Document:

EX-4.2:  SPECIMEN

 

Exhibit 4.2

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY
BE REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ST. PAUL
COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

 

	 	 	 	 	 
	CUSIP NO. 792860AF5

No. R-1	 	 	
$500,000,000	 

THE ST. PAUL COMPANIES, INC.

5.75% SENIOR NOTE DUE 2007

SPECIFIED CURRENCY: U.S. DOLLARS

	 	 	 	 	 
	ORIGINAL	 	
INTEREST RATE:
	 	MATURITY DATE:
	ISSUE DATE:

March 12, 2002	 	
5.75%
	 	March 15, 2007

INTEREST PAYMENTS:

SEMI-ANNUALLY ON MARCH 15

AND SEPTEMBER 15, COMMENCING

ON SEPTEMBER 15, 2002

-2-

 

     THE ST. PAUL COMPANIES, INC., a corporation duly organized and existing
under the laws of the State of Minnesota (herein called the “Company”, which
term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO., as
nominee for DTC, or registered assigns, the principal sum of FIVE HUNDRED
MILLION DOLLARS ($500,000,000) on March 15, 2007, and to pay interest thereon
from March 12, 2002 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on March 15 and
September 15 in each year, commencing September 15, 2002, at the rate of 5.75%
per annum, until the principal hereof is paid or made available for payment.
The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the March 1 or September 1 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

     Payment of principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the
option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the
Security Register.

     REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

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

-3-

 

\
     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

	 	 	 
	Dated:
	
THE ST. PAUL COMPANIES, INC.

	 
	 
	By:
	 	 
	

	 	 
	Name:

	 	 	Title:

	 
	Attest:
	 
	

Corporate Secretary

[SEAL]

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

	 	 
	 	JPMORGAN CHASE BANK,
 as Trustee,
	 
	 	By:

	 	
 

	 	        Authorized Officer

-4-

 

REVERSE OF SECURITY

THE ST. PAUL COMPANIES, INC.

5.75% SENIOR NOTE DUE 2007

     This Security is one of a duly authorized issue of securities of the
Company (herein called a “Security” or, collectively, the “Securities”), issued
and to be issued in one or more series under an Indenture, dated as of March
12, 2002 (herein called the “Indenture”), between the Company and JPMorgan
Chase Bank, as trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof, limited in aggregate principal
amount to $500,000,000.

     If an Event of Default with respect to the Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     The Indenture contains provisions for defeasance at any time of (i) the
entire indebtedness of this Security or (ii) certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance
with certain conditions set forth in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the majority of the Holders in principal amount of the
Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent of 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
hereof or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security.

     No reference herein to the Indenture and no provision of this Security or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and premium, if any) and
interest on this Security at the times, places and rate, and in the coin or
currency, herein prescribed.

-5-

 

     As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of (and
premium, if any) and interest on this Security are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

     The Securities of this Series are issuable only in registered form,
without coupons, in denominations of $1,000 and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security of this series for registration
of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the
owner hereof for all purposes, whether or not this Security is overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary.

     All terms used in this Security which are defined in the Indenture and not
herein otherwise defined shall have the meanings assigned to them in the
Indenture.

-6-

 

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

     TEN ENT — as tenants by the entireties

     JETTED TEN  — as joint tenants with right of
survivorship and not as tenants in common

	 	 	 	 
	 	   UNI GIFT MIN ACT — 
	  	
Custodian

	 	(Cut)          	 	
(Minor)

Uniform Gifts to Minors Act

	 
	 

	

	(State)

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

-7-

 

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

(PLEASE INSERT SOCIAL SECURITY OR

IDENTIFYING NUMBER OF ASSIGNEE)

(PLEASE PRINT OR TYPE 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:	 	 
	 	
	 	

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

-8-EX-4.112: SUBORDINATED CONVERTIBLE NOTE

 

