Common use of Trustee to Effectuate Subordination Clause in Contracts

Trustee to Effectuate Subordination. 44 SECTION 13.6. Notice by the Company................................................ 44 SECTION 13.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS

Trustee to Effectuate Subordination. 44 SECTION 13.6. 53 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. .......................................................53 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. .....................54 Section 16.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS...........................................54 CROSS REFERENCE TABLE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 58 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. Company ....................................58 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. Indebtedness ....59 Section 16.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSbe Impaired ........................59 CROSS-REFERENCE TABLE SECTION OF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE

Trustee to Effectuate Subordination. 44 73 SECTION 13.614.6. Notice by the Company................................................ 44 ................................................................73 SECTION 13.714.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt........................................74 SECTION 13.814.8. Subordination May Not Be Impaired.................................... 45 ....................................................75 ARTICLE XIV MISCELLANEOUS PROVISIONSXV MISCELLANEOUS

Trustee to Effectuate Subordination. 44 68 SECTION 13.612.06. Notice by the Company................................................ 44 .......................................................... 68 SECTION 13.712.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt......................................... 69 SECTION 13.812.08. Subordination May Not Be Impaired.................................... 45 .............................................. 69 ARTICLE XIV MISCELLANEOUS PROVISIONSXIII Conversion of Securities

Trustee to Effectuate Subordination. 44 59 SECTION 13.615.06. Notice by the Company................................................ 44 .............................................. 59 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .............. 61 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .................................. 61 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI. EXTENSION OF INTEREST PAYMENT PERIOD.......................................... 62

Trustee to Effectuate Subordination. 44 64 SECTION 13.615.06. Notice by the Company................................................ 44 .............................. 64 SECTION 13.715.07. Rights of the Trustee; Holders of Senior and Subordinated Indebtedness................ 45 ...................... 65 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .................. 66 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 114 SECTION 13.615.06. Notice by the Company................................................ 44 .........................114 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..................................116 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .............117 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 SECTION 13.6. 56 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. .............................................. 56 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. .............. 56 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.................................. 57 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 58 16.6 Notice by the Company................................................ 44 SECTION 13.7. ...................................... 58 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ...... 58 16.8 Subordination May Not Be be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.......................... 59 CROSS-REFERENCE TABLE SECTION OF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE

Trustee to Effectuate Subordination. 44 71 SECTION 13.615.06. Notice by the Company................................................ 44 ......................................... 71 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ......... 72 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ............................. 73 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 SECTION 13.6. 54 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ................................................................54 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ................................55 Section 16.8 Subordination may not be Impaired....................................................55 -iv- 6 CROSS-REFERENCE TABLE SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSOF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 53 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ......................................................................53 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ......................................54 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS..........................................................54 EXHIBIT Exhibit A Form of Debenture and Certificate of Authentication CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 72 SECTION 13.615.06. Notice by the Company................................................ 44 .............................. 72 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..................................... 74 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .................. 74 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 74 SECTION 13.615.06. Notice by the Company................................................ 44 ..................................... 74 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..... 75 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS......................... 76

Trustee to Effectuate Subordination. 44 SECTION 13.676 Section 14.6. Notice by the Company................................................ 44 SECTION 13.7................................ 76 Section 14.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8......................................... 77 Section 14.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.................... 77 Section 14.9. Trustee's Compensation Not Prejudiced................ 78 Section 14.10. Disclaimer of Right to Enforce Covenants............. 78

Trustee to Effectuate Subordination. 44 71 SECTION 13.615.06. Notice by the Company................................................ 44 ........................... 71 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .................................... 72 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ............... 73 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 47 SECTION 13.615.06. Notice by the Company................................................ 44 ......................................... 47 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ......... 48 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ............................. 48 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD............................................ 49

Trustee to Effectuate Subordination. 44 SECTION 13.615.06. Notice by the Company................................................ 44 ................................ SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt........ SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS....................

