PacifiCorp 3.13.14 EX 4.1






EXHIBIT 4.1












PACIFICORP
(An Oregon Corporation)




TO




THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.


(as successor to The Bank of New York Mellon)




As Trustee under PacifiCorp’s
Mortgage and Deed of Trust,
Dated as of January 9, 1989






_____________________








Twenty-Seventh Supplemental Indenture
Dated as of March 1, 2014




Supplemental to PacifiCorp’s Mortgage and Deed of Trust
Dated as of January 9, 1989






_____________________




This Instrument Grants a Security Interest by a Transmitting Utility




This Instrument Contains After-Acquired Property Provisions















TWENTY-SEVENTH SUPPLEMENTAL INDENTURE


THIS INDENTURE, dated as of the 1st day of March, 2014, made and entered into by and between PACIFICORP, a corporation of the State of Oregon, whose address is 825 NE Multnomah, Portland, Oregon 97232 (hereinafter sometimes called the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (as successor to The Bank of New York Mellon), a national banking association whose address is 400 South Hope Street, Suite 400, Los Angeles, California 90071 (the “Trustee”), as Trustee under the Mortgage and Deed of Trust, dated as of January 9, 1989, as heretofore amended and supplemented (hereinafter called the “Mortgage”), is executed and delivered by the Company in accordance with the provisions of the Mortgage, this indenture (hereinafter called the “Twenty-Seventh Supplemental Indenture”) being supplemental thereto. 
WHEREAS, the Mortgage was or is to be recorded in the official records of the States of Arizona, California, Colorado, Idaho, Montana, New Mexico, Oregon, Utah, Washington and Wyoming and various counties within such states, which counties include or will include all counties in which this Twenty-Seventh Supplemental Indenture is to be recorded; and 
WHEREAS, by the Mortgage the Company covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make subject to the Lien of the Mortgage any property thereafter acquired, made or constructed and intended to be subject to the Lien thereof; and 
WHEREAS, in addition to the property described in the Mortgage, the Company has acquired certain other property, rights and interests in property; and 
WHEREAS, the Company has executed, delivered, recorded and filed supplemental indentures as follows: 


	
				
	  
	  
	Dated as of 
	  

	  
	  
	



	  

	First
	  
	March 31, 1989
	  

	Second
	  
	December 29, 1989
	  

	Third
	  
	March 31, 1991
	  

	Fourth
	  
	December 31, 1991
	  

	Fifth
	  
	March 15, 1992
	  

	Sixth
	  
	July 31, 1992
	  

	Seventh
	  
	March 15, 1993
	  

	Eighth
	  
	November 1, 1993
	  

	Ninth
	  
	June 1, 1994
	  

	Tenth
	  
	August 1, 1994
	  

	Eleventh
	  
	December 1, 1995
	  

	Twelfth
	  
	September 1, 1996
	  

	Thirteenth
	  
	November 1, 1998
	  

	Fourteenth
	  
	November 15, 2001
	  

	Fifteenth
	  
	June 1, 2003
	  

	Sixteenth
	  
	September 1, 2003
	  

	Seventeenth
	  
	August 1, 2004
	  

	Eighteenth
	 
	June 1, 2005
	 

	Nineteenth
	 
	August 1, 2006
	 

	Twentieth
	 
	March 1, 2007
	 

	Twenty-First
	 
	October 1, 2007
	 

	Twenty-Second
	 
	July 1, 2008
	 

	Twenty-Third
	 
	January 1, 2009
	 

	Twenty-Fourth
	 
	May 1, 2011
	 

	Twenty-Fifth
	 
	January 1, 2012
	 

	Twenty-Sixth
	 
	June 1, 2013
	 





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and 
WHEREAS, the Company has heretofore issued, in accordance with the provisions of the Mortgage, bonds entitled and designated First Mortgage and Collateral Trust Bonds or First Mortgage Bonds, as the case may be, of the series and in the principal amounts as follows: 
	
											
	 
