Form of Supplemental Indenture



 EXHIBIT 4.12 

 
  
 PORTLAND GENERAL ELECTRIC COMPANY 
 TO 

HSBC BANK USA, NATIONAL ASSOCIATION 
 (AS SUCCESSOR TO THE MARINE MIDLAND TRUST 
 COMPANY OF NEW YORK)

 Trustee. 
  

Sixty-             Supplemental Indenture 

Dated:             
        , 20     
  
 $             First Mortgage Bonds, 
     % Series, due          
 Supplemental to Indenture of Mortgage and Deed of Trust, 
 dated
July 1, 1945 of Portland General Electric Company. 
 THIS INSTRUMENT GRANTS A SECURITY INTEREST BY A TRANSMITTING
UTILITY 
 THIS INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS 

 
  







 This
SIXTY-             SUPPLEMENTAL INDENTURE (hereinafter this “Supplemental Indenture”), dated
                     , 20    , is made by and between Portland General Electric Company, an Oregon
corporation (hereinafter called the “Company”), and HSBC Bank USA, National Association (as successor to The Marine Midland Trust Company of New York), a national banking association, as Trustee (hereinafter called the
“Trustee”). 
 WHEREAS, the Company has heretofore executed and delivered its Indenture of Mortgage and Deed of
Trust (herein sometimes referred to as the “Original Indenture”), dated July 1, 1945, to the Trustee to secure an issue of First Mortgage Bonds of the Company; and 

WHEREAS, bonds in the aggregate principal amount of $34,000,000 have heretofore been issued under and in accordance with the terms of the
Original Indenture as bonds of an initial series designated “First Mortgage Bonds, 3-1/8% Series due 1975” (herein sometimes referred to as the “Bonds of the 1975 Series”); and 

WHEREAS, the Company has heretofore executed and delivered to the Trustee several supplemental indentures which provided, among other
things, for the creation or issuance of several new series of First Mortgage Bonds under the terms of the Original Indenture as follows: 
  

									
	 Supplemental
Indenture
	    	 Dated
	    	 Series Designation
	  	Principal
Amount	 
	 First
	    	11-1-47	    	3-1/2% Series due 1977	  	$	6,000,000 	(1) 
	 Second
	    	11-1-48	    	3-1/2% Series due 1977	  	 	4,000,000 	(1) 
	 Third
	    	5-1-52	    	3-1/2% Second Series due 1977	  	 	4,000,000 	(1) 
	 Fourth
	    	11-1-53	    	4-1/8% Series due 1983	  	 	8,000,000 	(2) 
	 Fifth
	    	11-1-54	    	3-3/8% Series due 1984	  	 	12,000,000 	(1) 
	 Sixth
	    	9-1-56	    	4-1/4% Series due 1986	  	 	16,000,000 	(1) 
	 Seventh
	    	6-1-57	    	4-7/8% Series due 1987	  	 	10,000,000 	(1) 
	 Eighth
	    	12-1-57	    	5-1/2% Series due 1987	  	 	15,000,000 	(3) 
	 Ninth
	    	6-1-60	    	5-1/4% Series due 1990	  	 	15,000,000 	(1) 
	 Tenth
	    	11-1-61	    	5-1/8% Series due 1991	  	 	12,000,000 	(1) 
	 Eleventh
	    	2-1-63	    	4-5/8% Series due 1993	  	 	15,000,000 	(1) 
	 Twelfth
	    	6-1-63	    	4-3/4% Series due 1993	  	 	18,000,000 	(1) 
	 Thirteenth
	    	4-1-64	    	4-3/4% Series due 1994	  	 	18,000,000 	(1) 
	 Fourteenth
	    	3-1-65	    	4.70% Series due 1995	  	 	14,000,000 	(1) 
	 Fifteenth
	    	6-1-66	    	5-7/8% Series due 1996	  	 	12,000,000 	(1) 
	 Sixteenth
	    	10-1-67	    	6.60% Series due October 1, 1997	  	 	24,000,000 	(1) 
	 Seventeenth
	    	4-1-70	    	8-3/4% Series due April 1, 1977	  	 	20,000,000 	(1) 
	 Eighteenth
	    	11-1-70	    	9-7/8% Series due November 1, 2000	  	 	20,000,000 	(4) 
	 Nineteenth
	    	11-1-71	    	8% Series due November 1, 2001	  	 	20,000,000 	(4) 
	 Twentieth
	    	11-1-72	    	7-3/4% Series due November 1, 2002	  	 	20,000,000 	(4) 
	 Twenty-first
	    	4-1-73	    	7.95% Series due April 1, 2003	  	 	35,000,000 	(4) 
	 Twenty-second
	    	10-1-73	    	8-3/4% Series due October 1, 2003	  	 	17,000,000 	(4) 
	 Twenty-third
	    	12-1-74	    	10-1/2% Series due December 1, 1980	  	 	40,000,000 	(1) 
	 Twenty-fourth
	    	4-1-75	    	10% Series due April 1, 1982	  	 	40,000,000 	(1) 
	 Twenty-fifth
	    	6-1-75	    	9-7/8% Series due June 1, 1985	  	 	27,000,000 	(1) 


