Document:

Form of Medium-Term Notes

  
 Exhibit 4.1

 [Face of Note] 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of
transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity
as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

  

					
	CUSIP NO. 94986RBJ9	 		  	FACE AMOUNT: $                    
	REGISTERED NO.     	 		  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 Notes Linked to a Global ETF
Basket 
 due May 18, 2015 
 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Redemption Amount (as defined below), 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, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be May 18, 2015. If no Market Disruption Event (as
defined below) occurs or is continuing with respect to a Basket Component (as defined below) on the scheduled Calculation Day (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market
Disruption Event occurs or is continuing with respect to a Basket Component on the scheduled Calculation Day, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed
Calculation Day with respect to such Basket Component (or, if the Calculation Day is postponed with respect to more than one Basket Component, three Business Days after the latest postponed Calculation Day) and (ii) the Initial Stated Maturity
Date. This Security shall not bear any interest. 
 Any payments on this Security at Maturity will be made against presentation
of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

“Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as
its “Face Amount.” 

  
 Determination of Redemption
Amount 
 The “Redemption Amount” of this Security will equal: 

 

	 	•	 	 If the Ending Price is greater than the Starting Price, the lesser of: 

 

	 	(i)	the Face Amount plus: 

  

															
	[	 	Face Amount    x	 	[	  	 Ending Price – Starting Price

Starting Price
	 	 ]
	 	x    Participation Rate	 	]	  	; and

  

	 	(ii)	the Capped Value; 

  

	 	•	 	 If the Ending Price is less than or equal to the Starting Price, but greater than or equal to the Threshold Price: the Face Amount; or

  

	 	•	 	 If the Ending Price is less than the Threshold Price: the Face Amount minus: 

 

							
	[	 	Face Amount x	 	 Starting Price – Ending Price

Starting Price
	    	]
	 	 	    

 “Basket” shall mean a basket
comprised of the following Basket Components, with the return of each Basket Component having the weighting noted parenthetically: SPDR S&P 500 ETF Trust (45%); iShares Russell 2000 Index Fund (20%); iShares MSCI EAFE Index Fund (20%); and
iShares MSCI Emerging Markets Index Fund (15%). 
 “Basket Component” shall mean each of the SPDR S&P 500
ETF Trust, iShares Russell 2000 Index Fund, iShares MSCI EAFE Index Fund and iShares MSCI Emerging Markets Index Fund. 

“Underlying Index” shall mean each of the S&P 500 Index, the Russell 2000 Index, the MSCI EAFE Index and the MSCI
Emerging Markets Index. 
 The “Pricing Date” shall mean November 10, 2010. 

The “Starting Price” is 100. 
 The “Ending Price” will be calculated based on the weighted returns of the Basket Components and will be equal to the product of (i) 100 and (ii) an amount equal to 1 plus the
sum of: (A) 45% of the Component Return of the SPDR S&P 500 ETF Trust; (B) 20% of the Component Return of the iShares Russell 2000 Index Fund; (C) 20% of the Component Return of the iShares MSCI EAFE Index Fund; and (D) 15%
of the Component Return of the iShares MSCI Emerging Markets Index Fund. 

  
 2 

  
 The “Component
Return” of a Basket Component will be equal to: 
 Final Component Price – Initial Component Price

 Initial Component Price 
 where, 
  

	 	•	 	 the “Initial Component Price” is the Fund Closing Price of such Basket Component on the Pricing Date; and

  

	 	•	 	 the “Final Component Price” will be the Fund Closing Price of such Basket Component on the Calculation Day.

 The Initial Component Prices of the Basket Components are as follows: SPDR S&P 500 ETF Trust (122.09);
iShares Russell 2000 Index Fund (73.36); iShares MSCI EAFE Index Fund (58.42); and iShares MSCI Emerging Markets Index Fund (48.03). 
 The “Fund Closing Price,” with respect to a Basket Component on any Trading Day, means the product of (i) the Closing Price of one share of such Basket Component (or one unit of any
other security for which a Fund Closing Price must be determined) on such Trading Day and (ii) the Adjustment Factor applicable to such Basket Component on such Trading Day. 

