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EXHIBIT 4.46(b)

DESCRIPTION OF PACIFIC GAS AND ELECTRIC COMPANY’S
SECURITIES REGISTERED UNDER
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
Description of Preferred Stock

The following description of Pacific Gas and Electric Company’s (the “Utility”) preferred stock is only a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to applicable law, our Restated Articles of Incorporation effective as of June 22, 2020 (the “Articles of Incorporation”) and Bylaws amended and restated as of June 22, 2020 (the “Bylaws”), each of which is filed as an exhibit to this Annual Report on Form 10-K and is incorporated by reference herein. We encourage you to read the Articles of Incorporation and the Bylaws for additional information.

In this section, references to “we,” “our,” “ours” and “us” refer only to the Utility and not to any of its direct or indirect parents, subsidiaries or affiliates except as expressly provided.

General

Our Articles of Incorporation authorize the issuance of 800,000,000 shares of common stock with a par value of $5 per share, 75,000,000 shares of first preferred stock with a par value of $25 per share (the “First Preferred Stock”), and 10,000,000 of $100 first preferred stock, cumulative, with a par value of $100 per share (the “$100 First Preferred Stock” and, together with the First Preferred Stock, the “Preferred Stock”).

All outstanding shares of our common stock are owned by PG&E Corporation. There are no shares of $100 First Preferred Stock outstanding. First Preferred Stock is issued and outstanding in the following series:

•5% series A redeemable (“5% First Preferred Series A Stock”)

•5% redeemable (“5% First Preferred Stock”)

•4.80% redeemable (“4.8% First Preferred Stock”)

•4.50% redeemable (“4.5% First Preferred Stock”)

•4.36% series A redeemable (“4.36% First Preferred Series A Stock”)

•6% nonredeemable (“6% Nonredeemable First Preferred Stock”)

•5.50% nonredeemable (“5.5% Nonredeemable First Preferred Stock”)

•5% nonredeemable (“5% Nonredeemable First Preferred Stock”)

As of December 31, 2020, the Utility’s First Preferred Stock outstanding included:

•4,211,661 shares of 6% Nonredeemable First Preferred Stock;

•1,173,163 shares of 5.5% Nonredeemable First Preferred Stock;

•400,000 shares of 5% Nonredeemable First Preferred Stock;

•1,778,172 shares of 5% First Preferred Series A Stock;

•934,322 shares of 5% First Preferred Stock;

•793,031 shares of 4.8% First Preferred Stock;

•611,142 shares of 4.5% First Preferred Stock; and

•418,291 shares of 4.36% First Preferred Series A Stock.

Under the Articles of Incorporation, the Board of Directors of the Utility is authorized without further shareholder action to provide for the issuance of Preferred Stock up to the amounts authorized by the Articles of Incorporation, in one or more series, with such rights, preferences, privileges and restrictions as shall be stated and expressed in the resolution or resolutions providing for the issue of such Preferred Stock, or series thereof, adopted, at any time or from time to time, by the Board of Directors.

Voting Rights

Except as otherwise provided by law, holders of our Preferred Stock have voting rights on the basis of one vote per share on each matter submitted to a vote at a meeting of shareholders. Our shareholders may not cumulate votes in elections of directors. As a result, the holders of our Preferred Stock entitled to exercise more than 50% of the voting rights in an election of directors can elect all of the directors to be elected if they choose to do so. In such event, the holders of the remaining Preferred Stock voting for the election of directors will not be able to elect any persons to the Board of Directors.

