Document:

Exhibit 4.01

 

SOUTHWESTERN
PUBLIC SERVICE COMPANY

and

THE
BANK OF NEW YORK,

as Successor to

THE CHASE MANHATTAN BANK,

as Trustee

FOURTH
SUPPLEMENTAL INDENTURE

Dated
as of October 1, 2006

Supplementing
the Indenture

Dated
as of February 1, 1999

 

THIS FOURTH SUPPLEMENTAL INDENTURE, dated as of
October 1, 2006 (this “Supplemental Indenture”), is between SOUTHWESTERN PUBLIC
SERVICE COMPANY, a New Mexico corporation (hereinafter called the “Issuer” or
the “Company”), having its principal office at Tyler at Sixth Street, Amarillo,
Texas 79101, and THE BANK OF NEW YORK, as successor to THE CHASE MANHATTAN
BANK, as Trustee (hereinafter called the “Trustee”), having its office at 4 New
York Plaza 15th Floor, New York, New York 10004.

Recitals of the Issuer

The Issuer and the Trustee have heretofore entered
into an Indenture, dated as of February 1, 1999, a First Supplemental
Indenture, dated as of March 1, 1999, a Second Supplemental Indenture,
dated as of October 1, 2001, and a Third Supplemental Indenture, dated as
of October 1, 2003 (such Indenture, as supplemented by the First
Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture and this Supplemental Indenture, being hereinafter
referred to as the “Indenture”), relating to the issuance at any time or from
time to time of its Securities on terms to be specified at the time of
issuance. Pursuant to Section 7.08 of the Indenture, JPMorgan Chase Bank, N.A.
succeeded The Chase
Manhattan Bank as trustee under the Indenture and The Bank of New York
subsequently succeeded JPMorgan Chase Bank, N.A. as trustee under the
Indenture. Terms used and not otherwise defined herein shall (unless the
context otherwise clearly requires) have the respective meanings given to them
in the Indenture.

The Indenture provides in Article Two thereof
that, prior to the issuance of Securities of any series, the form of such
Securities and the terms applicable to such series shall be established
in, or pursuant to, the authority granted in a resolution of the Board of
Directors (delivered to the Trustee in the form of a Bond Resolution) or
established in one or more indentures supplemental thereto.

The Issuer desires by this Supplemental Indenture,
among other things, to establish the form of the Securities of the Issuer
of a series to be titled Series E Senior
Notes, 5.60% due 2016 and the form
of the Securities of the Issuer of a series to be titled Series F Senior Notes,
6% due 2036, and to establish the terms applicable to each such series, pursuant
to Sections 2.01 and 10.01 of the Indenture. The Issuer has duly
authorized the execution and delivery of this Supplemental Indenture.

Article Ten of the Indenture provides that the
Issuer, when authorized by a resolution of its Board of Directors, and the
Trustee may from time to time and at any time amend the Indenture without
the consent of Securityholders for certain purposes enumerated in
Section 10.01 thereof, including purposes set forth in
subsection (4) of said Section 10.01.

The execution and delivery of this Supplemental
Indenture by the parties hereto are in all respects authorized by the
provisions of the Indenture. All things necessary have been done to make this
Supplemental Indenture a valid agreement of the Issuer, in accordance with its terms.

NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE
WITNESSETH:

For and in consideration of the premises, it is
mutually covenanted and agreed, as follows:

 

ARTICLE I.

ESTABLISHMENT OF SERIES E NOTES, 5.60% DUE 2016

Section 1.01. 
There shall be established by this Supplemental Indenture Securities of
the Issuer of a series titled Series E Senior
Notes, 5.60% due 2016 (hereinafter
called the “Series E Notes”). The Series E Notes shall be issued in
registered form substantially in the form set forth in Exhibit A
hereto (which is hereby incorporated herein and made a part hereof),
subject to changes in the form thereof made by the Issuer and acceptable
to the Trustee.

Section 1.02. 
The Series E Notes shall be limited to $200,000,000 in aggregate
principal amount.

Section 1.03. 
The Series E Notes may be issued in whole or in part as one or
more Global Securities, and The Depository Trust Company, or a nominee thereof,
shall be the Depository for such Global Security or Global Securities. The
Depository for such Global Security or Global Securities representing the
Series E Notes may surrender one or more Global Securities representing
the Series E Notes in exchange in whole or in part for individual Series E
Notes on such terms as are acceptable to the Issuer and such Depository and
otherwise subject to the terms of Section 2.12 of the Indenture.

Section 1.04. 
The Issuer hereby appoints, or confirms the appointment of, The Bank of
New York as the initial Trustee, Transfer Agent and Paying Agent, subject to
the provisions of the Indenture with respect to resignation, removal and
succession, and subject, further, to the right of the Issuer to appoint
additional agents (including Paying Agents).

