Document:

<PAGE>

                                                                  EXHIBIT 4.14.3

                          SECOND SUPPLEMENTAL INDENTURE

                          Dated as of January 14, 2004

                                      among

                   CALPINE CONSTRUCTION FINANCE COMPANY, L.P.

                               CCFC FINANCE CORP.

                           THE GUARANTORS NAMED HEREIN

                                       and

                              WILMINGTON TRUST FSB,

                                   as Trustee

                           Supplementing the Indenture
                           Dated as of August 14, 2003
                                       and
                        Amended as of September 18, 2003

<PAGE>

         SECOND SUPPLEMENTAL INDENTURE, dated as of January 14, 2004 (the
"Second Supplemental Indenture"), among Calpine Construction Finance Company,
L.P., a Delaware limited partnership (the "Company"), CCFC Finance Corp., a
Delaware corporation ("Finance Corp."), the Guarantors and Wilmington Trust FSB,
as trustee (the "Trustee").

         WHEREAS, the Company, Finance Corp., the Guarantors and the Trustee
have executed that certain Indenture, dated as of August 14, 2003, as
supplemented by that certain Supplemental Indenture, dated as of September 18,
2003 (as supplemented, the "Indenture"), in connection with the co-issuance by
the Company and Finance Corp. of certain Second Priority Senior Secured Floating
Rate Notes due 2011 (the "Notes");

         WHEREAS, pursuant to a Consent Solicitation dated as of January 7, 2004
(the "Consent Solicitation"), the Company and Finance Corp. have proposed to
supplement and amend Section 4.10 of the Indenture as provided herein (the
"Proposed Amendment");

         WHEREAS, pursuant to Section 9.02 of the Indenture, the Holders of at
least a majority in aggregate principal amount of the Notes have consented to
the Proposed Amendment; and

         WHEREAS, the Company and Finance Corp. have directed the Trustee to
execute and deliver this Second Supplemental Indenture in accordance with the
terms of the Indenture;

         NOW THEREFORE, for and in consideration of the premises and mutual
covenants herein contained, the Company, Finance Corp., the Guarantors and the
Trustee agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         Section 1.1 Definition of Terms.

         Unless the context otherwise requires, capitalized terms used herein
that are not otherwise defined herein shall have the meaning assigned to such
terms in the Indenture.

                                   ARTICLE II
                           AMENDMENTS TO THE INDENTURE

         Section 2.1 Amendments.

         Section 4.10 (Asset Sales) of the Indenture is hereby amended to insert
the following sentence at the end of the second full paragraph of such section:

         Notwithstanding anything herein to the contrary, the Company and
         Finance Corp. are authorized to take the following actions:

                                       2
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         (i)      to place in an account (the "Lost Pines Proceeds Account")
         maintained with the Collateral Agent the Net Proceeds of the sale of
         the Company's 50% undivided ownership interest in the Lost Pines
         facility (the "Lost Pines Interest"), which Lost Pines Proceeds Account
         and the Net Proceeds held therein shall constitute Collateral;

         (ii)     the Collateral Agent and the Company may execute an escrow and
         exchange agreement with respect to the Lost Pines Proceeds Account, in
         such form as they may agree, containing customary terms and conditions
         intended to assure that the Lost Pines Proceeds Account is a "qualified
         escrow account," and the Collateral Agent is acting either as an
         "escrow holder" or a "qualified intermediary" with respect thereto, in
         each case for purposes of Section 1031 of the Internal Revenue Code of
         1986, as amended; provided that nothing in this clause (ii) shall
         modify the Company's obligation to maintain valid and perfected
         security interest in the Collateral as provided in this Indenture;