  
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	 Twenty-sixth
	    	12-1-75	    	11-5/8% Series due December 1, 2005	  	 	50,000,000 	(4) 
	 Twenty-seventh
	    	4-1-76	    	9-1/2% Series due April 1, 2006	  	 	50,000,000 	(4) 
	 Twenty-eighth
	    	9-1-76	    	9-3/4% Series due September 1, 1996	  	 	62,500,000 	(4) 
	 Twenty-ninth
	    	6-1-77	    	8-3/4% Series due June 1, 2007	  	 	50,000,000 	(4) 
	 Thirtieth
	    	10-1-78	    	9.40% Series due January 1, 1999	  	 	25,000,000 	(4) 
	 Thirty-first
	    	11-1-78	    	9.80% Series due November 1, 1998	  	 	50,000,000 	(4) 
	 Thirty-second
	    	2-1-80	    	13-1/4% Series due February 1, 2000	  	 	55,000,000 	(4) 
	 Thirty-third
	    	8-1-80	    	13-7/8% Series due August 1, 2010	  	 	75,000,000 	(4) 
	 Thirty-sixth
	    	10-1-82	    	13-1/2% Series due October 1, 2012	  	 	75,000,000 	(4) 
	 Thirty-seventh
	    	11-15-84	    	11-5/8% Extendable Series A due November 15, 1999	  	 	75,000,000 	(4) 
	 Thirty-eighth
	    	6-1-85	    	10-3/4% Series due June 1, 1995	  	 	60,000,000 	(4) 
	 Thirty-ninth
	    	3-1-86	    	9-5/8% Series due March 1, 2016	  	 	100,000,000 	(4) 
	 Fortieth
	    	10-1-90	    	Medium Term Note Series	  	 	200,000,000 	 
	 Forty-first
	    	12-1-91	    	Medium Term Note Series I	  	 	150,000,000 	(1) 
	 Forty-second
	    	4-1-93	    	7-3/4% Series due April 15, 2023	  	 	150,000,000 	(4) 
	 Forty-third
	    	7-1-93	    	Medium Term Notes Series II	  	 	75,000,000 	(1) 
	 Forty-fourth
	    	8-1-94	    	Medium Term Notes Series III	  	 	75,000,000 	(1) 
	 Forty-fifth
	    	5-1-95	    	Medium Term Notes Series IV	  	 	75,000,000 	(5) 
	 Forty-sixth
	    	8-1-96	    	Medium Term Notes Series V	  	 	50,000,000 	(1) 
	 Forty-seventh
	    	12-14-01	    	Second Series due 2002	  	 	150,000,000 	(4) 
	 Forty-eighth
	    	6-1-02	    	Collateral Series due 2003	  	 	72,000,000 	(1) 
	 Forty-ninth
	    	6-1-02	    	Second Collateral Series due 2003	  	 	150,000,000 	(1) 
	 Fiftieth
	    	10-1-02	    	8-1/8% Series due 2010	  	 	150,000,000 	(4) 
	 Fifty-first
	    	10-1-02	    	5.6675% Series due 2012	  	 	100,000,000 	  
	 Fifty-second
	    	4-1-03	    	5.279% Series due 2013	  	 	50,000,000 	(4) 
	 Fifty-third
	    	5-1-03	    	 Collateral Series A due 2033

Collateral Series B due 2033
 Collateral Series C
due 2033
	  	 	142,400,000 	  
	 Fifty-fourth
	    	5-1-03	    	Collateral Series due 2004	  	 	150,000,000 	(1) 
	 Fifty-fifth
	    	7-1-03	    	Medium Term Notes Series VI	  	 	200,000,000 	  
	 Fifty-sixth
	    	5-1-06	    	 6.31% Series due 2036
 6.26%
Series due 2031
	  	 
  
	175,000,000 

100,000,000 
	  
   

	 Fifty-seventh
	    	12-1-06	    	5.80% Series due 2039	  	 	170,000,000 	  
	 Fifty-eighth
	    	4-1-07	    	5.81% Series due 2037	  	 	130,000,000 	  
	 Fifty-ninth
	    	10-1-07	    	5.80% Series due 2018	  	 	75,000,000 	  
	 Sixtieth
	    	4-1-08	    	4.45% Second Series due 2013	  	 	50,000,000 	  
	 Sixty-first
	    	1-15-09	    	 6.50% Series due 2014
 6.80%
Series due 2016
	  	 
  
	63,000,000 

67,000,000 
	  
   

	 Sixty-second
	    	4-1-09	    	6.10% Series due 2019	  	 	300,000,000 	  
	 Sixty-third
	    	11-1-09	    	5.43% Series due 2040	  	 	150,000,000 	  
	 Sixty-fourth
	    	1-15-10	    	3.46% Series due 2015	  	 	70,000,000 	  
	 Sixty-fifth
	    	6-15-10	    	3.81% Series due 2017	  	 	58,000,000 	  

  

	(1)	Paid in full at maturity. 


	(2)	This entire issue of Bonds was redeemed out of proceeds from the sale of First Mortgage Bonds, 3-3/8% Series due 1984. 


	(3)	This entire issue of Bonds was redeemed out of proceeds from the sale of First Mortgage Bonds, 4-5/8% Series due 1993. 


	(4)	Redeemed in full prior to maturity. 


	(5)	This entire series of Bonds has been retired. 


