Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

This FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of December 1, 2022 (this “Amendment”), is entered into by and among
OPEN TEXT CORPORATION, a corporation amalgamated under the laws of Canada, as borrower (the “Borrower” or “Open Text”), each Guarantor (as defined in the Credit Agreement referred to below), each Lender (as defined
in the Credit Agreement referred to below), and BARCLAYS BANK PLC, in its capacities as administrative agent and collateral agent under the Credit Agreement referred to below (the “Agent”). 

Reference is hereby made to that certain Credit Agreement, dated as of August 25, 2022 (the “Existing Credit Agreement”,
and the Existing Credit Agreement (including the schedules thereto), as amended by this Amendment, the “Credit Agreement”; capitalized terms used but not defined herein have the meanings assigned thereto in the Credit Agreement),
among the Borrower, the Guarantors and Lenders party thereto from time to time, and the Agent. Pursuant to Section 16.01 of the Existing Credit Agreement, each Loan Party, each Lender and the Agent have agreed to the amendments to the Existing
Credit Agreement set forth in Article I below. Accordingly, in consideration of the mutual agreements herein contained and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE I 

AMENDMENTS TO THE EXISTING CREDIT AGREEMENT 

The Loan Parties, the Lenders and the Agent agree that (a) the Existing Credit Agreement shall be amended on the Amendment Date to delete
the stricken text (indicated textually in the same manner as the following example: stricken text) and to add
the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in Annex I hereto and (b) each of Schedule 4 and Schedule 11 to the Existing Credit Agreement shall be amended and restated in their entirety on the Amendment Date as set
forth in Annex II hereto. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

To induce the other parties hereto to enter into this Amendment and perform their respective obligations hereunder, each Loan Party hereby
represents and warrants to the Agent and each of the Lenders that: 
 SECTION 2.01    Authorization. Each
Loan Party has all requisite corporate or other power and authority to enter into and perform its obligations under this Amendment. The execution and delivery of this Amendment by each Loan Party and the performance by each such Loan Party of its
respective obligations hereunder have been duly authorized by all necessary corporate, partnership or analogous action. 

SECTION 2.02    No Conflict. The execution and delivery of this Amendment by each Loan Party, and the
performance by each Loan Party of its respective obligations hereunder and compliance with the terms, conditions and provisions hereof, will not (a) conflict with or result in a breach of any of the terms, conditions or provisions of
(i) its constating documents or by-laws, (ii) any Law, (iii) any material contractual restriction binding on or affecting it or its properties, or (iv) any judgment, injunction,
determination or award which is binding on it; or (b) result in, require or permit (i) the imposition of any Encumbrance in, on or with respect to the Assets now owned or hereafter acquired by it (other than pursuant to the Security
Documents or which is a Permitted Encumbrance), (ii) the acceleration of the maturity of any material Debt binding on or affecting it, or (iii) any third party to terminate or acquire any rights

 
materially adverse the applicable Loan Party under any Material Agreement except where such conflict, result, requirement or permission would not reasonably be expected to have a Material Adverse
Effect. 
 SECTION 2.03    Binding Effect. This Amendment has been duly executed and delivered by each Loan
Party and constitutes legal, valid and binding obligations of such Loan Party, enforceable against it in accordance with its terms, subject only to any limitation under Laws relating to (a) bankruptcy, insolvency, reorganization, moratorium or
creditors’ rights generally; and (b) general equitable principles including the discretion that a court may exercise in the granting of equitable remedies. 

SECTION 2.04    Representations and Warranties. The representations and warranties contained in Article 5 of
the Existing Credit Agreement are true and correct in all material respects on and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in
all material respects on and as of such earlier date. 
 SECTION 2.05    No Default. No event has occurred
and is continuing that would constitute a Default or an Event of Default. 
 SECTION 2.06    Solvency. On
the date hereof, after giving effect to this Amendment and the consummation of the transactions contemplated hereby, Open Text and its Subsidiaries, taken as a whole, on a consolidated basis, are Solvent. 

ARTICLE III 

EFFECTIVENESS OF THIS AMENDMENT 

This Amendment (including the amendments set forth in Article I) shall become effective when all of the conditions set forth in this Article
III shall have been satisfied or waived in accordance with Section 16.01 of the Existing Credit Agreement (the date such conditions are satisfied or waived, the “Amendment Date”): 

SECTION 3.01    Executed Counterparts; Opinions. The Agent’s receipt of the following, each properly
executed, where applicable, by a Responsible Officer of the signing Loan Party: (a) executed counterparts of this Amendment dated as of the date hereof, that, when taken together, bear the signatures of each Loan Party, the Agent and
each Lender; (b) executed counterparts to the First Amendment to Bridge Loan Agreement, dated as of the date hereof, that, when taken together, bear the signatures of each party thereto; (c) a certificate signed by a Responsible
Officer of the Borrower confirming that the conditions set forth in Section 3.02 and Section 3.03 of this Amendment have been satisfied (in form and substance reasonably satisfactory to the Agent and the Lenders); (d) a certificate of a
Financial Officer of the Borrower attesting to the Solvency of the Borrower and its Subsidiaries, taken as a whole, on a consolidated basis, on the date hereof after giving effect to this Amendment and the consummation of the transactions
contemplated hereby (in the form of Schedule 7 of the Existing Credit Agreement); (e) executed counterparts to the Amended and Restated Fee Letter, dated as of the date hereof, that, when taken together, bear the signatures of the Borrower and each
Lender and (f) reasonably satisfactory opinions of outside counsel to the Loan Parties (with respect to general corporate matters, including corporate existence, due authorization, execution and enforceability of this Amendment and the Credit
Agreement and a reaffirmation of the validity and perfection of the Encumbrances created by the applicable Credit Documents). 

SECTION 3.02    No Default or Event of Default. No event shall have occurred and be continuing that would
constitute a Default or an Event of Default. 

  
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 SECTION 3.03    Representations and Warranties. The
representations and warranties contained in Article 5 of the Existing Credit Agreement shall be true and correct in all material respects on and as of the date hereof, except to the extent such representations and warranties specifically relate to
an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date. 
 ARTICLE IV

 ACKNOWLEDGEMENT; REAFFIRMATION 

SECTION 4.01    Acknowledgment. Each Loan Party hereby acknowledges that it has read this Amendment and
consents to the terms hereof and further hereby affirms, confirms, represents, warrants and agrees that (a) notwithstanding the effectiveness of this Amendment and the amendments and transactions contemplated hereby, the obligations of such
Loan Party under each of the Credit Documents to which it is a party shall not be impaired and each of the Credit Documents to which such Loan Party is a party is, and shall continue to be, in full force and effect and is hereby confirmed and
ratified in all respects, in each case, as amended hereby; (b) after giving effect to this Amendment and the amendments and transactions contemplated hereby, (i) neither the modification of the Existing Credit Agreement by this Amendment
nor the execution, delivery and performance of this Amendment or the Credit Agreement shall impair the validity, effectiveness or priority of the Encumbrances granted pursuant to the Security Documents (as in effect immediately prior to the date
hereof, the “Existing Security Documents”) and such Encumbrances shall continue unimpaired to secure repayment of all the Secured Obligations, whether heretofore or hereafter incurred, and (ii) in the case of any Guarantor, its
Guarantee, as and to the extent provided in the Existing Credit Agreement, shall continue in full force and effect in respect of the Guaranteed Obligations under the Credit Agreement, this Amendment and the other Credit Documents; and (c) the
Collateral in which a security interest was granted pursuant to the Existing Security Documents has not been adversely affected in any material respect by modification of the Existing Credit Agreement effectuated pursuant to this Amendment and the
amendments and transactions contemplated hereby, or by the execution, delivery, performance or effectiveness of this Amendment. 

