledged property as an entirety, to any corporation lawfully entitled to acquire or lease and operate the same;
provided (and the Company covenants and agrees), that such consolidation, merger, conveyance, transfer or lease shall be only upon terms that fully preserve and in no respect impair the efficiency or security of the Indenture or the Lien Hereof, or
any of the rights or powers of the Trustee or the Bondholders; and provided that any such lease shall be made expressly subject to immediate termination by: (i) the Company or the Trustee at any time during the continuance of a Completed
Default, and (ii) by the purchaser of the property so leased at any sale thereof, whether such sale be made under the power of sale hereby conferred or under judicial proceedings; and provided, further, that, upon any such consolidation,
merger, conveyance, transfer, or lease, the term of which extends beyond the Stated Maturity of any of the Bonds Outstanding, the due and punctual payment of the principal of and interest on all said Bonds according to their tenor and the due and
punctual performance and observance of all the covenants and conditions of the Indenture to be kept or performed by the Company, shall be assumed by the corporation formed by such consolidation or into which such merger shall have been made, or
acquiring all or substantially all the mortgaged and pledged property as an entirety, as aforesaid, or by the lessee under any such lease the term of which extends beyond the Stated Maturity of any of the Bonds Outstanding. 

SECTION 15.02. If the Company, pursuant to Section 15.01, shall be consolidated with or merged into any other corporation or shall
convey or transfer (subject to the Lien of the Indenture) all, or substantially all, the mortgaged and pledged property, as an entirety, then the successor corporation, formed by such consolidation or into which the Company shall have been merged or
which shall have received a conveyance or transfer as aforesaid (the “Successor Corporation”), upon executing an indenture with the Trustee, satisfactory to the Trustee, and causing the same to be recorded, whereby such Successor
Corporation shall assume and agree to pay, duly and punctually, the principal of and interest on the Bonds, and agree to perform and fulfill all the covenants and conditions of the Indenture binding upon the Company, shall: (a) succeed to and
be substituted for the Company, with the same effect as if it had been named herein, and in the Bonds as the mortgagor or obligor company; (b) have and may exercise under the Indenture and the Bonds the same powers and rights as the Company,
and (without in any way limiting or impairing by the enumeration of the same the scope and intent of the foregoing general powers and rights) such Successor Corporation thereupon may cause to be executed, issued and delivered, either in its own name
or in the name of the Company, any or all of such Bonds which shall not theretofore have been executed by the Company and authenticated by the Trustee, and upon the order of such Successor Corporation in lieu of the Company, and subject 

  
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to the terms, conditions, and restrictions prescribed in the Indenture, concerning the authentication and delivery of Bonds, the Trustee shall authenticate and deliver any such Bonds which shall
have been previously signed and delivered by the officers of the Company to the Trustee for authentication, and any such Bonds which such Successor Corporation shall thereafter, in accordance with the provisions of the Indenture, cause to be
executed and delivered to the Trustee for authentication. All the Bonds so issued shall in all respects have the same legal right and security as the Bonds theretofore issued in accordance with the terms of the Indenture as though all of said Bonds
had been authenticated and delivered at the date of the execution hereof; provided, that as a condition precedent to the execution by a Successor Corporation and the authentication and delivery by the Trustee of any such additional Bonds in respect
of the construction or acquisition by the Successor Corporation of Permanent Additions, the indenture with the Trustee to be executed and caused to be recorded by the Successor Corporation, as provided in this Section 15.02, shall contain a
conveyance or transfer and mortgage in terms sufficient to include such Permanent Additions; and provided further that the Lien of the Indenture or of the indenture so created and to be executed by such Successor Corporation shall have similar
force, effect and standing as the Lien of the Indenture would have if the Company had not been consolidated with or merged into such other corporation or had not conveyed or transferred, subject to the Indenture, all the mortgaged and pledged
property as an entirety, as aforesaid, to such Successor Corporation, and had itself acquired or constructed such Permanent Additions, and requested the authentication and delivery of Bonds under the provisions of the Indenture. 

Until a Completed Default shall occur and be continuing and subject to the provisions of Section 16.01 hereof, the
Trustee may receive an Opinion of Counsel as conclusive evidence that any such indenture complies with the foregoing conditions and provisions of this Section 15.02. 

SECTION 15.03. If the Company, pursuant to Section 15.01, shall be consolidated with or merged into any other corporation, or
shall convey or transfer, subject to the Indenture, all or substantially all of the mortgaged and pledged property as an entirety as aforesaid, neither the Indenture nor the indenture with the Trustee to be executed and caused to be recorded by the
Successor Corporation as provided in Section 15.02, shall, unless such latter indenture shall otherwise provide (anything in the Indenture contained to the contrary notwithstanding), become or be a lien upon any of the properties or franchises
of the Successor Corporation except those acquired by it from the Company, and extensions and additions appurtenant to the property acquired from the Company, and such franchises, repairs and additional property as may be acquired by the Successor
Corporation in pursuance of the covenants herein contained to maintain, renew and preserve the franchises covered by the Indenture and to keep and maintain the mortgaged and pledged property obtained from the Company in adequate repair, working
order and condition. 
 SECTION 15.04. At any time prior to the exercise of any power reserved by this Article XV for the Company or
a purchasing or Successor Corporation, the Company may surrender any 

  
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such power by delivery to the Trustee of a written instrument executed by its President or a Vice President under its corporate seal attested by its Secretary or an Assistant Secretary,
accompanied by the affidavit of its Secretary or an Assistant Secretary, that the execution of such instrument was duly authorized by its Board of Directors. Upon such delivery, the power so surrendered shall cease. 

  
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 ARTICLE XVI. 

The Trustee. 
 SECTION
16.01. (a) Except during the continuance of a Completed Default: 
 (1) the Trustee undertakes to perform
such duties and only such duties as are specifically set forth in the Indenture, and no implied covenants or obligations shall be read into the Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee which conform to the requirements of the Indenture; but in the case of any such certificate or opinion which by any provision
hereof is specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not it conforms to the requirements of the Indenture. 

(b) If a Completed Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by the
Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use, under the circumstances, in the conduct of his own affairs. 

(c) No provision of the Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that: 
 (1) this subsection
(c) shall not be construed to limit the effect of subsection (a) of this Section 16.01; 
 (2)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith
in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Bonds relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or for exercising any trust or
power conferred upon the Trustee; and 
 (4) no provision of the Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. 

  
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 (d) the Trustee shall use reasonable care in the selection or approval of any
Engineer, appraiser or other expert, counsel or Accountant required to be selected or approved by the Trustee. 
 (e) every
provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 16.01. 

SECTION 16.02. Within 90 days after the occurrence of any Default, the Trustee shall transmit notice of such Default, unless such
Default shall have been cured or waived, to the Bondholders in the manner and to the extent provided in subsection (c) of Section 16.18; provided that (except in the case of a Default in the payment of the principal of, premium, if any, or
interest on any Bond or in the payment of any sinking fund installment), the Trustee shall be protected in withholding such notice if and so long as its board of directors, its executive committee or a trust committee of its board of directors or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Bondholders, and provided that in the case of any Default of the character specified in subsection (d) of
Section 13.01, no such notice to Bondholders shall be given until at least 90 days after the occurrence thereof. 
 SECTION
16.03. Except as otherwise provided in Section 16.01: 
 (a) the Trustee may rely, and shall be protected in acting
or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party; 
 (b) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Resolution; 

(c) whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, permitting or omitting any action, the Trustee (unless other evidence be specifically prescribed herein) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(d) the Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, permitted or omitted by the Trustee in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the
request or direction of any of the Bondholders, unless such Bondholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such
request or direction; 

  
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 (f) the Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit. If the Trustee shall make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney; 

(g) the Trustee may execute any of the trusts or powers or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; and 

(h) the Trustee shall not be personally liable, in case of entry by it upon the mortgaged and pledged property, for debts
contracted or liabilities or damages incurred in the management or operation of the mortgaged and pledged property. 
 SECTION 16.04.
The recitals contained herein and in the Bonds, except the certificate of authentication on the Bonds, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no
representations as to the value or condition of the mortgaged and pledged property or any part thereof, or as to the title of the Company thereto or as to the security afforded thereby or hereby, or as to the validity or genuineness of any
securities at any time pledged and deposited with the Trustee hereunder, or as to the validity or sufficiency of the Indenture or of the Bonds. The Trustee shall not be accountable for the use or application by the Company of Bonds or the proceeds
thereof or of any money paid to the Company upon Company Order. 
 SECTION 16.05. The Trustee, any Paying Agent, Bond Registrar,
Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Bonds and, subject to Sections 16.08 and 16.13, if operative, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Paying Agent, Bond Registrar, Authenticating Agent or such other agent. 
 SECTION
16.06. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent provided herein or requested by the Company or required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as provided elsewhere herein and except as otherwise agreed with the Company. 
 SECTION 16.07. The
Company agrees: 

  
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 (a) to pay to the Trustee reasonable compensation for all services rendered by it
hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(b) except as otherwise provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Trustee in accordance with the Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel) except any such expense, disbursement or advance as may be
attributable to the Trustee’s negligence or bad faith; 
 (c) to indemnify the Trustee for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself against any claim
or liability in connection with the exercise or performance of any of its powers or duties hereunder; and. 
 (d) that all
such payments and reimbursements shall be made with interest at the rate of six percent per annum, accruing from the date such payments and reimbursements are billed by the Trustee, unless paid by the Company on or before a subsequent due date
established by such billing. 
 As security for the performance of the obligations of the Company under this
Section 16.07, the Trustee shall be secured under the Indenture by a lien prior to the Bonds, and for the payment of such compensation, expenses, reimbursements and indemnity the Trustee shall have the right to use and apply any moneys held by
it under the Indenture as part of the mortgaged and pledged property. 
 SECTION 16.08. Certain terms used in this Section 16.08
are defined in subsections (d) and (e). 
 (a) If the Trustee has or shall acquire any conflicting interest, as defined
in this Section 16.08, it shall, within 90 days after ascertaining that it has such conflicting interest, either eliminate such conflicting interest or resign in the manner and with the effect specified in this Article XVI. 

(b) If the Trustee shall fail to comply with the provisions of subsection (a) of this Section 16.08 the Trustee
shall, within 10 days after the expiration of such 90-day period, transmit notice of such failure to the Bondholders in the manner and to the extent provided in subsection (c) of Section 16.18. 

(c) For the purposes of this Section 16.08, the Trustee shall be deemed to have a conflicting interest if: 

(1) the Trustee is trustee under another indenture under which (A) any other securities of the Company, or
(B) certificates of interest or participation in any other securities of 

  
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the Company, are Outstanding (unless such other indenture is a collateral trust indenture under which the only collateral consists of Bonds issued under the Indenture). There shall be excluded
from the operation of this paragraph any indenture or indentures under which (A) other securities of the Company, or (B) certificates of interest or participation in other securities of the Company, are Outstanding, if the Company shall
have sustained the burden of proving, on application to the Commission and after opportunity for hearing thereon, that trusteeship under the Indenture and such other indenture or indentures is not so likely to involve a material conflict of interest
as to make it necessary in the public interest or for the protection of investors to disqualify the Trustee from acting as such under one of such indentures; or 

(2) the Trustee or any of its Directors or Executive Officers is an obligor upon the Bonds or an Underwriter
for the Company; or 
 (3) the Trustee directly or indirectly controls or is directly or indirectly
controlled by or is under direct or indirect common control with the Company or an Underwriter for the Company; or 

(4) the Trustee or any of its Directors or Executive Officers is a Director, officer, partner, employee,
appointee or representative of the Company or of an Underwriter for the Company (other than the Trustee itself) who is currently engaged in the business of underwriting, except that: (A) one individual may be a Director or an Executive Officer,
or both, of the Trustee and a Director or an Executive Officer, or both, of the Company but may not be at the same time an Executive Officer of both the Trustee and the Company; (B) if and so long as the number of Directors of the Trustee in
office is more than nine, one additional individual may be a Director or an Executive Officer, or both, of the Trustee and a Director of the Company; and (C) the Trustee may be designated by the Company or by any Underwriter for the Company to
act in the capacity of transfer agent, registrar, custodian, paying agent, fiscal agent, escrow agent, or depositary, or in any other similar capacity, or, subject to the provisions of paragraph (1) of this subsection (c), to act as trustee,
whether under an indenture or otherwise; or 
 (5) 10% or more of the Voting Securities of the Trustee is
beneficially owned either by the Company or by any Director, partner, or Executive Officer thereof, or 20% or more of such Voting Securities is beneficially owned, collectively, by any two or more of such Persons; or 10% or more of the Voting
Securities of the Trustee is beneficially owned either by an Underwriter for the Company or by any Director, partner or Executive Officer thereof, or is beneficially owned, collectively, by any two or more such Persons; or 

(6) the Trustee is the beneficial owner of, or holds as collateral security for an obligation which is in
default in payment of principal for 30 days or more and such default shall not have been cured, (A) 5% or more of the Voting Securities or 10% or more of any other class of Security of the Company (not including the Bonds and Securities issued under
any other 

  
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 indenture under which the Trustee is also trustee) or (B) 10% or more of any
class of Security of an Underwriter for the Company; or 
 (7) the Trustee is the beneficial owner of, or
holds as collateral security for an obligation which is in default in payment of principal for 30 days or more and such default shall not have been cured, 5% or more of the Voting Securities of any Person who, to the knowledge of the Trustee, owns
10% or more of the Voting Securities of, or controls directly or indirectly or is under direct or indirect common control with, the Company; or 

(8) the Trustee is the beneficial owner of, or holds as collateral security for an obligation which is in
default in payment of principal for 30 days or more and such default shall not have been cured, 10% or more of any class of Security of any Person who, to the knowledge of the Trustee, owns 50% or more of the Voting Securities of the Company; or

 (9) the Trustee owns, on May 15 in any calendar year, in the capacity of executor, administrator,
testamentary or inter vivos trustee, guardian, committee or conservator, or in any other similar capacity, an aggregate of 25% or more of the Voting Securities, or of any class of Security, of any Person, the beneficial ownership of a specified
percentage of which would have constituted a conflicting interest under paragraph (6), (7) or (8) of this subsection (c). As to any such Securities of which the Trustee acquired ownership through becoming executor, administrator, or
testamentary trustee of an estate which included them, the provisions of the preceding sentence shall not apply, for a period of two years from the date of such acquisition, to the extent that such Securities included in such estate do not exceed
25% of such Voting Securities or 25% of any such class of Securities. Promptly after May 15 in each calendar year, the Trustee shall make a check of its holdings of such Securities in any of the above-mentioned capacities as of such May 15. If
the Company fails to make payment in full of the principal of, the premium, if any, or interest on, any of the Bonds when and as the same become due and payable, and such failure continues for 30 days thereafter, the Trustee shall make a prompt
check of its holdings of such securities in any of the above-mentioned capacities as of the date of the expiration of such 30-day period, and after such date, notwithstanding the foregoing provisions of this
paragraph (9), all such Securities so held by the Trustee, with sole or joint control over such Securities vested in it, shall, but only so long as such failure shall continue, be considered as though beneficially owned by the Trustee for the
purposes of paragraphs (6), (7) and (8) of this subsection (c). 
 The specification of percentages in paragraphs
(5) through (9) of this subsection (c), shall not be construed to indicate that ownership of such percentages of the Securities of a Person is or is not necessary or sufficient to constitute direct or indirect control for the purposes of
paragraph (3) or (7) of this subsection (c). 
 For the purposes of paragraphs (6), (7), (8) and (9) of this
subsection (c) only, “Security” and “Securities,” shall include only such securities as are generally known as corporate 

  
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securities, but shall not include any note or other evidence of indebtedness issued to evidence an obligation to repay moneys lent to a Person by one or more banks, trust companies or banking
firms, or any certificate of interest or participation in any such note or evidence of indebtedness. The Trustee shall be deemed not to be the owner or holder of (i) any Security which it holds as collateral security, as trustee or otherwise,
for an obligation which is not in default in the payment of principal for 30 days or more, or (ii) any Security which it holds as collateral security under this Indenture, irrespective of any Default hereunder, or (iii) any Security which
it holds as agent for collection, or as custodian, escrow agent, or depositary, or in any similar representative capacity. 

(d) For the purposes of this Section 16.08 only; 

(1) “Company” means any obligor upon the Bonds. 

(2) “Director” means any director of a corporation, or any individual performing similar functions
with respect to any organization whether incorporated or unincorporated. 
 (3) “Executive Officer”
means the president, every vice president, every trust officer, the cashier, the secretary, or the treasurer of a corporation, and any individual customarily performing similar functions with respect to any organization whether incorporated or
unincorporated, but shall not include the chairman of the board of directors if not also one of the foregoing officers. 

(4) “Person” means an individual, a corporation, a partnership, an association, a joint-stock
company, a trust, an unincorporated organization, or a government or political subdivision thereof. As used in this paragraph, the term “trust” shall include only a trust where the interest or interests of the beneficiary or beneficiaries
are evidenced by a security. 
 (5) “Trustee” includes any separate or co-trustee appointed under Section 16.14. 
 (6)
“Underwriter,” when used with reference to the Company, means every Person who, within three years prior to the time as of which the determination is made, has purchased from the Company with a view to, or has offered or sold for the
Company in connection with, the distribution of any security of the Company outstanding at such time, or has participated or has had a direct or indirect participation in any such undertaking, or has participated or has had a participation in the
direct or indirect underwriting of any such undertaking. Such term shall not include a Person whose interest was limited to a commission from an underwriter or dealer not in excess of the usual and customary distributors’ or sellers’
commission. 
 (7) “Voting Security” means any security presently entitling the owner or holder
thereof to vote in the direction or management of the affairs of a Person, or any security issued under or pursuant to any trust, agreement or arrangement whereby a trustee or trustees or agent 

  
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or agents for the owner or holder of such security are presently entitled to vote in the direction or management of the affairs of a Person. 

(e) The percentages of Voting Securities and other securities specified in this Section 16.08 shall be calculated in
accordance with the following provisions: 
 (1) A specified percentage of the Voting Securities of any
Person referred to in this Section 16.08 (including the Trustee and the Company) means such amount of the Outstanding Voting Securities of such Person as entitles the holder thereof to cast such specified percentage of the aggregate votes which
the holders of all the Outstanding Voting Securities of such Person are entitled to cast in the direction or management of the affairs of such Person. 

(2) A specified percentage of a class of securities of a Person means such percentage of the aggregate amount
of securities of the class Outstanding. 
 (3) “Amount,” when used in regard to securities, means
the principal amount if relating to evidences of indebtedness, the number of shares if relating to capital shares, and the number of units if relating to any other kind of security. 

(4) “Outstanding,” means issued and not held by or for the account of the issuer. The following
securities shall be deemed not Outstanding within the meaning of this definition: 
 (A) securities of an
issuer held in a sinking fund for securities of the issuer of the same class;     
 (B)
securities of an issuer held in a sinking fund for another class of securities of the issuer, if the obligation evidenced by such other class of securities is not in default as to principal or interest or otherwise; 

(C) securities pledged by the issuer thereof as security for an obligation of the issuer not in default as to
principal or interest or otherwise; and 
 (D) securities held in escrow if placed in escrow by the issuer
thereof; 
 provided that any Voting Securities of an issuer shall be deemed Outstanding if any Person other than the issuer is entitled to
exercise the voting rights thereof. 
 (5) A security shall be deemed to be of the same class as another
security if both securities confer upon the holder thereof substantially the same rights and privileges; provided that, in the case of secured evidences of indebtedness, all of which are issued under a single indenture, differences only in the
interest rates or maturity dates of various series thereof shall not be deemed sufficient to constitute such series as different classes and provided that, in the case of unsecured evidences of indebtedness, differences in the interest rates or
maturity dates thereof shall not be deemed sufficient to constitute them securities of different classes, whether or not they are issued under a single indenture. 

  
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 SECTION 16.09. There shall be at all times a Trustee which shall be a corporation
organized and doing business under the laws of the United States of America or of any state thereof, authorized under such laws to exercise corporate powers, having a combined capital and surplus of at least $5,000,000, and subject to supervision or
examination by federal or state authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, then for the purposes of this Section 16.09, the
combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 

If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 16.09, it shall
resign immediately in the manner and with the effect specified in this Article XVI. 
 SECTION 16.10. (a) No resignation or removal
of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee under Section 16.11. 

(b) The Trustee may resign at any time by giving written notice to the Company. If an executed instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(c) The Trustee may be removed at any time by the Holders of a majority in principal amount of the Outstanding Bonds. 

(d) If at any time: 

(1) the Trustee, after this Indenture has been qualified under the Trust Indenture Act, shall fail to comply
with subsection (a) of Section 16.08 after written request therefor by the Company or by any Bondholder who has been a bona fide Holder of a Bond for at least six months; or 

(2) the Trustee shall cease to be eligible pursuant to Section 16.09 and shall fail to resign after
written request therefor by the Company or by any such Bondholder; or 
 (3) (A) the Trustee shall become
incapable of acting; or (B) the Trustee shall be adjudged a bankrupt or insolvent; or (C) a receiver for the Trustee or of its property shall be appointed; or (D) any public officer shall take charge or control of the Trustee or of
its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, (i) the Company by Resolution may
remove the Trustee, or (ii) subject to subsection (b) of Section 13.15, any Bondholder who has been a bona fide Holder of a Bond for at least six months may (on behalf of himself and all others similarly situated), petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
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 (e) If the Trustee shall resign, be removed or become incapable of acting, or if
a vacancy shall occur in the office of Trustee for any cause, the Company, by Resolution, shall promptly appoint a successor Trustee. If all or substantially all of the mortgaged and pledged property shall be in the possession of a lawfully
appointed receiver or trustee, such receiver or trustee, by written instrument, may similarly appoint a successor Trustee to fill such vacancy until a new Trustee shall be so appointed by the Bondholders. If, within one year after such resignation,
removal, incapability or the occurrence of such vacancy, a successor Trustee shall be appointed by the Holders of a majority in principal amount of the Outstanding Bonds, the successor Trustee so appointed shall, forthwith upon its acceptance of
such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Company or by such receiver or trustee. If no successor Trustee shall have been so appointed by the Company or the Bondholders and accepted
appointment as hereinafter provided, then, subject to subsection (b) of Section 13.15, any Bondholder who has been a bona fide Holder of a Bond for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee. 
 (f) The Company shall give written notice
of each resignation and each removal of the Trustee and each appointment of a successor Trustee by first-class mail, postage prepaid, to the Bondholders as their names and addresses appear in the Bond Register. Each notice shall include the name of
the successor Trustee and the address of its principal corporate trust office. 
 SECTION 16.11. Every successor Trustee shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment and thereupon the resignation or removal of the retiring Trustee shall become effective. Such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the estates, properties, rights, powers, trusts and duties of the retiring Trustee. On request of the Company or the successor Trustee, such retiring Trustee shall, upon payment by the Company to
the retiring Trustee for its charges, execute and deliver an instrument conveying and transferring to such successor Trustee upon the trusts herein expressed all the estates, properties, rights, powers and trusts of the retiring Trustee, and shall
duly assign, transfer and deliver to such successor Trustee all property and money held hereunder by such retiring Trustee, subject nevertheless to the Trustee’s lien, if any, provided for in Section 16.07. Upon request of any such
successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such estates, properties, rights, powers and trusts. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be
qualified and eligible under this Article XVI. 
 SECTION 16.12. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion 

  
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or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the
Trustee, provided that such corporation shall be otherwise qualified and eligible under this Article XVI, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

If any Bonds shall have been authenticated, but not delivered, by the Trustee then in office, any successor to such
authenticating Trustee (by merger, conversion or consolidation) may adopt such authentication and deliver the Bonds so authenticated with the same effect as if such successor Trustee had authenticated such Bonds. 

SECTION 16.13. Certain terms used in this Section 16.13 are defined in subsection (c) of this Section 16.13. 

(a) Subject to subsection (b) of this Section 16.13, if the Trustee shall be or shall become a secured or unsecured
creditor of the Company (either directly or indirectly) within four months prior to a Payment Default, or subsequent to such a Payment Default, then, unless and until such Payment Default shall be cured, the Trustee shall set apart and hold in a
special account for the benefit of the Trustee individually, the Bondholders and the holders of Other Indenture Securities: 

(1) an amount equal to any and all reductions in the amount due and owing upon any claim of the Trustee as such
creditor in respect of principal or interest, effected after the beginning of such four month period and valid against the Company and its other creditors, except any such reduction resulting from the receipt or disposition of any property described
in paragraph (2) of this subsection (a), or from the exercise of any right of setoff which the Trustee could have exercised if a petition in bankruptcy had been filed by or against the Company upon the date of such Payment Default; and 

(2) all property received by the Trustee in respect of any claim as such creditor, either as security therefor,
or in satisfaction or composition thereof, or otherwise, after the beginning of such four month period, or an amount equal to the proceeds of any such property, if disposed of, subject, however, to the rights, if any, of the Company and its other
creditors in such property or such proceeds. 
 Nothing contained herein shall affect the right of the Trustee: 

(A) to retain for its own account (i) payments made on account of any such claim by any Person (other than
the Company) who is liable thereon, (ii) the proceeds from the bona fide sale of any such claim by the Trustee to a third Person and (iii) distributions made in cash, securities or other property in respect of claims filed against the
Company in bankruptcy or receivership or in proceedings for reorganization pursuant to the Federal Bankruptcy Act or applicable state law; or 

  
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 (B) to realize, for its own account, upon any property held by it
as security for any such claim, if such property was so held prior to the beginning of such four month period; or 

(C) to realize, for its own account, but only to the extent of the claim hereinafter mentioned, upon any
property held by it as security for any such claim, if such claim was created after the beginning of such four month period and such property was received as security therefor simultaneously with the creation thereof, and if the Trustee shall
sustain the burden of proving that at the time such property was so received the Trustee had no reasonable cause to believe that a Payment Default would occur within four months; or 

(D) to receive payment on any claim referred to in the foregoing subparagraph (B) or (C), against the
release of any property held as security for such claim as provided in the foregoing subparagraph (B) or (C), as the case may be, to the extent of the fair value of such property. 

