Document:

Exhibit 4(b)

 

 

 

PACIFICORP

(An
Oregon Corporation)

 

 

TO

 

 

JPMORGAN
CHASE BANK, N.A.

(A
National Banking Association)

(Formerly
Known as The Chase Manhattan Bank)

 

 

As
Trustee under PacifiCorp’s

Mortgage
and Deed of Trust,

Dated
as of January 9, 1989

 

 

 

 

                
Supplemental Indenture

Dated as
of              

 

 

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

 

 

 

 

               
SUPPLEMENTAL INDENTURE

 

THIS INDENTURE, dated as
of the          day of                    ,
          , 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 JPMORGAN CHASE BANK, N.A. (formerly known as The Chase Manhattan Bank), a
national banking association whose address is 4 New York Plaza, 15th
Floor, New York, New York 10004 (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 “                   
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                    
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

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [Subsequent
  supplemental

  indentures to be listed.]

  	
   

  

 

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:

 

2

 

	
   

  	
   

  	
  Series

  	
   

  	
  Due

  Date

  	
   

  	
  Aggregate Principal

  Amount Issued

  	
   

  	
  Aggregate Principal

  Amount Outstanding

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  First

  	
   

  	
  -10.45% Series due January 9,
  1990

  	
   

  	
  1/9/90

  	
   

  	
  $

  	
  500,000

  	
   

  	
   

  	
   

  
	
  Second

  	
   

  	
  -Secured Medium-Term Notes, Series A

  	
   

  	
  various

  	
   

  	
  250,000,000

  	
   

  	
   

  	
   

  
	
  Third

  	
   

  	
  -Secured Medium-Term Notes, Series B

  	
   

  	
  various

  	
   

  	
  200,000,000

  	
   

  	
  [To be
  inserted.]

  	
   

  
	
  Fourth

  	
   

  	
  -Secured Medium-Term Notes, Series C

  	
   

  	
  various

  	
   

  	
  300,000,000

  	
   

  	
   

  	
   

  
	
  Fifth

  	
   

  	
  -Secured Medium-Term Notes, Series D

  	
   

  	
  various

  	
   

  	
  250,000,000

  	
   

  	
   

  	
   

  
	
  Sixth

  	
   

  	
  -C-U Series

  	
   

  	
  various

  	
   

  	
  250,432,000

  	
   

  	
   

  	
   

  
	
  Seventh

  	
   

  	
  -Secured Medium-Term Notes, Series E

  	
   

  	
  various

  	
   

  	
  500,000,000

  	
   

  	
   

  	
   

  
	
  Eighth

  	
   

  	
  -6 3/4% Series due April 1,
  2005

  	
   

  	
  4/1/2005

  	
   

  	
  150,000,000

  	
   

  	
   

  	
   

  
	
  Ninth

  	
   

  	
  -Secured Medium-Term Notes, Series F

  	
   

  	
  various

  	
   

  	
  500,000,000

  	
   

  	
   

  	
   

  
	
  Tenth

  	
   

  	
  -E-L Series

  	
   

  	
  various

  	
   

  	
  71,200,000

  	
   

  	
   

  	
   

  
	
  Eleventh

  	
   

  	
  -Secured Medium-Term Notes, Series G

  	
   

  	
  various

  	
   

  	
  500,000,000

  	
   

  	
   

  	
   

  
	
  Twelfth

  	
   

  	
  -Series 1994-1 Bonds

  	
   

  	
  various

  	
   

  	
  216,470,000

  	
   

  	
   

  	
   

  
	
  Thirteenth

  	
   

  	
  -Adjustable Rate Replacement
  Series

  	
   

  	
  2002

  	
   

  	
  13,234,000

  	
   

  	
   

  	
   

  
	
  Fourteenth

  	
   

  	
  -9 3/8% Replacement Series due
  1997

  	
   

  	
  1997

  	
   

  	
  50,000,000

  	
   

  	
   

  	
   

  
	
  Fifteenth

  	
   