EXHIBIT 4.112

SUBORDINATED CONVERTIBLE NOTE

	 	 	 
	$300,000,000	 	
February 28, 2002

         NRG Energy, Inc., a Delaware corporation (“NRG”), promises to pay to the
order of Xcel Energy Inc., a Minnesota corporation (“Holder”), on such date as
Holder makes a capital contribution to NRG in an amount of not less than
$300,000,000, the principal sum of Three Hundred Million Dollars, or such
lesser amount that is the aggregate unpaid and outstanding principal amount of
loans advanced by Xcel Energy Inc. to NRG pursuant hereto, together with
interest, due quarterly in arrears on the last business day of February, May,
August and November, commencing May 31, 2002, on the principal sum hereof and
accrued and unpaid interest outstanding hereunder at a rate per annum equal to
thirty-day LIBOR (as defined below), plus 0.90%. Outstanding loans hereunder
may be prepaid in part or in full at any time at the option of NRG, without
penalty. Notwithstanding the foregoing, pursuant to the subordination
provisions hereof, NRG shall not make any payment of principal of or interest
on this Note so long as any Senior Indebtedness (as defined below) is and
remains outstanding.

         For purposes hereof, “LIBOR”, for any interest period commencing on an
interest payment date and ending on the next succeeding interest payment date,
means an interest rate per annum equal to the London interbank offered rate
(rounded upwards, if necessary, to the next higher one-sixteenth of one
percent) for deposits in U.S. Dollars for delivery on the first day of the
specified interest period in an amount equal or comparable to the principal sum
hereof for a period of one month, which appears on the display page designated
as “Page 3750” on the Telerate Service (or such other page as may replace such
page, as appropriate, on that service or such other service as may be nominated
by the British Bankers’ Association as the information vendor for the purpose
of displaying British Bankers’ Association Interest Settlement Rates for
deposits in U.S. Dollars).

         This Note, and the obligations of NRG hereunder, are and shall be subject
and subordinate in right of payment to the prior payment in cash of any
and all present and future secured or unsecured obligations of NRG resulting
from any indebtedness for borrowed money or guarantees (the “Senior
Indebtedness”), including but not limited to the 364-Day Revolving Credit
Agreement dated as of March 9, 2001 among NRG, ABN AMRO Bank N.V., as agent
(together with any future administrative agent under the Credit Agreement, the
“Administrative Agent”) and the banks from time to time party thereto, as
amended from time to time (such Credit Agreement as amended, substituted or
replaced from time to time (including that certain replacement Credit Agreement
dated on or about March 8, 2002 with commitments thereunder of approximately
$1,000,000, the “Credit Agreement”), and all renewals, modifications,
consolidations, replacements and extensions of such Senior Indebtedness, to the
full extent of such Senior Indebtedness. Holder shall not (a) assert, collect
or enforce any rights under this Note or any part hereof or take any action to
realize

 

 

upon or otherwise obtain payment of this Note or any part hereof or
enforce any rights under this
Note, or (b) have any right of subrogation, reimbursement, restitution,
contribution or indemnity from any assets of NRG with respect to the
indebtedness evidenced by this Note, so long as any Senior Indebtedness is and
remains outstanding. So long as any Senior Indebtedness is and remains
outstanding, Holder will hold in trust and immediately pay over to the holders
of Senior Indebtedness for the account of the holders of Senior Indebtedness,
in the same form of payment received, with appropriate endorsements, for
application to the Senior Indebtedness any cash amount that NRG pays to Holder
under this Note. Notwithstanding any provision of this Note to the contrary,
the holders of the Senior Indebtedness shall have no right or claim to the
Common Stock (as hereinafter defined) of NRG issued or issuable upon conversion
of this Note pursuant to the terms hereof.

         Upon any distribution of assets of NRG upon any dissolution, winding up,
liquidation or reorganization of NRG (whether in bankruptcy, insolvency or
receivership proceedings or upon an assignment for the benefit of creditors or
otherwise):

         (a)    the holders of all Senior Indebtedness shall first be entitled to
receive payment in full in cash or in a manner satisfactory to the
holder or holders of such Senior Indebtedness of the principal thereof,
premium, if any, and interest and all other amounts due thereon before the
holder of the Subordinated Indebtedness is entitled to receive any payment on
account of the principal of or interest on or any other amount owing in respect
of this Note (the “Subordinated Indebtedness”);

