Document:

Exhibit 10.1.11

Confidential Treatment

 

 

	
  MEMORANDUM OF AGREEMENT

  	
  Norwegian Shipbrokers’ Association’s

  
	
   

  	
  Memorandum of Agreement for sale and

  
	
  Dated: 4th October 2004

  	
  purchase of ships. Adopted by The Baltic

  
	
   

  	
  and International Maritime Council

  
	
   

  	
  (BIMCO) in 1956.

  
	
   

  	
  Code-name

  
	
   

  	
  SALEFORM
  1993

  
	
   

  	
  Revised 1966, 1983 and 1986/87.

  

 

[                    ]

 

hereinafter
called the Sellers, have agreed to sell, and

 

Dryships Inc. of Marshall Islands

hereinafter
called the Buyers, have agreed to buy

 

Name: [                      ]

 

Classification
Society/Class: [                           ]

 

	
  Built: [                  ]

  	
  By: [                  ]

  
	
   

  	
   

  
	
  Flag: [                   ]

  	
  Place of Registration: [                     ]

  
	
   

  	
   

  
	
  Call sign: [                 ]

  	
  Grt/Nrt: [                    ]

  
	
   

  	
   

  
	
  Official Number: [                    ]

  	
   

  

 

hereinafter called the Vessel, on the following terms and conditions:

 

Definitions

 

“Banking days” are days on which banks are open both in the country of
the currency stipulated for the Purchase Price in Clause 1 and in the place of
closing stipulated in Clause 8.

 

“In writing” or “written” means a letter handed over from the Sellers
to the Buyers or vice versa, a registered letter, telex, telefax or other
modern form of written communication.

 

“Classification Society” or “Class” means the Society referred to in
line 4.

 

1.                                      Purchase
Price   [                     ].- cash payment
 ([                             ])

 

2.                                      Deposit
see Clause 25

 

3.                                      Payment
see Clause 25

 

The said Purchase Price shall
be paid in full free of bank charges to Sellers’ Bank (details to be advised)

 

on delivery of the Vessel, but not later than 3 banking days after the
Vessel is in every respect physically ready for delivery in accordance with the
terms and conditions of this Agreement and Notice of Readiness has been given
in accordance with Clause 5.

 

4.                                      Inspections
- See Clause 17

 

 

 

Copyright: Norwegian Shipbroker’s
Association, Oslo, Norway.

 

 

 

5.                                      Notices,
time and place of delivery - See Clause
18

 

Date of cancelling 60
days after the IPO is priced at Buyers’ option

 

c)                                      If the Sellers
anticipate that, notwithstanding the exercise of due diligence by them, the
Vessel will not be ready for delivery by the cancelling date they may notify
the Buyers in writing stating the date when they anticipate that the Vessel
will be ready for delivery and propose a new cancelling date. Upon receipt of
such notification the Buyers shall have the option of either cancelling this
Agreement in accordance with Clause 14 within 7 running days of receipt of the
notice or of accepting the new date as the new cancelling date. If the Buyers
have not declared their option within 7 running days of receipt of the Sellers’
notification or if the Buyers accept the new date, the date proposed in the
Sellers’ notification shall be deemed to be the new cancelling date and shall
be substituted for the cancelling date stipulated in line 61.

 

If this Agreement is maintained with the new cancelling date all other
terms and conditions hereof including those contained in Clauses 18 and 5 c) shall remain unaltered and in full
force and effect. Cancellation or failure to cancel shall be entirely without
prejudice to any claim for damages the Buyers may have under Clause 14 for the
Vessel not being ready by the original cancelling date.

 

d)                                     Should the Vessel
become an actual, constructive or compromised total loss before delivery this Agreement shall be null and
void.

 

6.                                      Divers
Inspection

 

b)**                       (i) The Vessel is to be
delivered without drydocking. However, the Buyers shall have the right at their
expense to arrange for an underwater inspection by a diver approved by the
Classification Society prior to the delivery of the Vessel. The Sellers shall
at their cost make the Vessel available for such inspection. The extent of the
inspection and the

 

 

conditions under which it is performed shall
be to the satisfaction of the Classification Society. If the conditions at the
port of delivery are unsuitable for such inspection, the Sellers shall make the
Vessel available at a suitable alternative place near to the delivery port.

 

(ii)           If the rudder, propeller, bottom or
other underwater parts below the deepest load line are found broken, damaged or
defective so as to affect the Vessel’s class, then unless repairs can be carried
out afloat to the satisfaction of the Classification Society, the Sellers shall
arrange for the Vessel to be drydocked at their expense for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load
line, the extent of the inspection being in accordance with the Classification
Society’s rules. If the rudder, propeller, bottom or other underwater parts
below the deepest load line are found broken, damaged or defective so as to
affect the Vessel’s class, such defects shall be made good by the Sellers at
their expense to the satisfaction of the Classification Society without
condition/recommendation*. In such event the Sellers are to pay also for the
cost of the underwater inspection and the Classification Society’s attendance.

 

In the event that damage is found
by the appointed divers that in (the opinion of Class would be considered a
re-commendation, and such damage does not require immediate repairs and maybe
deferred until the vessel’s next drydocking, then in such event a cash
settlement in lieu of the required repairs will be agreed between the parties
and the agreed amount will be deducted from the purchase price. If the parties
cannot agree on the amount to be deducted In lieu of the repairs then each
party will obtain one quotation for the required works from shipyards near by
the delivery area/port and the agreed amount will be the average of the 2
quotations which will then be deducted from the purchase price.

 

(iii)          If the Vessel is to be drydocked
pursuant to Clause 6 b) (ii) and no suitable dry - docking facilities are
available at the port of delivery, the Sellers shall take the Vessel to a port
where suitable drydocking facilities are available, whether within or outside
the delivery range as per Clause 5 b). Once drydocking has taken place the
Sellers shall deliver the Vessel at a port within the delivery range as per
Clause 5 b) which shall, for the purpose of this Clause, become the new port of
delivery. In such event the cancelling date provided for in Clause 5 b) shall
be extended by the additional time required for the drydocking and extra
steaming, but limited to a maximum of 14 running days.

 

c)                                      If the Vessel is
drydocked pursuant to Clause 6 a) or 6 b) above

 

(i)                             the Classification Society may
require survey of the tailshaft system, the extent of the survey being to the
satisfaction of the Classification surveyor. If such survey is not required by
the Classification Society, the Buyers shall have the right to require the
tailshaft to be drawn and surveyed by the Classification Society, the extent of
the survey being in accordance with the Classification Society’s rules for
tailshaft survey and consistent with the current stage of the Vessel’s survey
cycle. The Buyers shall declare whether they require the tailshaft to be drawn
and surveyed not later than by the completion of the inspection by the
Classification Society. The drawing and refitting of the tailshaft shall be
arranged by the Sellers. Should any parts of the tailshaft system be condemned or
found defective so as to affect the Vessel’s class, those parts shall be
renewed or made good at the Sellers’ expense to the satisfaction of the
Classification Society without condition/recommendation*.

 

(ii)                          the expenses relating to the
survey of the tailshaft system shall be borne

by the Buyers unless the Classification Society requires such survey to
be carried out, in which case the Sellers shall pay these expenses. The Sellers
shall also pay the expenses if the Buyers require the survey and parts of the
system are condemned or found defective or broken so as to affect the Vessel’s
class*.

 

(iii)                       the expenses in connection with
putting the Vessel in and taking her out of

drydock, including the drydock dues and the Classification Society’s
fees shall be paid by the Sellers if the Classification Society issues any
condition/recommendation* as a result of the survey or if it requires survey of
the tailshaft system. In all other cases the Buyers shall pay the aforesaid
expenses, dues and fees.