  
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 which bonds are sometimes referred to herein as the “Bonds of the 1977
Series,” “Bonds of the 1977 Second Series,” “Bonds of the 1983 Series,” “Bonds of the 1984 Series,” “Bonds of the 1986 Series,” “Bonds of the 4 7/8% Series due 1987,” “Bonds of the 5 1/2% Series due 1987,” “Bonds of the 1990 Series,”
“Bonds of the 1991 Series,” “Bonds of the 4 5/8% Series due 1993,” “Bonds of the 4 3/4% Series due 1993,” “Bonds of the 1994 Series,” “Bonds of the 1995 Series,” “Bonds of the 1996 Series,” “Bonds of the 1997 Series,” “Bonds of the 1977
Third Series,” “Bonds of the 2000 Series,” “Bonds of the 2001 Series,” “Bonds of the 2002 Series,” “Bonds of the 2003 Series,” “Bonds of the 2003 Second Series,” “Bonds of the 1980
Series,” “Bonds of the 1982 Series,” “Bonds of the 1985 Series,” “Bonds of the 2005 Series,” “Bonds of the 2006 Series,” “Bonds of the 1996 Second Series,” “Bonds of the 2007 Series,”
“Bonds of the 1999 Series,” “Bonds of the 1998 Series,” “Bonds of the 2000 Second Series,” “Bonds of the 2010 Series,” “Bonds of the 2012 Series,” “Bonds of the Extendable Series A,”
“Bonds of the 1995 Second Series,” “Bonds of the 2016 Series,” “Bonds of the Medium Term Note Series,” “Bonds of the Medium Term Note Series I,” “Bonds of the 2023 Series,” “Bonds of the Medium
Term Note Series II,” “Bonds of the Medium Term Note Series III,” “Bonds of the Medium Term Note Series IV,” “Bonds of the Medium Term Note Series V,” “Bonds of the 2002 Second Series,” “Bonds
of the Collateral Series,” “Bonds of the Second Collateral Series,” “Bonds of the 2010 Second Series,” “Bonds of the 2012 Second Series,” “Bonds of the 2013 Series,” “Bonds of the 2033 Series,”
“Bonds of the 2004 Collateral Series,” “Bonds of the Medium Term Note Series VI,” “Bonds of the 2036 Series,” “Bonds of the 2031 Series,” “Bonds of the 2039 Series,” “Bonds of the 2037
Series,” “Bonds of the 2018 Series,” “Bonds of the 2013 Second Series,” “Bonds of the 2014 Series,” “Bonds of the 2016 Second Series,” “Bonds of the 2019 Series,” “Bonds of the 2040
Series,” “Bonds of the 2015 Series,” and “Bonds of the 2017 Series,” respectively; and 
 WHEREAS, the Original Indenture provides that the Company and the Trustee, subject to the conditions and restrictions in the Original Indenture contained, may enter into an indenture or indentures
supplemental thereto, which shall thereafter form a part of said Original Indenture, among other things, to mortgage, pledge, convey, transfer, or assign to the Trustee and to subject to the lien of the Original Indenture with the same force and
effect as though included in the granting clauses thereof, additional properties acquired by the Company after the execution and delivery of the Original Indenture, and to provide for the creation of any series of bonds (other than the Bonds of the
1975 Series), designating the series to be created and specifying the form and provisions of the bonds of such series as therein provided or permitted, and to provide a sinking, amortization, replacement, or other analogous fund for the benefit of
all or any of the bonds of any one or more series, of such character and of such amount, and upon such terms and conditions as shall be contained in such supplemental indenture; and 

WHEREAS, the Company has heretofore executed and delivered to the Trustee
sixty-             supplemental indentures amending in certain respects the Original Indenture (such Original Indenture as so supplemented and amended is hereinafter referred to as
the “Mortgage”); and 
 WHEREAS, the Company desires to further amend the Mortgage in certain respects pursuant
to Section 17.01 of the Original Indenture, and the Trustee has agreed to such amendments; and 

  
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 WHEREAS, the Company desires to provide for the creation of a new series of bonds to be
known as “First Mortgage Bonds,         % Series due 20    ” (sometimes herein referred to as the “Bonds of the 20     Series”
or the “Bonds”), and to specify the form and provisions of the Bonds of the 20     Series, and to mortgage, pledge, convey, transfer, or assign to the Trustee and to subject to the lien of the Mortgage
certain additional properties acquired by the Company since the execution and delivery of the Original Indenture; and 

WHEREAS, the Company intends at this time to provide for the issuance of
$                     aggregate principal amount of Bonds of the 20     Series under and in accordance with the
terms of the Mortgage and this Supplemental Indenture (the Mortgage as so supplemented and amended by this Supplemental Indenture referred to as the “Indenture”); and 

WHEREAS, the Bonds of the 20     Series and the Trustee’s authentication certificate to be executed on
the Bonds of the 20     Series are to be substantially in the following form, respectively: 

  
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 (Form of Bond of the          % Series due
20    ) 
 [Face of Bond] 

 

			
	No.                     	  	$                    


PORTLAND GENERAL ELECTRIC COMPANY 
 FIRST MORTGAGE BOND,         % SERIES DUE 20     
 Portland General Electric Company, an Oregon corporation (hereinafter sometimes called the “Company”), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     Dollars on
                    , 20     (the “Maturity Date”), except to the extent redeemed or repaid prior
to the Maturity Date, and to pay interest thereon at the rate of              per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months) until the
principal hereof is paid or made available for payment. Interest will be paid semi-annually in arrears on                      and
                     (each an “Interest Payment Date”) each year from the Interest Payment Date next preceding the date this
bond is executed by the Company, or, if the date this bond is executed by the Company is an Interest Payment Date, from such Interest Payment Date, or, if the date this bond is executed by the Company is prior to the Original Issue Date specified
above, from the Original Issue Date. If and to the extent the Company shall default in the payment of interest due on an Interest Payment Date, then interest shall be paid from the date to which interest has been paid, provided,
however, that if such default shall be in respect of the interest due on the first Interest Payment Date following the Original Issue Date, then interest shall be paid from the Original Issue Date. If the Maturity Date or an Interest Payment
Date falls on a day which is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the next succeeding Business Day with the same force and effect as if made
on such Maturity Date or Interest Payment Date, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions, be paid to the person in whose name this bond
(or one or more predecessor bonds) is registered at the close of business on the fifteenth day (whether or not a Business Day) next preceding such Interest Payment Date (the “Regular Record Date”); provided, however, that
interest payable on the Maturity Date will be payable to the person to whom the principal hereof shall be payable. Should the Company default in the payment of interest (“Defaulted Interest”), the Defaulted Interest shall be paid to
the person in whose name this bond (or one or more predecessor bonds) is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of such Defaulted Interest. As used herein,
“Business Day” means any day, other than a Saturday or Sunday, on which banks in The City of New York are not required or authorized by law to close. 
 Payment of the principal of and interest on this bond will be made in immediately available funds at the office or agency of the Company maintained for that purpose 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 payment of public and private debts. The Trustee, as paying agent of the Company, will make all payments of principal and interest by


