Company: POR
Filing Date: 2025-07-25
Form Type: 424B5
Source: 0001140361-25-027364
Chunk: 50

Company: PORTLAND GENERAL ELECTRIC CO /OR/
Filing Date: 2025-07-25
Form: 424B5
Chunk 50
---
 the trustee or mortgagee under the instrument evidencing such lien or encumbrance, with irrevocable authority to the Trustee or to such other trustee or mortgagee to apply such moneys to the discharge of such lien or encumbrance to the extent required for such purposes; and |

| • | the lien reserved for rent and for compliance with the terms of the lease in the case of leasehold estates. |

The Mortgage permits the acquisition of property subject to prior liens. However, no property subject to prior liens (other than purchase money liens) may be acquired (i) if at the date the property is acquired, the principal amount of indebtedness secured by prior liens, together with all of our other prior lien indebtedness, is greater than 10% of the aggregate principal amount of debt securities outstanding under the Mortgage, (ii) if at the date the property is acquired, the principal amount of indebtedness secured by prior liens is greater than 60% of the cost of such property to us, or (iii) in certain cases if the property had been used by another entity in a business similar to ours, unless the net earnings of such property meet certain tests. We have covenanted, among other things,

| • | to not issue debt securities under the Mortgage in any manner other than in accordance with the Mortgage; |

| • | except as permitted by the Mortgage, to keep the Mortgage a first priority lien on the property subject to it; |

| • | except as permitted by the Mortgage, to not suffer any act or thing whereby all of the properties subject to it might or could be impaired; and |

| • | in the event that we are no longer required to file reports with the SEC, and so long as the bonds are outstanding, to furnish to the Trustee the financial and other information that would be required to be contained in the reports filed with the SEC on Forms 10-Q, 10-K, and 8-K if we were required to file such reports. |

Redemption and Purchase of Bonds A prospectus supplement will disclose any provisions for the redemption or purchase of any particular series of bonds. Cash deposited under any provision of the Mortgage (with certain exceptions) may be applied to the purchase of the bonds. Sinking Fund Provisions We may establish a sinking fund for the benefit of a particular series of bonds. If a sinking fund is established, we will be required to deposit with the Trustee at certain specified times sufficient cash to redeem