  	
  -Bond Credit Series Bonds

  	
   

  	
  various

  	
   

  	
  498,589,753

  	
   

  	
   

  	
   

  
	
  Sixteenth

  	
   

  	
  -Secured Medium-Term Notes, Series H

  	
   

  	
  various

  	
   

  	
  500,000,000

  	
   

  	
   

  	
   

  
	
  Seventeenth

  	
   

  	
  -5.65% Series due 2006

  	
   

  	
  11/1/06

  	
   

  	
  200,000,000

  	
   

  	
   

  	
   

  
	
  Eighteenth

  	
   

  	
  -6.90% Series due November 15
  , 2011

  	
   

  	
  11/15/11

  	
   

  	
  500,000,000

  	
   

  	
   

  	
   

  
	
  Nineteenth

  	
   

  	
  -7.70% Series due November 15,
  2031

  	
   

  	
  11/15/31

  	
   

  	
  300,000,000

  	
   

  	
   

  	
   

  
	
  Twentieth

  	
   

  	
  -Collateral Bonds, First 2003
  Series

  	
   

  	
  12/1/14

  	
   

  	
  15,000,000

  	
   

  	
   

  	
   

  
	
  Twenty-First

  	
   

  	
  -Collateral Bonds, Second 2003
  Series

  	
   

  	
  12/1/16

  	
   

  	
  8,500,000

  	
   

  	
   

  	
   

  
	
  Twenty-Second

  	
   

  	
  -Collateral Bonds, Third 2003
  Series

  	
   

  	
  1/1/14

  	
   

  	
  17,000,000

  	
   

  	
   

  	
   

  
	
  Twenty-Third

  	
   

  	
  -Collateral Bonds, Fourth 2003
  Series

  	
   

  	
  1/1/16

  	
   

  	
  45,000,000

  	
   

  	
   

  	
   

  
	
  Twenty-Fourth

  	
   

  	
  -Collateral Bonds, Fifth 2003
  Series

  	
   

  	
  11/1/25

  	
   

  	
  5,300,000

  	
   

  	
   

  	
   

  
	
  Twenty-Fifth

  	
   

  	
  -Collateral Bonds, Sixth 2003
  Series

  	
   

  	
  11/1/25

  	
   

  	
  22,000,000

  	
   

  	
   

  	
   

  
	
  Twenty-Sixth

  	
   

  	
  -4.30% Series due 2008

  	
   

  	
  9/15/08

  	
   

  	
  200,000,000

  	
   

  	
   

  	
   

  
	
  Twenty-Seventh

  	
   

  	
  -5.45% Series due 2013

  	
   

  	
  9/15/13

  	
   

  	
  200,000,000

  	
   

  	
   

  	
   

  
	
  Twenty-Eighth

  	
   

  	
  -4.95% Series due 2014

  	
   

  	
  8/15/14

  	
   

  	
  200,000,000

  	
   

  	
   

  	
   

  
	
  Twenty-Ninth

  	
   

  	
  -5.90% Series due 2034

  	
   

  	
  8/15/34

  	
   

  	
  200,000,000

  	
   

  	
   

  	
   

  
	
  Thirtieth

  	
   

  	
  -5.25% Series due 2035

  	
   

  	
  6/15/35

  	
   

  	
  300,000,000

  	
   

  	
   

  	
   

  
											

 

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 two 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

 

3

 

covenants and agreements
to be observed by it; and

 

WHEREAS, the execution
and delivery by the Company of this                      
Supplemental Indenture, and the terms of the bonds of the                      
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
JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank), 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 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

 

4

 

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 JPMorgan Chase Bank, N.A. (formerly known as The Chase
Manhattan Bank), 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                      
Supplemental Indenture being supplemental to the Mortgage;

 

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.

 

5

 

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

                   Series of Bonds

 

SECTION 1.01.  There shall be a series of bonds designated “          %
Series due            ”
(herein sometimes referred to as the                      
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                      
Series shall mature on                      
and shall be issued as fully registered bonds in the denomination of one
thousand dollars and, at the option of the Company, any multiple or multiples
of one thousand dollars (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                      
Series and to provide for exchangeability of such coupon bonds with the
bonds of the                      
Series issued hereunder in fully registered form and to make all
appropriate provisions for such purpose.