Section 1.05. 
The terms of the Series E Notes shall be as set forth in Exhibit A
hereto, and shall include the payment and other terms reflected on the Series E
Notes as actually executed, authenticated and delivered under the Indenture.

ARTICLE II.

ESTABLISHMENT OF SERIES F NOTES, 6% DUE 2036

Section 2.01. 
There shall be established by this Supplemental Indenture Securities of
the Issuer of a series titled Series F Senior
Notes, 6% due 2036 (hereinafter
called the “Series F Notes”). The Series F Notes shall be issued in
registered form substantially in the form set forth in Exhibit B
hereto (which is hereby incorporated herein and made a part hereof),
subject to changes in the form thereof made by the Issuer and acceptable
to the Trustee.

Section 2.02. 
The Series F Notes shall be limited to $250,000,000 in aggregate
principal amount.

Section 2.03. 
The Series F Notes may be issued in whole or in part as one or
more Global Securities, and The Depository Trust Company, or a nominee thereof,
shall be the Depository for such Global Security or Global Securities. The Depository
for such Global Security or Global Securities representing the Series F Notes
may surrender one or more Global Securities representing the Series F
Notes in exchange in whole or in part for individual Series F 

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Notes on such terms as are acceptable to the Issuer
and such Depository and otherwise subject to the terms of Section 2.12 of the
Indenture.

Section 2.04. 
The Issuer hereby appoints, or confirms the appointment of, The Bank of
New York as the initial Trustee, Transfer Agent and Paying Agent, subject to
the provisions of the Indenture with respect to resignation, removal and
succession, and subject, further, to the right of the Issuer to appoint
additional agents (including Paying Agents).

Section 2.05. 
The terms of the Series F Notes shall be as set forth in Exhibit B
hereto, and shall include the payment and other terms reflected on the Series F
Notes as actually executed, authenticated and delivered under the Indenture.

ARTICLE III.

MISCELLANEOUS

Section 3.01. 
The recitals contained herein shall be taken as the statements of the
Issuer, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representation as to the validity or sufficiency of
this Supplemental Indenture.

Section 3.02. 
The Indenture, as supplemented by this Supplemental Indenture, is in all
respects hereby adopted, ratified and confirmed.

Section 3.03. 
This Supplemental Indenture may be executed in any number of
counterparts, and on separate counterparts, each of which shall be an original;
but such counterparts shall together constitute but one and the same
instrument.

Section 3.04. 
If any provision of this Supplemental Indenture limits, qualifies or
conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of
the Trust Indenture Act of 1939, as amended by the Trust Indenture
Reform Act of 1990, through operation of Section 318(c), such imposed
duties shall control.

Section 3.05. 
The Article headings herein are for convenience only and shall not
affect the interpretation hereof.

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IN WITNESS
WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to
be duly executed, and their respective corporate seals to be hereunto affixed
and attested as of the 1st day of October, 2006.

	
  

  	
   

  	
  SOUTHWESTERN PUBLIC SERVICE COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ George E. Tyson II

  
	
   

  	
   

  	
   

  	
  Name: George E. Tyson II

  
	
   

  	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  [Seal]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
  /s/ Patrice D. Blaeser

  
	
   

  	
   

  	
   

  	
  Name: Patrice D. Blaeser

  
	
   

  	
   

  	
   

  	
  Title: Assistant Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE BANK OF NEW YORK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Remo J. Reale

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  	
   

  
	
   

  	
  Name: Remo J. Reale

  	
   

  	
   

  
	
   

  	
  Title: Vice President

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Seal]

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
  /s/ Jeremy F. Finkelstein

  	
   

  	
   

  
	
   

  	
  Name: Jeremy F. Finkelstein

  	
   

  	
   

  
	
   

  	
  Title: Assistant Vice President

  	
   

  	
   

  
						

 

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EXHIBIT A

	
  CUSIP: 845743 BK 8

  	
  $200,000,000

  

 

THIS SECURITY IS A GLOBAL SECURITY REGISTERED IN THE
NAME OF THE DEPOSITARY (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 DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (55
WATER STREET, NEW YORK, NEW YORK), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF 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 INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

SOUTHWESTERN
PUBLIC SERVICE COMPANY

Series E
Senior Notes, 5.60% due 2016

Southwestern
Public Service Company promises to pay to Cede & Co. or registered assigns
the principal sum of                              
Dollars on October 1, 2016.