	 
	Series 
	 
	Due
Date 
	 
	Aggregate Principal
Amount Issued 
	  
	Aggregate Principal
Amount Outstanding 1 

	First
	  
	10.45% Series due January 9, 1990
	  
	1/9/90
	  
	$
	500,000
	  
	$ 
	0

	Second
	  
	Secured Medium-Term Notes, Series A
	  
	various
	  
	  
	250,000,000
	  
	  
	 0   

	Third
	  
	Secured Medium-Term Notes, Series B
	  
	various
	  
	  
	200,000,000
	  
	  
	0

	Fourth
	  
	Secured Medium-Term Notes, Series C
	  
	various
	  
	  
	300,000,000
	  
	  
	 29,000,000 

	Fifth
	  
	Secured Medium-Term Notes, Series D
	  
	various
	  
	  
	250,000,000
	  
	  
	0

	Sixth
	  
	C-U Series
	  
	various
	  
	  
	250,432,000
	  
	  
	 21,460,000 

	Seventh
	  
	Secured Medium-Term Notes, Series E
	  
	various
	  
	  
	500,000,000
	  
	  
	 155,000,000 

	Eighth
	  
	6 3/4% Series due April 1, 2005
	  
	4/1/2005
	  
	  
	150,000,000
	  
	  
	0

	Ninth
	  
	Secured Medium-Term Notes, Series F
	  
	various
	  
	  
	500,000,000
	  
	  
	 140,000,000 

	Tenth
	  
	E-L Series
	  
	various
	  
	  
	71,200,000
	  
	  
	 0 

	Eleventh
	  
	Secured Medium-Term Notes, Series G
	  
	various
	  
	  
	500,000,000
	  
	  
	 100,000,000 

	Twelfth
	  
	Series 1994-1 Bonds
	  
	various
	  
	  
	216,470,000
	  
	  
	 175,815,000 

	Thirteenth
	  
	Adjustable Rate Replacement Series
	  
	2002
	  
	  
	13,234,000
	  
	  
	0

	Fourteenth
	  
	9 3/8% Replacement Series due 1997
	  
	1997
	  
	  
	50,000,000
	  
	  
	0

	Fifteenth
	  
	Bond Credit Series Bonds
	  
	various
	  
	  
	498,589,753
	  
	  
	0

	Sixteenth
	  
	Secured Medium-Term Notes, Series H
	  
	various
	  
	  
	500,000,000
	  
	  
	0

	Seventeenth 
	  
	5.65% Series due 2006
	  
	11/1/06
	  
	  
	200,000,000
	  
	  
	0

	Eighteenth
	  
	6.90% Series due November 15, 2011
	  
	11/15/11
	  
	  
	500,000,000
	  
	  
	0

	Nineteenth
	  
	7.70% Series due November 15, 2031
	  
	11/15/31
	  
	  
	300,000,000
	  
	  
	 300,000,000 

	Twentieth
	  
	Collateral Bonds, First 2003 Series
	  
	12/1/14
	  
	  
	15,000,000
	  
	  
	 15,000,000 

	Twenty-First
	  
	Collateral Bonds, Second 2003 Series
	  
	12/1/16
	  
	  
	8,500,000
	  
	  
	 8,500,000 

	Twenty-Second
	  
	Collateral Bonds, Third 2003 Series
	  
	1/1/14
	  
	  
	17,000,000
	  
	  
	 0 

	Twenty-Third
	  
	Collateral Bonds, Fourth 2003 Series
	  
	1/1/16
	  
	  
	45,000,000
	  
	  
	 45,000,000 

	Twenty-Fourth
	  
	Collateral Bonds, Fifth 2003 Series
	  
	11/1/25
	  
	  
	5,300,000
	  
	  
	 5,300,000 

	Twenty-Fifth
	  
	Collateral Bonds, Sixth 2003 Series
	  
	11/1/25
	  
	  
	22,000,000
	  
	  
	 22,000,000 

	Twenty-Sixth
	  
	4.30% Series due 2008
	  
	9/15/08
	  
	  
	200,000,000
	  
	  
	0

	Twenty-Seventh
	  
	5.45% Series due 2013
	  
	9/15/13
	  
	  
	200,000,000
	  
	  
	 0 

	Twenty-Eighth
	  
	4.95% Series due 2014
	  
	8/15/14
	  
	  
	200,000,000
	  
	  
	 200,000,000 

	Twenty-Ninth
	  
	5.90% Series due 2034
	  
	8/15/34
	  
	  
	200,000,000
	  
	  
	 200,000,000 

	Thirtieth 
	 
	5.25% Series due 2035
	 
	6/15/35
	 
	 
	300,000,000
	 
	 
	 300,000,000 

	Thirty-First
	 
	6.10% Series due 2036
	 
	8/1/36
	 
	 
	350,000,000
	 
	 
	 350,000,000 

	Thirty-Second
	 
	5.75% Series due 2037
	 
	4/1/37
	 
	 
	600,000,000
	 
	 
	 600,000,000 

	Thirty-Third
	 
	6.25% Series due 2037
	 
	10/15/37
	 
	 
	600,000,000
	 
	 
	 600,000,000 

	Thirty-Fourth
	 
	5.65% Series due 2018
	 
	7/15/18
	 
	 
	500,000,000
	 
	 
	 500,000,000 

	Thirty-Fifth
	 
	6.35% Series due 2038 
	 
	7/15/38
	 
	 
	300,000,000
	 
	 
	 300,000,000 

	Thirty-Sixth
	 
	5.50% Series due 2019
	 
	1/15/19
	 
	 
	350,000,000
	 
	 
	 350,000,000 

	Thirty-Seventh
	 
	6.00% Series due 2039
	 
	1/15/39
	 
	 
	650,000,000
	 
	 
	 650,000,000 

	Thirty-Eighth
	 
	3.85% Series due 2021
	 
	6/15/21
	 
	 
	400,000,000
	 
	 
	 400,000,000 

	Thirty-Ninth
	 
	2.95% Series due 2022
	 
	2/1/22
	 
	 
	450,000,000
	 
	 
	450,000,000

	Fortieth
	 
	4.10% Series due 2042
	 
	2/1/42
	 
	 
	300,000,000
	 
	 
	300,000,000

	Forty-First
	 
	2.95% Series due 2023
	 
	6/1/23
	 
	 
	300,000,000
	 
	 
	300,000,000




________________________________
1 Amount outstanding as of March 1, 2014

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and
WHEREAS, Section 2.03 of the Mortgage provides that the form or forms, terms and conditions of and other matters not inconsistent with the provisions of the Mortgage, in connection with each series of bonds (other than the First Series) issued thereunder, shall be established in or pursuant to one or more Resolutions and/or shall be established in one or more indentures supplemental to the Mortgage, prior to the initial issuance of bonds of such series; and 
