<SEC-DOCUMENT>0001108426-14-000049.txt : 20140318
<SEC-HEADER>0001108426-14-000049.hdr.sgml : 20140318
<ACCEPTANCE-DATETIME>20140318170318
ACCESSION NUMBER:		0001108426-14-000049
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140318
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140318
DATE AS OF CHANGE:		20140318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PNM RESOURCES INC
		CENTRAL INDEX KEY:			0001108426
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				850019030
		STATE OF INCORPORATION:			NM
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32462
		FILM NUMBER:		14701714

	BUSINESS ADDRESS:	
		STREET 1:		414 SILVER AVE. SW
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87102-3289
		BUSINESS PHONE:		5052412700

	MAIL ADDRESS:	
		STREET 1:		414 SILVER AVE. SW
		STREET 2:		ATTN: MS 0905 - CATHY MARTINEZ
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87102-3289

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANZANO CORP
		DATE OF NAME CHANGE:	20000303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUBLIC SERVICE CO OF NEW MEXICO
		CENTRAL INDEX KEY:			0000081023
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC & OTHER SERVICES COMBINED [4931]
		IRS NUMBER:				850019030
		STATE OF INCORPORATION:			NM
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06986
		FILM NUMBER:		14701715

	BUSINESS ADDRESS:	
		STREET 1:		414 SILVER AVE. SW
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87102-3289
		BUSINESS PHONE:		5058482700

	MAIL ADDRESS:	
		STREET 1:		414 SILVER AVE. SW
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87102-3289
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a03182014pvunit2leaseamend.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>03182014 PV Unit 2 Lease Amendment</title>
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<a name="se5fb2d46bc58457ab4d79f78f9517f31"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, D.C.  20549</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORM 8-K</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.96875%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="61%"></td><td width="21%"></td><td width="18%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">March 18, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(March 18, 2014)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.1640625%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td width="17%"></td><td width="5%"></td><td width="51%"></td><td width="4%"></td><td width="23%"></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exact Name of Registrant as Specified</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commission</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">in Charter, State of Incorporation,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">I.R.S. Employer</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">File Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Address and Telephone Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font 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#000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">001-32462</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PNM Resources, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85-0468296</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(A New Mexico Corporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">414 Silver Ave. SW</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Albuquerque, New Mexico  87102-3289</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(505) 241-2700</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td 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style="font-family:inherit;font-size:10pt;">&#61551;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule&#160;13e-4 (c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s08f07654bf2640e7902af9f9ea9c369c"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:174%;text-align:left;padding-left:24px;text-indent:-24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 1.01 Entry into a Material Definitive Agreement.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Background</font><font style="font-family:inherit;font-size:10pt;">. As has been previously reported, Public Service Company of New Mexico (&#8220;PNM&#8221;), a wholly owned subsidiary of PNM Resources, Inc., leases interests in Units 1 and 2 of the Palo Verde Nuclear Generating Station (&#8220;PVNGS&#8221;) under arrangements entered into in 1985 and 1986 that are accounted for as operating leases.  There are currently eight separate lease agreements with eight different trusts whose beneficial owners are four different institutional investors. </font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The four leases relating to Unit 1 have been previously extended so that they will expire on January 15, 2023. Four leases, which relate to interests in PVNGS Unit 2 (the &#8220;Unit 2 Leases&#8221;), will expire on January 15, 2016. Under the terms of each of the Unit 2 Leases, PNM has the option to renew the lease at a fixed rate set forth in the Unit 2 Lease for two years beyond the termination of the original lease term.  The option period on one of the Unit 2 Leases may be further extended for up to an additional six years (the &#8220;Maximum Option Period&#8221;) if the appraised remaining useful life and fair value of the leased assets are greater than parameters set forth in that lease.  If PNM elects to extend any of the Unit 2 Leases, it will have the option to purchase the leased assets at fair market value at the end of the extended lease term, but does not have a fixed price purchase option. </font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Each Unit 2 Lease provides that no later than three years prior to the expiration of the Unit 2 Lease, PNM must give notice to the lessor if it wishes to &#8220;retain&#8221; the leased assets (but without specifying whether it would purchase the leased assets or extend the lease) or &#8220;return&#8221; the leased assets to the lessor.  Furthermore, each Unit 2 Lease provides that, if PNM gives notice to &#8220;retain&#8221; the leased assets, PNM must give notice as to which of the purchase or renewal options it will exercise no later than two years prior to the expiration of the Unit 2 Lease.  The elections PNM makes under each of the Unit 2 Leases are irrevocable and are independent of the elections made under the other Unit 2 Leases.