Common use of Description                            Expiration        Annual Rent Clause in Contracts

Description                            Expiration        Annual Rent. Eastern Interconnection Project (EIP) Amended and Restated Lease dated as of September 1, 1993 between 4/1/2015 $ 2,675,739.30* PNM as Lessee, and U.S. Bank National $ 2,844,913.50 Association (successor to State Street Bank and Trust Company, successor to The First National Bank of Boston), as Owner Trustee under a Trust Agreement dated as of January 2, 1985, with Corridor InfraTrust Management, LLC (successor to Tortoise Capital Resources Corp., successor to General Foods Credit Corporation), as Lessor. Total $ 2,675,739.30* $ 2,844,913.50 * 1994 Only Discount Rate: 12.85% 12/31/2011 $56,485 ($2,495 ) $53,990 $441,586 12/31/2012 $56,811 $441,586 $498,398 $0 Discount Rate: 10.25% On December 11, 2013 the PVNGS Unit 1 Facility Leases were amended to extend the term from January 15, 2015 to January 15, 2023 and to reduce the semi-annual rental payments by 50% effective July 15, 2015. The original lessor notes related to these leases remain unchanged with Unit 1 notes being paid in full and expiring on 1/15/2015 and Unit 2 notes being paid in full and expiring on 1/15/2016.

Description                            Expiration        Annual Rent. Eastern Interconnection Project (EIP) Amended and Restated Lease dated as of September 1, 1993 between 4/1/2015 $ 2,675,739.30* PNM as Lessee, and U.S. Bank National $ 2,844,913.50 Association (successor to State Street Bank and Trust Company, successor to The First National Bank of Boston), as Owner Trustee under a Trust Agreement dated as of January 2, 1985, with Corridor InfraTrust Management, LLC (successor to Tortoise Capital Resources Corp., successor to General Foods Credit Corporation), as Lessor. Total $ 2,675,739.30* $ 2,844,913.50 * 1994 Only Schedule 6.19 Material Lease Interest Payments and Discount Rates Discount Rate: 12.85% 12/31/2011 $56,485 ($2,495 ) $53,990 $441,586 12/31/2012 $56,811 $441,586 $498,398 $0 Discount Rate: 10.25% On December 11, 2013 the PVNGS Unit 1 Facility Leases were amended to extend the term from January 15, 2015 to January 15, 2023 and to reduce the semi-annual rental payments by 50% effective July 15, 2015. The original lessor notes related to these leases remain unchanged with Unit 1 notes being paid in full and expiring on 1/15/2015 and Unit 2 notes being paid in full and expiring on 1/15/2016.