Document:

Exhibit 10.2

 

CONSTRUCTION AND TERM LOAN NOTE

 

	

  $22,000,000

  	

   

  	

  Fargo,

  North Dakota

  
	

   

  	

   

  	

  July

  29, 2003

  

 

FOR VALUE RECEIVED, the undersigned, Western

Plains Energy, LLC, a Kansas limited liability company (“Borrower”), hereby

promises to pay to AgCountry Farm Credit Services, FLCA (together with any

subsequent holder hereof, “Lender”) or its successors and

assigns, at Post Office Box 6020, 1749 38th Street Southwest, Fargo,

North Dakota 58108, (i) on the Maturity Date (as defined in the Credit

Agreement dated as of July 29, 2003 (as the same may be amended, restated,

supplemented or otherwise modified from time to time, the “Credit Agreement”),

between Borrower and Lender, the lesser of the principal sum of Twenty Two

Million and No/100 Dollars ($22,000,000.00) and the aggregate unpaid principal

amount of the Construction and Term Loans (as defined in the Credit Agreement)

made by Lender to Borrower pursuant to the Credit Agreement, and (ii) on each

date specified in the Credit Agreement prior to the Maturity Date, the

principal amount of the Construction and Term Loans payable to Lender on such

date as specified therein, in lawful money of the United States of America in

immediately available funds, and to pay interest from the date hereof on the

principal amount thereof from time to time outstanding, in like funds, at said

office, at the rate or rates per annum and payable on such dates as provided in

the Credit Agreement. In addition, should legal action or an attorney-at-law be

utilized to collect any amount due hereunder, Borrower further promises to pay

all costs of collection, including the reasonable attorneys’ fees of Lender.

 

Borrower promises to pay Default Interest (as

defined in the Credit Agreement), on demand, on the terms and conditions set

forth in the Credit Agreement.

 

All borrowings evidenced by this Construction

and Term Loan Note and all payments and prepayments of the principal hereof and

the date thereof shall be recorded by Lender in its internal records; provided,

that the failure of Lender to make such a notation or any error in such

notation shall not affect the obligations of the Borrowers to make the payments

of principal and interest in accordance with the terms of this Construction and

Term Loan Note and the Credit Agreement.

 

This Construction and Term Loan Note is

issued in connection with, and is entitled to the benefits of, the Credit

Agreement which, among other things, contains provisions for the acceleration

of the maturity hereof upon the happening of certain events, and for the amendment

or waiver of certain provisions of the Credit Agreement, all upon the terms and

conditions therein specified.

 

THIS CONSTRUCTION LOAN NOTE SHALL BE

CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NORTH

DAKOTA AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

 

	

   

  	

  WESTERN

  PLAINS ENERGY, LLC

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Jeff Torluemke

  	

   

  
	

   

  	

  Name:

  	

   Jeff Torluemke

  	

   

  
	

   

  	

  Title:

  	

   PresidentExhibit 10.1

 

 

ARIZONA PUBLIC
SERVICE COMPANY

(formerly Central
Arizona Light and Power Company)

 

TO

 

THE BANK OF NEW
YORK

 

As
trustee under Central Arizona Light and

Power Company’s Mortgage and Deed

of Trust, Dated as of July 1, 1946.

 

 

Fifty-Eighth Supplemental
Indenture

 

 

Dated as of April 1, 2003

 

This Mortgage
covers real property,

personal property and chattels.

 

This instrument
and the above-mentioned Mortgage and

Deed of Trust contain after-acquired property provisions.

 

 

 

FIFTY-EIGHTH SUPPLEMENTAL INDENTURE

_______________

 

Indenture,
dated as of the 1st day of April, 2003, made and entered into by and between Arizona Public Service Company, a
corporation of the State of Arizona, the principal place of business and
mailing address of which is 400 North Fifth Street, Phoenix, Arizona 85004
(hereinafter sometimes called the Company), party of the first part, and The Bank of New York, a New York
banking corporation, the mailing address of which is 385 Rifle Camp Road, 3rd
Floor, West Paterson, New Jersey 07424 (hereinafter sometimes called the
Trustee), party of the second part, as Trustee under the Mortgage and Deed of
Trust, dated as of July 1, 1946 (hereinafter called the Mortgage), which
Mortgage was executed and delivered by the Company under its former name,
Central Arizona Light and Power Company, to secure the payment of bonds issued
or to be issued under and in accordance with the provisions of the Mortgage,
reference to which said Mortgage is hereby made, this Indenture (hereinafter called
the Fifty-eighth Supplemental Indenture) being supplemental thereto;

 

Whereas, said Mortgage
was recorded and filed in Counties in the State of Arizona as follows:

 

	
   

  	
   

  	
  Recorded
  as Real Mortgage

  	
   

  	
  Filed and
  Abstracted

  as Chattel Mortgage

  	
   

  
	
  County

  	
   

  	
  Date

  Recorded

  	
   

  	
  Book or

  Docket

  	
   

  	
  Page

  	
   

  	
  Chattel

  Mortgage

  Book

  	
   

  	
  Page

  	
   

  
	
  Apache

  	
   

  	
  7-28-50

  	
   

  	
  16

  	
   

  	
  1

  	
   

  	
  9

  	
   

  	
  154

  	
   

  
	
  Cochise

  	
   

  	
  2-3-53

  	
   

  	
  80

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  292

  	
   

  
	
  Coconino

  	
   

  	
  1-20-53

  	
   

  	
  39

  	
   

  	
  1

  	
   

  	
  10

  	
   

  	
  286

  	
   

  
	
  Gila

  	
   

  	
  1-17-53

  	
   

  	
  32

  	
   

  	
  84

  	
   

  	
  17

  	
   

  	
  —

  	
   

  
	
  Graham

  	
   

  	
  12-3-63

  	
   

  	
  92

  	
   

  	
  87

  	
   

  	
  15

  	
   

  	
  223

  	
   

  
	
  Maricopa

  	
   

  	
  8-6-46

  	
   

  	
  408

  	
   

  	
  163

  	
   

  	
  92

  	
   

  	
  204

  	
   

  
	
  Mohave

  	
   

  	
  11-13-57

  	
   

  	
  28

  	
   

  	
  68

  	
   

  	
  12

  	
   

  	
  13

  	
   

  
	
  Navajo

  	
   

  	
  10-14-49

  	
   

  	
  31

  	
   

  	
  483

  	
   

  	
  16

  	
   

  	
  521

  	
   

  
	
  Pima

  	
   

  	
  1-24-53

  	
   

  	
  558

  	
   

  	
  351

  	
   

  	
  14

  	
   

  	
  —

  	
   

  
	
  Pinal

  	
   

  	
  10-25-52

  	
   

  	
  68

  	
   

  	
  31

  	
   

  	
  12

  	
   

  	
  591

  	
   

  
	
  Yavapai

  	
   

  	
  8-7-46

  	
   

  	
  79

  	
   

  	
  1

  	
   

  	
  12

  	
   

  	
  223

  	
   

  
	
  Yuma

  	
   

  	
  8-1-47

  	
   

  	
  58

  	
   

  	
  173

  	
   

  	
  21

  	
   

  	
  265

  	
   

  

 

and in Counties in the State of New Mexico as follows:

 

	
  McKinley

  	
   

  	
  5-31-61

  	
   

  	
  36

  	
   

  	
  153

  	
   

  	
  4

  	
   

  	
  295

  	
   

  
	
  San
  Juan

  	
   

  	
  1-31-61

  	
   

  	
  472

  	
   

  	
  140

  	
   

  	
  (No. 72441 )

  	
   

  

 

the copy recorded in Yuma
County, Arizona also being effective for La Paz County, Arizona, formed on
December 31, 1982; and copies of said Mortgage were filed with the office of
the Bureau of Indian Affairs at Window Rock, Arizona, and with the Navajo Tribe
of Indians at Window Rock, Arizona, and in the offices of the Secretary of
State and the State Land Department of the State of Arizona (all the said
counties and the said offices above referred to being herein referred to as
“jurisdictions”); and

 

Whereas,
by the Mortgage, the Company covenanted that it would execute and deliver such
supplemental indenture or indentures and such further instruments and do such
further acts as might be necessary or proper to carry out more effectually the
purposes of the Mortgage and to make subject to the

 

2

 

Lien of the Mortgage any property thereafter acquired, made or
constructed and intended to be subject to the Lien thereof; and

 

Whereas,
the Company has executed and delivered to the Trustee fifty-seven indentures
supplemental to the Mortgage (hereinafter respectively called the First through
the Fifty-seventh Supplemental Indentures) dated as of December 1, 1947, April
1, 1949, February 1, 1950, December 1, 1950, February 1, 1953, November 1,
1953, March 1, 1954, October 1, 1957, March 1, 1959, November 1, 1961, June 1,
1962, December 1, 1962, September 1, 1963, September 1, 1967, April 1, 1970,
March 15, 1972, April 1, 1974, February 15, 1975, June 1, 1975, November 15,
1975, April 15, 1977, January 15, 1978, March 1, 1979, October 15, 1979, May
15, 1980, February 2, 1982, April 15, 1982, July 1, 1983, October 15, 1983,
June 15, 1984, January 15, 1985, May 1, 1985, June 1, 1985, November 1, 1985,
January 15, 1986, March 1, 1986, May 1, 1986, February 1, 1987, June 1, 1987,
November 15, 1987, April 1, 1989, February 15, 1990, May 15, 1990, April 15,
1991, December 15, 1991, January 15, 1992, March 1, 1992, June 15, 1992,
February 1, 1993, August 1, 1993, August 1, 1993, September 15, 1993, March 1,
1994, November 15, 1996, April 1, 1997, November 1, 2002, and March 1, 2003,
each of which has been or will be recorded or filed in, or a recording or
filing is or will be effective with respect to, each jurisdiction referred to
above; and

