Document:

exv10w146

Exhibit 10.146

FIRST MODIFICATION AGREEMENT

(LIVERMORE/PARCEL 7)

     This FIRST MODIFICATION AGREEMENT (LIVERMORE/PARCEL 7) (this “Amendment”), dated as of April
3, 2008 (the “Amendment Date”), is made by and between BNP PARIBAS LEASING CORPORATION (“BNPPLC”),
a Delaware corporation, and LAM RESEARCH CORPORATION (“LRC”), a Delaware corporation.

RECITALS

     BNPPLC and LRC have executed a Common Definitions and Provisions Agreement (Livermore/Parcel
7) dated as of December 18, 2007 (the “Common Definitions and Provisions Agreement”), which by this
reference is incorporated into and made a part of this Amendment for all purposes. As used in this
Amendment, capitalized terms defined in the Common Definitions and Provisions Agreement and not
otherwise defined in this Amendment are intended to have the respective meanings assigned to them
in the Common Definitions and Provisions Agreement.

     BNPPLC and LRC have also executed a Construction Agreement (Livermore/Parcel 7) dated as of
December 18, 2007 (the “Construction Agreement”) and a Lease Agreement dated as of
December 18, 2007 (the “Lease”). Pursuant to the Construction Agreement, BNPPLC has agreed to
provide funding for the construction of new Improvements. When the term of the Lease commences,
the Lease will cover the Land, which is described in Exhibit A to this Amendment, and all
Improvements on such Land.

     BNPPLC and LRC have also executed an Agreement Regarding Purchase and Remarketing Options
(Livermore/Parcel 7) dated as of December 18, 2007 (the “Purchase Agreement”), pursuant to which
LRC may purchase or arrange for the purchase of the Property and BNPPLC may collect a Supplemental
Payment from LRC sufficient to cover all or a substantial portion of the Lease Balance not
otherwise repaid to BNPPLC from the proceeds of any sale of the Property.

     BNPPLC and LRC have also executed a Closing Certificate and Agreement (Livermore/Parcel 7)
dated as of December 18, 2007 (the “Closing Certificate”), pursuant to which (among other things)
LRC made certain representations and warranties to BNPPLC regarding the Property and LRC itself to
induce BNPPLC to acquire the Property and to enter into the other Operative Documents referenced
above.

     BNPPLC and LRC have also executed other agreements similar in scope and form to the Operative
Documents, but covering properties other than the Property, including (i) other agreements dated as
of December 18, 2007 which cover another tract of land in the City of Livermore, California
adjacent to the Land described in Exhibit A to this Amendment (the “Other
Livermore Documents”), and (ii) other agreements dated as of December 21, 2007,

 

 

which cover
four tracts of land in the City of Fremont, California (the “Fremont Documents”).
Contemporaneously with the execution and delivery of the Fremont Documents, BNPPLC entered into
various agreements (all of which were approved as to form by LRC) with ABN AMRO BANK, N.V. (“ABN”).
Such agreements between BNPPLC and ABN include a letter agreement (the “Reallocation Agreement”)
under which ABN may agree to become a Participant under and as defined in the Operative Documents;
subject, however, to conditions specified in the Reallocation Agreement. One of those conditions
is the modification of the Operative Documents and the Other Livermore Documents, in a manner
reasonably satisfactory to ABN, to include, to the extent applicable, changes conforming to the
revisions made to the Fremont Documents at the request of ABN’s counsel prior to the execution of
the Fremont Documents. In order to make such conforming revisions to the Operative Documents,
BNPPLC and LRC now desire to amend the Operative Documents, as more particularly provided below.
By a separate First Modification Agreement (Livermore/Parcel 6) dated as of the Amendment Date,
BNPPLC and LRC are also amending the Other Livermore Documents to make the same conforming
revisions.

     In addition to the changes needed to conform the Operative Documents to the Fremont Documents
as described in the preceding paragraph, BNPPLC and LRC also desire to change the definitions of
“Pre-lease Collateral” and “Securities Accounts” in the Pledge Agreement to reflect a change in the
securities account number that will be used by the Intermediary to identify the securities account
pledged under the Pledge Agreement. By a separate agreement between BNPPLC, LRC and the
Intermediary, which is being executed contemporaneously with this Agreement, the Initial Control
Agreement is also being modified to reflect such change in the securities account number.

AGREEMENTS

     In consideration of the premises and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

1 Amendments to the Operative Documents.

     (A) Modification of the Closing Certificate. The following subparagraph is inserted in
the Closing Certificate as a new subparagraph 4(C), and the existing subparagraph 4(C) of the
Closing Certificate is renumbered so that it becomes subparagraph 4(D):

     (C) Modifications of the Participation Agreement.
After the execution of any Participation Agreement, so long as no
Event of Default has occurred and is continuing, BNPPLC will not
(without LRC’s prior approval) agree with Participants to amend
the definitions of “Majority” or “Major Stakeholder” in the
Participation Agreement or subparagraph 6(A) or Paragraph 13 of

      

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the
Participation Agreement; provided, however, this provision will not
be construed to preclude or limit BNPPLC’s right to make any
agreement with one or more Participants to take any action, or
refrain from taking any action, not otherwise prohibited by the
Operative Documents and permitted by the Participation Agreement.

     (B) Modification of the Lease. The Lease is revised as follows:

     (1) Correction on Page 2. The word “or” is inserted in between the phrases “from the
Prior Owner” and “as described in” in the second line of the paragraph immediately following
the description of the Real Property near the top of page 2 of the Lease.

     (2) Subparagraph 3(B)(3). In the fourth bullet point of each of clauses (a) and (b) of
subparagraph 3(B)(3) of the Lease, the clause “upon which such period ends” is changed to
“upon which such installment becomes due”.

     (3) Subparagraph 9(E). Subparagraph 9(E) of the Lease is amended and restated as
follows:

     (E) LRC’s Obligation to Restore. Regardless of the
adequacy of any Remaining Proceeds available to LRC hereunder, if on
or after the Completion Date the Property is damaged by fire or
other casualty or less than all or substantially all of the Property
is taken by condemnation, LRC must promptly (and in any event, prior
to the Designated Sale Date) restore or improve the Property or the
remainder thereof to a condition that is safe and sightly and as
near to the same condition as existed prior to such event as is
possible and in any event to a value no less than the Lease Balance.

     (4) Subparagraph 14(A)(3). In clause 3) of Subparagraph 14(A)(3)(c) of the Lease, the
phrase “LRC’s failure to perform LRC’s obligations under this Lease “ is changed to “the
early termination of this Lease “. Also, the last sentence of subparagraph 14(A)(3) of the
Lease is amended and restated as follows:

For purposes of this provision, “Maximum Remarketing Obligation” is
intended to mean the Maximum Remarketing Obligation (as defined in
the Purchase Agreement) and is intended
to be computed as of the date of any award of Lease Termination
Damages to BNPPLC as if such date was the Designated Sale Date.

      

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     (5) Subparagraph 14(B). Subparagraph 14(B) of the Lease is amended and restated as
follows:

     (B) Foreclosure Remedies. At any time after an Event of
Default, BNPPLC may pursue remedies described in Exhibit B,
regardless of whether the Event of Default is continuing, if LRC has
not already purchased the Property or caused an Applicable Purchaser
to purchase the Property pursuant to the Purchase Agreement.
Without limiting the foregoing, (i) BNPPLC will have the power and
authority, to the extent provided by law, after proper notice and
lapse of such time as may be required by law, to sell or arrange for
a nonjudicial sale to foreclose the deed of trust with power of
sale, lien and security interest granted in Exhibit B (the
“Deed of Trust”) for the recovery of the Lease Balance and any other
amounts owed by LRC under the Operative Documents, and (ii) BNPPLC,
in lieu of or in addition to exercising any power of sale granted in
Exhibit B, may proceed by a suit or suits in equity or at
law, whether for a judicial foreclosure or sale of the Property, or
against LRC for the Lease Balance and any other amounts owed by LRC
under the Operative Documents, or for the specific performance of
any covenant or agreement herein contained or in aid of the
execution of any power herein granted, or for the appointment of a
receiver pending any foreclosure or sale of the Property, or for the
enforcement of any other appropriate legal or equitable remedy.

     (6) Exhibit B to the Lease. The title of Exhibit B to the Lease is changed from
“California Foreclosure Provisions” to “California Deed of Trust with Power of Sale, Lien
and Foreclosure Provisions”. Also, on the first page of Exhibit B to the Lease, the first
paragraph just under the heading, “Grant of Lien and Security Interest,” is amended and
restated as follows:

     For and in consideration of the sum of Ten Dollars ($10.00) to
LRC in hand paid and other good and valuable consideration, in order
to secure the recovery of the Lease Balance by BNPPLC and the
payment and performance of all of the other obligations, covenants,
agreements and undertakings of LRC under this Lease, the Purchase
Agreement or other Operative Documents (in this
Exhibit called the “Secured Obligations”), LRC does hereby
irrevocably GRANT, BARGAIN, SELL, CONVEY, TRANSFER,

      

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ASSIGN and SET
OVER to First American Title Insurance Company (in this Exhibit
called the “Trustee”), IN TRUST WITH POWER OF SALE, for the benefit
of BNPPLC, the Land and all rights, titles and interests of any kind
whatsoever of LRC in and to the Land, together with (i) all the
buildings and other improvements now on or hereafter located
thereon; (ii) any equipment, fixture or other property whatsoever
now or hereafter attached or affixed to or installed in said
buildings and other improvements in a manner that causes it to be
part of, or integral and necessary to the operation of, the real
property, including, but not limited to, all heating, plumbing,
lighting, water heating, refrigerating, incinerating, ventilating
and air conditioning equipment, utility lines and equipment (whether
owned individually or jointly with others), sprinkler systems, fire
extinguishing apparatus and equipment, water tanks, engines,
machines, elevators, motors, cabinets, shades, blinds, partitions,
window screens, screen doors, storm windows, awnings, drapes, and
floor coverings, and all fixtures, accessions and appurtenances
thereto, and all renewals or replacements of or substitutions for
any of the foregoing, all of which are hereby declared to be
permanent fixtures and accessions to the freehold and part of the
realty conveyed herein as security for the obligations mentioned
hereinabove; (iii) all easements and rights of way now and at any
time hereafter used in connection with any of the foregoing property
or as a means of ingress to or egress from the Land or for utilities
to said property; (iv) all interests of LRC in and to any streets,
ways, alleys and/or strips of land adjoining said land or any part
thereof; (v) all rents, issues, profits, royalties, bonuses, income
and other benefits derived from or produced by the Land or
Improvements; (vi) all leases or subleases of the Land or
Improvements or any part thereof now or hereafter in effect,
including all security or other deposits, advance or prepaid rents,
and deposits or payments of similar nature; (vii) all options to
purchase or lease the Land or Improvements or any part thereof or
interest therein, and any greater estate in the Land or Improvements
now owned or hereafter acquired by LRC; (viii) all right, title,
estate and interest of every kind and nature, at law or in equity,
which LRC now has or may hereafter acquire in the Land or
Improvements; and (ix) all other claims and demands with respect to
the Land or Improvements or the Collateral (as hereinafter
defined), including all claims or demands to all proceeds of
all insurance now or hereafter in effect with respect to

      

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the Land,
Improvements or Collateral, all awards made for the taking by
condemnation or the power of eminent domain, or by any proceeding or
purchase in lieu thereof, of the Land, Improvements or Collateral,
or any part thereof, or any damage or injury thereto, all awards
resulting from a change of grade of streets, and all awards for
severance damages; and (vi) all rights, estates, powers and
privileges appurtenant or incident to the foregoing.