WHEREAS, Section 22.04 of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations, restrictions or provisions for the benefit of any one or more series of bonds issued thereunder and provide that a breach thereof shall be equivalent to a Default under the Mortgage, or the Company may cure any ambiguity contained therein, or in any supplemental indenture, or may (in lieu of establishment in or pursuant to a Resolution in accordance with Section 2.03 of the Mortgage) establish the forms, terms and provisions of any series of bonds other than said First Series, by an instrument in writing executed by the Company; and 
WHEREAS, the Company now desires to create a new series of bonds and (pursuant to the provisions of Section 22.04 of the Mortgage) to add to its covenants and agreements contained in the Mortgage certain other covenants and agreements to be observed by it; and


WHEREAS, the execution and delivery by the Company of this Twenty-Seventh Supplemental Indenture, and the terms of the bonds of the Forty-Second Series herein referred to, have been duly authorized by the Board of Directors in or pursuant to appropriate Resolutions; 
Now, Therefore, This Indenture Witnesseth: 
That PACIFICORP, an Oregon corporation, in consideration of the premises and of good and valuable consideration to it duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt and sufficiency whereof is hereby acknowledged, and in order to secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Mortgage, according to their tenor and effect and the performance of all provisions of the Mortgage (including any instruments supplemental thereto and any modification made as in the Mortgage provided) and of such bonds, and to confirm the Lien of the Mortgage on certain after-acquired property, hereby mortgages, pledges and grants a security interest in (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Mortgage), unto The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon), as Trustee, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever, all properties of the Company real, personal and mixed, owned by the Company as of the date of the Mortgage and acquired by the Company after the date of the Mortgage, subject to the provisions of Section 18.03 of the Mortgage, of any kind or nature (except any herein or in the Mortgage expressly excepted), now owned or, subject to the provisions of Section 18.03 of the Mortgage, hereafter acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated (except such of such properties as are excluded by name or nature from the Lien hereof), including the properties described in Article IV hereof, and further including (without limitation) all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same; all power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, waterways, dams, dam sites, aqueducts, and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity and other forms of energy (whether now known or hereafter developed) by steam, water, sunlight, chemical processes and/or (without limitation) all other sources of power (whether now known or hereafter developed); all power houses, gas plants, street lighting systems, standards and other equipment incidental thereto; all telephone, radio, television and other communications, image and data transmission systems, air-conditioning systems and equipment incidental thereto, water wheels, water works, water systems, steam and hot water plants, substations, lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof; all machinery, engines, boilers, dynamos, turbines, electric, gas and other machines, prime movers, regulators, meters, transformers, generators (including, but not limited to, engine-driven generators and turbogenerator units), motors, electrical, gas and mechanical appliances, conduits, cables, water, steam, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, towers, overhead conductors and devices, underground conduits, underground conductors and devices, wires, cables, tools, implements, apparatus, storage battery equipment and all other fixtures and personalty; all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric current and other forms of energy, gas, steam, water or communications, images and data for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all 