For the purposes of the foregoing subparagraph (B), (C) and (D), property substituted after the beginning of such four month
period for property held as security at the time of such substitution shall, to the extent of the fair value of the property released, have the same status as the property released and, to the extent that any claim referred to in any of such
subparagraphs is created in renewal of or in substitution for or for the purpose of repaying or refunding any pre-existing claim of the Trustee as such creditor, such claim shall have the same status as such pre-existing claim. 
 If the Trustee shall be required to account for the funds and
property held in such special account and the proceeds thereof, they shall be apportioned between the Trustee, the Bondholders and the holders of Other Indenture Securities in such manner that the Trustee, Bondholders and holders of such Other
Indenture Securities realize, as a result of payments from such special account and payments of “dividends” (as defined below) on claims filed against the Company in bankruptcy or receivership or in proceedings for reorganization pursuant
to the Federal Bankruptcy Act or applicable state law, the same percentage of their respective claims, figured before crediting to the claim of the Trustee anything on account of the receipt by it from the Company of the funds and property in such
special account and before crediting to the respective claims of the Trustee, Bondholders and holders of Other Indenture Securities dividends on claims filed against the Company in bankruptcy or receivership or in proceedings for reorganization
pursuant to the Federal Bankruptcy Act or applicable state law, but after crediting thereon receipts on account of the indebtedness represented by their respective claims from all sources other than from such dividends and from the funds and
property so held in such special account. As used in this paragraph, with respect to any claim, the term “dividends” shall include any distribution with respect to such claim, in bankruptcy or receivership or proceedings for reorganization
pursuant to the Federal Bankruptcy Act or applicable state law, 

  
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whether such distribution is made in cash, securities, or other property, but shall not include any such distribution with respect to the secured portion, if any, of such claim. The court in
which such bankruptcy, receivership or proceeding for reorganization is pending shall have jurisdiction (A) to apportion between the Trustee, Bondholders and holders of Other Indenture Securities, in accordance with the provisions of this
paragraph, the funds and property held in such special account and proceeds thereof, or (B) in lieu of such apportionment, in whole or in part, to give to the provisions of this paragraph due consideration in determining the fairness of the
distributions to be made to the Trustee, Bondholders and holders of Other Indenture Securities with respect to their respective claims, in which event it shall not be necessary to liquidate or to appraise the value of any securities or other
property held in such special account or as security for any such claim, or to make a specific allocation of such distributions as between the secured and unsecured portions of such claims, or otherwise to apply the provisions of this paragraph as a
mathematical formula. 
 Any Trustee which has resigned or been removed after the beginning of such four month period shall
be subject to the provisions of this subsection (a) as though such resignation or removal had not occurred. If any Trustee has resigned or been removed prior to the beginning of such four month period, it shall be subject to the provisions of
this subsection (a) if and only if the following conditions exist: 
 (i) the receipt of property or
reduction of claim which would have given rise to the obligation to account, if such Trustee had continued as Trustee, occurred after the beginning of such four month period; and 

(ii) such receipt of property or reduction of claim occurred within four months after such resignation or
removal. 
 (b) There shall be excluded from the operation of subsection (a) of this Section 16.13 a creditor
relationship arising from: 
 (1) the ownership or acquisition of securities issued under any indenture, or
any security or securities having a maturity of one year or more at the time of acquisition by the Trustee; or 

(2) advances authorized by a receivership or bankruptcy court of competent jurisdiction, or by the Indenture,
for the purpose of preserving any property which shall at any time be subject to the Lien Hereof, or of discharging tax liens, or other Prior Liens or encumbrances on the mortgaged and pledged property, if notice of such advance and of the
circumstances surrounding the making thereof is given to the Bondholders at the time and in the manner provided in paragraph (2) of subsection (a) of Section 16.18 or paragraph (2) of subsection (b) of Section 16.18; or

  
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 (3) disbursements made in the ordinary course of business in the
capacity of trustee under the Indenture or another indenture or as transfer agent, registrar, custodian, paying agent, fiscal agent, depositary or other similar capacity; or 

(4) an indebtedness created as a result of services rendered or premises rented, or an indebtedness created as
a result of goods or securities sold in a Cash Transaction; or 
 (5) the ownership of stock or of other
securities of a corporation organized under the provisions of Section 25(a) of the Federal Reserve Act, as amended, which is directly or indirectly a creditor of the Company; or 

(6) the acquisition, ownership, acceptance or negotiation of any drafts, bills of exchange, acceptances or
obligations which fall within the classification of Self-liquidating Paper. 
 (c) For purposes of this Section 16.13
only: 
 (1) “Cash Transaction” means any transaction in which full payment for goods or securities
sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand. 

(2) “Company” means any obligor under the Bonds. 

(3) “Other Indenture Securities” means securities, upon which the Company is an obligor, outstanding
under any other indenture (A) under which the Trustee is also trustee, (B) which contains provisions substantially similar to the provisions of this Section 16.13 and (C) under which a Payment Default exists at the time of the
apportionment of the funds and property held in such special account. 
 (4) “Payment Default”
means any failure to make payment in full of the principal of or interest on any of the Bonds or upon the Other Indenture Securities when and as such principal or interest becomes due and payable. 

(5) “Self-liquidating Paper” means any draft, bill of exchange, acceptance or obligation which is
made, drawn, negotiated or incurred by the Company for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of,
or a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided that the security is received by the Trustee simultaneously with
the creation of the creditor relationship with the Company arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

  
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 (6) “Trustee” includes any separate or co-trustee appointed under Section 16.14. 
 SECTION 16.14. For the purpose of meeting the
legal requirements of any jurisdiction in which any of the mortgaged and pledged property may at the time be located, the Company and the Trustee shall have power to appoint and, upon the written request of the Trustee or of the Holders of at least
25% in principal amount of the Bonds Outstanding, the Company shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Trustee either
to act jointly with the Trustee as co-trustee of all or any part of the mortgaged and pledged property, or to act as separate trustee of any such property, in either case with such powers as may be provided in
the instrument of appointment, and to vest in such Person in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section 16.14. If the Company does not join in such
appointment within 15 days after the receipt by it of a request so to do, or if a Completed Default has occurred and is continuing, the Trustee alone shall have power to make such appointment. 

Should any written instrument from the Company be required by any such co-trustee or
separate trustee for more fully confirming to such co-trustee or separate trustee such property, title, right or power, then on request, it shall be executed, acknowledged and delivered by the Company. 

Every co-trustee or separate trustee shall, to the extent permitted by law, but to
such extent only, be appointed subject to the following terms: 
 (a) The Bonds shall be authenticated and delivered, and all
rights, powers, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustee, shall be exercised solely by the Trustee. 

(b) The rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered
by such appointment shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument
appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified to perform such act, in which event such
rights, powers, duties and obligations shall be exercised and performed by such co-trustee or separate trustee. 

(c) The Trustee at any time by a written instrument executed by it, and with the concurrence of the Company evidenced by a
Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section 16.14. If a Completed 

  
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Default has occurred and is continuing, the Trustee, by a written instrument executed by it, shall have power to accept the resignation of, or remove, any such
co-trustee or separate trustee without the concurrence of the Company. Upon the written request of the Trustee, the Company shall join with the Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to effect any such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in
this Section 16.14. 
 (d) No co-trustee or separate trustee hereunder shall be
personally liable by reason of any act or omission of the Trustee, or any other such trustee. 
 (e) Any act of Bondholders
delivered to the Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. 

SECTION 16.15. The Trustee shall, upon receipt of a Company Request, promptly appoint an Authenticating Agent with power to act on its
behalf and subject to its direction in the authentication and delivery of the Bonds of each series designated for such authentication by the Company and such appointment shall contain provisions for such authentication in connection with transfers
and exchanges under Sections 2.11, 2.12, 2.17, 10.02 and 15.02 or otherwise, as though the Authenticating Agent had been expressly authorized by those Sections or otherwise to authenticate and deliver Bonds of such series. For all purposes of the
Indenture, the authentication and delivery of Bonds by the Authenticating Agent pursuant to this Section 16.15 shall be deemed to be the authentication and delivery of Bonds by the Trustee. Such Authenticating Agent shall at all times be a
corporate bank or trust company organized and doing business under the laws of the United States or of any of its states, have a combined capital and surplus of at least $5,000,000, be authorized under such laws to exercise corporate trust powers
and be subject to supervision or examination by federal or state authority. If such corporation publishes reports of condition at least annually pursuant to law or the requirements of such authority, then for the purposes of this Section 16.15,
the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent published report of condition. 

Any corporation into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate trust business of any Authenticating Agent, shall be the successor of the
Authenticating Agent, if such successor corporation is otherwise eligible under this Section 16.15, without the execution or filing of any paper or further act on the part of the parties hereto, the Authenticating Agent or such successor
corporation. 

  
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 Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and the Company. The Trustee may at any time and, upon Company Request, shall terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible under this Section 16.15, the Trustee, unless otherwise requested in writing by the Company, shall
promptly appoint a successor Authenticating Agent, shall give written notice of such appointment to the Company and shall mail notice of such appointment to all Bondholders of the applicable series as the names and addresses of such Bondholders
appear on the Bond Register. 
 The Trustee agrees to pay reasonable compensation to any Authenticating Agent for its
services and the Trustee shall be entitled to be reimbursed by the Company for such payments, subject to Section 16.07. The provisions of Sections 14.03, 16.04 and 16.05 shall be applicable to any Authenticating Agent. 

SECTION 16.16. Except as herein otherwise provided, any notice or demand which by any provision of the Indenture is required or
permitted to be given or served by the Trustee on the Company shall be deemed to have been sufficiently given and served, by being deposited, postage prepaid, in a post office letter box, addressed (until another address is filed by the Company with
the Trustee) as follows: to Northern States Power Company, 414 Nicollet Mall, Minneapolis, Minnesota 55401-1993, Attention: Secretary or to the most recent address which shall have been filed by the Company with the Trustee. 

The Trustee shall promptly notify the Company in writing of any change of address of the Trustee’s principal corporate
trust office. Upon receipt of such notice, the Company shall give written notice of each such change of address by first-class mail, postage prepaid, to the Bondholders as their names and addresses appear in the Bond Register. 

SECTION 16.17. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and
addresses of the Bondholders furnished to it as provided in Section 8.17 or received by it in the capacity of Paying Agent or Bond Registrar or filed with it by Bondholders pursuant to paragraph (2) of subsection (c) of
Section 16.18, provided that the Trustee may: (1) destroy any statement furnished to it as provided in Section 8.17, upon receipt of a new statement so furnished to it in substitution therefor, (2) destroy any information
received by it as Paying Agent upon delivery to itself as Trustee, not earlier than 45 days after an Interest Payment Date, of a statement containing the names and addresses of the Bondholders obtained from such information since the delivery of the
next previous statement, if any, (3) destroy any statement delivered to itself as Trustee which was compiled from information received by it as Paying Agent upon the receipt of a new statement so delivered and (4) destroy any information
received by it from any Bondholder pursuant to paragraph (2) of subsection (c) of Section 16.18, but not until two years after receipt by the Trustee of such information. 

(b) In case three or more Bondholders (hereinafter in this Section 16.17 referred to as “Applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each such Applicant has owned a Bond for at least six months preceding the date of such 

  
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application, and such application states that the Applicants desire to communicate with the other Bondholders with respect to their rights under the Indenture or under the Bonds, and each such
application is accompanied by a copy of the form of proxy or other communication which such Applicants propose to transmit, then the Trustee shall, within five business days after the receipt of such application at its election, either: 

(1) afford to such Applicants access to the information preserved at the time by the Trustee in accordance with
the provisions of subsection (a) of this Section 16.17; or 
 (2) inform such Applicants with the
approximate number of Bondholders whose names and addresses appear in the information preserved at the time by the Trustee, in accordance with the provisions of subsection (a) of this Section 16.17, and the approximate cost of mailing to
such Bondholders the form of proxy or other communication, if any, specified in such application. 
 If the Trustee shall
elect not to afford to such Applicants access to such information, the Trustee shall, upon the written request of such Applicants, mail to each Bondholder whose name and address appears in the information preserved at the time by the Trustee in
accordance with the provisions of subsection (a) of this Section 16.17, copies of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the materials to be
mailed and of payment or provision for the payment of the reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail to such Applicants, and file with the Commission together with a copy of the material to be
mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Bondholders, or would be in violation of applicable law. Such written statement shall specify the basis of
such opinion. After opportunity for hearing upon the objections specified in the written statements so filed, the Commission may, and if demanded by the Trustee or such Applicants shall, enter an order either sustaining one or more of such
objections or refusing to sustain any of them. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry
of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for a hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of
such material to all such Bondholders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligations or duty respecting such application. 

(c) The Trustee shall not be held accountable by reason of the mailing of any material pursuant to any request made under
subsection (b) of this Section 16.17. 
 SECTION 16.18. (a) Within 60 days after each May 15, the Trustee shall
transmit to the Bondholders (as specified in subsection (c) of this Section 16.18) a brief report, dated not more than 60 days prior to such transmission, with respect to: 

  
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 (1) the eligibility and the qualifications of the Trustee under
Sections 16.08 and 16.09 or, in lieu thereof, if, to the best of its knowledge, it continues to be eligible and qualified under such Sections, a written statement to such effect; 

(2) the character and amount of any advances (and, if the Trustee elects so to state, the circumstances
surrounding the making thereof) made by the Trustee in its capacity as Trustee which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the Bonds, on the mortgaged
and pledged property (including property or funds held or collected by it as Trustee) if such remaining unpaid advances aggregate more than  1⁄2% of the
principal amount of the Bonds Outstanding on the date of the report; 
 (3) the amount, interest rate, and
maturity date of all other indebtedness owing by the Company to the Trustee in its individual capacity on the date of the report, with a brief description of any property held as collateral security therefor, but excluding any indebtedness based
upon a creditor relationship arising in any manner described in paragraphs (2), (3), (4) or (6) of subsection (b) of Section 16.13; 

(4) the property and funds physically in the possession of the Trustee, in its capacity as Trustee, on the date
of such report; 
 (5) any release, or release and substitution, of property subject to the Lien of the
Indenture (and the consideration therefor, if any) which the Trustee has not previously reported; except that if the aggregate value of such property released from the Lien of the Indenture as shown by the documents delivered to the Trustee in
connection with the release or release and substitution does not exceed an amount equal to 1% of the principal amount of the Bonds then Outstanding, the report need indicate only the number of such releases, the total value of property released as
shown by said documents, the aggregate amount of cash received and the aggregate value of property received in substitution therefor as shown by said documents; 

(6) any additional issue of Bonds which the Trustee has not reported previously; and 

(7) any action taken by the Trustee in the performance of its duties under the Indenture which it has not
previously reported and which in its opinion materially affects the Bonds or the mortgaged and pledged property, except for action related to a Default, notice of which has been or is to be withheld by the Trustee in accordance with the provisions
of Section 16.02. 
 For purposes of this subsection (a), the term “Company” means any obligor under the
Bonds. 
 (b) The Trustee shall transmit to the Bondholders as hereinafter provided, a brief report with respect to: 

  
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 (1) any release, or release and substitution, of property subject
to the Lien Hereof (and the consideration therefor, if any) unless the Fair Value of such property, as set forth in the Engineer’s Certificate or Independent Engineer’s Certificate delivered pursuant to the requirements of
Section 11.03, is less than 10% of the principal amount of Bonds Outstanding as stated in said Engineer’s Certificate, at the time of such release or such release and substitution; such report to be transmitted within 90 days after such
release or such release and substitution, except that this paragraph (1) shall not require transmission of a separate report with respect to any transaction which shall be reported, within 90 days after its consummation, pursuant to subsection
(a) of this Section 16.18; and 
 (2) the character and amount of any advances (and, if the Trustee
elects so to state, the circumstances surrounding the making thereof) made by the Trustee since the date of the last report transmitted pursuant to the provisions of subsection (a) of this Section 16.18 (or if no such report has yet been
so transmitted, since the date of execution of the Indenture), for the reimbursement of which the Trustee claims or may claim a lien or charge, prior to that of the Bonds on the mortgaged and pledged property (including property or funds held or
collected by it as Trustee), and which it has not previously reported pursuant to this paragraph (2), if such advances remaining unpaid, at any time, aggregate more than 10% of the principal amount of Bonds Outstanding at such time. Such report
shall be transmitted within 90 days after such time. 
 (c) Reports, pursuant to this Section 16.18, shall be
transmitted by mail: 
 (1) to all Bondholders, as their names and addresses appear in the Bond Register;

 (2) to all Holders of Bonds that have, within two years preceding such transmission, filed their names and
addresses with the Trustee for the purpose of receiving such reports; and 
 (3) except in the case of
reports pursuant to subsection (b) of this Section 16.18, to each Bondholder whose name and address are preserved at the time by the Trustee, as provided in subsection (a) of Section 16.17. 

(d) A copy of each report transmitted to Bondholders under the requirements of subsections (a) or (b) of this
Section 16.18 shall, at the time of such transmission, be filed with each stock exchange upon which the Bonds are then listed and with the Commission. 

SECTION 16.19. Upon submission of any Application by the Company for the payment of any moneys held by the Trustee, or for the
execution by the Trustee of any release, or upon any other Application submitted by the Company to the Trustee, or at any reasonable time, the Trustee, or its agent or attorney shall be entitled to examine the books, records and premises of the
Company. 

  
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 Unless satisfied, with or without such examination, of the truth and accuracy of
the matters stated in any Resolution, certificate, statement, opinion, report or order required to be delivered to the Trustee as a condition precedent to the granting of any Application, it shall be under no obligation to grant such Application.

 The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid
by the Company upon demand, with interest at the rate of six percent per annum, accruing from the date such expenses are billed by the Trustee unless paid by the Company on or before a subsequent due date established by such billing. Until such
repayment, the Trustee shall have the benefit of the Lien Hereof in priority to the Bonds. 
 SECTION 16.20. The Trustee is
authorized to deposit, subject to recall, in trust for payment of the principal of, premium, if any, and interest on any Bonds, with any Paying Agent appointed by the Company for that purpose in accordance with the provisions of the Indenture
(provided that such Paying Agent shall be a corporation that is engaged in the business of banking or exercising corporate trust powers, shall have a capital and surplus of not less than $5,000,000, and shall be subject to supervision or examination
by federal, state, or District of Columbia authorities) such part of any moneys furnished to the Trustee for the purpose as shall, in the opinion of the Trustee, be necessary or desirable to provide for the payment by any such Paying Agent of the
principal of, premium, if any, or interest on any of the Bonds. The Trustee, subject to Section 16.01, shall be relieved of responsibility for the safety and application of such moneys while in the possession of the Paying Agent. In the event
that part of such moneys is recalled by the Trustee, it shall thereafter be held by the Trustee in trust as in the Indenture provided. Pursuant to an agreement between the Company and the Trustee, the Trustee may credit to the Company interest upon
any such funds held by or deposited with the Trustee. 
 SECTION 16.21. Any notice, request or other writing, by or on behalf of the
Bondholders, delivered solely to the Trustee shall be deemed to have been delivered to all of the then trustees as if delivered to each of them. Every instrument appointing any trustee or trustees, other than a successor to the Trustee, shall refer
to the Indenture and the conditions expressed in this Section 16.21. Upon acceptance in writing by such trustee or trustees, he, they or it shall be vested with the rights, powers, estates or property specified in such instrument, either
jointly with the Trustee or separately, as may be provided therein, subject to all the trusts, conditions and provisions of the Indenture. Every such instrument shall be filed with the Trustee in the trust. Any separate trustee or trustees or any co-trustee or co-trustees may at any time by an instrument in writing appoint the Trustee, his, their or its agent, or attorney-in-fact, with full power and authority, to the extent which may be authorized by law, to do all acts and things and exercise all discretion authorized or permitted by him, them or it, for and on
behalf of him, them or it, and in his, their or its name. Any co-trustee may, as to the execution of releases or as to any action hereunder, whether discretionary or otherwise, act by attorney-in-fact. 
 SECTION 16.22. In the case of any
receivership, insolvency, bankruptcy, or other judicial proceedings affecting the Company, its creditors, its property or any other obligor on the Bonds, the Trustee shall be entitled to take the actions described in Section 13.04, without
prejudice, however, to the right of any Bondholder to file a claim on his own behalf. 

  
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 SECTION 16.23. Whenever it is provided in the Indenture that the Trustee shall take any
action upon the happening of a specified event or upon the fulfillment of any condition or upon the request of the Company or of Bondholders, the Trustee in taking such action shall have full power to give any and all notices and to do any and all
acts necessary and incidental to such action. 
 SECTION 16.24. The Trustee shall execute a written instrument to confirm the
existence of a specific Permitted Encumbrance, upon receipt by the Trustee of: (i) a Resolution requesting such written instrument and expressing any required opinions, (ii) an Officer’s Certificate stating that no Default has
occurred and is continuing, specifying the particular paragraph of the definition of Permitted Encumbrances pursuant to which such written instrument is being requested and stating that the requirements of such paragraph have been satisfied; and
(iii) an Opinion of Counsel stating that the subject of the Company’s request constitutes a Permitted Encumbrance as described by such paragraph and that the execution by the Trustee of such written instrument is appropriate to confirm the
existence of such Permitted Encumbrance. 

  
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 ARTICLE XVII. 

Defeasance. 
 SECTION
17.01. Whenever the following conditions shall exist, namely: 
 (a) all Bonds theretofore authenticated and delivered
have been cancelled by the Trustee or delivered to the Trustee for cancellation, excluding: 
 (1) Bonds for
the payment of which money has been previously deposited in trust with the Trustee or a Paying Agent or segregated and held in trust by the Company, and thereafter such money was repaid to the Company or discharged from such trust as provided in
Section 20.03, 
 (2) Bonds alleged to have been destroyed, lost or stolen which have been replaced as
provided in Section 2.15, and 
 (3) Bonds, other than those referred to in the foregoing clauses
(1) and (2), for whose payment or redemption (under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company) the Company has deposited or caused to be
deposited with the Trustee in trust for the purpose any combination: 
 (i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash 

that is necessary to pay and discharge the entire indebtedness on such Bonds for principal, premium, if any, and interest to
the date of maturity thereof in the case of Bonds which have become due and payable or to the Stated Maturity or Redemption Date thereof, as the case may be; 

(b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

(c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each of which shall state
that all conditions precedent relating to the satisfaction and discharge of the Indenture have been complied with; then, upon Company Request authorized by a Resolution, the Indenture and the Lien Hereof, rights and interests created hereby shall
cease and become null and void (except as to any surviving rights of conversion, transfer or exchange of Bonds herein or therein provided for) and the Trustee and each co-trustee and separate trustee, if any,
then acting as such, and at the expense of the Company, shall execute and deliver a termination statement and such instruments of satisfaction and discharge as may be necessary 

  
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and pay, assign, transfer and deliver to the Company all cash, securities and other personal property then held by it as part of the mortgaged and pledged property. 

In the absence of a Company Request authorized by a Resolution as aforesaid, the payment of all Outstanding Bonds shall not
render the Indenture inoperative or prevent the Company from issuing Bonds thereafter as herein provided. 
 Notwithstanding
the satisfaction and discharge of the Indenture, the obligations of the Company to the Trustee under Section 16.07 shall survive. 

SECTION 17.02. Moneys deposited with the Trustee, pursuant to Section 17.01, shall not be a part of the mortgaged and pledged
property but shall constitute a separate trust fund for the benefit of the Persons entitled thereto. Subject to the provisions of Section 20.03, such moneys shall be applied by the Trustee for payment (either directly or through any Paying
Agent, including the Company acting as its own Paying Agent, as the Trustee may determine) to the Persons entitled thereto, of the principal, premium, if any, and interest for whose payment such moneys have been deposited with the Trustee. 

  
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 ARTICLE XVIII. 

Supplemental Trust Indentures; Modification of Indenture. 

SECTION 18.01. Without the consent of the Holders of any Bonds, the Company, when authorized by a Resolution, and the Trustee may enter
into one or more Supplemental Trust Indentures, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to correct or amplify the description of any property at any time subject to the Lien of the Indenture, or to better
assure, convey and confirm unto the Trustee any property subject or required to be subjected to the Lien of the Indenture, or to subject to the Lien of the Indenture, additional property; or 

(b) to close the Indenture against the issuance of additional Bonds or to add to the conditions, limitations and restrictions
on the authorized amount, terms or purposes of issue, authentication and delivery of Bonds or of any series of Bonds, as set forth herein, or to add additional conditions, limitations and restrictions to be observed thereafter; or 

(c) to create any series of Bonds and make such other provisions as provided in Sections 2.01 and 2.02; or 

(d) to modify or eliminate any of the terms of the Indenture; provided that: 

(1) such Supplemental Trust Indenture shall expressly provide that any such modifications or eliminations shall
become effective only when there is no Bond Outstanding of any series created prior to the execution of such Supplemental Trust Indenture or when such modification or elimination are approved in accordance with Section 18.02; and 

(2) the Trustee may, in its discretion, decline to enter into any such Supplemental Trust Indenture which, in
its opinion, may not afford adequate protection to the Trustee when the same becomes operative; or 
 (e) to evidence the
succession of another corporation to the Company pursuant to Article XV and the assumption by any such Successor Corporation of the Company’s covenants contained herein and in the Bonds; or 

(f) to add to the covenants of the Company for the benefit of the Holders of all or any series of Bonds or to surrender any
right or power herein conferred upon the Company; or 
 (g) to cure any ambiguity, to correct or supplement any provision
herein which may be inconsistent with any other provision herein or to make any other provisions, with respect to matters or questions arising under the Indenture, which shall not be inconsistent with the provisions of the Indenture, provided that
such action shall not have a material adverse impact on the security afforded by the Indenture; or 

  
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 (h) to provide for alternative methods or forms for evidencing and recording the
ownership of Bonds and matters related thereto; or 
 (i) to modify, eliminate or add to the provisions of the Indenture:

 (1) to such extent as shall be necessary to effect the qualification of the Indenture under the Trust
Indenture Act or under any similar federal statute hereafter enacted, or 
 (2) to conform with any
amendments to the Trust Indenture Act enacted after the Date Hereof which would permit the provisions of the Indenture to be less restrictive or which would offer the Company greater flexibility or to add to the Indenture (A) such other
provisions as may be expressly permitted by the Trust Indenture Act, excluding, however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in effect at the Date Hereof or (B) any corresponding provision in any
similar federal statute hereafter enacted; or 
 (j) to provide for the issuance of coupon Bonds and to permit the exchange
of Bonds from fully registered form to coupon form and vice versa; or 
 (k) to provide the terms and conditions of the
exchange or conversion, at the option of the Holders of the Bonds of any series, of the Bonds of such series for or into Bonds of other series or stock or other securities of the Company or any other corporation; or 

(l) to reflect changes in generally accepted accounting principles; or 

(m) to provide for the joining of an individual trustee in order to comply with any legal requirements respecting trustees
under mortgages or deeds of trust of property in any state in which the mortgaged and pledged property is or may be situated in the future. 