     (C) Modification of the Common Definitions and Provisions Agreement. The Common
Definitions an Provisions Agreement is revised as follows:

     (1) Definition of Participant. The definition of “Participant” in the Common
Definitions and Provisions Agreement is amended and restated as follows:

     “Participant” means any Person other than BNPPLC that from time
to time, by executing the Participation Agreement or supplements as
contemplated therein, becomes a party to a Participation Agreement
and thereby agrees to participate in all or some of the risks and
rewards to BNPPLC of the Operative Documents; provided, however, no
such Person will qualify as a Participant for purposes of the
Operative Documents unless such Person is approved to be a
Participant by LRC. As of the Effective Date, there are no
Participants. However, LRC has approved ABN Amro Bank, N.V. and
Royal Bank of Scotland as banks who may become Participants. In
addition to ABN Amro Bank, N.V. and Royal Bank of Scotland, others
Persons approved by LRC may from time to time agree with BNPPLC to
share in the risks and rewards of the Operative Documents by
executing a new Participation Agreement or supplements to any
Participation Agreement. LRC will not unreasonably withhold or
delay any approval required for any prospective Participant which is
an Eligible Financial Institution. However, as to any prospective
Participant (other than ABN Amro Bank, N.V. or Royal Bank of
Scotland) that is not an Eligible Financial Institution, LRC may
withhold such approval in its sole discretion. Further, it is
understood that if giving such approval will increase LRC’s
liability for withholding taxes or other taxes not constituting
Excluded Taxes under tax laws or regulations then in effect, LRC may
reasonably refuse to give such approval.

     (2) Definition of Participation Agreement. Prior to executing any new

      

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Participation
Agreement with ABN or Royal Bank of Scotland in the form attached to Common Definitions and
Provisions Agreement as Annex 4, BNPPLC may (as contemplated in the Reallocation
Agreement) modify such form by making changes that conform to the revisions which were made
at the request of ABN’s counsel (with LRC’s approval) to each of the four “Participation
Agreements” (as defined in the Fremont Documents) before those four Participation Agreements
were signed by BNPPLC and ABN.

     (3) Definition of Purchase Agreement. In the definition of “Purchase Agreement” in the
Common Definitions and Provisions Agreement, the phrase “ as such Purchase Agreement may
        ...” is changed to “as such agreement may ...”.

     (4) New Definition of Royal Bank of Scotland. A new definition is inserted in the
Common Definitions and Provisions Agreement, immediately after the definition of
“Responsible Financial Officer”, as follows:

“Royal Bank of Scotland” means The Royal Bank of Scotland Group plc
or any of its Affiliates.

     (D) Modification of the Purchase Agreement.

     (1) Paragraph 1; Definition of 97-1/Default (100%). The definition of “97 1/Default
(100%)” in Paragraph 1 of the Purchase Agreement includes a list of clauses, each of which
describe one or more events or circumstances which will constitute a 97-1/Default (100%). A
new clause (F) is added to the end of that list as follows:

     (F) any bankruptcy or insolvency proceeding involving LRC or
any of its Subsidiaries, as the debtor.

     (2) Subparagraph 2(A)(1). The word “or” is changed to “and” in the last line of
subparagraph 2(A)(1) of the Purchase Agreement. With that change, subparagraph 2(A)(1) is
amended and restated as follows:

     (1) LRC will have the right (the “Purchase Option”) to purchase
or cause an Affiliate of LRC, as the Applicable Purchaser, to
purchase the Property on the Designated Sale Date. If LRC exercises
the Purchase Option, the purchase price for the Property will equal
the Lease Balance, and on the Designated Sale Date LRC must pay any
Base Rent and other amounts then due
under the other Operative Documents.

      

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     (3) Subparagraph 2(A)(2)(a). The word “must” is inserted between “LRC” and “deliver”
in clause (i) of subparagraph 2(A)(2)(a) of the Purchase Agreement. Also, the word “or” is
changed to “and” in clause (iii) of subparagraph 2(A)(2)(a) of the Purchase Agreement. With
those two changes, and with formatting changes to conform the subparagraph to the
corresponding provisions in the Fremont Documents, subparagraph 2(A)(2)(a) of the Purchase
Agreement is amended and restated as follows:

     (a) First, LRC will have the right to designate a third party,
other than an Affiliate of LRC, as the Applicable Purchaser and to
cause such Applicable Purchaser to purchase the Property on the
Designated Sale Date for a cash price equal to the Initial
Remarketing Price. Such right, however, will be subject to the
conditions (the “Conditions to LRC’s Initial Remarketing Rights”)
that:

     (i) LRC must deliver an Initial Remarketing Notice to
BNPPLC within the thirty days prior to the Designated Sale
Date;

     (ii) on the Designated Sale Date the Applicable
Purchaser tenders to BNPPLC a payment equal to the Initial
Remarketing Price; and

     (iii) LRC itself tenders to BNPPLC the Supplemental
Payment, if any, which will be required by subparagraph
2(A)(3) in the event BNPPLC completes the sale to the
Applicable Purchaser, together with any Base Rent and other
amounts then due under the other Operative Documents.

Further, notwithstanding the satisfaction of the Conditions to LRC’s
Initial Remarketing Rights on the Designated Sale Date, if the Break
Even Price exceeds the sum of the following: (1) any cash price
actually tendered directly to BNPPLC by the Applicable Purchaser on
the Designated Sale Date, and (2) any Supplemental Payment actually
paid to BNPPLC by LRC on the Designated Sale Date as described
below, then BNPPLC may affirmatively elect to decline any tender of
the purchase price from the Applicable Purchaser and retain the
Property rather than sell it pursuant to this
subparagraph 2(A)(2) by making a Decision Not to Sell at a Loss.

     (4) Subparagraph 3(D). In the last sentence of Subparagraph 3(D) of the

      

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Purchase
Agreement, the clause “or deemed to be received in connection with a Deemed Sale” is
enclosed in parenthesis. With that change, the sentence is amended and restated as follows:

Furthermore, unless and except to the extent required pursuant to
clause (4) of this subparagraph from cash proceeds received by
BNPPLC from any Qualified Sale (or deemed to be received in
connection with a Deemed Sale), no interest on any Supplemental
Payment will be paid to LRC.

     (5) Subparagraph 4(C). Subparagraph 4(C) of the Purchase Agreement is amended and
restated as follows:

     (C) Release and Quitclaim by LRC. If requested by
BNPPLC at the time of or after any Qualified Sale, LRC must execute
in favor of the purchaser at the Qualified Sale (or, if the
Qualified Sale is a Deemed Sale, in favor of BNPPLC) a quitclaim and
release in recordable form of all of LRC’s rights, titles and
interests in the Property, including its lien rights under
subparagraph 2(D). If, however, LRC has not already received the
share (if any) of the proceeds of the Qualified Sale to which it is
entitled by reason of clause (4) of subparagraph 3(D), LRC may
condition the delivery of such quitclaim and release upon receipt of
its share of such proceeds.

     (6) Subparagraph 6(B). At the end of the last sentence of Subparagraph 6(B) of the
Purchase Agreement, the phrase “...Operative Documents, or BNPPLC’s right to exercise the
Put Option” is changed to “...Operative Documents and its right to exercise the Put Option”.

     (7) Paragraph 9. In the last line of Paragraph 9 of the Purchase Agreement, the
cross-reference to “subparagraph ?” is changed to “subparagraph 2(D)”.

     (8) Exhibit D. Clause (3) in the third from the last paragraph in Exhibit D to the
Purchase Agreement is amended and restated as follows:

     (3) agreements between Assignor and any of Assignor’s Affiliates or
any Participants, or

     (E) Modification of the Pledge Agreement. The Pledge Agreement is revised as follows:

      

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     (1) Definition of Eligible Deposit Taker. In addition to other banks that would
qualify as an “Eligible Deposit Taker” as defined in Subparagraph 1(A) of the Pledge
Agreement, the following banks will qualify as Eligible Deposit Takers for purposes of the
Pledge Agreement:

     (a) ABN Amro Bank, N.V. or any successor of ABN Amro Bank, N.V., acting through
any branch, office or agency in New York, Illinois or California that can lawfully
maintain a Deposit Account as a Deposit Taker under the Pledge Agreement; and

     (b) Royal Bank of Scotland or any successor of Royal Bank of Scotland, acting
through any branch, office or agency in New York, Illinois or California that can
lawfully maintain a Deposit Account as a Deposit Taker under the Pledge Agreement.

     (2) Definition of Pre-lease Collateral. The definition of “Pre-lease Collateral” in
Subparagraph 1(A) of the Pledge Agreement is amended and restated as follows:

     “Pre-lease Collateral” means: (i) any and all Pre-lease
Deposits, Securities and other Pre-lease Account Assets that are
covered by the Initial Control Agreement; (ii) all additions to, and
proceeds, renewals, investments, reinvestments and substitutions of,
the foregoing; and (iii) all certificates, receipts and other
instruments evidencing any of the foregoing; excluding, however,
Cash Collateral and the Deposit Accounts and proceeds thereof.
Without limiting the foregoing, the Pre-lease Collateral will
include the Securities Accounts.

     (3) Securities Account. The definition of “Securities Account” in Subparagraph 1(A) of
the Pledge Agreement is amended and restated as follows:

     “Securities Accounts” means the accounts (whether one or more)
maintained with the Intermediary as described in and made subject to
the Initial Control Agreement, including the account identified on
the books of Intermediary as account number N0451-LRCLP in the name
of “Lam Research Corporation, Pledgor; BNP Paribas Leasing
Corporation, Secured Party”.

