Document:

Exhibit 4.1

 

 

(Real Estate Mortgage)

 

PUGET SOUND ENERGY, INC.

 

TO

 

U.S. BANK NATIONAL
ASSOCIATION,

 

Trustee

 

 

Eighty-Seventh Supplemental
Indenture

 

Dated as of April 29,
2009

 

 

Relating to First Mortgage
Bonds

 

 

Supplemental to Indenture
dated as of

 

June 2, 1924, as
supplemented and modified

 

 

 

(NOT PART OF INDENTURE)

 

 

ANY
WRITING, TEXT, INITIALS, REVISIONS OR NOTARY SEAL APPEARING OUTSIDE THESE
MARGINS MAY DISQUALIFY THIS DOCUMENT FOR RECORDING

 

THIS EIGHTY-SEVENTH SUPPLEMENTAL INDENTURE, made as of the 29th day of
April, 2009, by and between Puget Sound Energy, Inc., formerly Puget Sound
Power & Light Company, a corporation duly organized and existing under
and by virtue of the laws of the State of Washington (hereinafter sometimes
called the “Company”), party of the first part, and U.S. Bank National
Association, a national banking association with a principal corporate trust
office at 100 Wall Street, Suite 1600, in the city of New York and State
of New York 10005 (successor to Old Colony Trust Company) (hereinafter
sometimes called the “Trustee”), as Trustee under the First Mortgage
(originally, and before modification thereof by certain supplemental
indentures, called “First and Refunding Mortgage”) from Puget Sound Power &
Light Company, a Massachusetts corporation (hereinafter sometimes called the
“Predecessor Company”), dated as of June 2, 1924 (said Mortgage being
hereinafter sometimes called the “Original Mortgage”), as supplemented and
modified by all indentures supplemental thereto heretofore executed and
delivered, party of the second part;

 

WITNESSETH: that

 

WHEREAS, the Predecessor Company did by the Original Mortgage, filed
for record in the offices of the Auditors of the Counties of Chelan, Clallam,
Cowlitz, Douglas, Grant, Grays Harbor, Island, Jefferson, King, Kitsap,
Kittitas, Lewis, Mason, Pacific, Pierce, Skagit, Snohomish, Thurston and
Whatcom, all in the State of Washington, and left on file as a chattel mortgage
in each of said counties, convey and pledge certain property therein described
to Old Colony Trust Company, as Trustee, to be held upon the trusts expressed
in the Original Mortgage to equally secure an unlimited authorized amount of
mortgage bonds (therein and herein called the “Bonds”) issued or to be issued
in one or more series, all as more fully provided in the Original Mortgage; and

 

WHEREAS, the Predecessor Company, prior to September 1, 1954, had
executed and delivered to the Trustee thirty-nine supplemental indentures,
supplementing and in certain respects modifying the Original Mortgage and
providing for the execution, certification and delivery of Bonds of various
series from time to time pursuant thereto (which Original Mortgage, as so
supplemented and modified, is therein and herein sometimes called the “First
Mortgage”); and

 

WHEREAS, the Predecessor Company executed and delivered to the Trustee
a Fortieth Supplemental Indenture, dated as of September 1, 1954, which
Supplemental Indenture is divided into two parts, designated as Part I and
Part II, and Part I thereof provided for the establishment and the
execution, certification and delivery initially of Twenty-Five Million Dollars
($25,000,000) principal amount of a series of Bonds, designated 

 

1

 

as First Mortgage Bonds, 3-1/2% Series due 1984, and contained
certain covenants, restrictions, conditions and provisions affecting, and
provided for certain modifications of, the First Mortgage (the First Mortgage,
as so supplemented and modified by said Part I, being sometimes in said
Fortieth Supplemental Indenture and herein called the “Revised First Mortgage”)
and Part II thereof provided for modifications of the Revised First
Mortgage as therein set forth, which modifications became effective on October 20,
1955 (the Revised First Mortgage as so modified by Part II of the Fortieth
Supplemental Indenture as heretofore, hereby, and hereafter supplemented and
modified being sometimes in said Part II and herein called the “Indenture”
and references herein to Sections, Articles or other provisions of the
Indenture being to the revised or modified provisions thereof as set forth in Part II
of the Fortieth Supplemental Indenture); and

 