 

Bonds of the                      
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                      
Series, for issuances of additional bonds of the                      
Series in an unlimited principal amount. 
Any such additional bonds will have the same interest rate, maturity and
other terms as those initially issued.

 

(II)  Bonds of the                      
Series shall bear interest at the rate of                      
per centum (           %)
per annum payable semi-annually in arrears on                      
and                      
of each year (each, an “Interest Payment Date”).  Bonds of the                      
Series shall be dated and shall accrue interest as provided in Section 2.06
of the Mortgage.

 

The initial Interest
Payment Date is                      .  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                      
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                      
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                      
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                      
Series are not in book-entry only form, the Record Date for each Interest
Payment Date shall be the close of business on the first calendar day of the
month of the applicable Interest Payment Date (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                      
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 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:

 

6

 

(i)                   The Company may
elect to make payment of any Defaulted Interest on the bonds of the                      
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                      
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                      
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                      
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                      
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                      
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                      
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)  [Terms and
conditions of redemption to be inserted.]

 

(V)  Each bond of the                      
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                      
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                      
Series shall be transferable, subject to any restrictions thereon set
forth in any such bond of the                      
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,

 

7

 

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
                     
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                      
Series.

 

(VIII)  After the execution and delivery of this                      
Supplemental Indenture and upon compliance with the applicable provisions of
the Mortgage and this                      
Supplemental Indenture, it is contemplated that there shall be issued bonds of
the                      
Series in an initial aggregate principal amount of                      
Dollars (U.S. $                     ).

 

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 Eighth Series, or any other
series of bonds subsequently created under the Mortgage (including the bonds of
the                      
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                      
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                      
Supplemental Indenture, have the meanings specified in the Mortgage.  The terms defined in Article I of this                      
Supplemental Indenture shall, for purposes of those respective Articles, have
the meanings specified in Article I of this                      
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                      
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                      
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                      
Supplemental Indenture.

 

SECTION 3.04.  Whenever in this                      
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                      
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                      
Supplemental Indenture, expressed or implied, is intended, or

 

8

 

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                      
Supplemental Indenture or any covenant, condition, stipulation, promise or
agreement hereof, and all the covenants, conditions, stipulations, promises and
agreements in this                      
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.

 

SECTION 3.06.  This                      
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, as follows:

 

[Property
description(s) to be inserted.]

 

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 Treasurer for and in
its behalf, and JPMorgan Chase Bank, 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 Trust Officers,
all as of the day and year first above written.

 

	
  [SEAL]

  	
   

  	
  PACIFICORP

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [SEAL]

  	
   

  	
  JPMORGAN
  CHASE BANK, N.A.

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

9

 

	
  STATE OF OREGON

  	
  )

  
	
   

  	
  )

  
	
  COUNTY OF MULTNOMAH

  	
  )  SS.:

  

 

On this         
day of                   ,
         , before me,                   ,
a Notary Public in and for the State of Oregon, personally appeared                   
and                   
, known to me to be                   
and                   ,
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]

  	
   

  
	
   

  	
   

  
	
   

  	
  Residing at: Portland, Oregon

  

 

	
  STATE OF NEW YORK

  	
  )

  
	
   

  	
  )

  
	
  COUNTY OF NEW YORK

  	
  )  SS.:

  

 

On this       
day of                   ,
        , before me,                   ,
a Notary Public in and for the State of New York, personally appeared                  
and                   ,
known to me to be                   
and                   ,
respectively, of JPMORGAN CHASE BANK, a New York 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 New
  York

  

 

10Exhibit 4(c)

 

EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.16 OF THE MORTGAGE
HEREINAFTER REFERRED TO, THIS BOND MAY BE TRANSFERRED, IN WHOLE BUT NOT IN
PART, ONLY TO THE DEPOSITORY, ANOTHER NOMINEE OF THE DEPOSITORY OR TO A
SUCCESSOR DEPOSITORY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