The “Closing Price” with respect to a share of a Basket Component (or one unit of any other security for which a Closing
Price must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal United States securities
exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 
 The “Adjustment Factor” means, with respect to a share of a Basket Component (or one unit of any other security for which a Fund Closing Price must be determined), 1.0, subject to
adjustment in the event of certain events affecting the shares of such Basket Component. See “Anti-dilution Adjustments Relating To A Basket Component; Alternate Calculation—Anti-dilution Adjustments.” 

The “Capped Value” is 155% of the Face Amount of this Security. 

The “Threshold Price” will be equal to 60% of the Starting Price. 

The “Participation Rate” is 150%. 
 “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation
to close in New York, New York or Minneapolis, Minnesota. 

  
 3 

  
 A “Trading
Day” with respect to a Basket Component means a day, as determined by the Calculation Agent, on which (i) the Relevant Exchange (as defined below) with respect to such Basket Component is open for trading for its regular trading
session and (ii) the Relevant Exchange on which futures or options contracts related to such Basket Component or any successor thereto, if applicable, are traded, are open for trading for their respective regular trading sessions. 

The “Calculation Day” shall be May 11, 2015 or, if such day is not a Trading Day, the next succeeding Trading Day.
The Calculation Day is subject to postponement due to the occurrence of a Market Disruption Event. If a Market Disruption Event occurs or is continuing with respect to a Basket Component on the Calculation Day, such Calculation Day for such Basket
Component will be postponed to the first succeeding Trading Day on which a Market Disruption Event for such Basket Component has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled
Trading Day after the scheduled Calculation Day for such Basket Component, that eighth scheduled Trading Day shall be deemed the Calculation Day. If the Calculation Day has been postponed eight scheduled Trading Days after the scheduled Calculation
Day for such Basket Component and such eighth scheduled Trading Day is not a Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Basket Component on such eighth scheduled Trading Day, the Calculation Agent will
determine its good faith estimate of the Closing Price of such Basket Component on such eighth scheduled Trading Day. Notwithstanding a postponement of a Calculation Day for a particular Basket Component due to a Market Disruption Event with respect
to such Basket Component, the originally scheduled Calculation Day will remain the Calculation Day for any Basket Component not affected by a Market Disruption Event. See “—Market Disruption Events.” 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of November 18, 2010 between the
Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person
that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Ending Price and the Redemption Amount, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

Market Disruption Events 
 A “Market Disruption Event” means, with respect to a Basket Component, any of the following events as determined by the Calculation Agent in its sole discretion: 

 

	 	(A)	 A material suspension or material limitation of trading or the unavailability of the Closing Price of the shares of such Basket Component or any
Successor Fund (as defined below under “Anti-dilution Adjustments Relating To A Basket 

  
 4 

	 	 
Component; Alternate Calculation—Liquidation Events”) has been imposed by the Relevant Exchange on which such shares are traded, at any time during the one-hour period preceding the
Close of Trading on such day, whether by reason of movements in price exceeding limits permitted by such Relevant Exchange or otherwise. 

  

	 	(B)	A material suspension or material limitation of trading has occurred on that day, in each case during the one-hour period preceding the Close of Trading in options or
futures contracts related to such Basket Component or any Successor Fund on the Relevant Exchange on which those options or futures contracts are traded, whether by reason of movements in price exceeding levels permitted by the Relevant Exchange, or
otherwise. 

  

	 	(C)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the shares of such Basket Component or any Successor Fund at any time during the one-hour period that precedes the Close of Trading on that day. 

 

	 	(D)	Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or obtain market
values for, the futures or options contracts relating to such Basket Component or any Successor Fund on the Relevant Exchange on which those futures or options contracts are traded, at any time during the one-hour period that precedes the Close of
Trading on that day. 