     (4) Subparagraph 3(A). Subparagraph 3(A) of the Pledge Agreement is amended and
restated as follows:

      

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     (A) Deposit Taker Agreements. At least ten days prior
to any initial deposit of Cash Collateral with any Deposit Taker
required by this Agreement, LRC must (1) ask BNP Paribas, as the
designated Deposit Taker for BNPPLC, and each Eligible Deposit Taker
designated by any Participant to act as the Deposit Taker for it
under this Agreement, to satisfy the Deposit Taker Prerequisites;
and (2) execute and provide to BNPPLC a completed Deposit Taker’s
Agreement for BNPPLC’s execution and delivery to each Deposit Taker.
Promptly after receipt of a properly completed Deposit Taker’s
Agreement executed by LRC and in form ready to be executed by BNP
Paribas or any other Eligible Deposit Taker named therein, BNPPLC
must execute such Deposit Taker’s Agreement and deliver it to the
appropriate Deposit Taker as necessary for the satisfaction of the
Deposit Taker Prerequisites.

Without limiting the foregoing, LRC acknowledges and agrees that (i)
BNPPLC and any Participant may designate BNP Paribas or any other
Eligible Deposit Taker as its Deposit Taker, (ii) any Participant
may designate itself or any of its Affiliates as its Deposit Taker
so long as the Participant or its Affiliate, as the case may be, is
an Eligible Deposit Taker, and (iii) as provided in both the
preceding provisions of this subparagraph and in subparagraph 3(E),
BNPPLC and LRC must promptly upon request execute and deliver any
properly completed Deposit Taker’s Agreement requested by BNPPLC or
any Participant to facilitate the designations of Deposit Takers
contemplated by this Agreement. If any Participant has not already
designated an Eligible Deposit Taker to act as Deposit Taker for it
under this Agreement at any time when such a designation is
required, then BNPPLC may make the designation for such Participant;
subject, however, to the Participant’s rights under subparagraphs
3(D) and 3(E).

     (5) Subparagraph 3(G). In the last sentence of Subparagraph 3(G) of the Pledge
Agreement, the phrase “by LRC” is inserted between “any replacement” and “of Cash Collateral
required by this Agreement”.

     (6) Subparagraph 4(C). Subparagraph 4(C) of the Pledge Agreement is
amended and restated as follows:

     (C) Transition Account. Pending deposit in the Deposit
Accounts or other application as provided herein, all Cash

      

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Collateral received by BNPPLC shall be deposited directly into, and
credited to and held by BNPPLC in, an account maintained by BNPPLC
in its own name with BNPPLC’s Parent (the “Transition Account”), but
held for the benefit of BNPPLC and the Participants separate and
apart from all other property and funds of BNPPLC, LRC or other
Persons, and no other property or funds shall be deposited in the
Transition Account. The books and records of BNPPLC shall reflect
that the Transition Account and all Cash Collateral on deposit
therein are owned by LRC, subject to a pledge and security interest
in favor of BNPPLC for the benefit of BNPPLC and Participants.

     (7) Subparagraph 5(C). Subparagraph 5(C) of the Pledge Agreement is amended and
restated as follows:

     (C) Withdrawal and Application of Cash Collateral to Reduce
or Satisfy the Secured Obligations to BNPPLC. To satisfy the
Secured Obligations, and provided no Event of Default (under and as
defined in this Agreement or as defined in the Common Definitions
and Provisions Agreement) has occurred and is continuing, LRC may
require BNPPLC to withdraw and retain any Cash Collateral held by
any Deposit Taker on the Designated Sale Date (which retention by
BNPPLC shall be free and clear of all liens and security interests
hereunder) as a payment on behalf of LRC of any amounts then due
from LRC under the Purchase Agreement; provided, that by a notice in
the form of Exhibit G, LRC must have notified BNPPLC of the required
withdrawal and payment to BNPPLC at least ten days prior to the date
upon which it is to occur.

     (8) Subparagraph 6(B)(6). In the third line of Subparagraph 6(B)(6) of the Pledge
Agreement, the word “sell,” is inserted just before the phrase “encumber, lease, rent,
option, or otherwise dispose of or transfer...”.

     (9) Subparagraph 9(E). Subparagraph 9(E) of the Pledge Agreement is amended and
restated as follows:

     (E) Other Liable Party. Neither this Agreement nor the
exercise by BNPPLC or the failure of BNPPLC to exercise any right,
power or remedy conferred herein or by law shall be construed as
relieving LRC or any Other Liable Party from liability on the
Secured Obligations or any deficiency thereon.

      

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This Agreement shall
continue irrespective of the fact that the liability of LRC or any
Other Liable Party may have ceased or irrespective of the validity
or enforceability of any other agreement evidencing or securing the
Secured Obligations to which LRC or any Other Liable Party may be a
party, and notwithstanding the reorganization, death, incapacity or
bankruptcy of LRC or any Other Liable Party, or any other event or
proceeding affecting LRC or any Other Liable Party.

     (10) Paragraph 5 of Exhibit B. Paragraph 5 of Exhibit B to the Pledge Agreement is
amended and restated as follows:

     5. Exculpation; Indemnity. Deposit Taker undertakes to
perform only such duties as are expressly set forth herein.
Notwithstanding any other provisions of this Agreement, the parties
hereby agree that Deposit Taker shall not be liable for any action
taken by it in accordance with this Agreement, including, without
limitation, any action so taken at BNPPLC’s request, except direct
damages attributable to the Deposit Taker’s gross negligence or
willful misconduct. Except for the direct damages specifically
described in the preceding sentence, in no event shall Deposit Taker
be liable for any (i) losses or delays resulting from acts of God,
war, computer malfunction, interruption of communication facilities,
labor difficulties or other causes beyond Deposit Taker’s reasonable
control, or (ii) for any other damages, including, without
limitation, indirect, special, punitive or consequential damages.
LRC and BNPPLC jointly and severally agree to indemnify and hold
Deposit Taker harmless from and against all costs, damages, claims,
judgments, reasonable attorneys’ fees, expenses, obligations and
liabilities of every kind and nature (collectively, “Losses”) which
Deposit Taker may incur, sustain or be required to pay (other than
those attributable to Deposit Taker’s gross negligence or willful
misconduct) in connection with or arising out of this Agreement or
the Deposit Account (including without limitation, the amount of any
overdraft created in the Deposit Account resulting from a Chargeback
or from debiting the Deposit Account for Charges
(defined below) owed to the Deposit Taker), and to pay to
Deposit Taker on demand the amount of all such Losses. Nothing in
this Section, and no indemnification of Deposit Taker hereunder,
shall affect in any way the indemnification obligations of LRC to
BNPPLC under the Pledge Agreement or other Operative Documents.

      

First Modification Agreement (Livermore/Parcel 7) — Page 13

 

 

The
provisions of this Section shall survive termination of this
Agreement.

     (11) Paragraph 7 of Exhibit B. Paragraph 7 of Exhibit B to the Pledge Agreement is
amended and restated as follows:

     7. Charges. In consideration of the services of
Deposit Taker in establishing, maintaining, and conducting
transactions through the Deposit Account, Deposit Taker has
established, and LRC hereby agrees to pay the reasonable fees and
other charges for the Deposit Account and services related thereto,
together with any and all other expenses incurred by Deposit Taker
in connection with this Agreement or the Deposit Account and related
services, including without limitation amounts paid or incurred by
Deposit Taker in enforcing its rights and remedies under this
Agreement, or in connection with defending any claim made against
Deposit Taker in connection with this Agreement or the Deposit
Account (collectively, the “Charges”). However, no Charges will be
debited to or offset against funds in the Deposit Account without
the prior written consent of BNPPLC. If LRC fails to pay the amount
of the Charges within five (5) Business Days of receipt of a billing
statement detailing such Charges, BNPPLC agrees to pay Deposit
Taker, via wire transfer or other immediately available funds, the
amount of such Charges within two (2) Business Days after receipt of
a billing statement detailing such Charges. Deposit Taker will bill
LRC directly, and LRC agrees to pay Deposit Taker, via wire transfer
or other immediately available funds, the amount of such Charges.
Deposit Taker reserves the right to change any or all of the fees
and charges according to annual review, upon not less than ten (10)
days written notice to LRC and BNPPLC.

     (12) Paragraphs 10 and 11 of Exhibit B. Paragraphs 10 and 11 of Exhibit B to the
Pledge Agreement are amended and restated as follows:

     10. Miscellaneous. This Agreement is binding upon the
parties hereto and their respective successors and assigns
(including
any trustee of LRC appointed or elected in any action under the
Bankruptcy Code) and shall inure to their benefit. Neither LRC nor
BNPPLC may assign their respective rights hereunder unless the prior
written consent of the Deposit Taker is obtained. Neither this
Agreement nor any provision hereof may be

      

First Modification Agreement (Livermore/Parcel 7) — Page 14

 

 

changed, amended, modified
or waived, except by an instrument in writing signed by the parties
hereto. Any provision of this Agreement that may prove
unenforceable under any law or regulation shall not affect the
validity of any other provision hereof. This Agreement shall be
governed by, and interpreted in accordance with, the laws of the
state in which the account office identified above is located
without regard to conflict of laws provisions. Any action in
connection with this Agreement shall be brought in the courts of the
State of [Illinois], located in [Cook] County, or the courts of the
United States of America for the [Northern District of Illinois];
provided, however, that with respect to an action brought by BNPPLC
to enforce its rights with respect to the Collateral, such action
may be brought in the courts of the State of California, located in
the County of Alameda, or the courts of the United States of America
for the Northern District of California. Each party hereto
irrevocably waives any objection on the grounds of venue, forum
non-conveniens or any similar grounds, irrevocably consents to
service of process by mail or in any other manner permitted by
applicable law and consents to the jurisdiction of said courts.
Each party hereto intentionally, knowingly and voluntarily
irrevocably waives any right to trial by jury in any proceeding
related to this Agreement. This Agreement may be executed in any
number of counterparts which together shall constitute one and the
same instrument.

     11. Termination and Resignation. This Agreement may be
terminated by agreement of BNPPLC and LRC upon fifteen (15) days’
prior written notice to Deposit Taker; provided, however, that this
Agreement shall terminate immediately upon notice from BNPPLC that
all of LRC’s obligations secured by the Pledge Agreement are
satisfied. Deposit Taker may, at any time upon thirty (30) days’
prior written notice to BNPPLC and LRC, terminate this Agreement and
close the Deposit Account; provided, however, that a substitute
deposit taker has been appointed for [BNPPLC or name of Participant]
[if name of Participant is inserted, then also insert: (in its
capacity as a Participant)] and as
described in the Pledge Agreement. Deposit Taker may terminate
this Agreement upon ten (10) days’ prior written notice to BNPPLC
and LRC in the event of a material breach of this Agreement
(including non-payment of any Charges or other obligations under
this Agreement), and which constitutes an Event of Default as that
term is defined in the Common Definitions and

      

First Modification Agreement (Livermore/Parcel 7) — Page 15

 

 

Provisions Agreement,
by either LRC or BNPPLC. Upon termination of this Agreement any
funds in the Deposit Account shall be subject to the direction of
BNPPLC, including any direction given by BNPPLC that such funds be
wired to another “Deposit Taker” designated for [BNPPLC or name of
Participant] under and as defined in the Pledge Agreement.