WHEREAS, the Predecessor Company has heretofore executed and delivered
to the Trustee a Forty-First Supplemental Indenture dated as of December 1,
1954, a Forty-Second Supplemental Indenture dated as of July 1, 1957, a
Forty-Third Supplemental Indenture dated as of May 1, 1958, a Forty-Fourth
Supplemental Indenture dated as of November 1, 1959, and a Forty-Fifth
Supplemental Indenture dated as of April 1, 1960, all of which mortgaged,
pledged, assigned, conveyed and transferred to the Trustee and subjected to the
lien of the Indenture additional property acquired or constructed, and betterments,
improvements and additions made to the mortgaged property, since the execution
and delivery of the Fortieth Supplemental Indenture; and

 

WHEREAS, the Company has executed and delivered to the Trustee a
Forty-Sixth Supplemental Indenture dated as of November 10, 1960, whereby
the Company has succeeded to the Predecessor Company with the same effect as if
the Company had been named in the Indenture as the mortgagor company and in the
Bonds and coupons as the obligor thereon or maker thereof, and the Predecessor
Company merged into the Company on November 16, 1960, whereupon the
Company acquired all the property, real, personal or mixed, including all
rights, privileges, easements, licenses and franchises, described in the
Indenture and thereby conveyed and mortgaged or intended so to be, including
also all such property acquired by the Predecessor Company since the execution
and delivery of the Original Mortgage, which by the terms of the Indenture is
subjected or intended to be subjected to the lien thereof; and

 

WHEREAS, the Company has executed and delivered to the Trustee the
supplemental indentures set forth herein:

 

2

 

	
  Supplemental
  Indenture

  	
   

  	
  Dated as of

  
	
  Forty-Seventh Supplemental Indenture

  	
   

  	
  February 1, 1961

  
	
  Forty-Eighth Supplemental Indenture

  	
   

  	
  November 1, 1963

  
	
  Forty-Ninth Supplemental Indenture

  	
   

  	
  May 1, 1964

  
	
  Fiftieth Supplemental Indenture

  	
   

  	
  January 1, 1966

  
	
  Fifty-First Supplemental Indenture

  	
   

  	
  June 1, 1967

  
	
  Fifty-Second Supplemental Indenture

  	
   

  	
  February 1, 1969

  
	
  Fifty-Third Supplemental Indenture

  	
   

  	
  July 1, 1970

  
	
  Fifty-Fourth Supplemental Indenture

  	
   

  	
  October 1, 1972

  
	
  Fifty-Fifth Supplemental Indenture

  	
   

  	
  March 1, 1974

  
	
  Fifty-Sixth Supplemental Indenture

  	
   

  	
  November 1, 1974

  
	
  Fifty-Seventh Supplemental Indenture

  	
   

  	
  August 1, 1975

  
	
  Fifty-Eighth Supplemental Indenture

  	
   

  	
  October 1, 1976

  
	
  Fifty-Ninth Supplemental Indenture

  	
   

  	
  July 1, 1978

  
	
  Sixtieth Supplemental Indenture

  	
   

  	
  December 1, 1979

  
	
  Sixty-First Supplemental Indenture

  	
   

  	
  December 1, 1981

  
	
  Sixty-Second Supplemental Indenture

  	
   

  	
  July 1, 1984

  
	
  Sixty-Third Supplemental Indenture

  	
   

  	
  January 1, 1986

  
	
  Sixty-Fourth Supplemental Indenture

  	
   

  	
  April 1, 1986

  
	
  Sixty-Fifth Supplemental Indenture

  	
   

  	
  April 1, 1986

  
	
  Sixty-Sixth Supplemental Indenture

  	
   

  	
  August 1, 1986

  
	
  Sixty-Seventh Supplemental Indenture

  	
   

  	
  November 1, 1986

  
	
  Sixty-Eighth Supplemental Indenture

  	
   

  	
  September 1, 1987

  
	
  Sixty-Ninth Supplemental Indenture

  	
   

  	
  February 1, 1990

  
	
  Seventieth Supplemental Indenture

  	
   

  	
  October 1, 1990

  
	
  Seventy-First Supplemental Indenture

  	
   

  	
  May 1, 1991

  
	
  Seventy-Second Supplemental Indenture

  	
   

  	
  August 1, 1991

  
	
  Seventy-Third Supplemental Indenture

  	
   

  	
  March 1, 1992

  
	
  Seventy-Fourth Supplemental Indenture

  	
   

  	
  October 1, 1992

  
	
  Seventy-Fifth Supplemental Indenture

  	
   

  	
  April 1, 1993

  
	