  
 6 








 
wire transfer of immediately available funds; provided, however, that appropriate written wire transfer instructions must have been received by the Trustee not less than sixteen days prior
to the applicable Interest Payment Date, Maturity Date, or redemption date; and provided further, however, that if the Original Issue Date is less than sixteen days prior to the First Interest Payment Date, payment of interest on such date
will be by wire transfer of immediately available funds, if appropriate written wire transfer instructions have been received by the Trustee on or before the Original Issue Date. 

Reference is hereby made to the further provisions of this bond set forth on the reverse hereof, including terms of redemption, and such
further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This bond shall not
become or be valid or obligatory for any purpose until the authentication certificate hereon shall have been signed by the Trustee. 
 IN WITNESS WHEREOF, PORTLAND GENERAL ELECTRIC COMPANY has caused this instrument to be executed
manually or in facsimile by its duly authorized officers and has caused a facsimile of its corporate seal to be imprinted hereon. 
  

			
	Dated:	 	  


  

			
	PORTLAND GENERAL ELECTRIC COMPANY
		
	 By:
	 	  

	
	Title:


  

			
	Attest:	 	  

		 	Assistant Secretary


  
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 (Form of Trustee’s Authentication Certificate for 

Bonds of the         % Series due 20    ) 

This is one of the bonds, of the series designated herein, described in the within-mentioned Indenture. 

 

			
	 HSBC BANK USA, NATIONAL
 ASSOCIATION, AS TRUSTEE

		
	By:	 	 
		 	Authorized Officer



  
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 [Reverse of Bond] 
 This bond is one of the bonds of a series designated as First Mortgage Bonds,         % Series due 20     (sometimes herein
referred to as the “Bonds of the 20     Series”) limited to a maximum aggregate principal amount of $            . Bonds of the
20     Series are bonds of an authorized issue of bonds of the Company known as First Mortgage Bonds, not limited as to maximum aggregate principal amount, all issued or issuable in one or more series under and
equally secured (except insofar as any sinking fund, replacement fund, or other fund established in accordance with the provisions of the Indenture hereinafter mentioned may afford additional security for the bonds of any specific series) by an
Indenture of Mortgage and Deed of Trust dated July 1, 1945, duly executed and delivered by the Company to HSBC Bank USA, National Association (as successor to The Marine Midland Trust Company of New York), as Trustee, as supplemented, amended,
and modified by sixty-             supplemental indentures and by the Sixty-             Supplemental Indenture
(such Indenture of Mortgage and Deed of Trust as so supplemented, amended, and modified by such sixty-             supplemental indentures and the
Sixty-             Supplemental Indenture being hereinafter called the “Indenture”), to which Indenture reference is hereby made for a description of the property
mortgaged and pledged as security for said bonds, the nature and extent of the security, and the rights, duties, and immunities thereunder of the Trustee, the rights of the holders of said bonds and of the Trustee and of the Company in respect of
such security, and the terms upon which said bonds may be issued thereunder. Capitalized terms used herein and not defined herein shall have the respective meanings in the Indenture, unless otherwise noted. 

The Bonds of the 20     Series may be redeemed by the Company prior to maturity as a whole, at any time,
or in part, from time to time on notice given not more than ninety nor less than thirty days prior to the date of such redemption at the option of the Company at a price equal to the greater of (i) the principal amount of the portion of the
Bonds of the 20     Series to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (not including any portion of such payments of interest accrued as of
the date of redemption) due on the Bonds of the 20     Series (or portion thereof) to be redeemed, 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 50 basis points, together in each case with accrued and unpaid interest to the date of redemption. 
 If this bond or any portion thereof ($             or an integral multiple thereof) is duly called for redemption and payment duly
provided for as specified in the Indenture, this bond or such portion thereof shall cease to be entitled to the lien of the Indenture from and after the date payment is so provided for and shall cease to bear interest from and after the date fixed
for such redemption. 
 In the event of the selection for redemption of a portion only of the principal of this bond, payment of
the redemption price will be made only upon surrender of this bond in exchange for a bond or bonds (but only of authorized denominations of the same series) for the unredeemed balance of the principal amount of this bond. 

  
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 The Indenture contains provisions permitting the Company and the Trustee, with the consent
of the holders of not less than seventy-five percent in principal amount of the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at
the time outstanding, not less than sixty percent in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company
and of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of all holders hereof which will (i) extend the maturity of this bond or
reduce the rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof, (ii) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture, or
(iii) reduce the percentage of the principal amount of the bonds upon the approval or consent of the holders of which modifications or alterations may be made as aforesaid. 