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 9, 2013, in accordance with the notice provisions, PNM notified each of the lessors of the Unit 2 Leases that PNM would &#8220;retain&#8221; the assets leased under that Unit 2 Lease upon the expiration of the basic lease term on January 15, 2016.  PNM was required to specify by notice to each of the lessors by January 15, 2014, which of the alternatives it would select, that is, whether on January 15, 2016 it would extend each Unit 2 Lease or purchase the leased assets.  </font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 30, 2013, in accordance with the notice provisions, PNM notified the lessor of the Unit 2 Lease that is subject to the Maximum Option Period provision that PNM would exercise the renewal option for the Maximum Option Period. The generating capacity held under that lease is approximately 10 megawatts (&#8220;MW&#8221;).  </font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 13, 2014, PNM provided notices to each of the lessors under the other three Unit 2 Leases, which are not subject to the Maximum Option Period provision, that PNM would exercise the fair market value purchase option under the terms of each of those leases.  The total generating capacity held under those leases is approximately 64 MW.  Following those notices, the fair market value of the leased assets under each of the leases is to be determined by negotiation between the parties, or, if the parties are unable to agree on the fair market value, then the fair market value will be determined under the appraisal procedure specified in each of the leases.  On February 25, 2014, PNM entered into a letter agreement with the lessor under one of the Unit 2 leases, specifying the fair market value of the approximately 31 MW of generating capacity subject to that lease.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Current Development</font><font style="font-family:inherit;font-size:10pt;">. PNM and PV2-PNM December 35 Corporation, the current Owner Participant of a 0.7933333% undivided ownership interest in PVNGS Unit 2 and a 0.2644444% undivided ownership interest in certain PVNGS common facilities, reached an agreement as to the terms and conditions of the lease amendment that would implement the extension of the term of the lease through the agreed upon Maximum Option Period, January 15, 2024, and would provide for certain casualty values during the extended lease term in accordance with the lease terms.  Amendment No. 2 to the Facility Lease dated December 15, 1986, as heretofore amended, between U.S. Bank National Association, not in its individual capacity, but solely as Owner Trustee under a Trust Agreement, dated as of December 15, 1986, with PV2-PNM December 35 Corporation, Lessor, and PNM, Lessee, was signed on March 18, 2014.  </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The current semiannual lease payment for this Unit 2 Lease is $1,636,280, which would be reduced to $818,140 for the semiannual lease payment during the Maximum Option Period.  The PVNGS Capital Trust, which is consolidated by PNM, previously purchased and now holds the lessor notes that were issued by the lessor in conjunction with this Unit 2 Lease.  A portion of the current lease payments for this Unit 2 Lease is returned in cash to PNM from the PVNGS Capital Trust with funds from the principal and interest payments on the lessor notes attributable to this lease.  Such lessor notes, which currently have an outstanding aggregate principal amount of $3,826,000, will be fully paid at the end of the basic lease term on January 15, 2016. In addition, a portion of the Unit 2 lease payment is remitted to PNM and the other owner of the PVNGS Capital Trust as a return on and return of their investment in the trust, which payments will cease with respect to this Unit 2 Lease when such lessor notes are fully paid.  Accordingly, such lessor notes and such payments related to the PVNGS Capital Trust will have no cash flow or earnings impact to PNM after January 15, 2016.</font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div><hr style="page-break-after:always"><a name="s08f07654bf2640e7902af9f9ea9c369c"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Exhibit</font><font style="font-family:inherit;font-size:10pt;">.  A copy of Amendment No. 2 is attached hereto as Exhibit 10.1 and incorporated herein by reference.</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01 Financial Statements and Exhibits.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d)  Exhibits</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Number</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;10.1</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amendment No. 2 dated as of March 18, 2014, to the Facility Lease dated December 15, 1986, as heretofore amended, between U.S. Bank National Association, not in its individual capacity, but solely as Owner Trustee under a Trust Agreement, dated as of December 15, 1986, with PV2-PNM December 35 Corporation, Lessor, and PNM, Lessee. </font></div></td></tr></table><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3</font></div></div><hr style="page-break-after:always"><a name="s08f07654bf2640e7902af9f9ea9c369c"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">SIGNATURE</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:29px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="48%"></td><td width="52%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PNM RESOURCES, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PUBLIC SERVICE COMPANY OF NEW MEXICO</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrants)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date:  March 18, 2014</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Terry R. Horn</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Terry R. Horn</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vice President and Treasurer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Officer duly authorized to sign this report)</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4</font></div></div>	</body>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101leaseamendment.htm
<DESCRIPTION>EXHIBIT 10.1
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		<title>Ex 10.1 Lease Amendment</title>