 

(iv)                      the Buyers’ representative shall
have the right to be present in the drydock, but without interfering with the
work or decisions of the Classification surveyor.

 

(v)                         the Buyers shall have the right
to have the underwater parts of the Vessel

cleaned and painted at their risk and expense without interfering with
the Sellers’ or the Classification surveyor’s work, if any, and without
affecting the Vessel’s timely delivery. If, however, the Buyers’ work in
drydock is still in progress when the Sellers have 

 

 

completed the work which the Sellers are
required to do, the additional docking time needed to complete the Buyers’ work
shall be for the Buyers’ risk and expense. In the event that the Buyers’ work
requires such additional time, the Sellers may upon completion of the Sellers’
work tender Notice of Readiness for delivery whilst the Vessel is still in
drydock and the Buyers shall be obliged to take delivery in accordance with
Clause 3, whether the Vessel is in drydock or not and irrespective of Clause 5
b).

 

*                                         Notes, if any,
in the surveyor’s report which are accepted by the Classification Society
without condition/recommendation are not to be taken into account.

 

**                                  6
a) and 6 b) are alternatives; delete whichever is not applicable. In the
absence of deletions, alternative 6 a) to apply.

 

7.                                      Spares/bunkers,
etc.

 

The Sellers shall deliver the Vessel to the Buyers with everything
belonging to her on board shore. All spare parts and spare equipment including
spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
belonging to the Vessel at the time of inspection used or unused, whether on
board or not shall become the Buyers’ property. Forwarding charges, if any,
shall be for the Buyers’ account. The Sellers are not required to replace spare
parts including spare tail-end shaft(s) and spare propeller(s)/propeller
blade(s) which are taken out of spare and used as replacement prior to
delivery, but the replaced items shall be the property of the Buyers. The radio
installation and navigational equipment GMDSS, computers, printers
shall be included in the sale without extra payment. Unused
stores and provisions shall be included in the sale and be taken over by the
Buyers without extra payment.

 

The Sellers have the right to take ashore crockery, plates, cutlery,
linen and other articles bearing the Sellers’ flag or name, provided they
replace same with similar unmarked items. Library, forms, etc., exclusively for
use in the Sellers’ vessel(s), shall be excluded without compensation. Captain’s,
Officers’ and Crew’s personal belongings including the slop chest are to be
excluded from the sale, as well as the following additional items (including
items on hire) (vessel’s delivery of any hired equipment on
board wilt be itemized in an addendum to this Agreement): Videotel Equipment,
Owners Manuals/Instruction Books, Log Books, Company Software, Buyers to be
allowed to make copies of Owners manuals/Instruction books/Logbooks, etc at
Buyers expense.

 

The Buyers shall take over the remaining bunkers and unused / unbroached lubricating oils in
storage tanks and

sealed drums and pay the Sellers costs against
documented Invoices excluding barging expenses.

Payment under this Clause shall
be made at the same time and place and in the same currency as the Purchase
Price.

 

8.                                      Documentation

 

The place of closing: Piraeus

 

In exchange for payment of the
Purchase Price the Sellers shall furnish the Buyers with delivery documents,
namely: (See Clause 20.)

 

 

At the time of delivery the Buyers and Sellers shall sign and deliver
to each other a Protocol of Delivery and Acceptance confirming the date and
time of delivery of the Vessel from the Sellers to the Buyers.

 

At the time of delivery the Sellers shall hand to the Buyers the
classification certificate(s) as well as all plans etc., which are on board the
Vessel. Other certificates which are on board the Vessel shall also be handed
over to the Buyers unless the Sellers are required to retain same, in which
case the Buyers to have the right to take copies. Other technical documentation
which may be

in the Sellers’ possession shall be promptly forwarded to the Buyers at
their expense, if they so request. The Sellers may keep the Vessel’s log books
but the Buyers to have the right to take copies of same.

 

9.                                      Encumbrances

 

The Sellers warrant that the Vessel, at the time of delivery, is free
from any/ all charters, encumbrances,
mortgages and maritime liens or any other debts whatsoever. The Sellers hereby
undertake to indemnify the Buyers against all consequences of claims made
against the Vessel which have been incurred prior to the time of delivery.

 

10.                               Taxes,
etc.

 

Any taxes, fees and expenses in connection with the purchase and
registration under the Buyers’ flag shall be for the Buyers’ account, whereas
similar charges in connection with the closing of the Sellers’ register shall
be for the Sellers’ account.

 

11.                               Condition
on delivery 

 

The Vessel with everything belonging to her shall be at the Sellers’
risk and expense until she is delivered to the Buyers, but subject to the terms
and conditions of this Agreement she shall be delivered and taken over as she
was at the time of inspection, fair wear and tear excepted.

However, the Vessel shall be delivered with her class fully maintained without condition free of /recommendation*,

free of average damage affecting the Vessel’s class, and with her
classification certificates and national / International Trading
certificates according to the vessel’s present Flag,
as well as all other certificates the Vessel had at the time of inspection,
valid and

unextended without condition/recommendation* by Class or the relevant
authorities at the time of delivery for a period of 3 months.
The vessel C.S.M. items are to be fully uptodate at the time of delivery.

“Inspection” in this Clause 11, shall mean the Buyers’ inspection
according to Clause 4 a) or 4 b), if applicable, or the Buyers’ inspection
prior to the signing of this Agreement. If the Vessel is taken over without
inspection, the date of this Agreement shall be the relevant date.

 

*                                         Notes,
if any, in the surveyor’s report which are accepted by the Classification
Society without condition/recommendation are not to be taken into account.

 

The vessel is to be delivered with her cargo holds in empty and clean
swept / dry condition.

 

12.                               Name/markings

 

Upon delivery the Buyers
undertake to change the name of the Vessel and alter funnel markings.

 

13.                               Buyers’
default  see amended
Clause 13

 

 

 

 

14.                               Sellers’
default 

 

Should the Sellers fail to give Notice of Readiness in accordance with
Clause 18 or fail to be ready to
validly complete a legal transfer by the date stipulated in the Buyers shall
have the option of cancelling this Agreement provided always that the Sellers
shall be granted a maximum of 3 banking days after Notice of Readiness has been
given to make arrangements for the documentation set out in Clause 8. If after
Notice of Readiness has been given but before the Buyers have taken delivery,
the Vessel ceases to be physically ready for delivery and is not made physically
ready again in every respect by the date stipulated in Clause
18 and new Notice of Readiness given, the Buyers shall retain
their option to cancel. 

Should the Sellers fail to give Notice of Readiness by the date
stipulated in Clause 18 or fail to be ready
to validly complete a legal transfer as aforesaid they shall make due
compensation to the Buyers for their loss and for all expenses together with
interest if their failure is due to proven

negligence and whether or not the Buyers cancel this Agreement.

 

Such expenses to include the 1/6 of the cost
of the Dryships IPO which cost not to exceed U.S.$ 1,500,000. on top of other
damages the Buyers may suffer including the difference of cost (if any) of a
substitute vessel.

 

15.                               Buyers’
representatives 

 

After this Agreement has been signed by both parties the Buyers have
the right to place two representatives on board the Vessel at their sole risk
and expense upon arrival at the next convenient place
of embarkation 

These representatives are on board for the purpose of familiarisation
and in the capacity of observers only, and they shall not interfere in any
respect with the operation of the Vessel. The Buyers’ representatives shall
sign the Sellers’ letter of indemnity prior to their embarkation.

Meal charges during the Buyers’
representatives onboard the vessel is USD 10 per day per person.

All their expenses including communication
expenses shall be paid by the Buyers/Charterers to the Sellers during delivery
of the vessel against copies of statements signed onboard between Master and
Buyers’ representatives.