SECTION 4.02    Reaffirmation. Each of the Loan Parties party to the Security Documents, in each case as
amended, supplemented or otherwise modified from time to time to the date hereof, hereby (a) acknowledges and agrees that all of its obligations under the Security Documents to which it is a party are reaffirmed and remain in full force and
effect on a continuous basis, (b) reaffirms each Encumbrance granted by each Loan Party to the Agent for the benefit of the Guaranteed Parties and reaffirms the guaranties made pursuant to the Credit Agreement and (c) acknowledges and
agrees that the grants of security interests by and the guaranties of the Loan Parties contained in the Credit Agreement and the Security Documents are, and shall remain, in full force and effect after giving effect to this Amendment. 

ARTICLE V 

MISCELLANEOUS 

SECTION 5.01    Notices. All notices hereunder shall be given in accordance with the provisions of
Section 13.01 of the Existing Credit Agreement. 
 SECTION 5.02    Effect of This Amendment. On and
after the Amendment Date, each reference to the Credit Agreement in any Credit Document shall be deemed to be a reference to the Existing Credit Agreement as amended by this Amendment. This Amendment shall constitute a “Credit Document”
for all purposes of the Credit Agreement and the other Credit Documents. Except as expressly set forth herein, this Amendment (a) shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and
remedies of any Lender, the Agent, any other Guaranteed Party or any Loan Party under the Credit Agreement or any other Credit Document and (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in any Credit 

  
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Document. This Amendment and all other Credit Documents and other agreements and instruments executed and delivered herewith do not constitute a novation or termination of the Obligations (under
and as defined in the Existing Credit Agreement) and the other Credit Documents as in effect prior to the Amendment Date, and such Obligations are in all respects continuing with only the terms being modified as provided in this Amendment. 

SECTION 5.03    Counterparts; Integration; Effectiveness; Electronic Execution. This Amendment shall
become effective upon the execution of a counterpart hereof by each of the parties hereto. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but
all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually
executed counterpart of this Amendment. The words “execution”, “signed”, “signature”, and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based record keeping system, as the case may be, to the extent and as provided for in any Law, including Parts 2
and 3 of the Personal Information Protection and Electronic Documents Act (Canada), the Electronic Commerce Act, 2000 (Ontario) and other similar federal or provincial laws based on the Uniform Electronic Commerce Act of the
Uniform Law Conference of Canada or its Uniform Electronic Evidence Act, as the case may be. 

SECTION 5.04    Governing Law. This Amendment shall be governed by, and construed in accordance with,
the laws of the Province of Ontario and the laws of Canada applicable in that Province. 

SECTION 5.05    Submission to Jurisdiction. Each Loan Party irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the courts of the Province of Ontario, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment or any other Credit Document, or
for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Nothing in this Amendment or in any other Credit Document
shall affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Amendment or any other Credit Document against any Loan Party or its properties in the courts of any jurisdiction. 

SECTION 5.06    Waiver of Venue. Each Loan Party irrevocably and unconditionally waives, to the fullest extent
permitted by Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Amendment or any other Credit Document in any court referred to in Section 5.05 of this
Amendment. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Law, the defence of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

SECTION 5.07    Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE,

  
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THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AMENDMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 5.08    Headings. Section headings are for convenience of reference only and shall not affect the
interpretation of this Amendment. 
 [Remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by
their respective authorized officers as of the date and year first above written. 
  

			
	OPEN TEXT CORPORATION, as Borrower
		
	By:	 	 /s/ Madhu Ranganathan

	Name:	 	Madhu Ranganathan
	Title:	 	Executive Vice President, Chief Financial Officer

  

			
	GXS, INC.
	GXS INTERNATIONAL, INC.
	OPEN TEXT CANADA LTD.
	OPEN TEXT HOLDINGS, INC.
	OPEN TEXT INC.
	OPEN TEXT SA ULC
	OPEN TEXT ULC
	VIGNETTE PARTNERSHIP, LP, by its general partner, OPEN TEXT CANADA LTD.,
each as a Guarantor
		
	By:	 	 /s/ Madhu Ranganathan

	Name:	 	Madhu Ranganathan
	Title:	 	President and Treasurer
	
	OPEN TEXT UK HOLDING LIMITED,
as a Guarantor
		
	By:	 	 /s/ Madhu Ranganathan

	Name:	 	Madhu Ranganathan
	Title:	 	Director

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	BARCLAYS BANK PLC, as Administrative Agent and Collateral Agent
		
	By:	 	 /s/ George Lee

	Name:	 	George Lee
	Title:	 	Managing Director
	
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ George Lee

	Name:	 	George Lee
	Title:	 	Managing Director

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	BANK OF MONTREAL, as a Lender
		
	By:	 	 /s/ David Lynch

	Name:	 	David Lynch
	Title:	 	Managing Director

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Mike Elsey

	Name:	 	Mike Elsey
	Title:	 	Director, Corporate Banking

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Blake Gronich

	Name:	 	Blake Gronich
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	CITICORP NORTH AMERICA, INC. , as a Lender
		
	By:	 	 /s/ Blake Gronich

	Name:	 	Blake Gronich
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	CANADIAN IMPERIAL BANK OF COMMERCE, as a Lender
		
	By:	 	 /s/ Mark McQueen

	Name:	 	Mark McQueen
	Title:	 	Executive Managing Director, Authorized Signatory
		
	By:	 	 /s/ Adam Weiers

	Name:	 	Adam Weiers
	Title:	 	Director, Authorized Signatory

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	HSBC BANK USA, N.A., as a Lender
		
	By:	 	 /s/ Uday Kumar

	Name:	 	Uday Kumar
	Title:	 	Director

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	MUFG BANK, LTD. , as a Lender
		
	By:	 	 /s/ Timothy Dilworth

	Name:	 	Timothy Dilworth
	Title:	 	Managing Director

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	NATIONAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Michelle Fiebig

	Name:	 	Michelle Fiebig
	Title:	 	Managing Director

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 
			
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Brian Prettyman

	Name:	 	Brian Prettyman
	Title:	 	Senior Vice President

  
 SIGNATURE
PAGE TO AMENDMENT AGREEMENT 

 Annex I 

Credit Agreement 
 [see
attached] 

 Execution
Version 
 U.S.
$2,585,000,0003,585,000,000
 
 CREDIT AGREEMENT 

OPEN TEXT CORPORATION, as Borrower 

-and- 
 THE GUARANTORS PARTY
HERETO 
 -and- 
 THE LENDERS
NAMED HEREIN as Lenders 
 -and- 

BARCLAYS BANK PLC as sole Administrative Agent and Collateral Agent 

-and- 
 BARCLAYS BANK PLC, BMO
CAPITAL MARKETS CORP., 
 RBC CAPITAL MARKETS1 CITICORP NORTH AMERICA, INC. and CITIBANK,
N.A., 
 each as Joint Lead Arrangers and Bookrunners 

Dated as of August 25,
2022, 

as amended on
December 1, 2022 
  

	1 	 RBC Capital Markets is a marketing name for the capital markets activities of Royal Bank of Canada and its
affiliates. 

 CREDIT AGREEMENT 

CREDIT AGREEMENT dated as of August 25, 2022
(as amended by the First Amendment, this
“Agreement”), between OPEN TEXT CORPORATION, a corporation amalgamated under the laws of Canada, as borrower (the “Borrower” or “Open Text”), the GUARANTORS PARTY HERETO, each of the lenders listed
on the signature pages hereof or which pursuant to Section 15.01 becomes a “Lender” hereunder, and BARCLAYS BANK PLC, as sole Administrative Agent and Collateral Agent. 