4






apparatus for use in connection therewith and (except as herein or in the Mortgage expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore described; 
TOGETHER WITH all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 13.01 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof;
IT IS HEREBY AGREED by the Company that, subject to the provisions of Section 18.03 of the Mortgage, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof, except any herein or in the Mortgage expressly excepted, shall be and are as fully mortgaged and pledged hereby and as fully embraced within the Lien of the Mortgage as if such property, rights and franchises were now owned by the Company and were specifically described herein or in the Mortgage and mortgaged hereby or thereby; 
PROVIDED THAT the following are not and are not intended to be now or hereafter mortgaged or pledged hereunder, nor is a security interest therein hereby granted or intended to be granted, and the same are hereby expressly excepted from the Lien and operation of the Mortgage, namely: (1) cash, shares of stock, bonds, notes and other obligations and other securities not hereafter specifically pledged, paid, deposited, delivered or held under the Mortgage or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business or for the purpose of repairing or replacing (in whole or part) any rolling stock, buses, motor coaches, automobiles or other vehicles or aircraft or boats, ships or other vessels, and any fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; rolling stock, buses, motor coaches, automobiles and other vehicles and all aircraft; boats, ships and other vessels; all crops (both growing and harvested), timber (both growing and harvested), minerals (both in place and severed), and mineral rights and royalties; (3) bills, notes and other instruments and accounts receivable, judgments, demands, general intangibles and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Mortgage or covenanted so to be; (4) the last day of the term of any lease or leasehold which may be or become subject to the Lien of the Mortgage; (5) electric energy, gas, water, steam, ice and other materials, forms of energy or products generated, manufactured, produced or purchased by the Company for sale, distribution or use in the ordinary course of its business; (6) any natural gas wells or natural gas leases or natural gas transportation lines or other works or property used primarily and principally in the production of natural gas or its transportation, primarily for the purpose of sale to natural gas customers or to a natural gas distribution or pipeline company, up to the point of connection with any distribution system; (7) the Company’s franchise to be a corporation; (8) any interest (as lessee, owner or otherwise) in the Wyodak Facility, including, without limitation, any equipment, parts, improvements, substitutions, replacements or other property relating thereto; and (9) any property heretofore released pursuant to any provision of the Mortgage and not heretofore disposed of by the Company; provided, however, that the property and rights expressly excepted from the Lien and operation of the Mortgage in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that the Trustee or a receiver for the Trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XV of the Mortgage by reason of the occurrence of a Default; 


AND PROVIDED FURTHER, that as to any property of the Company that, pursuant to the after-acquired property provisions thereof, hereafter becomes subject to the lien of a mortgage, deed of trust or similar indenture that may in accordance with the Mortgage hereafter become designated as a Class “A” Mortgage, the Lien hereof shall at all times be junior and subordinate to the lien of such Class “A” Mortgage; 


TO HAVE AND TO HOLD all such properties, real, personal and mixed, mortgaged and pledged, or in which a security interest has been granted by the Company as aforesaid, or intended so to be (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Mortgage), unto The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon), as Trustee, and its successors and assigns forever; 
IN TRUST NEVERTHELESS, for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, this Twenty-Seventh Supplemental Indenture being supplemental to the Mortgage; 

5








AND IT IS HEREBY COVENANTED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage shall affect and apply to the property hereinbefore described and conveyed, and to the estates, rights, obligations and duties of the Company and the Trustee and the beneficiaries of the trust with respect to said property, and to the Trustee and its successor or successors in the trust, in the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Mortgage, and had been specifically and at length described in and conveyed to said Trustee by the Mortgage as a part of the property therein stated to be conveyed. 
 The Company further covenants and agrees to and with the Trustee and its successor or successors in such trust under the Mortgage, as follows: 