The transfer of this bond is registrable by the registered owner hereof in person or by such owner’s attorney duly authorized in
writing, at the corporate trust office of the Trustee in the Borough of Manhattan, City and State of New York, upon surrender of this bond for cancellation and upon payment of any taxes or other governmental charges payable upon such transfer, and
thereupon a new registered bond or bonds of the same series and of a like aggregate principal amount will be issued to the transferee or transferees in exchange therefor. 
 The Company, the Trustee, and any paying agent may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payments of or on account of
the principal hereof and interest due hereon, and for all other purposes, whether or not this bond shall be overdue, and neither the Company, the Trustee, nor any paying agent shall be affected by any notice to the contrary. 

Bonds of this series are issuable only in fully registered form without coupons in denominations of
$             or any amount in excess thereof that is an integral multiple of $            . The registered owner
of this bond at its option may surrender the same for cancellation at said office of the Trustee and receive in exchange therefor the same aggregate principal amount of registered bonds of the same series but of other authorized denominations upon
payment of any taxes or other governmental charges payable upon such exchange and subject to the terms and conditions set forth in the Indenture. Bonds may be issued in a denomination of less than
$             (but in multiples of at least $            ) if necessary to enable the registration of a transfer by
a holder of its entire holding of Bonds, or if necessary for the redemption of Bonds. 
 If an event of default as defined in
the Indenture shall occur, the principal of this bond may become or be declared due and payable before maturity in the manner and with the effect provided in the Indenture. The holders, however, of certain specified percentages of the bonds
(exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in the
Indenture, waive certain defaults thereunder and the consequences of such defaults. 

  
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 No recourse shall be had for the payment of the principal of or the interest on this bond,
or for any claim based hereon, or otherwise in respect hereof or of the Indenture, against any incorporator, shareholder, director, or officer, past, present, or future, as such, of the Company or of any predecessor or successor corporation, either
directly or through the Company or such predecessor or successor corporation, under any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability of incorporators, shareholders,
directors, and officers, as such, being waived and released by the holder and owner hereof by the acceptance of this bond and as provided in the Indenture. 
 The Indenture provides that this bond shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with and governed by the laws of
said State. 
 (End of Form of Bond of the         % Series due
20    ) 
 and 
 WHEREAS, all acts and proceedings required by law and by the charter or articles of incorporation and bylaws of the Company necessary to make the Bonds to be issued hereunder, when executed by the
Company, authenticated and delivered by the Trustee, and duly issued, the valid, binding, and legal obligations of the Company, and to constitute this Supplemental Indenture a valid and binding instrument, have been done and taken; and the execution
and delivery of this Supplemental Indenture have been in all respects duly authorized; 
 NOW, THEREFORE, THIS SUPPLEMENTAL
INDENTURE WITNESSETH, that, in order to secure the payment of the principal of, premium, if any, and interest on all First Mortgage Bonds at any time issued and outstanding under the Original Indenture as supplemented and modified by the
sixty-             supplemental indentures hereinbefore described and as supplemented and modified by this Supplemental Indenture, according to their tenor, purport, and effect, and
to secure the performance and observance of all the covenants and conditions therein and herein contained, and for the purpose of confirming and perfecting the lien of the Indenture on the properties of the Company hereinafter described, or referred
to, and for and in consideration of the premises and of the mutual covenants herein contained, and acceptance of the Bonds by the holders thereof, and for other valuable consideration, the receipt whereof is hereby acknowledged, the Company has
executed and delivered this Supplemental Indenture and by these presents does grant, bargain, sell, warrant, alien, convey, assign, transfer, mortgage, pledge, hypothecate, set over, and confirm unto the Trustee the following property, rights,
privileges, and franchises (in addition to all other property, rights, privileges, and franchises heretofore subjected to the lien of the Original Indenture as supplemented by the
sixty-             supplemental indentures hereinbefore described and not heretofore released from the lien thereof, all of which shall secure all bonds, including the Bonds of the
20     Series), to wit: 

  
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 CLAUSE I 
 Without in any way limiting anything in the Mortgage or hereinafter described, all and singular the lands, real estate, chattels real, interests in land, leaseholds, ways, rights-of-way, easements,
servitudes, permits and licenses, lands under water, riparian rights, franchises, privileges, electric generating plants, electric transmission and distribution systems, and all apparatus and equipment appertaining thereto, offices, buildings,
warehouses, garages, and other structures, tracks, machine shops, materials and supplies, and all property of any nature appertaining to any of the plants, systems, business, or operations of the Company, whether or not affixed to the realty, used
in the operation of any of the premises or plants or systems or otherwise, which have been acquired by the Company since the execution and delivery of the Original Indenture and not heretofore included in any indenture supplemental thereto, and now
owned or which may hereafter be acquired by the Company (other than excepted property as defined in the Mortgage). 
 CLAUSE II

 All corporate, Federal, State, municipal, and other permits, consents, licenses, bridge licenses, bridge rights, river
permits, franchises, grants, privileges, and immunities of every kind and description, owned, held, possessed, or enjoyed by the Company (other than excepted property as defined in the Mortgage) and all renewals, extensions, enlargements, and
modifications of any of them, which have been acquired by the Company since the execution and the delivery of the Original Indenture and not heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired
by the Company. 
 CLAUSE III 
 Also all other property, real, personal, or mixed, tangible or intangible (other than excepted property as defined in the Mortgage) of every kind, character, and description and wheresoever situated,
whether or not useful in the generation, manufacture, production, transportation, distribution, sale, or supplying of electricity, hot water, or steam, which has been acquired by the Company since the execution and delivery of the Original Indenture
and not heretofore included in any indenture supplemental thereto, and now owned or which may hereafter be acquired by the Company (other than excepted property as defined in the Mortgage). 