 

Whereas,
in addition to the property described in the Mortgage, as heretofore supplemented
and amended, the Company has acquired certain other property, rights and
interests in property; and

 

Whereas,
the Company has heretofore issued, in accordance with the provisions of the
Mortgage, as heretofore supplemented and amended, bonds of a series entitled
and designated First Mortgage Bonds, 2-3/4% Series due 1976 (hereinafter called
the bonds of the First Series), in the aggregate principal amount of Eight
Million Five Hundred Thousand Dollars ($8,500,000); bonds of a series entitled and
designated First Mortgage Bonds, 3-1/8% Series due 1977 (hereinafter called the
bonds of the Second Series), in the aggregate principal amount of Two Million
Five Hundred Thousand Dollars ($2,500,000); bonds of a series entitled and
designated First Mortgage Bonds, 3% Series due 1979 (hereinafter called the
bonds of the Third Series), in the aggregate principal amount of Four Million
Dollars ($4,000,000); bonds of a series entitled and designated First Mortgage
Bonds, 2-3/4% Series due 1980 (hereinafter called the bonds of the Fourth
Series), in the aggregate principal amount of Five Million Dollars
($5,000,000); bonds of a series entitled and designated First Mortgage Bonds,
2-7/8% Series due 1980 (hereinafter called the bonds of the Fifth Series), in the
aggregate principal amount of Six Million Dollars ($6,000,000); bonds of a
series entitled and designated First Mortgage Bonds, 3-1/2% Series due 1983
(hereinafter called the bonds of the Sixth Series), in the aggregate principal
amount of Fourteen Million Five Hundred Thousand Dollars ($14,500,000); bonds
of a series entitled and designated First Mortgage Bonds, 3 1/2% Series due
November 1, 1983 (hereinafter called the bonds of the Seventh Series), in the
aggregate principal amount of Five Million Seven Hundred Twenty-three Thousand
Dollars ($5,723,000); bonds of a series entitled and designated First Mortgage
Bonds, 3-1/4% Series due 1984 (hereinafter called the bonds of the Eighth
Series), in the aggregate principal amount of Fifteen Million Dollars ($15,000,000);
bonds of a series entitled and designated First Mortgage Bonds, 5-1/8% Series
due 1987 (hereinafter called the bonds of the Ninth Series), in the aggregate
principal amount of Fifteen Million Dollars ($15,000,000); bonds of a series
entitled and designated First Mortgage Bonds, 4.70% Series due 1989
(hereinafter called the bonds of the Tenth Series), in the aggregate principal
amount of Twenty Million Dollars ($20,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 4.80% Series due 1991 (hereinafter called the
bonds of the Eleventh Series), in the aggregate principal amount of Thirty-five
Million Dollars ($35,000,000); bonds of a series entitled and designated First
Mortgage Bonds, 4.45% Series due 1992 (hereinafter called the bonds of the
Twelfth Series), in the aggregate principal amount of Twenty-five Million
Dollars ($25,000,000); bonds of a series entitled and designated First Mortgage
Bonds, 4.40% Series due 1992 (hereinafter called the bonds of the Thirteenth
Series), in the aggregate principal amount of Twenty-five Million Dollars
($25,000,000); bonds of a

 

3

 

series entitled and designated First Mortgage Bonds, 4.50% Series due
1993 (hereinafter called the bonds of the Fourteenth Series), in the aggregate
principal amount of Fifteen Million Dollars ($15,000,000); bonds of a series
entitled and designated First Mortgage Bonds, 6.25% Series due 1997
(hereinafter called the bonds of the Fifteenth Series), in the aggregate principal
amount of Twenty-five Million Dollars ($25,000,000); bonds of a series entitled
and designated First Mortgage Bonds, 8.50% Series due 1975 (hereinafter called
the bonds of the Sixteenth Series), in the aggregate principal amount of Thirty
Million Dollars ($30,000,000); bonds of a series entitled and designated First
Mortgage Bonds, 7.45% Series due 2002 (hereinafter called the bonds of the
Seventeenth Series), in the aggregate principal amount of Sixty Million Dollars
($60,000,000); bonds of a series entitled and designated First Mortgage Bonds,
6.20% Series due 2004 (hereinafter called the bonds of the Eighteenth Series),
in the aggregate principal amount of Fifty Million Dollars ($50,000,000); bonds
of a series entitled and designated First Mortgage Bonds, 9.50% Series due 1982
(hereinafter called the bonds of the Nineteenth Series), in the aggregate
principal amount of One Hundred Million Dollars ($100,000,000); bonds of a
series entitled and designated First Mortgage Bonds, 9.80% Series due 1980 (hereinafter
called the bonds of the Twentieth Series), in the aggregate principal amount of
Seventy-five Million Dollars ($75,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 10.625% Series due 2000 (hereinafter called
the bonds of the Twenty-first Series), in the aggregate principal amount of
Seventy-five Million Dollars ($75,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 6.45% Series A due 2007 (hereinafter called
the bonds of the Twenty-second Series), in the aggregate principal amount of
Thirteen Million Dollars ($13,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 6.45% Series B due 2007 (hereinafter called
the bonds of the Twenty-third Series), in the aggregate principal amount of
Thirty Million Dollars ($30,000,000); bonds of a series entitled and designated
First Mortgage Bonds, 6% Series A due 2008 (hereinafter called the bonds of the
Twenty-fourth Series), in the aggregate principal amount of Thirty-four Million
Dollars ($34,000,000); bonds of a series entitled and designated First Mortgage
Bonds, 9.95% Series due 2004 (hereinafter called the bonds of the Twenty-fifth
Series), in the aggregate principal amount of Seventy-five Million Dollars
($75,000,000); bonds of a series entitled and designated First Mortgage Bonds,
12-1/8% Series due 2009 (hereinafter called the bonds of the Twenty-sixth
Series), in the aggregate principal amount of Seventy-five Million Dollars
($75,000,000); bonds of a series entitled and designated First Mortgage Bonds,
12-7/8% Series due 2000 (hereinafter called the bonds of the Twenty-seventh
Series), in the aggregate principal amount of One Hundred Eighty-five Million
Dollars ($185,000,000); bonds of a series entitled and designated First
Mortgage Bonds, 10-3/8% Series due 1985 (hereinafter called the bonds of the
Twenty-eighth Series), in the aggregate principal amount of Sixty Million Two
Hundred Fifty Thousand Dollars ($60,250,000); bonds of a series entitled and
designated First Mortgage Bonds, 16% Series due 1992 (hereinafter called the
bonds of the Twenty-ninth Series), in the aggregate principal amount of One
Hundred Million Dollars ($100,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 12-3/4% Series due 2013 (hereinafter called
the bonds of the Thirtieth Series), in the aggregate principal amount of One
Hundred Million Dollars ($100,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 13-1/2% Series due 2013 (hereinafter called
the bonds of the Thirty- first Series), in the aggregate principal amount of
One Hundred Million Dollars ($100,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 15% Series due 1994 (hereinafter called the
bonds of the Thirty-second Series), in the aggregate principal amount of One
Hundred Million Dollars ($100,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 12% Series due 1995 (hereinafter called the
bonds of the Thirty-third Series), in the aggregate principal amount of One Hundred
Twenty- five Million Dollars ($125,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 13-1/4% Series due 2007 (hereinafter called
the bonds of the Thirty-fourth Series), in the aggregate principal amount of
Fifty Million Dollars ($50,000,000); bonds of a series entitled and designated
First Mortgage Bonds, 11-1/2% Series due 2015 (hereinafter called the bonds of
the Thirty-fifth Series), in the aggregate principal amount of One Hundred
Fifty Million Dollars ($150,000,000); bonds of a series entitled and designated
First Mortgage Bonds, 11-1/2% Series due November 1, 2015 (hereinafter called
the bonds of the Thirty-sixth Series), in the aggregate principal amount of One
Hundred Million Dollars ($100,000,000); bonds of a series entitled

 