A.     The Borrower has requested that the Lenders make loans to it and the Lenders are prepared to do so for the purposes and subject to
the terms and conditions set forth in this Agreement. 
 B.     Unless otherwise defined in these Recitals or this Agreement,
capitalized terms used herein shall have the respective meanings assigned to them in Article 1 and, for the purposes of this Agreement and the other Credit Documents, the rules of construction set forth in Article 1 shall govern. These Recitals
shall be construed as part of this Agreement. 
 FOR VALUE RECEIVED, the parties agree as follows: 

ARTICLE 1 

INTERPRETATION 

Section 1.01    Defined Terms 

As used in this Agreement, the following terms have the following meanings: 

“Acceptance Condition” means the condition with respect to the number of acceptances to the Offer which must be secured in
order for the Offer to become or be declared unconditional. 
 “Accommodation” means an Advance made by a Lender on the
occasion of any Borrowing. 
 “Accommodation Notice” means a Borrowing Notice or an Interest Rate Election Notice, as the
case may be. 
 “Accommodations Outstanding” means, at any time, in relation to (a) the Borrower and all Term Loan
Lenders, the principal amount of all Accommodations outstanding at such time made to the Borrower, and (b) the Borrower and each Term Loan Lender, the principal amount of all Accommodations outstanding at such time made by such Term Loan Lender
under its Commitment. 
 “Acquisition” means any transaction, or any series of related transactions, consummated after the
Effective Date, by which any Loan Party directly or indirectly, by means of a take-over bid, tender offer, amalgamation, merger, purchase of Assets, or similar transaction having the same effect as any of the foregoing, (a) acquires any
business or all or substantially all of the assets of any Person engaged in any business, (b) acquires 

 
control of securities of a Person engaged in a business representing more than 50% of the ordinary voting power for the election of directors or other governing body if the business affairs of
such Person are managed by a board of directors or other governing body, or (c) acquires control of more than 50% of the ownership interest in any Person engaged in any business that is not managed by a board of directors or other governing
body; provided that in no event shall any transaction or series of related transactions (i) for which the aggregate purchase price is less than U.S. $250,000,000 or (ii) that constitutes a Permitted Disposition to Open Text or any
of its Subsidiaries, constitute an Acquisition hereunder. 
 “Acquisition Documents” means the Scheme Documents or the Offer
Documents (as the case may be). 
 “Additional Compensation” has the meaning specified in Section 8.01(4). 

“Additional Guarantor” has the meaning specified in Section 21.04(1). 

“Additional Loan Party/Subsidiary Event” has the meaning specified in Section 6.01(11). 

“Additional Restructuring and Integration Costs” means restructuring and integration costs of Open Text and its Subsidiaries
incurred in respect of, and arising within twelve months of, any Permitted Acquisition in an amount not to exceed 20% of the aggregate purchase price for such Permitted Acquisition; provided that the aggregate amount for all such costs shall
not exceed U.S. $200,000,000 in any Financial Year. 

“Adjusted
 Daily Simple SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Daily Simple SOFR for such calculation plus (b) the SOFR Adjustment; provided that if Adjusted Daily Simple SOFR as
so determined shall ever be less than the Floor, then Adjusted Daily Simple SOFR shall be deemed to be the Floor. 

“Adjusted
 Term SOFR” means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than
the Floor, then Adjusted Term SOFR shall be deemed to be the Floor. 

“Administrative Agent” means Barclays Bank PLC as Administrative Agent for the Lenders under this Agreement, and any successor
appointed pursuant to Section 12.07. 
 “Administrative Questionnaire” means an administrative questionnaire in a form
supplied by the Administrative Agent. 
 “Advances” means the advances made by the Lenders pursuant to Article 3 and
“Advance” means any one of such Advances. An Advance may (in accordance with and subject to Articles 2 and 3) be designated as a “SOFR Advance” or a “Base Rate Advance”. Each of a SOFR Advance and a
Base Rate Advance is a “Type” of Advance. 
 “Affected Financial Institution” means (a) any EEA Financial
Institution or (b) any U.K. Financial Institution. 

  
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 “Base Rate” means, for any day, a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Effective Rate (which, if negative, shall be deemed to be 0%) on such day plus 1⁄2 of 1%, (b) the Prime Rate on such
day and (c) Adjusted Term SOFR published on such day (or if such day is not a Business Day the next previous Business Day) for an Interest Period
of one month (taking into account any “floor” under the definition of “Term SOFR”)
plus 1.00%. If the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate for any reason, the Base Rate shall be determined
without regard to clause (a) above until the circumstances giving rise to such inability no longer exist. 
 “Base Rate
Term SOFR Determination Day” has the meaning assigned to such term in the definition of “Term SOFR”. 
 “basis
point” means 1/100th of one percent. 
 “Benchmark” means,
initially, Adjusted Term SOFR; provided that if a Benchmark
Transition Event has occurred with respect to Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate
pursuant to Section 2.19. 
 “Benchmark Replacement” means with respect to any Benchmark Transition Event, the
first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(a) with respect to Term SOFR Advances,
Adjusted Daily Simple SOFR; or 

(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due
consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a
benchmark rate as a replacement to the then-current Benchmark for syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; 

provided, that if the Benchmark Replacement would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for
the purposes of this Agreement and the other Credit Documents. 
 “Benchmark Replacement Adjustment” means, with respect to
any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been
selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or

  
 - 5 - 

 
any Materially Adverse Amendment to the applicable Acquisition Documents except in accordance with Section 6.01(17)(b). 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Collateral” means the Assets of the Loan Parties in respect of which the Administrative Agent, the Collateral Agent or any
Lender has a security interest pursuant to a Security Document or in which a security interest is intended to be created in favour of the Administrative Agent, the Collateral Agent or any Lender pursuant to the terms of a Security Document. 

“Collateral Account” means the U.S. Grantors’ collateral deposit accounts, if any, opened at the request of the
Administrative Agent for the purpose of holding proceeds of Collateral. 
 “Collateral Agent” means Barclays Bank PLC as
Collateral Agent for the Lenders under this Agreement, and any successor appointed pursuant to Section 12.07. 

“Commitment” means, as of the Effective Date in respect of the Term Loan Facility, (a) U.S. $2,585,000,000, as of the Effective Date, and (b) U.S.
$3,585,000,000, as of December 1, 2022. Each Lender’s Commitment as of the Effective
DateDecember 1, 2022 is set forth on Schedule 11.

 “Commodity Exchange Act” means the U.S. Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time
to time, and any successor statute. 
 “Companies Act” means the Companies Act 2006 of the United Kingdom, as amended. 

“Compliance Certificate” means a certificate of Open Text signed on its behalf by its chief executive officer, chief financial
officer or any other two senior officers, in the form attached hereto as Schedule 5. 
 “Conforming Changes” means, with
respect to either the use or administration of any Term Benchmark or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of
“Base Rate,” the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a
concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the
applicability of Section 8.01(2) and other technical, administrative or operational matters) that the Administrative Agent decides, in consultation with the Borrower, may be appropriate to reflect the adoption and implementation of any such
rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not
administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of 

  
 - 11 - 

 “Court Order” means the order of the Court sanctioning the Scheme as
required by Part 26 of the Companies Act. 
 “Covered Entity” means any of the following: 

 

	 	(a)	 a “covered entity” as that term is defined in, and interpreted in accordance with 12 C.F.R. §
252.82(b); 

  

	 	(b)	 a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or 

  

	 	(c)	 a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b). 

 “Covered Party” has the meaning specified in Section 19.08. 

“Credit Documents” means this Agreement, the Security Documents, the Eligible Hedging Agreements, the Eligible Cash Management
Agreements, certificates and written notices executed by any of the Loan Parties and delivered to the Collateral Agent, the Administrative Agent or the Lenders, or any of them, and all other documents designated by their terms as “Credit
Documents” and executed and delivered to the Collateral Agent, the Administrative Agent or the Lenders, or any of them, by any of the Loan Parties in connection with the Term Loan Facility. 

