Exhibit 10.1

 

AMENDMENT NO. 1 TO CREDIT AGREEMENT

AMENDMENT (this “Amendment”), dated as of February 28, 2006, to the Amended and
Restated Credit Agreement (the “Credit Agreement”), dated as of June 30, 2005,
among DUKE ENERGY CORPORATION, the BANKS listed on the signature pages hereof,
CITIBANK, N.A., as Administrative Agent, and BANK OF AMERICA, N.A., as
Syndication Agent.

W I T N E S S E T H :

WHEREAS, the Borrower has advised the Banks that it wishes to undertake the
consummation of the business combination with Cinergy Corp., a Delaware
corporation (“Cinergy”), pursuant to which each of the Borrower and Cinergy will
merge with a separate subsidiary of the Company (as defined below) and will
thereby become a wholly-owned subsidiary of the Company (such merger involving
the Borrower, the “Borrower Merger”);

 

WHEREAS, following consummation of the Borrower Merger (i) the Borrower intends
to convert from Duke Energy Corporation, a North Carolina corporation, to Duke
Power Company LLC, a North Carolina limited liability company in accordance with
the provisions of Part 2 of Article 11A of the North Carolina Business
Corporation Act and Part 1 of Article 9A of the North Carolina Limited Liability
Company Act (the “Conversion”) and (ii) the Borrower intends to distribute its
membership interest in Duke Capital LLC, a Delaware limited liability company,
to the Company (the “Distribution ”);

 

WHEREAS, the parties hereto desire to amend and/or waive certain provisions of
the Credit Agreement as provided herein;

 

NOW, THEREFORE, the parties hereto agree as follows:

Section 1. Defined Terms; References. Unless otherwise specifically defined
herein, each capitalized term used herein which is defined in the Credit
Agreement shall have the meaning assigned to such term in the Credit Agreement.
Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other
similar reference and each other similar reference contained in the Credit
Agreement shall, after the amendments herein become effective, refer to the
Credit Agreement as amended hereby.

Section 2. Amendments to Definitions.

(a)    Effective simultaneously with consummation of the Conversion, the
definition of the following term set forth in Section 1.01 of the Credit
Agreement is hereby amended to read in full as follows:

 

 

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“Borrower” means Duke Power Company LLC, a North Carolina limited liability
company, and its successors.

(b)     Section 1.01 of the Credit Agreement is amended by adding the following
definition in the appropriate alphabetical place:

“Company” means Duke Energy Corporation, a Delaware corporation, originally
incorporated as Deer Holding Corporation, a Delaware corporation.

Section 3. Amendments to Defaults. Section 6.01(k) of the Credit Agreement is
hereby amended to read as follows:

(k) any person or group of persons (within the meaning of Section 13 or 14 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than
trustees and participants in employee benefit plans of the Company and its
Subsidiaries or the Endowment or Trust, shall have acquired beneficial ownership
(within the meaning of Rule 13d-3 promulgated by the Securities and Exchange
Commission under the Exchange Act) of 50% or more of the outstanding shares of
common stock of the Company; during any period of twelve consecutive calendar
months, individuals who were directors of the Company on the first day of such
period (together with any successors nominated or appointed by such directors in
the ordinary course) shall cease to constitute a majority of the board of
directors of the Company; or the Borrower shall cease to be a Subsidiary of the
Company;

Section 4. Consent to LLC Conversion. The Administrative Agent hereby consents
to the Conversion.

Section 5. Limited Waiver. The Banks hereby waive the Event of Default that
would otherwise arise under Sections 5.08 and 6.01(b) of the Credit Agreement by
reason of the Distribution.

Section 6. Representations and Warranties. The Borrower hereby represents and
warrants that as of the date hereof and after giving effect hereto:

(a)     no Default has occurred and is continuing; and

(b)     each representation and warranty of the Borrower set forth in the Credit
Agreement after giving effect to this Amendment is true and correct as though
made on and as of such date.

Section 7. Counterparts; Effectiveness. This Amendment may be signed in any
number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. This
Amendment shall become effective simultaneously with consummation of the
Borrower Merger, so long as prior to such time the Administrative Agent shall
have received duly executed counterparts hereof signed by the Borrower and the
Required Banks (or, in the case of any party as to which an executed counterpart
shall not have been received, the Administrative Agent shall have received
telegraphic, telex or other written confirmation from such party satisfactory to
the Administrative Agent of execution of a counterpart hereof by such party).

 

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Section 8. Limited Effect. Except as expressly set forth herein, the amendments
contained herein shall not constitute a waiver or amendment of any term or
condition of the Credit Agreement, and all such terms and conditions shall
remain in full force and effect and are hereby ratified and confirmed in all
respects.

Section 9. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

 

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

 

 

DUKE ENERGY CORPORATION
 
 

 

By:

/s/ S. L. Love

 

 

Name: S. L. Love

 

 

Title:   Assistant Treasurer

 

 

 

 

CITIBANK, N.A., as Administrative
    Agent and as a Lender
 
 

 

By:

/s/ Richard Evans

 

 

Name: Richard Evans

 

 

Title:   Vice President

 

 

 

 

BANK OF AMERICA, N.A.
 