2 Confirmation of Operative Documents by LRC. LRC ratifies and confirms all terms and
conditions of the Operative Documents, as hereby amended. LRC also confirms that LRC is not
currently aware of any Default or Event of Default which has occurred and is continuing or of any
defense, counterclaim, set-off, right of recoupment, abatement or other claim which LRC may now
have against BNPPLC under the Operative Documents.

3 Other Representations and Covenants of LRC. LRC also represents and covenants to BNPPLC
as follows:

     (A) Concerning LRC and this Amendment.

     (1) Authority. The Constituent Documents of LRC permit the execution, delivery and
performance of this Amendment by LRC, and all actions and approvals necessary to bind LRC
under this Amendment have been taken and obtained. Without limiting the foregoing, this
Amendment will be binding upon LRC when signed on behalf of LRC by Roch LeBlanc, Treasurer
of LRC.

     (2) No Default or Violation. The execution and performance by LRC of this Amendment do
not and will not contravene or result in a breach of or default under any other agreement to
which LRC is a party or by which LRC is bound or which affects any assets of LRC. Such
execution and performance by LRC do not contravene any law, order, decree, rule or
regulation to which LRC is subject. Further, such execution and performance by LRC will not
result in the creation or imposition of (or the obligation to create or impose) any lien,
charge or encumbrance on, or security interest in, any property of LRC pursuant to the
provisions of any such other agreement.

     (3) Enforceability. This Amendment constitutes the legal, valid and binding
obligations of LRC enforceable in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, receivership and other similar laws affecting
the rights of creditors generally.

     (B) Further Assurances. LRC will, upon the reasonable request of BNPPLC, (i) execute,
acknowledge, deliver and record or file such further instruments and do such further acts as may be
necessary, desirable or proper to carry out more effectively the purposes of this Amendment and to
subject to this Amendment any property intended to be covered hereby,

      

First Modification Agreement (Livermore/Parcel 7) — Page 16

 

 

including specifically, but
without limitation, any renewals, additions, substitutions, replacements or appurtenances to the
Property; (ii) execute, acknowledge, deliver, procure and record or file any document or instrument
deemed advisable by BNPPLC to protect its rights in and to the Property against the rights or
interests of third persons; and (iii) provide such certificates, documents, reports, information,
affidavits and other instruments and do such further acts as may be necessary, desirable or proper
in the reasonable determination of BNPPLC to enable BNPPLC to comply with the requirements or
requests of any agency or authority having jurisdiction over it.

     (C) Reimbursement of Costs. LRC will pay or reimburse BNPPLC, upon demand, for all
reasonable out-of-pocket costs and expenses (including the reasonable fees, charges and
disbursements of counsel) incurred by BNPPLC in connection with the preparation, negotiation,
execution and delivery of this Amendment.

4 Reservation of Rights. The execution and delivery by BNPPLC of this Amendment will not
be deemed to create a course of dealing or otherwise obligate BNPPLC to enter into amendments under
the same, similar, or any other circumstances in the future. LRC is entering into this Amendment
on the basis of its own investigation and for its own reasons, without reliance upon BNPPLC or
Participants or any other Person. Except as expressly provided above, this Amendment will not
limit, modify or otherwise affect any of LRC’s obligations under any of the Operative Documents.

5 No Implied Representations or Promises by BNPPLC. LRC acknowledges and agrees that
neither BNPPLC nor its representatives or agents have made any representations or promises with
respect to the subject matter of this Amendment except as expressly set forth herein.

6 Provisions Incorporated by Reference from the Common Definitions and Provisions
Agreement. All terms and conditions set forth in Article II of the Common Definitions and
Provisions Agreement will apply to this Amendment as if this Amendment was one of the Operative
Documents specifically referenced therein.

7 References to Operative Documents. From and after the Amendment Date, all references to
any of the Operative Documents in the Operative Documents or in other documents related to the
transactions contemplated therein are intended to mean the Operative Documents,
as modified by this Amendment, unless the context shall otherwise require.

      

First Modification Agreement (Livermore/Parcel 7) — Page 17

 

 

8 Successors and Assigns. All of the covenants, agreements, terms and conditions to be
observed and performed by the parties hereto shall be applicable to and binding upon their
respective heirs, personal representatives and successors and, to the extent assignment is
permitted under the Operative Documents, their respective assigns.

[The signature pages follow.]

      

First Modification Agreement (Livermore/Parcel 7) — Page 18

 

 

     IN WITNESS WHEREOF, this First Modification Agreement (Livermore/Parcel 7) is executed to be
effective as of April 3, 2008.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	BNP PARIBAS LEASING CORPORATION, a 

Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Barry Mendelsohn
 

Barry Mendelsohn, Director
	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	STATE OF TEXAS

	 	)	 	 	 	 	 	 
	 

	 	)
	  SS	 	 	 	 	 
	COUNTY OF DALLAS

	 	)	 	 	 	 	 	 

On April ___, 2008, before me                                         , a Notary Public in and for the
County and State aforesaid, personally appeared Barry Mendelsohn, Director of BNP Paribas Leasing
Corporation, who is personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on such
instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

	 	 	 
	WITNESS, my hand and official seal.
	 	 
	 
	 	 
	 

	 	 

      

First Modification Agreement (Livermore/Parcel 7) — Signature Page

 

 

[Continuation of signature pages for First Modification Agreement (Livermore/Parcel 7) dated as of
April 3, 2008]

	 	 	 	 	 	 	 	 	 
	 	 	 	 	LAM RESEARCH CORPORATION, a 

Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Roch LeBlanc
 

Roch LeBlanc, Treasurer
	 	 
	 
	 	 	 	 	 	 	 	 
	STATE OF CALIFORNIA

	 	)	 	 	 	 	 	 
	 

	 	)
	  SS	 	 	 	 	 
	COUNTY OF ALAMEDA

	 	)	 	 	 	 	 	 

On April ___, 2008, before me                                         , a Notary Public in and for the
County and State aforesaid, personally appeared Roch LeBlanc, Treasurer of Lam Research
Corporation, who is personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity and that by his/her signature on such
instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

	 	 	 
	WITNESS, my hand and official seal.
	 	 
	 
	 	 
	 

	 	 

      

First Modification Agreement (Livermore/Parcel 7) — Signature Page

 

 

Exhibit A

Legal Description

ALL OF PARCEL 7 AS SAID PARCEL IS SHOWN AND SO DESIGNATED ON THE PARCEL MAP 7341 FILED FOR RECORD
IN THE OFFICE OF THE COUNTY RECORDER OF ALAMEDA COUNTY IN BOOK 268 OF PARCEL MAPS AT PAGE 85,
TOGETHER WITH A PORTION OF PARCEL 14 AS SAID PARCEL IS SHOWN AND SO DESIGNATED ON THE MAP OF TRACT
7610 FILED FOR RECORD IN
THE OFFICE OF THE COUNTY RECORDER OF ALAMEDA COUNTY IN BOOK 293 OF MAPS AT PAGE 14, MORE
PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE MOST SOUTHERLY CORNER COMMON TO SAID PARCEL 7 AND PARCEL 14;

THENCE ALONG THE BOUNDARY LINE OF SAID PARCEL 7 THE FOLLOWING TEN (10) COURSES:

1. WESTERLY ALONG A NON-TANGENT 1278.00 FOOT RADIUS CURVE TO THE RIGHT FROM WHICH THE CENTER
OF SAID CURVE BEARS NORTH 05° 41’ 02” EAST, THROUGH A CENTRAL ANGLE OF 3° 38’
58” AN ARC DISTANCE OF 81.402 FEET;

2. ALONG A REVERSE 1022.00 FOOT RADIUS CURVE TO THE LEFT FROM WHICH THE CENTER OF SAID CURVE
BEARS SOUTH 09° 20’ 00” WEST, THROUGH A CENTRAL ANGLE OF 9° 20’ 00” AN ARC
DISTANCE OF 166.481 FEET;

3. WEST, 284.906 FEET;

4. NORTH, 666.259 FEET;

5. EASTERLY ALONG A NON-TANGENT 1452.00 FOOT RADIUS CURVE TO THE LEFT FROM WHICH THE CENTER
OF SAID CURVE BEARS NORTH 01° 01’ 32” EAST, THROUGH A CENTRAL ANGLE OF 15° 46’
40” AN ARC DISTANCE OF 399.843 FEET;

6. ALONG A REVERSE 29.00 FOOT RADIUS CURVE TO THE RIGHT FROM WHICH THE CENTER OF SAID CURVE
BEARS SOUTH 14° 45’ 08” EAST, THROUGH A CENTRAL ANGLE OF 36° 52’ 16” AN ARC
DISTANCE OF 18.662 FEET;

7. ALONG A REVERSE 21.00 FOOT RADIUS CURVE TO THE LEFT FROM

 

 

WHICH THE CENTER OF SAID CURVE BEARS NORTH 22° 07’ 08” EAST, THROUGH A CENTRAL ANGLE
OF 36° 52’ 16” AN ARC DISTANCE OF 13.514 FEET;

8. NORTH 75° 14’ 52” EAST, 30.267 FEET;

9. SOUTH 14° 45’ 08” EAST, 77.744 FEET; AND

10. SOUTH, 2.171 FEET,

THENCE LEAVING SAID BOUNDARY LINE OF PARCEL 7, EAST, 26.510 FEET;

THENCE SOUTH, 22.517 FEET;

THENCE EAST, 17.000 FEET;

THENCE SOUTH, 130.001 FEET;

THENCE WEST 27.000 FEET;

THENCE SOUTH, 222.595 FEET;

THENCE EAST, 44.018 FEET;

THENCE SOUTH, 250.002 FEET;

THENCE WEST, 5.526 FEET TO A POINT ON THE EASTERLY LINE OF SAID PARCEL 7;

THENCE ALONG SAID EASTERLY LINE SOUTH, 41.262 FEET TO THE POINT OF BEGINNING.