 

16.                               Arbitration
see Clause 26

 

Clauses 17-26 shall be deemed to form an
integral par of this contact.

 

 

	
  THE SELLERS

  	
  THE BUYERS

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/  [                                            ]

  	
   

  	
  /s/ Eugenia
  Papapontikou

  	
   

  
	
  [                                        ]

  	
  DRY SHIPS
  INC. of Marshall Islands

  
	
  By :

  	
  By :Eugenia
  Papapontikou

  
	
  Title :

  	
  Title :
  Attorney-In-Fact

  
				

 

 

Additional Clauses to the Memorandum of
Agreement

m/v”  [                   ]”

Clause 13 (amended)

 

Should Buyers
fail to price the Dryships IPO by February 28th 2005,
then this M.O.A. to be considered null and void. In such case Buyers to have no
obligation to purchase the vessel.

 

Should the IPO
be priced then Buyers to have the obligation to buy the vessel.

 

Buyers have
also the option to buy the vessel even if the IPO is not priced.

 

Clause 17

 

The Buyers
have not inspected the vessel and her class records. Therefore, the
sale/purchase is subject to Buyers’ inspection of vessel’s class records and of
the vessel at a time and place to be mutually agreed. Inspection of the vessel
to include empty water ballast tanks as well as empty cargo holds. Buyers’
decision of acceptance or rejection to be declared within close of business
Athens time on October 31st, 2004.

 

The
sale/purchase is also subject to Dryships IPO (expected to price within
December 15th, 2004 to February 28th, 2005).

 

Clause 18

 

It has been
further mutually agreed between both parties that the vessel will be delivered
cargo free at the first discharge port where the,vessel will arrive after the
Dryships IPO prices. The vessel will be delivered charter free or with charter
employment subject to Charterers’ approval which approval not to be
unreasonably withheld and she will be delivered and taken over safety afloat at
a safe and accessible berth or safe and accessible anchorage within the port
limits of the discharge port. Notice for delivery will be given by Buyers the
day they price the IPO.

 

Following
notice by Buyers that the IPO has priced, Sellers will within 72 running hours
advise Buyers of vessel’s intended place and date of delivery.

 

The Sellers
shall keep the Buyers well informed of the vessel’s itinerary and shall provide
the Buyers with 10, 7 and 5 days notice of the estimated time of arrival at the
intended place of underwater inspection/delivery. When the vessel is at the
place of delivery and in every respect physically ready for delivery in
accordance with this Agreement, the Sellers shall give the Buyers a written Notice
of Readiness for delivery.

 

Buyers to have
the option to request Sellers’ Managers ([                ])
to be obliged to continue managing the vessel for one round trip (next loading
and discharging ports following the purchase of the vessel by Buyers), Sellers’
Managers will be reimbursed at actual cost plus $ 350,00 / day management
expenses for the period the vessel is managed by them payable in lumpsum at the
time the Buyers will replace Managers’ crew with their own crew.

 

 

Clause 19

 

Terms and details of this deal to the kept strictly private and
confidential amongst all parties concerned.

 

Clause 20

 

In exchange for payment of the vessel’s full purchase price along with
any other payments called for in accordance with the M.O.A. the Sellers shall
furnish the Buyers with delivery documents as reasonably required for
registration of the vessel which to be advised by the Buyers and to be
incorporated in an Addendum to the M.O.A.

 

Clause 21

 

Any notices under this agreement will be distributed as follows :

 

To the Buyers:

Company to be nominated by Dryships Inc.

c/o Drybulk S.A.

Tel : +30210 8090500

Fax : +30210 8090555

E-mail : snp@drybulk.gr

 

To the Sellers :

 

[                             ]

 

Clause 22

 

Sellers to hand to Buyers’ representatives at the time of delivery a
complete set of manuals in English relative to main engine/auxiliaries in
addition to all other existing manuals/instruction books/plans, main engine,
generators previous overhaul reports.

 

Sellers, Master and Chief Engineer to demonstrate vessel’s operation to
their opposite numbers (Buyers’ representatives on board) at the time of
delivery.

 

Clause 23

 

Sellers to confirm vessel in not blacklisted by Arab boycott league,
Damascus.

 

Clause 24

 

Sellers to maintain vessel to their present standards till the time of
her delivery.

 

 

Clause 25

 

It has been further mutually agreed between both parties there will be
no 10% deposit lodged by the Buyers and the Sellers will receive at the time of
closing of title the 100% purchase price of the vessel, together with extra
payment for bunkers and lube oils remaining on board at the time of delivery.

 

Clause 26

 

This Agreement shall be governed by New York law. Disputes, if any, out
of or relating to this Agreement and the related M.O.A. shall be resolved by
Arbitration in New York, US.A., as per the rules of the SMA INC. Arbitrators to
be members of the SMA INC.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed on the date and year first above written.

 

 

	
  For the
  Sellers 

  	
  For the
  Buyers

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/  [                                            ]

  	
   

  	
  /s/ Eugenia
  Papapontikou

  	
   

  
	
  [                                          ]

  	
  Dryships
  S.A. of Marshall Islands

  
	
  By :  [                               ]

  	
  By :  Eugenia Papapontikou

  
	
  Title:

  	
  Title:  Attorney-In-FactExhibit 4.12

 

 

 

IDAHO
POWER COMPANY

TO

DEUTSCHE
BANK TRUST COMPANY AMERICAS

AND

STANLEY
BURG,

As
Trustees under its Mortgage and Deed of Trust

dated as of October 1, 1937.

_______________

_______________
Supplemental Indenture

providing among other things for Bonds of __________ Series

Dated as of __________, 200_

 

 

 

 

TABLE OF CONTENTS1

	
   

  	
  Page

  
	
   

  	
   

  
	
  Parties and Recitals

  	
  1

  
	
  Granting Clause and Property Description

  	
  5

  
	
   

  	
   

  
	
  ARTICLE I Description of Bonds of _________ Series

  	
   

  
	
   

  	
   

  
	
  Section 1. General terms and
  redemption provisions

  	
  6

  
	
  Section 2. Exchange and
  transfers of Bonds

  	
  9

  
	
  Section 3. Form of Bonds

  	
  9

  
	
  Section 4. Temporary Bonds

  	
  10

  
	
   

  	
   

  
	
  ARTICLE II Issue of Bonds of _________ Series

  	
   

  
	
   

  	
   

  
	
  Section 5. Issue of Bonds

  	
  10

  
	
   

  	
   

  
	
  ARTICLE III Covenants

  	
   

  
	
   

  	
   

  
	
  Section 6. Application of
  Original Indenture

  	
  10

  
	
  Section 7. Lawful ownership

  	
  10

  
	
  Section 8. Annual
  certificate as to defaults

  	
  11

  
	
   

  	
   

  
	
  ARTICLE IV The Trustees

  	
   

  
	
   

  	
   

  
	
  Acceptance of trust

  	
  11

  
	
  Recitals deemed made by the Company

  	
  11

  
	
   

  	
   

  
	
  ARTICLE V Miscellaneous Provisions

  	
   

  
	
   

  	
   

  
	
  Meanings of terms

  	
  11

  
	
  Ratification and Confirmation

  	
  11

  
	
  Counterparts

  	
  11

  
	
   

  	
   

  
	
  Testimonium

  	
  12

  
	
  Signatures and seals

  	
  12

  
	
  Acknowledgments

  	
  14

  
	
  Affidavits

  	
  17

  

 

1               This
table of contents shall not have any bearing upon the interpretation of this
Supplemental Indenture.