	
  

  	
   

  	
  Interest Payment Dates:

  	
   

  	
  April 1 and October 1

  
	
   

  	
   

  	
  Record Dates:

  	
   

  	
  March 15 and September 15

  

 

 A-1
 

 

SOUTHWESTERN
PUBLIC SERVICE COMPANY

Series E Senior Notes, 5.60% due 2016

1. Interest.

Southwestern Public Service Company (“Company”), a
corporation organized and existing under the laws of the State of New Mexico,
promises to pay interest on the principal amount of this Note at the rate per
annum shown above. The Company will pay interest on April 1 to the holder of record on March 15 and on
October 1 to the holder of record on September 15 of each year commencing April
1, 2007. Interest on this Note will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from October 6, 2006. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

2. Method of Payment.

The Company will pay
interest on this Note to the person who is the registered Holder of the Note at
the close of business on the record date for the next interest payment date,
except as otherwise provided in the Indenture. This Note must be surrendered to
a Paying Agent to collect principal payments. The Company will pay principal
and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. So long as this Note is in
book-entry only form and registered in the name of The Depository Trust
Company, or a nominee thereof, as Depositary, the Company will wire any
payments of principal, interest or premium to such Depositary. Otherwise, the Company may pay principal
and interest by check payable in such money. It may mail an interest check
to the Holder’s registered address.

3. Bond Agents.

Initially, The Bank of New
York, 4 New York Plaza 15th Floor, New York, New York 10004, will act as Paying
Agent and Transfer Agent. The Company may change any Paying Agent or
Transfer Agent without notice or provide for more than one such agent. The
Company or any Affiliate may act in any such capacity. Subject to certain
conditions, the Company may change the Trustee.

4. Indenture.

This Note is one of a
series of securities issued under an Indenture dated as of
February 1, 1999 (“Indenture”) between the Company and The Bank of New
York, as successor to The Chase Manhattan Bank (“Trustee”). The terms of this
Note include those stated in the Indenture including the Fourth Supplemental
Indenture dated as of October 1, 2006 creating the Notes of this series and those made
part of the Indenture by the Trust Indenture Act of 1939 (15 U.S. Code
Sections 77aaa-77bbbb). Securityholders are referred to the Indenture, the
Supplemental Indenture and the Act for a statement of such terms.

 A-2
 

 

5. Redemption.

The Notes of this series are
subject to redemption upon not less than 30 days’ notice by first class mail,
in whole at any time or in part from time to time at the option of the Company,
at a “make whole” redemption price equal to the greater of (a) 100% of the
principal amount of the Notes of this series to be redeemed or (b) the sum of
the present values of the remaining scheduled payments of principal and
interest thereon (excluding the
portion of any such interest accrued to the date fixed for redemption) discounted to the date fixed for redemption
on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Yield plus 15 basis points, plus accrued and unpaid
interest to the date fixed for redemption.

“Treasury Yield” means, for
any redemption date, (i) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded U.S. Treasury
securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue
(if no maturity is within three months before or after the Remaining Term,
yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the Treasury Yield will be
interpolated or extrapolated from such yields on a straight line basis,
rounding to the nearest month); or (ii) if such release (or any successor release)
is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. The
Treasury Yield will be calculated on the third business day preceding the date
fixed for redemption.

“Comparable Treasury Issue”
means the U.S. Treasury security selected by an Independent Investment Banker
as having a maturity comparable to the remaining term of the Notes of this
series that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes.

“Comparable Treasury Price”
means (i) the average of the Reference Treasury Dealer Quotations for the
redemption date, after excluding the highest and lowest Reference Treasury
Dealer Quotations for the redemption date, or (ii) if the Trustee obtains fewer
than four Reference Treasury Dealer Quotations, the average of all of the
quotations.

“Independent Investment
Banker” means any one of Barclays Capital Inc., Citigroup Global Markets Inc., KeyBanc
Capital Markets, a division of McDonald Investments Inc. or their respective
successors, or, if such firms or their successors are unwilling or unable to
select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee after consultation
with the Company.

“Reference Treasury Dealer”
means (i) any one of Barclays Capital Inc., Citigroup Global Markets Inc.,
KeyBanc Capital Markets, a division of McDonald Investments Inc., or any 

 A-3
 

 

other primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”)
designated by, and not affiliated with, Barclays Capital Inc., Citigroup Global
Markets Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc.,
or their respective successors; provided, however, that if Barclays Capital
Inc., Citigroup Global Markets Inc. or KeyBanc Capital Markets, a division of
McDonald Investments Inc., or any
of its designees ceases to be a Primary Treasury Dealer, the Company will
appoint another Primary Treasury Dealer as a substitute or (ii) any other
Primary Treasury Dealer selected by the Company after consultation with an
Independent Investment Banker.

“Reference Treasury Dealer
Quotations” means, for each Reference Treasury Dealer and any redemption date,
the average, as determined by an Independent Investment Banker, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent
Investment Banker by the Reference Treasury Dealer at 5:00 p.m. on the third
business day preceding the redemption date.

If we elect to redeem less
than all of the Notes of this series, the Trustee will select, in such manner
as it deems fair and appropriate, the particular Notes of this series or
portions of them to be redeemed. On and after the date fixed for redemption
(unless we default in the payment of the redemption price and interest accrued thereon
to such date), interest on the Notes of this series or the portions of them so
called for redemption will cease to accrue.