4

 

and designated First Mortgage Bonds, 11% Series due 2016 (hereinafter
called the bonds of the Thirty-seventh Series), in the aggregate principal
amount of One Hundred Million Dollars ($100,000,000); bonds of a series
entitled and designated First Mortgage Bonds, 9-1/4% Series due 1996
(hereinafter called the bonds of the Thirty-eighth Series), in the aggregate
principal amount of One Hundred Million Dollars ($100,000,000); bonds of a
series entitled and designated First Mortgage Bonds, 9% Series due 1996
(hereinafter called the bonds of the Thirty-ninth Series), in the aggregate
principal amount of One Hundred Twenty-five Million Dollars ($125,000,000);
bonds of a series entitled and designated First Mortgage Bonds, 9% Series due
2017 (hereinafter called the bonds of the Fortieth Series), in the aggregate
principal amount of One Hundred Fifty Million Dollars ($150,000,000); bonds of
a series entitled and designated First Mortgage Bonds, 9-7/8% Series due 1997
(hereinafter called the bonds of the Forty-first Series), in the aggregate
principal amount of One Hundred Twenty-five Million Dollars ($125,000,000);
bonds of a series entitled and designated First Mortgage Bonds, 10-3/4% Series
due 2017 (hereinafter called the bonds of the Forty-second Series), in the
aggregate principal amount of One Hundred Million Dollars ($100,000,000); bonds
of a series entitled and designated First Mortgage Bonds, 10-3/4% Series due
2019 (hereinafter called the bonds of the Forty-third Series), in the aggregate
principal amount of One Hundred Million Dollars ($100,000,000); bonds of a
series entitled and designated First Mortgage Bonds, 10-1/4% Series due 2000
(hereinafter called the bonds of the Forty-fourth Series), in the aggregate
principal amount of One Hundred Million Dollars ($100,000,000); bonds of a
series entitled and designated First Mortgage Bonds, 10 1/4% Series due 2020
(hereinafter called the bonds of the Forty-fifth Series), in the aggregate
principal amount of One Hundred Twenty-five Million Dollars ($125,000,000);
bonds of a series entitled and designated First Mortgage Bonds, 9-1/2% Series
due 2021 (hereinafter called the bonds of the Forty-sixth Series), in the
aggregate principal amount of One Hundred Million Dollars ($100,000,000); bonds
of a series entitled and designated First Mortgage Bonds, 9% Series due 2021
(hereinafter called the bonds of the Forty-seventh Series), in the aggregate
principal amount of One Hundred Fifty Million Dollars ($150,000,000); bonds of
a series entitled and designated First Mortgage Bonds, 7-1/8% Series due 1997,
in the aggregate principal amount of One Hundred Fifty Million Dollars
($150,000,000), and bonds of a series entitled and designated First Mortgage
Bonds, 8-3/4% Series due 2024, in the aggregate principal amount of One Hundred
Seventy-five Million Dollars ($175,000,000) (hereinafter collectively called
the bonds of the Forty-eighth Series); bonds of a series entitled and
designated First Mortgage Bonds, 7-5/8% Series due 1998, in the aggregate
principal amount of One Hundred Million Dollars ($100,000,000), and bonds of a
series entitled and designated First Mortgage Bonds, 8-1/8% Series due 2002, in
the aggregate principal amount of One Hundred Twenty-five Million Dollars
($125,000,000) (hereinafter collectively called the bonds of the Forty-ninth
Series); bonds of a series entitled and designated First Mortgage Bonds, 7-5/8%
Series due 1999 (hereinafter called the bonds of the Fiftieth Series), in the
aggregate principal amount of One Hundred Million Dollars ($100,000,000); bonds
of a series entitled and designated First Mortgage Bonds, 8% Series due 2025
(hereinafter called the bonds of the Fifty-first Series), in the aggregate
principal amount of One Hundred Fifty Million Dollars ($150,000,000); bonds of
a series entitled and designated First Mortgage Bonds, 7-1/4% Series due 2023
(hereinafter called the bonds of the Fifty-second Series), in the aggregate
principal amount of One Hundred Million Dollars ($100,000,000); bonds of a
series entitled and designated First Mortgage Bonds, 5-7/8% Series due 2028
(hereinafter called bonds of the Fifty-third Series), in the aggregate
principal amount of Twelve Million Eight Hundred Fifty Thousand Dollars
($12,850,000); bonds of a series entitled and designated First Mortgage Bonds,
5-7/8% Series due 2028 (hereinafter called bonds of the Fifty-fourth Series),
in the aggregate principal amount of One Hundred Forty-one Million One Hundred
Fifty Thousand Dollars ($141,150,000); bonds of a series entitled and
designated First Mortgage Bonds, 5-1/2% Series due 2028 (hereinafter called
bonds of the Fifty- fifth Series), in the aggregate principal amount of
Twenty-five Million Dollars ($25,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 5-3/4% Series due 2000 (hereinafter called
bonds of the Fifty-sixth Series) in the aggregate principal amount of One
Hundred Million Dollars ($100,000,000); bonds of a series entitled and
designated First Mortgage Bonds, 6-5/8% Series due 2004 (hereinafter called
bonds of the Fifty-seventh Series) in the aggregate principal amount of One
Hundred

 

5

 

Million Dollars ($100,000,000); bonds of a series entitled and
designated First Mortgage Bonds, Senior Note Series A (hereinafter called bonds
of the Fifty-eighth Series) in the aggregate principal amount of One Hundred
Million Dollars ($100,000,000); bonds of a series entitled and designated First
Mortgage Bonds, Senior Note Series B (hereinafter called bonds of the
Fifth-ninth Series) in the aggregate principal amount of Fifty Million Dollars
($50,000,000); bonds of a series entitled and designated First Mortgage Bonds,
Senior Note Series C (hereinafter called bonds of the Sixtieth Series) in the
aggregate principal amount of Ninety Million Dollars ($90,000,000); and bonds
of a series entitled and designated 1.70% First Mortgage Bonds, Maricopa 1994
Series C (hereinafter called bonds of the Sixty-first Series) in the aggregate
principal amount of Fifty-seven Million Dollars ($57,000,000); and

 

Whereas, said The Bank
of New York, by an instrument in writing, effective on the opening of business
on September 29, 1995, succeeded to Bank of America National Trust and
Savings Association as Trustee under the Mortgage; and, pursuant to
Section 104 of the Mortgage, The Bank of New York is the successor Trustee
under the Mortgage; and

 

Whereas,
Section 8 of the Mortgage provides that the form of each series of bonds (other
than bonds of the First Series) issued thereunder shall be established by
Resolution of the Board of Directors of the Company and that the form of each
series, as established by said Board of Directors, shall specify the
descriptive title of the bonds and various other terms thereof, and may also
contain such provisions not inconsistent with the provisions of the Mortgage as
the Board of Directors may, in its discretion, cause to be inserted therein
expressing or referring to the terms and conditions upon which such bonds are
to be issued and/or secured under the Mortgage; and

 

Whereas,
Section 120 of the Mortgage provides, among other things, that any power,
privilege or right expressly or impliedly reserved to or in any way conferred
upon the Company by any provision of the Mortgage, whether such power,
privilege or right is in any way restricted or is unrestricted, may be in whole
or in part waived or surrendered or subjected to any restriction if at the time
unrestricted or to additional restriction if already restricted, and the Company
may enter into any further covenants, limitations or restrictions for the
benefit of any one or more series of bonds issued thereunder, or the Company
may cure any ambiguity contained therein, or in any supplemental indenture, or
may establish the terms and provisions of any series of bonds other than said
First Series, by an instrument in writing executed and acknowledged by the
Company in such manner as would be necessary to entitle a conveyance of real
estate to record in all of the states in which any property at the time subject
to the Lien of the Mortgage shall be situated; and

 

Whereas,
the Company now desires to create a new series of bonds to be issued under and
pursuant to the Mortgage in accordance with the provisions of Article VI
thereof, and to add to its covenants and agreements contained in the Mortgage,
as heretofore supplemented and amended, certain other covenants and agreements
to be observed by it and to alter and amend in certain respects the covenants
and provisions contained in the Mortgage, as heretofore supplemented and
amended; and

 

WHEREAS, Maricopa County, Arizona Pollution Control
Corporation (the “Issuer”) has issued Thirty-Five Million Dollars ($35,000,000)
in aggregate principal amount of the Maricopa County, Arizona Pollution Control
Corporation Pollution Control Revenue Refunding Bonds (Arizona Public Service
Company Palo Verde Project) 1994 Series D (the “Maricopa Series D Bonds”);
Thirty-Five Million Dollars ($35,000,000) in aggregate principal amount of the
Maricopa County Arizona Pollution Control Corporation Pollution Control Revenue
Refunding Bonds (Arizona Public Service Company Palo Verde Project) 1994 Series
E (the “Maricopa Series E Bonds”); and Thirty-Six Million Nine Hundred Eighty
Thousand Dollars ($36,980,000) in aggregate principal amount of the Maricopa
County Arizona Pollution Control Corporation Pollution Control Revenue
Refunding Bonds (Arizona Public Service Company Palo Verde Project) 1994 Series
F (the “Maricopa Series F Bonds,” and together with the

 

6

 

Maricopa Series D Bonds and the Maricopa Series E Bonds, the “Maricopa
Bonds”), pursuant to the Indenture of Trust dated as of May 1, 1994 (as amended
from time to time, the “Maricopa Indenture”) between the Issuer and The Bank of
New York, as trustee (together with its successors in such capacity, the
“Maricopa Trustee”).  The Issuer loaned
the proceeds of the Maricopa Bonds to the Company pursuant to the Loan Agreement
dated as of May 1, 1994 between the Issuer and the Company (as amended from
time to time, the “Loan Agreement”), and the Company agreed to make payments of
principal, premium, if any, and interest on, and purchase price of, the
Maricopa Bonds from time to time when due, to the extent that monies for such
payments are not otherwise available pursuant to the terms of the Maricopa
Indenture (the “Loan Agreement Payment Obligations”); and