A.P.N. 903-0010-018 and portion of 903-0010-31

      

Exhibit A to First Modification Agreement (Livermore/Parcel 7) — Page 2exv4w1

Exhibit 4.1

SIERRA PACIFIC POWER COMPANY

OFFICER’S CERTIFICATE

September 2, 2008

     I, the undersigned officer of Sierra Pacific Power Company (the “Company”), do hereby
certify that I am an Authorized Officer of the Company as such term is defined in the Indenture (as
defined herein). I am delivering this certificate pursuant to the authority granted in the Board
Resolutions of the Company dated April 29, 2008, and Sections 1.04, 2.01, 3.01, 4.01(a) and
4.02(b)(i) of the General and Refunding Mortgage Indenture dated as of May 1, 2001, as heretofore
amended and supplemented to the date hereof (as heretofore amended and supplemented, the
“Indenture”), between the Company and The Bank of New York Mellon (formerly The Bank of New
York), as Trustee (the “Trustee”). Section 1(u)(iii) of this Officer’s Certificate sets
forth definitions of capitalized terms used herein. Terms used herein and not otherwise defined
herein shall have the meanings assigned to them in the Indenture. Based upon the foregoing, I
hereby certify on behalf of the Company as follows:

     1. The terms and conditions of the Securities described in this Officer’s Certificate are as
follows (the lettered subdivisions set forth in this Section 1 corresponding to the lettered
subdivisions of Section 3.01 of the Indenture):

(a) The
Securities of the seventeenth series to be issued under the Indenture shall be
designated “5.45% General and Refunding Mortgage Notes, Series Q, due 2013 (the “Series Q
Notes”).

(b) There shall be no limit upon the aggregate principal amount of the Series Q Notes that
may be authenticated and delivered under the Indenture. The Series Q Notes shall be
initially authenticated and delivered in the aggregate principal amount of $250,000,000.

(c) Interest on the Series Q Notes shall be payable to the Persons in whose names such
Securities are registered at the close of business on the Regular Record Date for such
interest, except as otherwise expressly provided in the form of such Securities attached
hereto as Exhibit A.

(d) The Series Q Notes shall mature and the principal thereof shall be due and payable
together with all accrued and unpaid interest thereon on September 1, 2013.

(e) The Series Q Notes shall bear interest and such interest shall be payable at the times
provided in the form of such Securities attached hereto as Exhibit A.

(f) The Corporate Trust Office of The Bank of New York Mellon in New York, New York shall be
the place at which (i) the principal, interest and premium on the Series Q Notes shall be
payable, (ii) registration of transfer of the Series Q Notes may be effected, (iii)
exchanges of the Series Q Notes may be effected and (iv) notices and demands to or upon the
Company in respect of the Series Q Notes and the Indenture may be served; and The Bank of
New York Mellon shall be the Security Registrar for the Series Q Notes; provided,
however, that the Company reserves the right to change, by one or more

 

 

Officer’s Certificates, any such place or the Security Registrar; and provided,
further, that the Company reserves the right to designate, by one or more Officer’s
Certificates, its principal office in Reno, Nevada as any such place or itself or any of its
Subsidiaries as the Security Registrar; provided, however, that there shall
be only a single Security Registrar for the Series Q Notes.

(g) Optional Redemption.

     (i) Optional Redemption. The Company may redeem the Series Q Notes at any
time, either in whole or in part at a redemption price equal to the greater of (1) 100% of
the principal amount of the Series Q Notes being redeemed and (2) the sum of the present
values of the remaining scheduled payments of principal and interest on the Series Q Notes
being redeemed (excluding the portion of any such interest accrued to the date of
redemption) discounted (for purposes of determining present value) to the redemption date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate (as defined below) plus 40 basis points, plus, in each case, accrued interest
thereon to the date of redemption.

   “Comparable Treasury Issue” means the United States Treasury security selected by
an Independent Investment Banker as having a maturity comparable to the remaining term
of the Series Q Notes 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 Series Q Notes.

   “Comparable Treasury Price” means, with respect to any redemption date, (1) the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) on the third Business Day preceding such
redemption date, as set forth in the daily statistical release (or any successor
release) published by the Federal Reserve Bank of New York and designated “Composite
3:30 p.m. Quotations for U.S. Government Securities” or (2) if such release (or any
successor release) is not published or does not contain such prices on such third
Business Day, the Reference Treasury Dealer Quotation for such redemption date.

   “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company.

   “Reference Treasury Dealer” means a primary U.S. Government Securities Dealer
selected by the Company.

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

2

 

Dealer
at or before 5:00 p.m., New York City time, on the third Business Day preceding
such redemption date.

   “Treasury Rate” means, with respect to any redemption date, the rate per year equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date.

     (ii) Notice of Redemption. Notices of redemption shall be mailed by first
class mail at least 30 but not more than 60 days before the Redemption Date to each Holder
of Series Q Notes to be redeemed at its registered address, except that redemption notices
may be mailed more than 60 days prior to a Redemption Date if the notice is issued in
connection with a defeasance of the Series Q Notes or a satisfaction and discharge of the
Series Q Notes under the Indenture. Notices of redemption may not be conditional. In lieu
of the Redemption Price, any Notice of Redemption of the Series Q Notes shall state the
manner of calculating the Redemption Price.

     (iii) Selection of Series Q Notes to be Redeemed. In accordance with Section
5.03 of the Indenture, the following method is provided for the selection of Series Q Notes
to be redeemed and these procedures shall be followed by the Security Registrar in the event
of a redemption of the Series Q Notes pursuant to the provisions of this Officer’s
Certificate. If less than all of the Series Q Notes are to be redeemed at any time, the
Security Registrar shall select Series Q Notes for redemption as follows:

	 	(A)	 	if the Series Q Notes are listed on any national securities
exchange, in compliance with the requirements of the principal national
securities exchange on which the Series Q Notes are listed; or
	 
	 	(B)	 	if the Series Q Notes are not listed on any national securities
exchange, on a pro rata basis, by lot or by such method as the Trustee deems
fair and appropriate.

     No Series Q Notes of $2,000 principal amount or less can be redeemed in part.

(h) Mandatory Redemption/Offers to Purchase.

     (i) Mandatory Redemption. The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Series Q Notes.

     (ii) Offer to Purchase Upon Change of Control.

     (A) Upon the occurrence of a Change of Control, each Holder of Series Q Notes shall
have the right to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of that Holder’s Series Q Notes pursuant to
the offer described below (the “Change of Control Offer”) on the terms

3

 

set forth in this Officer’s Certificate. In the Change of Control Offer, the Company
shall offer an amount in cash (the “Change of Control Payment”) equal to 101% of the
aggregate principal amount of Series Q Notes repurchased plus accrued and unpaid interest on
the Series Q Notes repurchased to the Change of Control Payment Date (as defined below).

     (B) Within ten days following any Change of Control, the Company shall mail a notice to
each Holder of Series Q Notes stating:

	 	(1)	 	the description of the transaction or transactions that
constitute the Change of Control, that the Change of Control Offer is being
made pursuant to this Section 1(h)(ii), and that all Series Q Notes validly
tendered and not withdrawn shall be accepted for payment;
	 
	 	(2)	 	the purchase price and the purchase date, which shall be no
earlier than 30 days and no later than 60 days from the date such notice is
mailed (the “Change of Control Payment Date”);
	 
	 	(3)	 	that any Series Q Note not tendered or accepted for payment
shall continue to accrue interest;
	 
	 	(4)	 	that, unless the Company defaults in the payment of the Change
of Control Payment, all Series Q Notes accepted for payment pursuant to the
Change of Control Offer shall cease to accrue interest after the Change of
Control Payment Date;
	 
	 	(5)	 	that Holders of Series Q Notes electing to have any Series Q
Notes purchased pursuant to a Change of Control Offer shall be required to
surrender the Series Q Notes properly endorsed, with the form entitled “Option
of Holder to Elect Purchase” on the reverse of the Series Q Notes properly
completed, together with other customary documents as the Company may
reasonably request, to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change
of Control Payment Date;
	 
	 	(6)	 	that Holders of Series Q Notes shall be entitled to withdraw
their election if the Paying Agent receives, not later than the close of
business on the second Business Day preceding the Change of Control Payment
Date, a telegram, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of Series Q Notes delivered for purchase, and
a statement that such Holder of Series Q Notes is withdrawing its election to
have the Series Q Notes purchased; and
	 
	 	(7)	 	that Holders of Series Q Notes whose Series Q Notes are being
purchased only in part shall be issued new Series Q Notes equal in principal
amount to the unpurchased portion of the Series Q Notes surrendered, which

4

 

	 	 	 	unpurchased portion must be equal to $2,000 in principal amount or an
integral multiple of $1,000 in excess thereof.

     (C) If any of the Series Q Notes subject to a Change of Control Offer are in the form
of a Global Note, then the Company shall modify such notice to the extent necessary to
accord with the Applicable Procedures of the Depositary applicable to offers to purchase.

     (D) On the Change of Control Payment Date, the Company shall, to the extent lawful, (1)
accept for payment all Series Q Notes or portions thereof properly tendered pursuant to the
Change of Control Offer, (2) deposit with the Paying Agent in immediately available funds an
amount equal to the Change of Control Payment in respect of all Series Q Notes or portions
thereof so tendered and (3) deliver or cause to be delivered to the Trustee the Series Q
Notes so accepted together with an Officer’s Certificate stating the aggregate principal
amount of Series Q Notes or portions thereof being purchased by the Company. The Paying
Agent shall promptly mail to each Holder of Series Q Notes so tendered the Change of Control
Payment for such Series Q Notes, and the Trustee shall promptly authenticate and make
available for delivery to each Holder of Series Q Notes a new Series Q Note equal in
principal amount to any unpurchased portion of the Series Q Notes surrendered, if any;
provided that each such new Series Q Note shall be in a principal amount of $2,000
or an integral multiple of $1,000 in excess thereof. Any Series Q Note not so accepted
shall be promptly mailed or delivered by the Company to the Holder thereof. The Company
shall publicly announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Payment Date.

     (E) The Change of Control provisions described above that require the Company to make a
Change of Control Offer following a Change of Control shall be applicable whether or not any
other provisions of this Officer’s Certificate are applicable.

     (F) The Company shall not be required to make a Change of Control Offer upon a Change
of Control if a third party makes the Change of Control Offer in the manner, at the times
and otherwise in compliance with the requirements set forth herein applicable to a Change of
Control Offer made by the Company and purchases all Series Q Notes validly tendered and not
withdrawn under such Change of Control Offer.

     (iii) Offers to Purchase – General.

     (A) If the Change of Control Payment Date is on or after a Regular Record Date and on
or before the related Interest Payment Date, any accrued and unpaid interest shall be paid
to the Person in whose name a Series Q Note is registered at the close of business on such
Regular Record Date, and no additional interest shall be payable to Holders of Series Q
Notes who tender Series Q Notes pursuant to the Change of Control Offer.

5

 

     (B) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with a Change of Control Offer. To the extent that
the provisions of any securities laws or regulations conflict with the Change of Control
Offer provisions of this Officer’s Certificate, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations
under the Change of Control Offer provisions of this Officer’s Certificate by virtue of such
conflict.