CLAUSE IV 

Together with all and singular the plants, buildings, improvements, additions, tenements, hereditaments, easements, rights, privileges,
licenses, and franchises and all other appurtenances whatsoever belonging or in any wise pertaining to any of the property hereby mortgaged or pledged, or intended so to be, or any part thereof, and the reversion and reversions, remainder and
remainders, and the rents, revenues, issues, earnings, income, products, and profits thereof, and every part and parcel thereof, and all the estate, right, title, interest, property, claim, and demand of every nature whatsoever of the Company at
law, in equity, or otherwise howsoever, in, of, and to such property and every part and parcel thereof (other than excepted property as defined in the Mortgage). 

  
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 TO HAVE AND TO HOLD all of said property, real, personal, and mixed, and all and singular
the lands, properties, estates, rights, franchises, privileges, and appurtenances hereby mortgaged, conveyed, pledged, or assigned, or intended so to be, together with all the appurtenances thereto appertaining and the rents, issues, and profits
thereof, unto the Trustee and its successors and assigns, forever: 
 SUBJECT, HOWEVER, to the exceptions, reservations,
restrictions, conditions, limitations, covenants, and matters contained in all deeds and other instruments whereunder the Company has acquired any of the property now owned by it, and to permitted encumbrances as defined in Subsection B of
Section 1.11 of the Mortgage; 
 BUT IN TRUST NEVERTHELESS, for the equal and proportionate use, benefit, security, and
protection of those who from time to time shall hold the bonds authenticated and delivered under the Original Indenture and the sixty-             supplemental indentures
hereinbefore described or this Supplemental Indenture, and duly issued by the Company, without any discrimination, preference, or priority of any one bond over any other by reason of priority in the time of issue, sale, or negotiation thereof or
otherwise, except as provided in Section 11.28 of the Mortgage, so that, subject to said Section 11.28, each and all of said bonds shall have the same right, lien, and privilege under the Original Indenture and the
sixty-             supplemental indentures hereinbefore described, or this Supplemental Indenture, and shall be equally secured thereby and hereby and shall have the same
proportionate interest and share in the trust estate, with the same effect as if all of the bonds had been issued, sold, and negotiated simultaneously on the date of delivery of the Original Indenture; 

AND UPON THE TRUSTS, USES, AND PURPOSES and subject to the covenants, agreements, and conditions in the Original Indenture and the
sixty-             supplemental indentures hereinbefore described and herein set forth and declared. 
 ARTICLE ONE. 
 BONDS OF THE 20     SERIES
AND 
 CERTAIN PROVISIONS RELATING THERETO. 
 SECTION 1.01. Certain Terms of Bonds of the 20     Series. There is hereby established a series of First Mortgage Bonds of the Company designated and entitled as
“First Mortgage Bonds,         % Series due 20    ” (sometimes referred to as the “Bonds of the 20     Series”). The
aggregate principal amount of the Bonds of the 20     Series shall be limited to $            , excluding, however, any Bonds of the
20     Series which may be executed, authenticated, and delivered in exchange for or in lieu of or in substitution for other Bonds of such Series pursuant to the provisions of the Indenture. 

The definitive Bonds of the 20     Series shall be issuable in substantially the form as hereinabove set
forth in fully registered form without coupons in the denomination of $            , or any amount in excess thereof that is an integral multiple of
$            . 

  
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 Notwithstanding the provisions of Section 2.05 of the Mortgage, each Bond of the
20     Series shall be dated as of the date of execution by the Company, shall mature on              20     (the
“Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and shall bear interest at the rate of          per cent per annum (calculated on the basis of a
360-day year of twelve 30-day months) until the principal hereof is paid or made available for payment. Interest will be paid semi-annually in arrears on
                     and
                     (each an “Interest Payment Date”) each year from the Interest Payment Date next preceding the date this
bond is executed by the Company, or, if the date this bond is executed by the Company is an Interest Payment Date, from such Interest Payment Date, or, if the date this bond is executed by the Company is prior to the Original Issue Date specified on
the Bond, from the Original Issue Date. If and to the extent the Company shall default in the payment of interest due on an Interest Payment Date, then interest shall be paid from the date to which interest has been paid, provided,
however, that if such default shall be in respect of the interest due on the first Interest Payment Date following the Original Issue Date, then interest shall be paid from the Original Issue Date. If the Maturity Date or an Interest Payment
Date falls on a day which is not a Business Day, as defined below, principal or interest payable with respect to such Maturity Date or Interest Payment Date will be paid on the next succeeding Business Day with the same force and effect as if made
on such Maturity Date or Interest Payment Date, as the case may be. The person in whose name any Bond of the 20     Series is registered at the close of business on the applicable Record Date (as defined below) with
respect to any Interest Payment Date shall be entitled to receive the interest payable thereon on such Interest Payment Date notwithstanding the cancellation of such Bond of the 20     Series upon any registration of
transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date, unless the Company shall default in the payment of the interest due on such Interest Payment Date, in which case such defaulted interest shall be
paid to the person in whose name such Bond of the 20     Series is registered on a subsequent record date fixed by the Company, which subsequent record date shall be fifteen days prior to the payment of such defaulted
interest; provided, however, that interest payable on the Maturity Date will be payable to the person to whom the principal hereof shall be payable. As used herein the term “Business Day” means any day, other than a Saturday
or Sunday, on which banks in The City of New York, New York are not required or authorized by law to close. As used herein, the term “Record Date” with respect to any Interest Payment Date shall mean the fifteenth day (whether or
not such day is a Business Day) next preceding such Interest Payment Date. The principal of the Bonds of the 20     Series shall be payable in any coin or currency of the United States of America which at the time of
payment is legal tender for the payment of public and private debts at the office or agency of the Company in the Borough of Manhattan, City and State of New York, and interest on such Bonds of the 20     Series shall
be payable in like coin or currency at said office or agency. 
 Upon compliance with the provisions of Section 2.06 of the
Mortgage and as provided in this Supplemental Indenture, and upon payment of any taxes or other governmental charges payable upon such exchange, Bonds of the 20     Series may be exchanged for a new Bond or Bonds of
the 20     Series of different authorized denominations of like aggregate principal amount. The Trustee hereunder shall, by virtue of its office as such Trustee, be the registrar and


  
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transfer agent of the Company for the purpose of registering permitted transfers of Bonds of the 20     Series. 