Dividend Rights

The owners and holders of shares of Preferred Stock, when issued as fully paid, are entitled to receive, from the date of issue of such share, out of funds legally available therefor, cumulative preferential dividends, when and as declared by the Board of Directors, at the following rates upon the par value of their respective shares, and not more:

•5% per year upon the 5% First Preferred Series A Stock, 5% First Preferred Stock and 5% Nonredeemable First Preferred Stock

•4.8% per year upon the 4.8% First Preferred Stock

•4.5% per year upon the 4.5% First Preferred Stock

•4.36% per year upon the 4.36% First Preferred Stock

•6% per year upon the 6% Nonredeemable First Preferred Stock

•5.5% per year upon the 5.5% Nonredeemable First Preferred Stock

Such dividends shall be declared and shall be either paid or set apart for payment before any dividend upon the shares of common stock shall be either declared or paid. All shares of Preferred Stock rank equally in priority with regard to preference in dividend rights, except that shares of different classes or different series thereof may differ as to the amounts of dividends to which they are entitled.

Liquidation Rights

Upon the liquidation or dissolution of the Utility at any time and in any manner, the owners and holders of Preferred Stock issued as fully paid will be entitled to receive an amount equal to the par value of such shares plus an amount equal to all accumulated and unpaid dividends thereon to and including the date fixed for such distribution or payment before any amount shall be paid to the holders of the Utility’s common stock. All shares of Preferred Stock rank equally in priority with regard to preference in liquidation rights, except that shares of different classes or different series thereof may differ as to the amounts of liquidation payments to which they are entitled. All shares of Preferred Stock rank senior to common stock with regard to liquidation rights.

If any share or shares of Preferred Stock shall at any time be issued as only partly paid, the owners and holders of such partly paid share or shares shall have the right to receive dividends and to share in the assets of the Utility upon its liquidation or dissolution in all respects like the owners and holders of fully paid shares of Preferred Stock, except that such right shall be only in proportion to the amount paid on account of the subscription price for which such partly paid share or shares shall have been issued.

Conversion, Redemption and Preemptive Rights

None of the 6% Nonredeemable First Preferred Stock, 5.5% Nonredeemable First Preferred Stock and 5% Nonredeemable First Preferred Stock is subject to redemption.

The remaining outstanding series of First Preferred Stock, and any Preferred Stock issued in the future, may be redeemed at the Utility’s option, at any time or from time to time, at the redemption price fixed for such series of Preferred Stock together with accumulated and unpaid dividends at the rate fixed therefor to and including the date fixed for redemption. If less than all the outstanding shares of any such series are to be redeemed, the shares to be redeemed shall be determined pro rata or by lot in such manner as the Board of Directors may determine. There is no restriction on the repurchase or redemption of Preferred Stock by the Utility while there is any arrearage in the payment of dividends or sinking fund payments.

Unless the certificate of determination for any series of Preferred Stock shall otherwise provide, notice of every redemption shall be published in a newspaper of general circulation in the City and County of San Francisco, State of California, and in a newspaper of general circulation in the Borough of Manhattan, City and State of New York, at least once in each of two (2) successive weeks, commencing not earlier than sixty (60) nor later than thirty (30) days before the date fixed for redemption; successive publications need not be made in the same newspaper. A copy of such notice shall be mailed within the same period of time to each holder of record, as of the record date, of the shares to be redeemed, but the failure to mail such notice to any shareholder shall not invalidate the redemption of such shares.

From and after the date fixed for redemption, unless default be made by the Utility in paying the amount due upon redemption, dividends on the shares called for redemption shall cease to accrue, and such shares shall be deemed to be redeemed and shall be no longer outstanding, and the holders thereof shall cease to be shareholders with respect to such shares and shall have no rights with respect thereto except the right to receive from the Utility upon surrender of their certificates the amount payable with respect thereto upon redemption without interest.

None of the Preferred Stock has preemptive rights or conversion rights.

Non-Assessability

Shares of Preferred Stock, the subscription price of which shall have been paid in full, whether such price be par or more or less than par, shall be issued as fully paid shares and shall never be subject to any call or assessment for any purpose whatever. Shares of Preferred Stock, only a part of the subscription price of which shall have been paid, shall be subject to calls for the unpaid balance of the subscription price thereof. But no call made on partly paid Preferred Stock or partly paid common stock shall be recoverable by action or be enforceable otherwise 

than by sale or forfeiture of delinquent stock in accordance with the applicable provisions of the Corporations Code of California.