         (b)    any payment or distribution of assets of NRG of any kind or character,
whether in cash, property or securities to which the Holder of the Subordinated
Indebtedness would be entitled except for the subordination provisions set
forth herein, shall be paid by the liquidating trustee or agent or other person
making such payment or distribution, whether a trustee or agent, directly to
the holders of Senior Indebtedness or their representative or representatives
under the agreements pursuant to which the Senior Indebtedness may have been
issued, to the extent necessary to make payment in full of all Senior
Indebtedness remaining unpaid, after giving effect to any concurrent payment or
distribution to the holders of such Senior Indebtedness; and

         (c)    in the event that, notwithstanding the foregoing provisions, any
payment or distribution of assets of NRG of any kind or character, whether in
cash, property or securities, shall be received by the Holder of the
Subordinated Indebtedness on account of principal of, or interest or other
amounts due on, the Subordinated Indebtedness before all Senior Indebtedness is paid in full in cash or in a manner satisfactory to the holder or
holders of such Senior Indebtedness or effective provisions made for its
payment, such payment or distribution shall be received and held in trust for
and shall be paid over to the holders of the Senior Indebtedness remaining
unpaid or unprovided for or their representative or representatives under the
agreements pursuant to which the Senior Indebtedness may have been issued, for
application to the payment of such Senior Indebtedness until all such Senior
Indebtedness shall have been paid in full in cash or in a manner
satisfactory to the holder or holders of such Senior Indebtedness, after giving

2

 

effect to any concurrent payment or distribution to the holders of such Senior
Indebtedness.

         Holder of this Subordinated Indebtedness agrees until such time as the
Senior Indebtedness is paid in full in cash or in a manner
satisfactory to the holder or holders of such Senior Indebtedness as follows:

         (a)  If any dissolution, winding up, liquidation or reorganization (whether
in bankruptcy, insolvency or receivership proceedings or upon an assignment for
the benefit of creditors or otherwise) is commenced by or against NRG:

		
	 	         (i)    the Administrative Agent (as defined in the Credit
Agreement), acting on behalf of each holder of Senior Indebtedness,
is hereby irrevocably authorized and empowered (in its own name or
in the name of the Holder of the Subordinated Indebtedness or
otherwise), but shall have no obligation, to demand, sue for,
collect and receive every payment or distribution referred to in
paragraph (b) above and give acquittance therefor and to file
claims and proofs of claim and take such other action (including,
without limitation, voting the claims arising under the
Subordinated Indebtedness or enforcing any security interest or
other lien securing payment of the Subordinated Indebtedness) as it
may deem necessary or advisable for the exercise or enforcement of
any of the rights or interests of the holders of the Senior
Indebtedness hereunder; and

		
	 	         (ii)    Holder of the Subordinated Indebtedness shall duly and
promptly take such action as the holders of the majority in
principal amount of the Senior Indebtedness may reasonably request
(A) to collect the Subordinated Indebtedness for the account of the
holders of the Senior Indebtedness and to file appropriate claims
or proofs of claim in respect of the Subordinated Indebtedness, (B)
to execute and deliver to the holders of the Senior Indebtedness
such powers of attorney, assignments, or other instruments as the
holders of the majority in principal amount of the Senior
Indebtedness may reasonably request in order to enable the holders
of the Senior Indebtedness to enforce any and all claims with
respect to, and any security interests and other liens securing
payment of, the Subordinated Indebtedness, and (C) to collect and
receive any and all payments or distributions that may be payable
or deliverable upon or with respect to the Subordinated
Indebtedness.

         (b)  The holders of the Senior Indebtedness are hereby authorized to demand
specific performance of this Note, whether or not NRG shall have complied with
any of the provisions hereof applicable to it, at any time when the Holder of
the Subordinated Indebtedness shall have failed to comply with any of the
provisions of this Note applicable to it. The Holder of the Subordinated
Indebtedness hereby irrevocably waives any defense based on the adequacy of a
remedy at law that might be asserted as a bar to such remedy of specific
performance.