“Daily Simple SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to the greater of (a) SOFR for the day (such day “i”) that is five U.S. Government Securities
Business Days prior to (A) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (B) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day
immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website and
(b) the Floor. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government Securities Business Day immediately following
any day “i”, the SOFR in respect of such day “i” has not been published on the SOFR Administrator’s Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then the SOFR
for such day “i” will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided that any SOFR
determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and
including the effective date of such change in SOFR without notice to the Borrower. 
 “Daily Simple SOFR Advance”
means an Advance that bears interest at a rate based on Daily Simple SOFR. 
 “Debenture” has the meaning specified in
Section 2.11(1)(c). 

  
 - 14 - 

 “Financial Officer” means the chief financial officer, principal accounting
officer, treasurer or controller of Open Text. 
 “Financial Quarter” means, in respect of any Loan Party, a period of
approximately three consecutive months in each Financial Year ending on March 31, June 30, September 30, and December 31, as the case may be, of such year. 

“Financial Year” means the financial year of Open Text commencing on or about July 1 of each calendar year and ending on
June 30 of such calendar year. 

“First Amendment
” means that certain First Amendment to Credit Agreement, dated as of December 1, 2022, among each Loan Party, the Administrative Agent, the Collateral Agent and each Lender.

 “Floor” means a rate of interest equal to
0.000.50%. 
 “Foreign Lender” means any Lender that is not resident for income tax or
withholding tax purposes under the laws of the jurisdiction in which the Borrower is resident for tax purposes on the Effective Date and that is not otherwise considered or deemed in respect of any amount payable to it hereunder or under any Credit
Document to be resident for income tax or withholding tax purposes in the jurisdiction in which the Borrower is resident for tax purposes by application of the laws of that jurisdiction. For purposes of this definition, Canada and each Province and
Territory thereof shall be deemed to constitute a single jurisdiction and the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“Foreign Plan” means any benefit plan, other than a Canadian Benefit Plan or Canadian Pension Plan, sponsored, maintained or
contributed to by any Loan Party that under applicable law other than the laws of the United States or any political subdivision thereof, is required to be funded through a trust or other funding vehicle other than a trust or funding vehicle
maintained exclusively by a Governmental Authority. 
 “Foreign Plan Event” means, with respect to any Foreign Plan,
(a) the existence of unfunded liabilities in excess of the amount permitted under any applicable law, (b) the failure to make the required contributions or payments, under any applicable law, on or before the due date for such
contributions or payments, (c) the receipt of a notice by a Governmental Authority relating to the intention to terminate any such Foreign Plan or to appoint a trustee or similar official to administer any such Foreign Plan, or alleging the
insolvency of any such Foreign Plan or (d) the incurrence of any liability by any Loan Party under applicable law on account of the complete or partial termination of such Foreign Plan or on account of the complete or partial withdrawal of any
participating employer therein. 
 “Foreign Subsidiary” means any Subsidiary of Open Text that is organized or existing
under the laws of a jurisdiction other than (a) the laws of Canada or (b) the laws of a jurisdiction located within Canada or the United States. 

  
 - 23 - 

	 	(b)	 a share, participation or other interest in a Person; 

but excludes 
  

	 	(c)	 any ULC Shares. 

“Securitization” means a public or private offering by a Lender or any of its Affiliates or their respective successors and
assigns, of securities which represent an interest in, or which are collateralized, in whole or in part, by the Accommodations. 

“Security” has the meaning specified in Section 2.11(1). 

“Security and Pledge Agreement” means the Security and Pledge Agreement, dated as of August 25, 2022, between the U.S.
Grantors and the Collateral Agent. 
 “Security Documents” means the Intercreditor Agreement, the agreements described in
Section 2.11 and any other security granted to the Collateral Agent, the Administrative Agent or the Lenders, including pursuant to Section 6.01(15), as security for the Secured Obligations of any of the Loan Parties under this Agreement
and the other Credit Documents. 
 “SOFR” means, with respect to any U.S. Government Securities Business Day, a rate per
annum equal to the secured overnight financing rate for such U.S. Government Securities Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding U.S. Government Securities Business Day.

“SOFR
Adjustment” means a percentage equal to 0.10% per annum. 

“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight
financing rate). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently
at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“SOFR Advances” means an Advance that bears interest at a rate based on Adjusted Daily Simple SOFR or Adjusted Term SOFR, other than, in each case, pursuant to clause (c) of
the definition of “Base Rate”. 
 “SOFR Rate Day” has the meaning assigned to such term in the definition
of “Daily Simple SOFR”. 
 “Solvent” and “Solvency” mean, (a) with respect to the Borrower
and its Subsidiaries on a particular date, (i) the fair value of the assets (on a going concern basis) of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated,
contingent or otherwise, (ii) the present fair saleable value of the property (on a going concern basis) of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable
liability, on a consolidated basis, of their debts and other liabilities, subordinated, 

  
 - 48 - 

 
unconditionally allotted, on or after the date of the Offer, pursuant to the exercise of any subscription or conversion rights, options or otherwise. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholdings),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term B Agreement Agent” means Barclays Bank PLC, or its successor in interest, in its capacity as administrative agent and
collateral agent under the Term B Credit Agreement. 
 “Term B Credit Agreement” means the Credit Agreement dated as of
January 16, 2014 by and among Open Text, the Subsidiaries of Open Text party thereto, Barclays Bank PLC as administrative agent and the lenders party thereto from time to time, as amended as of June 16, 2016 and as of February 22, 2017, as
amended and restated as of May 30, 2018, and as such Credit Agreement may be further amended, supplemented, restated, amended and restated or modified from time to time in accordance with Section 6.02(14). 

“Term Benchmark” when used in reference to any Advance or Borrowing, refers to whether such Advance, or the Advances
comprising such Borrowing, are bearing interest at a rate determined by reference to Adjusted Term SOFR or Term SOFR. 
 “Term Loan Advance” means an Advance under the Term Loan Facility.

 “Term Loan Facility” means the term loan facility made available to the Borrower in accordance with Article 2 and
Section 3.01. 
 “Term Loan Lender” means a Lender that has a Commitment or Term Loan Advance outstanding. 

“Term Loan Repayment Date” means the seventh anniversary of the Closing Date. 

“Term Loans” means the Term Loan Advances made by the Term Loan Lenders to the Borrower pursuant to Section 3.01(1). 

“Term SOFR” means, 

(a) for any calculation with respect to a Term SOFR Advance, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest
Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR
Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a
Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government
Securities Business Day for which such Term SOFR Reference Rate 

  
 - 51 - 

 
for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities
Business Days prior to such Periodic Term SOFR Determination Day, and 
 (b) for any calculation with respect to a Base Rate Advance on any
day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the “Base Rate Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published
by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR
Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S.
Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S.
Government Securities Business Days prior to such Base Rate SOFR Determination Day;. 

provided, further, that if Term SOFR determined as
provided above (including pursuant to the proviso under clause (a) or clause (b) above) shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

 “Term SOFR Administrator” means the CME Group Benchmark Administration Limited (CBA) (or a successor administrator
of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion). 
 “Term SOFR Advance”
means an Advance that bears interest at a rate based on Term SOFR. 
 “Term SOFR Reference Rate” means the rate per annum
determined by the Administrative Agent as the forward-looking term rate based on SOFR. 
 “Transaction Costs” means fees,
costs and expenses incurred in connection with the Transactions (i) for any Financial Quarter ended prior to the Closing Date and (ii) thereafter for any Measurement Period ending prior to or at the end of the fourth Financial Quarter
ending after the Closing Date in an amount not to exceed U.S. $300,000,000 in the aggregate. 
 “Transactions” means
(i) the execution, delivery and performance by the Borrower of this Agreement and the other Credit Documents, (ii) the borrowing of the Advances, (iii) the consummation of the Target Acquisition, (iv) the Target Refinancing, if
applicable, and (iv) the payment of fees and expenses related thereto. 
 “Type” has the meaning specified in the
definition of “Accommodation” or “Advance”, as the case may be, herein. 