If at any time, whether by virtue of any amendment of the Articles of Incorporation or any amendment or change of the law of the State of California relating to corporations or otherwise, any assessment shall, in any event whatsoever, be levied and collected on any subscribed and issued shares of Preferred Stock after the subscription price thereof shall have been paid in full, the rights of the owners and holders thereof to receive dividends and their rights to share in the assets upon the liquidation or dissolution of the Utility shall, immediately upon the payment of such assessment and by virtue thereof, be increased in the same ratio as the total amount of the assessment or assessments so levied and collected shall bear to the par value of such shares of Preferred Stock.

Listing

The outstanding series of First Preferred Stock are listed on the NYSE American as follows:

•5% First Preferred Series A Stock is listed under the trading symbol PCG-PE

•5% First Preferred Stock is listed under trading symbol PCG-PD

•4.8% First Preferred Stock is listed under trading symbol PCG-PG

•4.5% First Preferred Stock is listed under trading symbol PCG-PH

•4.36% First Preferred Series A Stock is listed under trading symbol PCG-PI

•6% Nonredeemable First Preferred Stock is listed under trading symbol PCG-PA

•5.5% Nonredeemable First Preferred Stock is listed under trading symbol PCG-PB

•5% Nonredeemable First Preferred Stock is listed under trading symbol PCG-PC

Transfer Agent 

The transfer agent for our Preferred Stock is EQ Shareowner Services.Document

EXHIBIT 10.75

AMENDMENT NO. 1 TO
PURCHASE AND SALE AGREEMENT

This AMENDMENT NO. 1 TO PURCAHSE AND SALE AGREEMENT, dated as of January 14, 2021 (this “Amendment”), among PG&E AR Facility, LLC, a Delaware limited liability company (the “Buyer”), Pacific Gas and Electric Company, a California corporation (“PG&E”), as initial Servicer (in such capacity, the “Servicer”) and as an originator (in such capacity, the “Originator”), JPMorgan Chase Bank, N.A. (“JPM”), as a Committed Lender and as a Group Agent, Jupiter Securitization Company LLC (“Jupiter”), as a Conduit Lender, Mizuho Bank, Ltd. (“Mizuho”), as a Committed Lender and as a Group Agent, BNP Paribas (“BNP”), as a Committed Lender and as a Group Agent, Starbird Funding Corporation (“Starbird”), as a Conduit Lender, Victory Receivables Corporation (“Victory”), as a Conduit Lender, and MUFG Bank, Ltd. (“MUFG”), as a Committed Lender, as a Group Agent and as Administrative Agent.
W I T N E S S E T H:

WHEREAS, the Buyer, the Servicer and the Originator have heretofore entered into that certain Purchase and Sale Agreement, dated as of October 5, 2020 (as amended, restated, supplemented, assigned or otherwise modified from time to time, the “Agreement”);

WHEREAS, concurrently herewith, the Buyer and PG&E, as holder, are entering into that certain Amended and Restated Subordinated Note, dated as of the date hereof and acknowledged and agreed to by the Administrative Agent;

WHEREAS, concurrently herewith, the Buyer, as borrower, the Servicer, PG&E, as retention holder, the Administrative Agent and the Lenders and Group Agents party thereto are entering into that certain Amendment No. 1 to Receivables Financing Agreement, dated as of the date hereof (the “RFA Amendment”); and

WHEREAS, the parties hereto seek to modify the Agreement upon the terms hereof.

NOW, THEREFORE, in exchange for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged and confirmed), each of the parties hereto agree as follows:

A G R E E M E N T:

1.Definitions.  Unless otherwise defined or provided herein, capitalized terms used herein have the meanings attributed thereto in (or by reference in) Section 1.1 of the Agreement.