  Seventy-Sixth Supplemental Indenture

  	
   

  	
  December 1, 1997

  
	
  Seventy-Seventh Supplemental Indenture

  	
   

  	
  March 1, 1999

  
	
  Seventy-Eighth Supplemental Indenture

  	
   

  	
  October 1, 2000

  
	
  Seventy-Ninth Supplemental Indenture

  	
   

  	
  May 1, 2003

  
	
  Eightieth Supplemental Indenture

  	
   

  	
  April 30, 2004

  
	
  Eighty-First Supplemental Indenture

  	
   

  	
  March 1, 2005

  
	
  Eighty-Second Supplemental Indenture

  	
   

  	
  April 27, 2005

  
	
  Eighty-Third Supplemental Indenture

  	
   

  	
  April 28, 2006

  

 

3

 

	
  Eighty-Fourth Supplemental Indenture

  	
   

  	
  September 1, 2006

  
	
  Eighty-Fifth Supplemental Indenture

  	
   

  	
  April 27, 2007

  
	
  Eighty-Sixth Supplemental Indenture

  	
   

  	
  April 29, 2008

  

 

all of which mortgaged,
pledged, assigned, conveyed and transferred to the Trustee and subjected to the
lien of the Indenture additional property acquired or constructed, and betterments,
improvements and additions made to the mortgaged property since the execution
and delivery of the Fortieth Supplemental Indenture; and

 

WHEREAS, all Bonds of any series heretofore executed, authenticated and
delivered pursuant to the Original Mortgage, as from time to time supplemented
and modified, have been retired and canceled or payment duly and irrevocably
provided for, except for the series set forth herein:

 

	
  Principal
  Amount of Bonds

  	
   

  	
  Series

  
	
   

  	
   

  	
   

  
	
  Three Hundred Million Dollars

  ($300,000,000)

  	
   

  	
  First Mortgage Bonds,

  Pledged Series A due December 1, 2027

  
	
   

  	
   

  	
   

  
	
  Two Hundred Million Dollars 

  ($200,000,000)

  	
   

  	
  First Mortgage Bonds, 

  Pledged Series A due June 15, 2018

  
	
   

  	
   

  	
   

  
	
  One Hundred Million Dollars 

  ($100,000,000)

  	
   

  	
  First Mortgage Bonds, 

  Pledged Series B due March 9, 2029

  
	
   

  	
   

  	
   

  
	
  Two Hundred Twenty-Five Million Dollars 

  ($225,000,000)

  	
   

  	
  First Mortgage Bonds, 

  Pledged Series B due February 22, 2010

  
	
   

  	
   

  	
   

  
	
  Two Hundred Sixty Million Dollars 

  ($260,000,000)

  	
   

  	
  First Mortgage Bonds, 

  Pledged Series C, due February 1, 2011

  
	
   

  	
   

  	
   

  
	
  One Hundred Thirty-Eight Million Four Hundred Sixty Thousand Dollars 

  ($138,460,000)

  	
   

  	
  5% First Mortgage Bonds, 

  Pledged Series C due March 1, 2031

  

 

4

 

	
  Principal
  Amount of Bonds

  	
   

  	
  Series

  
	
   

  	
   

  	
   

  
	
  Twenty-Three Million Four Hundred Thousand Dollars 

  ($23,400,000)

  	
   

  	
  5.10% First Mortgage Bonds, 

  Pledged Series C due March 1, 2031

  
	
   

  	
   

  	
   

  
	
  Two Hundred Fifty Million Dollars 

  ($250,000,000)

  	
   

  	
  5.483% Pledged First Mortgage 

  Bonds due June 1, 2035

  
	
   

  	
   

  	
   

  
	
  One Hundred Fifty Million Dollars 

  ($150,000,000)

  	
   

  	
  5.197% Pledged First Mortgage 

  Bonds due October 1, 2015

  
	
   

  	
   

  	
   

  
	
  Three Hundred Million Dollars 

  ($300,000,000)

  	
   

  	
  6.274% Pledged First Mortgage 

  Bonds due March 15, 2037

  
	
   

  	
   

  	
   

  
	
  Two Hundred Fifty Million Dollars 

  ($250,000,000)

  	
   

  	
  6.750% Pledged First Mortgage 

  Bonds due January 15, 2016

  

 

which Bonds are now
outstanding and constitute the only Bonds of the Company outstanding under the
Indenture; and

 