  
 - 52 - 

 Advances, and each SOFR Advance shall convert to a Base Rate Advance, in the case of the
Term Loan Facility at the end of the applicable Interest Period. 
 Section 3.04    [Reserved] 

Section 3.05    Interest on Advances 

The Borrower shall pay interest on the unpaid principal amount of each Advance made to it, from the date of such Advance until such principal amount is repaid
in full, at the following rates per annum: 
  

	 	(1)	 Base Rate Advances. If and so long as such Advance is a Base Rate Advance and subject to clause
(3) below, at a rate per annum equal at all times to the Base Rate in effect from time to time plus the Applicable Margin, calculated daily and payable in arrears (i) on the first Business Day of each Financial Quarter in each
Financial Year; and (ii) when such Base Rate Advance becomes due and payable in full pursuant to the provisions hereof. 

  

	 	(2)	 SOFR Advances. 

 

	 	(a)	 If and so long as such Advance is a Term SOFR Advance and subject to clause (3) below, at a rate per annum
equal, at all times during each Interest Period for such SOFR Advance, to the sum of Adjusted Term SOFR for such Interest Period plus the Applicable
Margin for Term SOFR Advances payable on the earliest of (i) if the Interest Period is longer than three months, every three months after the date of the relevant Term SOFR Advance; (ii) on the last day of such Interest Period; and
(iii) when such Term SOFR Advance becomes due and payable in full pursuant to the provisions hereof. 

  

	 	(b)	 If and so long as such Advance is a Daily Simple SOFR Advance and subject to clause (3) below, at a rate
per annum equal at all times to the sum of Adjusted Daily Simple SOFR plus the Applicable Margin for Daily Simple SOFR Advances calculated daily and
payable in arrears (i) on the first Business Day of each Financial Quarter in each Financial Year; and (ii) when such Daily Simple SOFR Advance becomes due and payable in full pursuant to the provisions hereof. 

 

	 	(3)	 Default Interest. Upon the occurrence and during the continuance of an Event of Default, subject to Law,
the Borrower shall pay interest on the obligations in respect of the Term Loan Facility (“Default Interest”) on (i) the unpaid principal amount of each Accommodation Outstanding to each Lender, payable in arrears on the dates
referred to in clause (1) or (2) above, as applicable, and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (1) or (2) above, as applicable,
and (ii) the amount of any interest, fee or other amount payable under this Agreement or any other Credit Document to the Administrative Agent or any Lender that is not paid when due, from the date such amount shall be due until such amount
shall be paid in full, payable in arrears on the date such amount shall 

  
 - 73 - 

 Annex II 

SCHEDULE 4 
 APPLICABLE
MARGINS 
  

			
	 SOFR Advances

(per annum)
	  	 Base Rate Advances

(per annum)

	 3.50%
	  	2.50%

 SCHEDULE 11 

LENDER COMMITMENTS 
  

									
	 Lender
	  	Commitment ($)	 	  	Commitment (%)	 
	 Barclays Bank PLC
	  	$	763,891,800.00	 	  	 	21.3080	% 
	 Bank of Montreal
	  	$	736,609,950.00	 	  	 	20.5470	% 
	 Royal Bank of Canada
	  	$	654,764,400.00	 	  	 	18.2640	% 
	 Citibank, N.A.
	  	$	477,432,375.00	 	  	 	13.3175	% 
	 Citicorp North America, Inc.
	  	$	95,486,475.00	 	  	 	2.6635	% 
	 MUFG Bank, Ltd.
	  	$	286,800,000.00	 	  	 	8.0000	% 
	 HSBC Bank USA, N.A.
	  	$	179,250,000.00	 	  	 	5.0000	% 
	 PNC Bank, National Association
	  	$	179,250,000.00	 	  	 	5.0000	% 
	 National Bank of Canada
	  	$	107,550,000.00	 	  	 	3.0000	% 
	 Canadian Imperial Bank of Commerce
	  	$	103,965,000.00	 	  	 	2.9000	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL:
	  	$	3,585,000,000.00	 	  	 	100.00	%Document

        
Exhibit 4.1

______________________________________________________________________________

PORTLAND GENERAL ELECTRIC COMPANY

TO

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION (AS SUCCESSOR TO WELLS FARGO BANK, NATIONAL ASSOCIATION)

Trustee.

Eightieth Supplemental Indenture

Dated:  November 15, 2022

$200,000,000 First Mortgage Bonds,
5.47% Series due 2029
5.56% Series due 2033

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 EIGHTIETH SUPPLEMENTAL INDENTURE (hereinafter this “Supplemental Indenture”), dated November 15, 2022, is made by and between Portland General Electric Company, an Oregon corporation (hereinafter called the “Company”), and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association, as trustee), 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 amendment of the Original Indenture and 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)

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)
	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
	

2

																					
	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
	(1)
	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
	(1)
	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
	23,600,000
97,800,000
21,000,000
	(7)
	Fifty-fourth	5-1-03			Collateral Series due 2004	150,000,000
	(1)
	Fifty-fifth	7-1-03			Medium Term Notes Series VI	100,000,000
	(5)
	Fifty-sixth	5-1-06	6.31
6.26
	%
%
	Series due 2036
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
	(4)
	Sixtieth	4-1-08	4.45	%	Second Series due 2013	50,000,000
	(1)
	Sixty-first	1-15-09	6.50
6.80
	%
%
	Series due 2014
Series due 2016
	63,000,000
67,000,000  
	(4)
(4)

	Sixty-second	4-1-09	6.10	%	Series due 2019	300,000,000
	(1)
	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
	(1)
	Sixty-fifth	6-15-10	3.81	%	Series due 2017	58,000,000
	(4)
	Sixty-sixth	5-29-13	N/A			N/A
	(6)

3

																					
	Sixty-seventh	6-15-13	4.47
4.47
	%
%
	Series due 2044
Series due 2043
	150,000,000
75,000,000
	
	Sixty-eighth	10-15-13	4.74
4.84
	%
%
	Series due 2042
Series due 2048
	105,000,000
50,000,000
	
	Sixty-ninth	8-1-14	4.39
4.44
3.51
	%
%
%
	Series due 2045
Series due 2046
Series due 2024
	100,000,000
100,000,000
80,000,000
	
	Seventieth	1-1-15	3.55	%	Series due 2030	75,000,000
	
	Seventy-first	5-15-15	3.50	%	Series due 2035	70,000,000
	
	Seventy-second	1-1-16	2.51	%	Series due 2021	140,000,000
	(1)
	Seventy-third	8-1-17	3.98	%	Series due 2047	150,000,000
	
			3.98	%	Series due 2048	75,000,000
	
	Seventy-fourth	12-1-18	4.47	%	Series due 2048	75,000,000
	
	Seventy-fifth	4-1-19	4.30	%	Series due 2049	200,000,000
	
	Seventy-sixth	10-15-19	3.34	%	Series due 2049	110,000,000
	
			3.34	%	Series due 2050	160,000,000
	
	Seventy-seventh	4-15-20	3.15	%	Series due 2030	200,000,000
	
	Seventy-eighth	12-1-20	1.84	%	Series due 2027	160,000,000
	
		12-1-20	2.32	%	Series due 2032	70,000,000
	
	Seventy-ninth	9-15-21	1.82	%	Series due 2028	100,000,000
	
		9-15-21	2.10	%	Series due 2031	50,000,000
	
		9-15-21	2.20	%	Series due 2034	100,000,000
	
		9-15-21	2.97	%	Series due 2051	150,000,000
	

(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)    $50,000,000 of such Medium Term Notes has matured and been paid in full.  $50,000,000 of such Medium Term Notes was redeemed in full prior to maturity.
(6)    Amended Section 14.01 of the Original Indenture.
(7)    Cancelled prior to maturity in connection with redemption of underlying bonds.