In the event of redemption
of this Note in part only, a new Note or Notes of this series for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.

The Notes of this series are
not subject to a sinking fund.

6. Notice of Redemption.

Notice of redemption will be
mailed at least 30 days before the date fixed for redemption to the Holder
hereof to be redeemed at such Holder’s registered address.

A notice of redemption
may provide that it is subject to the occurrence of any event before the
date fixed for such redemption as described in such notice (“Conditional
Redemption”) and such notice of Conditional Redemption shall be of no effect
unless all such conditions to the redemption have occurred before such date or
have been waived by the Company.

7. Denominations, Transfer, Exchange.

The Notes of this
series are in registered form without coupons in denominations of
$1000 and whole multiples of $1000. The transfer of this Note may be
registered and this Note may be exchanged as provided in the Indenture. The
Transfer Agent may require a holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or the Indenture. The Transfer Agent need not exchange or
register the transfer of this Note or portion thereof selected for redemption. Also,
it need not exchange or register the transfer of this Note for a period of 15
days before a selection of Securities to be redeemed.

 A-4
 

 

8. Persons Deemed Owners.

The registered holder of
this Note may be treated as its owner for all purposes.

9. Amendments and Waivers.

Subject to certain
exceptions, the Indenture or the Notes of this series may be amended
with the consent of the holders of a majority in principal amount of the
securities of all series affected by the amendment. Subject to certain
exceptions, a default on a series may be waived with the consent of
the holders of a majority in principal amount of the series.

Without the consent of any
Securityholder, the Indenture or the Notes of this series may be
amended, among other things, to cure any ambiguity, omission, defect or inconsistency;
to provide for assumption of Company obligations to Securityholders; or to make
any change that does not materially adversely affect the rights of any
Securityholder.

10. Restrictive Covenants.

The Notes of this
series are unsecured general obligations of the Company limited to $200,000,000 principal amount. The Indenture does not
limit other unsecured debt.

11. Successors.

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

12. Defeasance Prior to Redemption or Maturity.

Subject to certain
conditions as set forth in Article 8 of the Indenture, the Company at any
time may terminate some or all of its obligations under this Note and the
Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of principal and interest on this Note to
redemption or maturity. U.S. Government Obligations are securities backed by
the full faith and credit of the United States of America or certificates
representing an ownership interest in such Obligations.

13. Defaults and Remedies.

An Event of Default
includes: default for 60 days in payment of interest on the Notes of this
series; default in payment of principal on the Notes of this series; default by
the Company for 90 days after notice to it in the performance of any of its
other agreements applicable to the Notes of this series; certain events of
bankruptcy or insolvency; and any other Event of Default provided for in this
series. If an Event of Default occurs and is continuing, the Trustee or the
holders of at least 25% in principal amount of the Notes of this
series may declare the principal of all the Notes of this
Series to be due and payable immediately.

The Securityholders of a
majority in principal amount of Notes of this series may, by notice to the
Trustee, rescind an acceleration so long as the rescission would not conflict
with any judgment or decree and if all existing events of default on the Notes
of this series have been 

 A-5
 

 

cured or waived except
non-payment of principal or interest that has become due solely because of the
acceleration.

Securityholders may not
enforce the Indenture or the Notes of this series except as provided in
the Indenture. The Trustee may require indemnity satisfactory to it before
it enforces the Indenture or the Notes of this series. Subject to certain
limitations, holders of a majority in principal amount of the Notes of this
series may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Securityholders notice of any continuing default
(except a default in payment of principal or interest) if it determines that
withholding notice is in their interests. The Company must furnish annual
compliance certificates to the Trustee.

14. Trustee Dealings with Company.

The Bank of New York, the
Trustee under the Indenture, in its individual or any other capacity,
may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not Trustee.

15. No Recourse Against Others.

A director, officer,
employee or stockholder, as such, of the Company shall not have any liability
for any obligations of the Company under this Note or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation. The Holder hereof by accepting this Note waives and releases all such
liability. The waiver and release are part of the consideration for the
issue of this Note.

16. Authentication.

This Note shall not be valid
until authenticated by a manual signature of the Trustee.

17. Abbreviations.

Customary abbreviations
may be used in the name of a Securityholder or an assignee, such as: TEN
COM (tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint
tenants with right of survivorship and not as tenants in common), CUST
(custodian), and U/G/M/A (Uniform Gifts to Minors Act).

The Company will furnish to the Holder hereof upon
written request and without charge a copy of the Indenture including the
Supplemental Indenture, which contains the text of this Note in larger type. Requests
may be made to: Southwestern Public Service Company, c/o Xcel Energy Inc.,
414 Nicollet Mall, Minneapolis, Minnesota 55401, Attention: Corporate
Secretary.