WHEREAS, effective as of the opening of business on January 4,
1971, The First National Bank of Boston succeeded Old Colony Trust Company as
Trustee under the Indenture by reason of the merger of Old Colony Trust Company
into The First National Bank of Boston; and

 

WHEREAS, effective as of October 2, 1995, State Street Bank and
Trust Company succeeded The First National Bank of Boston as Trustee under the
Indenture; and

 

WHEREAS, effective as of February 15, 2003, U.S. Bank National
Association succeeded State Street Bank and Trust Company as Trustee under the
Indenture; and

 

WHEREAS, the Company has entered into an Indenture (the “Debenture
Indenture”) dated as of December 1, 1997 with U.S. Bank National
Association (as successor to State Street Bank and Trust Company) as trustee
(in such capacity, the “Debenture Indenture Trustee”) pursuant to which the
Company proposes to issue from time to time its Senior Notes (the “Senior
Notes”) and the Company has agreed to make certain payments to the Debenture
Indenture Trustee in respect of the principal of, premium, if any, and interest
on such Senior Notes; and

 

5

 

WHEREAS, the Company desires to execute and deliver this Eighty-Seventh
Supplemental Indenture, in accordance with the provisions of the Indenture, for
the purpose of confirming the lien of the Indenture on certain property
acquired or constructed by the Company since the execution and delivery of the
Original Mortgage and on certain betterments, improvements and additions made
by the Company to property previously described in the Indenture.

 

NOW, THEREFORE, WlTNESSETH, that, pursuant to and in execution of the
powers, authorities and obligations conferred, imposed and reserved in the
indenture, and pursuant to and in execution of every other power, authority and
obligation thereto appertaining and/or enabling, in order to secure the payment
of the principal of, and the premium, if any, and interest on, the Bonds issued
and to be issued under the Indenture, and secured thereby and hereby at any
time outstanding according to their tenor and effect, and the performance of
all the covenants and conditions therein and herein and in said Bonds
contained, and for the purpose of confirming the lien of the Indenture, said
Puget Sound Energy, Inc., organized and existing under the laws of the State
of Washington, in consideration of the premises and of One Dollar ($1.00) and
other good and valuable consideration to it duly paid by the Trustee, at or
before the execution and delivery of these presents, the receipt whereof is
hereby acknowledged, has granted, bargained, sold, conveyed, transferred,
assigned, remised, released, mortgaged, set over and confirmed and by these
presents does grant, bargain, sell, convey, transfer, assign, remise, release,
mortgage, set over and confirm unto U.S. Bank National Association, as Trustee,
and to its successor or successors in the trust created by the Indenture, and
to said Trustee and its assigns forever, for the uses and purposes created by
the Indenture, all property, real, personal or mixed, including all rights,
privileges, easements, licenses and franchises, described in the Indenture and
thereby conveyed and mortgaged or intended so to be, including also all such
property acquired by the Company since the execution and delivery of the
Original Mortgage, which by the terms of the Indenture is subjected or intended
to be subjected to the lien thereof, and including also all such property as
the Company may hereafter acquire which by the terms of the Indenture is
subjected or intended to be subjected to the lien thereof, excepting from the
foregoing, however, all property included within the foregoing general
description, whether now owned or hereafter acquired, which by the provisions
of the Indenture is excepted or to be excepted from the conveyance and lien of
the Indenture, or which has heretofore been released from the lien of the
Indenture or otherwise disposed of by the Company free from the lien of the
Indenture in accordance with the provisions thereof:

 

INCLUDING NEVERTHELESS in the property hereby conveyed and confirmed to
the Trustee (without limiting the generality of the foregoing general
description of such 

 

6

 

property and without prejudice to the conveyance and confirmance of all
such property by such general description) the following:

 

All property, real, personal or mixed, together with all buildings or
improvements thereon and the appurtenances thereto, located in the State of
Washington and described below or conveyed to the Company by the deeds listed
on the list of properties and deeds below, to which deeds and the records
thereof in the County Auditor’s office of the respective counties in the State
of Washington below stated (in all cases where said deeds and/or records are
below specified) reference is hereby made for a more particular description of
the property hereby conveyed and confirmed to the Trustee and its respective
successor or successors and assigns as aforesaid, to wit:

 

7

 

List of
Real Estate in the State of Washington Acquired by

Puget Sound Energy, Inc. to Date, and Not Heretofore Specifically

Described in Any Prior Supplemental Indenture**

Puget Sound Energy, Inc.