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<a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">When Recorded, Return to: &#160;&#160;&#160;&#160;Daryl Gonzalez</font></div><div style="line-height:120%;text-align:justify;padding-left:6px;text-indent:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Snell &amp; Wilmer L.L.P.</font></div><div style="line-height:120%;text-align:justify;padding-left:6px;text-indent:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">One Arizona Center</font></div><div style="line-height:120%;text-align:justify;padding-left:6px;text-indent:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Phoenix, AZ 85004-0001</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CERTAIN RIGHTS OF THE LESSOR UNDER THE FACILITY LEASE AS HERETOFORE AMENDED AND AS FURTHER AMENDED BY THIS AMENDMENT NO. 2 THERETO HAVE BEEN ASSIGNED TO, AND ARE SUBJECT TO A SECURITY INTEREST IN FAVOR OF, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (SUCCESSOR TO CHEMICAL BANK), AS INDENTURE TRUSTEE UNDER A TRUST INDENTURE, MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS DATED AS OF DECEMBER 15, 1986, AS HERETOFORE AMENDED. THIS AMENDMENT NO. 2 HAS BEEN EXECUTED IN SEVERAL COUNTERPARTS. SEE SECTION 2(f) OF THIS AMENDMENT NO. 2 FOR INFORMATION CONCERNING THE RIGHTS OF HOLDERS OF VARIOUS COUNTERPARTS HEREOF.  </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">THIS COUNTERPART IS NOT THE ORIGINAL COUNTERPART.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">===========================================================================</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">AMENDMENT NO. 2</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dated as of March 18, 2014 to</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FACILITY LEASE (Unit 2) dated as of December 15, 1986,</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">as heretofore amended, between</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">U.S. BANK NATIONAL ASSOCIATION</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(successor to State Street Bank and Trust Company, successor to The First National </font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Bank of Boston), not in its individual capacity, but solely as Owner Trustee under a Trust </font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Agreement, dated as of December 15, 1986, with PV2&#8211;PNM December 35 </font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Corporation (successor to Chase Manhattan Realty Leasing Corporation),</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Lessor</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">PUBLIC SERVICE COMPANY OF NEW MEXICO,</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Lessee</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A 0.7933333% UNDIVIDED OWNERSHIP INTEREST IN PALO VERDE NUCLEAR GENERATING STATION (&#8220;PVNGS&#8221;) UNIT 2 AND A 0.2644444% UNDIVIDED OWNERSHIP INTEREST IN CERTAIN PVNGS COMMON FACILITIES</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">===========================================================================</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Original Facility Lease recorded December 17, 1986, as Instrument No. 86-695936, and Amendment No. 1, recorded April 20, 1987, as Instrument No. 87-240901, all in the Maricopa County, Arizona Recorder&#8217;s Office</font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">===========================================================================</font></div><br><div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">AMENDMENT NO. 2, dated as of March 18, 2014 (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Amendment No. 2</font><font style="font-family:inherit;font-size:11pt;">&#8221;), to the Facility Lease dated as of December 15, 1986, as heretofore amended, between U.S. BANK NATIONAL ASSOCIATION (successor to State Street Bank and Trust Company, successor to The First National Bank of Boston), not in its individual capacity, but solely as Owner Trustee under a Trust Agreement, dated as of December&#160;15, 1986, with PV2&#8211;PNM December 35 Corporation (successor to Chase Manhattan Realty Leasing Corporation),  (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Lessor</font><font style="font-family:inherit;font-size:11pt;">&#8221;), and PUBLIC SERVICE COMPANY OF NEW MEXICO, a New Mexico corporation (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Lessee</font><font style="font-family:inherit;font-size:11pt;">&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WITNESSETH</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Lessee and the Lessor have heretofore entered into a Facility Lease dated as of December 15, 1986, as heretofore amended (the &#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Facility Lease</font><font style="font-family:inherit;font-size:11pt;">&#8221;), providing for the lease by the Lessor to the Lessee of the Undivided Interest and the Real Property Interest (capitalized terms used in this Amendment No. 2 without definition having the respective meanings assigned thereto in Appendix A to the Facility Lease);</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Lessee has given notice of its exercise of  the renewal option permitted in Section 12 of the Facility Lease upon expiration of the Basic Lease Term, which notice is irrevocable as to the Lessee as provided in Section 13(a) of the Facility Lease; </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Lessee and the Lessor have agreed that, subject to the terms and conditions hereof, the Renewal Term shall end on January&#160;15, 2024; and</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">WHEREAS, the Lessee and the Lessor desire to amend the Facility Lease effective as of the end of the Basic Lease Term as set forth in Section&#160;1 hereof in order to implement the foregoing; </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW, THEREFORE, in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;SECTION 1.  </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Acknowledgements; Amendments.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;The parties acknowledge and agree that: </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(x) the Lessee has given notice of its exercise of the renewal option permitted in Section 12 of the Facility Lease upon expiration of the Basic Lease Term, which notice is irrevocable as to the Lessee as provided in Section 13(a) of the Facility Lease; and </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(y) the Maximum Option Period is the period ending on January 15, 2024.