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 47⁄8% Series due 1987,” “Bonds of the 51⁄2% Series due 1987,” “Bonds of the 1990 Series,” “Bonds of the 1991 Series,” “Bonds of the 45⁄8% Series due 1993,” “Bonds of the 43⁄4% 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,” 
4

“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 Series,” “Bonds of the 2019 Series,” “Bonds of the 2040 Series,” “Bonds of the 2015 Series,” “Bonds of the 2017 Series,” “Bonds of the 2044 Series,” “Bonds of the 2043 Series,” “Bonds of the 2042 Series,” “Bonds of the 2048 Series,” “Bonds of the 2045 Series,” “Bonds of the 2046 Series,” “Bonds of the 2024 Series,” “Bonds of the 2030 Series,” “Bonds of the 2035 Series,” “Bonds of the 2021 Series,” “Bonds of the 2047 Series,” “Bonds of the 2048 Series,” “Bonds of the 2048 Series,” “Bonds of the 2049 Series,” “Bonds of the 2049 Second Series,” “Bonds of the 2050 Series,” “Bonds of the 2030 Series,” “Bonds of the 2027 Series,” “Bonds of the 2032 Series,” “Bonds of the 2028 Series,” “Bonds of the 2031 Series,” “Bonds of the 2034,” and “Bonds of the 2051 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 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 seventy-nine 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
WHEREAS, the Company desires to provide for the creation of two new series of bonds to be known as “First Mortgage Bonds, 5.47% Series due 2029” (sometimes herein referred to as the “Bonds of the 2029 Series”) and “First Mortgage Bonds, 5.56% Series due 2033” (sometimes herein referred to as the “Bonds of the 2033 Series”) (collectively sometimes herein referred to as the “Bonds”), and to specify the form and provisions of the Bonds, 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
5

WHEREAS, the Company intends at this time to provide for the issuance of $100,000,000 aggregate principal amount of Bonds of the 2029 Series and $100,000,000 aggregate principal amount of Bonds of the 2033 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 2029 Series and the Trustee’s authentication certificate to be executed on the Bonds of the 2029 Series are to be substantially in the following form, respectively:

6

(Form of Bond of the 5.47% Series due 2029)
[Face of Bond]
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING THIS BOND, AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS BOND MAY NOT BE RESOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION THEREFROM (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, PROVIDED THAT IN-HOUSE COUNSEL TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”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“ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT AND THAT IT IS HOLDING THIS BOND FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT.

No. ______                                             $___________
CUSIP/PPN No. _______________

PORTLAND GENERAL ELECTRIC COMPANY
FIRST MORTGAGE BOND, 5.47% SERIES DUE 2029

ORIGINAL ISSUE DATE: November 30, 2022

    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 November 30, 2029 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and to pay interest thereon at the rate of 5.47 percent 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 May 30 and November 30 (each an “Interest Payment Date”) each year from the Original Issue Date, which will be the date the first interest period commences, and on the Maturity 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, and, in the case of an Interest Payment Date, but not the Maturity Date, no additional interest shall accrue.  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.
7

    Payment of the principal of and interest on this bond will be made in immediately available funds at the office or agency of the Trustee located in Minneapolis, Minnesota or such other office of the Trustee that functions as its financial operations center, 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, with payment at maturity (or, if applicable, upon redemption) made against presentation of this bond at such office or agency for cancellation.  The Trustee, as paying agent of the Company, will make all payments of principal and interest by 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.

    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: ______________________________________
    Maria M. Pope
    President and Chief Financial Officer

Attest: _____________________
 Assistant Secretary

8

(Form of Trustee’s Authentication Certificate for
Bonds of the 5.47% Series due 2029)

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

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE

                        By:                            
                            Authorized Signatory

9

[Reverse of Bond]

    This bond is one of the bonds of a series designated as First Mortgage Bonds, 5.47% Series due 2029 (sometimes herein referred to as the “Bonds of the 2029 Series”) limited to a maximum aggregate principal amount of $100,000,000.  Bonds of the 2029 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 Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as Trustee, as supplemented, amended, and modified by seventy-nine supplemental indentures and by the Eightieth Supplemental Indenture (such Indenture of Mortgage and Deed of Trust as so supplemented, amended, and modified by such seventy-nine supplemental indentures and the Eightieth 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 2029 Series are not subject to any sinking fund. 

    The Bonds of the 2029 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 this bond 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 this bond (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.  Notwithstanding the foregoing, so long as no event of default as defined in the Indenture shall then exist, any prepayment made by the Company of all or any portion of the Bonds of the 2029 Series outstanding on or after August 31, 2029 shall be made at 100% of the principal so prepaid plus accrued and unpaid interest to the date of redemption.

    If this bond or any portion thereof ($10,000 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.

    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 
10

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 if the modifications or alterations would adversely affect or diminish the rights of the holders of any bonds against the Company or its property; 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 Minneapolis, Minnesota, 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 $100,000 or any amount in excess thereof that is an integral multiple of $10,000.  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 $100,000 (but in multiples of at least $10,000) 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. 

    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. 
 
11

    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 5.47% Series due 2029)

and

    WHEREAS, the Bonds of the 2033 Series and the Trustee’s authentication certificate to be executed on the Bonds of the 2033 Series are to be substantially in the following form, respectively: 

12

(Form of Bond of the 5.56% Series due 2033)
[Face of Bond]
THIS BOND HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING THIS BOND, AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS BOND MAY NOT BE RESOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION THEREFROM (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY, PROVIDED THAT IN-HOUSE COUNSEL TO AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR”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“ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT AND THAT IT IS HOLDING THIS BOND FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION OR (3) A NON-U.S. PERSON OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT.

No. ______                                               $___________
CUSIP/PPN No. _______________

PORTLAND GENERAL ELECTRIC COMPANY
FIRST MORTGAGE BOND, 5.56% SERIES DUE 2033

ORIGINAL ISSUE DATE: January 13, 2023 

    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 January 13, 2033 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date, and to pay interest thereon at the rate of 5.56 percent 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 January 13 and July 13 (each an “Interest Payment Date”) each year from the Original Issue Date, which will be the date the first interest period commences, and on the Maturity 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, and, in the case of an Interest Payment Date, but not the Maturity Date, no additional interest shall accrue.  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.
13

    Payment of the principal of and interest on this bond will be made in immediately available funds at the office or agency of the Trustee located in Minneapolis, Minnesota or such other office of the Trustee that functions as its financial operations center, 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, with payment at maturity (or, if applicable, upon redemption) made against presentation of this bond at such office or agency for cancellation.  The Trustee, as paying agent of the Company, will make all payments of principal and interest by 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.

    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: ______________________________________
    Maria M. Pope
    President and Chief Executive Officer

Attest: _____________________
 Assistant Secretary

14

(Form of Trustee’s Authentication Certificate for
Bonds of the 5.56% Series due 2033)

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

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, AS TRUSTEE

                        By:                            
                            Authorized Signatory

15

[Reverse of Bond]

    This bond is one of the bonds of a series designated as First Mortgage Bonds, 5.56% Series due 2033 (sometimes herein referred to as the “Bonds of the 2033 Series”) limited to a maximum aggregate principal amount of $100,000,000.  Bonds of the 2033 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 Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as Trustee, as supplemented, amended, and modified by seventy-nine supplemental indentures and by the Eightieth Supplemental Indenture (such Indenture of Mortgage and Deed of Trust as so supplemented, amended, and modified by such seventy-nine supplemental indentures and the Eightieth 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 2033 Series are not subject to any sinking fund. 

    The Bonds of the 2033 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 this bond 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 this bond (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.  Notwithstanding the foregoing, so long as no event of default as defined in the Indenture shall then exist, any prepayment made by the Company of all or any portion of the Bonds of the 2033 Series outstanding on or after October 13, 2032 shall be made at 100% of the principal so prepaid plus accrued and unpaid interest to the date of redemption.

    If this bond or any portion thereof ($10,000 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.

