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Draft of 8/3/95 <br />AMENDMENT NVMBER 1 TO INVESTMENT AGREEMENT <br />THIS AMENDMENT NUMBER 1 TO INVESTMENT AGREEMENT (the <br />llAmendmentll) , dated as of July 1, 1995, is entered into by and <br />among PNC Bank, N.A., the successor to Pittsburgh National Bank <br />(the '*Investment In~titution~~), Southern California Public Power <br />Authority (the *lAuthorityll), and Bank of America National Trust and <br />Savings Association, as trustee (the "Trusteew). <br />WHEREAS, the Authority and the Trustee have heretofore <br />entered into an Indenture of Trust, dated as of August 1, 1989 (as <br />amended and supplemented, the "Bond Indenturew); and <br />WHEREAS, ,the Authority, the Investment Institution and <br />the Trustee have heretofore entered into an Investment Agreement, <br />dated as of January 4, 1990 (the "Investment Agreementw); and <br />WHEREAS, the Authority, the Investment Institution and <br />the Trustee desire to amend the Investment Agreement to provide the <br />Authority with the ability to withdraw moneys to purchase <br />Government Obligations (as defined in the Bond Indenture), the <br />earnings on and the principal amount of which would be used to pay <br />a portion of the debt service on the Bonds (as defined in the Bond <br />Indenture) ; and <br />WHEREAS, the Authority has determined that as a result of <br />the purchase of the Government Obligations, the Authority will be <br />precluded from using any of the Government Obligations (or proceeds <br />thereof) to fund Authorized Projects (as defined in the Bond <br />Indenture) because, for example, it will not be able to satisfy the <br />requirements of Section 604(B) of the Bond Indenture (and in <br />particular clause (e) of Section 604(B) (2) of the Bond Indenture) ; <br />and <br />WHEREAS, each of the parties to this Amendment has <br />determined, as to itself, that all acts and things have been done <br />and performed which are necessary to make this Amendment a valid <br />and binding amendment to the Investment Agreement; <br />NOW THEREFORE, in consideration of the premises, it is <br />agreed by and among the Authority, the Investment Institution and <br />the Trustee as follows: <br />1. Authority for this Amendment. This Amendment is <br />entered into in accordance with Section 9(d) of the Investment <br />Agreement.