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Lessee and the Lessor hereby amend the Facility Lease effective as of the end of the Basic Lease Term in order to implement the foregoing as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(a) Section 3(a)(iii) of the Facility Lease shall be amended and restated in its entirety as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;(iii) on July 15, 2016 and on each Basic Rent Payment date thereafter to and including January 15, 2024, an amount equal to $818,140.10.&#8221; </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(b) Section 12 of the Facility Lease (captioned &#8220;Lease Renewal&#8221;) shall be amended and restated in its entirety as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8221;Lessee has irrevocably elected to exercise its rights to renew this Facility Lease for the Renewal Term.  Such renewal shall only take effect provided that (i) no Default, Event of Default, Event of Loss or Deemed Loss Event has occurred that is not waived by the Lessor; and (ii) the Notes shall have been paid in full.&#8220;</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(c) Section 13(b) of the Facility Lease (captioned &#8220;Purchase Option at Expiration of the Lease Term&#8221;) shall be amended and restated in its entirety as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;(b) </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Purchase Option at Expiration of the Lease Term</font><font style="font-family:inherit;font-size:11pt;">. Subject to the notice requirements set forth in Section 13(a), unless a Default or an Event of Default shall have occurred and be continuing or an Event of Loss or Deemed Loss Event shall have occurred, on January 15, 2024 the Lessee shall have the right to purchase the Undivided Interest and the Real Property Interest for a purchase price equal to the Fair Market Sales Value thereof.&#8221;</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(d) The definition of &#8220;Maximum Option Period&#8221; in Appendix A to the Facility Lease shall be amended and restated in its entirety as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Maximum Option Period</font><font style="font-family:inherit;font-size:11pt;">&#32;shall mean the period ending on January 15, 2024.&#8221;</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(e) The definition of &#8220;Casualty Value&#8221; in Appendix A to the Facility Lease shall be amended and restated in its entirety as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8221;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Casualty Value</font><font style="font-family:inherit;font-size:11pt;">, as of any Basic Rent Payment Date during </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:144px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(i) the Basic Lease Term, shall mean the percentage of Facility Cost set forth opposite such Basic Rent Payment Date in Schedule 1 to the Facility Lease; and </font></div><div style="line-height:120%;text-align:justify;padding-left:144px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:144px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(ii) the Renewal Term, shall mean the percentage of Facility Cost set forth opposite such Basic Rent Payment Date in Schedule&#160;4-Renewal Term to the Facility Lease, attached hereto.</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Anything contained in the Participation Agreement or the Facility Lease to the contrary notwithstanding, Casualty Value shall be, when added to all other amounts which the Lessee is required to pay under Section 9(c) of the Facility Lease (taking into account any assumption of the Notes by the Lessee), under any circumstances and in any event, in an amount at least sufficient to pay in full, as of any Basic Rent Payment Date, the aggregate unpaid principal amount of all Notes Outstanding at the close of business on such date, together with accrued and unpaid interest on such Notes.&#8221;  </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Lessee and the Lessor each acknowledges and agrees that the calculation of the Casualty Values for the Renewal Term set forth in Schedule 4-Renewal Term hereto were separately negotiated by the parties as a liquidated amount calculated to reimburse Lessor for the loss of the Undivided Interest and the Real Property Interest due to the occurrence of an Event of Loss. The Lessee and the Lessor each further acknowledges and agrees that such Casualty Values are not intended to be </font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">3</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">indicative of any current or future Fair Market Sales Value and shall not affect or be taken into account in determining Fair Market Sales Value in the event the Lessee exercises its purchase option pursuant to Section 13(b) of the Facility Lease at the end of the Renewal Term.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(f) The definition of &#8220;Special Casualty Value&#8221; in Appendix A to the Facility Lease shall be amended and restated in its entirety as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8221;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Special Casualty Value</font><font style="font-family:inherit;font-size:11pt;">, as of any monthly date during </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:144px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(i) the Basic Lease Term, shall mean the percentage of Facility Cost set forth opposite such monthly date in Schedule 2 to the Facility Lease; and </font></div><div style="line-height:120%;text-align:justify;padding-left:144px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:144px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(ii) the Renewal Term, shall mean the percentage of Facility Cost set forth opposite such monthly date in Schedule 5-Renewal Term to the Facility Lease, attached hereto. </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Anything contained in the Participation Agreement or the Facility Lease to the contrary notwithstanding, Special Casualty Value shall be, when added to all other amounts which the Lessee is required to pay under  Section 9(d) of the Facility  Lease (taking into account any assumption of the Notes by the Lessee), under any circumstances and in any event, in an amount at least  sufficient  to pay in full,  as of any Basic Rent Payment Date, the aggregate unpaid principal amount of all Notes Outstanding at the close of business on such date, together with accrued and unpaid interest on such Notes.