 

THIS BOND IS A GLOBAL SECURITY WITHIN THE MEANING OF THE MORTGAGE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY.  THIS BOND IS
EXCHANGEABLE FOR BONDS REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
MORTGAGE, AND NO TRANSFER OF THIS BOND (OTHER THAN A TRANSFER OF THIS BOND AS A
WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE
REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

 

UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK) TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER ENTITY AS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY, ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

PACIFICORP

 

    %
Series Due     

(A Series of

First Mortgage Bonds)

 

	
  No.

  	
   

  	
  US$

  	
   

  
	
  Dated:

  	
   

  	
  Cusip: 

  	
   

  

 

PACIFICORP, an Oregon corporation (the “Company”),
for value received, hereby promises to pay to CEDE & CO., or registered
assigns, on          , at the
office or agency of the Company in the Borough of Manhattan, The City of New
York, the sum of          
Dollars, 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, and to pay
interest thereon from the          
or           next preceding the
date hereof, or if no interest has been paid on the bonds of this series, from          ,
at the rate of           per
centum (   %) per annum in like coin or currency at such office
or agency on           and          
in each year (each, an “Interest Payment

 

 

Date”), commencing          ,
until the principal of this bond shall have been paid or duly provided for;
provided that the interest so payable on any Interest Payment Date will,
subject to certain exceptions set out in the          
Supplemental Indenture (hereinafter mentioned), be paid to the person in whose
name this bond (or any bond previously Outstanding in transfer or exchange for
which this bond was issued) is registered on the Record Date next preceding
such Interest Payment Date; provided, however, that interest payable upon
maturity or earlier redemption will be payable to the person to whom principal
is payable.  So long as this bond remains
in book-entry only form, the Record Date for each Interest Payment Date will be
the close of business on the Business Day before the applicable Interest
Payment Date, and if this bond is not in book-entry only form, the
Record Date for each Interest Payment Date will be the close of business on the
first calendar day of the month of the applicable Interest Payment Date
(whether or not a Business Day).

 

“Business Day” means, for purposes of
the preceding two paragraphs, 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.

 

The amount of interest payable will be computed on the basis of a
360-day year consisting of twelve 30-day months.  If any Interest Payment Date 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.

 

1.             This bond is one of
an issue of bonds of the Company issuable in series and is one of a series
known as its First Mortgage Bonds,     % Series Due     
to be issued under and equally secured by a Mortgage and Deed of Trust (herein,
together with any indenture supplemental thereto, including the          
Supplemental Indenture dated as of          ,
the “Mortgage”), dated as of January 9,
1989 executed by the Company to Morgan Guaranty Trust Company of New York, as
Trustee (JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank,
successor).  Reference is made to the
Mortgage for a description of the property mortgaged and pledged, the nature
and extent of the security, the rights of the holders of the bonds and of the
Trustee in respect thereof, the duties and immunities of the Trustee and the
terms and conditions upon which the bonds are, and are to be, secured, the
circumstances under which additional bonds may be issued and the definitions of
certain terms hereinafter used.

 

With the consent of the Company and to the extent permitted by and in
the manner provided in the Mortgage, the rights and obligations of the Company
and/or the rights of the holders of the bonds and/or coupons and/or the terms
and provisions of the Mortgage may be modified or altered by affirmative vote
of the holders of at least sixty per centum (60%) in principal amount of bonds
then Outstanding under the Mortgage, all voting as a single class or, if the
rights of the holders of one or more, but less than all, series of bonds then
Outstanding are to be adversely affected, then by affirmative vote of the
holders of at least sixty per centum (60%) in principal amount of those bonds
then Outstanding so to be adversely affected, all voting as a single class
(excluding in any case bonds disqualified from voting by reason of the Company’s
interest therein as provided in the Mortgage); provided that no such
modification or alteration shall, without the consent of the holder hereof,
impair or affect the right of the holder to receive

 

2

 

payment of the principal of
(and premium, if any) and interest on this bond, on or after the respective due
dates expressed herein, or to institute suit for the enforcement of any such
payment on or after such respective dates, or permit the creation of any lien
ranking equal or prior to the Lien of the Mortgage or deprive the holder of the
benefit of a lien on the Mortgaged and Pledged Property or reduce the
percentage vote required to effect such modifications or alterations.