 A-6
 

 

Dated:                             ,
        

	
  

  	
   

  	
  SOUTHWESTERN PUBLIC SERVICE COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Benjamin G.S. Fowke III

  
	
   

  	
   

  	
   

  	
  Title: Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: George E. Tyson II

  
	
   

  	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Patrice D. Blaeser

  
	
   

  	
   

  	
   

  	
  Title: Assistant Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Seal)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Authenticated:

  	
   

  	
   

  	
   

  
	
  THE BANK OF NEW YORK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

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ASSIGNMENT FORM

To
assign this Note, fill in the form below:

	
  

  	
  I or we assign and transfer this Note to:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Insert assignee’s Soc. Sec. or tax I.D. no.)

  	
   

  

 

	
  

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

(Print or type assignee’s name, address and zip code)

and irrevocably
appoint                                                
agent to transfer this Note on the books of the Company. That agent
may substitute another to act for him.

	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  

 

(Sign exactly as
your name appears on the other side of This Note)

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EXHIBIT B

	
  CUSIP: 845743 BL 6

  	
  $250,000,000

  

 

THIS SECURITY IS A
GLOBAL SECURITY REGISTERED IN THE NAME OF THE DEPOSITARY (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 DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (55 WATER STREET, NEW YORK, NEW YORK), TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF 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 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

SOUTHWESTERN
PUBLIC SERVICE COMPANY

Series F
Senior Notes, 6% due 2036

Southwestern
Public Service Company promises to pay to Cede & Co. or registered assigns
the principal sum
of                               
Dollars on October 1, 2036.

	
  

  	
   

  	
  Interest Payment Dates:

  	
   

  	
  April 1 and October 1

  
	
   

  	
   

  	
  Record Dates:

  	
   

  	
  March 15 and September 15

  

 

 B-1
 

 

SOUTHWESTERN
PUBLIC SERVICE COMPANY

Series F Senior Notes, 6% due 2036

1. Interest.

Southwestern Public Service Company (“Company”), a
corporation organized and existing under the laws of the State of New Mexico,
promises to pay interest on the principal amount of this Note at the rate per
annum shown above.  The Company will pay
interest on April 1 to the holder
of record on March 15 and on October 1 to the holder of record on September 15
of each year commencing April 1, 2007. 
Interest on this Note will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from October 6,
2006.  Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

2. Method of Payment.

The Company will pay
interest on this Note to the person who is the registered Holder of the Note at
the close of business on the record date for the next interest payment date,
except as otherwise provided in the Indenture. 
This Note must be surrendered to a Paying Agent to collect principal
payments.  The Company will pay principal
and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. 
So long as this Note is in book-entry only form and registered in the
name of The Depository Trust Company, or a nominee thereof, as
Depositary, the Company will wire any payments of principal, interest or
premium to such Depositary.  Otherwise, the Company may pay principal
and interest by check payable in such money. 
It may mail an interest check to the Holder’s registered address.

3. Bond Agents.

Initially, The Bank of New
York, 4 New York Plaza 15th Floor, New York, New York 10004, will act as Paying
Agent and Transfer Agent.  The Company
may change any Paying Agent or Transfer Agent without notice or provide
for more than one such agent.  The
Company or any Affiliate may act in any such capacity.  Subject to certain conditions, the Company
may change the Trustee.

4. Indenture.

This Note is one of a
series of securities issued under an Indenture dated as of
February 1, 1999 (“Indenture”) between the Company and The Bank of New
York, as successor to The Chase Manhattan Bank (“Trustee”).  The terms of this Note include those stated
in the Indenture including the Fourth Supplemental Indenture dated as of October
1, 2006 creating the Notes of
this series and those made part of the Indenture by the Trust
Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb).  Securityholders are referred to the
Indenture, the Supplemental Indenture and the Act for a statement of such
terms.

 B-2
 

 

5. Redemption.

The Notes of this series are
subject to redemption upon not less than 30 days’ notice by first class mail,
in whole at any time or in part from time to time at the option of the Company,
at a “make whole” redemption price equal to the greater of (a) 100% of the
principal amount of the Notes of this series to be redeemed or (b) the sum of
the present values of the remaining scheduled payments of principal and
interest thereon (excluding the
portion of any such interest accrued to the date fixed for redemption) discounted to the date fixed for redemption
on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Yield plus 20 basis points, plus accrued and unpaid
interest to the date fixed for redemption.

“Treasury Yield” means, for
any redemption date, (i) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded U.S. Treasury
securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue
(if no maturity is within three months before or after the Remaining Term,
yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue will be determined and the Treasury Yield will be
interpolated or extrapolated from such yields on a straight line basis,
rounding to the nearest month); or (ii) if such release (or any successor
release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using
a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption
date.  The Treasury Yield will be
calculated on the third business day preceding the date fixed for redemption.

“Comparable Treasury Issue”
means the U.S. Treasury security selected by an Independent Investment Banker
as having a maturity comparable to the remaining term of the Notes of this
series that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes.