         Nothing contained in this Note and the subordination provisions set forth
herein is intended

3

 

to or shall impair, as between NRG and the Holder of the
Subordinated Indebtedness, the obligation of NRG, which is absolute and
unconditional, to pay to the holder of the Subordinated Indebtedness the
principal of and interest on the Subordinated Indebtedness as and when the same
shall become
due and payable in accordance with its terms, or is intended to or shall
affect the relative rights of the Holder of the Subordinated Indebtedness and
creditors of NRG other than the holders of the Senior Indebtedness, nor shall
anything herein or therein prevent the Holder of the Subordinated Indebtedness
from exercising all remedies otherwise permitted by applicable law, subject to
the rights, if any, under the subordination provisions set forth herein of the
holders of Senior Indebtedness in respect of cash, property, or securities of
NRG received upon the exercise of any such remedy. Upon any distribution of
assets of NRG referred to herein, the Holder of the Subordinated Indebtedness
shall be entitled to rely upon any order or decree made by any court of
competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating
trustee or agent or other person making any distribution to the Holder of the
Subordinated Indebtedness, for the purpose of ascertaining the persons entitled
to participate in such distribution, the holders of the Senior Indebtedness and
other indebtedness of NRG, the amount thereof or payable thereon, the amount or
amounts paid or distributed thereon and all other facts pertinent thereto or
hereto.

         The subordination provisions set forth herein shall constitute a
continuing offer to all persons who, in reliance upon such provisions, become
holders of, or continue to hold, Senior Indebtedness and such provisions are
made for the benefit of the holders of Senior Indebtedness and such holders may
proceed to enforce such provisions as inure to their benefit.

         No rights of any present or future holders of any Senior Indebtedness to
enforce subordination as herein provided shall at any time in any way be
prejudiced or impaired by an act or failure to act on the part of NRG or by any
noncompliance by NRG with the terms and provisions of the Subordinated
Indebtedness, regardless of any knowledge thereof which any such holder may
have or be otherwise charged with. The holders of the Senior Indebtedness may,
without in any way affecting the obligations of the Holder of the Subordinated
Indebtedness with respect thereto, at any time or from time to time and in
their absolute discretion, change the manner, place or terms of payment of,
change or extend the time of payment of, or renew or alter, any Senior
Indebtedness or amend, modify or supplement any agreement or instrument
governing or evidencing such Senior Indebtedness or any other document referred
to therein, or exercise or refrain from exercising any other of their rights
under the Senior Indebtedness, including, without limitation, the waiver of a
default thereunder and the release of any collateral securing such Senior
Indebtedness, all without notice to or assent from the Holder of the
Subordinated Indebtedness.

         The Holder may, at any time after the date hereof (subject to the last
sentence of this paragraph), upon not less than five (5) business days’ notice
to NRG, cause NRG to convert all, but not less than all, of the outstanding
principal sum hereunder into an aggregate number of shares of its Common Stock,
par value $.01 per share, of NRG (the “Common Stock”) equal to the sum of the
then outstanding principal sum of this Note and all accrued but unpaid interest
on this Note, divided by the Market Price (as defined below) per share on the
date specified in said notice
(the

4

 

“Conversion Date”). Upon NRG’s issuance to
the Holder of the Common Stock into which this Note is convertible, this Note
shall be deemed paid in full and shall be returned to NRG marked “CANCELED.”
For purposes hereof, “Market Price” shall mean (i) if at the time of such
conversion NRG’s Common Stock is listed on any established stock exchange or a
national market system, a
price per share determined by the Independent Directors Committee of the Board
of Directors of NRG and approved by the Finance Committee of the Board of
Directors of Holder, which shall not be less than the average of the last
reported sale price of the Common Stock or the closing price quoted on any
exchange on which the Common Stock is listed or the NASDAQ National Market
System or the average of the closing bid and asked prices of the Common Stock
quoted in the over-the-counter market summary, whichever is applicable, as
published in The Wall Street Journal for the five trading days prior to the
Conversion Date or (ii) otherwise, a price per share determined by NRG’s Board
of Directors in the good faith exercise of its reasonable business judgment and
approved by the Finance Committee of the Board of Directors of Holder.
Notwithstanding the foregoing, the Holder may not convert this Note into Common
Stock of NRG without the approval of the shareholders of NRG, if and to the
extent that such approval is required by the rules of any established stock
exchange on which NRG’s Common Stock is listed.