 

IN KITSAP COUNTY, WASHINGTON:

 

	
  Description:

  	
   

  	
  That
  portion of the Southwest quarter of the Southeast quarter of Section 8,
  Township 25 North, Range 1 East, W.M., in Kitsap County, Washington,
  described as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Beginning at the
  quarter section corner common to Sections 17 and 8, said Township and Range;
  thence North 89°44’01 “ East 30.04 feet; thence North 2°37’17” East 692.205
  feet to point of beginning; thence North 89°49’59” East 98.2 feet; thence
  North 2°37’17” East 125 feet; thence South 89°49’59” West 98.2 feet, more or
  less, to the East right-of-way line of the Old Frontier Road, a county road;
  thence South 2°37’17” West along the East line of said Old Frontier Road, 125
  feet, more or less to the point of beginning.

  

 

	
  Deed
  From:

  	
  Wayne
  D. Rost and Debra T. Rost

  
	
   

  	
   

  
	
  Deed
  Records

  	
   

  
	
  Auditors
  File No.:

  	
  200710170017

  
	
   

  	
   

  
	
  Assessor’s Tax

  	
   

  
	
  Parcel ID#:

  	
  082501-4-007-2003

  

 

** All numbers in the row following the designation
“Township,” indicate townships north of the Willamette Base Line, and the
Letters “E” and “W” in the row following the designation “Range,” indicate east
or west, as the case may be, of the Willamette Meridian.

 

8

 

IN COLUMBIA COUNTY, WASHINGTON:

 

	
  Description:

  	
   

  	
  A
  tract of land in the North half of the Northeast Quarter of Section 21,
  Township 11 North, Range 40, East of the Willamette Meridian, more
  particularly described as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Commencing
  at a 11⁄2 inch iron pipe at the Southeast corner of said Section 21;
  thence South 89°01’22” West 2705.31 feet along the South line or said Section 21
  to the quarter corner common to Sections 21 and 28; thence North 12°40’29”
  East 4337.63 feet to the True Point of Beginning; thence North 31°47’14” East
  201.25 feet; thence North 31°09’07” East 586.04 feet; thence North 88°00’00”
  East 330 feet; thence South 31°13’30” West 782.00 feet; thence South
  87°51’25” West 333.94 feet to the place of beginning

  

 

	
  Deed
  From:

  	
  Rocky
  L. Miller and Tami J. Miller

  
	
   

  	
   

  
	
  Deed
  Records

  Auditors File No.:

  	
  29886

  
	
   

  	
   

  
	
  Assessor’s
  Tax

  Parcel ID#:

  	
  2-011-40-021-1010

  

 

9

 

IN WHATCOM COUNTY, WASHINGTON:

 

	
  Description:

  	
   

  	
  Lots
  A and C, as delineated on Socco-Cogen Short Plat, as per the short plat
  thereof, recorded June 19, 2008 under Whatcom County Auditor’s File
  No. 2080602928, records of Whatcom County, Washington.

  

 

	
  Deed
  From:

  	
  Sumas
  Power, LLC

  
	
   

  	
   

  
	
  Deed
  Records

  	
   

  
	
  Auditors
  File No.:

  	
  2080703135

  
	
   

  	
   

  
	
  Assessor’s Tax

  	
   

  
	
  Parcel ID#:

  	
  400403 325448 0000 and
  400403 307537 0000

  

 

10

 

ARTICLE
ONE

 

MISCELLANEOUS

 

SECTION 1.01

 

This
Eighty-Seventh Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Indenture, and shall form a part thereof, and the
Indenture, as hereby supplemented and modified, is hereby confirmed. Except to
the extent inconsistent with the express terms hereof, all the provisions,
terms, covenants, and conditions of the Indenture shall be applicable to the
Bonds of the New Series to the same extent as if specifically set forth
herein.

 

SECTION 1.02

 

The
Trustee has accepted the amendment of the Indenture effected by this
Eighty-Seventh Supplemental Indenture and agrees to execute the trust created
by the Indenture as hereby amended, but only upon the terms and conditions set
forth in the Indenture, including the terms and provisions defining and
limiting the liabilities and responsibilities of the Trustee, and without
limiting the generality of the foregoing. the Trustee shall not be responsible
in any manner whatsoever for or with respect of any of the recitals or
statements contained herein, all of which recitals or statements are made
solely by the Company, or for or with respect to (a) the validity or
sufficiency of this Eighty-Seventh Supplemental Indenture or any of the terms
or provisions hereof, (b) the proper authorization hereof by the Company
by corporate action or otherwise, and (c) the due execution hereof by the
Company.