Notwithstanding the provisions of Section 2.11 of the Mortgage, no service charge shall be made for any exchange or registration of
transfer of Bonds of the 20     Series, but the Company or the Trustee at either of their option may require payment of a sum sufficient to cover any tax or other governmental charge incident thereto. 

SECTION 1.02. Redemption Provisions for Bonds of the 20     Series. The Bonds of the
20     Series may be redeemed prior to maturity at any time, in whole or in part, upon prior notice given by mailing such notice to the respective registered owners of such Bonds of the
20     Series not less than thirty nor more than ninety days prior to the redemption date and as otherwise required by the provisions of Article Nine of the Mortgage, at the option of the Company, at a redemption
price equal to          percent of the principal amount of the portion of the Bonds of the 20     Series to be redeemed. 

Notwithstanding the provisions of Section 9.03 of the Mortgage, in the case of any partial redemption of the Bonds of the
20     Series, the principal amount of the Bonds to be redeemed shall be allocated pro rata among all holders of such Bonds of the 20     Series at the time outstanding and in
accordance with the unpaid principal amount thereof. 
 SECTION 1.03. Sections 4.04, 4.05, and 4.06 to Remain in Effect.
Notwithstanding the provisions of Sections 4.04, 4.05, 4.06, and 4.07 of the Mortgage, the provisions of Sections 4.04, 4.05, and 4.06 of the Mortgage shall remain in full force and effect and shall be performed by the Company so long as any Bonds
of the 20     Series remain outstanding. 
 SECTION 1.04. Certain Requirements of Mortgage to
Remain Applicable. The requirements which are stated in the next to the last paragraph of Section 1.13 and in Clause (9) of Paragraph A of Section 3.01 of the Mortgage to be applicable so long as any of the Bonds of the 1975
Series are outstanding shall remain applicable so long as any of the Bonds of the 20     Series are outstanding. 
 SECTION 1.05. Certain Exceptions to Sections 2.06 and 2.10 of the Mortgage. Notwithstanding the provisions of Section 2.06 or Section 2.10 of the Mortgage, the Company shall not be
required (a) to issue, register, discharge from registration, exchange, or register the transfer of any Bond of the 20     Series for a period of fifteen days next preceding any selection by the Trustee of Bonds
of the 20     Series to be redeemed or (b) to register, discharge from registration, exchange, or register the permitted transfer of any Bond of the 20     Series so selected for
redemption in its entirety or (c) to exchange or register the permitted transfer of any portion of a Bond of the 20     Series which portion has been so selected for redemption. 

SECTION 1.06. Reference to Minimum Provision for Depreciation in Certificate of Available Additions. So long as any Bonds of the
20     Series remain outstanding, all references to the minimum provision for depreciation in the form of certificate of available additions set forth in Section 3.03 of the Mortgage shall be included in any
certificate of available additions filed with the Trustee, but whenever Bonds of the 20     Series shall no longer be outstanding, all references to such minimum provisions for depreciation may be omitted from any
such certificate. 
 SECTION 1.07. Reporting Obligations. To the extent the Company is no longer required to file or does
not voluntarily file the following documents with the Securities and Exchange Commission (the “SEC”), so long as any Bonds of the 2017 Series are outstanding, the Company shall furnish to the Trustee, within the time periods
specified in the SEC’s rules and regulations, the following: 
 (a) All quarterly and annual financial information that
would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” that describes the financial condition and results of operations of the Company and its consolidated subsidiaries and, with respect to the annual information only, a report thereon by the Company’s certified independent
accountants. 
 (b) All current reports that would be required to be filed with the SEC on Form 8-K if the Company were
required to file such reports. 
 The Trustee shall retain such documents in accordance with its customary procedures.

 Delivery of such reports, information, and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein (as to which the Trustee may rely solely on Officers’ Certificates). 

SECTION 1.08. CUSIP, ISIN, Private Placement, or Common Code Numbers. The Company in issuing the Bonds of the 20__ Series may use
“CUSIP,” “ISIN,” “Private Placement, ” or “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use such numbers in notices of redemption or repurchase as a convenience to holders;
provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the bonds or as contained in any notice of a redemption or repurchase and that reliance may be placed
only on the other identification numbers printed on the bonds, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in
“CUSIP,” “ISIN,” “Private Placement,” or “Common Code” numbers. 

  
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 SECTION 1.09. Duration of Article One. This Article One shall be of force and effect
only so long as any Bonds of the 20     Series are outstanding. 
 ARTICLE TWO.