Trustee to Effectuate Subordination. 44 61 SECTION 13.612.06. Notice by the Company................................................ 44 ................................ 61 SECTION 13.712.07. Rights of the Trustee; : Holders of Senior Indebtedness................ 45 ............................... 62 SECTION 13.812.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.................... 63 Nationwide Financial Services, Inc. Certain Sections of this Indenture relating to Sections 310 through 318 of the Trust Indenture Act of 1939 Trust Indenture Indenture Act Section Section

Trustee to Effectuate Subordination. 44 SECTION 13.6. 54 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ................................................................54 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ................................55 Section 16.8 Subordination may not be Impaired....................................................55 CROSS-REFERENCE TABLE SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSOF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE

Trustee to Effectuate Subordination. 44 73 SECTION 13.612.06. Notice by the Company................................................ 44 ............................. 73 SECTION 13.712.07. Rights of the Trustee; : Holders of Senior Indebtedness................ 45 .................................... 74 SECTION 13.812.08. Subordination May Not Be Impaired.................................... 45 ................. 75 ARTICLE XIV MISCELLANEOUS PROVISIONSXIII Conversion of Securities

Trustee to Effectuate Subordination. 44 81 SECTION 13.614.6. Notice by the Company................................................ 44 ............................... 81 SECTION 13.714.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Indebtedness ................................ 82 SECTION 13.814.8. Subordination May Not Be Impaired.................................... 45 ................... 82 ARTICLE XIV MISCELLANEOUS PROVISIONSXV MISCELLANEOUS

Trustee to Effectuate Subordination. 44 68 SECTION 13.615.06. Notice by the Company................................................ 44 ..................... 68 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .............................. 70 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS......... 70 EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 64 SECTION 13.615.06. Notice by the Company................................................ 44 Company ................................65 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Indebtedness.66 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 Impaired ....................66 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 87 SECTION 13.610.13. Notice by the Company................................................ 44 to Trustee...................................................................87 SECTION 13.710.14. Rights of the Trustee; Holders Trustee as a Holder of Guarantor Senior Indebtedness................ 45 ; Preservation of Trustee's Rights.................................................89 SECTION 13.810.15. Subordination May Not Be Impaired.................................... 45 Application of Certain Article Eleven Provisions....................................89 ARTICLE XIV MISCELLANEOUS PROVISIONSELEVEN

Trustee to Effectuate Subordination. 44 77 SECTION 13.615.06. Notice by the Company................................................ 44 ................................... 77 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..................................... 78 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ....................... 79 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 64 SECTION 13.6. 12.06 Notice by the Company................................................ 44 ................................64 SECTION 13.7. 12.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 Obligations...................................65 SECTION 13.8. 12.08 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS....................65

Trustee to Effectuate Subordination. 44 SECTION 13.6. 71 Section 14.6 Notice by the Company................................................ 44 SECTION 13.7. Company .......................................... 71 Section 14.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. Indebtedness .......... 72 Section 14.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSImpaired .............................. 72 Section 14.9 Trustee's Compensation Not Prejudiced .......................... 73

Trustee to Effectuate Subordination. 44 50 SECTION 13.6. 12.06 Notice by the Company................................................ 44 .......................................... 50 SECTION 13.7. 12.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt.................. 51 SECTION 13.8. 12.08 Subordination May Not Be Impaired.................................... 45 .............................. 51 ARTICLE XIV MISCELLANEOUS PROVISIONSXIII

Trustee to Effectuate Subordination. 44 SECTION 13.6. 56 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. .......................................................................... 56 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. .......................................... 57 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.............................................................. 57 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 SECTION 13.665 Section 15.06. Notice by the Company................................................ 44 SECTION 13.7Corporation....................................................... 65 Section 15.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8........................... 66 Section 15.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS............................................... 66

Trustee to Effectuate Subordination. 44 50 SECTION 13.6. 12.06 Notice by the Company................................................ 44 ........................................ 50 SECTION 13.7. 12.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ........ 51 SECTION 13.8. 12.08 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS............................ 52 SECTION 12.09 Article Applicable to Paying Agents.......................... 52 SECTION 12.10 Trust Moneys Not Subordinated................................ 53

Trustee to Effectuate Subordination. 44 67 SECTION 13.6. 13.6 Notice by the Company................................................ 44 ..............................................67 SECTION 13.7. 13.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..............68 SECTION 13.8. 13.8 Subordination May Not Be be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS..................................68

Trustee to Effectuate Subordination. 44 SECTION 13.6. 13 Section 6.6 Notice by the Company................................................ 44 SECTION 13.7. ..........................................................................13 Section 6.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ..........................................14 Section 6.8 Subordination May Not Be Impaired.................................... 45 ..............................................................15 ARTICLE XIV MISCELLANEOUS PROVISIONSVII. COVENANT TO LIST ON EXCHANGE........................................................................15 Section 7.1 Listing on Exchange............................................................................15