&#8221;  </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The Lessee and the Lessor each acknowledges and agrees that the calculation of the Special Casualty Values for the Renewal Term set forth in Schedule 5-Renewal Term hereto were separately negotiated by the parties as a liquidated amount calculated to reimburse Lessor for the loss of the Undivided Interest and the Real Property interest due to the occurrence of a Deemed Loss Event.  The Lessee and the Lessor each further acknowledges and agrees that such Special Casualty Values are not intended to be indicative of any current or future Fair Market Sales Value and shall not affect or be taken into account in determining Fair Market Sales Value in the event the Lessee exercises its purchase option pursuant to Section 13(b) of the Facility Lease at the end of the Renewal Term.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(g) The Facility Lease shall be supplemented and amended to include as Schedules 4-Renewal Term and 5-Renewal Term thereto Schedules 4-Renewal Term and 5-Renewal Term attached hereto and designated as such (there being no Schedule 1, 2 or 3 hereto).</font></div><div style="line-height:120%;text-align:justify;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">SECTION 2.   </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Miscellaneous</font><font style="font-family:inherit;font-size:11pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(a) </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Representations of the Lessee</font><font style="font-family:inherit;font-size:11pt;">. The Lessee hereby represents and warrants to the Owner Participant as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:114px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:96px;"><font style="font-family:inherit;font-size:11pt;">(i)</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the License Expiration Date is April 24, 2046; and</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(ii) based on current market conditions and the current operation and maintenance of Unit 1 and the Common Facilities, it is reasonably expected that:</font></div><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">4</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;padding-left:96px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(1) on the last day of the Renewal Term, the residual value of the Undivided Interest (without regard to inflation or deflation from the Closing Date and without regard to the obligation of the Lessee to pay decommissioning costs pursuant to Section 10(b)(3)(xi) of the Participation Agreement, but taking into consideration the existence and effect of the Assignment and Assumption, the ANPP Participation Agreement and the License) will be equal to at least 20% of Facility Cost;</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(2) the period from the Closing Date through the end of the Renewal Term does not exceed 80% of the economic useful life of the Undivided Interest from the Closing Date; and</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:96px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(3) on the last day of the Renewal Term, taking into consideration the existence and effect of the Assignment and Assumption, the ANPP Participation Agreement and the License, the use of the Undivided Interest by any User (in a transaction pursuant to which the Owner Participant could realize the amount referred to in clause (1) above) will be feasible from an engineering and economic point of view and will be commercially reasonable.  </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The foregoing representations and warranties are intended by the Lessee as representations and warranties made by the Lessee in an agreement delivered by the Lessee in connection with the Facility Lease for all purposes of the Facility Lease (including, without limitation Section 15(vi) of the Facility Lease).</font></div><div style="line-height:120%;text-align:justify;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(b)  </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">No Inference, Etc.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;Schedules 4-Renewal Term and 5-Renewal Term hereto have been agreed by the parties with each party utilizing certain assumptions and projections (which assumptions and projections may or may not be assumptions and projections used in common with the other party) concerning the Fair Market Sales Value of the Undivided Interest at the commencement of the Renewal Term. The parties intend that such assumptions and projections shall not be used for any purpose (including, but without limitation, establishing a Fair Market Sales Value for the Undivided Interest or a Fair Market Sales Value of any property or service, or supporting or rebutting any calculation, determination or position concerning any Fair Market Sale Value, at any time, whether for purposes of option exercise, exercise of remedies, post-lease term operation and support or any other matter or circumstance) other than the specific purposes for which provision is made by this Amendment No. 2. </font></div><div style="line-height:120%;text-align:justify;padding-left:96px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(c)  </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Effective Date of Amendments</font><font style="font-family:inherit;font-size:11pt;">.  The amendments set forth in Section 1 hereof shall be and become effective upon the payment in full of the Notes and the satisfaction and discharge of the Indenture by the parties hereto; provided, however, notwithstanding anything to the contrary contained herein, the commencement of the Renewal Term shall be conditioned upon no Default, Event of Default, Event of Loss or Deemed Loss Event having occurred and being continuing at the end of the Basic Lease Term and the Notes having been paid in full as of such date.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(d) </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Counterpart Execution</font><font style="font-family:inherit;font-size:11pt;">. This Amendment No. 2 may be executed in any number of counterparts and by each of the parties hereto on separate counterparts; all such counterparts shall together constitute but one and the same instrument.