 

i

 

SUPPLEMENTAL INDENTURE, dated as of the _____ day of __________, 200_
made and entered into by and between IDAHO POWER COMPANY, a corporation of the
State of Idaho (successor by merger to Idaho Power Company, a corporation of
the State of Maine, hereinafter sometimes called the “Maine Company”), whose
address is 1221 West Idaho Street, Boise, Idaho 83702-5627 (hereinafter
sometimes called the “Company”), party of the first part, and DEUTSCHE BANK
TRUST COMPANY AMERICAS, formerly known as Bankers Trust Company, a corporation
of the State of New York whose post office address is 60 Wall Street, New York,
N.Y. 10005 (hereinafter sometimes called the “Corporate Trustee”), and Stanley
Burg (hereinafter sometimes called the “Individual Trustee”), parties of the
second part (the Corporate Trustee and the Individual Trustee being hereinafter
together sometimes called the “Trustees”), as Trustees under the Mortgage and
Deed of Trust dated as of October 1, 1937 hereinafter referred to; and

WHEREAS, the Maine Company has heretofore executed and delivered to the
Trustees its Mortgage and Deed of Trust (hereinafter sometimes referred to as
the “Original Indenture”), dated as of October 1, 1937, to secure the payment
both of the principal of and interest and premium, if any, on all Bonds at any
time issued and outstanding thereunder and to declare the terms and conditions
upon which Bonds are to be issued thereunder; and

WHEREAS, the Maine Company was merged into the Company on June 30,
1989; and

WHEREAS, in order to evidence the succession of the Company to the
Maine Company and the assumption by the Company of the covenants and conditions
of the Maine Company in the Bonds and in the Original Indenture, as supplemented,
contained, and to enable the Company to have and exercise the powers and rights
of the Maine Company under the Original Indenture, as supplemented, in
accordance with the terms thereof, the Company executed and delivered to the
Trustees a Twenty-eighth Supplemental Indenture, dated as of June 30, 1989
(which supplemental indenture is hereinafter sometimes called the
“Twenty-eighth Supplemental Indenture”); and

WHEREAS, said Twenty-eighth Supplemental Indenture was recorded in the
records of the County of Elko, Nevada; the Counties of Baker, Grant, Harney,
Malheur, Union and Wallowa, Oregon; the Counties of Ada, Adams, Bannock, Bear
Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou,
Cassia, Clark, Elmore, Gem, Gooding, Idaho, Jefferson, Jerome, Lemhi, Lincoln,
Minidoka, Oneida, Owyhee, Payette, Power, Twin Falls, Valley and Washington,
Idaho; the Counties of Lincoln and Sweetwater, Wyoming; and with the Secretary
of State of Montana; and

WHEREAS, in accordance with the terms of the Original Indenture the
Maine Company or the Company has executed and delivered to the Trustees the
following supplemental indentures in addition to the Twenty-eighth Supplemental
Indenture:

 

	
  Designation

  	
  Dated as of

  
	
  First Supplemental
  Indenture

  	
  July 1, 1939

  
	
  Second Supplemental
  Indenture

  	
  November 15, 1943

  

 

1

 

	
  Third Supplemental
  Indenture

  	
  February 1, 1947

  
	
  Fourth Supplemental
  Indenture

  	
  May 1, 1948

  
	
  Fifth Supplemental
  Indenture

  	
  November 1, 1949

  
	
  Sixth Supplemental
  Indenture

  	
  October 1, 1951

  
	
  Seventh Supplemental
  Indenture

  	
  January 1, 1957

  
	
  Eighth Supplemental
  Indenture

  	
  July 15, 1957

  
	
  Ninth Supplemental
  Indenture

  	
  November 15, 1957

  
	
  Tenth Supplemental
  Indenture

  	
  April 1, 1958

  
	
  Eleventh Supplemental
  Indenture

  	
  October 15, 1958

  
	
  Twelfth Supplemental
  Indenture

  	
  May 15, 1959

  
	
  Thirteenth Supplemental
  Indenture

  	
  November 15, 1960

  
	
  Fourteenth Supplemental
  Indenture

  	
  November 1, 1961

  
	
  Fifteenth Supplemental
  Indenture

  	
  September 15, 1964

  
	
  Sixteenth Supplemental
  Indenture

  	
  April 1, 1966

  
	
  Seventeenth Supplemental
  Indenture

  	
  October 1, 1966

  
	
  Eighteenth Supplemental
  Indenture

  	
  September 1, 1972

  
	
  Nineteenth Supplemental
  Indenture

  	
  January 15, 1974

  
	
  Twentieth Supplemental
  Indenture

  	
  August 1, 1974

  
	
  Twenty-first Supplemental
  Indenture

  	
  October 15, 1974

  
	
  Twenty-second Supplemental
  Indenture

  	
  November 15, 1976

  
	
  Twenty-third Supplemental
  Indenture

  	
  August 15, 1978

  
	
  Twenty-fourth Supplemental
  Indenture

  	
  September 1, 1979

  
	
  Twenty-fifth Supplemental
  Indenture

  	
  November 1, 1981

  
	
  Twenty-sixth Supplemental
  Indenture

  	
  May 1, 1982

  
	
  Twenty-seventh
  Supplemental Indenture

  	
  May 1, 1986

  
	
  Twenty-ninth Supplemental
  Indenture

  	
  January 1, 1990

  
	
  Thirtieth Supplemental
  Indenture

  	
  January 1, 1991

  
	
  Thirty-first Supplemental
  Indenture

  	
  August 15, 1991

  
	
  Thirty-second Supplemental
  Indenture

  	
  March 15, 1992

  
	
  Thirty-third Supplemental
  Indenture

  	
  April 1, 1993

  
	
  Thirty-fourth Supplemental
  Indenture

  	
  December 1, 1993

  
	
  Thirty-fifth Supplemental
  Indenture

  	
  November 1, 2000

  
	
  Thirty-sixth Supplemental
  Indenture

  	
  October 1, 2001

  
	
  Thirty-seventh
  Supplemental Indenture

  	
  April 1, 2003

  
	
  Thirty-eighth Supplemental
  Indenture

  	
  May 15, 2003

  
	
  Thirty-ninth Supplemental
  Indenture2

  	
  October 1, 2003

  

 

each of which is
supplemental to the Original Indenture (the Original Indenture and all
indentures supplemental thereto together being hereinafter sometimes referred
to as the “Indenture”); and

WHEREAS, the Original Indenture and said Supplemental Indentures
(except said Fifteenth Supplemental Indenture) have each been recorded in the
records of the County of

 

2               Here will be inserted additional, executed
supplemental indentures.

2

 

Elko, Nevada; the Counties of Baker, Grant, Harney,
Malheur, Union and Wallowa, Oregon; the Counties of Ada, Adams, Bannock, Bear
Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou,
Cassia, Clark, Elmore, Gem, Gooding, Idaho, Jefferson, Jerome, Lemhi, Lincoln,
Minidoka, Oneida, Owyhee, Payette, Power, Twin Falls, Valley and Washington,
Idaho; the Counties of Lincoln and Sweetwater, Wyoming; and with the Secretary
of State of Montana; and

WHEREAS, the Maine Company or the Company has heretofore issued Bonds,
under and in accordance with the terms of the Indenture in the following series
and aggregate principal amounts:

 

	
  Series

  	
   

  	
  Principal

  Amount

  Issued

  	
   

  	
  Principal

  Amount

  Outstanding

  	
   

  
	
  3-3/4%
  Series due 1967

  	
   

  	
  $

  	
  18,000,000

  	
   

  	
  None

  	
   

  
	
  3-1/8%
  Series due 1973

  	
   

  	
  18,000,000

  	
   

  	
  None

  	
   

  
	
  2-3/4%
  Series due 1977

  	
   

  	
  5,000,000

  	
   

  	
  None

  	
   

  
	