  

	 	(E)	The closure of the Relevant Exchange on which the shares of such Basket Component or any Successor Fund or the Relevant Exchange on which futures or options contracts
relating to such Basket Component or any Successor Fund are traded prior to its scheduled Close of Trading unless the earlier closing time is announced by such Relevant Exchange at least one hour prior to the earlier of (1) the actual closing
time for the regular trading session on such Relevant Exchange and (2) the submission deadline for orders to be entered into such Relevant Exchange for execution at the Close of Trading on that day. 

For purposes of determining whether a Market Disruption Event has occurred: 

 

	 	(1)	“Close of Trading” means in respect of any Relevant Exchange, the scheduled weekday closing time on a day on which such Relevant Exchange is scheduled
to be open for trading for its respective regular trading session, without regard to after hours or any other trading outside the regular trading session hours; and 

 

	 	(2)	“Relevant Exchange” for any share, option or option contract means the primary exchange or quotation system on which such share, option or option
contract is traded, as determined by the Calculation Agent. 

  
 5 

  
 Anti-dilution Adjustments
Relating To A Basket Component; Alternate Calculation 
 Anti-dilution Adjustments 

The Calculation Agent, in its sole discretion, may adjust the Adjustment Factor as a result of certain events related to a Basket
Component or any Successor Fund, as applicable, which occur during the term of this Security. Such events include, but are not limited to, the following: 
  

	 	(A)	Stock Splits and Reverse Stock Splits  

 If a stock split or reverse stock split has occurred, then once such split has become effective, the Adjustment Factor will be adjusted to equal the product of the prior Adjustment Factor and the number
of securities which a holder of one share (or other applicable security) of such Basket Component before the effective date of such stock split or reverse stock split would have owned or been entitled to receive immediately following the applicable
effective date. 
  

	 	(B)	Stock Dividends  

 If a
(i) stock dividend (i.e., issuance of additional shares (or other applicable security) by a Basket Component) that is given ratably to all holders of record of shares (or other applicable security) of a Basket Component or
(ii) distribution of shares (or other applicable security) of a Basket Component has occurred, then once the dividend has become effective and the shares (or other applicable security) of such Basket Component are trading ex-dividend, the
Adjustment Factor will be adjusted on the ex-dividend date to equal the prior Adjustment Factor plus the product of the prior Adjustment Factor and the number of shares (or other applicable security) of such Basket Component which a holder of one
share (or other applicable security) of such Basket Component before the date the dividend became effective and the shares (or other applicable security) of such Basket Component traded ex-dividend would have owned or been entitled to receive
immediately following that date; provided, however, that no adjustment will be made for a distribution for which the number of securities of such Basket Component paid or distributed is based on a fixed cash equivalent value, unless such
distribution is an Extraordinary Dividend as defined and discussed below. 
  

	 	(C)	Extraordinary Dividends  

If an Extraordinary Dividend (as defined below) has occurred, then on the ex-dividend date, the Adjustment Factor will be adjusted to
equal the product of the prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of such Basket Component on the Trading Day preceding the ex-dividend date, and the denominator of
which is the amount by which the Closing Price per share (or other applicable security) of such Basket Component on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below). 

  
 6 

  
 For purposes of
determining whether an Extraordinary Dividend has occurred: 
  

	 	(1)	“Extraordinary Dividend” means, with respect to a cash dividend or other distribution with respect to the shares (or other applicable security) of such
Basket Component, a dividend or other distribution which exceeds the immediately preceding non-Extraordinary Dividend on the securities of such Basket Component (as adjusted for any subsequent corporate event requiring an adjustment hereunder, such
as a stock split or reverse stock split) by an amount equal to at least 10% of the Closing Price of such Basket Component on the Trading Day preceding the ex-dividend date with respect to the Extraordinary Dividend (the “ex-dividend
date”); and 

  

	 	(2)	“Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for the securities of such Basket Component will equal:

  

	 	•	 	 in the case of cash dividends or other distributions that constitute regular dividends, the amount per share (or other applicable security) of such
Basket Component of that Extraordinary Dividend minus the amount per share (or other applicable security) of the immediately preceding non-Extraordinary Dividend for that share (or other applicable security) of such Basket Component; or

  

	 	•	 	 in the case of cash dividends or other distributions that do not constitute regular dividends, the amount per share (or other applicable security) of
such Basket Component of that Extraordinary Dividend. 