SECTION 18.02. With the consent of the Holders of not less than 66-2/3% (80% prior to the
retirement through payment or redemption of the Bonds of each series created and issued prior to May 1, 1985, including such Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of the Original Indenture)
in principal amount of the Bonds Outstanding which are affected by such Supplemental Trust Indenture, the Company, when authorized by a Resolution, and the Trustee may enter into a Supplemental Trust Indenture for the purpose of (i) adding any
provisions to or changing in any manner or eliminating any of the provisions of the Indenture, (ii) modifying in any manner the rights of the Holders of the Bonds under the Indenture, or (iii) before any sale of any of the mortgaged and
pledged property has been made under Article XIII or any judgment or decree for payment of money due has been obtained by the Trustee under Article XIII, waiving any Completed Default and its consequences; provided that without the consent of the
Holder of each Outstanding Bond affected thereby, no such Supplemental Trust Indenture shall: 
 (a) change the Stated
Maturity of the principal of, or any installment of interest on, any Bond, or reduce the principal amount thereof or the interest thereon or any premium 

  
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payable upon the redemption thereof, or change the coin or currency in which, any Bond, or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); or 
 (b)
reduce the percentage in principal amount of the Outstanding Bonds, the consent of whose Holders is required for (1) any Supplemental Trust Indenture, or (2) any waiver provided for in the Indenture of compliance with certain provisions of
the Indenture or certain Completed Defaults hereunder and their consequences; or 
 (c) modify any of the provisions of this
Section 18.02 except to increase any percentage provided thereby or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the Holder of each Bond affected thereby; or 

(d) modify, in the case of the Bonds of any series convertible into other securities, any of the provisions of the Indenture in
such manner as to affect the conversion rights of the Holders of such Bonds; or 
 (e) (1) prior to the payment or redemption
of the Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of the Original Indenture), permit the creation or existence of any Prior Lien with
respect to the mortgaged and pledged property or deprive any non-assenting Bondholder of the Lien of the Indenture upon the mortgaged and pledged property for the security of his Bonds; and (2) after the
payment or redemption of the Original Indenture Bonds (including those Original Indenture Bonds “deemed to be paid” within the meaning of that term as used in Article XVII of the Original Indenture), permit the creation or existence of any
Prior Lien with respect to more than 50% of the sum of (i) Depreciable Property and (ii) Land after giving effect to the creation of such Prior Lien and the acquisition by the Company of the property subject to such Prior Lien, or
terminate the Lien of the Indenture on more than 50% of the sum of (i) Depreciable Property and (ii) Land; or 

(f) modify, in the case of Bonds of any series for which a mandatory sinking fund is provided, any of the provisions of the
Indenture in such manner as to affect the rights of the Holders of such Bonds to the benefits of such sinking fund. 
 The
Trustee may, in its discretion, determine whether or not any Bonds would be affected by any Supplemental Trust Indenture. Any such determination shall be conclusive upon the Holder of all Bonds, whether theretofore or thereafter authenticated and
delivered. Subject to Section 16.01, the Trustee shall not be liable for any such determination made in good faith. 

It shall not be necessary for any Bondholders under this Section 18.02 to approve the particular form of any proposed
Supplemental Trust Indenture, but it shall be sufficient if they shall approve the substance thereof. 
 SECTION 18.03. In executing,
or accepting the additional trusts created by, any Supplemental Trust Indenture permitted by this Article XVIII or the modification thereby of the 

  
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trusts created by the Indenture, the Trustee shall be entitled to receive, and, subject to Section 16.01, shall be fully protected in relying upon an Opinion of Counsel stating that the
execution of such Supplemental Trust Indenture is authorized or permitted by the Indenture. The Trustee may, but except to the extent required in the case of a Supplemental Trust Indenture entered into under subsection (i) of
Section 18.01, shall not be obligated to enter into any such Supplemental Trust Indenture which affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

SECTION 18.04. Upon the execution of any Supplemental Trust Indenture pursuant to this Article XVIII, the Indenture shall be modified
in accordance therewith and such Supplemental Trust Indenture shall form a part of the Indenture for all purposes; and every Holder of Bonds theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 18.05. No Supplemental Trust Indenture pursuant to this Article XVIII shall be entered into pursuant to any authorization
contained in the Indenture which shall not comply with the provisions of the Trust Indenture Act as then in effect unless no Bonds are then Outstanding and all Bonds to be issued under the Indenture as supplemented by such Supplemental Trust
Indenture either shall be themselves exempt from the provisions of the Trust Indenture Act or shall be issued in a transaction exempt therefrom. 

SECTION 18.06. Bonds authenticated and delivered after the execution of any Supplemental Trust Indenture pursuant to this Article XVIII
may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as to any matter provided for in such Supplemental Trust Indenture. If the Company shall so determine, new Bonds modified to conform, in the opinion of the
Trustee and the Board of Directors, to any such Supplemental Trust Indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Bonds. 

  
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 ARTICLE XIX. 

Immunity of Stockholders, Officers and Directors. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Bond, or under or upon
any indebtedness hereby secured, or because of the creation of any indebtedness hereby secured, shall be available against any incorporator or past, present, or future stockholder, officer or director of the Company, or of any predecessor or
successor company or companies, or of any company or companies which may assume or guarantee the payment of the principal of or interest on any of the Bonds, either directly or through the Company by the enforcement of any assessment, or through any
receiver, or assignee, or through any trustee in bankruptcy or by any other legal or equitable proceedings, whether for amounts unpaid on stock subscriptions or for stock liability or any other liability or penalty, or on the ground of any
representation, implication or inference, arising from or concerning the capitalization of the Company, or of any predecessor, assignee, grantee, or successor company or companies, or otherwise, and whether by virtue of any statute, constitution,
contract, express or implied, rule of law, or otherwise; it being expressly agreed and understood that the Indenture and the obligations hereby secured are solely corporate obligations, and that no personal liability whatever shall attach to, or be
incurred by the incorporators or past, present or future stockholders, officers or directors of the Company, or of any predecessor or successor company or companies, or of any company which may assume or guarantee the payment of the principal of or
interest on any of the Bonds because of the incurring of the indebtedness hereby authorized, or under or by reason of any of the obligations, covenants or agreements contained in the Indenture or in any of the Bonds, or to be implied therefrom; and
that any and all personal liability of every name and nature, and any and all rights and claims against every such incorporator and past, present or future stockholder, officer or director, whether arising at common law or in equity, or created or
to be created by statute or constitution, hereby are expressly released and waived as a condition of, and as a part of the consideration for, the execution of the Indenture and the issue of the Bonds and interest obligations hereby secured. 

  
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 ARTICLE XX. 

Miscellaneous. 

SECTION 20.01. Nothing in the Indenture, expressed or implied, is intended or shall be construed, to confer upon, or to give to, any
Person, other than the parties hereto and the Holders of the Bonds Outstanding, any right, remedy, or claim under or by reason of the Indenture or any covenant, condition or stipulation hereof. All the covenants, conditions and stipulations
contained in the Indenture, by and on behalf of the Company, shall be for the sole and exclusive benefit of the parties hereto, and for the Holders of the Bonds Outstanding. 

SECTION 20.02. Any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any
provision of the Indenture, whether such power, privilege or right is in any way restricted or is unrestricted, may be waived or surrendered, in whole or in part, or subjected to any restriction (if at the time unrestricted) or to additional
restriction (if already restricted) by a Resolution and a written instrument executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to be recorded in all of the states in which any real
property, at the time subject to the Lien Hereof, shall be situated. Such Resolution and instrument, executed and acknowledged as aforesaid, shall be delivered to the Trustee. Thereupon, any modification of the provisions of these presents therein
set forth, authorized by this Section 20.02 shall be binding upon the parties hereto, their successors and assigns, and the Holders of the Bonds. 

SECTION. 20.03. If any Bond shall not be presented for payment when the principal thereof becomes due, either at Stated Maturity or
otherwise, or at the Redemption Date and the Company shall have deposited, with the Trustee, in trust for the purpose, or left with it if previously so deposited, any combination: 

(i) of cash and 

(ii) of Government Obligations (which shall not contain provisions permitting the redemption thereof at the
option of the issuer), maturing as to principal and interest (without any regard to the reinvestment thereof) in such amounts and at such times as will assure the availability of cash. 

that is necessary to pay when due the principal of, premium, if any, and interest due and to become due on such Bond on or prior to the
Redemption Date or Stated Maturity thereof, as the case may be, and for the use and benefit of the Holder thereof, then, interest on said Bond, and all liability of the Company to the Holder of said Bond for the payment of the principal of, premium,
if any, and interest thereon, shall forthwith cease and be completely discharged, subject to the provisions of the last paragraph of this Section 20.03. It shall be the duty of the Trustee to hold such funds in trust, for the benefit of the
Holder of such Bond who, so long as such funds remain on deposit with the Trustee shall be restricted exclusively to said funds for any claim of whatsoever nature on the part of such Holder under the Indenture or on said Bond by any Holder of any
such Bond. 

  
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 If the Holder of any such Bond shall not claim, within six years after such Bond
shall have become due and payable, such deposited funds, for the payment thereof, the Trustee, upon Company Request and if it shall so require upon being furnished indemnity satisfactory to it, shall pay to the Company such amount so deposited, if
no Default has occurred and is continuing. The Trustee thereupon shall be relieved from all responsibility to the Holder thereof and the Company shall be liable to the Holder only to the extent of the funds so returned to it. 

SECTION 20.04. If the principal of any of the Bonds shall not be punctually paid when due at Maturity, whether by declaration or a
lapse of time, or if any installment of interest thereon shall not be punctually paid when due, then upon deposit with or receipt by the Trustee of moneys sufficient to pay such overdue principal or any such overdue installment or installments of
interest thereon and, to the extent permitted by law, moneys sufficient to pay interest due and to become due thereon up to the date when interest upon such overdue principal or installment or installments of interest shall cease (as hereinafter
provided), then interest on such overdue principal or installment or installments of interest thereon shall cease to accrue 15 days after the date of mailing a notice by the Company or the Trustee by first class mail postage prepaid to each Holder
of such Bonds, stating that said moneys have been so deposited or received. 
 SECTION 20.05. Whenever the Company is required to
deposit cash with the Trustee, it shall have the right, at the time of such deposit, to specify that such cash is to be held by the Trustee in trust for the particular purpose for which it is deposited. 

SECTION 20.06. Any cash which has been deposited with the Trustee for the purpose of paying the principal of, premium, if any, or
interest on Bonds, for the purpose of securing the authentication of Bonds, for the purpose of effecting payment or redemption of any Bonds, or which has been delivered to the Trustee by the Company for any of the purposes provided under the
Indenture, upon Company Request, authorized by a Resolution, shall be invested or reinvested by the Trustee, as designated by the Company and not disapproved by the Trustee, in any bonds or other general obligations (excluding revenue bonds) of the
United States of America, any state, city or county thereof, which at the time of investment are lawful investments for banks and trust companies under the laws of the state in which the Trustee has its principal corporate trust office and in other
types of investments the Trustee has determined to be lawful, secure and efficient for the short-term investment of deposits held in trust under the Indenture, including commingling with deposits under other trusts administered by the Trustee. Until
a Completed Default shall have occurred and be continuing, interest on such bonds, obligations and investments which may be received by the Trustee shall be paid forthwith to the Company. The Trustee shall not be required to make any such investment
(a) after it has cancelled and discharged the Lien of the Indenture, (b) on or after the Stated Maturity of any Bonds, with respect to any cash held to pay such Bonds, or (c) on or after the Redemption Date of any Bonds, with respect
to any cash held for such redemption. In no event, shall the Trustee make any such investment or take any of the actions pursuant to and permitted by this Section 20.06 with any cash or proceeds of any Government Obligations, which, in
accordance with Sections 6.03, 10.06, 17.01 or 20.03, would cause Bonds to be deemed paid upon such cash or Governmental Obligations or combination thereof being deposited with the Trustee. 

  
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 Such bonds and obligations shall be held by the Trustee subject to the same
provisions and in the same manner as the cash used to purchase the same, but upon Company Request, the Trustee shall sell all or any designated part of the bonds, obligations and investments and the proceeds of such sale shall be held by the Trustee
subject to the same provisions hereof as the cash used by it to purchase the bonds, obligations and investments so sold. If, at any time, by reason of decrease in the market value of such bonds, obligations or investments, or the financial condition
of the issuer, the Trustee shall be of the opinion that there is danger of the fund or funds invested in and represented by such bonds, obligations or investments being impaired, the Trustee may notify the Company of its intention to sell all or
certain of the bonds, obligations or investments so held by it and unless, within five days after the date of said notice, the Company shall deliver to the Trustee cash equal to the price paid by the Trustee for such bonds, obligations or
investments, the Trustee, without or despite a Company Request, may proceed to sell the bonds, obligations or investments, described in said notice, at public or private sale, for the best price reasonably obtainable. The Trustee shall also be
entitled, without request of or notice to the Company, to sell any bonds, or obligations or investments purchased with moneys deposited for the payment or redemption of Bonds and held by it in order that the Trustee has the necessary funds available
on the day prior to the date on which said Bonds are to be paid or redeemed. If such sale shall produce a sum less than the principal amount invested in the bonds, obligations or investments so sold, the Company covenants that it will pay promptly
to the Trustee such amount of cash, which combined with the net proceeds from such sale, will equal the principal amount invested in the bonds, obligations or investments so sold. If such sale shall produce a sum greater than the principal amount
invested in the bonds, obligations or investments so sold, the Trustee shall pay promptly to the Company an amount of cash equal to such excess. 

SECTION 20.07. The Trustee shall, on Company Request, destroy any Bonds cancelled by the Trustee and make duplicate certificates of
such destruction, retaining one such certificate and delivering the other to the Company. Each such certificate shall state the method of destruction and, subject to Section 16.01, shall be conclusive evidence of the payment and cancellation of
the Bonds therein mentioned for all purposes. 
 SECTION 20.08. Each certificate or opinion with respect to compliance with a
condition or covenant provided for in the Indenture shall include: (a) a statement that the Person making such certificate or opinion has read such covenant or condition; (b) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such certificate or opinion are based; (c) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

SECTION 20.09. (a) Any certificate or opinion of an officer or employee of the Company or an Accountant or Engineer may be based,
insofar as it relates to legal matters, upon a certificate or opinion of or upon representations by counsel, unless such officer, employee, Accountant or Engineer knows that the certificates or opinions or representations with respect to 

  
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 the matters upon which his opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should have known were erroneous. 
 (b) Any certificate or Opinion of Counsel may be based, insofar as it
relates to factual matters or information which is in possession of the Company, upon the certificate or opinion of or representations by an officer or employee of the Company, unless such counsel knows that the certificate or opinion or
representations with respect to the matters upon which his opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should have known were erroneous. 

(c) Prior to the Trustee taking any action under the Indenture upon the request or submission of an Application by the Company,
the Company shall deliver to the Trustee, in addition to or as part of any certificates herein required, an Officer’s Certificate and an Opinion of Counsel each stating that, in the opinion of the signer, all conditions precedent to such action
which are required by the Indenture have been satisfied. 
 SECTION 20.10. Nothing in this Article XX is intended or shall be
construed as relieving the Company from furnishing any certificate or other evidence required by the Indenture. 
 SECTION 20.11.
Each Holder of a Bond of any series which shall be originally authenticated by the Trustee and originally issued by the Company on or subsequent to the Date Hereof, by the acquisition, holding or ownership of such Bond, thereby consents and agrees
to, and shall be bound by, the provisions of this Restated Indenture on and after the Effective Date. 
 SECTION 20.12. This Restated
Indenture shall be construed in connection with and as a part of the 1937 Indenture, as supplemented by Supplemental Trust Indentures dated June 1, 1942; February 1, 1944; October 1, 1945; July 1, 1948; August 1, 1949;
June 1, 1952; October 1, 1954; September 1, 1956; August 1, 1957; July 1, 1958; December 1, 1960; August 1, 1961; June 1, 1962; September 1, 1963; August 1, 1966; June 1, 1967; October 1,
1967; May 1, 1968; October 1, 1969; February 1, 1971; May 1, 1971; February 1, 1972; January 1, 1973; January 1, 1974; September 1, 1974; April 1, 1975; May 1, 1975; March 1, 1976; June 1,
1981; December 1, 1981; May 1, 1983; December 1, 1983; September 1, 1984; December 1, 1984; May 1, 1985; and September 1, 1985 and as supplemented prior to the Effective Date. 

SECTION 20.13. (a) If any provision of the Indenture limits, qualifies, or conflicts with another provision of the Indenture required
to be included in indentures qualified under the Trust Indenture Act (as enacted prior to the Effective Date) by any of the provisions of Sections 310 to 317, inclusive, of the Trust Indenture Act, such required provisions shall control. 

(b) In case any one or more of the provisions contained in the Indenture or in the Bonds should be invalid, illegal, or
unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained herein and therein shall not be affected, impaired, prejudiced, or disturbed in any way thereby. 

  
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 SECTION 20.14. (a) This Restated Indenture may be executed simultaneously in several
counterparts, and all said counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 

(b) The Table of Contents and the descriptive headings of the several Articles of this Restated Indenture were formulated,
used, and inserted in this Restated Indenture for convenience only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

SECTION 20.15. Whenever in the Indenture either of the parties hereto is named or referred to, such reference shall be deemed to
include the successors or assigns of such party, and all the covenants and agreements in the Indenture by or on behalf of the Company or by or on behalf of the Trustee shall bind and inure to the benefit of the respective successors and assigns of
such parties, whether so expressed or not. 
 SECTION 20.16. The amount of obligations to be issued immediately under this Restated
Indenture is none. 
 SECTION 20.17. To the extent permitted by Sections 20.08 and 20.09, any Opinion of Counsel given as to title to
property may be based, in whole or in part, (a) upon a certified abstract of title or any Torrens certificate, or upon any guaranty policy or certificate or opinion issued or rendered by any reputable Person engaged in the business of examining
or insuring or guaranteeing titles to property or upon the opinion of other counsel (provided that in such case such Opinion of Counsel shall state that the signer believes such other counsel giving such certificate or opinion is reputable and one
upon whom he may properly rely), (b) upon an Officer’s Certificate stating (1) what, if any, conditional sales contracts and chattel mortgages exist against any personal property as to which such Opinion of Counsel is to be rendered, and
what, if any, levies of execution or attachment or similar proceedings exist or are pending with respect to any thereof, and describing the property, if any, subject to such contracts or mortgages or as to which such levies or proceedings exist or
are pending, (2) that all personal property as to which such Opinion of Counsel is to be rendered (other than the property, if any described pursuant to clause (1) above) is owned by the Company free and clear of all liens and encumbrances
prior to or on a parity with the Lien of the Indenture (other than Permitted Encumbrances) and if such property is affixed or attached to real estate, that such real estate has been acquired by the Company and that an Opinion of Counsel as to title
in respect thereto has been or is concurrently being furnished to the Trustee, or that such personal property is located on a street, road or highway, or upon other public property pursuant to a franchise, license or permit, or upon private property
pursuant to an easement or permit not expiring without the default or consent of the Company within ten years following the date of such certificate or is so located on property of others under contractual arrangements permitting its removal,
(3) the location of any real or personal property of the Company, and (4) whether any Permitted Encumbrances of the kind referred to in paragraph (8) of the definition of Permitted Encumbrances in Section 1.03 interfere with the
proper operation of the Company’s business or (c) upon a duly executed and recorded deed of real estate or easement or interest therein, where such real estate, easement or interest therein is not required as an integral part of the
property of the Company or indispensable to its operations, if an Officer’s Certificate also states that no 

  
 119 

 other Person is in possession of such real estate, easement or interest therein and that the loss
of the title thereto would not interfere with any of the necessary operations of the Company. 
 SECTION 20.18. Wherever the Trustee
is required to accept or approve, in the exercise of reasonable care, pursuant to subsection (d) of Section 16.01 or otherwise, an Engineer, appraiser or other expert, counsel or Accountant, who is to furnish evidence of compliance with
conditions precedent in the Indenture for the authentication and delivery of additional Bonds, the withdrawal of cash or the release and substitution of property secured by the Lien of the Indenture or who is to furnish an opinion for any other
purpose under the Indenture, such approval or acceptance by the Trustee shall be deemed to have been given upon the taking of any action by the Trustee pursuant to and in accordance with the certificate or opinion so furnished by such Engineer,
appraiser, expert, counsel or Accountant. 
 SECTION 20.19. Whenever notice is required to be transmitted to the Bondholders by the
Trustee, or by the Company, unless otherwise herein specifically provided for, such notice shall be deemed to have been transmitted, and such requirements for the transmission of notice satisfied, upon deposit by the transmitter with or in a
depository of the United States Postal Service of notice in a sealed envelope with prepaid first-class postage, and addressed to the Person required to be notified in accordance with the last known address of that Person on the records of the
transmitter as required to be kept pursuant to the Indenture. 
 SECTION 20.20. Whenever in the Indenture provision is made for the
delivery to the Trustee of any Officer’s Certificate, Engineer’s Certificate, Accountant’s Certificate (including, when applicable, such certificate by an Independent Engineer or an Independent Accountant) or Opinion of Counsel, such
provision may be satisfied by the delivery of more than one certificate or opinion certifying separately to the various matters of fact or opinion required to be included in the certificate or opinion so provided for, and different officers or
Persons may certify as to different matters of fact or opinion so shown; provided that such separate certificates or opinions shall, taken together, contain all of the statements herein required and be signed by officers or Persons, by whom such
certificate or opinions are required and authorized to be signed. Whenever provision is made in the Indenture for the delivery to the Trustee of more than one such certificate or opinion such provision may be satisfied by the delivery of a single
certificate or opinion by such Person or Persons certifying as to all the matters required to be shown by any particular Section hereof or by separate certificates or opinions by two or more such Persons certifying separately the various matters of
fact or opinion required to be shown. 
 SECTION 20.21. The Indenture shall be governed exclusively by the applicable laws of the
State of Minnesota. 

  
 120 

 ARTICLE XXI. 

Financing Statement to Comply with the Uniform Commercial Code. 

SECTION 21.01. The name and address of the debtor and secured party are set forth below: 

 

					
	 Debtor:
	 	 Northern States Power Company
	  	
		 	 414 Nicollet Mall
	  	
		 	 Minneapolis, Minnesota
	  	
		 	 55401-1993
	  	
			
	 Secured Party:
	 	 Harris Trust and Savings Bank, Trustee

111 West Monroe Street
 P.O. Box
755
 Chicago, Illinois 60690-0755
	  	

 NOTE: Northern States Power Company, the debtor above named, is “a transmitting
utility” under the Uniform Commercial Code as adopted in the States of Minnesota, North Dakota and South Dakota. 
 SECTION
21.02. Reference to the Granting Clauses hereof is made for a description of the property of the debtor covered by this Financing Statement with the same force and effect as if incorporated in this Section 21.02 at length. 