Trustee to Effectuate Subordination. 44 54 SECTION 13.616.6. Notice by the Company................................................ 44 .................................................. 55 SECTION 13.716.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .................. 55 SECTION 13.816.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS...................................... 56 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 63 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. Corporation.................................................... 63 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ........................ 64 Section 16.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS............................................ 64 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 15 SECTION 13.6. 6.6 Notice by the Company................................................ 44 Company and the Guarantor...................15 SECTION 13.7. 6.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..............................................16 SECTION 13.8. 6.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.........................17

Trustee to Effectuate Subordination. 44 SECTION 13.6. 53 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. .....................................................................53 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 .....................................53 Section 16.8 Subordination may not be Impaired.........................................................54 CROSS-REFERENCE TABLE SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSOF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE ------------------- -----------

Trustee to Effectuate Subordination. 44 59 SECTION 13.615.06. Notice by the Company................................................ 44 ..........................................60 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ................................................60 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ..............................61 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 64 SECTION 13.615.06. Notice by the Company................................................ 44 Company ......................... 64 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 and Subordinated Indebtedness ................. 65 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 Impaired ............. 66 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 77 SECTION 13.615.06. Notice by the Company................................................ 44 ................. 77 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ................... 78 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ..... 79 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 SECTION 13.6..14 Section 6.6. Notice by the Company................................................ 44 SECTION 13.7...................14 Section 6.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8.....................15 Section 6.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.......16 Section 6.9. Pari Passu Debt.........................16

Trustee to Effectuate Subordination. 44 SECTION 13.6. 49 Section 11.06 Notice by the Company................................................ 44 SECTION 13.7. .........................................................................49 Section 11.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. .........................................50 Section 11.08 Subordination May Not Be Impaired.................................... 45 .............................................................50 ARTICLE XIV MISCELLANEOUS PROVISIONSXII

Trustee to Effectuate Subordination. 44 SECTION 13.669 15.6. Notice by the Company................................................ 44 SECTION 13.7............................................... 69 15.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8............... 71 15.8. Subordination May Not Be Impaired.................................... 45 ................................... 71 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 64 SECTION 13.615.06. Notice by the Company................................................ 44 ...................................... 65 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ...... 66 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .......................... 66 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 60 SECTION 13.6. 11.06 Notice by the Company................................................ 44 Company and the Guarantor..........................61 SECTION 13.7. 11.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ............61 SECTION 13.8. 11.08 Subordination May Not Be be Impaired.................................... 45 ................................62 ARTICLE XIV MISCELLANEOUS PROVISIONS12..............................................................................62

Trustee to Effectuate Subordination. 44 66 SECTION 13.615.07. Notice by the Company................................................ 44 .................................... 66 SECTION 13.715.08. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .... 67 SECTION 13.815.09. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS........................ 68 SECTION 15.10. Article Applicable to Paying Agents...................... 68

Trustee to Effectuate Subordination. 44 64 SECTION 13.615.06. Notice by the Company................................................ 44 Company ...................................65 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Indebtedness ...66 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 Impaired .......................66 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 SECTION 13.6. 63 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. Corporation.................................................................... 63 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. Indebtedness ....................................... 64 Section 16.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS............................................................ 64 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 79 SECTION 13.615.06. Notice by the Company................................................ 44 Corporation............................ 79 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ......................................... 80 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .................... 81 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 SECTION 13.676 Section 14.6. Notice by the Company................................................ 44 SECTION 13.7.................................. 76 Section 14.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8........................................... 77 Section 14.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS...................... 77 Section 14.9. Trustee's Compensation Not Prejudiced.................. 78 Section 14.10. Disclaimer of Right to Enforce Covenants............... 78

Trustee to Effectuate Subordination. 44 74 SECTION 13.615.06. Notice by the Company................................................ 44 .......................... 75 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ................................... 76 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .............. 76 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD........... 77

Trustee to Effectuate Subordination. 44 SECTION 13.6. 52 13.6 Notice by the Company................................................ 44 SECTION 13.7. .........................................52 13.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. .........53 13.8 Subordination May Not Be be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.............................53 CROSS-REFERENCE TABLE SECTION OF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 57 Section 15.6 Notice by the Company................................................ 44 SECTION 13.7. ..............................57 Section 15.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. .....................................58 Section 15.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS..................58