 To the extent an Extraordinary Dividend is not paid in
cash, the value of the non-cash component will be determined by the Calculation Agent. A distribution on the securities of such Basket Component described below under the sections entitled “—Other Distributions” and
“—Reorganization Events” below that also constitute an Extraordinary Dividend will only cause an adjustment pursuant to those sections. 
  

	 	(D)	Other Distributions  

 If
a Basket Component declares or makes a distribution to all holders of the shares (or other applicable security) of such Basket Component of any class of its capital stock, evidences of its indebtedness or other non-cash assets, including, but not
limited to, transferable rights and warrants, then, in each of these cases, the Adjustment Factor will equal the product of the prior Adjustment Factor and a fraction, the numerator of which will be the Closing Price per share (or other applicable
security) of such Basket Component, and the denominator of which will be the Closing Price per share (or other applicable security) of such Basket 

  
 7 

 
Component, less the fair market value, as determined by the Calculation Agent, as of the time the adjustment is effected of the portion of the capital shares, assets, evidences of indebtedness,
rights or warrants so distributed or issued applicable to one share (or other applicable security) of such Basket Component. 
  

	 	(E)	Reorganization Events  

If a Basket Component, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange of securities with
another exchange traded fund, and such Basket Component is not the surviving entity, then, on or after the date of such event, the Calculation Agent shall, in its sole discretion, make an adjustment to the Adjustment Factor or the method of
determining the Redemption Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security of such event (including adjustments to account for changes in volatility,
expected dividends, stock loan rate or liquidity relevant to this Security), and determine the effective date of that adjustment. If the Calculation Agent determines that no adjustment that it could make will produce a commercially reasonable
result, then the Calculation Agent may deem such event a Liquidation Event (as defined below). 
 Liquidation Events

 If a Basket Component is de-listed, liquidated or otherwise terminated (a “Liquidation Event”), and a
successor or substitute exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to such Basket Component, then, upon the Calculation Agent’s notification of that determination to the Trustee
and the Company, any subsequent Fund Closing Price for such Basket Component will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a
“Successor Fund”). 
 Upon any selection by the Calculation Agent of a Successor Fund, the Company will cause
notice to be given to Holder of this Security. 
 If a Basket Component undergoes a Liquidation Event prior to, and such
Liquidation Event is continuing on, the date that the Fund Closing Price of such Basket Component is to be determined and the Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its
discretion, calculate the Fund Closing Price for such Basket Component on such date by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate such Basket Component. 

If a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a substitute for a Basket Component, such
Successor Fund or Fund Closing Price will be used as a substitute for such Basket Component for all purposes, including for purposes of determining whether a Market Disruption Event exists. 

  
 8 

  
 If at any time the
method of calculating a Basket Component or a Successor Fund, or the related Underlying Index, is changed in a material respect, or if a Basket Component or a Successor Fund is in any other way modified so that such Basket Component does not, in the
opinion of the Calculation Agent, fairly represent the price of the securities of such Basket Component or such Successor Fund had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York
City on the date that the Fund Closing Price is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund
comparable to such Basket Component or Successor Fund, as the case may be, as if such changes or modifications had not been made, and calculate the Fund Closing Price and the Redemption Amount with reference to such adjusted Closing Price of such
Basket Component or such Successor Fund, as applicable. 
 Calculation Agent 

The Calculation Agent will determine the Redemption Amount and the Ending Price. In addition, the Calculation Agent will
(i) determine if adjustments are required to the Fund Closing Price and/or the Adjustment Factor of a Basket Component under the circumstances described in this Security, (ii) if a Basket Component undergoes a Liquidation Event, select a
Successor Fund or, if no Successor Fund is available, determine the Fund Closing Price of such Basket Component, and (iii) determine whether a Market Disruption Event has occurred. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall be a
broker-dealer, bank or other financial institution) with respect to this Security. 
 All determinations made by the Calculation
Agent with respect to this Security will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. All percentages and
other amounts resulting from any calculation with respect to this Security will be rounded at the Calculation Agent’s discretion. 

Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed to
have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid derivative contract in respect of the
Basket. 
 Redemption and Repayment 
 This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to May 18, 2015. This Security is not entitled to any sinking fund.

  
 9 

  
 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount
(calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Redemption Amount hereof calculated as provided herein as though the date of acceleration was the Calculation Day; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred or is
continuing on that day, the Calculation Day will be postponed as provided herein. 
  

 
 Reference is
hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or
its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page has been left intentionally blank] 

  
 10 

  
 IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed under its corporate seal. 
 DATED:
                     
  

									
		 	WELLS FARGO & COMPANY
			
		 	By:	 	  

		 		 	  

		 		 	Its:	 	  

					
	[SEAL]	 		 		 		 	
			
		 	Attest:	 	  

		 		 	  

		 		 		 	Its:	 	  

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 

This is one of the Securities of the 
 series
designated therein described 
 in the within-mentioned Indenture. 
 CITIBANK, N.A., 
 as Trustee 

 

			
	By:	 	  

		 	Authorized Signature
		
		 	 OR

	
	 WELLS FARGO BANK, N.A.,
 as Authenticating Agent for the Trustee

		
	By:	 	  

		 	Authorized Signature

  
 11 

  
 [Reverse of Note]

 WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue

 Notes Linked to a Global ETF Basket 
 due May 18, 2015 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the
“Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of
$25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based
indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate
or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one
or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

The Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 

  
 12 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating to defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, shall not apply to this Security. The remaining provisions of
Section 401 of the Indenture shall apply to this Security. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which is an
integral multiple of $1,000. 
 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series, with the same
terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations
described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a
clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in
its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and
is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, having the same date of issuance, Stated Maturity Date and other terms and of authorized
denominations aggregating a like amount. 

  
 13 

  
 This Security may not
be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a
nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any
purpose under the Indenture. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Redemption Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 
 No recourse shall be had for the payment of the Redemption Amount, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in the Indenture unless otherwise defined in this Security. 
 Governing Law

 This Security shall be governed by and construed in accordance with the law of the State of New York, without regard
to principles of conflicts of laws. 

  
 14 

  
 ABBREVIATIONS

 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though
they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM	 	—	 	as tenants in common
			
	TEN ENT	 	—	 	as tenants by the entireties
			
	JT TEN	 	—	 	as joint tenants with right
		 		 	 of survivorship and not
 as
tenants in common

  

							
	UNIF GIFT MIN ACT  —	 	  
	 	Custodian	 	  

		 	(Cust)	 		 	(Minor)

  

					
	Under Uniform Gifts to Minors Act	 		 	
			
	  
	 		 	
	(State)	 		 	

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

					
	Please Insert Social Security or	 		 	
	Other Identifying Number of Assignee	 		 	
			
	  
	 		 	

  
  
  

 
  

 
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 15 

  
 the within Security of WELLS
FARGO & COMPANY and does hereby irrevocably constitute and appoint                      attorney to transfer the said Security on the
books of the Company, with full power of substitution in the premises. 
 Dated:
                     
  

	
	  

	
	  

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

  
 16Form 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) 

  
 2 

									
	 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. 

  
 3 

 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 

  
 4 

 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: 

  
 5 

 (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

  
 7 

 (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

  
 8 

 [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. 

  
 9 

 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. 

  
 10 

 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: 

  
 11 

 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). 

  
 12 

 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
$            . 

  
 13 

 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

  
 14 

 
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. 

  
 15 

 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

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