  3% Series due 1978

  	
   

  	
  10,000,000

  	
   

  	
  None

  	
   

  
	
  2-3/4%
  Series due 1979

  	
   

  	
  12,000,000

  	
   

  	
  None

  	
   

  
	
  3-1/4%
  Series due 1981

  	
   

  	
  15,000,000

  	
   

  	
  None

  	
   

  
	
  4-1/2%
  Series due 1987

  	
   

  	
  20,000,000

  	
   

  	
  None

  	
   

  
	
  4-3/4%
  Series due 1987

  	
   

  	
  15,000,000

  	
   

  	
  None

  	
   

  
	
  4% Series due April 1988

  	
   

  	
  10,000,000

  	
   

  	
  None

  	
   

  
	
  4-1/2%
  Series due October 1988

  	
   

  	
  15,000,000

  	
   

  	
  None

  	
   

  
	
  5% Series due 1989

  	
   

  	
  15,000,000

  	
   

  	
  None

  	
   

  
	
  4-7/8%
  Series due 1990

  	
   

  	
  15,000,000

  	
   

  	
  None

  	
   

  
	
  4-1/2%
  Series due 1991

  	
   

  	
  10,000,000

  	
   

  	
  None

  	
   

  
	
  5-1/4%
  Series due 1996

  	
   

  	
  20,000,000

  	
   

  	
  None

  	
   

  
	
  6-1/8%
  Series due 1996

  	
   

  	
  30,000,000

  	
   

  	
  None

  	
   

  
	
  7-3/4%
  Series due 2002

  	
   

  	
  30,000,000

  	
   

  	
  None

  	
   

  
	
  8-3/8%
  Series due 2004

  	
   

  	
  35,000,000

  	
   

  	
  None

  	
   

  
	
  10% Series due 2004

  	
   

  	
  50,000,000

  	
   

  	
  None

  	
   

  
	
  8-1/2%
  Series due 2006

  	
   

  	
  30,000,000

  	
   

  	
  None

  	
   

  
	
  9% Series due 2008

  	
   

  	
  60,000,000

  	
   

  	
  None

  	
   

  
	
  10-1/4%
  Series due 2003

  	
   

  	
  62,000,000

  	
   

  	
  None

  	
   

  
	
  First Mortgage Bonds, 1984
  Series

  	
   

  	
  10,100,000

  	
   

  	
  None

  	
   

  
	
  16.10% Series due
  1991-1992

  	
   

  	
  50,000,000

  	
   

  	
  None

  	
   

  
	
  Pollution Control Series A

  	
   

  	
  49,800,000

  	
   

  	
  None

  	
   

  
	
  8.65% Series due 2000

  	
   

  	
  80,000,000

  	
   

  	
  None

  	
   

  
	
  9.50% Series due 2021

  	
   

  	
  75,000,000

  	
   

  	
  None

  	
   

  
	
  9.52% Series due 2031

  	
   

  	
  25,000,000

  	
   

  	
  None

  	
   

  
	
  8% Series due 2004

  	
   

  	
  50,000,000

  	
   

  	
  None

  	
   

  
	
  8 3/4%
  Series due 2027

  	
   

  	
  50,000,000

  	
   

  	
  None

  	
   

  
	
  Secured Medium-Term Notes,
  Series A

  	
   

  	
  190,000,000

  	
   

  	
  None

  	
   

  
	
  Secured Medium-Term Notes,
  Series B

  	
   

  	
  197,000,000

  	
   

  	
  140,000,000

  	
   

  
							

 

3

 

	
  Secured Medium-Term Notes, Series C

  	
   

  	
  200,000,000

  	
   

  	
  200,000,000

  	
   

  
	
  Secured Medium-Term Notes, Series D

  	
   

  	
  200,000,000

  	
   

  	
  200,000,000

  	
   

  
	
  Secured Medium-Term Notes, Series E

  	
   

  	
  245,000,000

  	
   

  	
  245,000,000

  	
   

  
	
  Pollution Control Series B

  	
   

  	
  49,800,000

  	
   

  	
  49,800,000

  	
  3 

  

 

which bonds are
hereinafter sometimes called bonds of the First through __________ Series; and

WHEREAS, the Company, in accordance with the provisions of the
Indenture and pursuant to appropriate resolutions of its Board of Directors,
has duly determined to make, execute and deliver to the Trustees this
__________ Supplemental Indenture for the purposes herein provided, including
the issuance of a __________ Series of Bonds under the Indenture, in the
aggregate principal amount of up to __________ Million Dollars ($__________),
to be designated as “First Mortgage Bonds, _____% Series due __________”
[“First Mortgage Bonds, Secured Medium-Term Notes, Series _____”]4 (herein sometimes called
the “Bonds of __________ Series”); and

WHEREAS, it is also now desired, for the purpose of more effectually
carrying out the purposes of the Original Indenture, to confirm specifically
the subjection to the lien thereof and of the Indenture of the certain property
acquired by the Company in addition to the property specifically described in
the Original Indenture and in said First, Second, Third, Fourth, Fifth, Sixth,
Seventh, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Sixteenth,
Seventeenth, Eighteenth, Nineteenth, Twenty-first, Twenty-second, Twenty-third,
Twenty-fourth, Twenty-fifth, Thirty-sixth and Thirty-seventh5 Supplemental Indentures;
and

WHEREAS, all things necessary to make said Bonds of _________ Series,
when duly authenticated by the Corporate Trustee and issued by the Company,
valid and legally binding obligations of the Company and to make the Original
Indenture, as heretofore supplemented and as supplemented hereby, a valid and
legally binding instrument for the security thereof, have been performed, and
the execution and delivery of this __________ Supplemental Indenture and the
issue of said Bonds as in this __________ Supplemental Indenture provided have
been in all respects duly authorized:

 

3               Here
will be inserted additional outstanding series of bonds.

4               Bracketed
language will be inserted in lieu of words "First Mortgage Bonds, _____%
Series due __________" in any supplemental indenture relating to the
issuance of First Mortgage Bonds which are designated "Secured Medium-Term
Notes, Series _____".

5               Here
will be inserted additional, executed supplemental indentures.

4

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

That in consideration of the premises and of One Dollar to it duly paid
by the Trustees at or before the ensealing and delivery of these presents, the
receipt whereof is hereby acknowledged, and in order to secure the payment both
of the principal of and interest and premium, if any, on all Bonds at any time
issued and outstanding under the Indenture, according to their tenor and
effect, and the performance of all the provisions of the Indenture and of said
Bonds, the Company has duly executed and delivered to the Trustees this
__________ Supplemental Indenture and has granted, bargained, sold, released,
conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed and
by these presents does grant, bargain, sell, release, convey, assign, transfer,
mortgage, pledge, set over and confirm unto Stanley Burg and (to the extent of
its legal capacity to hold the same for the purposes hereof) unto Deutsche Bank
Trust Company Americas, as Trustees as aforesaid, and to their successor or
successors in said trust, and to them and their successors, heirs and assigns
forever, all property, whether real, personal or mixed (except any hereinafter
expressly excepted), and wheresoever situated, acquired since the date of said
Original Indenture by and now or hereafter owned by the Company including the
following described properties, rights and interests in property (in addition
to all other properties heretofore subjected to the lien of the Indenture and
not heretofore released from the lien thereof)—that is to say:6

All other property, whether real, personal or mixed
(except any hereinafter expressly excepted), and wheresoever situated, acquired
since the date of said Original Indenture by and now or hereafter owned by the
Company.