Trustee to Effectuate Subordination. 44 49 SECTION 13.615.06. Notice by the Company................................................ 44 ....................................49 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ....50 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ........................50 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI ...............................................................51

Trustee to Effectuate Subordination. 44 56 SECTION 13.6. 15.06 Notice by the Company................................................ 44 ............................................................. 56 SECTION 13.7. 15.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ............................. 57 SECTION 13.8. 15.08 Subordination May Not Be Impaired.................................... 45 ................................................. 57 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD........................................................ 58

Trustee to Effectuate Subordination. 44 SECTION 13.6. 67 Section 17.6 Notice by the Company................................................ 44 SECTION 13.7. ..................................................... 67 Section 17.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ..................... 68 Section 17.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS......................................... 68 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 74 SECTION 13.615.06. Notice by the Company................................................ 44 ................................... 74 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ............................................ 75 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS....................... 76

Trustee to Effectuate Subordination. 44 68 SECTION 13.614.06. Notice by the Company................................................ 44 ..................................68 SECTION 13.714.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .........................................69 SECTION 13.814.08. Subordination May Not Be Impaired.................................... 45 ......................69 ARTICLE XIV XV MISCELLANEOUS PROVISIONS...................................................70 SECTION 15.01. Miscellaneous..........................................70 WPS RESOURCES CORPORATION Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of ___________ Trust Indenture Act Section Indenture Section

Trustee to Effectuate Subordination. 44 SECTION 13.656 Section 15.06. Notice by the Company................................................ 44 SECTION 13.7................................................................. 57 Section 15.07. Rights of the Trustee; Holders of Senior and Subordinated Indebtedness................ 45 SECTION 13.858 Section 15.08. Subordination May Not Be Impaired.................................... 45 ..................................................... 58 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD.................................................. 59

Trustee to Effectuate Subordination. 44 52 SECTION 13.61107. Notice by the Company................................................ 44 ......................................... 52 SECTION 13.71108. Rights of the Trustee; Holders of Senior Indebtedness................ 45 53 SECTION 13.81109. Subordination May Not Be may not be Impaired.................................... 45 ............................. 53 ARTICLE XIV MISCELLANEOUS PROVISIONSTWELVE

Trustee to Effectuate Subordination. 44 80 SECTION 13.612.06. Notice by the Company................................................ 44 ................................................... 80 SECTION 13.712.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt.......................................................... 81 SECTION 13.812.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS....................................... 81

Trustee to Effectuate Subordination. 44 72 SECTION 13.615.06. Notice by the Company................................................ 44 ........................... 72 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .................................... 74 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ............... 74 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 SECTION 13.6. 57 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ....................................................... 57 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ....................... 58 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS........................................... 58 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 64 SECTION 13.615.06. Notice by the Company................................................ 44 .............................. 65 SECTION 13.715.07. Rights of the Trustee; Holders of Senior and Subordinated Indebtedness................ 45 ...................... 66 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .................. 66 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 59 SECTION 13.615.06. Notice by the Company................................................ 44 .............................................. 59 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .............. 61 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 .................................. 61 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI. EXTENSION OF INTEREST PAYMENT PERIOD............................................ 62

Trustee to Effectuate Subordination. 44 SECTION 13.6. 71 Section 14.6 Notice by the Company................................................ 44 SECTION 13.7. ...................................................71 Section 14.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ...................72 Section 14.8 Subordination May Not Be Impaired.................................... 45 .......................................72 Section 14.9 Trustee's Compensation Not Prejudiced...................................73 ARTICLE XIV MISCELLANEOUS PROVISIONSXV MISCELLANEOUS............................................................73

Trustee to Effectuate Subordination. 44 SECTION 13.612 Section 6.6. Notice by the Company................................................ 44 SECTION 13.7............................ 12 Section 6.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8..................................... 13 Section 6.8. Subordination May Not Be Impaired.................................... 45 ................ 13 ARTICLE XIV MISCELLANEOUS PROVISIONSVII COVENANT TO LIST ON EXCHANGE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 51 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. .....................................................................51 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 .....................................52 Section 16.8 Subordination may not be Impaired.........................................................53 CROSS-REFERENCE TABLE SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSOF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE ------------------- ----------