 

Whereas, pursuant to
the provisions of the Maricopa Indenture, the Maricopa Bonds will bear interest
at a Term Rate (as defined in the Maricopa Indenture) during the period
beginning April 8, 2003 and ending on April 5, 2004 or such earlier termination
date as may occur pursuant to the terms of the Maricopa Indenture (the “Term
Rate Period”); and

 

Whereas, in order to
secure the Company’s Loan Agreement Payment Obligations to and including the
hereinafter defined Termination Date, the Company desires to provide for the
issuance under the Mortgage of three new series of bonds designated “1.75%
First Mortgage Bonds, Maricopa 1994 Series D,” “1.75% First Mortgage Bonds,
Maricopa 1994 Series E,” and “1.75% First Mortgage Bonds, Maricopa 1994 Series
F,” having the same rate of interest, payment dates and redemption and tender
provisions and in the same aggregate principal amount as the Maricopa Series D
Bonds, the Maricopa Series E Bonds and the Maricopa Series F Bonds,
respectively; and

 

Whereas,
the execution and delivery by the Company of this Fifty-eighth Supplemental
Indenture, and the terms of the bonds of the Sixty-second Series, the
Sixty-third Series, and the Sixty-fourth Series hereinafter referred to, have
been duly authorized by the Board of Directors of the Company by appropriate
Resolutions of said Board of Directors;

 

Now Therefore, This Indenture Witnesseth: That Arizona Public Service
Company, in consideration of the premises and of One Dollar to it duly paid by
the Trustee at or before the ensealing and delivery of these presents, the
receipt whereof is hereby acknowledged, and in further evidence of assurance of
the estate, title and rights of the Trustee and in order further to secure the
payment of both the principal of and interest and premium, if any, on the bonds
from time to time heretofore, herewith or hereafter issued under the Mortgage,
according to their tenor and effect, and the performance of all the provisions
of the Mortgage (including any instruments supplemental thereto and any
modifications made as in the Mortgage provided) and of said bonds, hereby
grants, bargains, sells, releases, conveys, assigns, transfers, mortgages,
pledges, sets over and confirms (subject, however, to Excepted Encumbrances as
defined in Section 6 of the Mortgage and to the liens permitted by Section 36
of the Mortgage) unto The Bank of New York, as Trustee under the Mortgage, and
to its successor or successors in said trust, and to said Trustee and its
successors and assigns forever, all the properties of the Company described in
the Mortgage, as heretofore supplemented and amended (except any properties
which have been released from the Lien of the Mortgage), and all the properties
specifically described in Article VII hereof.

 

Also all other property, real, personal and mixed, of
the kind or nature specifically mentioned in Article VII hereof or of any other
kind or nature (except any herein or in the Mortgage, as heretofore
supplemented and amended, expressly excepted and except any which may not
lawfully be mortgaged or pledged hereunder), now owned or, subject to the
provisions of subsection (I) of Section 87 of the Mortgage, hereafter
acquired by the Company (by purchase, consolidation, merger, donation,
construction, erection or in any other way) and wheresoever situated, including
(without in anywise limiting or impairing by the enumeration of the same the scope
and intent of the foregoing or of any general description contained in this
Fifty-eighth Supplemental Indenture) all lands, power sites, flowage

 

7

 

rights, water rights, water locations, water appropriations, ditches,
flumes, reservoirs, reservoir sites, canals, raceways, dams, dam sites,
aqueducts, and all other rights or means for appropriating, conveying, storing
and supplying water; all rights of way and roads; all plants for the generation
of electricity by steam, water and/or other power; all power houses, gas
plants, street lighting systems, standards and other equipment incidental
thereto, telephone, radio and television systems, air-conditioning systems and
equipment incidental thereto, water works, water systems, steam heat and hot
water plants, substations, lines, service and supply systems, bridges,
culverts, tracks, ice or refrigeration plants and equipment, offices, buildings
and other structures and equipment thereof; all machinery, engines, boilers,
dynamos, electric, gas and other machines, regulators, meters, transformers,
generators, motors, electrical, gas and mechanical appliances, conduits,
cables, water, steam heat, gas or other pipes, gas mains and pipes, service
pipes, fittings, valves and connections, pole and transmission lines, wires,
cables, tools, implements, apparatus, furniture and chattels; all franchises,
consents or permits; all lines for the transmission and distribution of
electric current, gas, steam heat or water for any purpose including towers,
poles, wires, cables, pipes, conduits, ducts and all apparatus for use in
connection therewith; all real estate, lands, easements, servitudes, licenses,
permits, franchises, privileges, rights of way and other rights in or relating
to public or private property, real or personal, or the occupancy of such
property and (except as herein or in the Mortgage, as heretofore supplemented
and amended, expressly excepted) all the right, title and interest the Company
may now have or hereafter acquire in and to any and all property of any kind or
nature appertaining to and/or used and/or occupied and/or enjoyed in connection
with any property hereinbefore or in the Mortgage, as heretofore supplemented
and amended, described.

 

Together with
all and singular the tenements, hereditaments, prescriptions, servitudes and
appurtenances belonging or in anywise appertaining to the aforementioned
property or any part thereof, with the reversion and reversions, remainder and
remainders and (subject to the provisions of Section 57 of the Mortgage) the
tolls, rents, revenues, issues, earnings, income, product and profits thereof,
and all the estate, right, title, interest and claim whatsoever, at law as well
as in equity, which the Company now has or may hereafter acquire in and to the
aforementioned property and franchises and every part and parcel thereof.

 

It Is Hereby
Agreed by the Company that,
subject to the provisions of subsection (I) of Section 87 of the Mortgage and
to the extent permitted by law, all the property, rights and franchises
acquired by the Company (by purchase, consolidation, merger, donation,
construction, erection or in any other way) after the date hereof, except any
herein or in the Mortgage, as heretofore supplemented and amended, expressly
excepted, shall be and are as fully granted and conveyed hereby and as fully
embraced within the lien hereof and the Lien of the Mortgage as if such
property, rights and franchises were now owned by the Company and were
specifically described herein and conveyed hereby.

 

Provided
that the following are not and are not intended to be now or hereafter granted,
bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged,
set over or confirmed hereunder and are hereby expressly excepted from the lien
and operation of this Fifty-eighth Supplemental Indenture and from the Lien and
operation of the Mortgage, viz.: (1) cash, shares of stock, bonds, notes and
other obligations and other securities not hereafter specifically pledged, paid,
deposited, delivered or held under the Mortgage or covenanted so to be; (2)
merchandise, equipment, apparatus, materials or supplies held for the purpose
of sale or other disposition in the usual course of business; fuel, oil and
similar materials and supplies consumable in the operation of any of the
properties of the Company; construction equipment acquired for temporary use;
all aircraft, tractors, rolling stock, trolley coaches, buses, motor coaches,
automobiles, motor trucks and other vehicles and materials and supplies held
for the purpose of repairing or replacing (in whole or part) any of the same;
all timber, minerals, mineral rights and royalties and all Natural Gas and Oil
Production Property, as defined in Section 4 of the Mortgage; (3) bills, notes
and accounts receivable, judgments, demands and chooses in action, and all
contracts, leases and operating agreements not specifically pledged under the
Mortgage or covenanted so

 

8

 

to be; (4) the last day of the term of any lease or leasehold which may
be or become subject to the Lien of the Mortgage; (5) electric energy, gas,
steam, ice and other materials or products generated, manufactured, produced,
purchased or acquired by the Company for sale, distribution or use in the
ordinary course of its business; and (6) the Company’s franchise to be a
corporation; provided, however, that the property and rights expressly
excepted from the Lien and operation of the Mortgage in the above subdivisions
(2) and (3) shall (to the extent permitted by law) cease to be so excepted in
the event and as of the date that the Trustee or a receiver or trustee shall
enter upon and take possession of the Mortgaged and Pledged Property in the
manner provided in Article XIII of the Mortgage by reason of the occurrence of
a Default as defined in Section 65 thereof.

 

To Have  and
to Hold all such
properties, real, personal and mixed, granted, bargained, sold, released,
conveyed, assigned, transferred, mortgaged, pledged, set over or confirmed by
the Company as aforesaid, or intended so to be, unto The Bank of New York, the
Trustee, and its successors and assigns forever.

 

In Trust Nevertheless,
for the same purposes and upon the same terms, trusts and conditions and
subject to and with the same provisos and covenants as are set forth in the
Mortgage, as supplemented and amended.

 

And It Is
Hereby Covenanted by the Company that all the terms, conditions,
provisos, covenants and provisions contained in the Mortgage, as supplemented
and amended, shall affect and apply to the property hereinbefore described and
conveyed and to the estate, rights, obligations and duties of the Company and
the Trustee and the beneficiaries of the trust with respect to said property,
and to the Trustee and its successors as Trustee of said property in the same
manner and with the same effect as if the said property had been owned by the
Company at the time of the execution of the Mortgage and had been specifically
and at length described in and conveyed to said Trustee by the Mortgage as a
part of the property therein stated to be conveyed.