SECTION 21.03. The maturity dates and respective principal amounts of obligations of the debtor secured and presently to be secured by
the Indenture, reference to the terms and conditions thereof is hereby made with the same force and effect as if incorporated herein at length, are as follows: 
  

					
	 First Mortgage Bonds
	  	Principal Amount	 
	 Series due July 1, 1988
	  	$	30,000,000	 
	 Series due December 1, 1990
	  	$	35,000,000	 
	 Series due August 1, 1991
	  	$	20,000,000	 
	 Series due June 1, 1992
	  	$	15,000,000	 
	 Series due September 1, 1993
	  	$	15,000,000	 
	 Series due June 1, 1995
	  	$	30,000,000	 
	 Series due August 1, 1996
	  	$	45,000,000	 
	 Series due October 1, 1997
	  	$	30,000,000	 
	 Series due May 1, 1998
	  	$	45,000,000	 
	 Series due October 1, 1999
	  	$	45,000,000	 
	 Series due March 1, 2001
	  	$	50,000,000	 
	 Series due June 1, 2001
	  	$	50,000,000	 
	 Series due March 1, 2002
	  	$	50,000,000	 
	 Series due February 1, 2003
	  	$	50,000,000	 
	 Series due January 1, 2004
	  	$	75,000,000	 

  
 121 

					
	 Pollution Control Series A
	  	$	35,000,000	 
	 Pollution Control Series B
	  	$	25,000,000	 
	 Series due May 1, 2005
	  	$	80,000,000	 
	 Pollution Control Series C
	  	$	8,800,000	 
	 Series due May 1, 2013
	  	$	73,500,000	 
	 Pollution Control Series G
	  	$	100,000,000	 
	 Pollution Control Series H
	  	$	32,500,000	 
	 Resource Recovery Series I
	  	$	27,700,000	 
	 Series due June 1, 2015
	  	$	98,000,000	 
	 Pollution Control Series J
	  	$	5,450,000	 
	 Pollution Control Series K
	  	$	3,400,000	 
	 Pollution Control Series L
	  	$	4,850,000	 

 SECTION 21.04. This Financing Statement hereby is adopted for all of the First Mortgage Bonds of the
series described above which are secured by the Indenture. 
 SECTION 21.05. The 1937 Indenture and the prior Supplemental Trust
Indentures, as set forth below, have been filed or recorded in each and every office in the States of Minnesota, North Dakota, and South Dakota designated by law for the filing or recording thereof in respect of all property of the Company subject
thereto: 
  

			
	 1937 Indenture

Dated February 1, 1937
	  	 Supplemental Indenture

Dated June 1, 1942

		
	 Supplemental Indenture

Dated February 1, 1944
	  	 Supplemental Indenture

Dated October 1, 1945

		
	 Supplemental Indenture

Dated July 1, 1948
	  	 Supplemental Indenture

Dated August 1 1949

		
	 Supplemental Indenture

Dated June 1, 1952
	  	 Supplemental Indenture

Dated October 1, 1954

		
	 Supplemental Indenture

Dated September 1, 1956
	  	 Supplemental Indenture

Dated August 1, 1957

		
	 Supplemental Indenture

Dated July 1, 1958
	  	 Supplemental Indenture

Dated December 1, 1960

		
	 Supplemental Indenture

Dated August 1, 1961
	  	 Supplemental Indenture

Dated June 1, 1962

		
	 Supplemental Indenture

Dated September 1, 1963
	  	 Supplemental Indenture

Dated August 1, 1966

		
	 Supplemental Indenture
	  	 Supplemental Indenture

  
 122 

			
	 Dated June 1, 1967
	  	 Dated October 1, 1967

		
	 Supplemental Indenture

Dated May 1, 1968
	  	 Supplemental Indenture

Dated October 1, 1969

		
	 Supplemental Indenture

Dated February 1, 1971
	  	 Supplemental Indenture

Dated May 1, 1971

		
	 Supplemental Indenture

Dated February 1, 1972
	  	 Supplemental Indenture

Dated January 1, 1973

		
	 Supplemental Indenture

Dated January 1, 1974
	  	 Supplemental Indenture

Dated September 1, 1974

		
	 Supplemental Indenture

Dated April 1, 1975
	  	 Supplemental Indenture

Dated May 1, 1975

		
	 Supplemental Indenture

Dated March 1, 1976
	  	 Supplemental Indenture

Dated June 1, 1981

		
	 Supplemental Indenture

Dated December 1, 1981
	  	 Supplemental Indenture

Dated May 1, 1983

		
	 Supplemental Indenture

Dated December 1, 1983
	  	 Supplemental Indenture

Dated September 1, 1984

		
	 Supplemental Indenture

Dated December 1, 1984
	  	 Supplemental Indenture

Dated May 1, 1985

		
	 Supplemental Indenture

Dated September 1, 1985
	  	

 SECTION 21.06. The property covered by this Financing Statement shall also secure additional series of
Bonds of the debtor which may be issued in accordance with the provisions of the Indenture. 
  

 
  

  
 123 

 IN WITNESS WHEREOF, NORTHERN STATES POWER COMPANY, a Minnesota corporation, party
of the first part, has caused its corporate name and seal to be hereunto affixed and this Supplemental and Restated Trust Indenture to be signed by its President or a Vice President, and attested by its Secretary or an Assistant Secretary, for and
on its behalf, and HARRIS TRUST AND SAVINGS BANK, an Illinois corporation, as Trustee, party of the second part, to evidence its acceptance of the trust hereby created, has caused its corporate name and seal to be hereunto affixed, and this
Supplemental and Restated Trust Indenture to be signed by its President, a Vice President, or an Assistant Vice President, and attested by its Secretary or an Assistant Secretary, for and on its behalf, all done this 14 th day of November, 1988.

  

							
		  		  	 NORTHERN STATES POWER COMPANY,

			
		  		  	 /s/ J.O. Cox

		  		  	 By J.O. Cox, Vice President

				
		  		  		  	 (CORPORATE SEAL)

				
	 Attest:
	  	 /s/ Arland D. Brusven
	  		  	
		  	 Arland D. Brusven, Secretary.
	  		  	
	
	 Executed by Northern States Power Company

            in the presence of:

			
	 /s/ T.E. Kramer
	  		  	
	 T.E. Kramer,
	  		  	
			
	 /s/ M.E. Gill
	  		  	
	 M.E. Gill, Witnesses.
	  		  	
			
		  		  	 HARRIS TRUST AND SAVINGS BANK,

		  		  	             as Trustee
	  	
			
		  		  	 /s/ R.S. Stam

		  		  	 By R.S. Stam, Vice President.

				
		  		  		  	 (CORPORATE SEAL)

				
	 Attest:
	  	 /s/ C. Potter
	  		  	
		  	 C. Potter, Assistant Secretary.
	  		  	
	
	 Executed by Harris Trust and Savings Bank

            in the presence of:

			
	 /s/ M Onischak
	  		  	
	 M. Onischak,
	  		  	
			
	 /s/ D.G. Donovan
	  		  	
	 D.G. Donovan, Witnesses.
	  		  	

  
 124 

 State of Minnesota     ) 

                          
         ) SS 
 County of Hennepin  ) 

On this 14th day of November, A.D. 1988, before me, Glenn E. Melling a
Notary Public in and for said County in the State aforesaid, personally appeared J.O. Cox and Arland D. Brusven, to me personally known, and to me known to be the Vice President and Secretary, respectively, of Northern States Power Company, one of
the corporations described in and which executed the within and foregoing instrument, and who, being by me severally duly sworn, each for himself, did say that he, the said J.O. Cox, is the Vice President, and he, the said Arland D. Brusven, is the
Secretary, of said Northern States Power Company, a corporation; that the seal affixed to the within and foregoing instrument is the corporate seal of said corporation, and that said instrument was executed on behalf of said corporation by authority
of its stockholders and board of directors; and said J.O. Cox and Arland D. Brusven each acknowledged said instrument to be the free act and deed of said corporation and that such corporation executed the same. 

WITNESS my hand and notarial seal, this 14 th day of November, A.D. 1988. 

 

			
		  	 /s/ Glenn E. Melling

		  	 Glenn E. Melling

		  	 Notary Public in Hennepin County, Minnesota.

		
	 My commission expires February 16, 1990.
	  	
		
	 (NOTARIAL SEAL)
	  	

  
 125 

 State of Illinois  ) 

                          
 ) SS 
 County of Cook ) 

On this 14th day of November, A.D. 1988, before me, T. Muzquiz a Notary
Public in and for said County in the State aforesaid, personally appeared R.S. Stam and C. Potter, to me personally known, and to me known to be the Vice President and Assistant Secretary, respectively, of Harris Trust and Savings Bank, one of the
corporations described in and which executed the within and foregoing instrument, and who, being by me severally duly sworn, each, did say that he, the said R.S. Stam, is the Vice President, and she, the said C. Potter, is the Assistant Secretary,
of said Harris Trust and Savings Bank, a corporation; that the seal affixed to the within and foregoing instrument is the corporate seal of said corporation, and that said instrument was executed on behalf of said corporation by authority of its
board of directors; and said R.S. Stam and C. Potter each acknowledged said instrument to be the free act and deed of said corporation and that such corporation executed the same. 

WITNESS my hand and notarial seal, this 14th day of November, A.D. 1988.

  

			
		  	 /s/ T. Muzquiz

		  	 T. Muzquiz

		  	 Notary Public

		
	 My commission expires July 12, 1989.
	  	
		
	 (NOTARIAL SEAL)
	  	(NOTARIAL SEAL)

  
 126 

 State of Minnesota     ) 

                          
         ) SS 
 County of Hennepin  ) 

J.O. Cox and Arland D. Brusven, being severally duly sworn, each for himself deposes and says that he, the said J.O. Cox, is
Vice President, and he, the said Arland D. Brusven, is Secretary, of Northern States Power Company, the corporation described in and which executed the within and foregoing Supplemental and Restated Trust Indenture, as mortgagor; and each for
himself further says that said Supplemental and Restated Trust Indenture was executed in good faith, and not for the purpose of hindering, delaying or defrauding any creditor of said mortgagor. 

 

			
		    	 /s/ J.O. Cox

		    	 J.O. Cox

		
		    	 /s/ Arland D. Brusven

		    	 Arland D. Brusven

	
	 Subscribed and sworn to before me this 14th day of November, A.D. 1988.

		
		    	 /s/ Glenn E. Melling

		    	 Glenn E. Melling

	  
 My commission expires February 16,
1990.
	    	 Notary Public, Hennepin County, Minnesota.

		
	 (NOTARIAL SEAL)
	    	

  
 127 

 State of Illinois  ) 

                          
 ) SS 
 County of Cook ) 

R.S. Stam and C. Potter, being severally duly sworn, each deposes and said the he, R.S. Stam, is Vice President, and she, the
said C. Potter, is Assistant Secretary, of Harris Trust and Savings Bank, the corporation described in and that executed the within and foregoing Supplemental and Restated Trust Indenture, as mortgagee and trustee; and each further says that said
Supplemental and Restated Trust Indenture was executed in good faith, and not for the purpose of hindering, delaying or defrauding any creditor of the mortgagor. 

 

	
	 /s/ R.S. Stam

	R.S. Stam
	
	 /s/ C. Potter

	C. Potter

 Subscribed and sworn to before me this 14th day of November. A.D. 1988. 

 

	
	 /s/ T. Muzquiz

	 T. Muzquiz

	 Notary Public

 My commission expires July 12, 1989. 

(NOTARIAL SEAL)                 

  
 128 

 SCHEDULE A. 

The property referred to in the Granting Clauses of the foregoing Supplemental and Restated Trust Indenture from Northern
States Power Company to Harris Trust and Savings Bank, as Trustee, made as of May 1, 1988, includes the following property hereinafter more specifically described. Such description, however, is not intended to limit or impair the scope or
intention of the general description continued in the Granting Clauses or elsewhere in this Restated Indenture. 
 I. PROPERTIES IN THE
STATE OF NORTH DAKOTA 
 The following described real property, situate, lying and being in the County of Traill, State
of North Dakota, to-wit: 
  

	(1)	 A tract of land located in the NW  1⁄4 of the NW  1⁄4 of Section 17, Township 148 North, Range 53 West; County of Traill, State of North Dakota, more
particularly described as follows: 

 Commencing at a point 50 feet south and 66 feet east of the Northwest
corner of said Section 17, thence south a distance of 60 feet along the east right-of-way boundary of North Dakota State Highway Number 18, thence 89°32’
left, a distance of 60 feet to the point of beginning of the tract being conveyed herein; thence 90°28’ left, a distance of 60 feet; thence 90°28’ right, a distance of 60 feet; thence 89°32’ right, a distance of 60 feet;
thence 90°28’ right, a distance of 60 feet to the point of beginning, containing 0.082 acres. 
 The following
described real property, situate, lying and being in the County of Ward, State of North Dakota, to-wit: 
  

	(1)	 A portion of Lot 1, Thompson’s Fifth Plat, SE  1⁄4 of the NE  1⁄4, Section 35, Township 155, Range 83 described as follows: Beginning at a point which is the
intersection of the west boundary of Sublot A of Lot 1 and the north boundary of Lot 1, thence southerly along the west boundary of Sublot A, 35 feet; thence westerly, parallel to the north boundary of Lot 1, 50 feet; thence northerly, along a line
parallel to the west boundary of Sublot A, 35 feet to a point on the north boundary of Lot 1; thence easterly along the north boundary of Lot 1 to the point of beginning. The tract is also described as Sublot B of Lot 1, Thompson’s Fifth
Addition. 

  

	(2)	 Outlot 5, Section 2, Township 156 North, Range 83 West of Fifth Principal Meridian.

  
 A-1 

 MORTGAGER’S RECEIPT FOR COPY. 

The undersigned, Northern States Power Company, the Mortgagor described in the foregoing Mortgage, hereby acknowledges that at
the time of the execution of the Mortgage, Harris Trust and Savings Bank, Trustee, the Mortgagee described therein, surrendered to it a full, true, complete, and correct copy of said instrument, with signatures, witnesses, and acknowledgments
thereon shown. 
  

	
	 NORTHERN STATES POWER COMPANY,

 

	 /s/ J.O. Cox

	 By J.O. Cox, Vice President.

  

	
	 Attest:

	
	 /s/ Arland D Brusven

	 Arland D. Brusven, Secretary

 (Corporate Seal) 
  

 

This instrument was drafted by Northern States Power Company, 414 Nicollet Mall, Minneapolis, Minnesota 55401-1993. 

Tax statements for the real property described in this instrument should be sent to Northern States Power Company, 414
Nicollet Mall, Minneapolis, Minnesota 55401-1993. 

  
 A-2EX-4.(b).(7)

 Exhibit 4(b)(7) 

EXECUTION COPY 
 NORTHERN STATES
POWER COMPANY 
 (a Minnesota corporation) 

AND 
 NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION 
 TRUSTEE 

INDENTURE 
 DATED AS OF
JULY 1, 1999 
 Providing for issuance of Debt Securities 

 CROSS REFERENCE SHEET SHOWING THE LOCATION 

IN THE INDENTURE OF THE PROVISIONS INSERTED 

PURSUANT TO SECTIONS 310 THROUGH 318(a) INCLUSIVE OF 

THE TRUST INDENTURE ACT OF 1939 
  

					
	SECTION OF TRUST
INDENTURE ACT	  	 SECTION OF INDENTURE
	  	PAGE
	 310(a)(l)
	  	 8.9
	  	36
	 310(a)(2)
	  	 8.9
	  	36
	 310(a)(3)
	  	 NOT APPLICABLE
	  	—
	 310(a)(4)
	  	 NOT APPLICABLE
	  	—
	 310(a)(5)
	  	 8.9
	  	36
	 310(b)
	  	 8.8
	  	36
	 310(c)
	  	 NOT APPLICABLE
	  	—
	 311(a)
	  	 8.14
	  	38
	 311(b)
	  	 8.14
	  	38
	 311(c)
	  	 NOT APPLICABLE
	  	—
	 312(a)
	  	 6.l(a)
	  	24
	 312(b)
	  	 6.l(b)
	  	24
	 312(c)
	  	 6.l(c)
	  	25
	 313(a)
	  	 6.3(a)
	  	26
	 313(b)
	  	 6.3(b)
	  	26
	 313(c)
	  	 6.3(d)
	  	26
	 313(d)
	  	 6.3(c) and 6.3(d)
	  	26
	 314(a)
	  	 6.2(a), 6.2(b) and 6.2(c)
	  	25
	 314(b)
	  	 NOT APPLICABLE
	  	30
	 314( c)(l)
	  	 Definition of Officers’ Certificate, 6.5 and 14.5(a)
	  	4;49
	 314(c)(2)
	  	 Definition of Opinion of Counsel and 14.5
	  	4;49
	 314(c)(3)
	  	 NOT APPLICABLE
	  	—  
	 314(d)(l)
	  	 NOT APPLICABLE
	  	4;23
	 314(d)(2)
	  	 NOT APPLICABLE
	  	4;23
	 314(d)(3)
	  	 NOT APPLICABLE
	  	23
	 314(e)
	  	 14.5(b)
	  	49
	 314(f)
	  	 NOT APPLICABLE
	  	—  
	 315(a)
	  	 8.1 and 8.2
	  	33-34
	 315(b)
	  	 7.8
	  	32
	 315(c)
	  	 8.l(a)
	  	33
	 315(d)
	  	 8.l(b)
	  	33
	 315(e)
	  	 7.9
	  	32
	 316(a)
	  	 7.7
	  	31
		  	 9.4
	  	40
		  	 12.2
	  	46
	 316(b)
	  	 7.4
	  	30
		  	 12.2
	  	46

  
 i 

					
	SECTION OF TRUST
INDENTURE ACT	  	 SECTION OF INDENTURE
	  	PAGE
	 316(c)
	  	 9.6
	  	41
	 317(a)(l)
	  	 7.2(b)
	  	29
	 317(a)(2)
	  	 7.2(c)
	  	29
	 317(b)
	  	 4.2
	  	21
		  	 5.4
	  	22
	 318(a)
	  	 14.7
	  	50

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	 ARTICLE I.
	  	DEFINITIONS	  	 	1	 
			
	 Section 1.1
	  	General	  	 	1	 
	 Section 1.2
	  	Trust Indenture Act	  	 	1	 
	 Section 1.3
	  	Definitions	  	 	2	 
			
	 ARTICLE II.
	  	FORM, ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  	 	7	 
			
	 Section 2.1
	  	Form Generally	  	 	7	 
	 Section 2.2
	  	Form Of Trustee’s Certificate Of Authentication	  	 	7	 
	 Section 2.3
	  	Amount Unlimited	  	 	7	 
	 Section 2.4
	  	Denominations, Dates, Interest Payment and Record Dates	  	 	8	 
	 Section 2.5
	  	Execution, Authentication, Delivery And Dating	  	 	9	 
	 Section 2.6
	  	Exchange And Registration Or Transfer Of Securities	  	 	12	 
	 Section 2.7
	  	Mutilated, Destroyed, Lost Or Stolen Securities	  	 	12	 
	 Section 2.8
	  	Temporary Securities	  	 	13	 
	 Section 2.9
	  	Cancellation Of Securities Paid, Etc.	  	 	14	 
	 Section 2.10
	  	Interest Rights Preserved	  	 	14	 
	 Section 2.11
	  	Special Record Date	  	 	14	 
	 Section 2.12
	  	Payment Of Securities	  	 	14	 
	 Section 2.13
	  	Securities Issuable In The Form Of A Global Security	  	 	15	 
			
	 ARTICLE III.
	  	REDEMPTION OF SECURITIES	  	 	17	 
			
	 Section 3.1
	  	Applicability Of Article	  	 	17	 
	 Section 3.2
	  	Notice Of Redemption; Selection Of Securities	  	 	17	 
	 Section 3.3
	  	Payment Of Securities On Redemption; Deposit Of Redemption Price	  	 	18	 
			
	 ARTICLE IV.
	  	SATISFACTION AND DISCHARGE; UNCLAIMED MONEYS	  	 	20	 
			
	 Section 4.1
	  	Satisfaction And Discharge	  	 	20	 
	 Section 4.2
	  	Deposited Moneys To Be Held In Trust By Trustee	  	 	21	 
	 Section 4.3
	  	Paying Agent To Repay Moneys Held	  	 	21	 
	 Section 4.4
	  	Return of Unclaimed Moneys	  	 	21	 
			
	 ARTICLE V.
	  	PARTICULAR COVENANTS OF THE COMPANY	  	 	22	 
			
	 Section 5.1
	  	Payment Of Principal, Premium And Interest	  	 	22	 
	 Section 5.2
	  	Office For Notices And Payments, Etc.	  	 	22	 
	 Section 5.3
	  	Appointments To Fill Vacancies In Trustee’s Office	  	 	22	 
	 Section 5.4
	  	Provision As To Paying Agent	  	 	22	 
	 Section 5.5
	  	Certificates And Notice To Trustee	  	 	23	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE VI.
	  	SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	  	 	24	 
			
	 Section 6.1
	  	Securityholder Lists	  	 	24	 
	 Section 6.2
	  	Securities And Exchange Commission Reports	  	 	25	 
	 Section 6.3
	  	Reports By The Trustee	  	 	26	 
			
	 ARTICLE VII.
	  	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENTS OF DEFAULT	  	 	26	 
			
	 Section 7.1
	  	Events of Default	  	 	26	 
	 Section 7.2
	  	Payment Of Securities On Default; Suit Therefor	  	 	28	 
	 Section 7.3
	  	Application Of Moneys Collected By Trustee	  	 	29	 
	 Section 7.4
	  	Proceedings By Securityholders	  	 	30	 
	 Section 7.5
	  	Proceedings By Trustee	  	 	31	 
	 Section 7.6
	  	Remedies Cumulative And Continuing	  	 	31	 
	 Section 7.7
	  	Direction Of Proceedings And Waiver Of Defaults By Majority Of Securityholders	  	 	31	 
	 Section 7.8
	  	Notice Of Default	  	 	32	 
	 Section 7.9
	  	Undertaking To Pay Costs	  	 	32	 
			
	 ARTICLE VIII.
	  	CONCERNING THE TRUSTEE	  	 	33	 
			
	 Section 8.1
	  	Duties And Responsibilities Of Trustee	  	 	33	 
	 Section 8.2
	  	Reliance On Documents, Opinions, Etc.	  	 	34	 
	 Section 8.3
	  	No Responsibility For Recitals, Etc.	  	 	35	 
	 Section 8.4
	  	Trustee, Authenticating Agent, Paying Agent Or Registrar May Own Securities	  	 	35	 
	 Section 8.5
	  	Moneys To Be Held In Trust	  	 	35	 
	 Section 8.6
	  	Compensation And Expenses Of Trustee	  	 	35	 
	 Section 8.7
	  	Officers’ Certificate As Evidence	  	 	36	 
	 Section 8.8
	  	Conflicting Interest Of Trustee	  	 	36	 
	 Section 8.9
	  	Existence And Eligibility Of Trustee	  	 	36	 
	 Section 8.10
	  	Resignation Or Removal Of Trustee	  	 	36	 
	 Section 8.11
	  	Appointment Of Successor Trustee	  	 	37	 
	 Section 8.12
	  	Acceptance by Successor Trustee	  	 	37	 
	 Section 8.13
	  	Succession By Merger, Etc	  	 	38	 
	 Section 8.14
	  	Limitations On Rights Of Trustee As A Creditor	  	 	38	 
	 Section 8.15
	  	Authenticating Agent	  	 	39	 
			
	 ARTICLE IX.
	  	CONCERNING THE SECURITYHOLDERS	  	 	40	 
			
	 Section 9.1
	  	Action By Securityholders	  	 	40	 
	 Section 9.2
	  	Proof Of Execution By Securityholders	  	 	40	 
	 Section 9.3
	  	Who Deemed Absolute Owners	  	 	40	 
	 Section 9.4
	  	Company-Owned Securities Disregarded	  	 	40	 

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 Section 9.5
	  	Revocation of Consents; Future Holders Bound	  	 	41	 
	 Section 9.6
	  	Record Date For Securityholder Acts	  	 	41	 
			
	 ARTICLE X.
	  	SECURITYHOLDERS’ MEETING	  	 	41	 
			
	 Section 10.1
	  	Purposes Of Meetings	  	 	41	 
	 Section 10.2
	  	Call Of Meetings By Trustee	  	 	42	 
	 Section 10.3
	  	Call Of Meetings By Company Or Securityholders	  	 	42	 
	 Section 10.4
	  	Qualifications For Voting	  	 	42	 
	 Section 10.5
	  	Regulations	  	 	42	 
	 Section 10.6
	  	Voting	  	 	43	 
	 Section 10.7
	  	Rights Of Trustee Or Securityholders Not Delayed	  	 	44	 
			
	 ARTICLE XI.
	  	CONSOLIDATION, MERGER, SALE, TRANSFER OR OTHER DISPOSITION	  	 	44	 
			
	 Section 11.1
	  	Company May Consolidate, Etc. Only On Certain Terms	  	 	44	 
	 Section 11.2
	  	Successor Corporation Substituted	  	 	44	 
			
	 ARTICLE XII
	  	SUPPLEMENTAL INDENTURES	  	 	45	 
			
	 Section 12.1
	  	Supplemental Indentures Without Consent Of Securityholders	  	 	45	 
	 Section 12.2
	  	Supplemental Indentures With Consent Of Securityholders	  	 	46	 
	 Section 12.3
	  	Compliance With Trust Indenture Act; Effect Of Supplemental Indentures	  	 	47	 
	 Section 12.4
	  	Notation On Securities	  	 	47	 
	 Section 12.5
	  	Evidence of Compliance Of Supplemental Indenture To Be Furnished Trustee	  	 	47	 
			
	 ARTICLE XIII.
	  	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  	 	47	 
			
	 Section 13.1
	  	Indenture And Securities Solely Corporate Obligations	  	 	47	 
			
	 ARTICLE XIV.
	  	MISCELLANEOUS PROVISIONS	  	 	48	 
			
	 Section 14.1
	  	Provision Binding On Company’s Successors	  	 	48	 
	 Section 14.2
	  	Official Acts By Successor Corporation	  	 	48	 
	 Section 14.3
	  	Notices	  	 	48	 
	 Section 14.4
	  	Governing Law	  	 	48	 
	 Section 14.5
	  	Evidence Of Compliance With Conditions Precedent	  	 	49	 
	 Section 14.6
	  	Business Days	  	 	50	 
	 Section 14.7
	  	Trust Indenture Act To Control	  	 	50	 
	 Section 14.8
	  	Table Of Contents, Headings, Etc.	  	 	50	 
	 Section 14.9
	  	Execution In Counterparts	  	 	50	 
	 Section 14.10
	  	Manner of Mailing Notice To Securityholders	  	 	50	 
	 Section 14.11
	  	Approval By Trustee Of Expert Or Counsel	  	 	50	 

  
 v 

					
	 EXHIBIT A
	  	 Form of Global Security
	  	 A-1

	 EXHIBIT B
	  	 Form of Security
	  	 B-1

  
 vi 

 THIS INDENTURE, dated as of July 1, 1999, between NORTHERN STATES POWER
COMPANY, a corporation duly organized and existing under the laws of the State of Minnesota (the “ Company “), and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of
the United States, as trustee (the “Trustee” ). 
 WITNESSETH 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued as in this Indenture provided; 

AND WHEREAS, all acts and things necessary to make this Indenture a valid agreement according to its terms have been done and
performed, and the execution of this Indenture and the issue hereunder of the Securities have in all respects been duly authorized; 

NOW THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to declare the terms and conditions upon which the Securities are, and are to be authenticated, issued and
delivered, and in consideration of the premises, of the purchase and acceptance of the Securities by the Holders thereof and of the sum of one dollar duly paid to it by the Trustee at the execution of this Indenture, the receipt whereof is hereby
acknowledged, the Company covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Securities, as follows: 

ARTICLE I. 
 DEFINITIONS 

Section 1.1. General. The terms defined in this Article I (except as herein otherwise expressly provided or unless
the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Article I. 