    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 
16

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 if the modifications or alterations would adversely affect or diminish the rights of the holders of any bonds against the Company or its property; 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 Minneapolis, Minnesota, 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 $100,000 or any amount in excess thereof that is an integral multiple of $10,000.  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 $100,000 (but in multiples of at least $10,000) 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. 

    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. 
 
17

    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 5.56% Series due 2033)

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 seventy-nine 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 seventy-nine supplemental indentures hereinbefore described and not heretofore released from the lien thereof, all of which shall secure all bonds, including the Bonds), to wit:
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).
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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).
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 seventy-nine 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 seventy-nine 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, 
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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 seventy-nine supplemental indentures hereinbefore described and herein set forth and declared.
article 1
BONDS OF THE 2029 SERIES AND
CERTAIN PROVISIONS RELATING THERETO.
SECTION 1.0aCertain Terms of Bonds of the 2029 Series.  There is hereby established a series of First Mortgage Bonds of the Company designated and entitled as “First Mortgage Bonds, 5.47% Series due 2029” (sometimes referred to as the “Bonds of the 2029 Series”).  The aggregate principal amount of the Bonds of the 2029 Series shall be limited to $100,000,000, excluding, however, any Bonds of the 2029 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 2029 Series shall be issuable in substantially the form as hereinabove set forth in fully registered form without coupons in the denomination of $100,000, or any amount in excess thereof that is an integral multiple of $10,000.
Notwithstanding the provisions of Section 2.05 of the Mortgage, each Bond of the 2029 Series shall be dated as of the date sold by the Company (the “Original Issue Date”) and shall mature on November 30, 2029 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date.  Each Bond of the 2029 Series shall bear interest from the Original Issue Date, which is the date the first interest period commences, at the rate of 5.47 per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months), until payment of the principal thereof has been paid or made available for payment.  Interest will be payable semi-annually in arrears on May 30 and November 30 (each an “Interest Payment Date”) each year commencing with the first Interest Payment Date occurring after the Original Issue Date, and on the Maturity 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, and, in the case of an Interest Payment Date, but not the Maturity Date, no additional interest shall accrue.  The person in whose name any Bond of the 2029 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 2029 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 2029 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 thereof 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 2029 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 
20

agency of the Trustee located in Minneapolis, Minnesota or such other office of the Trustee that functions as its financial operations center, and interest on such Bonds of the 2029 Series shall be payable in like coin or currency at said office or agency, with payment at maturity (or, if applicable, upon redemption) made against presentation of such Bonds for cancellation.
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 2029 Series may be exchanged for a new Bond or Bonds of the 2029 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 transfer agent of the Company for the purpose of registering permitted transfers of Bonds of the 2029 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 2029 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 1.0bRedemption Provisions for Bonds of the 2029 Series.  The Bonds of the 2029 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 2029 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 the greater of (i) 100 percent of the principal amount of the portion of the Bonds of the 2029 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 2029 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.  Notwithstanding the foregoing, so long as no event of default as defined in the Indenture shall then exist, any prepayment made by the Company of all or any portion of the Bonds of the 2029 Series outstanding on or after August 31, 2029 shall be made at 100% of the principal so prepaid plus accrued and unpaid interest to the date of redemption.  The Company shall give the Trustee notice of such redemption price immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation.
Notwithstanding the provisions of Section 9.03 of the Mortgage, in the case of any partial redemption of the Bonds of the 2029 Series, the principal amount of the Bonds to be redeemed shall be allocated pro rata among all holders of such Bonds of the 2029 Series at the time outstanding and in accordance with the unpaid principal amount thereof.
The following definitions shall apply for purposes of this Section 1.02:
(a)  “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.  The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date.
(b)  “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds of the 2029 Series to be redeemed that would be utilized, at the time of 
21

selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 2029 Series.
(c)  “Comparable Treasury Price” means, with respect to any redemption date, (A) the average of four Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations for the redemption date, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
(d)  “Independent Investment Banker” means an independent investment and banking institution of national standing appointed by the Company.
(e)  “Reference Treasury Dealer” means a primary U.S. Government securities dealer in New York City selected by the Independent Investment Banker.
(f)  “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the fourth Business Day preceding the redemption date.
SECTION 1.0cSections 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 2029 Series remain outstanding.
SECTION 1.0dCertain 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 2029 Series are outstanding.
SECTION 1.0eCertain 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 2029 Series for a period of fifteen days next preceding any selection by the Trustee of Bonds of the 2029 Series to be redeemed or (b) to register, discharge from registration, exchange, or register the permitted transfer of any Bond of the 2029 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 2029 Series which portion has been so selected for redemption.
SECTION 1.0fReference to Minimum Provision for Depreciation in Certificate of Available Additions.  So long as any Bonds of the 2029 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 2029 Series shall no longer be outstanding, all references to such minimum provisions for depreciation may be omitted from any such certificate.
SECTION 1.0gReporting 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 2029 Series are outstanding, 
22

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 1.0hCUSIP, ISIN, Private Placement, or Common Code Numbers.  The Company in issuing the Bonds of the 2029 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.
SECTION 1.0iDuration of Article One.  This Article One shall be of force and effect only so long as any Bonds of the 2029 Series are outstanding.
article 2
BONDS OF THE 2033 SERIES AND
CERTAIN PROVISIONS RELATING THERETO.
SECTION 1.0jCertain Terms of Bonds of the 2033 Series.  There is hereby established a series of First Mortgage Bonds of the Company designated and entitled as “First Mortgage Bonds, 5.56% Series due 2033” (sometimes referred to as the “Bonds of the 2033 Series”).  The aggregate principal amount of the Bonds of the 2033 Series shall be limited to $100,000,000, excluding, however, any Bonds of the 2033 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 2033 Series shall be issuable in substantially the form as hereinabove set forth in fully registered form without coupons in the denomination of $100,000, or any amount in excess thereof that is an integral multiple of $10,000.
Notwithstanding the provisions of Section 2.05 of the Mortgage, each Bond of the 2033 Series shall be dated as of the date sold by the Company (the “Original Issue Date”) and shall mature on January 13, 2033 (the “Maturity Date”), except to the extent redeemed or repaid prior to the Maturity Date.  Each Bond of the 2033 Series shall bear interest from the Original Issue 
23

Date, which is the date the first interest period commences, at the rate of 5.56 per cent per annum (calculated on the basis of a 360-day year of twelve 30-day months), until payment of the principal thereof has been paid or made available for payment.  Interest will be payable semi-annually in arrears on January 13 and July 13 (each an “Interest Payment Date”) each year commencing with the first Interest Payment Date occurring after the Original Issue Date, and on the Maturity 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, and, in the case of an Interest Payment Date, but not the Maturity Date, no additional interest shall accrue.  The person in whose name any Bond of the 2033 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 2033 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 2033 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 thereof 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 2033 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 Trustee located in Minneapolis, Minnesota or such other office of the Trustee that functions as its financial operations center, and interest on such Bonds of the 2033 Series shall be payable in like coin or currency at said office or agency, with payment at maturity (or, if applicable, upon redemption) made against presentation of such Bonds for cancellation.
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 2033 Series may be exchanged for a new Bond or Bonds of the 2033 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 transfer agent of the Company for the purpose of registering permitted transfers of Bonds of the 2033 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 2033 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 1.0kRedemption Provisions for Bonds of the 2033 Series.  The Bonds of the 2033 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 2033 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 the greater of (i) 100 percent of the principal amount of the portion of the Bonds of the 2033 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 2033 Series 
24