 

SECTION 1.03

 

The
Company covenants that it is lawfully seized and possessed of all the trust
estate at the date of the execution of the Eighty-Seventh Supplemental
Indenture except as in the Indenture otherwise stated or permitted; that on
said date the trust estate is free and clear from all liens and encumbrances
other than permitted encumbrances, except as in the Indenture otherwise stated
or permitted; that the Company will warrant and forever defend the trust estate
and the title thereto to the Trustee against the claims of all persons
whomsoever except as in the Indenture otherwise stated or permitted; that it
will maintain and preserve the lien of the Indenture, as a first mortgage lien,
except as in the Indenture otherwise stated or permitted so long as any of the
Bonds issued under the Indenture are outstanding; and that it has good right
and lawful authority to subject said property to the lien of the Indenture, as
provided in and by the Indenture.

 

11

 

SECTION 1.04

 

This
Eighty-Seventh Supplemental Indenture may be executed in several counterparts,
and each of such counterparts shall for all purposes be deemed to be an
original, and all such counterparts, or as many of them as the Company and the
Trustee shall preserve undestroyed, shall together constitute but one and the
same instrument.

 

SECTION 1.05

 

Although
this Eighty-Seventh Supplemental Indenture is dated for convenience and for the
purpose of reference as of April 29, 2009, the actual date or dates of
execution by the Company and by the Trustee are as indicated by their
respective acknowledgments hereto annexed.

 

[The remainder of
this page intentionally left blank]

 

12

 

IN WITNESS WHEREOF, Puget
Sound Energy, Inc. has caused this Eighty-Seventh Supplemental Indenture
to be signed in its corporate name and behalf by its President or one of its
Vice Presidents and the Treasurer or an Assistant Treasurer or the Secretary or
an Assistant Secretary, all on April 29, 2009, but as of the day and year
first above written.

 

	
   

  	
   

  	
  PUGET
  SOUND ENERGY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By
  

  	
  /s/
   Donald E. Gaines

  
	
   

  	
   

  	
   

  	
  Donald
  E. Gaines

  
	
   

  	
   

  	
   

  	
  Vice
  President Finance and Treasurer

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/  James D. Sant

  	
   

  	
   

  
	
  James D. Sant

  	
   

  	
   

  
	
  Assistant Treasurer

  	
   

  	
   

  

 

13

 

	
  STATE
  OF WASHINGTON

  	
  )

  
	
   

  	
  )
  ss:

  
	
  COUNTY OF KING

  	
  )

  

 

On
this 29th day of April, 2009, before me, a Notary Public in and
for the State of Washington, duly commissioned and sworn, personally appeared
Donald E. Gaines, to me known to be the Vice President Finance and Treasurer of
Puget Sound Energy, Inc., a Washington corporation, the corporation named
in and which executed the foregoing instrument; and he acknowledged to me that
he signed the same as the free and voluntary act and deed of said corporation
for the uses and purposes therein mentioned, being authorized so to do.

 

WITNESS
my hand and official seal the day and year in this certificate above written.

 

 

	
   

  	
  /s/  Shohreh Lashgari

  
	
   

  	
  Notary
  Name:

  	
  Shohreh
  Lashgari

  
	
   

  	
  Notary
  Public in and for the State of

  
	
   

  	
  Washington,
  residing at

  	
  507
  NE 84th ST

  
	
   

  	
   

  	
  Sea,
  WA 98115

  
	
   

  	
  My commission expires

  	
  3-12-2012

  
				

 

 

	
  STATE
  OF WASHINGTON

  	
  )

  
	
   

  	
  )
  ss:

  
	
  COUNTY
  OF KING

  	
  )

  

 

On
this 29th day of April, 2009, before me, a Notary Public in and
for the State of Washington, duly commissioned and sworn, personally appeared
James D. Sant, to me known to be the Assistant Treasurer of Puget Sound Energy, Inc.,
a Washington corporation, the corporation named in and which executed the
foregoing instrument; and he acknowledged to me that he signed the same as the
free and voluntary act and deed of said corporation for the uses and purposes
therein mentioned, being authorized so to do.

 

WITNESS
my hand and official seal the day and year in the certificate above written.