 

 

By:

/s/ Kevin Wagley

 

 

Name: Kevin Wagley

 

 

Title:   Senior Vice President

 

 

 

 

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JPMORGAN CHASE BANK, N.A.
 
 

 

By:

/s/ Michael J. DeForge

 

 

Name: Michael J. DeForge

 

 

Title:   Vice President

 

 

 

 

WACHOVIA BANK, NATIONAL ASSOCIATION
 
 

 

By:

/s/ Lawrence P. Sullivan

 

 

Name: Lawrence P. Sullivan

 

 

Title:   Director

 

 

 

 

BARCLAYS BANK PLC
 
 

 

By:

/s/ Sydney G. Dennis

 

 

Name: Sydney G. Dennis

 

 

Title:   Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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ABN AMRO BANK N.V.
 
 

 

By:

/s/ John D. Reed

 

 

Name: John D. Reed

 

 

Title:   Director
 
 

 

 

 

By:

/s/ Todd D. Vaubel

 

 

Name: Todd D. Vaubel

 

 

Title:   Assistant Vice President

 

 

 

 

DEUTSCHE BANK AG NEW YORK
    BRANCH
 
 

 

By:

/s/ Marcus Tarkington

 

 

Name: Marcus Tarkington

 

 

Title:   Director
 
 

 

 

 

By:

/s/ Rainer Meier

 

 

Name: Rainer Meier

 

 

Title:   Vice President

 

 

 

 

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UBS LOAN FINANCE LLC
 
 

 

By:

/s/ Irja R. Otsa

 

 

Name: Irja R. Otsa

 

 

Title:   Associate Director Banking Products Services US
 
 

 

 

 

By:

/s/ Richard L. Tavrow

 

 

Name:

Richard L. Tavrow

 

 

Title:

Director, Banking
Products Services, US

 

 

 

 

LEHMAN BROTHERS BANK, FSB
 
 

 

By:

/s/ Janine M. Shugan

 

 

Name:

Janine M. Shugan

 

 

Title:

Authorized Signatory

 

 

 

 

WILLIAM STREET COMMITMENT
    CORPORATION
 

(Recourse only to assets of William Street
Commitment Corporation)

 

 

 

By:

 

 

 

Name:

 

 

 

Title:

 

 

 

 

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CREDIT SUISSE, CAYMAN ISLANDS BRANCH
 
 

 

By:

/s/ Thomas R. Cantello

 

 

Name:

Thomas R. Cantello

 

 

Title:

Vice President
 
 

 

 

 

By:

/s/ Denise L. Alvarez

 

 

Name:

Denise L. Alvarez

 

 

Title:

Associate

 

 

 

 

MORGAN STANLEY BANK
 
 

 

By:

/s/ Daniel Twenge

 

 

Name:

Daniel Twenge

 

 

Title:

Vice President

 

 

 

 

SUNTRUST BANK
 
 

 

By:

/s/ Kelley Brandenburg

 

 

Name:

Kelley Brandenburg

 

 

Title:

Vice President

 

 

 

 

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THE BANK OF TOKYO-MITSUBISHI, LTD., NEW YORK BRANCH
 
 

 

By:

/s/ Linda Tam

 

 

Name:

Linda Tam

 

 

Title:

Authorized Signatory

 

 

 

 

THE ROYAL BANK OF SCOTLAND PLC, NEW YORK BRANCH
 
 

 

By:

/s/ Emily Freedman

 

 

Name:

Emily Freedman

 

 

Title:

Vice President

 

 

 

 

DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
 
 

 

By:

/s/ Thomas R. Brady

 

 

Name:

Thomas R. Brady

 

 

Title:

Director
 
 

 

 

 

By:

/s/ Brian Smith

 

 

Name:

Brian Smith

 

 

Title:

Managing Director

 

 

 

 

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KEYBANK NATIONAL ASSOCIATION
 
 

 

By:

/s/ Paul J. Pace

 

 

Name:

Paul J. Pace

 

 

Title:

Assistant Vice President

 

 

 

 

MIZUHO CORPORATE BANK, LTD.
 
 

 

By:

 

 

 

Name:

 

 

 

Title:

 

 

 

 

 

THE NORTHERN TRUST COMPANY
 
 

 

By:

/s/ Preeti Sullivan

 

 

Name:

Preeti Sullivan

 

 

Title:

Vice President

 

 

 

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WESTLB AG, NEW YORK BRANCH
 
 

 

By:

/s/ Felicia La Forgia

 

 

Name:

Felicia La Forgia

 

 

Title:

Director
 
 

 

 

 

By:

/s/ Anthony Alessandro

 

 

Name:

Anthony Alessandro

 

 

Title:

Associate Director

 

 

 

 

SUMITOMO MITSUI BANKING CORPORATION
 
 

 

By:

/s/ William M. Ginn

 

 

Name:

William M. Ginn

 

 

Title:

General Manager