“Comparable Treasury Price”
means (i) the average of the Reference Treasury Dealer Quotations for the
redemption date, after excluding the highest and lowest Reference Treasury
Dealer Quotations for the redemption date, or (ii) if the Trustee obtains fewer
than four Reference Treasury Dealer Quotations, the average of all of the
quotations.

“Independent Investment
Banker” means any one of Barclays Capital Inc., Citigroup Global Markets
Inc.,  KeyBanc Capital Markets, a
division of McDonald Investments Inc. or their respective successors, or, if
such firms or their successors are unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of national
standing appointed by the Trustee after consultation with the Company.

“Reference Treasury Dealer”
means (i) any one of Barclays Capital Inc., Citigroup Global Markets Inc.,
KeyBanc Capital Markets, a division of McDonald Investments Inc., or any 

 B-3
 

 

other primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”)
designated by, and not affiliated with, Barclays Capital Inc., Citigroup Global
Markets Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc.,
or their respective successors; provided, however, that if Barclays Capital
Inc., Citigroup Global Markets Inc. or KeyBanc Capital Markets, a division of
McDonald Investments Inc., or any
of its designees ceases to be a Primary Treasury Dealer, the Company will
appoint another Primary Treasury Dealer as a substitute or (ii) any other
Primary Treasury Dealer selected by the Company after consultation with an
Independent Investment Banker.

“Reference Treasury Dealer
Quotations” means, for each Reference Treasury Dealer and any redemption date,
the average, as determined by an Independent Investment Banker, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent
Investment Banker by the Reference Treasury Dealer at 5:00 p.m. on the third
business day preceding the redemption date.

If we elect to redeem less
than all of the Notes of this series, the Trustee will select, in such manner
as it deems fair and appropriate, the particular Notes of this series or
portions of them to be redeemed.  On and
after the date fixed for redemption (unless we default in the payment of the
redemption price and interest accrued thereon to such date), interest on the
Notes of this series or the portions of them so called for redemption will
cease to accrue.

In the event of redemption
of this Note in part only, a new Note or Notes of this series for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.

The Notes of this series are
not subject to a sinking fund.

6. Notice of Redemption.

Notice of redemption will be
mailed at least 30 days before the date fixed for redemption to the Holder
hereof to be redeemed at such Holder’s registered address.

A notice of redemption
may provide that it is subject to the occurrence of any event before the
date fixed for such redemption as described in such notice (“Conditional
Redemption”) and such notice of Conditional Redemption shall be of no effect
unless all such conditions to the redemption have occurred before such date or
have been waived by the Company.

7. Denominations, Transfer, Exchange.

The Notes of this
series are in registered form without coupons in denominations of
$1000 and whole multiples of $1000.  The
transfer of this Note may be registered and this Note may be
exchanged as provided in the Indenture. 
The Transfer Agent may require a holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or the Indenture.  The
Transfer Agent need not exchange or register the transfer of this Note or
portion thereof selected for redemption. 
Also, it need not exchange or register the transfer of this Note for a
period of 15 days before a selection of Securities to be redeemed.

 B-4
 

 

8. Persons Deemed Owners.

The registered holder of
this Note may be treated as its owner for all purposes.

9. Amendments and Waivers.

Subject to certain
exceptions, the Indenture or the Notes of this series may be amended
with the consent of the holders of a majority in principal amount of the
securities of all series affected by the amendment.  Subject to certain exceptions, a default on a
series may be waived with the consent of the holders of a majority in
principal amount of the series.

Without the consent of any
Securityholder, the Indenture or the Notes of this series may be
amended, among other things, to cure any ambiguity, omission, defect or
inconsistency; to provide for assumption of Company obligations to
Securityholders; or to make any change that does not materially adversely
affect the rights of any Securityholder.

10. Restrictive Covenants.

The Notes of this
series are unsecured general obligations of the Company limited to $250,000,000 principal amount.  The Indenture does not limit other unsecured
debt.

11. Successors.

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

12. Defeasance Prior to Redemption or Maturity.

Subject to certain
conditions as set forth in Article 8 of the Indenture, the Company at any
time may terminate some or all of its obligations under this Note and the
Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of principal and interest on this Note to
redemption or maturity.  U.S. Government
Obligations are securities backed by the full faith and credit of the United
States of America or certificates representing an ownership interest in such
Obligations.

13. Defaults and Remedies.

An Event of Default
includes: default for 60 days in payment of interest on the Notes of this
series; default in payment of principal on the Notes of this series; default by
the Company for 90 days after notice to it in the performance of any of its
other agreements applicable to the Notes of this series; certain events of
bankruptcy or insolvency; and any other Event of Default provided for in this
series.  If an Event of Default occurs
and is continuing, the Trustee or the holders of at least 25% in principal
amount of the Notes of this series may declare the principal of all the
Notes of this Series to be due and payable immediately.