Section 1.2. Trust Indenture Act. (a) Whenever this Indenture refers to a provision of the Trust
Indenture Act of 1939, as amended (the “TIA”), such provision is incorporated by reference in and made a part of this Indenture. 

(b) Unless otherwise indicated, all terms used in this Indenture that are defined by the TIA, defined by the TIA by reference
to another statute or defined by a rule of the Commission under the TIA shall have the meanings assigned to them in the TIA or such statute or rule as in force on the date of execution of this Indenture. 

  
 1 

 Section 1.3. Definitions. For purposes of this Indenture, the
following terms shall have the following meanings. 
 AUTHENTICATING AGENT: 

The term “Authenticating Agent” shall mean any agent of the Trustee which shall be appointed and acting pursuant to
Section 8.15 hereof. 
 AUTHORIZED AGENT: 

The term “Authorized Agent” shall mean any agent of the Company designated as such by an Officers’ Certificate delivered
to the Trustee. 
 BOARD OF DIRECTORS: 

The term “Board of Directors” shall mean the Board of Directors of the Company or the Financing Committee of such Board or any
other duly authorized committee of such Board. 
 BOARD RESOLUTION: 

The term “Board Resolution” shall mean a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

BUSINESS DAY: 
 The term
“Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions or trust companies in the Borough of Manhattan, the City and State of New York, or in the city where the
corporate trust office of the Trustee is located, are obligated or authorized by law or executive order to close. 
 COMMISSION: 

The term “Commission” shall mean the United States Securities and Exchange Commission, or if at any time hereafter the
Commission is not existing or performing the duties now assigned to it under the TIA, then the body performing such duties. 
 COMPANY: 

The term “Company” shall mean the corporation named as the “Company” in the first paragraph of this Indenture, and
its successors and assigns permitted hereunder. 

  
 2 

 COMPANY ORDER : 

The term “Company Order” shall mean a written order signed in the name of the Company by one of the Chairman, the President,
any Vice President, the Treasurer or an Assistant Treasurer, and the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee. 

CORPORATE TRUST OFFICE OF THE TRUSTEE: 

The term “corporate trust office of the Trustee”, or other similar term, shall mean the corporate trust office of the Trustee,
at which at any particular time its corporate trust business shall be principally administered, which office is at the date of the execution of this Indenture located at Corporate Trust Services, Sixth and Marquette Avenue, Minneapolis, Minnesota
55479-0069. 
 DEPOSITORY: 

The term “Depository” shall mean, unless otherwise specified in a Company Order pursuant to Section 2.5 hereof, The
Depository Trust Company, New York, New York, or · any successor thereto registered and qualified under the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation. 

EVENT OF DEFAULT: 
 The term
“Event of Default” shall mean any event specified in Section 7.1 hereof, continued for the period of time, if any, and after the giving of the notice, if any, therein designated. 

GLOBAL SECURITY: 
 The term
“Global Security” shall mean a Security that pursuant to Section 2.5 hereof is issued to evidence Securities, that is delivered to the Depository or pursuant to the instructions of the Depository and that shall be registered in
the name of the Depository or its nominee. 
 INDENTURE: 

The term “Indenture” shall mean this instrument as originally executed or, if amended or supplemented as herein provided, as
so amended or supplemented. 
 INTEREST PAYMENT DATE: 

The term “Interest Payment Date” shall mean, unless otherwise specified in a Company Order pursuant to Section 2.5
hereof, (a) each May 1 and November 1 during the period any Security is outstanding (provided that the first Interest Payment Date for any Security, the Original Issue Date of which is after a Regular Record Date but prior to the
respective Interest Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record Date), (b) a date of maturity of such Security and (c) only with respect to defaulted interest on such Security, 

  
 3 

 the date established by the Trustee for the payment of such defaulted interest pursuant to
Section 2.11 hereof. 
 MATURITY: 

The term “maturity”, when used with respect to any Security, shall mean the date on which the principal of such Security
becomes due and payable as therein or herein provided, whether at the stated maturity thereof or by declaration of acceleration, redemption or otherwise. 

OFFICERS’ CERTIFICATE: 
 The
term “Officers’ Certificate” when used with respect to the Company, shall mean a certificate signed by one of the Chairman, the President, any Vice President, the Treasurer or an Assistant Treasurer, and by the Secretary or an
Assistant Secretary of the Company. 
 OPINION OF COUNSEL: 

The term “Opinion of Counsel” shall mean an opinion in writing signed by legal counsel, who may be an employee of the Company,
meeting the applicable requirements of Section 14.5 hereof. If the Indenture requires the delivery of an Opinion of Counsel to the Trustee, the text and substance of which has been previously delivered to the Trustee, the Company may satisfy
such requirement by the delivery by the legal counsel that delivered such previous Opinion of Counsel of a letter to the Trustee to the effect that the Trustee may rely on such previous Opinion of Counsel as if such Opinion of Counsel was dated and
delivered the date delivery of such Opinion of Counsel is required. Any Opinion of Counsel may contain conditions and qualifications satisfactory to the Trustee. 

OPINION OF INDEPENDENT COUNSEL: 

The term “Opinion of Independent Counsel” shall mean an opinion in writing signed by legal counsel, who shall not be an
employee of the Company, meeting the applicable requirements of Section 14.5. Any Opinion of Independent Counsel may contain conditions and qualifications satisfactory to the Trustee. 

ORIGINAL ISSUE DATE: 
 The term
“Original Issue Date” shall mean for a Security, or portions thereof, the date upon which it, or such portion, was issued by the Company pursuant to this Indenture and authenticated by the Trustee (other than in connection with a
transfer, exchange or substitution). 
 OUTSTANDING: 

The term “outstanding “, when used with reference to Securities, shall, subject to Section 9.4 hereof, mean, as of any
particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except 

  
 4 

 (a) Securities theretofore canceled by the Trustee or delivered to the Trustee
for cancellation; 
 (b) Securities, or portions thereof, for the payment or redemption of which moneys in the necessary
amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company), provided that if such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as
provided in Article III, or provisions satisfactory to the Trustee shall have been made for giving such notice; 
 (c)
Securities, or portions thereof, that have been paid and discharged or are deemed to have been paid and discharged pursuant to the provisions of this Indenture; and 

(d) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered, or which
have been paid, pursuant to Section 2.7 hereof. 
 PERSON: 

The term “Person” shall mean any individual, corporation, partnership, joint venture, limited liability company, association,
joint-stock company, trust, unincorporated organization or government or any agent or political subdivision thereof. 
 PRINCIPAL EXECUTIVE
OFFICES OF THE COMPANY: 
 The term “principal executive offices of the Company” shall mean 414 Nicollet Mall, Minneapolis,
Minnesota 55401, or such other place where the main corporate offices of the Company are located as designated in writing to the Trustee by an Authorized Agent. 

REGULAR RECORD DATE: 
 The term
“Regular Record Date” shall mean, unless otherwise specified in a Company Order pursuant to Section 2.5, for an Interest Payment Date for a particular Security (a) the fifteenth day of the calendar month next preceding
each Interest Payment Date (unless the Interest Payment Date is the date of maturity of such Security, in which event, the Regular Record Date shall be as described in clause (b) hereof) and (b) the date of maturity of such Security. 

RESPONSIBLE OFFICER: 
 The term
“responsible officer” or “responsible officers” when used with respect to the Trustee shall mean one or more of the following: the chairman of the board of directors, the vice chairman of the board of directors, the
chairman of the executive committee, the president, any vice president, the secretary, the treasurer, any trust officer, any assistant trust officer, any second or assistant vice president, any assistant secretary, any assistant treasurer, or any
other officer or assistant officer of the Trustee customarily performing functions similar to those performed by 

  
 5 

 
the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject.

 SECURITY OR SECURITIES: 

The terms “Security” or “Securities” shall mean any debt security or debt securities, as the case may be,
authenticated and delivered under this Indenture, including any Global Security. 
 SECURITYHOLDER: 

The terms “Securityholder”, “Holder of Securities” or “Holder” shall mean any Person in whose name
at the time a particular Security is registered on the books of the Trustee kept for that purpose in accordance with the terms hereof. 

SPECIAL RECORD DATE: 
 The term
“Special Record Date” shall mean, with respect to any Security, the date established by the Trustee in connection with the payment of defaulted interest on such Security pursuant to Section 2.11 hereof. 

STATED MATURITY: 
 The term
“stated maturity” shall mean with respect to any Security, the last date on which principal on such Security becomes due and payable as therein or herein provided, other than by declaration of acceleration or by redemption. 

TRUSTEE: 
 The term
“Trustee” shall mean Norwest Bank Minnesota, National Association and, subject to Article VIII, shall also include any successor Trustee. 
  

			
	 U.S.
	 	 GOVERNMENT OBLIGATIONS:

 The term “US. Government Obligations” shall mean (i) direct non-callable obligations of, or non-callable obligations guaranteed as to timely payment of principal and interest by, the United States of America or an agency thereof for
the payment of which obligations or guarantee the full faith and credit of the United States is pledged or (ii) certificates or receipts representing direct ownership interests in obligations or specified portions (such as principal or
interest) of obligations described in clause (i) above, which obligations are held by a custodian in safekeeping in a manner satisfactory to the Trustee. 

  
 6 

 ARTICLE II. 

FORM, ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES 

Section 2.1. Form Generally. 

(a) If the Securities are in the form of a Global Security they shall be in substantially the form set forth in Exhibit
A to this Indenture, and, if the Securities are not in the form of a Global Security, they shall be in substantially the form set forth in Exhibit B to this Indenture, or, in any case, in such other form as shall be established by a Board
Resolution, or a Company Order pursuant to a Board Resolution, or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable rules of any securities exchange or of the Depository or with applicable law
or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

(b) The definitive Securities shall be typed, printed, lithographed or engraved on steel engraved borders or may be produced in
any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 

Section 2.2. Form Of Trustee’s Certificate Of Authentication . The Trustee’s certificate of
authentication on all Securities shall be in substantially the following form: 
  

			
	 Trustee’s Certificate of Authentication

 This Security is one of the Securities of the series herein designated, described or
provided for in the within-mentioned Indenture. 
  

			
	 Norwest Bank Minnesota, National Association, as Trustee:

		
	By:	 	 
		 	 Authorized Officer

 Section 2.3. Amount Unlimited. The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited, subject to compliance with the provisions of this Indenture. 

  
 7 

 Section 2.4. Denominations, Dates, Interest Payment And Record Dates. 

(a) The Securities shall be issuable in registered form without coupons in denominations of $1,000 and integral multiples
thereof or such other amount or amounts as may be authorized by the Board of Directors or a Company Order pursuant to a Board Resolution or in one or more indentures supplemental hereto; provided that the principal amount of a Global Security shall
not exceed $200,000,000 unless otherwise permitted by the Depository. 
 (b) Each Security shall be dated and issued as of
the date of its authentication by the Trustee, and shall bear an Original Issue Date or, as provided in Section 2.13(e) hereof, two or more Original Issue Dates; each Security issued upon transfer, exchange or substitution of a Security shall
bear the Original Issue Date or Dates of such transferred, exchanged or substituted Security, subject to the provisions of Section 2.13(e) hereof. 

(c) Each Security shall bear interest from the later of (1) its Original Issue Date (or, if pursuant to Section 2.13
hereof, a Global Security has two or more Original Issue Dates, interest shall, beginning on each such Original Issue Date, begin to accrue for that part of the principal amount of such Global Security to which that Original Issue Date is
applicable), or (2) the most recent date to which interest has been paid or duly provided for with respect to such Security until the principal of such Security is paid or made available for payment, and interest on each Security shall be
payable on each Interest Payment Date after the Original Issue Date. 
 (d) Each Security shall mature on a stated maturity
specified in the Security. The principal amount of each outstanding Security shall be payable on the maturity date or dates specified therein. 

(e) Unless otherwise specified in a Company Order pursuant to Section 2.5 hereof, interest on each of the Securities shall
be calculated on the basis of a 360-day year of twelve 30- day months and shall be computed at a fixed rate until the maturity of such Securities. The method of
computing interest on any Securities not bearing a fixed rate of interest shall be set forth in a Company Order pursuant to Section 2.5 hereof. Unless otherwise specified in a Company Order pursuant to Section 2.5 hereof, principal,
interest and premium on the Securities shall be payable in the currency of the United States. 
 (f) Except as provided in
the following sentence, the Person in whose name any Security is registered at the close of business on any Regular Record Date or Special Record Date with respect to an Interest Payment Date for such Security shall be entitled to receive the
interest payable on such Interest Payment Date notwithstanding the cancellation of such Security upon any registration of transfer, exchange or substitution of such Security subsequent to such Regular Record Date or Special Record Date and prior to
such Interest Payment Date. Any interest payable at maturity shall be paid to the Person to whom the principal of such Security is payable. 

(g) The Trustee (or any duly selected paying agent) shall provide to the Company during each month that precedes an Interest
Payment Date a list of the principal, interest and 

  
 8 

 
premium to be paid on Securities on such Interest Payment Date; provided, however, that any failure to receive such notice shall not relieve the Company of its obligation to pay the principal,
interest and premium on the Securities when due. The Trustee shall assume responsibility for withholding taxes on interest paid as required by law except with respect to any Global Security. 

Section 2.5. Execution, Authentication, Delivery And Dating. 

(a) The Securities shall be executed on behalf of the Company by one of its Chairman, President, any Vice President, its
Treasurer or an Assistant Treasurer of the Company and attested by the Secretary or an Assistant Secretary of the Company. The signature of any of these officers on the Securities may be manual or facsimile. 

(b) Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the
Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities
executed by the Company to the Trustee for authentication, together with or preceded by one or more Company Orders for the authentication and delivery of such Securities, and the Trustee in accordance with any such Company Order shall authenticate
and deliver such Securities. The Securities shall be issued in series. Such Company Order shall specify the following with respect to each series of Securities: (i) any limitations on the aggregate principal amount of the Securities to be
issued as part of such series, (ii) the Original Issue Date or Dates for such series, (iii) the stated maturity of such series, (iv) the interest rate or rates, or method of calculation of such rate or rates, for such series,
(v) the terms, if any, regarding the optional or mandatory redemption of such series, including redemption date or dates of such series, if any, and the price or prices applicable to such redemption (including any premium), (vi) the period or
periods within which, the price or prices at which and the terms and conditions upon which such Securities may be repaid, in whole or in part, at the option of the Holder thereof, (vii) whether or not the Securities of such series shall be
issued in whole or in part in the form of a Global Security and, if so, the Depository for such Global Security, (viii) the designation of such series, (ix) if the form of the Securities of such series is not as described in Exhibit
A or Exhibit B hereto, the form of the Securities of such series, (x) the maximum annual interest rate, if any, of the Securities permitted for such series, (xi) any other information necessary to complete the Securities of such
series, (xii) the establishment of any office or agency pursuant to Section 5.2 hereof, and (xiii) any other terms of such series not inconsistent with this Indenture. Prior to authenticating Securities of any series, and in accepting
the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall receive from the Company the following at or before the issuance of the initial Security of such series of Securities, and (subject to
Section 8.1 hereof) shall be fully protected in relying upon: 

  
 9 

 (1) A Board Resolution authorizing such Company Order or Orders and, if the form
of Securities is established by a Board Resolution or a Company Order pursuant to a Board Resolution, a copy of such Board Resolution; 

(2) an Opinion of Counsel stating substantially the following subject to customary qualifications and exceptions: 

(A) if the form of Securities has been established by or pursuant to a Board Resolution, a Company Order
pursuant to a Board Resolution, or in a supplemental indenture as permitted by Section 2.1 hereof, that such form has been established in conformity with this Indenture; 

(B) that the Indenture has been duly authorized, executed and delivered by the Company and constitutes a valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of
general application relating to or affecting the enforcement of creditors and the application of general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity) and except as enforcement of provisions
of the Indenture may be limited by state laws affecting the remedies for the enforcement of the security provided for in the Indenture; 

(C) that the Indenture is qualified to the extent necessary under the TIA; 

(D) that such Securities have been duly authorized and executed by the Company, and when authenticated by the
Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, except to the extent that
enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws of general application relating to or affecting the enforcement of creditors and the application of general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in equity) and except as enforcement of provisions of this Indenture may be limited by state laws affecting the remedies for the enforcement of the security provided for in this
Indenture; 
 (E) that the issuance of the Securities will not result in any default under this Indenture, or
any other contract, indenture, loan agreement or other instrument to which the Company is a party or by which it or any of its property is bound; and 

(F) that all consents or approvals of the Minnesota Public Utilities Commission (or any successor agency) and
of any other federal or state regulatory agency required in connection with the Company’s execution and delivery of this Indenture and such series of Securities have been obtained and not withdrawn (except that no statement need be made with
respect to state securities laws). 

  
 10 

 (3) an Officer’s Certificate stating that (i) the Company is not, and
upon the authentication by the Trustee of the series of Securities, will not be in default under any of the terms or covenants contained in the Indenture, and (ii) all conditions that must be met by the Company to issue Securities under this
Indenture have been met. 
 (d) The Trustee shall have the right to decline to authenticate and deliver any Security: 

(1) if the issuance of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee; 

(2) if the Trustee, being advised by counsel, determines that such action may not lawfully be taken; or 

(3) if the Trustee in good faith by its Board of Directors, executive officers or a trust committee of directors and/or
responsible officers determines that such action would expose the Trustee to personal liability to Holders of any outstanding Securities. 

(e) No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there
appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and
the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

(f) If all Securities of a series are not to be authenticated and issued at one time, the Company shall not be required to
deliver the Company Order, Board Resolutions, Officers’ Certificate and Opinion of Counsel (including any such that would be otherwise required pursuant to Section 14.5 hereof) described in Section 2.5(c) hereof at or prior to the
authentication of each Security of such series, if such items are delivered at or prior to the time of authentication of the first Security of such series to be authenticated and issued. If all of the Securities of a series are not authenticated and
issued at one time, for each issuance of Securities after the initial issuance of Securities, the Company shall be required only to deliver to the Trustee the Security and a written request (executed by one of the Chairman, the President, any Vice
President, the Treasurer, or an Assistant Treasurer, and the Secretary or an Assistant Secretary of the Company) to the Trustee to authenticate such Security and to deliver such Security in accordance with the instructions specified by such request.
Any such request shall constitute a representation and warranty by the Company that the statements made in the Officers’ Certificate delivered to the Trustee prior to the authentication and issuance of the first Security of such series are true
and correct on the date thereof as if made on and as of the date thereof. 

  
 11 

 Section 2.6. Exchange And Registration Of Transfer Of Securities. 

(a) Subject to Section 2.13 hereof, Securities may be exchanged for one or more new Securities of any authorized
denominations and of a like aggregate principal amount, series and stated maturity and having the same terms and Original Issue Date or Dates. Securities to be exchanged shall be surrendered at any of the offices or agencies to be maintained
pursuant to Section 5.2 hereof, and the Trustee shall deliver in exchange therefor the Security or Securities which the Securityholder making the exchange shall be entitled to receive. 

(b) The Trustee shall keep, at one of said offices or agencies, a register or registers in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall register or cause to be registered Securities and shall register or cause to be registered the transfer of Securities as in this Article II provided. Such register shall be in written form or in any
other form capable of being converted into written form within a reasonable time. At all reasonable times, such register shall be open for inspection by the Company. Upon due presentment for registration of transfer of any Security at any such
office or agency, the Company shall execute and the Trustee shall register, authenticate and deliver in the name of the transferee or transferees one or more new Securities of any authorized denominations and of a like aggregate principal amount,
series and stated maturity and having the same terms and Original Issue Date or Dates. 
 (c) All Securities presented for
registration or for exchange, redemption or payment shall be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and the Trustee and duly executed by the Holder or the attorney
in fact of such Holder duly authorized in writing. 
 (d) No service charge shall be made for any exchange or registration of
transfer of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

(e) The Trustee shall not be required to exchange or register a transfer of any Securities selected, called or being called for
redemption (including Securities, if any, redeemable at the option of the Holder provided such Securities are then redeemable at such Holder’s option) except, in the case of any Security to be redeemed in part, the portion thereof not to be so
redeemed. 
 (f) If the principal amount, and applicable premium, of part, but not all of a Global Security is paid, then
upon surrender to the Trustee of such Global Security, the Company shall execute, and the Trustee shall authenticate, deliver and register, a Global Security in an authorized denomination in aggregate principal amount equal to, and having the same
terms, Original Issue Date or Dates and series as, the unpaid portion of such Global Security. 
 Section 2.7. Mutilated, Destroyed, Lost Or Stolen
Securities. 
 (a) If any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the
Company shall execute, and upon its request the Trustee shall authenticate and deliver, a new Security of like form and principal amount and having the same terms and Original Issue Date or Dates and bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company, the Trustee
and any paying agent or Authenticating Agent such security or indemnity 

  
 12 

 
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft of a Security, the applicant shall also furnish to the Company and to the Trustee
evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof. 
 (b) The
Trustee shall authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. If any Security which has matured, is about to mature, has been redeemed or called for redemption shall
become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substituted Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such
payment shall furnish to the Company, the Trustee and any paying agent or Authenticating Agent such security or indemnity as may be required by them to save each of them harmless and, in case of destruction, loss or theft, evidence satisfactory to
the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 
 (c) Every
substituted Security issued pursuant to this Section 2.7 by virtue of the fact that any Security is mutilated, destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not such destroyed, lost
or stolen Security shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities duly issued hereunder. All Securities shall be held and owned upon the express
condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

Section 2.8. Temporary Securities. Pending the preparation of definitive Securities, the Company may execute and the
Trustee shall authenticate and deliver temporary Securities (printed, lithographed or otherwise reproduced). Temporary Securities shall be issuable in any authorized denomination and substantially in the form of the definitive Securities but with
such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every such temporary Security shall be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with the same effect, as the definitive Securities. Without unreasonable delay the Company shall execute and shall deliver to the Trustee definitive Securities and thereupon any or all temporary Securities shall be surrendered in
exchange therefor at the corporate trust office of the Trustee, and the Trustee shall authenticate, deliver and register in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities. Such exchange shall be
made by the Company at its own expense and without any charge therefor to the Securityholders. Until so exchanged, the temporary Securities shall be in the principal amount of definitive Securities. Such exchange shall be made by the Company at its
own expense and without any charge therefor to the Securityholders. Until so exchanges, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities authenticated and delivered
hereunder. 

  
 13 

 Section 2.9. Cancellation Of Securities Paid, Etc. All Securities
surrendered for the purpose of payment, redemption, exchange or registration of transfer shall be surrendered to the Trustee for cancellation and promptly canceled by it and no Securities shall be issued in lieu thereof except as expressly permitted
by this Indenture. The Company’s acquisition of any Securities shall operate as a redemption or satisfaction of the indebtedness represented by such Securities and such Securities shall be surrendered by the Company to and canceled by the
Trustee. 
 Section 2.10. Interest Rights Preserved. Each Security delivered under this Indenture upon transfer of
or in exchange for or in lieu of any other Security shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security, and each such Security shall be so dated that neither gain nor loss of interest
shall result from such transfer, exchange or substitution. 
 Section 2.11. Special Record Date. If and to the
extent that the Company fails to make timely payment or provision for timely payment of interest on any series of Securities (other than on an Interest Payment Date that is a maturity date), that interest shall cease to be payable to the Persons who
were the Securityholders of such series at the applicable Regular Record Date. In that event, when moneys become available for payment of the interest, the Trustee shall (a) establish a date of payment of such interest and a Special Record Date
for the payment of that interest, which Special Record Date shall be not more than 15 or fewer than 10 days prior to the date of the proposed payment and (b) mail notice of the date of payment and of the Special Record Date not fewer than 10
days preceding the Special Record Date to each Securityholder of such series at the close of business on the 15th day preceding the mailing at the address of such Securityholder, as it appeared on the register for the Securities. On the day so
established by the Trustee the interest shall be payable to the Holders of the applicable Securities at the close of business on the Special Record Date. 