ARTICLE I


Forty-Second Series of Bonds


SECTION 1.01. There shall be a series of bonds designated “3.60% Series due 2024” (herein sometimes referred to as the Forty-Second Series), each of which shall also bear the descriptive title “First Mortgage Bond,” and the form thereof, which shall be established by or pursuant to a Resolution, shall contain suitable provisions with respect to the matters hereinafter in this Section specified. 
(I) Bonds of the Forty-Second Series shall mature on April 1, 2024 and shall be issued as fully registered bonds in the minimum denomination of two thousand dollars and, at the option of the Company, any multiple or multiples of one thousand dollars in excess thereof (the exercise of such option to be evidenced by the execution and delivery thereof). 
The Company reserves the right to establish, at any time, by or pursuant to a Resolution filed with the Trustee, a form of coupon bond, and or appurtenant coupons, for the Forty-Second Series and to provide for exchangeability of such coupon bonds with the bonds of the Forty-Second Series issued hereunder in fully registered form and to make all appropriate provisions for such purpose. 
Bonds of the Forty-Second Series need not be issued at the same time and such series may be reopened at any time, without notice to or the consent of any then-existing holder or holders of any bond of the Forty-Second Series, for issuances of additional bonds of the Forty-Second Series in an unlimited principal amount. Any such additional bonds will have the same interest rate, maturity and other terms as those initially issued, except for payment of interest accruing prior to the original issue date of such additional bonds and, if applicable, for the first interest payment date following such original issue date.
(II) Bonds of the Forty-Second Series shall bear interest at the rate of three and sixty hundredths per centum (3.60%) per annum payable semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest Payment Date”). Bonds of the Forty-Second Series shall be dated and shall accrue interest as provided in Section 2.06 of the Mortgage. 
The initial Interest Payment Date is October 1, 2014. The amount of interest payable will be computed on the basis of a 360-day year consisting of twelve 30-day months. If any date on which interest is payable on any bond of the Forty-Second Series is not a Business Day, then payment of the interest payable on that date will be made on the next succeeding day which is a Business Day (and without any additional interest or other payment in respect of any delay), with the same force and effect as if made on such date.
Interest payable on any bond of the Forty-Second Series and punctually paid or duly provided for on any Interest Payment Date for such bond will be paid to the person in whose name the bond is registered at the close of business on the Record Date (as hereinafter specified) for such bond next preceding such Interest Payment Date; provided, however, that interest payable at maturity or upon earlier redemption will be payable to the person to whom principal shall be payable. So long as the bonds of the Forty-Second Series remain in book-entry only form, the “Record Date” for each Interest Payment Date shall be the close of business on the Business Day before the applicable Interest Payment Date. If the bonds of the Forty-Second Series are not in book-entry only form, the Record Date for each Interest Payment Date shall be the close of business on the 15th calendar day of the month immediately preceding the month in which the applicable Interest Payment Date occurs (whether or not a Business Day). 
“Business Day” means, for purposes of this Section (II), a day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to remain closed.
Any interest on any bond of the Forty-Second Series which is payable but is not punctually paid or duly provided for, on any Interest Payment Date for such bond (herein called “Defaulted Interest”), shall forthwith cease to be payable to the 

6






registered owner on the relevant Record Date for the payment of such interest solely by virtue of such owner having been such owner; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in subsection (i) or (ii) below: 


	
			
	 
	(i) 
	The Company may elect to make payment of any Defaulted Interest on the bonds of the Forty-Second Series to the persons in whose names such bonds are registered at the close of business on a Special Record Date (as hereinafter defined) for the payment of such Defaulted Interest, which shall be fixed in the following manner: The Company shall, at least 30 days prior to the proposed date of payment, notify the Trustee in writing (signed by an Authorized Financial Officer of the Company) of the amount of Defaulted Interest proposed to be paid on each bond of the Forty-Second Series and the date of the proposed payment (which date shall be such as will enable the Trustee to comply with the next sentence hereof), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons entitled to such Defaulted Interest as in this subsection provided and not to be deemed part of the Mortgaged and Pledged Property. Thereupon, the Trustee shall fix a record date (herein referred to as a “Special Record Date”) for the payment of such Defaulted Interest which date shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each registered owner of a bond of the Forty-Second Series at his, her or its address as it appears in the bond register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the persons in whose names the bonds of the Forty-Second Series are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following subsection (ii).

	 
	(ii) 
	The Company may make payment of any Defaulted Interest on the bonds of the Forty-Second Series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this subsection, such payment shall be deemed practicable by the Trustee.  