 TRUSTEE. 
 SECTION 2.01. Duties of Trustee. The Trustee hereby accepts the trust hereby created. The Trustee undertakes, prior to the occurrence of an event of default and after the curing of all events
of default which may have occurred, to perform such duties and only such duties as are specifically set forth in the Original Indenture as heretofore and hereby supplemented and modified, on and subject to the terms and conditions set forth in the
Original Indenture as so supplemented and modified, and in case of the occurrence of an event of default (which has not been cured) to exercise such of the rights and powers vested in it by the Original Indenture as so supplemented and modified, and
to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Bonds issued hereunder or the due execution thereof by
the Company. The Trustee shall be under no obligation or duty with respect to the filing, registration, or recording of this Supplemental Indenture or the re-filing, re-registration, or re-recording thereof. The recitals of fact contained
herein or in the Bonds of the 20     Series (other than the Trustee’s authentication certificate) shall be taken as the statements solely of the Company, and the Trustee assumes no responsibility for the
correctness thereof. 
 ARTICLE THREE. 
 MISCELLANEOUS PROVISIONS. 
 SECTION 3.01. Date of this Supplemental
Indenture. Although this Supplemental Indenture, for convenience and for the purpose of reference, is dated                      ,
20    , the actual date of execution by the Company and by the Trustee is as indicated by their respective acknowledgments hereto annexed. 
 SECTION 3.02. Relation to Original Indenture. This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Original Indenture as heretofore supplemented and
modified, and as supplemented and modified hereby, the Original Indenture as heretofore supplemented and modified is in all respects ratified and confirmed, and the Original Indenture as heretofore and hereby supplemented and modified shall be read,
taken, and construed as one and the same instrument. All terms used in this Supplemental Indenture shall be taken to have the same meaning as in the Original Indenture except in cases where the context clearly indicates otherwise. 

  
 16 









 SECTION 3.03. Invalid, Illegal, or Unenforceable Provisions. In case any one or more
of the provisions contained in this Supplemental Indenture or in the Bonds shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions
of this Supplemental Indenture, but this Supplemental Indenture shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. 
 SECTION 3.04. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts, or as many of them as the Company and the Trustee shall preserve undestroyed, shall together constitute but one and the same instrument. 
 SECTION 3.05. Conflicting Provision. If any provision of this Supplemental Indenture conflicts with another provision of the Mortgage required to be included in indentures qualified under the Trust
Indenture Act of 1939 (as enacted prior to the date of this Supplemental Indenture) by any of the provisions of said Act, such required provision shall control. 
 SECTION 3.06. Headings. Article and Section headings and the table of contents used herein are for convenience of reference only, are not part of this Supplemental Indenture, and are not
to affect the construction of, or to be taken into consideration in interpreting, this Supplemental Indenture. 
 SECTION 3.07.
Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK DETERMINED WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK), PROVIDED THAT THE FOREGOING SHALL NOT APPLY TO THE CREATION OR ENFORCEMENT OF ANY LIEN ON REAL PROPERTY CREATED BY THE INDENTURE, WHICH SHALL BE GOVERNED BY THE LAWS OF THE STATE IN WHICH SUCH REAL
PROPERTY IS LOCATED. 

  
 17 









 IN WITNESS WHEREOF, Portland General Electric Company has caused this Supplemental Indenture
to be signed in its corporate name by its President or one of its Executive Vice Presidents or one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by its Secretary or one of its Assistant Secretaries, and in token
of its acceptance of the trusts created hereunder, HSBC Bank USA, National Association has caused this Supplemental Indenture to be signed in its corporate name by one of its Vice Presidents or one of its Assistant Vice Presidents or one of its
Corporate Trust Officers and its corporate seal to be hereunto affixed and attested by one of its Corporate Trust Officers, all as of the day and year first above written. 

 

							
	 	 	 	    	PORTLAND GENERAL ELECTRIC COMPANY
				
		 		    	By:	 	  

		 		    	Name:
		 		    	Title:
				
	Attest:	 	 	    		 	
	Name:	 		    		 	
	Title:	 		    		 	
				
	(Seal)	 		    		 	
			
		 		    	HSBC BANK USA, NATIONAL ASSOCIATION,
		 		    	as Trustee
				
		 		    	By:	 	  

		 		    	Name:
		 		    	Title:
				
	Attest:	 	 	    		 	
	Title:	 	 	    		 	
				
	(Seal)	 		    		 	


  
 18 










			
	 State of Oregon
	  	)
		  	) ss.
	 County of Multnomah
	  	)

 The foregoing instrument was
acknowledged before me on this          day of             , 20     by
                    , the
                     of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, on behalf of said corporation. 

 

	
	
                        
                                         
                                      


	 Notary Public for Oregon

	 My Commission Expires
                                




[NOTARIAL SEAL] 

  
 19 










			
	 State of New York
	  	)
		  	) ss.
	 County of _________
	  	)

 The foregoing instrument was
acknowledged before me on this          day of             , 20     by
                    , a(an)
                     of HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association, on behalf of said association. 

 

	
	
                        
                                        
                                      


	 Notary Public, State of New York

	 No.
                                

	 My Commission Expires
                                




[NOTARIAL SEAL] 

  
 20 










			
	 State of Oregon
	  	)
		  	) ss.
	 County of Multnomah
	  	)


                     and
                    , the
                                , and an
                                , respectively, of PORTLAND GENERAL ELECTRIC
COMPANY, an Oregon corporation, the mortgagor in the foregoing mortgage named, being first duly sworn, on oath depose and say that they are the officer above named of said corporation and that this affidavit is made for and on its behalf by
authority of its Board of Directors and that the aforesaid mortgage is made by said mortgagor in good faith, and without any design to hinder, delay, or defraud creditors. 
 Subscribed and sworn to before me this          day of             ,
20    . 
  

	
	
                        
                                         
                                    

	 Notary Public for Oregon

	 My Commission Expires
                                




[NOTARIAL SEAL] 

  
 21