 

 

	
   

  	
  /s/  Shohreh Lashgari

  
	
   

  	
  Notary
  Name:

  	
  Shohreh
  Lashgari

  
	
   

  	
  Notary
  Public in and for the State of

  
	
   

  	
  Washington, residing at

  	
  507 NE 84th Street

  
	
   

  	
   

  	
  Seattle, WA 98115

  
	
   

  	
  My commission
  expires

  	
  3/12/2012Exhibit 4.1

 

EXECUTION COPY

 

SUPPLEMENTAL
INDENTURE NO. 1 TO SERIES 2005-3 INDENTURE SUPPLEMENT

 

THIS SUPPLEMENTAL INDENTURE NO. 1 TO SERIES 2005-3 INDENTURE
SUPPLEMENT, dated as of September 10, 2009 (this “Amendment”), is
between GE Capital Credit Card Master Note Trust, a Delaware statutory trust,
as issuer (the “Issuer”) and Deutsche Bank Trust Company Americas, a New
York banking corporation, as trustee (the “Indenture Trustee”).

 

BACKGROUND

 

WHEREAS, the Issuer and the Indenture Trustee are parties to a Master
Indenture, dated as of September 25, 2003, as (i) amended by the
Omnibus Amendment No. 1 to Securitization Documents, dated as of February 9,
2004, among RFS Holding, L.L.C., RFS Funding Trust, the Issuer, Deutsche Bank
Trust Company Delaware, as trustee of RFS Funding Trust, RFS Holding, Inc.
and the Indenture Trustee, the Second Amendment to Master Indenture, dated as
of June 17, 2004, between the Issuer and the Indenture Trustee, the Third
Amendment to Master Indenture, dated as of August 31, 2006, between the
Issuer and the Indenture Trustee, the Fourth Amendment to Master Indenture,
dated as of June 28, 2007, between the Issuer and the Indenture Trustee,
the Fifth Amendment to Master Indenture, dated as of May 22, 2008, between
the Issuer and the Indenture Trustee and the Sixth Amendment to Master
Indenture, dated as of August 7, 2009, between the Issuer and the
Indenture Trustee and (ii) supplemented by the Series 2005-3
Indenture Supplement, dated as of June 30, 2005, between the Issuer and the
Indenture Trustee (“the Series 2005-3 Indenture Supplement”), as
amended, the (“Master Indenture”).

 

WHEREAS, the parties hereto desire to amend the Series 2005-3
Indenture Supplement as set forth herein; and

 

WHEREAS, this Amendment is being entered into pursuant to Section 9.1(b) of
the Master Indenture, and all conditions precedent to the execution of this
Amendment, as set forth in such Section 9.1(b), have been satisfied.

 

NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1.        Definitions. 
Capitalized terms defined in the Master Indenture and used but not
otherwise defined herein have the meanings given to them in the Master
Indenture.

 

SECTION 2.        Amendments
to Series 2005-3 Indenture Supplement.

 

(a)           The definition of “Collateral Amount” in Section 1.1
of the Series 2005-3 Indenture Supplement is amended in its entirety to
read as follows:

 

“Collateral Amount” means, as
of any date of determination, an amount equal to the excess of (a) the
Initial Collateral Amount, over (b) 

 

 

the sum of (i) the amount of principal previously
paid to the Series 2005-3 Noteholders (other than any principal payments
made from funds on deposit in the Spread Account), (ii) the aggregate of
all reductions in the Collateral Amount pursuant to the last sentence of Section 4.4(c)(iii),
(iii) the Principal Accumulation Account Balance, and (iv) the
excess, if any, of the aggregate amount of Investor Charge-Offs and Reallocated
Principal Collections over the
reimbursements of such amounts pursuant to Section 4.4(a)(vii) prior
to such date.

 

(b)           The reference to “$750,000,000” in the
definition of “Initial Collateral Amount” in Section 1.1 of the Series 2005-3
Indenture Supplement is hereby replaced with “$790,000,000”.

 

(c)           The reference to “$35,625,000” in the
definition of “Initial Excess Collateral Amount” in Section 1.1 of
the Series 2005-3 Indenture Supplement is hereby replaced with “$75,625,000”.

 

(d)           The reference to “4.75%” in the first
sentence of the definition of “Required Excess Collateral Amount” in Section 1.1
of the Series 2005-3 Indenture Supplement is hereby replaced with “9.57%”.

 

(e)           The definition of “Monthly Principal
Reallocation Amount” in Section 1.1 of the Series 2005-3
Indenture Supplement is amended as follows:

 

(i)            The reference to “$157,500,000” in clause (a) is
hereby replaced with “$197,500,000”.

