Common use of Option No Clause in Contracts

Option No. 1. Under Option No. 1, Minnesota Power's entitlement to Net Capability shall decrease by 5.2083% of the Net Capability. Minnesota Power's entitlement to energy associated with its entitlement to Net Capability shall decrease by a corresponding amount. Minnesota Power's entitlement to such Net Capability and associated energy under this Option No. 1 shall decrease as of January 1, 2006, or the annual anniversary thereafter, upon receipt of notice from Minnkota of its exercise of such Option. If Minnesota Power's entitlement decreases as a result of the exercise by Minnkota of Option No. 1, the date of such decrease shall be the "Option No. 1

Option No. 14. Under Option No. 4, if Minnkota has exercised Option No. 1, Option No. 2 and Option No. 3, Minnesota Power's entitlement to Net Capability shall decrease by 5.2083% an amount that will reduce Minnesota Power's entitlement to Net Capability to fifty percent (50%) of the Net Capability. Minnesota Power's entitlement to energy associated with its entitlement to Net Capability shall decrease by a corresponding amount. Minnesota Power's entitlement to such Net Capability and associated energy under this Option No. 1 4 shall decrease as of the later of January 1, 20062009, or the annual anniversary thereafterdate that is one (1) year after the Option No. 3 Exercise Date, upon receipt of notice from Minnkota of its exercise of such Option. If Minnesota Power's entitlement decreases as a result of the exercise by Minnkota of Option No. 1, the date of such decrease shall be the "Option No. 1.

Option No. 1. Under Option No. 12, Minnesota Power's entitlement to Net Capability shall decrease by 5.2083% of the Net Capability. Minnesota Power's entitlement to energy associated with its entitlement to Net Capability shall decrease by a corresponding amount. Minnesota Power's entitlement to such Net Capability and associated energy under this Option No. 1 2 shall decrease as of the later of January 1, 20062007, or the annual anniversary thereafterdate that is one (1) year after the Option No. 1 Exercise Date, upon receipt of notice from Minnkota of its exercise of such Option. If Minnesota Power's entitlement decreases as a result of the exercise by Minnkota of Option No. 12, the date of such decrease shall be the "Option No. 12 Exercise Date."