 

The Company further covenants and agrees to and with
the Trustee and its successors in said trust under the Mortgage, as follows:

 

ARTICLE
I.

Sixty-Second Series of Bonds.

 

Section
1.                                There
shall be a series of bonds designated “1.75% First Mortgage Bonds, Maricopa
1994 Series D” (hereinafter sometimes referred to as the “Sixty-second
Series” or “Bonds of the Sixty-second Series” or the “Series D First Mortgage
Bonds”), limited to the aggregate principal amount of $35,000,000, each of
which shall also bear the descriptive title First Mortgage Bond, and the form
thereof, which shall be established by Resolution of the Board of Directors of
the Company, shall contain suitable provisions with respect to the matters
hereinafter specified in this Supplemental Indenture.  Bonds of the Sixty-second Series shall be dated as provided in
Section 10 of the Mortgage; shall be issued as a single fully registered bond,
and shall be registered in the name of the Maricopa Trustee; shall evidence,
secure and provide for the payment of the Company’s Loan Agreement Payment
Obligations relating to the Maricopa Series D Bonds; and shall be payable on
each date provided in or pursuant to the Maricopa Indenture for the payment of
principal (whether upon redemption or acceleration) of, and interest on, the
Maricopa Series D Bonds, until the principal of and interest on the Maricopa
Series D Bonds shall have been fully paid or provision for the payment thereof
shall have been made in accordance with the Maricopa Indenture, in the amount
then payable as principal and interest upon the Maricopa Series D Bonds; and on
each date provided in or pursuant to the Maricopa Indenture for the payment of
the purchase price of the Maricopa Series D Bonds tendered for purchase in
accordance with Section 2.01(d) or Section 2.01(e) of the Maricopa Indenture,
in the amount then payable

 

9

 

as such purchase price of the tendered Maricopa Series D Bonds, to the
extent proceeds of the remarketing of such tendered Maricopa Series D Bonds are
insufficient to pay the purchase price thereof; provided, however, that the
Series D First Mortgage Bonds shall terminate and expire and shall be of no
further force and effect at 5:00 p.m. Eastern Standard Time on the Termination
Date (defined below).  The principal and
purchase price of and interest on the Series D First Mortgage Bonds shall be
payable by the Company to the Maricopa Trustee, as pledgee and assignee of the
Issuer, in accordance with the requirements of the Maricopa Indenture.  All payments by the Company on the Series D
First Mortgage Bonds shall be made on or prior to the due date thereof.

 

The Bonds of the
Sixty-second Series will terminate and expire, and be of no further force and
effect, at 5:00 p.m. Eastern Standard Time on the earlier of:  (1) 
the effective date of the first Rate Period (as defined in the Maricopa
Indenture) immediately following the Term Rate Period and (2)  the first date during or after the Term Rate
Period on which the Maricopa Series D Bonds are subject to mandatory tender
pursuant to Section 2.01(e) of the Maricopa Indenture, in each case, as long as
tendering holders of Maricopa Series D Bonds have been paid the purchase price
for the Maricopa Series D Bonds pursuant to any optional or mandatory tender
occurring on the Termination Date and the Company is not otherwise in default
in its Loan Agreement Payment Obligations under Section 4.2 of the Loan
Agreement on such date.  In the event
that on the date specified in clause (1) or (2) of the immediately preceding
sentence, tendering holders of Maricopa Series D Bonds have not been paid the
purchase price for tendered Maricopa Series D Bonds or the Company is
otherwise in default in such Loan Agreement Payment Obligations, the Series D
First Mortgage Bonds will terminate and expire on the first date thereafter on
which such payment obligations have been satisfied.  Such date of termination and expiration of the Series D First
Mortgage Bonds is herein referred to as the “Termination Date.”

 

The Company shall have no obligation to make payments
with respect to the Series D First Mortgage Bonds unless and until, and only to
the extent that, payments shall be due and payable on the Maricopa Series D
Bonds to and including the Termination Date. 
Any provision hereof to the contrary notwithstanding, the Company shall
receive a credit against its obligation to make any payment of interest on the
Series D First Mortgage Bonds in an amount equal to the amount, if any, held by
the Maricopa Trustee under the Maricopa Indenture on deposit in the Bond Fund
(as defined in the Maricopa Indenture) and available to make the corresponding
payment on the Maricopa Series D Bonds. 
In addition, the Company shall receive a credit against its obligation
to make any payment of principal or purchase price of the Series D First
Mortgage Bonds, whether upon redemption, acceleration or tender of the Maricopa
Series D Bonds or otherwise, in an amount equal to the amount, if any, held by
the Maricopa Trustee under the Maricopa Indenture on deposit in said Bond Fund
and available to make the corresponding payment on the Maricopa Series D Bonds.

 

The Company covenants and agrees that, prior to the
Termination Date, it will not take any action (except as described herein or as
contemplated in the Maricopa Indenture or the Loan Agreement) that would cause
the outstanding principal amount of the Bonds of the Sixty-second Series to be
less than the outstanding principal amount of the Maricopa Series D Bonds.

 

Section 2.                                Upon
payment of the principal of and interest due on the Maricopa Series D Bonds,
whether by acceleration or otherwise, or upon provision for the payment thereof
having been made in accordance with the Maricopa Indenture, whether with
payments made pursuant to the Series D First Mortgage Bonds or with other funds
available for such payment, Series D First Mortgage Bonds in a principal amount
equal to the principal amount of Maricopa Series D Bonds so paid or for which
such provision for payment has been made shall be deemed fully paid, satisfied
and discharged and the obligations of the Company thereunder shall be
terminated and such Series D First Mortgage Bonds shall be surrendered to and
cancelled by the Trustee.  The Company
will issue and the Trustee will authenticate a new Series D First Mortgage Bond
for the unpaid portion thereof.

 

10

 

Section
3.                                Bonds
of the Sixty-second Series shall be held by the Maricopa Trustee and shall not
be transferable except to its permitted successors and assigns under the
Maricopa Indenture.  The Maricopa
Trustee, as the holder of the Series D First Mortgage Bonds, shall attend
meetings of bondholders under the Mortgage or deliver its proxy in connection
therewith.  Either at such meeting, or
otherwise when the consent of the holders of the Series D First Mortgage Bonds
is sought without a meeting, the Maricopa Trustee shall vote as the holder of
the Series D First Mortgage Bonds, or shall consent with respect thereto; provided,
however, that the Maricopa Trustee shall not vote in favor of, or
consent to, any modification of the Mortgage which is correlative to a
modification of the Maricopa Indenture or the Loan Agreement which would
require the approval of owners of Maricopa Series D Bonds without the approval
of the owners of Maricopa Series D Bonds and other bonds issued under the
Maricopa Indenture which would be required for such correlative modification of
such Maricopa Indenture or Loan Agreement.

 

ARTICLE II.

Sixty-Third Series of Bonds.

 

Section 4.                                There
shall be a series of bonds designated “1.75% First Mortgage Bonds, Maricopa
1994 Series E” (hereinafter sometimes referred to as the “Sixty-third
Series” or “Bonds of the Sixty-third Series” or the “Series E First Mortgage
Bonds”), limited to the aggregate principal amount of $35,000,000, each of
which shall also bear the descriptive title First Mortgage Bond, and the form
thereof, which shall be established by Resolution of the Board of Directors of
the Company, shall contain suitable provisions with respect to the matters
hereinafter specified in this Supplemental Indenture.  Bonds of the Sixty-third Series shall be dated as provided in Section
10 of the Mortgage; shall be issued as a single fully registered bond, and
shall be registered in the name of the Maricopa Trustee; shall evidence, secure
and provide for the payment of the Company’s Loan Agreement Payment Obligations
relating to the Maricopa Series E Bonds; and shall be payable on each date
provided in or pursuant to the Maricopa Indenture for the payment of principal
(whether upon redemption or acceleration) of, and interest on, the Maricopa
Series E Bonds, until the principal of and interest on the Maricopa Series E
Bonds shall have been fully paid or provision for the payment thereof shall
have been made in accordance with the Maricopa Indenture, in the amount then
payable as principal and interest upon the Maricopa Series E Bonds; and on each
date provided in or pursuant to the Maricopa Indenture for the payment of the
purchase price of the Maricopa Series E Bonds tendered for purchase in
accordance with Section 2.01(d) or Section 2.01(e) of the Maricopa Indenture,
in the amount then payable as such purchase price of the tendered Maricopa
Series E Bonds, to the extent proceeds of the remarketing of such tendered
Maricopa Series E Bonds are insufficient to pay the purchase price thereof;
provided, however, that the Series E First Mortgage Bonds shall terminate and
expire and shall be of no further force and effect at 5:00 p.m. Eastern
Standard Time on the Termination Date (defined below).  The principal and purchase price of and
interest on the Series E First Mortgage Bonds shall be payable by the Company
to the Maricopa Trustee, as pledgee and assignee of the Issuer, in accordance
with the requirements of the Maricopa Indenture.  All payments by the Company on the Series E First Mortgage Bonds
shall be made on or prior to the due date thereof.