The Securityholders of a
majority in principal amount of Notes of this series may, by notice to the
Trustee, rescind an acceleration so long as the rescission would not conflict
with any judgment or decree and if all existing events of default on the Notes
of this series have been 

 B-5
 

 

cured or waived except
non-payment of principal or interest that has become due solely because of the
acceleration.

Securityholders may not
enforce the Indenture or the Notes of this series except as provided in
the Indenture.  The Trustee
may require indemnity satisfactory to it before it enforces the Indenture
or the Notes of this series. Subject to certain limitations, holders of a
majority in principal amount of the Notes of this series may direct
the Trustee in its exercise of any trust or power.  The Trustee may withhold from
Securityholders notice of any continuing default (except a default in payment
of principal or interest) if it determines that withholding notice is in their
interests. The Company must furnish annual compliance certificates to the
Trustee.

14. Trustee Dealings with Company.

The Bank of New York, the
Trustee under the Indenture, in its individual or any other capacity,
may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not Trustee.

15. No Recourse Against Others.

A director, officer,
employee or stockholder, as such, of the Company shall not have any liability
for any obligations of the Company under this Note or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation.  The Holder hereof by accepting
this Note waives and releases all such liability.  The waiver and release are part of the
consideration for the issue of this Note.

16. Authentication.

This Note shall not be valid
until authenticated by a manual signature of the Trustee.

17. Abbreviations.

Customary abbreviations
may be used in the name of a Securityholder or an assignee, such as: TEN
COM (tenants in common), TEN ENT (tenants by the entireties), JT TEN (joint
tenants with right of survivorship and not as tenants in common), CUST
(custodian), and U/G/M/A (Uniform Gifts to Minors Act).

The Company will furnish to the Holder hereof upon
written request and without charge a copy of the Indenture including the
Supplemental Indenture, which contains the text of this Note in larger
type.  Requests may be made to:
Southwestern Public Service Company, c/o Xcel Energy Inc., 414 Nicollet Mall,
Minneapolis, Minnesota 55401, Attention: Corporate Secretary.

 B-6
 

 

Dated:                             ,
          

	
  

  	
   

  	
  SOUTHWESTERN PUBLIC SERVICE COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Benjamin G.S. Fowke III

  
	
   

  	
   

  	
   

  	
  Title: Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: George E. Tyson II

  
	
   

  	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Patrice D. Blaeser

  
	
   

  	
   

  	
   

  	
  Title: Assistant Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Seal)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Authenticated:

  	
   

  	
   

  	
   

  
	
  THE BANK OF NEW YORK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signature

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
					

 

 B-7
 

 

ASSIGNMENT FORM

To
assign this Note, fill in the form below:

	
  

  	
  I or we assign
  and transfer this Note to:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Insert
  assignee’s Soc. Sec. or tax I.D. no.)

  	
   

  

 

	
  

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

(Print or type assignee’s name, address and zip code)

and irrevocably
appoint                                                
agent to transfer this Note on the books of the Company. That agent
may substitute another to act for him.

	
  Date:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Your Signature:

  	
   

  	
   

  

 

(Sign exactly as
your name appears on the other side of This Note)

 B-8Exhibit
10.1

FIRST
SUPPLEMENTAL INDENTURE

FIRST SUPPLEMENTAL INDENTURE, dated
as of October 4, 2006, among MEDAREX,
INC., a New Jersey corporation (the “Company”)
and Wilmington Trust Company, a Delaware banking company, as trustee (the “Trustee”).

WHEREAS, the
Company has duly issued its 2.25% Convertible Senior Notes due May 15, 2011
(the “Notes”), in the aggregate
principal amount of $150,000,000 pursuant to an Indenture dated as of May 3,
2004 (the “Indenture”), between the
Company and the Trustee; and

WHEREAS, the
Notes are outstanding on the date hereof; and

WHEREAS,
Section 8.2 of the Indenture provides that the Company and the Trustee may
amend certain provisions of the Indenture with the written consent of the
Holders (as defined in the Indenture) of at least a majority of the aggregate
principal amount of the then outstanding Notes and execute a supplemental
indenture; and

WHEREAS, the
Company solicited, and has received, consents upon the terms and subject to the
conditions set forth in the Consent Solicitation Statement dated September 22,
2006, and the accompanying consent letters, from Holders representing at least
a majority in aggregate principal amount of the outstanding Notes to certain
amendments described therein to the Indenture; and

WHEREAS, the
Company wishes to enter into this First Supplemental Indenture pursuant to
Section 8.2 of the Indenture, to amend Section 1.1, Section 2.2 and Section
14.4 of the Indenture; and

WHEREAS,
Section 8.4 of the Indenture provides that a supplemental indenture becomes
effective in accordance with its terms and thereafter binds every Holder;

NOW, THEREFORE, the
parties hereto agree as follows:

SECTION
1.                            DEFINITIONS.