 

The Company has reserved the right, without any consent or other action
by holders of bonds of the Eighth Series known as First Mortgage and Collateral
Trust Bonds, 63⁄4% Series due April 1, 2005, or any other series of bonds
subsequently created under the Mortgage (including the bonds of this series),
to amend the Mortgage in order to except from the Lien of the Mortgage
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 as now in effect or as hereafter supplemented or
amended.

 

2.             The principal
hereof may be declared or may become due prior to the maturity date
hereinbefore named on the conditions, in the manner and at the time set forth
in the Mortgage, upon the occurrence of a Default as in the Mortgage provided.

 

3.             The bonds of this
series are redeemable, in whole or in part, at any time and at the Company’s
option, as follows:  [terms and
conditions of redemption to be inserted].

 

4.             This bond is
transferable as prescribed in the Mortgage by the registered owner hereof in
person, 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 surrender
and cancellation of this bond, 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, and, thereupon, a new fully registered
bond of the same series for a like principal amount will be issued to the
transferee in exchange herefor as provided in the Mortgage.  Subject to the foregoing provisions as to the
person entitled to receive payment of interest hereon, the Company and the
Trustee may deem and treat the person in whose name this bond is registered as
the holder and the absolute owner hereof for the purpose of receiving payment
and for all other purposes, and neither the Company nor the Trustee shall be
affected by any notice to the contrary.

 

5.             In the manner
prescribed in the Mortgage, any bonds of this series, upon surrender thereof
for cancellation at the office or agency of the Company in the Borough of
Manhattan, The City of New York, are exchangeable for a like aggregate
principal amount of fully registered bonds of the same series of other
authorized denominations.

 

6.             As provided in the
Mortgage, the Company shall not be required to make transfers or exchanges of
bonds of any series for a period of fifteen (15) days next preceding any
designation of bonds of such series to be redeemed, and the Company shall not
be required to make transfers or exchanges of any bonds designated in whole or
in part for redemption.

 

7.             No recourse shall
be had for the payment of the principal of, premium, if any, or interest on
this bond against any incorporator or any past, present or future subscriber to
the 

 

3

 

capital stock, shareholder,
officer or director of the Company or of any predecessor or successor
corporation, as such, either directly or through the Company or any predecessor
or successor corporation, under any rule of law, statute or constitution or by
the enforcement of any assessment or otherwise, all such liability of
incorporators, subscribers, shareholders, officers and directors being released
by the holder or owner hereof by the acceptance of this bond and being likewise
waived and released by the terms of the Mortgage.

 

This bond shall not become obligatory until JPMorgan Chase Bank, N.A.
(formerly known as The Chase Manhattan Bank), a national banking association,
the Trustee under the Mortgage, or its successor thereunder, shall have signed
the form of authentication certificate endorsed hereon.

 

IN WITNESS WHEREOF, PacifiCorp has caused this bond to be signed in its
corporate name by its Chairman of the Board, President and Chief Executive
Officer, or one of its Vice Presidents, by his or her signature or a facsimile
thereof, and its corporate seal to be impressed or imprinted hereon and
attested by its Secretary, or one of its Assistant Secretaries, by his or her
signature or a facsimile thereof.

 

	
   

  	
   

  	
  PACIFICORP

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   [SEAL]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
   

  	
   [Assistant] Secretary

  
	
   

  	
   

  	
   

  
						

 

TRUSTEE’S AUTHENTICATION CERTIFICATE

 

This bond is one of the bonds of the series herein designated,
described or provided for in the within-mentioned Mortgage.

 

 

	
   

  	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

4

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