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(e)  </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Governing Law</font><font style="font-family:inherit;font-size:11pt;">.  This Amendment No. 2 shall be governed by, and be construed in accordance with, the laws of the state of New York, except to the extent that pursuant to the law of the State of Arizona such law is mandatorily applicable hereto.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">5</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(f)  </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Amendment No. 2.</font><font style="font-family:inherit;font-size:11pt;">&#32;The single executed original of this Amendment No. 2 marked "THIS COUNTERPART IS THE ORIGINAL COUNTERPART" and containing the receipt of the Indenture Trustee thereon shall be the "Original" of this Amendment No. 2. To the extent that this Amendment No. 2 constitutes chattel paper, as such term is defined in the Uniform Commercial Code as in effect in any applicable jurisdiction, no security interest in this Amendment No. 2 may be created or continued through the transfer or possession of any counterpart other than the "Original". </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(g)  </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Concerning USBNA.</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;U.S. Bank National Association (&#8220;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">USBNA</font><font style="font-family:inherit;font-size:11pt;">&#8221;) is entering into this Amendment No. 2 solely as successor Owner Trustee under the Trust Agreement and not in its individual capacity.&#160; Anything herein or in the Facility Lease to the contrary notwithstanding, all and each of the representations, warranties, undertakings and agreements herein or in the Facility Lease made on the part of the Owner Trustee are made and intended not as personal representations, warranties, undertakings and agreements by or for the purpose or with the intention of binding USBNA personally but are made and intended for the purpose of binding only the Trust&#160;Estate.  This Amendment No. 2 is executed and delivered by the Owner Trustee solely in the exercise of the powers expressly conferred upon it as trustee under the Trust Agreement; and no personal liability or responsibility is assumed hereunder by or shall at any time be enforceable against USBNA or any successor in&#160;trust or the Owner Participant on account of any representation, warranty, undertaking or agreement hereunder or under the Facility Lease of the Owner Trustee, either expressed or implied, all such personal liability, if any, being expressly waived by the Lessee, except that the Lessee or any Person claiming by, through or under it, making claim hereunder or under the Facility Lease, may look to the Trust Estate for satisfaction of the same and the Owner Trustee or its successor in trust, as applicable, shall be personally liable for its own gross negligence or willful misconduct. If a further successor owner trustee is appointed in accordance with the terms of the Trust Agreement, such successor owner trustee shall, without any further act, succeed to all the rights, duties, immunities and obligations of the Owner Trustee hereunder and the predecessor owner trustee shall be released from all further duties and obligations hereunder and under the Facility Lease.</font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#32;(h)  </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Disclosure</font><font style="font-family:inherit;font-size:11pt;">. Pursuant to Arizona Revised Statutes Section 33-404, the beneficiary of the Trust Agreement is PV2&#8211;PNM December 35 Corporation. The address of the beneficiary is PV2&#8211;PNM December 35 Corporation, c/o JPMorgan Capital Corporation, 10 S. Dearborn, 12</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;Fl., Mail Code IL1&#8209;0502, Chicago, IL 60603-0502, Attn: Lourdes Morales.  A copy of the Trust Agreement is available for inspection at the offices of the Owner Trustee at U.S. Bank National Association, Corporate Trust Services, One Federal Street, 3</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">rd</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;Floor, Boston, MA 02110, Attn: Todd DiNezza.</font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:42px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment No. 2 to Facility Lease to be duly executed by an officer thereunto duly authorized.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:264px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">U.S. BANK NATIONAL ASSOCIATION (successor to State Street Bank and Trust Company, successor to The First National Bank of Boston), not in its individual capacity, but solely as Owner Trustee under a Trust Agreement dated as of December&#160;15, 1986, with PV2&#8211;PNM December 35 Corporation (successor to Chase Manhattan Realty Leasing Corporation)</font></div><div style="line-height:120%;text-align:left;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:264px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By:   </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ Todd R. DiNezza</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:justify;padding-left:264px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Name:  Todd R. DiNezza</font></div><div style="line-height:120%;text-align:justify;padding-left:264px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Title:  Assistant Vice President</font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">ACKNOWLEDGMENT</font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">COMMONWEALTH OF MASSACHUSETTS&#160;&#160;&#160;&#160;)</font></div><div style="line-height:120%;text-align:left;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;)  ss.