Trustee to Effectuate Subordination. 44 67 SECTION 13.615.06. Notice by the Company................................................ 44 ..................................... 67 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..... 68 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ......................... 69 SECTION 15.09. Article Applicable to Paying Agents....................... 69 SECTION 15.10. Trust Moneys Not Subordinated............................. 70 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 73 SECTION 13.615.06. Notice by the Company................................................ 44 ........................................................73 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Obligations.........................74 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS............................................75

Trustee to Effectuate Subordination. 44 SECTION 13.6. 54 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ........................................................54 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ........................55 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS............................................55 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 69 SECTION 13.615.06. Notice by the Company................................................ 44 .................................... 69 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 .... 70 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ........................ 71 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 61 SECTION 13.615.06. Notice by the Company................................................ 44 ..........................................61 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..........62 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS..............................62

Trustee to Effectuate Subordination. 44 63 SECTION 13.615.06. Notice by the Company................................................ 44 ........................... 63 SECTION 13.715.07. Rights of the Trustee; Holders of Senior and Subordinated Indebtedness................ 45 ................... 64 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ............... 65 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD

Trustee to Effectuate Subordination. 44 SECTION 13.6. 54 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ............................................. 54 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ............. 54 Section 16.8 Subordination may not be Impaired................................. 55 CROSS-REFERENCE TABLE SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSOF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE ------------------- ---------

Trustee to Effectuate Subordination. 44 SECTION 13.6. 51 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ............................................................51 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ............................52 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS................................................52 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 54 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ............................................. 54 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ............. 55 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS................................. 55 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 52 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. .................................................................52 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 .................................53 Section 16.8 Subordination may not be Impaired.....................................................53 CROSS-REFERENCE TABLE SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSOF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE ------------------- ---------

Trustee to Effectuate Subordination. 44 60 SECTION 13.6. 12.06 Notice by the Company................................................ 44 Company ...........................................................60 SECTION 13.7. 12.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt ...................................61 SECTION 13.8. 12.08 Subordination May Not Be Impaired.................................... 45 Impaired ...............................................61 ARTICLE XIV MISCELLANEOUS PROVISIONSXIII

Trustee to Effectuate Subordination. 44 108 SECTION 13.615.06. Notice by the Company................................................ 44 ...................108 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ............................110 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.......111

Trustee to Effectuate Subordination. 44 SECTION 13.6. 50 13.6 Notice by the Company................................................ 44 SECTION 13.7. ....................................50 13.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ....51 13.8 Subordination May Not Be be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS........................51 CROSS-REFERENCE TABLE SECTION OF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 67 Section 17.6 Notice by the Company................................................ 44 SECTION 13.7. ............................................ 67 Section 17.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ............ 68 Section 17.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS................................ 68 CROSS-REFERENCE TABLE

Trustee to Effectuate Subordination. 44 SECTION 13.6. 83 Section 13.6 Notice by the Company................................................ 44 SECTION 13.7. ...............................................................83 Section 13.7 Rights of the Trustee; Holders of Company Senior Indebtedness................ 45 SECTION 13.8. .......................84 Section 13.8 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS...................................................85 Section 13.9 Application by Trustee of Assets Deposited with It..................................85 Table of Contents (continued)

Trustee to Effectuate Subordination. 44 SECTION 13.677 Section 14.6. Notice by the Company................................................ 44 SECTION 13.7................................ 77 Section 14.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8......................................... 78 Section 14.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.................... 78 Section 14.9. Trustee's Compensation Not Prejudiced................ 79 Section 14.10. Disclaimer of Right to Enforce Covenants............. 79

Trustee to Effectuate Subordination. 44 72 SECTION 13.612.06. Notice by the Company................................................ 44 ..........................73 SECTION 13.712.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt...................................................74 SECTION 13.812.08. Subordination May Not Be Impaired.................................... 45 .........................................................74 ARTICLE XIV MISCELLANEOUS PROVISIONSXIII Conversion of Securities

Trustee to Effectuate Subordination. 44 SECTION 13.699 Section 16.6. Notice by the Company................................................ 44 SECTION 13.7Company .......................................99 Section 16.7. Rights of the Trustee; Holders of Company Senior Indebtedness................ 45 SECTION 13.8Indebtedness ...............................................100 Section 16.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSImpaired 101