(i) The Series Q Notes are issuable only in denominations of $2,000 and integral multiples
of $1,000 in excess thereof.

(j) Not applicable.

(k) Not applicable.

(l) Not applicable.

(m) See subsection (e) above.

(n) Not applicable.

(o) Not applicable.

(p) Not applicable.

(q) Book-entry; Delivery and Form.

     (i) Form and Dating.

     The Series Q Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A hereto. The Series Q Notes may have
notations, legends or endorsements required by law, stock exchange rule or usage. Each
Series Q Note shall be dated the date of its authentication. The Series Q Notes shall be in
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

     The terms and provisions contained in the Series Q Notes shall constitute, and are
hereby expressly made, a part of this Officer’s Certificate, and the Company, by its
execution and delivery of this Officer’s Certificate, expressly agrees to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Series Q
Note conflicts with the express provisions of this Officer’s Certificate or the Indenture,
the provisions of this Officer’s Certificate or the Indenture, as applicable, shall govern
and be controlling.

     Series Q Notes issued in global form shall be substantially in the form of
Exhibit A attached hereto. Series Q Notes issued in definitive form shall be
substantially in the form of Exhibit A attached hereto. Each Global Note shall
represent such

6

 

aggregate principal amount of the outstanding Series Q Notes as shall be specified
therein and each shall provide that it shall represent the aggregate principal amount of
outstanding Series Q Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Series Q Notes represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Series Q Notes represented thereby shall be made by the
Trustee, the Depositary or the Note Custodian, at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section 1(q)(iv) of
this Officer’s Certificate.

     The provisions of the “Operating Procedures of the Euroclear System” and “Terms and
Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream
Bank” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial
interests in the Global Notes that are held by members of, or Participants, in DTC through
Euroclear or Clearstream.

     (ii) Authentication.

     The Trustee or an Authenticating Agent shall authenticate by delivery and execution of
a Trustee’s Certificate of Authentication in the form set forth in Section 2.02 of the
Indenture (A) the Series Q Notes for original issue on the Issue Date in the aggregate
principal amount of $250,000,000 (the “Original Notes”) and (B) additional Series Q Notes
for original issue from time to time after the Issue Date in such principal amounts as may
be set forth in a Company Order (such additional Series Q Notes, together with the Original
Notes, the “Initial Notes”) in each case, upon a Company Order, which Company Order shall
specify (x) the amount of Series Q Notes to be authenticated and the date of original issue
thereof and (y) the amount of Series Q Notes to be issued in global form or definitive form.
The aggregate principal amount of Series Q Notes outstanding at any time may not exceed
$250,000,000 plus such additional principal amounts as may be issued and authenticated
pursuant to clause (B) of this paragraph.

     (iii) Security Registrar, Paying Agent and Depositary.

     The Company initially appoints the Trustee to act as the Security Registrar and Paying
Agent for the Series Q Notes. Upon the occurrence of an Event of Default set forth in
Sections 10.01(d) or 10.01(e) of the Indenture, the Trustee shall serve as Paying Agent for
the Series Q Notes. Pursuant to Section 6.02 of the Indenture, the Company hereby
designates the Corporate Trust Office of the Trustee as its office or agency in the City and
State of New York where payment of the Series Q Notes shall be made, where the registration
of transfer or exchange of the Series Q Notes may be effected and where notices and demands
to or upon the Company in respect of the Series Q Notes and the Indenture may be served.
The Company may also from time to time designate one or more other offices or agencies with
respect to the Series Q Notes and may from time to

7

 

time rescind any of these designations in accordance with the terms provided in Section
6.02 of the Indenture.

     The Company initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes. The Trustee has been appointed by DTC to act
as Note Custodian with respect to the Global Notes.

     (iv) Transfer and Exchange.

     (A) Transfer and Exchange of Global Notes. A Global Note may not be
transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee
of the Depositary to the Depositary or to another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if:

	 	(1)	 	the Company delivers to the Trustee notice from the Depositary
that it is unwilling or unable to continue to act as Depositary for the Global
Notes or that it is no longer a clearing agency registered under the Exchange
Act and, in either case, a successor Depositary is not appointed by the Company
within 90 days after the date of such notice from the Depositary; or
	 
	 	(2)	 	the Company in its sole discretion notifies the Trustee in
writing that it elects to cause issuance of the Series Q Notes in certificated
form.

Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes
also may be exchanged or replaced, in whole or in part, as provided in Sections 3.06 and
3.09 of the Indenture. Every Series Q Note authenticated and delivered in exchange for, or
in lieu of, a Global Note or any portion thereof, pursuant to Sections 3.06 and 3.09 of the
Indenture, shall be authenticated and delivered in the form of, and shall be, a Global Note.
A Global Note may not be exchanged for another Series Q Note other than as provided in this
Section 1(q)(iv)(A), however, beneficial interests in a Global Note may be transferred and
exchanged as provided in Section 1(q)(iv)(B) of this Officer’s Certificate.

     (B) Transfer and Exchange of Beneficial Interests in the Global Notes. The
transfer and exchange of beneficial interests in the Global Notes shall be effected through
the Depositary, in accordance the Applicable Procedures.

     (C) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon
request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of
this Section 1(q)(iv)(C), the Security Registrar shall register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder
shall present or surrender to the Security Registrar the Definitive Notes

8

 

duly endorsed or accompanied by a written instruction of transfer in form satisfactory
to the Security Registrar duly executed by such Holder or by his attorney, duly authorized
in writing. In addition, the requesting Holder shall provide any additional certifications,
documents and information, as applicable, pursuant to the provisions of this Section
1(q)(iv)(C).

     (1) Definitive Notes to Definitive Notes. A Holder of Definitive Notes
may transfer such Series Q Notes to a Person who takes delivery thereof in the form
of a Definitive Note. Upon receipt of a request for such a transfer, the Security
Registrar shall register the Definitive Notes pursuant to the instructions from the
Holder thereof.

     (D) Legends. The following legend shall appear on the face of all Global
Notes issued under this Indenture unless specifically stated otherwise
in the applicable provisions of this Officer’s Certificate.

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE OFFICER’S CERTIFICATE UNDER
THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
ARTICLE III OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN
PART PURSUANT TO SECTION 1(q)(iv)(A) OF THE OFFICER’S CERTIFICATE UNDER THE INDENTURE, (III)
THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 3.09
OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
THE PRIOR WRITTEN CONSENT OF THE COMPANY OR ANY SUCCESSOR THERETO.”

     Additionally, for so long as DTC is the Depositary with respect to any Global Note,
each such Global Note shall also bear a legend in substantially the following form:

“UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, TO THE
COMPANY OR ANY SUCCESSOR THERETO 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 DEPOSITARY (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO

9

 

ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

     (E) Cancellation and/or Adjustment of Global Notes. At such time as all
beneficial interests in a particular Global Note have been exchanged for Definitive Notes or
a particular Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note shall be returned to or retained and canceled by the Trustee in
accordance with Section 3.09 of the Indenture. At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a Person who
shall take delivery thereof in the form of a beneficial interest in another Global Note or
for Definitive Notes, the principal amount of Series Q Notes represented by such Global Note
shall be reduced accordingly and an endorsement shall be made on such Global Note, by the
Trustee, the Note Custodian or the Depositary at the direction of the Trustee, to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a
Person who shall take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note shall be increased accordingly and an endorsement shall
be made on such Global Note, by the Trustee, the Note Custodian or by the Depositary at the
direction of the Trustee, to reflect such increase.

     (F) General Provisions Relating to Transfers and Exchanges.

     (1) To permit registrations of transfers and exchanges, subject to Section 1(q)(iv) of
this Officer’s Certificate, the Company shall execute and, upon the Company’s order, the
Trustee or an Authenticating Agent shall authenticate Global Notes and Definitive Notes at
the Security Registrar’s request.

     (2) All certifications, certificates and Opinions of Counsel required to be submitted
to the Security Registrar pursuant to this Section 1(q)(iv) to effect a transfer or exchange
may be submitted by facsimile.

     (v) Outstanding Series Q Notes.

     Notwithstanding the definition of “Outstanding” in Section 1.01 of the Indenture,
Series Q Notes that the Company, a Subsidiary of the Company or an Affiliate of the Company
offers to purchase or acquires pursuant to an offer, exchange offer, tender offer or
otherwise shall not be deemed to be owned by the Company, such Subsidiary or such Affiliate
until legal title to such Series Q Notes passes to the Company, such Subsidiary or such
Affiliate, as the case may be.

(r) Not applicable.

(s) Not applicable.

(t) Not
applicable.

10

 

(u) Additional Conditions and Definitions.

     (i) Additional Conditions to Section 9.01 of Indenture.

Notwithstanding the provisions of Section 9.01 of the Indenture, no Series Q Note shall be
deemed to have been paid pursuant to such provisions unless the Company shall have delivered
to the Trustee either: (a) an Opinion of Counsel in the United States reasonably acceptable
to the Trustee confirming that  (i) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or  (ii) since the date of this
Officer’s Certificate, there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders of the Outstanding Series Q Notes will not recognize income, gain or loss
for federal income tax purposes as a result of such satisfaction and discharge and will be
subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such satisfaction and discharge had not occurred; or (b) (i)
an instrument wherein the Company, notwithstanding the satisfaction and discharge of the
Company’s indebtedness in respect of the Series Q Notes, shall assume the obligation (which
shall be absolute and unconditional) to irrevocably deposit with the Trustee such additional
sums of money, if any, or additional Eligible Obligations, if any, or any combination
thereof, at such time or times, as shall be necessary, together with the money and/or
Eligible Obligations theretofore so deposited, to pay when due the principal of and premium,
if any, and interest due and to become due on such Series Q Notes or portions thereof;
provided, however, that such instrument may state that the Company’s
obligation to make additional deposits as aforesaid shall be subject  to the delivery to the
Company by the Trustee of a notice asserting the deficiency accompanied by an opinion of an
Independent public Accountant of nationally recognized standing showing the calculation
thereof; and (ii) an Opinion of Counsel of tax counsel in the United States reasonably
acceptable to the Trustee to the effect that the Holders of the Outstanding Series Q Notes
will not recognize income, gain or loss for federal income tax purposes as a result of such
satisfaction and discharge and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such satisfaction and
discharge had not occurred.

     (ii) Modifications Requiring Consent.

     In addition to the provisions of Section 14.02 of the Indenture, no supplemental
indenture shall alter or waive any of the provisions with respect to the redemption of the
Series Q Notes set forth in Section 1(g) hereof without the consent of each Holder of Series
Q Notes affected thereby.

     (iii) Certain Definitions.

     Set forth below are certain defined terms used in this Officer’s Certificate. Reference
is made to the Indenture for the definitions of any other capitalized terms used herein for
which no definition is provided herein.