 

(ii)           The reference to “$75,000,000” in clause (b) is
hereby replaced with “$115,000,000”.

 

(iii)          The reference to “$35,625,000” in clause (c) is
hereby replaced with “$75,625,000”.

 

(f)            The definition of “Surplus Collateral
Amount” in Section 1.1 of the Series 2005-3 Indenture
Supplement is amended in its entirety to read as follows:

 

“Surplus
Collateral Amount” means, with respect to any Payment Date, the excess, if
any, of the Excess Collateral Amount over the Required Excess Collateral
Amount, in each case calculated after giving effect to any deposits into the
Principal Accumulation Account and payments of principal on such Payment Date,
but before giving effect to any reduction in the Collateral Amount on such
Payment Date pursuant to Section 4.4(c)(iii).

 

(g)           The parties hereto agree that the numerator
determined pursuant to clause (a)(i) of the definition of “Allocation
Percentage” in Section 1.1 of the Series 2005-3 Indenture
Supplement only for the Monthly Period beginning on September 22, 2009
shall be the Collateral Amount calculated as of the end of the day on September 22,
2009.

 

 

SECTION 3.        Binding
Effect; Ratification.

 

(a)           This Amendment shall become effective as
of September 22, 2009; provided that on or prior to such date counterparts
hereof shall have been executed and delivered by the parties hereto, and
thereafter shall be binding on the parties hereto and their respective
successors and assigns.

 

(b)           The Series 2005-3 Indenture
Supplement, as supplemented hereby, remains in full force and effect.  Any reference to the Series 2005-3 Indenture
Supplement from and after the date hereof shall be deemed to refer to the Series 2005-3
Indenture Supplement as supplemented hereby, unless otherwise expressly stated.

 

(c)           Except as expressly supplemented hereby,
the Series 2005-3 Indenture Supplement shall remain in full force and
effect and is hereby ratified and confirmed by the parties hereto.

 

SECTION 4.        No
Recourse.  It is expressly understood and agreed by the
parties hereto that (a) this Agreement is executed and delivered by BNY
Mellon Trust of Delaware, not individually or personally but solely as trustee
of the Issuer, in the exercise of the powers and authority conferred and vested
in it, (b) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as personal
representations, undertakings and agreements by BNY Mellon Trust of Delaware
but is made and intended for the purpose of binding only the Issuer, (c) nothing
herein contained shall be construed as creating any liability on BNY Mellon
Trust of Delaware, individually or personally, to perform any covenant either
expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through
or under the parties hereto and (d) under no circumstances shall BNY
Mellon Trust of Delaware be personally liable for the payment of any
indebtedness or expenses of the Issuer or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or undertaken by
the Issuer under this Agreement or any other related documents.

 

SECTION 5.        Miscellaneous.

 

(a)           THIS AMENDMENT AND THE OBLIGATIONS
ARISING HEREUNDER SHALL IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION,
VALIDITY, AND PERFORMANCE, BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARDING
TO THE CONFLICT OF LAWS PROVISIONS THEREOF) AND ANY APPLICABLE LAWS OF THE
UNITED STATES OF AMERICA.

 

(b)           Headings used herein are for convenience
of reference only and shall not affect the meaning of this Amendment.

 

(c)           This Amendment may be executed in any
number of counterparts, and by the parties hereto on separate counterparts,
each of which shall be an original and all of which taken together shall
constitute one and the same agreement. 
Executed counterparts may be delivered electronically.

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

 

	
   

  	
  GE CAPITAL CREDIT CARD
  MASTER NOTE TRUST, as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BNY MELLON TRUST OF
  DELAWARE, not in its individual capacity, but solely on behalf of the Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kristine K. Gullo

  
	
   

  	
   

  	
  Name: Kristine K. Gullo

  
	
   

  	
   

  	
  Title: Vice President

  

 

First Amendment to Series 2005-3

Indenture Supplement

 

S-1

 

	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS, not in its individual capacity, but solely as the Indenture
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jenna Kaufman

  
	
   

  	
   

  	
  Name: Jenna Kaufman

  
	
   

  	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Louis Bodi

  
	
   

  	
   

  	
  Name: Louis Bodi

  
	
   

  	
   

  	
  Title: Vice President

  

 

First Amendment to Series 2005-3

Indenture Supplement

 

S-2

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