TOGETHER with all and singular the tenements, hereditaments and
appurtenances belonging or in any wise appertaining to the aforesaid property
or any part thereof, with the reversion and reversions, remainder and
remainders, and (subject to the provisions of Section 57 of the Original
Indenture) the tolls, rents, revenues, issues, earnings, income, product and
profits thereof, and all the estate, right, title and interest and claim
whatsoever, at law as well as in equity, which the Company now has or may
hereafter acquire in and to the aforesaid property and franchises and every
part and parcel thereof.

It is not intended herein or hereby to include in or subject to the
lien of the Indenture, and the granting clauses hereof shall not be deemed to
apply to, (1) any revenues, earnings, rents, issues, income or profits of the
mortgaged and pledged property, or any bills, notes or accounts receivable, contracts
or choses in action, except to the extent permitted by law in case a completed
default specified in Section 65 of the Indenture shall have occurred and be
continuing and either or both of the Trustees, or a receiver or trustee, shall
have entered upon or taken possession of the mortgaged and pledged property, or
(2) in any case, unless specifically subjected to the lien thereof, any bonds,
notes, evidences of indebtedness, shares of stock, or other securities or any
cash (except cash deposited with the Corporate Trustee pursuant to any
provisions of the Indenture) or any goods, wares, merchandise, equipment or
apparatus manufactured or acquired for the purpose of sale or resale in the
usual course of business.

 

6               Here will be
inserted property descriptions.

5

 

TO HAVE AND TO HOLD all such properties, real, personal and mixed,
granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged,
pledged, set over or confirmed by the Company as aforesaid, or intended so to
be, unto the Individual Trustee and (to the extent of its legal capacity to
hold the same for the purposes hereof) unto the Corporate Trustee, and their
successors, heirs and assigns forever;

IN TRUST, NEVERTHELESS, for the same purposes and upon the same terms,
trusts and conditions and subject to and with the same provisions and covenants
as are set forth in the Original Indenture, as amended or modified by said
First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth,
Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth, Sixteenth, Seventeenth,
Eighteenth, Nineteenth, Twentieth, Twenty-first, Twenty-second, Twenty-third,
Twenty-fourth, Twenty-fifth, Twenty-sixth, Twenty-seventh, Twenty-eighth,
Twenty-ninth, Thirtieth, Thirty-first, Thirty-second, Thirty-third,
Thirty-fourth, Thirty-fifth, Thirty-sixth, Thirty-seventh, Thirty-eighth and
Thirty-ninth Supplemental Indentures and this _________7 Supplemental Indenture.

And it is hereby covenanted, declared and decreed by and between the
parties hereto, for the benefit of those who shall hold the Bonds and interest
coupons, or any of them, issued and to be issued under the Indenture, as
follows:

ARTICLE
I

DESCRIPTION
OF BONDS OF __________ SERIES.

SECTION 1.           The __________ Series of Bonds to be
executed, authenticated and delivered under and secured by the Indenture shall
be Bonds of __________ Series, designated as “First Mortgage Bonds, _____%
Series due __________” of the Company. The Bonds of __________ Series shall be
executed, authenticated and delivered in accordance with the provisions of, and
shall in all respects be subject to, all of the terms, conditions and covenants
of the Original Indenture, except insofar as the terms and provisions of the
Original Indenture have been or are amended or modified by said First through
__________ Supplemental Indentures or by this __________ Supplemental
Indenture. Bonds of __________ Series shall mature on __________, and shall be
issued as registered Bonds without coupons in denominations of $1,000 and in
any multiple thereof, and shall bear interest, payable on __________ and
__________ of each year, at the rate of _____% per annum until the principal
shall have become due and payable, and, if default shall be made in the payment
of said principal when due and payable, at the rate of _____% per annum
thereafter until the Company’s obligation with respect to payment of said
principal shall have been discharged as provided in the Indenture; provided,
however, that if Bonds of __________ Series shall have been declared due and
payable prior to their stated maturity and such declaration shall have been
annulled as provided in the Indenture, the principal of such Bonds shall not be
deemed to have been so declared due and payable. The principal of and interest
and premium, if any, on the Bonds of __________ Series shall be payable at the
office or agency of the Company in the Borough of Manhattan, The City of New
York, and, at the option of the Company, interest on each said Bond may also be
payable at the office of the Company in Boise, Idaho, in such coin or currency of
the United States of America

 

7               Here will be inserted additional,
executed supplemental indentures.

 

6

 

as at the time of payment shall be legal tender for public and
private debts. The interest on the Bonds of __________ Series, whether in
temporary or definitive form, shall be payable without presentation of such
Bonds and (subject to the provisions of this Section 1) only to or upon the
written order of the registered holders thereof.

Except as provided in the next succeeding sentence of this Section 1,
each Bond of __________ Series shall be dated the date of its authentication
and interest shall be payable on the principal represented thereby from the
__________ or __________, as the case may be, next preceding the date thereof
to which interest has been paid, unless the date thereof is a __________ or
__________ to which interest has been paid, in which case such interest shall
be payable from such date or unless such date is prior to __________, in which
case interest shall be payable from __________. Each Bond of __________ Series
authenticated between the record date for any interest payment date and such interest
payment date shall be dated the date of its authentication, but interest shall
be payable from such interest payment date; provided, however, that if the
Company shall default in the payment of the interest due on such interest
payment date, any Bond of __________ Series so authenticated shall bear
interest from the __________ or __________, as the case may be, next preceding
the date of such Bond, to which interest has been paid.

Interest on any Bond of __________ Series shall be paid to the registered
holder of such Bond of __________ Series, or, notwithstanding the cancellation
thereof, the Bond of __________ Series in exchange or substitution for which
such Bond shall have been issued, at the close of business on the applicable
record date; provided, however, that if the Company shall default in the
payment of the interest due on any interest payment date on the principal
represented by any Bond of __________ Series, such defaulted interest shall be
paid to the registered holder of such Bond (or any Bond or Bonds of __________
Series issued upon transfer or exchange thereof) on the date of payment of such
defaulted interest or, at the election of the Company, to the person in whose
name such Bond (or any Bond or Bonds of __________ Series issued upon transfer
or exchange thereof) is registered on a subsequent record date established by
notice given by mail by or on behalf of the Company to the holders of Bonds of
__________ Series not less than ten (10) days preceding such subsequent record
date. The term “record date” as used in this Section 1 shall mean, with respect
to any semi-annual interest payment date, the close of business on __________
or __________, as the case may be, next preceding such interest payment date
or, in the case of defaulted interest, the close of business on any subsequent
record date established as provided above.

The Bonds of __________ Series, in definitive form, shall be, at the
option of the Company, fully engraved or shall be lithographed or printed on
steel engraved borders or shall be partially lithographed or printed and
partially engraved on steel engraved borders or shall be printed on safety
paper or shall be typewritten.

8[SECTION 1.  The __________ Series of Bonds to be
executed, authenticated and delivered under and secured by the Indenture shall
be Secured Medium-Term Notes, Series _____, designated as “First Mortgage
Bonds, Secured Medium-Term Notes, Series _____ “of the

 

8               These provisions will be inserted
in lieu of Section 1 above in any supplemental indenture relating to the
issuance of First Mortgage Bonds which are designated "Secured Medium-Term
Notes, Series _____".