 

The Bonds of the
Sixty-third Series will terminate and expire, and be of no further force and
effect, at 5:00 p.m. Eastern Standard Time on the earlier of:  (1) the effective date of the first Rate
Period (as defined in the Maricopa Indenture) immediately following the Term
Rate Period and (2) the first date during or after the Term Rate Period on
which the Maricopa Series E Bonds are subject to mandatory tender pursuant to
Section 2.01(e) of the Maricopa Indenture, in each case, as long as tendering
holders of Maricopa Series E Bonds have been paid the purchase price for the
Maricopa Series E Bonds pursuant to any optional or mandatory tender occurring
on the Termination Date and the Company is not otherwise in default in its Loan
Agreement Payment Obligations under Section 4.2 of the Loan Agreement on such
date.  In the event that on the date
specified in clause (1) or (2) of the immediately preceding sentence,

 

11

 

tendering holders of
Maricopa Series E Bonds have not been paid the purchase price for tendered
Maricopa Series E Bonds or the Company is otherwise in default in such Loan
Agreement Payment Obligations, the Series E First Mortgage Bonds will terminate
and expire on the first date thereafter on which such payment obligations have
been satisfied.  Such date of
termination and expiration of the Series E First Mortgage Bonds is herein
referred to as the “Termination Date.”

 

The Company shall have no obligation to make payments
with respect to the Series E First Mortgage Bonds unless and until, and only to
the extent that, payments shall be due and payable on the Maricopa Series E
Bonds to and including the Termination Date. 
Any provision hereof to the contrary notwithstanding, the Company shall
receive a credit against its obligation to make any payment of interest on the
Series E First Mortgage Bonds in an amount equal to the amount, if any, held by
the Maricopa Trustee under the Maricopa Indenture on deposit in the Bond Fund
(as defined in the Maricopa Indenture) and available to make the corresponding
payment on the Maricopa Series E Bonds. 
In addition, the Company shall receive a credit against its obligation
to make any payment of principal or purchase price of the Series E First Mortgage
Bonds, whether upon redemption, acceleration or tender of the Maricopa Series E
Bonds or otherwise, in an amount equal to the amount, if any, held by the
Maricopa Trustee under the Maricopa Indenture on deposit in said Bond Fund and
available to make the corresponding payment on the Maricopa Series E Bonds.

 

The Company covenants and agrees that, prior to the
Termination Date, it will not take any action (except as described herein or as
contemplated in the Maricopa Indenture or the Loan Agreement) that would cause
the outstanding principal amount of the Bonds of the Sixty-third Series to be
less than the outstanding principal amount of the Maricopa Series E Bonds.

 

Section 5.                                Upon
payment of the principal of and interest due on the Maricopa Series E Bonds,
whether by acceleration or otherwise, or upon provision for the payment thereof
having been made in accordance with the Maricopa Indenture, whether with
payments made pursuant to the Series E First Mortgage Bonds or with other funds
available for such payment, Series E First Mortgage Bonds in a principal amount
equal to the principal amount of Maricopa Series E Bonds so paid or for which
such provision for payment has been made shall be deemed fully paid, satisfied
and discharged and the obligations of the Company thereunder shall be
terminated and such Series E First Mortgage Bonds shall be surrendered to and
cancelled by the Trustee.  The Company
will issue and the Trustee will authenticate a new Series E First Mortgage Bond
for the unpaid portion thereof.

 

Section
6.                                Bonds
of the Sixty-third Series shall be held by the Maricopa Trustee and shall not
be transferable except to its permitted successors and assigns under the
Maricopa Indenture.  The Maricopa
Trustee, as the holder of the Series E First Mortgage Bonds, shall attend
meetings of bondholders under the Mortgage or deliver its proxy in connection
therewith.  Either at such meeting, or
otherwise when the consent of the holders of the Series E First Mortgage Bonds
is sought without a meeting, the Maricopa Trustee shall vote as the holder of
the Series E First Mortgage Bonds, or shall consent with respect thereto; provided,
however, that the Maricopa Trustee shall not vote in favor of, or
consent to, any modification of the Mortgage which is correlative to a
modification of the Maricopa Indenture or the Loan Agreement which would
require the approval of owners of Maricopa Series E Bonds without the approval
of the owners of Maricopa Series E Bonds and other bonds issued under the
Maricopa Indenture which would be required for such correlative modification of
such Maricopa Indenture or Loan Agreement.

 

12

 

ARTICLE III.

Sixty-Fourth Series of Bonds.

 

Section
7.                                There
shall be a series of bonds designated “1.75% First Mortgage Bonds, Maricopa
1994 Series F” (hereinafter sometimes referred to as the “Sixty-fourth
Series” or “Bonds of the Sixty-fourth Series” or the “Series F First Mortgage
Bonds”; and together with the Series D First Mortgage Bonds and the Series E
First Mortgage Bonds, the “Bonds”), limited to the aggregate principal amount
of $36,980,000, each of which shall also bear the descriptive title First
Mortgage Bond, and the form thereof, which shall be established by Resolution
of the Board of Directors of the Company, shall contain suitable provisions
with respect to the matters hereinafter specified in this Supplemental
Indenture.  Bonds of the Sixty-fourth
Series shall be dated as provided in Section 10 of the Mortgage; shall be
issued as a single fully registered bond, and shall be registered in the name
of the Maricopa Trustee; shall evidence, secure and provide for the payment of
the Company’s Loan Agreement Payment Obligations relating to the Maricopa
Series F Bonds; and shall be payable on each date provided in or pursuant to
the Maricopa Indenture for the payment of principal (whether upon redemption or
acceleration) of, and interest on, the Maricopa Series F Bonds, until the
principal of and interest on the Maricopa Series F Bonds shall have been fully
paid or provision for the payment thereof shall have been made in accordance
with the Maricopa Indenture, in the amount then payable as principal and
interest upon the Maricopa Series F Bonds; and on each date provided in or
pursuant to the Maricopa Indenture for the payment of the purchase price of the
Maricopa Series F Bonds tendered for purchase in accordance with Section
2.01(d) or Section 2.01(e) of the Maricopa Indenture, in the amount then
payable as such purchase price of the tendered Maricopa Series F Bonds, to the
extent proceeds of the remarketing of such tendered Maricopa Series F Bonds are
insufficient to pay the purchase price thereof; provided, however, that the
Series F First Mortgage Bonds shall terminate and expire and shall be of no
further force and effect at 5:00 p.m. Eastern Standard Time on the Termination
Date (defined below).  The principal and
purchase price of and interest on the Series F First Mortgage Bonds shall be
payable by the Company to the Maricopa Trustee, as pledgee and assignee of the
Issuer, in accordance with the requirements of the Maricopa Indenture.  All payments by the Company on the Series F
First Mortgage Bonds shall be made on or prior to the due date thereof.

 

The Bonds of the
Sixty-fourth Series will terminate and expire, and be of no further force and
effect, at 5:00 p.m. Eastern Standard Time on the earlier of:  (1) the effective date of the first Rate
Period (as defined in the Maricopa Indenture) immediately following the Term
Rate Period and (2) the first date during or after the Term Rate Period on
which the Maricopa Series F Bonds are subject to mandatory tender pursuant to
Section 2.01(e) of the Maricopa Indenture, in each case, as long as tendering
holders of Maricopa Series F Bonds have been paid the purchase price for the
Maricopa Series F Bonds pursuant to any optional or mandatory tender occurring
on the Termination Date and the Company is not otherwise in default in its Loan
Agreement Payment Obligations under Section 4.2 of the Loan Agreement on such
date.  In the event that on the date
specified in clause (1) or (2) of the immediately preceding sentence, tendering
holders of Maricopa Series F Bonds have not been paid the purchase price for
tendered Maricopa Series F Bonds or the Company is otherwise in default in such
Loan Agreement Payment Obligations, the Series F First Mortgage Bonds will
terminate and expire on the first date thereafter on which such payment
obligations have been satisfied.  Such
date of termination and expiration of the Series F First Mortgage Bonds is
herein referred to as the “Termination Date.”

 

The Company shall have no obligation to make payments
with respect to the Series F First Mortgage Bonds unless and until, and only to
the extent that, payments shall be due and payable on the Maricopa Series F
Bonds to and including the Termination Date. 
Any provision hereof to the contrary notwithstanding, the Company shall
receive a credit against its obligation to make any payment of interest on the
Series F First Mortgage Bonds in an amount equal to the amount, if any, held by
the Maricopa Trustee under the Maricopa Indenture on deposit in the Bond Fund
(as defined in the Maricopa Indenture)

 

13

 

and available to make the corresponding payment on the Maricopa Series
F Bonds.  In addition, the Company shall
receive a credit against its obligation to make any payment of principal or
purchase price of the Series F First Mortgage Bonds, whether upon redemption,
acceleration or tender of the Maricopa Series F Bonds or otherwise, in an
amount equal to the amount, if any, held by the Maricopa Trustee under the
Maricopa Indenture on deposit in said Bond Fund and available to make the
corresponding payment on the Maricopa Series F Bonds.