(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.  Notwithstanding the foregoing, so long as no event of default as defined in the Indenture shall then exist, any prepayment made by the Company of all or any portion of the Bonds of the 2033 Series outstanding on or after October 13, 2032 shall be made at 100% of the principal so prepaid plus accrued and unpaid interest to the date of redemption.  The Company shall give the Trustee notice of such redemption price immediately after the calculation thereof, and the Trustee shall have no responsibility for such calculation.
Notwithstanding the provisions of Section 9.03 of the Mortgage, in the case of any partial redemption of the Bonds of the 2033 Series, the principal amount of the Bonds to be redeemed shall be allocated pro rata among all holders of such Bonds of the 2033 Series at the time outstanding and in accordance with the unpaid principal amount thereof.
The following definitions shall apply for purposes of this Section 2.02:
(a)  “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.  The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date.
(b)  “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Bonds of the 2033 Series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Bonds of the 2033 Series.
(c)  “Comparable Treasury Price” means, with respect to any redemption date, (A) the average of four Reference Treasury Dealer Quotations for the redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations for the redemption date, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.
(d)  “Independent Investment Banker” means an independent investment and banking institution of national standing appointed by the Company.
(e)  “Reference Treasury Dealer” means a primary U.S. Government securities dealer in New York City selected by the Independent Investment Banker.
(f)  “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the fourth Business Day preceding the redemption date.
SECTION 1.0lSections 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 2033 Series remain outstanding.
25

SECTION 1.0mCertain 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 2033 Series are outstanding.
SECTION 1.0nCertain 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 2033 Series for a period of fifteen days next preceding any selection by the Trustee of Bonds of the 2033 Series to be redeemed or (b) to register, discharge from registration, exchange, or register the permitted transfer of any Bond of the 2033 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 2033 Series which portion has been so selected for redemption.
SECTION 1.0oReference to Minimum Provision for Depreciation in Certificate of Available Additions.  So long as any Bonds of the 2033 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 2033 Series shall no longer be outstanding, all references to such minimum provisions for depreciation may be omitted from any such certificate.
SECTION 1.0pReporting 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 2033 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 1.0qCUSIP, ISIN, Private Placement, or Common Code Numbers.  The Company in issuing the Bonds of the 2033 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 
26

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.
SECTION 1.0rDuration of Article Two.  This Article Two shall be of force and effect only so long as any Bonds of the 2033 Series are outstanding.
article 3
TRUSTEE.
SECTION 1.0sDuties 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 (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 4
MISCELLANEOUS PROVISIONS.
SECTION 1.0tDate of this Supplemental Indenture.  Although this Supplemental Indenture, for convenience and for the purpose of reference, is dated November 15, 2022, the actual date of execution by the Company and by the Trustee is as indicated by their respective acknowledgments hereto annexed.
SECTION 1.0uRelation 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.
SECTION 1.0vInvalid, 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 1.0wCounterparts.  This Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to 
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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 1.0xConflicting 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 1.0yHeadings.  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 1.0zGoverning 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.
SECTION 1.0aaAddresses for Notices to the Trustee.  Any notice, direction, request or demand hereunder to or upon the Trustee shall be in writing (including facsimile and electronic mail in PDF format) and shall be deemed to have been sufficiently given or made, for all purposes, if given or served by overnight courier, electronic mail in PDF format, or by being deposited postage prepaid by registered or certified mail in a post office letter box, addressed to the Trustee at: Computershare Trust Company, National Association, CTO Mail Operations, 600 South 4th Street, 7th Floor, MAC: N9300-070, Minneapolis, Minnesota, 55415, Attn: Corporate Trust Services – Portland General Electric Company Administrator/Casey Boyle.  The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications.
SECTION 1.0abTax Withholding.  By acceptance of any Bond issued hereunder, unless otherwise prohibited by law, each holder is deemed to agree to provide to the Company, the Trustee or any agent any information or certification that may be required under applicable law with respect to withholding, backup withholding or information reporting, and update or replace such form, information or certification in accordance with its terms or its subsequent amendments to the extent necessary.  Notwithstanding any other provision of this Supplemental Indenture, failure of a holder to provide the required tax certificates and information may result in amounts of tax being withheld from the payment to such holder without liability, provided that, except as otherwise required by applicable law, the Company and Trustee will not withhold from any applicable payment to be made to a holder of a Bond that is not a United States Person any tax so long as such holder shall have delivered to the Company (in such number of copies as shall be requested) on or about the date on which such holder becomes a holder under this Supplemental Indenture (and from time to time thereafter upon the reasonable request of the Company, the Trustee or any agent), copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, as well as the applicable “U.S. Tax Compliance Certificate”, and any successor or additional form, information or certification as may be required by applicable law, in each case correctly completed and executed.  The Company, the Trustee, or any agent, as the case may be, shall make such payment after such withholding or deduction has been made and shall account to the relevant authorities for the amount so withheld or deducted.  The Company, the Trustee, 
28

or any agent, as the case may be, shall have no obligation to gross up any payment hereunder or pay any additional amount as a result of such withholding tax.  The Company agrees to provide to the Trustee, upon request, sufficient information about Bond holders or other applicable parties and/or transactions (including any modification to the terms of such transactions), to the extent that such information is in the possession of the Company, so as to enable the Trustee to determine whether it has tax related obligations under applicable law.  Nothing in this Section 4.09 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company or Trustee is required to obtain such information under applicable law with respect to withholding, backup withholding or information reporting and, in such event, the Company and Trustee shall treat any such information it receives as confidential (except to the extent necessary to report to the applicable taxing authority).  The terms of this section shall survive the resignation or removal of the Trustee and the termination of this Supplemental Indenture.
In connection with any proposed transfer of a Bond, the transferor shall be required to use commercially reasonable efforts to provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code.  The Trustee shall be entitled to rely on information provided to it and shall have no responsibility to verify or ensure the accuracy of such information.
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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, Computershare Trust Company, 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, all as of the day and year first above written.

PORTLAND GENERAL ELECTRIC COMPANY

By:       /s/ Maria M. Pope                            
Name:    Maria M. Pope
Title:    President and Chief Executive     Officer

Attest:   /s/ David White               
Name:    David F. White
Title:    Assistant Secretary

(Seal)

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Portland General Electric Company 80th Supplemental Indenture
to Indenture of Mortgage and Deed of Trust, dated July 1, 1945 
(Company Signature Page)

COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

By:     /s/ Scott R. Little    
Name:  Scott Little    
Title: Vice President    

31

Portland General Electric Company 80th Supplemental Indenture
to Indenture of Mortgage and Deed of Trust, dated July 1, 1945 
(Trustee Signature Page)

State of Oregon    )
    ) ss.
County of Multnomah    )

    The foregoing instrument was acknowledged before me on this 18 day of November, 2022 by Maria M. Pope, President and Chief Executive Officer of PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation, on behalf of said corporation.

                              /s/ Laney Quigley            
                            Notary Public for Oregon
                            My Commission Expires  9-8-24

[NOTARIAL SEAL]

32

Portland General Electric Company 80th Supplemental Indenture
to Indenture of Mortgage and Deed of Trust, dated July 1, 1945
(Company Acknowledgement - Signature Page)

ACKNOWLEDGMENT
STATE OF MINNESOTA    )
    )    ss.
COUNTY OF HENNEPIN    )
On November 22, 2022, before me, Mary Guy Monson-Owen, a Notary Public, personally appeared Scott R. Little, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
I certify under PENALTY OF PERJURY under the laws of the State of Minnesota that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.

 /s/ Mary Guy Monson-Owen      (Seal)
33

Portland General Electric Company 80th Supplemental Indenture
to Indenture of Mortgage and Deed of Trust, dated July 1, 1945
(Trustee Acknowledgement - Signature Page)

State of Oregon    )
    )  ss.
County of Multnomah    )

    Maria M. Pope and David F. White, the President and Chief Executive Officer, and Assistant Secretary, 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 18 day of November, 2022.

                             /s/ Laney Quigley            
                            Notary Public for Oregon
                            My Commission Expires  9-8-24

[NOTARIAL SEAL]

34

Portland General Electric Company 80th Supplemental Indenture
to Indenture of Mortgage and Deed of Trust, dated July 1, 1945
(Company Acknowledgement - Signature Page)

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