         The conversion of this Note will be deemed to have been effected and the
Holder will be deemed to be the registered holder of the shares of Common Stock
(and all other securities issuable pursuant to the terms hereof) issuable upon
conversion of this Note (collectively, the “Conversion Shares”) automatically
on the Conversion Date. On the Conversion Date, NRG shall deliver to the
Holder a certificate or certificates representing the Conversion Shares. NRG
shall at all times reserve for issuance a sufficient number of shares of Common
Stock to be issued as Conversion Shares, and upon issuance thereof, the
Conversion Shares shall be fully paid and nonassessable.

         In the event that after the date of this Note, the outstanding shares of
Common Stock shall be (a) subdivided or split into a greater number of shares
of Common Stock, (b) combined or consolidated, by reclassification or
otherwise, into a lesser number of shares of Common Stock, (c) changed into a
different number of shares of any other class or classes of stock, whether by
capital reorganization, reclassification or otherwise, the Holder shall upon
conversion of this Note receive the stock and/or securities to which the Holder
would have been entitled had the Holder held, at the time of the record date
for such split, subdivision, combination, consolidation, reorganization or
reclassification, the number of shares of Common Stock into which this Note
could have been converted immediately prior to the record date for that event,
and had the Holder thereafter, during the period from the record date of that
event to and including the date of conversion, retained the stock or securities
receivable as aforesaid during that period, subject to all other adjustments
called for during that period pursuant hereto.

         In the event that after the date of this Note, NRG makes, or fixes a
record date for the determination of holders of Common Stock to receive, a
dividend or other distribution payable in the securities of NRG, then the
Holders shall receive upon conversion of this Note, in addition to the number
of shares of Common Stock otherwise receivable thereupon, the stock or
securities to which the holder of this Note would have been entitled had the
Holder held, at the time of the record date

5

 

for the dividend or other
distribution, the number of shares of Common Stock into which this Note could
have been converted immediately prior to the record date for that event, and
had the Holder thereafter, during the period from the record date of that event
to and including the date of conversion, retained the stock or securities
receivable by them as aforesaid during that period, subject to all other
adjustments called for during that period pursuant hereto.

         If at any time NRG declares a dividend upon the Common Stock payable
otherwise than in cash out of earnings or earned surplus (determined in
accordance with generally accepted accounting principles) except for a stock
dividend payable in shares of Common Stock (a “Liquidating Dividend”), then NRG
shall give the Holder notice, no later than thirty (30) calendar days prior to
the date on which a record is to be taken for such Liquidating Dividend, or, if
no record is taken, the date as of which the record holders of Common Stock
entitled to such dividends are to be determined, specifying the date of any
such record date or date of determination and the amount and character of such
Liquidating Dividend.

         The shares of Common Stock of NRG issuable upon conversion of this Note
will not be registered under the Securities Act of 1933, as amended (the
“Act”), or the securities laws of any state. Any shares of Common Stock of NRG
issued upon conversion of this Note will contain a legend to such effect.

         Holder shall be, and hereby is, authorized to record on the schedule
attached hereto, or to otherwise record in accordance with its usual practice,
the date and amount of each loan made by Holder hereunder to NRG and the date
and amount of each principal payment hereunder.

         This Note shall be governed by and construed in accordance with the
internal laws of the State of New York.

	 	 	 	 	 	 	 
	 	 	NRG ENERGY, INC.
	
	
	
	

	 	 	 	 	 	 	 
	
	
	
	

	 	 	By:	 	/s/ Brian B. Bird	 	 
	 	 	 	 	
	 	 
	 	 	 	 	Brian B. Bird	 	 
	
	
	
	

	 	 	 	 	Vice President and Treasurer	 	 

6

 

SCHEDULE OF LOANS TO AND PAYMENTS OF PRINCIPAL BY

NRG ENERGY, INC. PURSUANT TO A SUBORDINATED CONVERTIBLE NOTE

DATED FEBRUARY 28, 2002

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Amount of	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Principal Amount of	 	Principal or Interest	 	Unpaid Principal	 	Date Interest	 	Endorsement
	Date	 	Loan	 	Paid or Prepaid	 	Balance	 	Paid To	 	Made By

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