 

The Company covenants and agrees that, prior to the
Termination Date, it will not take any action (except as described herein or as
contemplated in the Maricopa Indenture or the Loan Agreement) that would cause
the outstanding principal amount of the Bonds of the Sixty-fourth Series to be
less than the outstanding principal amount of the Maricopa Series F Bonds.

 

Section 8.                                Upon
payment of the principal of and interest due on the Maricopa Series F Bonds,
whether by acceleration or otherwise, or upon provision for the payment thereof
having been made in accordance with the Maricopa Indenture, whether with
payments made pursuant to the Series F First Mortgage Bonds or with other funds
available for such payment, Series F First Mortgage Bonds in a principal amount
equal to the principal amount of Maricopa Series F Bonds so paid or for which
such provision for payment has been made shall be deemed fully paid, satisfied
and discharged and the obligations of the Company thereunder shall be
terminated and such Series F First Mortgage Bonds shall be surrendered to and
cancelled by the Trustee.  The Company
will issue and the Trustee will authenticate a new Series F First Mortgage Bond
for the unpaid portion thereof.

 

Section
9.                                Bonds
of the Sixty-fourth Series shall be held by the Maricopa Trustee and shall not
be transferable except to its permitted successors and assigns under the
Maricopa Indenture.  The Maricopa
Trustee, as the holder of the Series F First Mortgage Bonds, shall attend
meetings of bondholders under the Mortgage or deliver its proxy in connection
therewith.  Either at such meeting, or
otherwise when the consent of the holders of the Series F First Mortgage Bonds
is sought without a meeting, the Maricopa Trustee shall vote as the holder of
the Series F First Mortgage Bonds, or shall consent with respect thereto; provided,
however, that the Maricopa Trustee shall not vote in favor of, or
consent to, any modification of the Mortgage which is correlative to a
modification of the Maricopa Indenture or the Loan Agreement which would
require the approval of owners of Maricopa Series F Bonds without the approval
of the owners of Maricopa Series F Bonds and other bonds issued under the
Maricopa Indenture which would be required for such correlative modification of
such Maricopa Indenture or Loan Agreement.

 

ARTICLE IV.

Redemption of Bonds And Other Provisions

 

The Series D First Mortgage Bonds, the Series E First
Mortgage Bonds, and the Series F First Mortgage Bonds shall be redeemed, in
whole or in part, from time to time, on the date on which a corresponding
principal amount of Maricopa Series D Bonds, Maricopa Series E Bonds, and
Maricopa Series F Bonds, respectively, is redeemed as provided in the Maricopa
Indenture, upon the Maricopa Trustee’s notification of the Trustee of such
redemption, at a redemption price equal to the redemption price of such
Maricopa Bonds being so redeemed.  Any
such notice shall be received by the Trustee no later than 5 days prior to any
redemption date fixed for the Bonds to be redeemed and shall specify the
principal amount of such Bonds to be redeemed, the redemption date, and the
amount of accrued interest to be paid thereon. 
The Company shall deposit in trust with the Trustee on or prior to the
redemption date an amount of money sufficient to pay the principal amount plus
accrued interest, if any, on the Bonds to be redeemed.  Upon presentation to the Trustee of any
Bonds by the Maricopa Trustee for payment under this Article II, such Bonds so
presented shall be redeemed and paid in full to the extent so redeemed.  In the event of redemption of the Bonds in
part only, a new bond of the Sixty-second Series, the Sixty-third

 

14

 

Series, or the Sixty-fourth Series, as the case may be, and of like
tenor for the unredeemed portion thereof will be issued in the name of the
Maricopa Trustee upon the cancellation of the then existing Bond.

 

Redemption of the Bonds shall be effected, without
further notice by the Company to the Trustee, by the payment by the Company of
the applicable redemption price specified in this Article II at the place
specified for payment of principal of and interest on such bonds.

 

In the event the principal of all Maricopa Series D
Bonds, Maricopa Series E Bonds, or Maricopa Series F Bonds is declared due and
payable pursuant to the Maricopa Indenture, upon the filing with the Trustee of
a written demand for the acceleration of the payment of principal of all Series
D First Mortgage Bonds, Series E First Mortgage Bonds or Series F First
Mortgage Bonds, as the case may be, the payment of principal on all such Series
D First Mortgage Bonds, Series E First Mortgage Bonds, or Series F First
Mortgage Bonds shall become immediately due and payable.

 

The Bonds will not be subject to prepayment or
redemption prior to maturity except as provided herein, notwithstanding the
provisions of Section 39, Section 64 or Section 87 of the Mortgage, or with
“Proceeds of Released Property,” as defined in the Mortgage.

 

The Company hereby covenants and agrees that until the
Termination Date, it will not consolidate with or merge into any other
corporation, or convey or transfer, subject to the Lien of the Indenture, all
or substantially all of the Mortgaged and Pledged Property as an entirety.

 

The Bonds will not be subject to any sinking fund.

 

ARTICLE
V.

Replacement Fund Provisions — Other Related Provisions

of the Mortgage — Dividend Covenant — Record Dates —

Authenticating Agent.

 

Section
10.                          The
Company covenants that the provisions of Section 39 of the Mortgage, which were
to remain in effect so long as any bonds of the First Series remained
Outstanding, shall remain in full force and effect so long as any bonds of the Sixty-second Series, the Sixty-third Series
or the Sixty-fourth Series are Outstanding.

 

Clause (d) of subsection (II) of Section 4 of the
Mortgage, as heretofore amended, clause (6) and clause (e) of Section 5 of the
Mortgage, as heretofore amended, and Section 29 of the Mortgage, as heretofore
amended, are hereby further amended by inserting therein the words “and
Sixty-second Series, and Sixty-third Series and Sixty-fourth Series” after the
words “bonds of the First Series and Second Series and Third Series and Fourth
Series and Fifth Series and Sixth Series and Seventh Series and Eighth Series
and Ninth Series and Tenth Series and Eleventh Series and Twelfth Series and
Thirteenth Series and Fourteenth Series and Fifteenth Series and Sixteenth
Series and Seventeenth Series and Eighteenth Series and Nineteenth Series and
Twentieth Series and Twenty-first Series and Twenty-second Series and
Twenty-third Series and Twenty-fourth Series and Twenty- fifth Series and
Twenty-sixth Series and Twenty-seventh Series and Twenty- eighth Series and
Twenty-ninth Series and Thirtieth Series and Thirty-first Series and
Thirty-second Series and Thirty-third Series and Thirty-fourth Series and
Thirty-fifth Series and Thirty-sixth Series and Thirty-seventh Series and
Thirty-eighth Series and Thirty-ninth Series and Fortieth Series and Forty-first
Series and Forty-second Series and Forty-third Series and Forty-fourth Series
and Forty-fifth Series and Forty-sixth Series and Forty- seventh Series and
Forty-eighth Series and Forty-ninth Series and Fiftieth Series and Fifty-first
Series and Fifty-second Series and Fifty-third Series and Fifty-fourth Series
and Fifty-fifth Series and Fifty-sixth Series, and Fifty-seventh Series

 

15

 

and Fifty-eighth Series and Fifty-ninth Series and Sixtieth Series and
Sixty-first Series” each time such words occur therein.

 

Clause (e) of subsection (II) of Section 4 of the
Mortgage, as heretofore amended, is hereby further amended by the insertion
therein after the words “and Sixty-first” the words “and Sixty-second and
Sixty-third and Sixty-fourth.”

 

The last paragraph of Section 12 of the Mortgage, as
heretofore amended, the last paragraph of Section 17 of the Mortgage, as
heretofore amended, and the last paragraph of Section 110 of the Mortgage, as
heretofore amended, are hereby amended by inserting therein the words “or the
Sixty-second Series or the Sixty-third Series or the Sixty-fourth Series” after
the words “Sixty-first Series” each time such words occur therein.

 

ARTICLE VI.

Miscellaneous Provisions.

 

Section
11.                          The
terms defined in the Mortgage, as supplemented and amended, shall, for all
purposes of this Fifty-eighth Supplemental Indenture, have the meanings
specified therein, except that the term “Mortgage” shall mean only the original
Mortgage and Deed of Trust, dated as of July 1, 1946; the term “Mortgage, as
heretofore supplemented and amended” shall mean the Mortgage, as supplemented
and amended by the First through Fifty-seventh Supplemental Indentures
hereinabove referred to; and the term “Mortgage, as supplemented and amended,”
shall mean the Mortgage, as supplemented and amended by the First through
Fifty-seventh Supplemental Indentures hereinabove referred to and as
supplemented and amended by this Fifty-eighth Supplemental Indenture and any future
supplemental indentures.

 

Section
12.                          The
Trustee hereby accepts the trusts herein declared, provided, created,
supplemented or amended and agrees to perform the same upon the terms and
conditions herein and in the Mortgage, as heretofore supplemented and amended,
set forth and upon the following terms and conditions:

 

The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this
Fifty-eighth Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made by the Company solely.  In general, each and every term and
condition contained in Article XVII of the Mortgage shall apply to and form
part of this Fifty-eighth Supplemental Indenture with the same force and effect
as if the same were herein set forth in full with such omissions, variations
and insertions, if any, as may be appropriate to make the same conform to the
provisions of this Fifty-eighth Supplemental Indenture.