 
Subject to the foregoing provisions of this Section, each bond of the Forty-Second Series delivered under the Mortgage upon transfer of or in exchange for or in lieu of any other bond shall carry all rights to interest accrued and unpaid, and to accrue, which were carried by such other bond and each such bond shall bear interest from such date, that neither gain nor loss in interest shall result from such transfer, exchange or substitution. 
(III) The principal of and interest and premium, if any, on each bond of the Forty-Second Series shall be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts or in such other currency or currency unit as shall be determined by or in accordance with the Resolution filed with the Trustee. 
(IV) Bonds of the Forty-Second Series shall not be redeemable prior to maturity at the option of any holder or holders of such bonds. Bonds of the Forty-Second Series shall be redeemable in whole or in part and at any time prior to maturity at the option of the Company. Prior to January 1, 2024, the redemption price shall include accrued and unpaid interest to the redemption date on the bonds to be redeemed, plus the greater of (a) one hundred per centum (100%) of the principal amount of bonds then Outstanding to be redeemed, and (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 15 basis points, as calculated by an Independent Investment Banker. At any time on or after January 1, 2024, the redemption price shall include accrued and unpaid interest to the redemption date on the bonds to be redeemed, plus one hundred percent (100%) of the principal amount of bonds then Outstanding to be redeemed. The Company shall give the Trustee notice of the redemption price referred to in the second preceding sentence immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation. If the Company elects to partially redeem the bonds of the Forty-Second Series, the Trustee shall select in a fair and appropriate manner the bonds of the Forty-Second Series to be redeemed; provided, that if the bonds of the Forty-Second Series are in book-entry only form, interests in such bonds shall be selected for redemption by The Depositary Trust Company in accordance with its standard procedures therefor.
     “Adjusted Treasury Rate” means, with respect to any redemption date, the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and 

7






which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Adjusted Treasury Rate will be calculated on the third Business Day preceding the redemption date.
“Business Day” means, for purposes of this Section (IV), a day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City of New York are authorized or obligated by law or executive order to remain closed.
“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the bonds of the Forty-Second Series to be redeemed that would be used, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such bonds (the “Remaining Life”).
“Comparable Treasury Price” means, with respect to any redemption date, (a) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company and its successors, or if that firm is unwilling or unable to serve as such, an independent investment and banking institution of national standing appointed by the Company. 
“Reference Treasury Dealer” means: (a) RBC Capital Markets, LLC, BNP Paribas Securities Corp. and a Primary Treasury Dealer (as defined below) selected by Mitsubishi UFJ Securities (USA), Inc., and their respective affiliates or successors; provided that, if one of these parties ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and (b) any other Primary Treasury Dealers selected by the Company. 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date.
(V) Each bond of the Forty-Second Series may have such other terms as are not inconsistent with Section 2.03 of the Mortgage, and as may be determined by or in accordance with a Resolution filed with the Trustee. 
(VI) At the option of the registered owner, any bonds of the Forty-Second Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series and same terms of other authorized denominations. 
(VII) Bonds of the Forty-Second Series shall be transferable, subject to any restrictions thereon set forth in any such bond of the Forty-Second Series, upon the surrender thereof for cancellation, together with a written instrument of transfer, if required by the Company, duly executed by the registered owner or by his, her or its duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York. Upon any transfer or exchange of bonds of the Forty-Second Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other government charge, as provided in Section 2.08 of the Mortgage, but the Company hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of the Forty-Second Series. 
(VIII) After the execution and delivery of this Twenty-Seventh Supplemental Indenture and upon compliance with the applicable provisions of the Mortgage and this Twenty-Seventh Supplemental Indenture, it is contemplated that there shall be issued bonds of the Forty-Second Series in an initial aggregate principal amount of Four Hundred Twenty-Five Million Dollars (U.S. $425,000,000).

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ARTICLE II


The Company Reserves the Right to Amend Provisions


Regarding Properties Excepted from Lien of Mortgage


SECTION 2.01. The Company reserves the right, without any consent or other action by holders of bonds of the Ninth Series, or any other series of bonds subsequently created under the Mortgage (including the bonds of the Forty-Second Series), to make such amendments to the Mortgage, as heretofore amended and supplemented, as shall be necessary in order to amend the first proviso to the granting clause of the Mortgage, which proviso sets forth the properties excepted from the Lien of the Mortgage, to add a new exception (10) which shall read as follows: 
“(10) allowances allocated to steam-electric generating plants owned by the Company or in which the Company has interests, pursuant to Title IV of the Clean Air Act Amendments of 1990, Pub. L. 101-549, Nov. 15, 1990, 104 Stat. 2399, 42 USC 7651, et seq., as now in effect or as hereafter supplemented or amended.”
    
ARTICLE III


Miscellaneous Provisions


SECTION 3.01. The right, if any, of the Company to assert the defense of usury against a holder or holders of bonds of the Forty-Second Series or any subsequent series shall be determined only under the laws of the State of New York.


SECTION 3.02. The terms defined in the Mortgage shall, for all purposes of this Twenty-Seventh Supplemental Indenture, have the meanings specified in the Mortgage. The terms defined in Article I of this Twenty-Seventh Supplemental Indenture shall, for purposes of such Article, have the meanings specified in Article I of this Twenty-Seventh Supplemental Indenture.