7

 

Company. The Bonds of
__________ Series shall be executed, authenticated and delivered in accordance
with the provisions of, and shall in all respects be subject to, all of the
terms, conditions and covenants of the Original Indenture, except insofar as
the terms and provisions of the Original Indenture have been or are amended or
modified by said First through __________ Supplemental Indentures or by this
__________ Supplemental Indenture. Bonds of __________ Series shall be issued
from time to time in an aggregate principal amount not to exceed $__________,
be issued as registered Bonds without coupons in the denominations of $1,000 or
in any multiple thereof; each Bond of __________ Series shall mature on such
date not less than __________ nor more than __________ from date of issue,
shall bear interest at such rate or rates (which may be either fixed or
variable) and have such other terms and provisions not inconsistent with the
Indenture as the Board of Directors may determine in accordance with a
resolution filed with the Corporate Trustee and a written order referring to
this __________ Supplemental Indenture; the principal of and interest on each
said Bond to be payable at the office or agency of the Company in the Borough
of Manhattan, The City of New York and, at the option of the Company, interest
on each said Bond may also be payable at the office of the Company in Boise,
Idaho, in such coin or currency of the United States of America as at the time
of payment is legal tender for public and private debts. Interest on Bonds of
__________ Series which bear interest at a fixed rate shall be payable
semiannually on __________ and __________ of each year and at maturity (each an
interest payment date). Interest on Bonds of __________ Series which bear
interest at a variable rate shall be payable on the dates (each an interest
payment date) set forth in a resolution filed with the Corporate Trustee
referring to this __________ Supplemental Indenture.

Notwithstanding the foregoing, so long as there is no existing default
in the payment of interest on the Bonds of __________ Series, all Bonds of __________
Series authenticated by the Corporate Trustee after the Record Date hereinafter
specified for any interest payment date, and prior to such interest payment
date (unless the date of first authentication of Bonds of such designated
interest rate and maturity is after such Record Date), shall be dated the date
of authentication, but shall bear interest from such interest payment date, and
the person in whose name any Bond of __________ Series is registered at the
close of business on any Record Date with respect to any interest payment date
shall be entitled to receive the interest payable on such interest payment
date, notwithstanding the cancellation of such Bond of __________ Series, upon
any transfer or exchange thereof subsequent to the Record Date and on or prior
to such interest payment date. If the date of first authentication of the Bonds
of __________ Series of a designated interest rate and maturity is after such
Record Date and prior to the corresponding interest payment date, such Bonds shall
bear interest from the Original Interest Accrual Date but payment of interest
shall commence on the second interest payment date succeeding the Original
Interest Accrual Date. “Record Date” for Bonds of __________ Series which bear
interest at a fixed rate shall mean the last day of the calendar month
preceding such interest payment date if such interest payment date is the
fifteenth day of a calendar month and shall mean the fifteenth day of the
calendar month preceding such interest payment date if such interest payment
date is the first day of a calendar month, unless otherwise determined by the
Board of Directors and set forth in a resolution filed with the Corporate
Trustee referring to this ____________ Supplemental Indenture, and for Bonds of
__________ Series which bear interest at a variable rate, the date 15 calendar
days prior to any interest payment date, provided that, interest payable on the
maturity date will be payable to the person to whom the principal thereof shall
be payable. “Original Interest Accrual Date” with respect to Bonds of
__________

 

8

 

Series of a designated interest rate and maturity
shall mean the date of first authentication of Bonds of such designated
interest rate and maturity unless a written order filed with the Corporate
Trustee on or before such date shall specify another date from which interest
shall accrue, in which case “Original Interest Accrual Date” shall mean such
other date specified in the written order for Bonds of such designated interest
rate and maturity.

The Bonds of __________ Series, in definitive form, shall be, at the
option of the Company, fully engraved or shall be lithographed or printed on
steel engraved borders or shall be partially lithographed or printed and
partially engraved on steel borders or shall be printed on safety paper or
shall be typewritten.]

The holders of the Bonds of __________ Series consent that the Company
may, but shall not be obligated to, fix a record date for the purpose of
determining the holders of Bonds of __________ Series entitled to consent to
any amendment, supplement or waiver. If a record date is fixed, those persons
who are holders at such record date (or their duly designated proxies), and
only those persons, shall be entitled to consent to such amendment, supplement
or waiver or to revoke any consent previously given, whether or not such
persons continue to be holders after such record date. No such consent shall be
valid or effective for more than 90 days after such record date.

[Here
will be inserted redemption provisions.]

SECTION 2.           At the option of the registered
holder, any Bonds of __________ Series, upon surrender thereof for cancellation
at the office or agency of the Company in the Borough of Manhattan, The City of
New York, together with a written instrument of transfer (if so required by the
Company or by the Trustees) in form approved by the Company duly executed by
the registered holder or by his duly authorized attorney, shall be exchangeable
for a like aggregate principal amount and maturity of Bonds of __________
Series of other authorized denominations. Bonds of __________ Series may bear
such legends as may be necessary to comply with any law or with any rules or
regulations made pursuant thereto or with the rules or regulations of any stock
exchange or to conform to usage with respect thereto.

Bonds of __________ Series shall be transferable at the office or
agency of the Company in the Borough of Manhattan, The City of New York.

Notwithstanding the foregoing provisions of this Section 2, the Company
shall not be required to make any transfers or exchanges of Bonds of __________
Series for a period of fifteen (15) days next preceding any mailing of notice
of redemption, and the Company shall not be required to make transfers or
exchanges of the principal amount of any Bonds of __________ Series so called
or selected for redemption.

SECTION 3.           The Bonds of __________ Series shall
be substantially of the tenor and purport recited in the Original Indenture,
and the form thereof shall be as established by resolution of the Board of
Directors or the Executive Committee of the Board of Directors of the Company,
which resolution may provide that any provisions of such form of Bond may
appear on the reverse of such form.

 

9

 

SECTION 4.           Until Bonds of __________ Series in
definitive form are ready for delivery, the Company may execute, and upon its
request in writing, the Corporate Trustee shall authenticate and deliver, in
lieu thereof, Bonds of __________ Series in temporary form, as provided in
Section 15 of the Original Indenture.

ARTICLE
II

ISSUE OF
BONDS OF __________ SERIES

SECTION 5.           The Bonds of __________ Series for
the aggregate principal amount of up to __________ Million Dollars
($___________) may be executed by the Company and delivered to the Corporate
Trustee and shall be authenticated by the Corporate Trustee and delivered to or
upon the order or orders of the Company, evidenced by a writing or writings
signed by the Company by its President or a Vice President and its Treasurer or
an Assistant Treasurer, pursuant to and upon compliance with the provisions of
Article V, Article VI or Article VII of the Indenture.

ARTICLE
III

COVENANTS

The Company hereby covenants, warrants and agrees:

SECTION 6.           That all the terms, conditions,
provisos, covenants and provisions contained in the Indenture shall affect and
apply to the property hereinabove described and conveyed and to the estate,
rights, obligations and duties of the Company and Trustees and the
beneficiaries of the trust with respect to said property, and to the Trustees
and their successors as trustees of said property, in the same manner and with
the same effect as if the said property had been owned by the Company at the
time of the execution of the Original Indenture and had been specifically and
at length described in and conveyed to the Individual Trustee and (to the
extent of its legal capacity to hold the same for the purposes of the Indenture)
the Corporate Trustee by the Original Indenture as a part of the property
therein stated to be conveyed.

SECTION 7.           That it is lawfully seized and
possessed of all of the mortgaged and pledged property described in the
granting clauses of the Indenture, which has not heretofore been released from
the lien thereof; that it had or has, at the respective times of execution and
delivery of the Original Indenture, the First, Second, Third, Fourth, Fifth,
Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth,
Fourteenth, Fifteenth, Sixteenth, Seventeenth, Eighteenth, Nineteenth,
Twentieth, Twenty-first (as corrected by the Twenty-second), Twenty-second,
Twenty-third, Twenty-fourth, Twenty-fifth, Twenty-sixth, Twenty-seventh,
Twenty-eighth, Twenty-ninth, Thirtieth, Thirty-first, Thirty-second,
Thirty-third, Thirty-fourth, Thirty-fifth, Thirty-sixth, Thirty-seventh,
Thirty-eighth and Thirty-ninth Supplemental Indentures, and this __________9 Supplemental Indenture, good right and lawful authority to
mortgage and pledge the mortgaged and pledged property described therein, as
provided in and by the Indenture; and that such mortgaged and pledged property
is, at the actual date of the initial issue

 

9               Here will be inserted additional,
executed supplemental indentures.

 

10

 

of the Bonds of __________ Series, free and clear of any
mortgage, lien, charge or encumbrance thereon or affecting the title thereto
(other than excepted encumbrances) prior to the lien of the Indenture, except
as set forth in the granting clauses of the Indenture.