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">COUNTY OF </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">__SUFFOLK______________</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;)</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">On this </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">13</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th  </sup></font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt"> </sup></font><font style="font-family:inherit;font-size:11pt;">day of </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">March</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">, 2014, before me, the undersigned notary public, personally appeared </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Todd R. DiNezza</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;as </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Asst. Vice President</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;of U.S. Bank National Association, proved to me through satisfactory evidence of identification, which was </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">RI Driver&#8217;s License</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;to be the person whose name is signed on the attached document and acknowledged to me that </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">he</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;signed it voluntarily for its stated purpose.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;text-indent:330px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ James M. Collidge&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:330px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Notary Public</font></div><div style="line-height:120%;text-align:justify;padding-left:258px;text-indent:330px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:330px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">James M. Collidge</font></div><div style="line-height:120%;text-align:left;padding-left:330px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Notary Public</font></div><div style="line-height:120%;text-align:left;padding-left:330px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Commonwealth of Massachusetts</font></div><div style="line-height:120%;text-align:left;padding-left:330px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">My Comm. Expires 06-9-2017</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">PUBLIC SERVICE COMPANY OF NEW MEXICO</font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">By: </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ Terry R. Horn</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Name:  Terry R. Horn</font></div><div style="line-height:120%;text-align:justify;padding-left:258px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Title:  Vice President and Treasurer</font></div><div style="line-height:120%;text-align:justify;padding-left:288px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">ACKNOWLEDGMENT</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">STATE OF NEW MEXICO                                     )</font></div><div style="line-height:120%;text-align:left;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">) ss.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">COUNTY OF BERNALILLO                                 )</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:312px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This instrument was acknowledged before me this </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">17</font><font style="font-family:inherit;font-size:11pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">th</sup></font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;day of </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">&#32;&#32;March&#160;&#160;&#160;&#160;  </font><font style="font-family:inherit;font-size:11pt;">, 2014, by </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Terry R. Horn</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">, </font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Vice President &amp; Treasurer</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:11pt;">&#32;of PUBLIC SERVICE COMPANY OF NEW MEXICO, a New Mexico corporation, on behalf of said corporation.</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:324px;font-size:11pt;"><font 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style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">45.88791%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2019&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">45.05358%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2020&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">44.21925%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2020&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">43.38493%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2021&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">42.55060%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2021&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">41.71628%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2022&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">40.88195%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2022&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">40.04763%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2023&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">39.21330%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2023&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">38.37898%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2024&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;color:#ffffff;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:9pt;">37.54465%</font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">9</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:138%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">SCHEDULE 5-Renewal Term</font></div><div style="line-height:138%;padding-top:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Special Casualty Values</font></div><div