Trustee to Effectuate Subordination. 44 57 SECTION 13.61206. Notice by the Company................................................ 44 57 SECTION 13.71207. Rights of the Trustee; Holders of Senior Indebtedness................ 45 58 SECTION 13.81208. Subordination May Not Be Impaired.................................... 45 58 ARTICLE XIV MISCELLANEOUS PROVISIONSTHIRTEEN Conversion of Debentures

Trustee to Effectuate Subordination. 44 66 SECTION 13.6. 15.06 Notice by the Company................................................ 44 ...................................................... 67 SECTION 13.7. 15.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 Indebtedness ..................... 67 SECTION 13.8. 15.08 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS.......................................... 68 ---------------- 1 This Table of Contents does not constitute part of the Indenture and shall not have any bearing upon the interpretation of any of its terms or provisions.

Trustee to Effectuate Subordination. 44 63 SECTION 13.615.06. Notice by the Company................................................ 44 ..................................... 63 SECTION 13.715.07. Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..... 64 SECTION 13.815.08. Subordination May Not Be Impaired.................................... 45 ......................... 65 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI

Trustee to Effectuate Subordination. 44 58 SECTION 13.6. 15.06 Notice by the Company................................................ 44 ................................. 58 SECTION 13.7. 15.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 . 59 SECTION 13.8. 15.08 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS..................... 59 SECTION 15.09 Article Applicable to Paying Agents................... 60 SECTION 15.10 Trust Moneys Not Subordinated......................... 60

Trustee to Effectuate Subordination. 44 56 SECTION 13.6. 15.06 Notice by the Company................................................ 44 ..................................................................... 56 SECTION 13.7. 15.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ..................................... 57 SECTION 13.8. 15.08 Subordination May Not Be Impaired.................................... 45 ......................................................... 57 ARTICLE XIV MISCELLANEOUS PROVISIONSXVI EXTENSION OF INTEREST PAYMENT PERIOD.............................................................. 58

Trustee to Effectuate Subordination. 44 SECTION 13.666 Section 1506. Notice by the Company................................................ 44 SECTION 13.7Issuer.............................................................66 (vii) TABLE OF CONTENTS PAGE ---- Section 1507. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8Indebtedness of the Issuer..............67 Section 1508. Subordination May Not Be Impaired.................................... 45 ................................................67 ARTICLE XIV MISCELLANEOUS PROVISIONSSIXTEEN SUBORDINATION OF THE GUARANTEE Section 1601. Agreement to Subordinate.........................................................68 Section 1602. Default on Senior Indebtedness of the Guarantor..................................68

Trustee to Effectuate Subordination. 44 SECTION 13.6. 54 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ...............................54 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 ........................................55 Section 16.8 Subordination may not be Impaired...................55 CROSS-REFERENCE TABLE SECTION 13.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONSOF TRUST INDENTURE ACT SECTION OF OF 1939, AS AMENDED INDENTURE ------------------- ---------

Trustee to Effectuate Subordination. 44 59 SECTION 13.6. 12.06 Notice by the Company................................................ 44 ..........................................59 SECTION 13.7. 12.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 Debt..................60 SECTION 13.8. 12.08 Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS..............................60

Trustee to Effectuate Subordination. 44 SECTION 13.6. 58 Section 12.06 Notice by the Company................................................ 44 SECTION 13.7. ..................................................58 Section 12.07 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. Debt..........................59 Section 12.08 Subordination May Not Be Impaired.................................... 45 ......................................59 ARTICLE XIV MISCELLANEOUS PROVISIONSXIII

Trustee to Effectuate Subordination. 44 SECTION 13.612 Section 6.6. Notice by the Company................................................ 44 SECTION 13.7................................................. 12 Section 6.7. Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8................. 13 Section 6.8. Subordination May Not Be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS..................................... 13 Section 6.9. Pari Passu Debt....................................................... 14

Trustee to Effectuate Subordination. 44 SECTION 13.6. 53 Section 16.6 Notice by the Company................................................ 44 SECTION 13.7. ..................................... 53 Section 16.7 Rights of the Trustee; Holders of Senior Indebtedness................ 45 SECTION 13.8. ..... 54 Section 16.8 Subordination May Not Be may not be Impaired.................................... 45 ARTICLE XIV MISCELLANEOUS PROVISIONS......................... 54 CROSS-REFERENCE TABLE