SECTION 3.03. The Trustee hereby accepts the trusts hereby declared, provided, created or supplemented, and agrees to perform the same upon the terms and conditions herein and in the Mortgage, as hereby supplemented, set forth, including the following: 


The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Twenty-Seventh Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely.  Each and every term and condition contained in Article XIX of the Mortgage shall apply to and form part of this Twenty-Seventh Supplemental Indenture with the same force and effect as if the same were herein set forth in full, with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this Twenty-Seventh Supplemental Indenture. 


SECTION 3.04. Whenever in this Twenty-Seventh Supplemental Indenture either of the Company or the Trustee is named or referred to, this shall, subject to the provisions of Articles XVIII and XIX of the Mortgage, be deemed to include the successors and assigns of such party, and all the covenants and agreements in this Twenty-Seventh Supplemental Indenture contained by or on behalf of the Company, or by or on behalf of the Trustee, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such parties, whether so expressed or not. 


SECTION 3.05. Nothing in this Twenty-Seventh Supplemental Indenture, expressed or implied, is intended, or shall be construed to confer upon, or to give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons outstanding under the Mortgage, any right, remedy or claim under or by reason of this Twenty-Seventh Supplemental Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Twenty-Seventh Supplemental Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders of the bonds and of the coupons outstanding under the Mortgage. 

9






SECTION 3.06. This Twenty-Seventh Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 


ARTICLE IV


Specific Description of Property


The properties of the Company, owned as of the date hereof, and used (or held for future development and use) in connection with the Company’s electric utility systems, or for other purposes, and not previously described under the Mortgage, are as follows: 


Mona-Oquirrh Transmission
Internal Parcel No: UTSL-0861
County: Salt Lake
State: Utah
Affecting County Tax ID No: 26-11-376-003
Acre: 0.163


A tract of land, being all of an entire tract of property, situate in the SE1⁄4SW1⁄4 Section 11, T. 3 S., R. 2 W., S.L.B. & M.  The boundaries of said entire tract of land are described as follows: 


Beginning at the South Quarter Corner of said Section 11, and running thence N.89°35’53”W. 146.63ft. along the section line; thence N.57°14’12”E. 177.16ft. to a point on the center section line; thence S.1°23’07”W. 96.93 ft. along said center section line to the point of beginning. The above described tract of land contains 7,105 square feet in area or 0.163 acre, more or less. Less and excepting any portion lying within the Railroad right of way.


Mountain View Substation
Internal Parcel No: UTSL-0862
County: Salt Lake
State: Utah
Affecting County Tax ID No: 20-15-200-008
Acre: 4.3


A tract of land situate in the NE1⁄4NE1⁄4 of Section 15, T. 2 S., R. 2 W., S.L.B. & M. The boundaries of said entire tract of land are described as follows: 


Beginning at the intersection of the southerly highway right of way line and non-access line of 5400 South Street and the westerly highway right of way line and non-access line of UDOT Project MP-0182(6), which intersection is 427.41 ft. N. 89°41’29”W. (N. 89°42’42”W. by record) along the section line and 83.04 ft. S.00°18’31”W. from the Northeast Corner of said Section 15, said intersection is also 253.17 ft. radially distant westerly from the Mountain View Corridor Right of Way Control Line opposite approximate engineer station 1643+92:03; and running thence along said westerly highway right of way line and non-access line Southerly 423.67 ft. along the arc of a 4,102.00-foot radius curve to the left (Note: Chord bears S.07°06’59”W. 423.49 ft.) to a point designated as Point "A", which point is 261.75 ft. radially distant westerly from said control line opposite approximate engineer station 1639+90.50; thence S. 89°45’50”W. 437.29 ft.; thence N. 00°02’47”E. 99.88 ft. to the beginning of a 482.50-foot radius curve to the right; thence Northerly 155.27 :ft. along the arc of said curve (Note: Chord bears N. 09°15’56”E. 154.60 ft.) to the beginning of a 537.50-foot radius reverse curve to the left; thence Northerly 170.75 ft. along the arc of said curve (Note: Chord bears N.09°23’01”E. 170.04 ft.) to the southerly right of way line of said 5400 South Street; thence N. 89°45’50”E. 137.06 ft. along said southerly right of way line to the beginning of the southerly highway right of way line and non-access line at a point designated as Point "B", which point is 96.58 ft. perpendicularly distant southerly from the 5400 South Street Right of Way Control Line opposite approximate engineer station 5406+11.13; thence N.89°45’50”E. 300.00 ft. along said southerly highway right of way line and non-access line to the point of beginning. The above described tract of land contains 184,586 square ft. in area or 4.238 acres, more or less.