Capitalized terms
not defined herein shall have the meaning given to such terms in the Indenture.

SECTION
2.                            AMENDMENT TO SECTION
1.1.

Section 1.1 of the
Indenture is hereby amended to include the following definitions:

“Covenant Reversion Date” means the
earlier of (a) 5:00 p.m., New York City time, on December 31, 2006, or (b) the
business day immediately following the date on which the Company has satisfied
the Financial Reporting Covenant Condition.

“Financial Reporting Covenant Condition”
means the date at which the Company has filed with the Trustee an amendment to
its Annual Report on Form 10-K for the year ended December 31, 2005, an
amendment to its Quarterly Report on Form 10-Q for the quarter ended March 31,
2006, each including restated financial statements, and any further periodic
reports required to be filed with the SEC for each period ending after March
31, 2006.

SECTION
3.                            AMENDMENT TO SECTION 2.2

The third paragraph of
the subsection “Form of Reverse” of Section 2.2 of the Indenture is hereby
deleted in its entirety and replaced with the following:

“The Securities are
subject to redemption at the option of the Company (“Optional Redemption”), in
whole or in part, upon not more than 60 and not less than 30 days’ notice to
Holders prior to the

 1
 

 

 

Redemption Date in cash at a Redemption Price
(expressed as a percentage of the principal amount) of 100.3% for the period
beginning on May 15, 2010 and ending on May 14, 2011 and at a Redemption Price
equal to 100.0% of the principal amount on and after May 15, 2011, together, in
each case, with accrued and unpaid interest, if any, on the principal amount of
the Securities to be redeemed to, but not including, the Redemption Date; provided, however, that interest installments on Securities
whose Stated Maturity is on or prior to such Redemption Date will be payable to
the Holders of such Securities, or one or more Predecessor Securities, of
record at the close of business on the relevant Record Dates referred to on the
face hereof, all as provided in the Indenture; and provided
further, that no such Optional Redemption may occur unless the Closing
Price Per Share of the Company’s Common Stock for at least 20 Trading Days of
the 30 consecutive Trading Day period ending on the date one day prior to the
date the Company gives notice to Holders is greater than 150% of the Conversion
Price on the date of such notice.”

SECTION
4.                            AMENDMENT TO SECTION
14.4.

Section 14.4 of
the Indenture is hereby deleted in its entirety and replaced with the
following:

“SECTION 14.4  Reports by Company

The Company shall file with the Trustee and the Commission, and transmit
to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times
and in the manner provided pursuant to such Act; provided that any such
information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 shall be
filed with the Trustee within 15 days after the same is so required to be filed
with the Commission.

Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee’s receipt thereof shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

Notwithstanding the foregoing, the Company shall not
be required to comply with this Section 14.4 until the Covenant Reversion Date; provided, however, that the Company shall satisfy the
Financial Reporting Covenant Condition on or prior to the Covenant Reversion
Date.  Once the Company has satisfied the
Financial Reporting Covenant Condition, the Company will not be required to
comply with this Section 14.4 for any period ending on or prior to December 31,
2005.”

SECTION
5.                            MISCELLANEOUS.

Section 5.1            New York Law to Govern.  THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS FIRST SUPPLEMENTAL INDENTURE WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Section 5.2            Counterparts.  The parties may sign any number of copies of this
First Supplemental Indenture.  Each
signed copy shall be an original, but all of them together represent the same
agreement.

Section 5.3            Effect of Headings.  The Section headings herein are for convenience only
and shall not affect the construction hereof.

Section 5.4            Confirmations;
Effectiveness.  As amended by this Supplemental
Indenture, the Indenture and the Notes are ratified and confirmed in all
respects, and the Indenture as so amended shall be read, taken and construed as
one and the same instrument.  This
Supplemental Indenture shall form a part of the Indenture for all purposes, and
every holder of Notes heretofore or hereafter authenticated and delivered shall
be bound hereby.

Section 5.5            Trust Indenture
Act.  If and to the extent that any provision of this
Supplemental Indenture

 2
 

 

 

limits, qualifies or conflicts with another provision
included in this Supplemental Indenture or in the Indenture, which is required
to be included in this Supplemental Indenture or the Indenture by the Trust
Indenture Act of 1939, as amended (the “TIA”), such
required provision of the TIA shall control.

Section 5.6            Separability
Clause.  In case any provision in this Supplemental Indenture
or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

[Signatures on
following page]

 3
 

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this First Supplemental Indenture to be duly
executed and attested, all as of the date first written above.

	
  

  	
  MEDAREX, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Christian S. Schade

  
	
   

  	
   

  	
  Name: 

  	
  Christian S. Schade

  
	
   

  	
   

  	
  Title: 

  	
  CFO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY, a Delaware banking
  company, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ W. Thomas Morris, II

  
	
   

  	
   

  	
  Name: 

  	
  W. Thomas Morris, II

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  

 

 4

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