INTERSTATE POWER AND LIGHT COMPANY
3.60% Senior Debentures due 2029
This Debenture is one of a duly authorized issue of Debentures of the Company, designated as its 3.60% Senior Debentures due 2029 (herein called the Debentures), in aggregate principal amount of $300,000,000, issued under an Indenture, dated as of August 20, 2003 (herein called the Indenture), between the Company and The Bank of New York Mellon Trust Company, N.A., successor, as Trustee (the Trustee), to which Indenture and the Officers Certificate, dated April 1, 2019 (herein called the Officers Certificate), setting forth the terms and conditions of the Debentures, reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Debentures, and of the terms upon which the Debentures are, and are to be, authenticated and delivered.
At any time or from time to time prior to January 1, 2029 (the Par Call Date), the Debentures shall be redeemable at the option of the Company, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount of such Debentures and (ii) the sum, as determined by the Independent Investment Banker and delivered to the trustee, of the present values of the remaining scheduled payments of principal and interest thereon that would be due if the Debentures matured on the Par Call Date (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus in each case accrued and unpaid interest to, but excluding, the Redemption Date. Notice of redemption will be given as provided in the Indenture to the Holder of the Debentures to be redeemed not less than 30 nor more than 60 days prior to the Redemption Date. At any time or after the Par Call Date, the Debentures shall be redeemable at the option of the Company, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Debentures being redeemed plus accrued and unpaid interest if any, to, but excluding, the Redemption Date.
If an Event of Default with respect to the Debentures shall occur and be continuing, the principal of the Debentures may be declared due and payable in the manner, with the effect and subject to the conditions, provided in the Indenture.
The Indenture contains provisions for satisfaction and discharge at any time of the entire indebtedness of this Debenture upon compliance by the Company with certain conditions set forth in the Indenture.
The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected, voting as one class, to modify the Indenture in a manner affecting the rights of the Holders of the Debentures; provided that no such modification may, without the consent of the Holder of each Outstanding Debenture, (i) change the Stated Maturity of, the principal of, or any installment of principal of or interest on (except as provided in Section 312 of the Indenture), any Debenture, or reduce the principal amount thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or change the method of