Section 2.12. Payment Of Securities. Payment of the principal, interest and premium on all Securities shall be
payable as follows: 
 (a) On or before 11:30 a.m., New York City time, of the day on which payment of principal, interest
and premium is due on any Global Security pursuant to the terms thereof, the Company shall deliver to the Trustee funds available on such date sufficient to make such payment, by wire transfer of immediately available funds or by instructing the
Trustee to withdraw sufficient funds from an account maintained by the Company with the Trustee or such other method as is acceptable to the Trustee and the Depository. On or before Noon, New York City time, or such other time as shall be agreed
upon between the Trustee and the Depository, of the day on which any payment of interest is due on any Global Security (other than at maturity) and following receipt of the necessary funds from the Company, the Trustee shall pay to the Depository
such interest in same day funds. On or before Noon, New York City time or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable at maturity and premium, if any, is due on any
Global Security and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to 

  
 14 

 
the principal, interest payable at maturity and premium, if any, by wire transfer into the account specified by the Depository. As a condition to the payment, at maturity or upon redemption, of
any part of the principal of, interest on and applicable premium of any Global Security, the Depository shall surrender, or cause to be surrendered, such Global Security to the Trustee, whereupon a new Global Security shall be issued to the
Depository pursuant to Section 2.6(f) hereof. 
 (b) With respect to any Security that is not a Global Security,
principal, applicable premium and interest due at the maturity of the Security shall be payable in immediately available funds when due upon presentation and surrender of such Security at the corporate trust office of the Trustee or at the
authorized office of any paying agent. Interest on any Security that is not a Global Security (other than interest payable at maturity) shall be paid to the Holder thereof as its name appears on the register by check payable in clearinghouse funds;
provided that if the Trustee receives a written request from any Holder of Securities, ·the aggregate principal amount of which having the same Interest Payment Date equals or exceeds $10,000,000, on or before the applicable Regular Record
Date for such Interest Payment Date, interest shall be paid by wire transfer of immediately available funds to a bank within the continental United States designated by such Holder in its request or by direct deposit into the account of such Holder
designated by such Holder in its request if such account is maintained with the Trustee or any paying agent. 
 Section 2.13. Securities Issuable In
The Form Of A Global Security. 
 (a) If the Company shall establish pursuant to Section 2.5 hereof that the
Securities of a particular series are to be issued in whole or in part in the form of one or more Global Securities, then the Company shall execute and the Trustee shall, in accordance with Section 2.5 hereof and the Company Order delivered to
the Trustee thereunder, authenticate and deliver such Global Security or Securities, which (i) shall represent, shall be denominated in an amount equal to the aggregate principal amount of, and shall have the same terms as, the outstanding
Securities of such series to be represented by such Global Security or Securities, (ii) shall be registered in the name of the Depository or its nominee, (iii) shall be delivered by the Trustee to the Depository or pursuant to the
Depository’s instruction and (iv) shall bear a legend substantially to the following effect: “This Security is a Global Security registered in the name of the Depository (referred to herein) or a nominee thereof and, unless and until
it is exchanged in whole or in part for the individual Securities represented hereby, this Global Security may not be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. Unless this Global Security is presented by an authorized representative of The Depository Trust
Company (55 Water Street, New York, New York), to the trustee for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized
representative of The Depository Trust Company and 

  
 15 

 
any payment is made to Cede & Co., any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful since the registered owner hereof, Cede & Co.,
has an interest herein” or such other legend as may be required by the rules and regulations of the Depository. 
 (b)
Notwithstanding any other provision of Section 2.6 hereof or of this Section 2.13, unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for individual Securities, a Global Security
may be transferred, in whole but not in part, only as described in the legend thereto. 
 (c) (i) If at any time the
Depository for a Global Security notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time the Depository for the Global Security shall no longer be eligible or in good standing under
the Securities Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depository with respect to such Global Security. If a successor Depository for such Global Security is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section 2.5(c)(vi) hereof shall no longer be effective with respect to the series of Securities
evidenced by such Global Security and the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of such series in exchange for such Global Security, shall authenticate
and deliver, individual Securities of such series of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Security in exchange for such Global Security. The Trustee shall not be charged
with knowledge or notice of the ineligibility of a Depository unless a responsible officer assigned to and working in its corporate trustee administration department shall have actual knowledge thereof. 

(ii) The Company may at any time and in its sole discretion determine that all outstanding (but not less than all) Securities
of a series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Company shall execute, and the Trustee, upon receipt of a Company Order for the
authentication and delivery of individual Securities in exchange for such Global Security, shall authenticate and deliver individual Securities of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount
of such Global Security or Securities in exchange for such Global Security or Securities. 
 (iii) In any exchange provided
for in any of the preceding two paragraphs, the Company will execute and the Trustee will authenticate and deliver individual Securities in definitive registered form in authorized denominations. Upon the exchange of a Global Security for individual
Securities, such Global Security shall be canceled by the Trustee. Securities issued in exchange for a Global Security pursuant to this Section shall be registered in such names and in such authorized denominations as the Depository for such Global
Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depository for delivery to the persons in whose names such Securities are so
registered, or if the Depository shall refuse or be unable to deliver such 

  
 16 

 
Securities, the Trustee shall deliver such Securities to the persons in whose names such Securities are registered, unless otherwise agreed upon between the Trustee and the Company, in which
event the Company shall cause the Securities to be delivered to the persons in whose names such Securities are registered. 

(d) Neither the Company, the Trustee, any Authenticating Agent nor any paying agent shall have any responsibility or liability
for any aspect of the records relating to, or payments made on account of, beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interest. 

(e) Pursuant to the provisions of this subsection, at the option of the Trustee and upon 30 days’ written notice to the
Depository but not prior to the first Interest Payment Date of the respective Global Securities, the Depository shall be required to surrender any two or more Global Securities which have identical terms, including, ·without limitation,
identical maturities, interest rates and redemption provisions (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee shall authenticate and deliver to, or at the direction of, the
Depository a Global Security in principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities surrendered thereto and that shall indicate each applicable Original Issue Date and the principal
amount applicable to each such Original Issue Date. The exchange contemplated in this subsection shall be consummated at least 30 days prior to any Interest Payment Date applicable to any of the Global Securities surrendered to the Trustee. Upon any
exchange of any Global Security with two or more Original Issue Dates, whether pursuant to this Section or pursuant to Section 2.6 or Section 3.3 hereof, the aggregate principal amount of the Securities with a particular Original Issue
Date shall be the same before and after such exchange, after giving effect to any retirement of Securities and the Original Issue Dates applicable to such Securities occurring in connection with such exchange. 

ARTICLE III. REDEMPTION OF SECURITIES 

Section 3.1. Applicability Of Article. Such of the Securities as are, by their terms, redeemable prior to
their stated maturity date at the option of the Company, may be redeemed by the Company at such times, in such amounts and at such prices as may be specified therein and in accordance with the provisions of this Article III. 

Section 3.2. Notice Of Redemption; Selection Of Securities. 

(a) The election of the Company to redeem any Securities shall be evidenced by a Board Resolution which shall be given with
notice of redemption to the Trustee at least 45 days (or such shorter period acceptable to the Trustee in its sole discretion) prior to the redemption date specified in such notice. 

  
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 (b) Notice of redemption to each Holder of Securities to be redeemed as a whole
or in part shall be given by the Trustee, in the manner provided in Section 14.10 hereof, no less than 30 or more than 60 days prior to the date fixed for redemption. Any notice which is given in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the Securityholder receives the notice. In any case, failure duly to give such notice, or any defect in such notice, to the Holder of any Security designated for redemption as a whole or in part shall
not affect the validity of the proceedings for the redemption of any other Security. 
 (c) Each such notice shall specify
the date fixed for redemption, the places of redemption and the redemption price at which such Securities are to be redeemed, and shall state that payment of the redemption price of such Securities or portion thereof to be redeemed will be made upon
surrender of such Securities at such places of redemption, that interest accrued to the date fixed for redemption will be paid as specified in such notice, and that from and after such date interest thereon shall cease to accrue. If less than all of
a series of Securities having the same terms are to be redeemed, the notice shall specify the Securities or portions thereof to be redeemed. If any Security is to be redeemed in part only, the notice which relates to such Security shall state the
portion of the principal amount thereof to be redeemed, ·and shall state that, upon surrender of such Security, a new Security or Securities having the same terms in aggregate principal amount equal to the unredeemed portion thereof will be
issued. 
 (d) Unless otherwise provided by a supplemental indenture or Company Order under Section 2.5 hereof, if less
than all of a series of Securities is to be redeemed, the Trustee shall select in such manner as it shall deem appropriate and fair in its discretion the particular Securities to be redeemed in whole or in part and shall thereafter promptly notify
the Company in writing of the Securities so to be redeemed. If less than all of a series of Securities represented by a Global Security is to be redeemed, the particular Securities or portions thereof of such series to be redeemed shall be selected
by the Depository for such series of Securities in such manner as the Depository shall determine. Securities shall be redeemed only in denominations of $1,000, provided that any remaining principal amount of a Security redeemed in part shall be a
denomination authorized under this Indenture. 
 (e) If at the time of the mailing of any notice of redemption the Company
shall not have irrevocably directed the Trustee to apply funds deposited with the Trustee or held by it and available to be used for the redemption of Securities to redeem· all the Securities called for redemption, such notice, at the
election of the Company, may state that it is subject to the receipt of the redemption moneys by the Trustee before the date fixed for redemption and that such notice shall be of no effect unless such moneys are so received before such date. 

Section 3.3. Payment Of Securities On Redemption; Deposit Of Redemption Price. 

(a) If notice of redemption for any Securities shall have been given as provided in Section 3.2 hereof and such notice
shall not contain the language permitted at the Company’s option under Section 3.2(e) hereof, such Securities or portions of Securities called for redemption shall become due and payable on the date and at the places stated in such notice
at the applicable redemption price, together with interest accrued to the date fixed for redemption of such 

  
 18 

 Securities. Interest on the Securities or portions thereof so called for redemption shall cease
to accrue and such Securities or portions thereof shall be deemed not to be entitled to any benefit under this Indenture except to receive payment of the redemption price together with interest accrued thereon to the date fixed for redemption. Upon
presentation and surrender of such Securities at such a place of payment in such notice specified, such Securities or the specified portions thereof shall be paid and redeemed at the applicable redemption price, together with interest accrued
thereon to the date fixed for redemption. 
 (b) If notice of redemption shall have been given as provided in
Section 3.2 hereof and such notice shall contain the language permitted at the Company’s option under Section 3.2(e) hereof, such Securities or portions of Securities called for redemption shall become due and payable on the date and
at the places stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption of such Securities, and interest on the Securities or portions thereof so called for redemption shall cease to
accrue and such Securities or portions thereof shall be deemed not to be entitled to any benefit under this Indenture except to receive payment of the redemption price together with interest accrued thereon to the date fixed for redemption; provided
that, in each case, the Company shall have deposited with the Trustee or a paying agent on or prior to such redemption date an amount sufficient to pay the redemption price together with interest accrued to the date fixed for redemption. Upon the
Company making such deposit and, upon presentation and surrender of such Securities at such a place of payment in such notice specified, such Securities or the specified portions thereof shall be paid and redeemed at the applicable redemption price,
together with interest accrued thereon to the date fixed for redemption. If the Company shall not make such deposit on or prior to the redemption date, the notice of redemption shall be of no force and effect and the principal on such Securities or
specified portions thereof shall continue to bear interest as if the notice of redemption had not been given. 
 (c) No
notice of redemption of Securities shall be mailed during the continuance of any Event of Default, except (1) that, when notice of redemption of any Securities has been mailed, the Company shall redeem such Securities but only if funds
sufficient for that purpose have prior to the occurrence of such Event of Default been deposited with the Trustee or a paying agent for such purpose, and (2) that notices of redemption of all outstanding Securities may be given during the
continuance of an Event of Default. 
 (d) Upon surrender of any Security redeemed in part only, the Company shall execute,
and the Trustee shall authenticate, deliver and register, a new Security or Securities of authorized denominations in aggregate principal amount equal to, and having the same terms, Original Issue Date or Dates and series as, the unredeemed portion
of the Security so surrendered. 

  
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 ARTICLE IV. 

SATISFACTION AND DISCHARGE; UNCLAIMED MONEYS 

Section 4.1. Satisfaction And Discharge. If at any time: 

(a) the Company shall have paid or caused to be paid the principal of and premium, if any, and interest on all the outstanding
Securities, as and when the same shall have become due and payable, 
 (b) the Company shall have delivered to the Trustee
for cancellation all outstanding Securities, or 
 (c) the Company shall have irrevocably deposited or caused to be
irrevocably deposited with the Trustee as trust funds the entire amount in (A) cash, (B) U.S. Government Obligations maturing as to principal and interest in such amounts and at such times as will insure the availability of cash, or (C) a
combination of cash and U.S. Government Obligations, in any case sufficient, without reinvestment, as certified by an independent public accounting firm of national reputation in a written certification delivered to the Trustee, to pay at maturity
or the applicable redemption date (provided that notice of redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of any notice of redemption) all outstanding Securities,
including principal and any premium and interest due or to become due to such date of maturity, as the case may be and, unless all outstanding Securities are to be due within 90 days of such deposit by redemption or otherwise, shall also deliver to
the Trustee an Opinion of Independent Counsel to the effect that the Company has received from, or there has been published by, the Internal Revenue Service a ruling or similar pronouncement by the Internal Revenue Service or that there has been a
change of law, in either case to the effect that the Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such defeasance or discharge of the Indenture, and if, in any such case, the
Company shall also pay or cause to be paid all other sums payable hereunder by the Company, then this Indenture shall cease to be of further effect (except as to (i) rights of registration of transfer and exchange of Securities,
(ii) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (iii) rights of Securityholders to receive payments of principal thereof, and any premium and interest thereon, upon the original stated due dates therefor or
upon the applicable redemption date (but not upon acceleration of maturity) from the moneys and U.S. Government Obligations held by the Trustee pursuant to Section 4.2 hereof, (iv) the rights and immunities of the Trustee hereunder,
(v) the rights of the Holders of Securities as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, (vi) the obligations and rights of the Trustee and the Company under
Section 4.4 hereof, and (vii) the duties of the Trustee with respect to any of the foregoing), and the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and its obligations under, the Securities,
and the Trustee, on demand of the Company and at the cost and expense of the Company, shall execute proper instruments acknowledging such satisfaction of 

  
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 and discharging this Indenture and the Trustee shall at the request of the Company return to the
Company all property and money held by it under this Indenture and determined by it from time to time in accordance with the certification pursuant to this Section 4.1(c) to be in excess of the amount required to be held under this Section.

 If the Securities are deemed to be paid and discharged pursuant to Section 4.l(c) hereof, within 15 days after those
Securities are so deemed to be paid and discharged, the Trustee shall cause a written notice to be given to each Holder in the manner provided by Section 14.10 hereof. The notice shall: 

(i) state that the Securities are deemed to be paid and discharged; 

(ii) set forth a description of any U.S. Government Obligations and cash held by the Trustee as described above; and 

(iii) if any Securities will be called for redemption, specify the date or dates on which those Securities are to be called for
redemption. 
 Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 8.6 hereof, shall survive. 
 Section 4.2. Deposited Moneys To Be Held In Trust By
Trustee. All moneys and U.S. Government Obligations deposited with the Trustee pursuant to Section 4.1 hereof, shall be held · in trust and applied by it to the payment, either directly or through any paying agent (including the
Company if acting as its own paying agent), to the Holders of the particular Securities for the payment or redemption of which such moneys and U.S. Government Obligations have been deposited with the Trustee of all sums due and to become due thereon
for principal and premium, if any, and interest. 
 Section 4.3. Paying Agent To Repay Moneys Held. Upon the
satisfaction and discharge of this Indenture all moneys then held by any paying agent for the Securities (other than the Trustee) shall, upon written demand by an Authorized Agent, be repaid to the Company or paid to the Trustee, and thereupon such
paying agent shall be released from all further liability with respect to such moneys. 
 Section 4.4. Return Of
Unclaimed Moneys. Any moneys deposited with or paid to the Trustee for payment of the principal of or any premium or interest on any Securities and not applied but remaining unclaimed by the Holders of such Securities for two years after the
date upon which the principal of or any premium or interest on such Securities, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on written demand by an Authorized Agent, and all liability of the
Trustee shall thereupon cease; and any Holder of any of such Securities shall thereafter look only to the Company for any payment which such Holder may be entitled to collect. 

  
 21 

 ARTICLE V. 

PARTICULAR COVENANTS OF THE COMPANY 

Section 5.1. Payment Of Principal, Premium And Interest. The Company covenants and agrees for the benefit of the
Holders of the Securities that it will duly and punctually pay or cause to be paid the principal of and any premium and interest on each of the Securities at the places, at the respective times and in the manner provided in such Securities or in
this Indenture. 
 Section 5.2. Office For Notices And Payments, Etc. So long as any of the Securities remain
outstanding, the Company at its option may cause to be maintained in the Borough of Manhattan, the City and State of New York, or elsewhere, an office or agency where the Securities may be presented for registration of transfer and for exchange as
in this Indenture provided, and where, at any time when the Company is obligated to make a payment of principal and premium upon Securities, the Securities may be surrendered for payment, and may maintain at any such office or agency and at its
principal office an office or agency where notices and demands to or upon the Company in respect of the Securities or of this Indenture may be served. The designation of any such office or agency shall be made by Company Order pursuant to
Section 2.5 hereof or at any subsequent time pursuant to this Section 5.2 hereof. The Company will give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. If the Company shall
fail to give such notice of the location or of any change in the location of any such office or agency, presentations may be made and notices and demands may be served at the corporate trust office of the Trustee. 

Section 5.3. Appointments To Fill Vacancies In Trustee’s Office. The Company, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 8.11 hereof, a Trustee, so that there shall at all times be a Trustee hereunder. 

Section 5.4. Provision As To Paying Agent. The Trustee shall be the paying agent for the Securities and, at the
option of the Company, the Company may appoint additional paying agents (including without limitation itself). Whenever the Company shall appoint an additional paying agent, it shall cause such paying agent to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee, subject to this Section 5.4 : 
 (1) that it will hold in
trust for the benefit of the Holders and the Trustee all sums held by it as such agent for the payment of the principal of and any premium or interest on the Securities (whether such sums have been paid to it by the Company or by any other obligor
on such Securities) in trust for the benefit of the Holders of such Securities; 
 (2) that it will give to the Trustee
notice of any failure by the Company (or by any other obligor on such Securities) to make any payment of the principal of and any premium or interest on such Securities when the same shall be due and payable; and 

  
 22 

 (3) that it will at any time during the continuance of any such failure, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent. 
 If the
Company shall act as its own paying agent with respect to any Securities, it will, on or before each due date of the principal of and any premium or interest on such Securities, set aside, segregate and hold in trust for the benefit of the Holders
of such Securities a sum sufficient to pay such principal and any premium or interest so becoming due and will notify the Trustee of any failure by it to take such action and of any failure by the Company (or by any other obligor on such Securities)
to make any payment of the principal of and any premium or interest on such Securities when the same shall become due and payable. 

Whenever the Company shall have one or more paying agents, it will, on or prior to each due date of the principal of (and
premium, if any) or interest, if any, on any Securities, deposit with such paying agent a sum sufficient to pay the principal (and premium, if any) or interest, if any, so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, if any, and (unless such paying agent is the Trustee) the Company shall promptly notify the Trustee of any failure on its part to so act. 

Anything in this Section 5.4 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining
a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it or any paying agent hereunder, as required by this Section 5.4, such sums to be held by the Trustee
upon the trusts herein contained. 
 Anything in this Section 5.4 to the contrary notwithstanding, the agreement to
hold sums in trust as provided in this Section 5.4 is subject to Sections 4.3 and 4.4 hereof. 
 Section 5.5.
Certificates And Notice To Trustee. The Company shall, on or before May 1 of each year, beginning in 2000, deliver to the Trustee a certificate from its principal executive officer, principal financial officer or principal accounting
officer covering the preceding calendar year and stating whether or not, to the knowledge of such party, the Company has complied with all conditions and covenants under this Indenture, and, if not, describing in reasonable detail any failure by the
Company to comply with any such conditions or covenants. For purposes of this Section, compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. 

  
 23 

 ARTICLE VI. 

SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 6.1. Securityholder Lists. 

(a) The Company shall furnish or cause to be furnished to the Trustee semiannually, not later than 15 days after each Regular
Record Date for each Interest Payment Date that is not a maturity date and at such other times as such Trustee may request in writing, within 30 days after receipt by the Company of any such request, a list in such form as the Trustee may reasonably
require containing all the information in the possession or control of the Company, or any paying agents other than the Trustee, as to the names and addresses of the Holders of Securities, obtained since the date as of which the next previous list,
if any, was furnished. Any such list may be dated as of a date not more than 15 days prior to the time such information is furnished or caused to be furnished and need not include information received after such date; provided that as long as the
Trustee is the registrar for the Securities, no such list shall be required to be furnished. The Trustee shall preserve any list provided to it pursuant to this Section until such time as the Company or any paying agent, as applicable, shall provide
it with a more recent list. 
 (b) Within five business days after the receipt by the Trustee of a written application by any
three or more Holders stating that the applicants desire to communicate with other Holders with respect to their rights under the Indenture or under the Securities, and accompanied by a copy of the form of proxy or other communication which such
applicants propose to transmit, and by reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, the Trustee shall, at its election, either: 

(i) afford to such applicants access to all information furnished to or received by the Trustee pursuant to
Section 6.l(a) hereof or, if applicable, in its capacity as registrar to the Securities; or 
 (ii)
inform such applicants as to the approximate number of Holders according to the most recent information furnished to or received by the Trustee under Section 6.l(a) hereof or if applicable in its capacity as registrar for the Securities, and as
to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such application. 

If the Trustee shall elect not to afford such applicants access to such information, the Trustee shall, upon the written
request of such applicants, mail to each Holder of Securities a copy of the form of proxy or other communication which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of
payment, or provision for the payment, of the reasonable expenses of such mailing, unless within five days after such tender the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a
written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interests of the Holders or would be in 

  
 24 

 violation of applicable law. Such written statement shall specify the basis of such opinion. If
the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met and shall enter an order so declaring, the Trustee shall mail copies of such material to all Holders with reasonable
promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any obligation or duty to such applicants respecting their application. 

(c) Every Holder of a Security, by receiving and holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any paying agent nor any Authenticating Agent shall be held accountable by reason of the disclosure of any such information as to the names and addresses of the Holders in accordance with this Section, regardless of the
source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under this Section. 

Section 6.2. Securities And Exchange Commission Reports. 

The Company shall: 

(a) file with the Trustee, within 15 days after the Company is required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not required to file information, documents or reports pursuant to either of said Sections, then it will file with the Trustee
and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the
Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(b) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports· with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations, including, in
the case of annual reports, if required by such rules and regulations, certificates or opinions of independent public accountants, conforming to the requirements of Section 14.5, as to compliance with conditions or covenants, compliance with
which is subject to verification by accountants; and 
 (c) transmit by mail to all Holders, as their names and addresses
appear in the register, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs 

  
 25 

 
(a) and (b) of this Section as may be required by rules and regulations prescribed from time to time by the Commission. 

Section 6.3. Reports By The Trustee. 

(a) Within 60 days after July 15 of each year, beginning with the July 15 after the first issuance of Securities
hereunder, the Trustee shall transmit by mail a brief report dated as of such date that complies with Section 313(a) of the TIA (to the extent required by such Section). 

(b) The Trustee shall from time to time transmit by mail brief reports that comply, both in content and date of delivery, with
Section 313(b) of the TIA (to the extent required by such Section). 
 (c) A copy of each such report filed pursuant to
this section shall, at the time of such transmission to such Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed and also with the Commission. The Company will notify the Trustee promptly upon the listing
of such Securities on any stock exchange. 
 (d) Reports pursuant to this Section shall be transmitted 

(1) by mail to all Holders of Securities, as their names and addresses appear in the register for the
Securities; 
 (2) by mail to such Holders of Securities as have, within the two years preceding such
transmission, filed their names and addresses with the Trustee for such purpose; 
 (3) by mail, except in
the case of reports pursuant to Section 6.3(b) and (c) hereof, to all Holders of Securities whose names and addresses have been furnished to or received by the Trustee pursuant to Section 6.1 hereof; and 

(4) at the time such report is transmitted to the Holders of the Securities, to each exchange on which
Securities are listed and also with the Commission. 
 ARTICLE VII. 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENTS OF DEFAULT 

Section 7.1. Events Of Default. 

(a) If one or more of the following Events of Default shall have occurred and be continuing: 

  
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 (1) default in the payment of any installment of interest upon
any of the Securities as and when the same shall become due and payable, and continuance of such default for a period of 30 days; 

(2) default in the payment of the principal of or any premium on any of the Securities as and when the same
shall become due and payable and continuance of such default for five days; 
 (3) failure on the part of the
Company duly to observe or perform any other of the covenants or agreements on the part of the Company contained in the Securities or in this Indenture for a period of 90 days after the date on which written notice of such failure, requiring the
same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee by registered mail, or to the Company and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Securities at the time outstanding; 
 (4) the entry of a decree or order by a court
having jurisdiction over the Company for relief in respect of the Company under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law, or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official of the Company or of any substantial part of its property, or ordering the winding-up or liquidation of its
affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or 

(5) the filing by the Company with respect to itself or its property of a petition or answer or consent seeking
relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the institution of proceedings thereunder or to
the filing of any such petition or to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or of any substantial part of its property, or the failure
of the Company generally to pay its debts as such debts become due, or the taking of corporate action by the Company to effectuate any such action; 

then and in each and every such case, unless the principal of all of the Securities shall have already become due and payable, either the
Trustee or the Holders of a majority in aggregate principal amount of the Securities then outstanding, by notice in writing to the Company (and to the Trustee if given by Securityholders), may declare the principal of all the Securities to be due
and payable immediately and upon any such declaration the same shall become and shall be immediately due and payable, anything in this Indenture or in the Securities contained to the contrary notwithstanding. This provision, however, is subject to
the condition that if, at any time after the principal of the Securities shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided,
the Company shall pay or shall deposit with the Trustee a sum sufficient to 

  
 27 

 pay all matured installments of interest upon all of the Securities and the principal of and any
premium on any and all Securities which shall have become due otherwise than by acceleration (with interest on overdue installments of interest, to the extent that payment of such interest is enforceable under applicable law, and on such principal
and applicable premium at the rate borne by the Securities to the date of such payment or deposit) and all sums paid or advanced by the Trustee hereunder, the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 8.6 hereof, and any and all defaults under this Indenture, other than the non-payment of principal of and accrued interest on Securities
which shall have become due solely by acceleration of maturity, shall have been cured or waived then and in every such case such payment or deposit shall cause an automatic waiver of the Event of Default and its consequences and shall cause an
automatic rescission and annulment of the acceleration of the Securities; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. 

(b) If the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been
discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company and the Trustee shall be restored respectively to their several
positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceeding had been taken. 

Section 7.2. Payment Of Securities On Default; Suit Therefor. 

(a) The Company covenants that in case of: 

(1) default in the payment of any installment of interest upon any of the Securities as and when the same shall
become due and payable, and continuance of such default for a period of 30 days; or 
 (2) default in the
payment of the principal of or any premium on any· of the Securities as and when the same shall have become due and payable whether at the stated maturity thereof, upon redemption thereof (provided that such redemption is not conditioned upon
the deposit of sufficient moneys for such redemption), upon declaration of acceleration or otherwise. 
 then, upon demand of the Trustee,
the Company shall pay to the Trustee, for the benefit of the Holders of the Securities, the whole amount that then shall have so become due and payable on all such Securities for principal and any premium or interest, or both, as the case may be,
with interest upon the overdue principal and any premium and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue installments of interest at the rate borne by the Securities; and, in addition thereto,
such further amounts as shall be sufficient to cover the costs and expenses of collection, including reasonable compensation to the Trustee, its agents, attorneys and counsel, any expenses or liabilities incurred by the Trustee hereunder other

  
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than through its negligence or bad faith, and any other amounts due the Trustee under Section 8.6 hereof. 