2.Amendment to the Agreement. Effective as of the date hereof, Section 3 of Exhibit 2.3(d) of the Agreement is hereby amended and restated in its entirety to read as follows:

3.            Interest.  Subject to the Subordination Provisions, Buyer promises to pay interest on the aggregate unpaid principal amount of this Note outstanding on each interest payment date as set forth in Section 4 hereof at a variable rate equal to the sum of the Applicable Rate in effect from time to time during the term of this Subordinated Note plus 1% per annum.  “Applicable Rate” means the 1-month LIBOR rate published in The Wall Street Journal on the first Business Day of each month (“LIBOR”); provided, that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred under the RFA or with respect to the then-current Applicable Rate, then “LIBOR” or its replacement rate determined in accordance herewith, as applicable, means the then-current Benchmark Replacement, with a tenor of one (1) month; provided, further, that during any Benchmark Unavailability Period or at any time that a one (1) month tenor for the then-current Benchmark is not an Available Tenor, the Applicable Rate shall be equal to the immediately preceding Applicable Rate determined in accordance with the provisions hereof.

3.Conditions to Effectiveness.  This Amendment shall be effective concurrently with the effectiveness of the RFA Amendment.

4.Certain Representations and Warranties.  Each of the Buyer, the Servicer and the Originator represents and warrants to each Credit Party as of the date hereof, as follows:

a.Representations and Warranties.  Both before and immediately after giving effect to this Amendment and the transactions contemplated hereby, all of its respective representations and warranties contained in the Agreement (other than the representations and warranties set forth in Sections 4.1(f)(ii) and (i) of the Agreement) and each other Transaction Document to which it is a party that (x) do not contain a materiality qualification are true and correct in all material respects on and as of the date hereof, and (y) contains a materiality qualification are true and correct on and as of the date hereof (or, to the extent such representations and warranties specifically relate to an earlier date, such representations and warranties were true and correct in all material respects, or true and correct, as the case maybe, as of such earlier date).

b.Power and Authority; Due Authorization. That it has all necessary corporate power, limited liability company power, and authority (as applicable) to (i) execute and deliver this Amendment and the transactions contemplated hereby and (ii) perform its obligations under this Amendment, the Agreement (as amended hereby) and each of the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Amendment, the Agreement and the other Transaction Documents to which it is a party have been duly authorized by all necessary corporate or limited liability company action, as applicable.

c.Binding Obligations.  This Amendment, the Agreement (as amended hereby) and each of the other Transaction Documents to which it is a party constitute the legal, valid and binding obligations of the Buyer, the Servicer and the Originator, as applicable, enforceable against the Buyer, the Servicer or the Originator, as applicable, in accordance with their respective terms, except as enforceability may be limited by (x) applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) and (y) applicable Requirements of Law (including the approval of the CPUC) prior to foreclosure or other exercise of remedies hereunder or under the Transaction Documents.

d.No Event of Default or Termination Events.  No Sale Termination Event, Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event has occurred and is continuing, and no Sale Termination Event, Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event would result from this Amendment or the transactions contemplated hereby.

5.Reference to and Effect on the Agreement and the Other Transaction Documents.

a.From and after the effectiveness of this Amendment, each reference in the Agreement to “this Agreement”, “hereof”, “herein”, “hereunder” or words of like import, and each reference in each of the other Transaction Documents to the “Purchase and Sale Agreement”, “thereunder”, “thereof” or words of like import, in each case referring to the Agreement, shall mean and be, a reference to the Agreement, as amended hereby.

b.The Agreement (except as specifically amended herein) and the other Transaction Documents are hereby ratified and confirmed in all respects by each of the parties hereto and shall remain in full force and effect in accordance with its respective terms.

c.The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of or amendment to, any right, power or remedy of the 

Administrative Agent or any other Credit Party under, nor constitute a waiver of or amendment to, any other provision or condition under, the Agreement or any other Transaction Document.

6.Costs and Expenses.  The Buyer agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent and the other Credit Parties in connection with the preparation, negotiation, execution and delivery of this Amendment and the transactions contemplated hereby.

7.GOVERNING LAW.  THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF).