 

Section
13.                          Whenever
in this Fifty-eighth Supplemental Indenture either of the parties hereto is
named or referred to, this shall, subject to the provisions of Articles XVI and
XVII of the Mortgage, be deemed to include the successors and assigns of such
party, and all the covenants and agreements in this Fifty-eighth Supplemental
Indenture contained by or on behalf of the Company or by or on behalf of the
Trustee shall, subject as aforesaid, bind and inure to the respective benefits
of the respective successors and assigns of such parties, whether so expressed
or not.

 

Section
14.                          Nothing
in this Fifty-eighth Supplemental Indenture, expressed or implied, is intended
or shall be construed to confer upon, or to give to, any person, firm or
corporation, other than the parties hereto and the holders of the bonds
Outstanding under the Mortgage, any right, remedy or claim under or by reason
of this Fifty-eighth Supplemental Indenture or any covenant, condition,
stipulation, promise or agreement hereof, and all the covenants, conditions,
stipulations, promises and agreements in

 

16

 

this Fifty-eighth Supplemental Indenture contained by or on behalf of
the Company shall be for the sole and exclusive benefit of the parties hereto
and of the holders of the bonds Outstanding under the Mortgage.

 

Section
15.                          This
Fifty-eighth Supplemental Indenture may be executed simultaneously in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

 

ARTICLE VII.

Specific Description of Property.

 

Section
16.                          Certain Real Property Located In:

 

NAVAJO
COUNTY

 

Cholla
Generating Station

 

Well Field

 

The following descriptions of Parcel 3 and Parcel 10
replace the descriptions of those parcels described in the Fifty-Sixth
Supplemental Indenture dated as of November 1, 2002:

 

PARCEL 3:

 

The Southeast quarter of Section 2, Township 17 North,
range 19 East of the Gila and Salt River Meridian, Navajo County, Arizona;

 

EXCEPT all minerals as reserved in Patent from the
United States of America.

 

EXCEPT all oil, gas and other hydrocarbon substances,
Helium or other substances of a gaseous nature, coal, metals, minerals,
fossils, fertilizer of every name and description, together with all uranium,
thorium, or any other material which is or may be determined by the laws of the
United States, or of this state or decisions of court to be peculiarly
essential to the production of fissionable materials as reserved in Patent
recorded in Fee NO. 2003-3409, records of Navajo County, Arizona.

 

PARCEL 10:

 

Section 10, Township 17
North, Range 19 East of the Gila and Salt River Meridian, Navajo County,
Arizona;

 

EXCEPT all minerals as reserved in Patent from United
States of America.

 

EXCEPT all oil, gas and other hydrocarbon substances,
Helium or other substances of a gaseous nature, coal, metals, minerals,
fossils, fertilizer of every name and description, together with all uranium,
thorium, or any other material which is or may be determined by the laws of the
United States, or of this state or decisions of court to be peculiarly
essential to the production of fissionable materials as reserved in Patent
recorded in Fee NO. 2003-3407, records of Navajo County, Arizona.

 

Section
17.                          The Electric Substations of the Company, including
all buildings, structures, towers, poles, all equipment, appliances and devices
for transforming, converting and distributing electric energy, and all land
owned by the Company upon which the same are situated, and all of the Company’s
easements, rights of way, rights, machinery, equipment, appliances, devices,
licenses

 

17

 

and supplies forming a part of said substations, or any of them,
including additions and improvements to any of the foregoing, or used or
enjoyed or capable of being use or enjoyed in conjunction with any thereof.

 

Section
18.                          Additions,
extensions and improvements to The
Electric Transmission Systems of the Company.

 

Section
19.                          Additions,
extensions and improvements to The
Electric Distribution Systems of the Company, including, the
construction of additional facilities throughout the Company’s service area, as
well as extension of residential and downtown underground distribution
facilities, including associated distribution equipment such as voltage
regulators, capacitor banks, sectionalizing equipment, transformers, street
lighting systems, meters and services, including reconstruction and
improvements to provide efficient Company operation.

 

18

 

In Witness Whereof, Arizona
Public Service Company,
party hereto of the first part, has caused its corporate name to be hereunto
affixed, and this instrument to be signed and sealed by its President, one of
its Vice Presidents, or its Treasurer, and its corporate seal to be attested by
its Secretary or one of its Assistant Secretaries or Associate Secretaries for
and in its behalf, in the City of Phoenix, Arizona, and The Bank of new york, party hereto of the second part, has
caused its corporate name to be hereunto affixed, and this instrument to be
signed and sealed by one of its Vice Presidents or Assistant Vice Presidents
and its corporate seal to be attested by one of its Vice President, Assistant
Vice Presidents or Assistant Treasurers for and in its behalf, in the City of
West Paterson, New Jersey, all as of the 1st day of April, 2003.

 

	
   

  	
  Arizona Public Service
  Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Barbara M. Gomez

  
	
   

  	
  Treasurer

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  Betsy A.
  Pregulman

  	
   

  	
   

  
	
  Associate Secretary

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed, sealed and
  delivered by

  	
   

  
	
  Arizona Public Service
  Company

  	
   

  
	
  in
  the presence of:

  	
   

  
	
   

  	
   

  
	
  Carolyn Stoick

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [seal]

  
	
   

  	
   

  
	
  Kris Fenex

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The
  Bank of New York, As Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thomas Vlahakis

  
	
   

  	
  Vice President

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Thomas J.
  Provenzano

  	
   

  	
   

  
	
  Thomas J. Provenzano

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Executed, sealed and
  delivered by

  	
   

  
	
  The Bank of New York in the

  	
   

  
	
  presence
  of:

  	
   

  
	
   

  	
   

  
	
  Rosemary
  Melendez

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [seal]

  
	
      Kenneth Ring

  	
   

  	
   

  

 

19

 

	
  State of Arizona

  	
  )

  
	
   

  	
  ) ss.:

  
	
  County of Maricopa

  	
  )

  

 

On this 6th day of April, 2003, before me, Debra L.
Blondin, the undersigned officer, personally appeared Barbara M. Gomez, who
acknowledged herself to be the Treasurer of Arizona
Public Service Company,
an Arizona corporation, and that she, as such Treasurer being authorized so to
do, executed the foregoing instrument for the purposes therein contained, by
signing the name of the corporation by herself as Treasurer.

 

In Witness Whereof, I have hereunto set my hand and seal.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Debra L. Blondin

  
	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  My Commission
  Expires    June 7, 2004

  
	
  [seal]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  State of Arizona

  	
  )

  	
   

  
	
   

  	
  ) ss.:

  	
   

  
	
  County of Maricopa

  	
  )

  	
   

  

 

On this 6th day of April, 2003, before me, Debra L.
Blondin, the undersigned officer, personally came Barbara M. Gomez, to me
known, who being by me duly sworn, did depose and say that she resides in
Phoenix, Arizona, that she is the Treasurer of Arizona Public Service Company, the corporation described in and which executed the
above instrument; that she knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
order of the Board of Directors of said corporation, and that she signed her
name thereto by like order.

 

In Witness Whereof, I have hereunto set my hand and seal.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Debra L. Blondin

  
	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  My Commission
  Expires    June 7, 2004

  
	
  [seal]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  State of Arizona

  	
  )

  	
   

  
	
   

  	
  ) ss.:

  	
   

  
	
  County of Maricopa

  	
  )

  	
   

  

 

This instrument was acknowledged before me on April 6,
2003 by Barbara M. Gomez and Betsy A. Pregulman, as Treasurer and Associate
Secretary, respectively, of Arizona
Public Service Company.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Debra L. Blondin

  
	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  My Commission
  Expires    June 7, 2004

  
	
  [seal]

  	
   

  	
   

  

 

20

 

	
  State of New Jersey

  	
  )

  
	
   

  	
  ) ss.:

  
	
  County of  Passaic

  	
  )

  

 

On this 7th day of April, 2003, before me, Ronald M.
Mania, Notary Public in and for the County and State aforesaid, residing
therein, duly commissioned and sworn, personally appeared Thomas Vlahakis,
known to me to be a Vice President of The
Bank of New York, a New York banking corporation, which executed the
within instrument, and Thomas J. Provenzano, known to me to be a Vice President
of The Bank of New York, who being by me duly sworn, acknowledged before me
that the seal affixed to said instrument is the corporate seal of The Bank of
New York, that they, being authorized so to do, executed the within instrument
on behalf of The Bank of New York by authority of its board of directors, and
that said instrument is the free act and deed of The Bank of New York for the
purposes therein contained.

 

In Witness Whereof, I have hereunto set my hand and affixed my official
seal the day and year in this certificate first above written.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ronald M. Mania

  
	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  My Commission
  Expires    October 4, 2006

  
	
   

  	
   

  	
   

  
	
  [seal]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  State of New Jersey

  	
  )

  	
   

  
	
   

  	
  ) ss.:

  	
   

  
	
  County of Passaic

  	
  )

  	
   

  

 

This instrument was acknowledged before me on April
7th, 2003 by Thomas Vlahakis and Thomas J. Provenzano, each as a Vice President
of The Bank of New York.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ronald M. Mania

  
	
   

  	
   

  	
  Notary Public

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  My Commission
  Expires    October 4, 2006

  

 

[seal]

 

21

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