style="line-height:138%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50.74519%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50.60540%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50.46560%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50.32581%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50.18601%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50.04622%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.90643%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.76663%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.62684%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.48704%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2016&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.34725%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.20746%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;49.06766%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48.92787%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48.78807%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48.64828%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48.50849%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48.36869%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48.22890%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;48.08910%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.94931%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.80952%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2017&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.66972%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.52993%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.39014%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.25034%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;47.11055%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.97075%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.83096%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.69117%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.55137%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.41158%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.27178%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;46.13199%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2018&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.99220%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.85240%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.71261%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.57281%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.43302%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.29323%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.15343%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.01364%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44.87384%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44.73405%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44.59426%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44.45446%</font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">10</font></div></div><hr style="page-break-after:always"><a name="sAE4BFAD07DF392B148C1D5BF1C024D1E"></a><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div></div><br><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2019&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44.31467%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44.17488%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44.03508%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43.89529%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43.75549%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43.61570%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43.47591%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43.33611%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43.19632%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;43.05652%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42.91673%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42.77694%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2020&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42.63714%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42.49735%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42.35755%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42.21776%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42.07797%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.93817%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.79838%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.65859%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.51879%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.37900%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.23920%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.09941%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2021&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.95962%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.81982%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.68003%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.54023%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.40044%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.26065%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;40.12085%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.98106%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.84126%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.70147%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.56168%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.42188%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2022&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.28209%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.14229%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">2/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;39.00250%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">3/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.86271%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">4/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.72291%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">5/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.58312%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">6/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.44333%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">7/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.30353%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">8/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.16374%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">9/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;38.02394%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">10/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37.88415%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">11/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37.74436%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">12/15/2023&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37.60456%</font></div><div style="line-height:138%;text-align:center;padding-left:198px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">1/15/2024&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;37.46477%</font></div><div style="line-height:138%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">11</font></div></div>	</body>
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