8.Transaction Documents.  This Amendment is a Transaction Document executed pursuant to the Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.

9.Integration.  This Amendment, the Agreement and the other Transaction Documents contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.  

10.Severability.  Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

11.Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed signature page of this Amendment by facsimile transmission, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of an original executed counterpart hereof or any other electronic means as provided in the immediately following sentence. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record, deliveries 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, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

12.Mutual Negotiations.  This Amendment is the product of mutual negotiations by the parties hereto and their counsel, and no party shall be deemed the draftsperson of this Amendment or any provision hereof or to have provided the same.  Accordingly, in the event of any inconsistency or ambiguity of any provision of this Amendment, such inconsistency or ambiguity shall not be interpreted against any party because of such party’s involvement in the drafting thereof.

13.Headings.  The captions and headings of this Amendment are included herein for convenience of reference only and shall not affect the interpretation of this Amendment.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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

															
			PG&E AR FACILITY, LLC,
			as Buyer
					
			By:	/s/ MARGARET BECKER
			Name:	Margaret Becker
			Title:	Vice President and Treasurer

															
			PACIFIC GAS AND ELECTRIC COMPANY
			as the Servicer and as the Originator
					
			By:	/s/ DAVID S. THOMASON
			Name:	David S. Thomason
			Title:	Vice President, Chief Financial Officer and Controller

															
			MUFG BANK, LTD.,
			as Administrative Agent
					
			By:	/s/ ERIC WILLIAMS
			Name:	Eric Williams
			Title:	Managing Director

															
			MUFG BANK, LTD.,
			as Group Agent for the MUFG Group
					
			By:	/s/ ERIC WILLIAMS
			Name:	Eric Williams
			Title:	Managing Director

															
			MUFG BANK, LTD.,
			as a Committed Lender
					
			By:	/s/ ERIC WILLIAMS
			Name:	Eric Williams
			Title:	Managing Director

															
			VICTORY RECEIVABLES CORPORATION,
			as a Conduit Lender
					
			By:	/s/ KEVIN J. CORRIGAN
			Name:	Kevin J. Corrigan
			Title:	Vice President

															
			MIZUHO BANK, LTD.,
			as Group Agent for the Mizuho Group
					
			By:	/s/ RICHARD A. BURKE
			Name:	Richard A. Burke
			Title:	Managing Director

															
			MIZUHO BANK, LTD.,
			as a Committed Lender
					
			By:	/s/ RICHARD A. BURKE
			Name:	Richard A. Burke
			Title:	Managing Director

															
			BNP PARIBAS,
			as a Group Agent for the BNP Group
					
			By:	/s/ ADVAIT JOSHI
			Name:	Advait Joshi
			Title:	Director
					
			By:	/s/ CHRIS FUKUOKA
			Name:	Chris Fukuoka
			Title:	Vice President

															
			BNP PARIBAS,
			as a Committed Lender
					
			By:	/s/ ADVAIT JOSHI
			Name:	Advait Joshi
			Title:	Director
					
			By:	/s/ CHRIS FUKUOKA
			Name:	Chris Fukuoka
			Title:	Vice President

															
			STARBIRD FUNDING CORPORATION,
			as a Conduit Lender
					
			By:	/s/ DAVID V. DEANGELIS
			Name:	David V. DeAngelis
			Title:	Vice President

															
			JPMORGAN CHASE BANK, N.A.,
			as Group Agent for the JPM Group
					
			By:	/s/ MARQUIS GILMORE
			Name:	Marquis Gilmore
			Title:	Managing Director

															
			JPMORGAN CHASE BANK, N.A.,
			as a Committed Lender
					
			By:	/s/ MARQUIS GILMORE
			Name:	Marquis Gilmore
			Title:	Managing Director

															
			JUPITER SECURITIZATION COMPANY LLC,
			as a Conduit Lender
					
			By:	/s/ MARQUIS GILMORE
			Name:	Marquis Gilmore
			Title:	Managing Director

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