11

 

     “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,” as used with respect to any Person,
means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; provided that beneficial ownership of 10% or
more of the Voting Stock of a Person shall be deemed to be control. For purposes of this
definition, the terms “controlling,” “controlled by” and “under common control with” have
correlative meanings.

     “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary,
Euroclear and Clearstream that apply to such transfer or exchange.

     “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors.

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act, except that in calculating the beneficial ownership of any
particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” shall be deemed to have beneficial ownership of all securities that such “person”
has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only upon the occurrence of a subsequent
condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

     “Board of Directors” means:

	 	(1)	 	with respect to a corporation, the board of directors of the
corporation or any committee of such board of directors duly authorized to act
for the corporation;
	 
	 	(2)	 	with respect to a partnership, the board of directors of the
general partner of the partnership; and
	 
	 	(3)	 	with respect to any other Person, the board or committee of
such Person serving a similar function.

     “Capital Stock” means:

	 	(1)	 	in the case of a corporation, corporate stock;
	 
	 	(2)	 	in the case of an association or business entity, any and all
shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;

12

 

	 	(3)	 	in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and
	 
	 	(4)	 	any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person.

     “Change of Control” means the occurrence of any of the following:

	 	(1)	 	the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or
assets of the Company and its Restricted Subsidiaries taken as a whole to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act,
including any “group” with the meaning of the Exchange Act);
	 
	 	(2)	 	the adoption of a plan relating to the liquidation or
dissolution of the Company;
	 
	 	(3)	 	the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any
“person” (as defined above) becomes the Beneficial Owner, directly or
indirectly, of more than 30% of the Voting Stock of the Company or Sierra
Pacific Resources, measured by voting power rather than number of shares; or
	 
	 	(4)	 	the first day on which a majority of the members of the Board
of Directors of the Company or the Board of Directors of Sierra Pacific
Resources are not Continuing Directors.

     “Change of Control Offer” has the meaning assigned to it in Section 1(h)(ii)(A) of this
Officer’s Certificate.

     “Change of Control Payment” has the meaning assigned to it in Section 1(h)(ii)(A) of
this Officer’s Certificate.

     “Change of Control Payment Date” has the meaning assigned to it in Section
1(h)(ii)(B)(2) of this Officer’s Certificate.

     “Clearstream” means Clearstream Banking, Societe Anonyme Luxembourg.

     “Continuing Directors” means, as of any date of determination, any member of the Board
of Directors of the Company who:

	 	(1)	 	was a member of the Board of Directors of the Company on the
original issue date of the Series Q Notes; or

13

 

	 	(2)	 	was nominated for election or elected to the Board of Directors
of the Company with the approval of a majority of the Continuing Directors who
were members of the Board of Directors at the time of such nomination or
election.

     “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default as defined in the Indenture.

     “Definitive Note” means a certificated Series Q Note registered in the name of the
Holder thereof and issued in accordance with Section 1(q)(iv) of this Officer’s Certificate,
in the form of Exhibit A hereto except that such Series Q Note shall not bear the
Global Note Legend.

     “Depositary” means, with respect to the Series Q Notes issuable or issued in whole or
in part in global form, the Person specified in Section 1(q)(iii) of this Officer’s
Certificate as the Depositary with respect to the Series Q Notes, and any and all successors
thereto appointed as depositary hereunder and having become such pursuant to the applicable
provision of this Officer’s Certificate or the Indenture.

     “DTC” has the meaning assigned to it in Section 1(q)(iii) of this Officer’s
Certificate.

     “Equity Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock (but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).

     “Euroclear” means Euroclear Bank S.A./N.V.

     “Event of Default” means an Event of Default as defined in the Indenture.

     “Global
Note Legend” means the legend or legends set forth in Section 1(q)(iv)(D) of this
Officer’s Certificate, which is or are required to be placed on Global Notes issued under this
Officer’s Certificate.

     “Global Notes” means, individually and collectively, each of the Series Q Notes issued
or issuable in the global form of Exhibit A hereto issued in accordance with
Sections 1(q)(i) of this Officer’s Certificate, and that bears the Global Note Legend and
that is deposited with or on behalf of and registered in the name of the Depositary.

     “Indirect Participant” means a Person who holds a beneficial interest in a Global Note
through a Participant.

     “Initial Notes” has the meaning set forth in Section 1(q)(ii) of this Officer’s
Certificate.

     “Issue Date” means the first date on which any Series Q Notes are issued, authenticated
and delivered under the Indenture and this Officer’s Certificate.

14

 

     “Non-Recourse Debt” means indebtedness:

	 	(1)	 	as to which neither the Company nor any of its Restricted
Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute indebtedness), (b)
is directly or indirectly liable as a guarantor or otherwise, or (c)
constitutes the lender;
	 
	 	(2)	 	no default with respect to which (including any rights that the
holders of the indebtedness may have to take enforcement action against an
Unrestricted Subsidiary) would permit upon notice, lapse of time or both any
holder of any other indebtedness (other than the Notes) of the Company or any
of its Restricted Subsidiaries to declare a default on such other indebtedness
or cause the payment of the indebtedness to be accelerated or payable prior to
its stated maturity; and
	 
	 	(3)	 	as to which the lenders have been notified in writing that they
will not have any recourse to the stock or assets of the Company or any of its
Restricted Subsidiaries.

     “Note Custodian” means the Trustee, as custodian for the Depositary with respect to the
Series Q Notes in global form, or any successor entity thereto.

     “Original Notes” has the meaning set forth in Section 1(q)(ii) of this Officer’s
Certificate.

     “Participant” means, with respect to DTC, Euroclear or Clearstream, a Person who has an
account with DTC, Euroclear or Clearstream, respectively (and, with respect to DTC, shall
include Euroclear and Clearstream).

     “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is
not an Unrestricted Subsidiary.

     “Subsidiary” means, with respect to any specified Person:

	 	(1)	 	any corporation, association or other business entity of which
more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees of the corporation, association or other
business entity is at the time owned or controlled, directly or indirectly, by
that Person or one or more of the other Subsidiaries of that Person (or a
combination thereof); and
	 
	 	(2)	 	any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are that Person or one or more Subsidiaries
of that Person (or any combination thereof).

15

 

     “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the
Board of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to
the extent that such Subsidiary:

	 	(1)	 	has no indebtedness other than Non-Recourse Debt;
	 
	 	(2)	 	is not party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary of the Company
unless the terms of any such agreement, contract, arrangement or understanding
are no less favorable to the Company or such Restricted Subsidiary than those
that might be obtained at the time from Persons who are not Affiliates of the
Company;
	 
	 	(3)	 	is a Person with respect to which neither the Company nor any
of its Restricted Subsidiaries has any direct or indirect obligation (a) to
subscribe for additional Equity Interests or (b) to maintain or preserve such
Person’s financial condition or to cause such Person to achieve any specified
levels of operating results;
	 
	 	(4)	 	has not guaranteed or otherwise directly or indirectly provided
credit support for any indebtedness of the Company or any of its Restricted
Subsidiaries; and
	 
	 	(5)	 	has at least one director on its Board of Directors that is not
a director or executive officer of the Company or any of its Restricted
Subsidiaries and has at least one executive officer that is not a director or
executive officer of the Company or any of its Restricted Subsidiaries.

     “U.S.” means the United States of America.

     “Voting Stock” of any Person as of any date means the Capital Stock of such Person that
is at the time entitled to vote in the election of the Board of such Person.

(v) The Series Q Notes shall have such other terms and provisions as are provided in the
form thereof attached hereto as Exhibit A, and shall be issued in substantially such
form.

     2. The undersigned has read all of the covenants and conditions contained in the Indenture,
and the definitions in the Indenture relating thereto, relating to the issuance of the Series Q
Notes and in respect of compliance with which this certificate is made.

     The statements contained in this certificate are based upon the familiarity of the undersigned
with the Indenture, the documents accompanying this certificate, and upon discussions by the
undersigned with officers and employees of the Company familiar with the matters set forth herein.

16

 

     In the opinion of the undersigned, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenants and
conditions have been complied with.

     In the opinion of the undersigned, such conditions and covenants have been complied with.

17

 

     IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the date
first written above.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	William D. Rogers 	 
	 	Senior Vice President, Chief Financial Officer and
Treasurer 	 
	 

Acknowledged and Received on

September 2, 2008

	 	 	 	 	 
	THE BANK OF NEW YORK MELLON,

as Trustee

 	 
	By:  	 	 
	Name:  Rafael E. Miranda 	 
	Title:    Vice President 	 
	 

[Signature Page to Officer’s Certificate (Terms of Note)]

 

Exhibit A

Form of Series Q Notes

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture and the

Officer’s Certificate]

SIERRA PACIFIC POWER COMPANY

5.45% General and Refunding Mortgage Notes, Series Q, due 2013

	 	 	 	 	 
	Original Interest
Accrual Date:

	 	September 2, 2008
	 	Redeemable: Yes þ No o
	Stated Maturity:

	 	September 1, 2013
	 	Redemption Date: See Below
	Interest Rate:

	 	5.45%
	 	Redemption Price: See Below
	Interest Payment Dates:

	 	March 1 and September 1	 	 
	Record Dates:

	 	February 15 and August 15	 	 

The Security is not a Discount Security

within the meaning of the within-mentioned Indenture.

 

CUSIP No.                     

5.45% General and Refunding Mortgage Notes, Series Q, due 2013

			
	 	 	 
	No. Q-  
	 	 

promises to pay to                      or registered assigns, the principal sum of                      Dollars
on September 1, 2013.

     1. Interest. Sierra Pacific Power Company, a Nevada corporation (the “Company”), promises to
pay interest on the principal amount of this Series Q Note at 5.45% per annum, from September 2,
2008 until maturity. The Company shall pay interest semi-annually in arrears on March 1 and
September 1 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day (each an “Interest Payment Date”). Interest on the Series Q Notes shall accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from Original
Interest Accrual Date specified above; provided that if there is no existing Default in the
payment of interest, and if this Series Q Note is authenticated between a record date referred to
on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date, except in the case of the original issuance of Series Q
Notes, in which case interest shall accrue from the Original Interest Accrual Date specified above;
provided, further, that the first Interest Payment Date shall be March 1, 2009. The Company shall
pay interest (including postpetition interest in any proceeding under the Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at the rate borne on the Series
Q Notes; it shall pay interest (including post-petition interest in any proceeding under the
Bankruptcy Law) on overdue installments of interest, if any, (without

A-1

 

regard to any applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

     2. Method of Payment. The Company shall pay interest on the Series Q Notes (except Defaulted
Interest) to the Persons who are registered Holders of Series Q Notes at the close of business on
the February 15 and August 15 next preceding the Interest Payment Date, even if such Series Q Notes
are canceled after such record date and on or before such Interest Payment Date, except as provided
in Section 3.07 of the Indenture with respect to Defaulted Interest. The Series Q Notes shall be
payable as to principal and premium and interest at the office or agency of the Company maintained
for such purpose within the City and State of New York, or, at the option of the Company, payment
of interest may be made by check mailed to the Holders of Series Q Notes at their addresses set
forth in the register of Holders, and provided that payment by wire transfer of immediately
available funds shall be required with respect to principal of, and interest and premium on, all
Global Notes and all other Series Q Notes the Holders of which shall have provided wire transfer
instructions to the Company or the Paying Agent. Such payment shall be 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.