(b) If the Company shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of an
express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may enforce any such judgment or final decree against the Company or any other obligor
on the Securities and collect in the manner provided by law out of the property of the Company or any other obligor on such series of Securities wherever situated, the moneys adjudged or decreed to be payable. 

(c) If there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on
the Securities under the United States Bankruptcy Code or any other applicable law, or in case a receiver or trustee shall have been appointed for the property of the Company or such other obligor, or in the case of any similar judicial proceedings
relative to the Company or other obligor upon the Securities, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to this Section 7.2, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a
claim or claims for the whole amount of principal and any premium and interest owing and unpaid in respect of the Securities, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any amounts due to the Trustee under Section 8.6 hereof) and of the Holders of Securities allowed in such judicial proceedings relative to the Company or any other obligor on the
Securities, its or their creditors, or its or their property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses. 

(d) All claims and rights of action under this Indenture, or under any of the Securities, may be enforced by the Trustee
without the possession of any of the Securities, or the production thereof in any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall be for the ratable benefit of the Holders of the Securities in respect of which such action was taken. 

(e) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent or to accept or adopt on behalf
of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such
proceeding. 
 Section 7.3. Application Of Moneys Collected By Trustee. Any moneys collected by the Trustee
with respect to any of the Securities pursuant to this Article shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys, upon 

  
 29 

 
presentation of the several Securities, and stamping thereon the payment, if only partially paid, and upon surrender thereof if fully paid. 

FIRST: To the payment of all amounts due to the Trustee pursuant to Section 8.6 hereof; 

SECOND: If the principal of the outstanding Securities in respect of which such moneys have been collected shall not have become due and be
unpaid, to the payment of interest on the Securities, in the order of the maturity of the installments of such interest, with interest (to the extent allowed by law and to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest at the rate borne by the Securities, such payments to be made ratably to the persons entitled thereto, and then to the payment to the Holders entitled thereto of the unpaid principal of and applicable premium on any
of the Securities which shall have become due (other than Securities previously called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), whether at stated maturity or by redemption, in the order
of their due dates, beginning with the earliest due date, and if the amount available is not sufficient to pay in full all Securities due on any particular date, then to the payment thereof ratably, according to the amounts of principal and
applicable premium due on that date, to the Holders entitled thereto, without any discrimination or privilege; 
 THIRD: If the principal of
the outstanding Securities in respect of which such moneys have been collected shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the Securities for principal and any premium and
interest thereon, with interest on the overdue principal and any premium and (to the extent allowed by law and to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate borne by the
Securities; and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities, then to the payment of such principal and any premium and interest without preference or priority of principal and any
premium over interest, or of interest over principal and any premium or of any installment of interest over any other installment of interest, or of any Security over any other Security, ratably to the aggregate of such principal and any premium and
accrued and unpaid interest; and 
 FOURTH: to the payment of the remainder, if any, to the Company or its successors or assigns, or to
whomsoever may lawfully be entitled to the same, or as a court of competent jurisdiction may determine. 
 Section 7.4. Proceedings By
Securityholders. 
 (a) No Holder of any Security shall have any right by virtue of or by availing of any provision of
this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless such Holder previously shall
have given to the Trustee written notice of an Event of Default with respect to such Security and of the continuance thereof, as hereinabove provided, and unless also Securityholders of a majority in aggregate principal amount of the Securities then
outstanding affected by such Event of Default shall have made 

  
 30 

 written request upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60 days after its receipt of such notice, request
and offer of indemnity, shall have neglected or refused to institute any such action, suit or proceeding. 
 (b)
Notwithstanding any other provision in this Indenture, however, the rights of any Holder of any Security to receive payment of the principal of and any premium and interest on such Security, on or after the respective due dates expressed in such
Security or on the applicable redemption date, or to institute suit for the enforcement of any such payment on or after such respective dates shall not be impaired or affected without the consent of such Holder. 

Section 7.5. Proceedings By Trustee. In case of an Event of Default hereunder the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture, by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by
proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted to it under this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by law. 
 Section 7.6. Remedies Cumulative And
Continuing. All powers and remedies given by this Article VII to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any powers and remedies hereof or of any other powers and
remedies available to the Trustee or the Holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the Trustee
or of any Holder of any of the Securities in exercising any right or power accruing upon any default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to Section 7.4 hereof, every power and remedy given by this Article VII or by law to the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the
Trustee or by the Securityholders. 
 Section 7.7. Direction Of Proceedings And Waiver Of
Defaults By Majority Of Securityholders. The Holders of a majority in aggregate principal amount of the Securities at the time outstanding shall have the right to direct the time, method, and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee; provided, that (subject to Section 8.1 hereof) the Trustee shall have the right to decline to follow any such direction if the Trustee being advised
by counsel determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees or responsible
officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability or would be unduly prejudicial to the rights of Securityholders not joining in such directions. The Holders of a majority in aggregate
principal amount of the 

  
 31 

 
Securities at the time outstanding may on behalf of all of the Holders of the Securities waive any past default or Event of Default hereunder and its consequences except a default in the payment
of principal of or any premium or interest on the Securities. Upon any such waiver the Company, the Trustee and the Holders of the Securities shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall
extend to any subsequent or other default or Event of Default or impair any right consequent thereon. Whenever any default or Event of Default hereunder shall have been waived as permitted by this Section 7.7, said default or Event of Default
shall for all purposes of the Securities and this Indenture be deemed to have been cured and to be not continuing. 

Section 7.8. Notice Of Default. The Trustee shall, within 90 days after the occurrence of a default, give to all
Holders of the Securities, in the manner provided in Section 14.10, notice of such default, unless such default shall have been cured before the giving of such notice, the term “default” for the purpose of this Section 7.8 being
hereby defined to be any event which is or after notice or lapse of time or both would become an Event of Default; provided that, except in the case of default in the payment of the principal of or any premium or interest on any of the Securities,
or in the payment of any sinking or purchase fund installments, the Trustee shall be protected in withholding such notice if and so long as its board of directors or trustees, executive committee, or a trust committee of directors or trustees or
responsible officers in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities. The Trustee shall not be charged with knowledge of any Event of Default unless a responsible officer of the
Trustee assigned to the corporate trustee department of the Trustee shall have actual knowledge of such Event of Default. 

Section 7.9. Undertaking To Pay Costs. All parties to this Indenture agree, and each Holder of any Security by
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as
Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such
suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but this Section 7.9 shall not apply to any suit instituted by the Trustee, or to any suit instituted by any Securityholder, or group of
Securityholders, holding in the aggregate more than 10% in principal amount of the Securities outstanding, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of or any premium or interest on any
Security on or after the due date expressed in such Security or the applicable redemption date. 

  
 32 

 ARTICLE VIII. 

CONCERNING THE TRUSTEE 

Section 8.1. Duties And Responsibilities Of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default and after the curing of all Events of Default which may have
occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(b) No provisions of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that: 
 (1) prior to the occurrence of
any Event of Default and after the curing or waiving of all Events of Default which may have occurred 
 (A)
the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(B) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth
of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions which by
any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a responsible officer or
officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith
in accordance with Section 7.7 hereof relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture. 

  
 33 

 Section 8.2. Reliance On Documents, Opinions, Etc. Except
as otherwise provided in Section 8.1 hereof: 
 (a) the Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an
Officers’ Certificate (unless other evidence in respect thereof is herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 (c) the Trustee may consult with counsel and any advice or Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request, order or direction of any of the Securityholders, pursuant to this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities which may be incurred
by such exercise; 
 (e) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f)
prior to the occurrence of an Event of Default hereunder and after the curing or waiving of all Events of Default, the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, note or other paper or document, unless requested in writing to do so by the Holders of at least a majority in principal amount of the then outstanding Securities; provided that
if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security
afforded to it by this Indenture, the Trustee may require reasonable indemnity against such expense or liability as a condition to so proceeding; 

(g) no provision of this Indenture shall require the Trustee to extend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it; and 

  
 34 

 (h) the Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or through agents or attorneys; provided that the Trustee shall not be liable for the conduct or acts of any such agent or attorney that shall have been appointed in accordance herewith with due care. 

Section 8.3. No Responsibility For Recitals, Etc. The recitals contained herein and in the Securities (except in the
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of
the Securities. The Trustee shall not be accountable for the use or application by the Company of any Securities or the proceeds of any Securities authenticated and delivered by the Trustee in conformity with this Indenture. The Trustee shall not be
responsible for recording or filing this Indenture, any supplemental indenture, or any financing or continuation statement in any public office at any time or times. 

Section 8.4. Trustee, Authenticating Agent, Paying Agent Or Registrar May Own Securities. The Trustee and any
Authenticating Agent or paying agent in its individual or other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, Authenticating Agent or paying agent. 

Section 8.5. Moneys To Be Held In Trust. Subject to Section 4.4 hereof, all moneys received by the Trustee
shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee may allow and credit to the Company
interest on any money received hereunder at such rate, if any, as may be agreed upon by the Company and the Trustee from time to time as may be permitted by law. 

Section 8.6. Compensation and Expenses Of Trustee. The Company covenants and agrees to pay to the Trustee from time
to time, and the Trustee shall be entitled to, reasonable compensation (which shall not be limited by any law in regard to the compensation of a trustee of an express trust), and the Company shall pay or reimburse the Trustee upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its counsel and agents, including any
Authenticating Agents, and of all persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or bad faith. The Company also covenants to indemnify the Trustee for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the costs and expenses of defending itself
against any claim or liability. The obligations of the Company under this Section 8.6 to compensate the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the Holders of any particular Securities.

  
 35 

 Section 8.7. Officers’ Certificate As Evidence. Whenever in the
administration of this Indenture, the Trustee shall deem it necessary or desirable that a matter be proved or established prior to the taking, suffering or omitting of any action hereunder, such matter (unless other evidence in respect thereof is
herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee, and such Officers’
Certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under this Indenture in reliance thereon. 

Section 8.8. Conflicting Interest Of Trustee. The Trustee shall be subject to and shall comply with the provisions
of Section 31 0 of the TIA; provided that, to the extent permitted by law, Norwest Bank Minnesota, National Association shall not be deemed to have a conflicting interest for purposes of Section 310(b) of the TIA because of its capacity as
trustee under the Company’s pollution control and Resource Recovery bonds. Nothing in this Indenture shall be deemed to prohibit the Trustee or the Company from making any application permitted pursuant to such section. 

Section 8.9. Existence And Eligibility Of Trustee. There shall at all times be a Trustee hereunder which Trustee
shall at all times be a corporation organized and doing business under the laws of the United States or any State thereof or of the District of Columbia (or a corporation or other Person permitted to act as trustee by the Commission), subject to
supervision or examination by such bodies and authorized under such laws to exercise corporate trust powers and having a combined capital and surplus of at least $150,000,000. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid authority, then for the purposes of this Section 8.9, the combined capital and surplus shall be deemed to be as set forth in its most recent report of condition so published. No obligor
upon the Securities or Person directly or indirectly controlling, controlled by, or under common control with such obligor shall serve as Trustee. If at any time the Trustee shall cease to be eligible in accordance with this Section 8.9, the
Trustee shall resign immediately in the manner and with the effect specified in Section 8.10 hereof. 
 Section 8.10. Resignation Or Removal Of
Trustee. 
 (a) Pursuant to the provisions of this Article, the Trustee may at any time resign and be discharged of the
trusts created by this Indenture by giving written notice to the Company specifying the day upon which such resignation shall take effect, and such resignation shall take effect immediately upon the later of the appointment of a successor trustee
and such day. 
 (b) Any Trustee may be removed at any time by an instrument or concurrent instruments in writing filed with
such Trustee and signed and acknowledged by the Holders of a majority in principal amount of the then outstanding Securities or by their attorneys in fact duly authorized. 

(c) So long as no Event of Default has occurred and is continuing, and no event has occurred and is continuing that, with the
giving of notice or the lapse of time or both, would 

  
 36 

 become an Event of Default, the Company may remove any Trustee upon written notice to the Holder
of each Security outstanding and the Trustee. 
 (d) If at any time (1) the Trustee shall cease to be eligible in
accordance with Section 8.9 hereof and shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder for at least six months, (2) the Trustee shall fail to comply with Section 8.8
hereof after written request therefor by the Company or any such Holder, or (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or its property shall be appointed or any
public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trustee may be removed forthwith by an instrument or concurrent instruments in writing
filed with the Trustee and either: 
 (1) signed by the President or any Vice President or the Company and
attested by the Secretary or an Assistant Secretary of the Company; or 
 (2) signed and acknowledged by the
Holders of a majority in principal amount of outstanding Securities or by their attorneys in fact duly authorized. 
 (e) Any
resignation or removal of the Trustee shall not become effective until acceptance of appointment by the successor Trustee as provided in Section 8.11 hereof. 

Section 8.11. Appointment Of Successor Trustee. 

(a) If at any time the Trustee shall resign or be removed, the Company, by a Board Resolution, shall promptly appoint a
successor Trustee. 
 (b) The Company shall provide written notice of its appointment of a Successor Trustee to the Holder of
each Security outstanding following any such appointment. 
 (c) If no appointment of a successor Trustee shall be made
pursuant to Section 8.11(a) hereof within 60 days after appointment shall be required, any Securityholder or the resigning Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Said court may thereupon after
such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee. 
 (d) Any Trustee appointed
under this Section 8.11 as a successor Trustee shall be a bank or trust company eligible under Section 8.9 hereof and qualified under Section 8.8 hereof. 

Section 8.12. Acceptance By Successor Trustee. 

(a) Any successor Trustee appointed as provided in Section 8.11 hereof shall execute, acknowledge and deliver to the
Company and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor Trustee, without any further act, deed or
conveyance, 

  
 37 

 shall become vested with all the rights, powers, duties and obligations of its predecessor
hereunder, with like effect as if originally named as Trustee herein; but nevertheless, on the written request of the Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment of any amounts then due it pursuant to
Section 8.6 hereof, execute and deliver an instrument transferring to such successor Trustee all the rights and powers of the Trustee so ceasing to act. Upon request of any such successor Trustee, the Company shall execute any and all
instruments in writing in order more fully and certainly to vest in and confirm to such successor Trustee all such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such
Trustee to secure any amounts then due it pursuant to Section 8.6 hereof. 
 (b) No successor Trustee shall accept
appointment as provided in this Section 8.12 unless at the time of such acceptance such successor Trustee shall be qualified under Section 8.8 hereof and eligible under Section 8.9 hereof. 

(c) Upon acceptance of appointment by a successor Trustee as provided in this Section 8.12, the successor Trustee shall
mail notice of its succession hereunder to all Holders of Securities as the names and addresses of such Holders appear on the registry books. 

Section 8.13. Succession By Merger, Etc. 

(a) Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder
without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided such corporation shall be otherwise qualified and eligible under this Article. 

(b) If at the time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the Securities
shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Securities so authenticated; and in case at that time any of the Securities
shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor Trustee; and in all such cases such certificates shall have the full
force which it is anywhere in the Securities or in this Indenture provided that the certificates of the Trustee shall have; provided that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Securities in
the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
 Section 8.14.
Limitations On Rights Of Trustee As A Creditor. 
 The Trustee shall be subject to, and shall comply with, the provisions
of Section 311 of the TIA. 

  
 38 

 Section 8.15. Authenticating Agent. 

(a) There may be one or more Authenticating Agents appointed by the Trustee with the written consent of the Company, with power
to act on its behalf and subject to the direction of the Trustee in the authentication and delivery of Securities in connection with transfers and exchanges under Sections 2.6, 2.7, 2.8, 2.13, 3.3, and 12.4 hereof, as fully to all intents and
purposes as though such Authenticating Agents had been expressly authorized by those Sections to authenticate and deliver Securities. For all purposes of this Indenture, the authentication and delivery of Securities by any Authenticating Agent
pursuant to this Section 8.15 shall be deemed to be the authentication and delivery of such Securities “by the Trustee.” Any such Authenticating Agent shall be a bank or trust company or other Person of the character and
qualifications set forth in Section 8.9 hereof. 
 (b) Any corporation into which any Authenticating Agent may be merged
or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which any Authenticating Agent shall be a ·party, or any corporation succeeding to the corporate trust business of
any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, if such successor corporation is otherwise eligible under this Section 8.15, without the execution or filing of any paper or any further act on the part of
the parties hereto or such Authenticating Agent or such successor corporation. 
 (c) Any Authenticating Agent may at any
time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the
Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Authenticating Agent shall cease to be eligible under this Section 8.15, the Trustee may, with the written consent of the Company,
appoint a successor Authenticating Agent, and upon so doing shall give written notice of such appointment to the Company and shall mail, in the manner provided in Section 14.10, notice of such appointment to the Holders of Securities. ·

 (d) The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services, and
the Trustee shall be entitled to be reimbursed for such payments, in accordance with Section 8.6 hereof. 
 (e) Sections
8.2, 8.3, 8.6, 8.7 and 8.9 hereof shall be applicable to any Authenticating Agent 

  
 39 

 ARTICLE IX. 

CONCERNING THE SECURITYHOLDERS 

Section 9.1. Action By Securityholders. Whenever in this Indenture it is provided that the Holders of a specified
percentage in aggregate principal amount of the Securities may take any action, the fact that at the time of taking any such action the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any
number of instruments of similar tenor executed by such Securityholders in person or by agent or proxy appointed in writing, (b) by the record of such Securityholders voting in favor thereof at any meeting of Securityholders duly called and
held in accordance with Article X hereof, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Securityholders. 

Section 9.2. Proof Of Execution By Securityholders. 

(a) Subject to Sections 8.1, 8.2 and 10.5 hereof, proof of the execution of any instruments by a Securityholder or the agent or
proxy for such Securityholder shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The ownership of Securities shall be
proved by the register for the Securities maintained by the Trustee. 
 (b) The record of any Securityholders’ meeting
shall be proven in the manner provided in Section 10.6 hereof. 
 Section 9.3. Who Deemed Absolute Owners.
Subject to Sections 2.4(f) and 9.1 hereof, the Company, the Trustee, any paying agent and any Authenticating Agent shall deem the person in whose name any Security shall be registered upon the register for the Securities to be, and shall treat such
person as, the absolute owner of such Security (whether or not such Security shall be overdue) for the purpose of receiving payment of or on account of the principal and premium, if any, and interest on such Security, and for all other purposes; and
neither the Company nor the Trustee nor any paying agent nor any Authenticating Agent shall be affected by any notice to the contrary. All such payments shall be valid and effectual to satisfy and discharge the liability upon any such Security to
the extent of the sum or sums so paid. 
 Section 9.4. Company-Owned Securities Disregarded. In
determining whether the Holders of the requisite aggregate principal amount of outstanding Securities have concurred in any direction, consent or waiver under this Indenture, Securities which are owned by the Company or any other obligor on the
Securities or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities shall be disregarded and deemed not to be outstanding for the purpose
of any such determination; provided that, for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities which the Trustee 

  
 40 

 knows are so owned shall be so disregarded. Securities so owned which have been pledged in good
faith to third parties may be regarded as outstanding for the purposes of this Section 9.4 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to take action with respect to such Securities and that the
pledgee is not a person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the
advice of counsel shall be full protection to the Trustee. 
 Section 9.5. Revocation Of Consents; Future Holders
Bound. Except as may be otherwise required in the case of a Global Security by the applicable rules and regulations of the Depository, at any time prior to the taking of any action by the Holders of the percentage in aggregate principal amount
of the Securities specified in this Indenture in connection with such action, any Holder of a Security, which has been included in the Securities the Holders of which have consented to such action, may, by filing written notice with the Trustee at
the corporate trust office of the Trustee and upon proof of ownership as provided in Section 9.2(a) hereof, revoke such action so far as it concerns such Security. Except as aforesaid, any such action taken by the Holder of any Security shall
be conclusive and binding upon such Holder and upon all future Holders and owners of such Security and of any Securities issued in exchange, substitution or upon registration of transfer therefor, irrespective of whether or not any notation thereof
is made upon such Security or such other Securities. 
 Section 9.6. Record Date For Securityholder Acts. If the
Company shall solicit from the Securityholders any request, demand, authorization, direction, notice, consent, waiver or other act, the Company may, at its option, by Board Resolution, fix in advance a record date for the determination of
Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other act may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purpose of determining whether
Holders of the requisite aggregate principal amount of outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act, and for that purpose the outstanding
Securities shall be computed as of the record date; provided that no such request, demand, authorization, direction, notice, consent, waiver or other act by the Securityholders on the record date shall be deemed effective unless it shall become
effective pursuant to this Indenture not later than six months after the record date. Any such record date shall be at least 30 days prior to the date of the solicitation to the Securityholders by the Company. 

 
 ARTICLE X. 

SECURITYHOLDERS’ MEETING 

Section 10.1. Purposes Of Meetings. A meeting of Securityholders may be called at any time and from time to time
pursuant to this Article X for any of the following purposes: 

  
 41 

 (a) to give any notice to the Company or to the Trustee, or to give any
directions to the Trustee, or to consent to the waiving of any Event of Default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to Article VII; 

(b) to remove the Trustee pursuant to Article VIII; 

(c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to Section 12.2 hereof; or 

(d) to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount
of the Securities, as the case may be, under any other provision of this Indenture or under applicable law. 

Section 10.2. Call Of Meetings By Trustee. The Trustee may at any time call a meeting of Holders of Securities to
take any action specified in Section 10.1 hereof, to be held at such time and at such place as the Trustee shall determine. Notice of every such meeting of Securityholders, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given to Holders of the Securities that may be affected by the action proposed to be taken at such meeting in the manner provided in Section 14.10 hereof. Such notice shall be
given not less than 20 nor more than 90 days prior to the date fixed for such meeting. 
 Section 10.3. Call Of
Meetings By Company Or Securityholders. If at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% in aggregate principal amount of the Securities then outstanding, shall have requested the Trustee to call a
meeting of Securityholders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such meeting within 20 days after receipt of such request, then the
Company or such Securityholders may determine the time and the place for such meeting and may call such meeting to take any action authorized in Section 10.1 hereof, by giving notice thereof as provided in Section 10.2 hereof. 

Section 10.4. Qualifications For Voting. To be entitled to vote at any meetings of Securityholders a Person shall
(a) be a Holder of one or more Securities affected by the action proposed to be taken or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more such Securities. The only Persons who shall be entitled to
be present or to speak at any meeting of Securityholders shall be the Persons entitled to vote at such meeting and their counsel and any representatives (including employees) of the Trustee and its counsel and any representatives (including
employees) of the Company and its counsel. 
 Section 10.5. Regulations. 

(a) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Securityholders in regard to proof of the holding of Securities and of the appointment of proxies, and in regard to 

  
 42 

 the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

(b) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have
been called by the Company or by the Securityholders as provided in Section 10.3 hereof, in which case the Company or Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by the Holders of a majority in aggregate principal amount of the Securities present in person or by proxy at the meeting. 

(c) Subject to Section 9.4 hereof, at any meeting each Securityholder or proxy shall be entitled to one vote for each
$1,000 principal amount of Securities held or represented by such Securityholder; provided that no vote shall be cast or counted at any meeting in respect of any Security ruled by the chairman of the meeting to be not outstanding. The chairman of
the meeting shall have no right to vote other than by virtue of Securities held by such chairman or instruments in writing as aforesaid duly designating such chairman as the person to vote on behalf of other Securityholders. At any meeting of
Securityholders duly called pursuant to Section 10.2 or 10.3 hereof, the presence of persons holding or representing Securities in an aggregate principal amount sufficient to take action on any business for the transaction for which such
meeting was called shall constitute a quorum. Any meeting of Securityholders duly called pursuant to Section 10.2 or 10.3 hereof may be adjourned from time to time by the Holders of a majority in aggregate principal amount of the Securities
present in person or by proxy at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

Section 10.6. Voting. The vote upon any resolution submitted to any meeting of Securityholders shall be by written
ballots on which shall be subscribed the signatures of the Holders of Securities or of their representatives by proxy and the principal amount of Securities held or represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in
duplicate of the proceedings of such meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and
affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 10.2 hereof. The record shall show the aggregate principal amount of
the Securities voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other
to the Trustee to be preserved by the Trustee and the Trustee shall have the ballots taken at the meeting attached to such duplicate. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
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 Section 10.7. Rights Of Trustee Or Securityholders Not Delayed. Nothing
in this Article X shall be deemed or construed to authorize or permit, by reason of any call of a meeting of Securityholders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any
right or rights conferred upon or reserved to the Trustee or to the Holders of Securities under any of the provisions of this Indenture or of the Securities. 

ARTICLE XI. 

CONSOLIDATION, MERGER, SALE, TRANSFER OR OTHER DISPOSITION 

Section 11.1. Company May Consolidate, Etc. Only On Certain Terms. The Company shall not consolidate with or merge
into any other corporation or sell, or otherwise dispose all or substantially all of its assets unless (i) the corporation formed by such consolidation or into which the Company is merged or the Person which receives all or substantially all of
the assets pursuant to such sale, transfer or other disposition shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of
and premium and interest on all of the Securities and the performance of every covenant of this Indenture on the part of the Company to be performed or observed and (ii) the Company or such successor corporation or Person, as the case may be,
shall not, immediately after such consolidation or merger, or such sale or disposition, be in default in the performance of any such covenant. For purposes of this Article XI the phrase “all or substantially all of its assets” shall
mean 50% or more of the total assets of the Company as shown on the balance sheet of the Company as of the end of the calendar year immediately preceding the day of the year in which such determination is made and nothing in this Indenture shall
prevent or hinder the Company from selling, transferring or otherwise disposing during any calendar year (in one transaction or a series of transactions) less than 50% of the amount of its total assets as shown on the balance sheet of the Company as
of the end of the immediately preceding calendar year. 
 Section 11.2. Successor Corporation Substituted. Upon
any consolidation or merger, or any sale, transfer or other disposition of all or substantially all of the assets of the Company in accordance with Section 11.1 hereof, the successor corporation formed by such consolidation or into which the
Company is merged or to which such sale, transfer or other disposition is made shall succeed to, and be substituted for and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor corporation
had been named as the Company herein and the Company shall be released from all obligations hereunder. 