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Upalco Substation additional property
Internal Parcel No: UTDU-0007
County: Duchesne
State: Utah
Affecting County Tax ID No: 2684
Acre: 4.32


BEGINNING AT A POINT THAT IS LOCATED SOUTH 1561.24 FEET ALONG THE SECTION LINE FROM THE NORTHEAST CORNER OF SECTION 6, TOWNSHIP 3 SOUTH, RANGE 2 WEST, UINTAH SPECIAL MERIDIAN; RUNNING THENCE SOUTH 435.00 FEET ALONG SAID SECTION LINE; THENCE WEST 433.00 FEET; THENCE NORTH 435.00 FEET; THENCE EAST 433.00 FEET TO THE POINT OF BEGINNING.
CONTAINING 4.32 ACRES.
SUBJECT TO THOSE PORTIONS BEING USED FOR COUNTY ROAD RIGHT-OF-WAY.


Portland Control Center 
Internal Parcel No: ORMU-0508
County and State:  Multnomah County, State of Oregon
County Assessor number:  1N2E33DD 600 (Property ID R250764)


A parcel of land situate in the Southeast Quarter of the Southeast Quarter of Section 33, Township 1 North, Range 2 East of the Willamette Meridian, Multnomah County, Oregon, being more particularly described as follows:


Lots 1, 2, 3, 4 and 5, Block 1, Prunedale Addition, to the City of Portland, Multnomah County, Oregon. 


Lots 1, 2, 3, 4, 5, 6, 19, 20, 21, 22, 23 and 24, Block 2, Prunedale Addition, to the City of Portland, Multnomah County, Oregon.  


TOGETHER WITH the vacated portion of S.E. Burnside Court (S.E. Mississippi Avenue vacated by County Order No. 4024, January 30, 1969) lying between Lots 1 through 5, Block 1 and Lots 1 through 6, Block 2 of Prunedale Addition to Portland.





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IN WITNESS WHEREOF, PACIFICORP has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by an Authorized Executive Officer of the Company, and its corporate seal to be attested to by its Assistant Secretary for and in its behalf, and The Bank of New York Mellon Trust Company, N.A. has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents, and its corporate seal to be attested to by one of its Vice Presidents, all as of the day and year first above written.


 


	
					
	[SEAL] 
	 
	 
	PACIFICORP 

	



	 
	 
	By  
	




	 
	 
	 
	 
	/s/ Bruce N. Williams

	 
	 
	 
	 
	Bruce N. Williams
Vice President and Treasurer

	Attest: 
	 
	 
	 
	 

	 
	/s/ Jeffery Erb
	 
	 
	 

	 
	Jeffery Erb
Assistant Secretary 
	 
	 
	 

	

[SEAL] 
	 
	 
	 
	

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee

	 
	 
	 
	By 
	 

	 
	 
	 
	 
	/s/ Melonee Young

	 
	 
	 
	 
	Melonee Young
Vice President

	Attest: 
	 
	 
	 
	 

	 
	/s/ Teresa Petta
	 
	 
	 

	 
	Teresa Petta
	 
	 
	 

	 
	Vice President
	 
	 
	 




 
 











 




	
		
	STATE OF OREGON 
	) 

	 
	) 

	COUNTY OF MULTNOMAH 
	) SS.: 




 
On this ____ day of March, 2014, before me, _________________________________, a Notary Public in and for the State of Oregon, personally appeared Bruce N. Williams and Jeffery Erb, known to me to be Vice President and Treasurer and Assistant Secretary, respectively, of PACIFICORP, an Oregon corporation, who being duly sworn, stated that the seal affixed to the foregoing instrument is the corporate seal of said corporation and acknowledged this instrument to be the free, voluntary, and in all respects duly and properly authorized act and deed of said corporation. 


IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year first above written.


 


	
					
	[SEAL] 
	 
	 
	 

	 
	 
	 
	 
	




	 
	 
	 
	 
	Notary Public, State of Oregon 




 
 




ACKNOWLEDGMENT


State of California
County of_________________________)


On__________________________ before me, ___________________________________________
(insert name and title of the officer)


Personally appeared Melonee Young and Teresa Petta, who proved to me on the basis of satisfactory evidence to be the persons whose names are subscribed to the within instrument and acknowledged to me that they executed the same in their authorized capacities, and that by their signatures on the instrument the persons, or the entity upon behalf of which the persons acted, executed the instrument.  


I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.




WITNESS my hand and official seal.






Signature_____________________________     (Seal)