     3. Paying Agent and Security Registrar. Initially, The Bank of New York Mellon (formerly The
Bank of New York), the Trustee under the Indenture, shall act as Paying Agent and Security
Registrar. The Company may change any Paying Agent or Security Registrar without notice to any
Holder of Series Q Notes. The Company or any of its Subsidiaries may act in any such capacity.

     4. Indenture; Security. This Series Q Note is one of a duly authorized issue of Securities of
the Company, issued and issuable in one or more series under and equally secured by a General and
Refunding Mortgage Indenture, dated as of May 1, 2001 (such Indenture as originally executed and
delivered and as supplemented or amended from time to time thereafter, together with any
constituent instruments establishing the terms of particular Securities, being herein called the
“Indenture”), between the Company and The Bank of New York Mellon, 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 description of the property
mortgaged, pledged and held in trust, the nature and extent of the security and the respective
rights, limitations of rights, duties and immunities of the Company, the Trustee and the Holders of
the Securities thereunder and of the terms and conditions upon which the Securities are, and are to
be, authenticated and delivered and secured. The acceptance of this Series Q Note shall be deemed
to constitute the consent and agreement by the Holder hereof to all of the terms and provisions of
the Indenture. This Series Q Note is one of the series designated above. The terms of the Series
Q Notes include those stated in the Indenture, the Officer’s Certificate dated September 2, 2008
(the “Officer’s Certificate”) and those made part of the Indenture by reference to the Trust
Indenture Act. The Series Q Notes are subject to all such terms, and Holders of Series Q Notes are
referred to the Indenture and such Act for a statement of such terms. To the extent any provision
of this Series Q Note conflicts with the express provisions of the Indenture or the Officer’s
Certificate, the provisions of the

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Indenture and the Officer’s Certificate shall govern and be controlling. The Series Q Notes
are general obligations of the Company initially limited to $250,000,000 aggregate principal amount
in the case of Series Q Notes issued on the Issue Date.

     All Outstanding Securities, including the Series Q Notes, issued under the Indenture are
secured by the lien of the Indenture on the properties of the Company described in the Indenture.

     5. Optional Redemption.

          (a) The Company may redeem the notes at any time, either in whole or in part at a redemption
price equal to the greater of (1) 100% of the principal amount of the Series Q Notes being redeemed
and (2) the sum of the present values of the remaining scheduled payments of principal and interest
on the Series Q Notes being redeemed (excluding the portion of any such interest accrued to the
date of redemption) discounted (for purposes of determining present value) to the redemption date
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate (as defined below) plus 40 basis points, plus, in each case, accrued interest thereon to the
date of redemption.

     “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the
Series Q Notes 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 Series Q Notes.

     “Comparable Treasury Price” means, with respect to any redemption date, (1) the
average of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) on the third Business Day preceding such
redemption date, as set forth in the daily statistical release (or any successor release)
published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m.
Quotations for U.S. Government Securities” or (2) if such release (or any successor
release) is not published or does not contain such prices on such third Business Day, the
Reference Treasury Dealer Quotation for such redemption date.

     “Independent Investment Banker” means one of the Reference Treasury Dealers appointed
by the Company.

     “Reference Treasury Dealer” means a primary U.S. Government Securities Dealer
selected by the Company.

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

A-3

 

or before 5:00 p.m., New York City time, on the third Business Day preceding such
redemption date.

     “Treasury Rate” means, with respect to any redemption date, the rate per year equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date.

     6. Notice of Optional Redemption. Notice of optional redemption shall be mailed at least 30
days but not more than 60 days before the Redemption Date to each Holder whose Series Q Notes are
to be redeemed at its registered address. Series Q Notes in denominations larger than $2,000 may
be redeemed in part but only in whole multiples of $1,000 in excess thereof. Notices of redemption
may not be conditional. On and after the redemption date, interest ceases to accrue on Series Q
Notes or portions thereof called for redemption.

     7. Mandatory Redemption. The Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Series Q Notes.

     8. Denominations, Transfer, Exchange. The Series Q Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Series Q Notes may be registered and Series Q Notes may be exchanged as provided in the
Indenture and the Officer’s Certificate. The Security Registrar and the Trustee may require a
Holder of Series Q Notes, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder of Series Q Notes to pay any taxes and fees required
by law or permitted by the Indenture. The Company need not exchange or register the transfer of
any Series Q Note or portion of a Series Q Note selected for redemption, except for the unredeemed
portion of any Series Q Note being redeemed in part. Also, the Company need not exchange or
register the transfer of any Series Q Notes for a period of 15 days before a selection of Series Q
Notes to be redeemed or during the period between a record date and the corresponding Interest
Payment Date.

     9. Persons Deemed Owners. The registered Holder of a Series Q Note may be treated as its
owner for all purposes.

     10. Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as
therein provided, the Trustee to enter into one or more supplemental indentures for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the provisions of, the
Indenture with the consent of the Holders of not less than a majority in aggregate principal amount
of the Securities of all series then Outstanding under the Indenture, considered as one class;
provided, however, that if there shall be Securities of more than one Series outstanding under the
Indenture and if a proposed supplemental indenture shall directly affect the rights of the Holders
of Securities of one or more, but less than all, of such series, then the consent only of the
Holders of a majority in aggregate principal amount of the Outstanding Securities of all series so
directly affected, considered as one class, shall be required; and

A-4

 

provided, further, that if the Securities of any series shall have been issued in more than
one Tranche and if the proposed supplemental indenture shall directly affect the rights of the
Holders of Securities of one or more, but less than all, of such Tranches, then the consent only of
the Holders of a majority in aggregate principal amount of the Outstanding Securities of all
Tranches so directly affected, considered as one class, shall be required; and provided, further,
that the Indenture permits the Trustee to enter into one or more supplemental indentures for
limited purposes without the consent of any Holders of Securities. The Indenture also contains
provisions permitting the Holders of a majority in principal amount of the Securities then
Outstanding, on behalf of the Holders of all Securities, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Series Q Note shall be conclusive
and binding upon such Holder and upon all future Holders of this Series Q Note and of any Series Q
Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Series Q Note.

     11. Events of Default. If an Event of Default shall occur and be continuing, the principal of
this Series Q Note may be declared due and payable in the manner and with the effect provided in
the Indenture.

     12. No Recourse Against Others. As provided in the Indenture, no recourse shall be had for
the payment of the principal of or premium, if any, or interest on any Securities, or any part
thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness
represented thereby, or upon any obligation, covenant or agreement under the Indenture, against,
and no personal liability whatsoever shall attach to, or be incurred by, any incorporator,
stockholder, officer or director, as such, past, present or future of the Company or of any
predecessor or successor corporation (either directly or through the Company or a predecessor or
successor corporation), whether by virtue of any constitutional provision, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and
understood that the Indenture and all the Securities are solely corporate obligations and that any
such personal liability is hereby expressly waived and released as a condition of, and as part of
the consideration for, the execution of the Indenture and the issuance of the Securities.

     13. Authentication. Unless the certificate of authentication hereon has been executed by the
Trustee or an Authenticating Agent by manual signature, this Series Q Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

     14. Transfer and Exchange.

          (a) As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Series Q Note is registrable in the Security Register, upon surrender of this
Series Q Note for registration of transfer at the Corporate Trust Office of The Bank of New York
Mellon in New York, New York or such other office or agency as may be designated by the Company
from time to time, 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

A-5

 

Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Series
Q Notes of this series or authorized denominations and of like tenor and aggregate principal
amount, will be issued to the designated transferee or transferees.

          (b) 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.

          (c) Prior to due presentment of this Series Q Note 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
Series Q Note is registered as the absolute owner hereof for all purposes, whether or not this
Series Q Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary.

     15. Governing Law. The Series Q Notes shall be governed by and construed in accordance with
the laws of the State of New York.

     16. Definition
of Other Terms. All terms used in this Series Q Note
which are defined in the Indenture or the Officer’s Certificate shall have the meanings assigned to
them in the Indenture or the Officer’s Certificate, as applicable, unless otherwise indicated.

     17. Abbreviations. Customary abbreviations may be used in the name of a Holder of Series Q
Notes 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).

     18. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Series Q Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders of Series Q Notes. No representation is made as to the accuracy of such numbers either as
printed on the Series Q Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

     The Company shall furnish to any Holder of Series Q Notes upon written request and without
charge a copy of the Indenture. Requests may be made to:

Sierra Pacific Power Company

6100 Neil Road

(P.O. Box 10100)

Reno, Nevada 89520

Attention: Chief Financial Officer

A-6

 

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

	 	 	 	 	 
	 	SIERRA PACIFIC POWER COMPANY

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

CERTIFICATE OF AUTHENTICATION

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

Dated:                                        

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON, as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

A-7

 

	 	 	 	 	 

Assignment Form

To assign this Series Q Note, fill in the form below: (I) or (we) assign and transfer this Series Q 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                                                                 
                                                    
to transfer this Series Q Note on the books of the Company. The agent may
substitute another to act for him.

 

Date:

Your Signature:                                                                            
                     

                    (Sign exactly as your name appears on the face of this Series Q Note)

SIGNATURE GUARANTEE

 

	 	 	 
	 
	 	 
	 

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

A-8

 

Option of Holder to Elect Purchase

     If you want to elect to have this Series Q Note purchased by the Company pursuant to Section
1(h)(ii) (Offer to Purchase upon Change of Control) of the Officer’s Certificate, check the box
below:

     o   Section 1(h)(ii) (Offer to Purchase upon Change of Control)

     If you
want to elect to have only part of this Series Q Note purchased by the Company pursuant
to Section 1(h)(ii) (Offer to Purchase upon Change of Control) of the Indenture, state the amount
you elect to have purchased (must be in integral multiples of $1,000
in excess of $2,000):

     $                                                            

Date:

	 	 	 
	 
	 	 
	Your Signature:
	 	 
	 

	 	 
	 

	 	(Sign exactly as your name appears on the face of the Series Q Note)

Tax Identification No.:                                                                 
                                   

SIGNATURE GUARANTEE

 

	 	 	 
	 
	 	 
	 

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

A-9

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