SECTION 8.           That it will deliver to the Corporate
Trustee annually, within ninety (90) days after the close of each fiscal year,
commencing with the fiscal year 200_, a certificate from the principal
executive officer, principal financial officer or principal accounting officer
as to his or her knowledge of the Company’s compliance with all conditions and
covenants under the Indenture. For purposes of this Section 8, such compliance
shall be determined without regard to any period of grace or requirement of
notice provided under the Indenture.

ARTICLE
IV

THE TRUSTEES

The Trustees hereby accept the trust hereby declared and provided and
agree to perform the same upon the terms and conditions in the Original
Indenture, as heretofore supplemented and as supplemented by this __________
Supplemental Indenture, and in this __________ Supplemental Indenture set
forth, and upon the following terms and conditions:

The Trustees shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this ____________ Supplemental
Indenture or the due execution hereof by the Company or for or in respect of
the recitals contained herein, all of which recitals are made by the Company
only.

ARTICLE
V

MISCELLANEOUS
PROVISIONS

All terms contained in the __________ Supplemental Indenture shall, for
all purposes hereof, have the meanings given to such terms in Article I of the
Original Indenture, as amended by Article IV of the Second Supplemental
Indenture.

Except as hereby expressly amended and supplemented, the Original
Indenture heretofore amended and supplemented is in all respects ratified and
confirmed, and all the terms and provisions thereof shall be and remain in full
force and effect.

This __________ Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original;
but such counterparts together constitute but one and the same instrument.

 

11

 

IN WITNESS WHEREOF, Idaho Power Company, party hereto of the first
part, caused its corporate name to be hereunto affixed and this instrument to
be signed and sealed by its President or a Vice President and its corporate
seal to be attested by its Secretary or an Assistant Secretary for and on its
behalf, and Deutsche Bank Trust Company Americas, one of the parties hereto of
the second part, in token of its acceptance of the trust hereby created has
caused its corporate name to be hereunto affixed and this instrument to be
signed and sealed by a Vice President and its corporate seal to be attested by
an Associate and Stanley Burg, one of the parties hereto of the second part,
has for all like purposes hereunto set his hand and affixed his seal, each on
the date hereinafter acknowledged, as of the day and year first above written.

	
   

  	
   

  	
  IDAHO POWER COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Executed, sealed and delivered by

  	
   

  	
   

  	
   

  
	
  IDAHO POWER COMPANY

  	
   

  	
   

  	
   

  
	
  in the presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

12

 

 

 

	
   

  	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Executed, sealed and delivered by

  	
   

  	
   

  	
   

  
	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  
	
  in the presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  [L.S.]

  
	
   

  	
   

  	
   

  	
  Stanley Burg

  
	
  Executed, sealed and delivered by

  	
   

  	
   

  	
   

  
	
  STANLEY BURG,

  	
   

  	
   

  	
   

  
	
  in the presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

13

 

	
  STATE OF IDAHO

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  ) ss.:

  	
   

  	
   

  	
   

  
	
  COUNTY OF ADA

  	
  )

  	
   

  	
   

  	
   

  

 

On the _____ day of __________ , in the year 200_, before me personally
came ____________________, to me known, who being by me duly sworn did depose
and say that he resides at _____________________________; that he is the  ___________________ of Idaho Power Company,
one of the corporations described in and which executed the above instrument;
that he knows the seal of said corporation; that the seal affixed to said
instrument is such corporate seal; that it was so affixed by order of the Board
of Directors of said corporation, and that he signed his name thereto by like
order; the said ____________________, having personally appeared and known to
me to be the ___________________ of said corporation that executed the
instrument, acknowledged to me that said corporation executed the same.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year in this certificate first above written.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary Public, State of Idaho

  

 

14

 

	
  STATE OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  ) ss.:

  	
   

  	
   

  	
   

  
	
  COUNTY OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  

 

On the _____ day of __________ , in the year 200_, before me personally
came ____________________, to me known, who being by me duly sworn did depose
and say that he resides at _____________________________; that he is an
___________________ of Deutsche Bank Trust Company Americas, one of the
corporations described in and which executed the above instrument; that he knows
the seal of said corporation; that the seal affixed to said instrument is such
corporate seal; that it was so affixed by order of the Board of Directors of
said corporation, and that he signed his name thereto by like order; the said
____________________, having personally appeared and known to me to be an
___________________ of said corporation that executed the instrument,
acknowledged to me that said corporation executed the same.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year in this certificate first above written.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary Public, State of New York

  

 

15

 

	
  STATE OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  ) ss.:

  	
   

  	
   

  	
   

  
	
  COUNTY OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  

 

On the _____ day of __________, in the year 200_, before me,
_______________, a Notary Public in and for the State of New York in the County
of New York, personally appeared and came STANLEY BURG, to me known and known
to me to be the person described in and who executed the within and foregoing
instrument and whose name is subscribed thereto and acknowledged to me that he
executed the same.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year in this certificate first above written.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notary Public, State of New York

  

 

16

 

	
  STATE OF IDAHO

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  ) ss.:

  	
   

  	
   

  	
   

  
	
  COUNTY OF ADA

  	
  )

  	
   

  	
   

  	
   

  

 

__________, being first duly sworn, upon oath, deposes and says: that
he is an officer, to wit, the __________ of Idaho Power Company, a corporation,
the mortgagor described in the foregoing indenture or mortgage, and makes this
affidavit on behalf of said Idaho Power Company; that said indenture or
mortgage is made in good faith without any design to hinder, delay or defraud
creditors, to secure the indebtedness mentioned to be thereby secured.

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Subscribed and sworn to before me

  	
   

  	
   

  
	
  this _____ day of __________,
  200_.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notary Public, State of Idaho

  	
   

  	
   

  

 

17

 

	
  STATE OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  ) ss.:

  	
   

  	
   

  	
   

  
	
  COUNTY OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  

 

__________, being first duly sworn, upon oath, deposes and says: that
he is an officer, to wit, an __________ of Deutsche Bank Trust Company
Americas, a corporation, one of the mortgagees and trustees named in the
foregoing indenture or mortgage, and makes this affidavit on behalf of said
Deutsche Bank Trust Company Americas; that said indenture or mortgage is made
in good faith without any design to hinder, delay or defraud creditors, to
secure the indebtedness mentioned or provided for therein.

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Subscribed and sworn to before me

  	
   

  	
   

  
	
  this _____ day of __________,
  200_.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notary Public, State of New York

  	
   

  	
   

  

 

18

 

	
  STATE OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  ) ss.:

  	
   

  	
   

  	
   

  
	
  COUNTY OF NEW YORK

  	
  )

  	
   

  	
   

  	
   

  

 

STANLEY BURG, being first duly sworn, upon oath, deposes and says: that
he is one of the mortgagees and trustees named in the foregoing indenture or
mortgage; that said indenture or mortgage is made in good faith without any
design to hinder, delay or defraud creditors, to secure the indebtedness
mentioned or provided for therein.

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Subscribed and sworn to before me

  	
   

  	
   

  
	
  this _____ day of __________,
  200_.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Notary Public, State of Idaho

  	
   

  	
   

  

 

19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]