  
 44 

 ARTICLE XII. 

SUPPLEMENTAL INDENTURES 

Section 12.1. Supplemental Indentures Without Consent Of Securityholders 

(a) The Company, when authorized by Board Resolution, and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto for one or more of the following purposes: 
 (1) to make such
provision in regard to matters or questions arising under this Indenture as may be necessary or desirable, and not inconsistent with this Indenture or prejudicial to the interests of the Holders, for the purpose of supplying any omission, curing any
ambiguity, or curing, correcting or supplementing any defective or inconsistent provision; 
 (2) to change
or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective only when there is no Security outstanding created prior to the execution of such supplemental indenture which is entitled to
the benefit of such provision or such change or elimination is applicable only to Securities issued after the effective date of such change or elimination; 

(3) to establish the form of Securities as permitted by Section 2.1 hereof or to establish or reflect any
terms of any Security determined pursuant to Section 2.5 hereof; 
 (4) to evidence the succession of
another corporation to the Company, and the assumption by any such successor of the covenants of the Company herein and in the Securities; 

(5) to grant to or confer upon the Trustee for the benefit of the Holders any additional rights, remedies,
powers or authority; 
 (6) to permit the Trustee to comply with any duties imposed upon it by law; 

(7) to specify further the duties and responsibilities of, and to define further the relationships among the
Trustee, any Authenticating Agent and any paying agent; 
 (8) to add to the covenants of the Company for the
benefit of the Holders, to add security for the Securities or to surrender a right or power conferred on the Company herein; and 

(9) to make any other change that is not prejudicial to the Trustee or the Holders. 

  
 45 

 (b) The Trustee is hereby authorized to join with the Company in the execution of
any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to
enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

(c) Any supplemental indenture authorized by this Section 12.1 may be executed by the Company and the Trustee without the
consent of the Holders of any of the Securities at the time outstanding, notwithstanding any of the provisions of Section 12.2 hereof. 

Section 12.2. Supplemental Indentures With Consent Of Securityholders. 

(a) With the consent (evidenced as provided in Section 9.1 hereof) of the Holders of a majority in aggregate principal
amount of the Securities at the time outstanding, the Company, when authorized by Board 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 or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders; provided that no such supplemental indenture shall: 

(1) change the maturity date of any Security, or reduce the rate or extend the time of payment of interest
thereon, or reduce the principal amount thereof or any premium thereon, or change the coin or currency in which the principal of any Security or any premium or interest thereon is payable, or change the date on which any Security may be redeemed or
repaid at the option of the holder thereof or adversely affect the rights of the Securityholders to institute suit for the enforcement of any payment of principal of or any premium or interest on any Security, in each case without the consent of the
Holder of each Security so affected; or 
 (2) modify this Section 12.2(a) or reduce the aforesaid
percentage of Securities, the Holders of which are required to consent to any such supplemental indenture or to reduce the percentage of Securities, the Holders of which are required to waive Events of Default, in each case, without the consent of
the Holders of all of the Securities then outstanding. 
 (b) Upon the request of the Company, accompanied by a copy of the
Board Resolution authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders as aforesaid, 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. 

  
 46 

 (c) It shall not be necessary for the consent of the Holders of Securities under
this Section 12.2 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

(d) Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to this
Section 12.2, the Trustee shall give notice in the manner provided in Section 14.10 hereof, setting forth in general terms the substance of such supplemental indenture, to all Securityholders. Any failure of the Trustee 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 12.3. Compliance With Trust Indenture Act; Effect Of Supplemental Indentures. Any supplemental indenture
executed pursuant to this Article XII shall comply with the TIA. Upon the execution of any supplemental indenture pursuant to this Article XII, the Indenture shall be and be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Securityholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 12.4. Notation On Securities. Securities authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article XII may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities so modified as approved by the Trustee and the
Board of Directors with respect to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee and delivered in exchange for the Securities then
outstanding. 
 Section 12.5. Evidence Of Compliance Of Supplemental Indenture To Be Furnished Trustee. The
Trustee, subject to Sections 8.1 and 8.2 hereof may receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article XII.

 ARTICLE XIII. 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 

Section 13.1. Indenture And Securities Solely Corporate Obligations. No recourse for the payment of the principal of
or any premium or interest on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company, contained in this Indenture or in any supplemental
indenture, or in any Security, or because of the creation of any indebtedness represented thereby, shall be had  

  
 47 

 against any incorporator, stockholder, officer or director, as such, past, present or future, of
the Company or any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of the Securities. 

ARTICLE XIV. 

MISCELLANEOUS PROVISIONS 

Section 14.1. Provisions Binding On Company’s Successors. All the covenants, stipulations, promises and
agreements made by the Company in this Indenture shall bind its successors and assigns whether so expressed or not. 

Section 14.2. Official Acts By Successor Corporation. Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation that shall at the time be the
lawful successor of the Company. 
 Section 14.3. Notices. 

(a) Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee
or by the Securityholders on the Company may be given or served by being deposited postage prepaid in a post office letter box addressed (until another address is filed by the Company with the Trustee) at the principal executive offices of the
Company, to the attention of the Secretary. Any notice, direction, request or demand by any Securityholder or the Company to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing
at the corporate trust office of the Trustee, Attention: Vice President, Corporate Trust Department. 
 (b) The Company shall
provide any notices required under this Indenture by publication, but only to the extent that such publication is required by the TIA, the rules and regulations of the Commission or any securities exchange upon which any series of Securities is
listed. 
 Section 14.4. Governing Law. This Indenture and each Security shall be deemed to be a contract made
under the laws of the State of Minnesota, and for all purposes shall be construed in accordance with the laws of said State. 

  
 48 

 Section 14.5. Evidence Of Compliance With Conditions Precedent. 

(a) Upon any application or demand by the Company to the Trustee to take any action under this Indenture, the Company shall
furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture (including any covenants compliance with which constitutes a condition precedent) relating to the proposed action have
been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been compiled with. 

(b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture (other than the certificates delivered pursuant to Section 5.5 hereof) shall include (1) a statement that each Person making such certificate or opinion has read such covenant or
condition and the definitions relating thereto; (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (3) a statement
that, in the opinion of each such Person, such Person has made such examination or investigation as is necessary to enable such Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and
(4) a statement as to whether or not, in the opinion of each such Person, such condition or covenant has been complied with. 

(c) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

(d) Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon a
certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such certificate or
opinion is based are erroneous. Any such certificate or opinion of counsel delivered under the Indenture may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the
Company stating that the information with respect to such factual matters is in the possession of the Company, unless such person knows, or in the exercise of reasonable care should know, that the certificate or opinion of representations with
respect to such matters are erroneous. Any opinion of counsel delivered hereunder may contain standard exceptions and qualifications satisfactory to the Trustee. 

(e) Any certificate, statement or opinion of any officer of the Company, or of counsel, may be based, insofar as it relates to
accounting matters, upon a certificate or opinion of or representations by an independent public accountant or firm of accountants, unless such officer or counsel, as the case may be, knows that the certificate or opinions or representations with
respect to the accounting matters upon which the certificate, statement or opinion of such officer 

  
 49 

 or counsel may be based as aforesaid are erroneous, or in the exercise of reasonable care should
know that the same are erroneous. Any certificate or opinion of any firm of independent public accountants filed with the Trustee shall contain a statement that such firm is independent. 

(f) Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 14.6. Business Days. Unless otherwise provided pursuant to Section 2.5(c) hereof, in any case where the
date of maturity of the principal of or any premium or interest on any Security or the date fixed for redemption of any Security is not a Business Day, then payment of such principal or any premium or interest need not be made on such date but may
be made on the next succeeding Business Day with the same force and affect as if made on the date of maturity or the date fixed for redemption, and, in the case of timely payment thereof, no interest shall accrue for the period from and after such
Interest Payment Date or the date on which the principal of the Security is required to be paid. 
 Section 14.7.
Trust Indenture Act To Control. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the TIA, such required provision of the TIA shall
govern. 
 Section 14.8. Table Of Contents, Headings, Etc. The table of contents and the titles and headings of
the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 14.9. Execution In Counterparts. This Indenture may be executed in any number of counterparts, each of which
shall be an original, but such counterparts shall together constitute but one and the same instrument. 

Section 14.10. Manner Of Mailing Notice To Securityholders. Any notice or demand which by any provision of this
Indenture is required or permitted to be given or served by the Trustee or the Company to or on the Holders of Securities, as the case may be, shall be given or served by first-class mail, postage prepaid, addressed to the Holders of such Securities
at their last addresses as the same appear on the register for the Securities referred to in Section 2.6, and any such notice shall be deemed to be given or served by being deposited in a post office letter box in the form and manner provided
in this Section 14.10. In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give notice to any Holder by mail, then such notification to such Holder as shall be made with the
approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 Section 14.11.
Approval By Trustee Of Expert Or Counsel. Wherever the Trustee is required to approve an Expert or counsel who is to furnish evidence of compliance with conditions precedent in this Indenture, such approval by the Trustee shall be deemed to have
been given 

  
 50 

 upon the taking of any action by the Trustee pursuant to and in accordance with the certificate
or opinion so furnished by such Expert or counsel. 
 IN WITNESS WHEREOF, NORTHERN STATES POWER COMPANY has caused this
Indenture to be signed and acknowledged by one of its Vice Presidents, and attested by its Secretary, and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION has caused this Indenture to be signed and acknowledged by one of its Vice Presidents or
authorized Corporate Trust Officers, and attested by one of its authorized officers, as of the day and year first written above. 
  

			
	NORTHERN STATES POWER COMPANY
		
	By	 	 /s/ E.J. McIntyre

	E.J. McIntyre, Vice President and Chief Financial Officer

  

	
	ATTEST: /s/ John P. Moore, Jr.,                            
	 John P. Moore, Jr., Corporate Secretary

  

	
	NORWEST BANK MINNESOTA, NATIONAL
	ASSOCIATION, as Trustee

  

							
	 ATTEST: /s/ Curtis Schwegman
	 		 	 By:
	 	 /s/ Timothy P. Mowdy

		 		 	 Timothy P. Mowdy, Corporate Trust Officer

  
 51 

 EXHIBIT A 

FORM OF GLOBAL SECURITY 
  

			
	 REGISTERED
	  	REGISTERED

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

(Incorporated under the laws of the State of Minnesota) 

                % DEBT SECURITY, SERIES DUE
                 
  

					
	CUSIP:	  	NUMBER:	  	
			
	ORIGINAL ISSUE DATE(S):	  	PRINCIPAL AMOUNT(S):	  	
			
	INTEREST RATE:	  	MATURITY DATE:	  	

  
 NORTHERN STATES POWER
COMPANY, a corporation of the State of Minnesota (the “Company”), for value received hereby promises to pay to Cede & Co. or registered assigns, the principal sum of 

DOLLARS 
 on the Maturity Date set
forth above, and to pay interest thereon from the Original Issue Date (or if this Global Security has two or more Original Issue Dates, interest shall, beginning on each 

  
 A-1 

 such Original Issue Date begin to accrue for that part of the principal amount to which that
Original Issue Date is applicable) set forth above or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on the          and
            in each year, commencing on the first such Interest Payment Date succeeding the applicable Original Issue Date set forth above, at the per annum Interest Rate set forth above,
until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Global Security is paid on the Maturity Date. The interest so payable and punctually paid or
duly provided for on any such Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the
            or                , as the case may be, next preceding such Interest Payment Date; provided, that
the first Interest Payment Date for any part of this Security, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding
Regular Record Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except as otherwise provided in the
Indenture (as defined below), any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Security is registered at the
close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days or fewer than ten days prior to such Special Record Date.
On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which such payment of interest is due on this Global Security (other than maturity), the Trustee shall pay to the
Depository such interest in same day funds. On or before Noon, New York City time, or such other time as shall be agreed upon between the Trustee and the Depository, of the day on which principal, interest payable at maturity and premium, if any, is
due on this Global Security and following receipt of the necessary funds from the Company and following receipt of the necessary funds from the Company, the Trustee shall deposit with the Depository the amount equal to the principal, interest
payable at maturity and premium, if any, by wire transfer into the account specified by the Depository. As a condition to the payment, on the Maturity Date or upon redemption or acceleration, of any part of the principal and applicable premium of
this Global Security, the Depository shall surrender, or cause to be surrendered, this Global Security to the Trustee, whereupon a new Global Security shall be issued to the Depository. 

This Global Security is a global security in respect of a duly authorized issue of Debt Securities,
Series             (the “Securities of this Series”, which term includes any Global Securities representing such Securities) of the Company issued and to be issued under an
Indenture dated as of July I, 1999 between the Company and Norwest Bank Minnesota, National Association, as trustee (herein called the “Trustee”, which term includes any successor Trustee under the Indenture) and indentures
supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or more series of Securities may be issued and, as used herein, the term “Securities” refers to the Securities of this Series and any other
outstanding series of Securities. Reference is hereby made for a more complete statement of the respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Securityholders and of the terms
upon which the Securities are and are to be authenticated and 

  
 A-2 

 delivered. This Global Security has been issued in respect of the series designated on the first
page hereof, limited in aggregate principal amount to $            . 

Each Security of this Series shall be dated and issued as of the date of its authentication by the Trustee and shall bear an
Original Issue Date or Dates. Each Security or Global Security issued upon transfer, exchange or substitution of such Security or Global Security shall bear the Original Issue Date or Dates of such transferred, exchanged or substituted Security or
Global Security, as the case may be. 
 [As applicable, one of the following two sentences: This Global Security may not be
redeemed prior
to                    ,                    . This
Global Security is not redeemable prior to the Maturity Date set forth on the first page hereof.] [If applicable: On or
after                    ,                    
this Global Security is redeemable in whole or in part in increments of $1,000 (provided that any remaining principal amount of this Global Security shall be at least $100,000) at the option of the Company at the following redemption prices
(expressed as a percentage of the principal amount to be redeemed) plus accrued interest to the redemption date: 
  

			
	 Redemption Periods
	 	 Redemption Prices

Notice of redemption will be given by mail to Holders of Securities of this Series not less than 30 or more than 60 days prior to the date
fixed for redemption, all as provided in the Indenture. In the event of redemption of this Global Security in part only, a new Global Security or Securities of like tenor and series for the unredeemed portion hereof will be issued in the name of the
Securityholder hereof upon the surrender hereof.] 
 Interest payments for this Global Security shall be computed and paid
on the basis of a 360-day year of twelve 30-day months. In any case where any Interest Payment Date or date on which the principal of this Global Security is required to
be paid is not a Business Day, then payment of principal, premium or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or date on which
the principal of this Global Security is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and after such Interest Payment Date or the date on which the principal of this Global Security is
required to be paid. 
 The Company, at its option, and subject to the terms and conditions provided in the Indenture, will
be discharged from any and all obligations in respect of the Securities (except for certain obligations including obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies
and hold monies for payment in trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms
will provide money, or a combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due
in accordance with the terms of the Securities. 

  
 A-3 

 If an Event of Default shall occur and be continuing, the principal of the
Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Securityholders under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the outstanding Securities. Any such consent or waiver by the Holder of this Global Security shall be conclusive and binding upon such Holder and upon all future Holders
of this Global Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon the Security. 

As set forth in and subject to the provisions of the Indenture, no Holder of any Securities will have any right to institute
any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities, the Holders of not less than a
majority in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have failed to
institute such proceeding within 60 days; provided however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Security on or
after the respective due dates expressed here. 
 No reference herein to the Indenture and to provisions of this Global
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Global Security at the times, places and rates and the coin or
currency prescribed in the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set forth,
this Global Security may be transferred only as permitted by the legend hereto. 
 If at any time the Depository for this
Global Security notifies the Company that it is unwilling or unable to continue as Depository for this Global Security or if at any time the Depository for this Global Security shall no longer be eligible or in good standing under the Securities
Exchange Act of 1934, as amended, or other applicable statute or regulation, the Company shall appoint a successor Depository with respect to this Global Security. If a successor Depository for this Global Security is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such ineligibility, the Company’s election to issue this Security in global form shall no longer be effective with respect to this Global Security and the Company will
execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of this Series in exchange for this Global Security, will authenticate and deliver individual Securities of this Series of like
tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of this Global Security. 

The Company may at any time and in its sole discretion determine that all Securities of this Series (but not less than all)
issued or issuable in the form of one or more Global Securities 

  
 A-4 

 shall no longer be represented by such Global Security or Securities. In such event, the Company
shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of this Series in exchange for such Global Security, shall authenticate and deliver, individual Securities of this Series of
like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities in exchange for such Global Security or Securities. 

Under certain circumstances specified in the Indenture, the Depository may be required to surrender any two or more Global
Securities which have identical terms (but which may have differing Original Issue Dates) to the Trustee, and the Company shall execute and the Trustee shall authenticate and deliver to, or at the direction of, the Depository a Global Security in
principal amount equal to the aggregate principal amount of, and with all terms identical to, the Global Securities surrendered thereto and that shall indicate all Original Issue Dates and the principal amount applicable to each such Original Issue
Date. 
 The Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of
Minnesota. 
 Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an
Authenticating Agent by manual signature of an authorized officer, this Global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

All terms used in this Global Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture unless otherwise indicated herein. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed. 
  

							
		 		 	 NORTHERN STATES POWER COMPANY

				
		 		 	 By:
	 	  

				
		 		 	 Title:
	 	  

				
	 Dated:
	 		 	 Attest:
	 	  

				
		 		 	 Title:
	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Security is one of the Securities of the 

series herein designated, described or 

provided for in the within-mentioned Indenture. 

NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee 
  

	
	 By:
                                         
                               

	 Authorized Officer

  
 A-5 

 ABBREVIATIONS 

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

			
	TEN COM- as tenants in common	  	

  

			
		 	                  UNIF GIFT

                 MIN
ACT                   
Custodian                    

		 	                                      
(Cust)                          (Minor)

  

			
	TEN ENT- as tenants by the entireties	 	                 Under Uniform Gifts to Minors
		 	
	 JT TEN- as joint tenants with right of

survivorship and not as tenants in common
	 	

  

			
		 	State

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED the undersigned hereby sell(s), 

assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF
ASSIGNEE 
  
  

 
  
  

 
 Please print or typewrite name and
address including postal zip code of assignee 
  

                       
                  
 the within security and all rights thereunder,

 hereby irrevocably constituting and 

appointing                     attorney to transfer said
security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                         

			
		 	  

		 	 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in
every particular, without alteration or enlargement or any change whatever.

  
 A-6 

 EXHIBIT B 

FORM OF SECURITY 

REGISTERED    REGISTERED 

NORTHERN STATES POWER COMPANY 

(Incorporated under the laws of the State of Minnesota) 

        %DEBT SECURITY, SERIES DUE     

CUSIP:                         
                                         
   PRINCIPAL AMOUNT: 
 ORIGINAL ISSUE
DATE:                                   MATURITY DATE: 

INTEREST
RATE:                                        
         NUMBER: 
 NORTHERN STATES POWER COMPANY, a corporation of the State of
Minnesota (the “Company”), for value received hereby promises to pay to or registered assigns, the principal sum of 

DOLLARS 
 on the Maturity Date set
forth above, and to pay interest thereon from the Original Issue Date set forth above or from the most recent date to which interest has been paid or duly provided for, semiannually in arrears on
                             and
                             in each year, commencing on the first such Interest Payment Date succeeding the
Original Issue Date set forth above, at the per annum Interest Rate set forth above, until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Security is
paid in full on the Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment Date will, as provided in the Indenture (as defined below), be paid to the Person in whose name this Security is
registered at the close of business on the Regular Record Date for such interest, which shall be the
                             or
                            , as the case may be, next preceding such Interest Payment Date; provided that
the first Interest Payment Date for any Security, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding Regular Record
Date; and provided, that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall be payable. Except as otherwise provided in the Indenture
(referred to on the reverse hereof), any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and shall be paid to the Person in whose name this Security is registered
at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Securityholders not more than fifteen days nor fewer than ten days prior to such 

  
 B-1 

 Special Record Date. Principal, applicable premium and interest due at the maturity of this
Security shall be payable in immediately available funds when due upon presentation and surrender of this Security at the corporate trust office of the Trustee or at the authorized office of any paying agent in the Borough of Manhattan, the City and
State of New York. Interest on this Security (other than interest payable at maturity) shall be paid by check in clearinghouse funds to the Holder as its name appears on the register; provided, that if the Trustee receives a written request from any
Holder of Securities (as defined below), the aggregate principal amount of all of which having the same Interest Payment Date as this Security equals or exceeds $10,000,000, on or prior to the applicable Regular Record Date, interest on the Security
shall be paid by wire transfer of immediately available funds to a bank within the continental United States designated by such Holder in its request or by direct deposit into the account of such Holder designated by such Holder in its request if
such account is maintained with the Trustee or any paying agent. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS SECURITY SET FORTH IN FULL ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH IN FULL AT THIS PLACE. 

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

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

 

							
		 		 	 NORTHERN STATES POWER COMPANY

				
		 		 	 By:
	 	  

				
		 		 	 Title:
	 	  

				
	 Dated:
	 		 	 Attest:
	 	  

				
		 		 	 Title:
	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Security is one of the Securities of the 

series herein designated, described or 

provided for in the within-mentioned 

Indenture. 
 NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION, as Trustee 
  

	
	
By:                      
                                       

	 Authorized Officer

  
 B-2 

 [FORM OF REVERSE OF SECURITY] 

NORTHERN STATES POWER COMPANY 

            % DEBT SECURITIES, SERIES
DUE             
 This Security is one of a duly
authorized issue of Debt Securities, Series (the “Securities of this Series”) of the Company issued and to be issued under an Indenture dated as of June 1, 1999, between the Company and Norwest Bank Minnesota, National
Association, as trustee (herein called the “Trustee”, which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the “Indenture”). Under the Indenture, one or
more series of Securities may be issued and, as used herein, the term “Securities” refers to the Securities of this Series and any other outstanding series of Securities. Reference is hereby made for a more complete statement of the
respective rights, limitations of rights, duties and immunities under the Indenture of the Company, the Trustee and the Security holders and of the terms upon which the Securities are and are to be authenticated and delivered. This Security is one
of the series designated on the face hereof, limited in aggregate principal amount to 

$                       
 . 
 [As applicable, one of the following two sentences: This Security may not be redeemed prior to
         ,         . This Security is not redeemable prior to the Maturity Date set forth on the face hereof.] [If applicable: On or
after             ,         , this Security is redeemable in whole or in part in increments of $1,000 (provided that any remaining principal amount
of this Security shall be at least $1,000) at the option of the Company at the following redemption prices (expressed as a percentage of the principal amount to be redeemed) plus accrued interest to the redemption date: 

 

			
	 Redemption Periods
	  	Redemption Prices

 Notice of redemption
will be given by mail to Holders of Securities of this Series not less than 30 or more than 60 days prior to the date fixed for redemption, all as provided in the Indenture. In the event of redemption of this Security in part only , a new Security
or Securities of this Series of like tenor for the unredeemed portion hereof will be issued in the name of the Security holder hereof upon the surrender hereof. 

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

The Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and
all obligations in respect of the Securities (except for certain obligations including obligations to register the transfer or exchange of Securities, replace 

  
 B-3 

 stolen, lost or mutilated Securities, maintain paying agencies and hold monies for payment in
trust, all as set forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, or a
combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on the Securities on the dates such payments are due in accordance with the
terms of the Securities. 
 If an Event of Default shall occur and be continuing, the principal of the Securities may be
declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the Securityholders under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the outstanding Securities. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange therefor in lieu thereof whether or not notation of such consent or waiver is made upon the Security. 

As set forth in and subject to the provisions of the Indenture, no Holder of any Securities will have any right to institute
any proceeding with respect to the Indenture or for any remedy thereunder unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Securities, the Holders of not less than a
majority in principal amount of the outstanding Securities affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have failed to
institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and any premium or interest on this Security on or
after the respective due dates expressed here. 
 No reference herein to the Indenture and to provisions of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, places and rates and the coin or currency prescribed in
the Indenture. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security register. Upon surrender of this Security for registration or transfer at the corporate trust office of the Trustee or such other office or agency as may be designated by the Company in the Borough of
Manhattan, the City and State of New York, endorsed by or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security registrar, duly executed by the Holder hereof or the attorney in fact of such Holder duly
authorized in writing, one or more new Securities of this Series of like tenor and of authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. 

The Securities of this Series are issuable only in registered form, without coupons, in denominations of $1,000 and any
integral multiple thereof. As provided in the Indenture and 

  
 B-4 

 subject to certain limitations therein set forth, Securities of this Series are exchangeable for
a like aggregate principal amount of Securities of this Series of like tenor and of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner thereof for all purposes, whether or not this Security is
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The
Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of Minnesota. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

  
 B-5 

 ABBREVIATIONS 

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

			
	TEN COM- as tenants in common	  	

  

			
		 	                  UNIF GIFT

                 MIN
ACT                   
Custodian                    

		 	                                      
(Cust)                          (Minor)

  

			
	TEN ENT- as tenants by the entireties	 	                 Under Uniform Gifts to Minors
		 	
	 JT TEN- as joint tenants with right of

survivorship and not as tenants in common
	 	

  

			
		 	State

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED the undersigned hereby sell(s), 

assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF
ASSIGNEE 
  
  

 
  
  

 
 Please print or typewrite name and
address including postal zip code of assignee 
  

                       
                  
 the within security and all rights thereunder,

 hereby irrevocably constituting and 

appointing                     attorney to transfer said
security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                         

			
		  	  

		  	 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within
instrument in every particular, without alteration or enlargement or any change whatever.

  
 B-6

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