         (iii)    on or before the 181st day (or, if such date is not a Business
         Day, the first Business Day thereafter) following the consummation of
         the sale of the Lost Pines Interest (the "Latest Replacement Facility
         Closing Date"), and subject to obtaining the consent of the Holders of
         a majority in aggregate principal amount of the Notes, to use such Net
         Proceeds to purchase an additional natural gas-fired combined cycle
         power generating facility (the "Replacement Facility");

         provided, however, that if the purchase of such Replacement Facility is
         not consummated on or before the Latest Replacement Facility Closing
         Date (or, if earlier, the Company and Finance Corp. notify the Trustee
         in writing that the Company is no longer pursuing the acquisition of a
         Replacement Facility), then the Company shall apply the Net Proceeds of
         such sale as otherwise provided in this Section 4.10 as if the date of
         the sale of the Lost Pines Interest were the first Business Day after
         the Latest Replacement Facility Closing Date (or such earlier date as
         the Company and Finance Corp. notify the Trustee in writing that the
         Company is no longer pursuing the acquisition of a Replacement
         Facility).

                                       3
<PAGE>

                                   ARTICLE III
                                  MISCELLANEOUS

         Section 3.1 Interpretation.

         Upon execution and delivery of this Second Supplemental Indenture, the
Indenture shall be modified and amended in accordance with this Second
Supplemental Indenture, and all the terms and conditions of both shall be read
together as though they constitute one instrument, except that, in case of
conflict, the provisions of this Second Supplemental Indenture will control. The
Indenture, as modified and amended by this Second Supplemental Indenture, is
hereby ratified and confirmed in all respects and shall bind every holder of
Notes. In case of conflict between the terms and conditions contained in the
Notes and those contained in the Indenture, as modified and amended by this
Second Supplemental Indenture, the provisions of the Indenture, as modified and
amended by this Second Supplemental Indenture, shall control.

         Section 3.2 The Trustee.

         The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Second Supplemental Indenture or
for or in respect of the recitals contained herein, all of which are made solely
by the Company and Finance Corp.

         Section 3.3 Certain Duties and Responsibilities of the Trustee.

         In entering into this Second Supplemental Indenture, the Trustee shall
be entitled to the benefit of every provision of the Indenture relating to the
conduct or affecting the liability or affording protection to the Trustee,
whether or not elsewhere herein so provided.

         Section 3.4 Counterparts.

         This Second Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument. The delivery of an executed signature of this Second
Supplemental Indenture by facsimile transmission shall be effective as delivery
of a manually executed counterpart hereof.

         Section 3.5 Applicable Law.

         This Second Supplemental Indenture and the right and obligations of the
parties hereunder shall be governed by, and shall be construed and enforced in
accordance with, the laws of the State of New York without regard to conflict of
laws principles thereof.

                                      * * *

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed as of the day and year first above
written.

                           CALPINE CONSTRUCTION FINANCE COMPANY, L.P.

                           By: /s/ ERIC N. PRYOR
                               --------------------------------------------
                               Name: Eric N. Pryor
                               Title: Senior Vice President

                           CCFC FINANCE CORP.

                           By: /s/ ERIC N. PRYOR
                               --------------------------------------------
                               Name: Eric N. Pryor
                               Title: Senior Vice President

                           CALPINE HERMISTON, LLC, as a Guarantor

                           By: /s/ ERIC N. PRYOR
                               --------------------------------------------
                               Name: Eric N. Pryor
                               Title:  Senior Vice President

                           CPN HERMISTON, LLC, as a Guarantor

                           By: /s/ ERIC N. PRYOR
                               --------------------------------------------
                               Name: Eric N. Pryor
                               Title:  Senior Vice President

                           HERMISTON POWER PARTNERSHIP, as a Guarantor

                           By: Calpine Hermiston, LLC, its General Partner

                           By: /s/ ERIC N. PRYOR
                               --------------------------------------------
                               Name: Eric N. Pryor
                               Title:  Senior Vice President

                                       5
<PAGE>

                           WILMINGTON TRUST FSB, as Trustee

                           By: /s/ JAMES J. McGINLEY
                               --------------------------------------------
                               Name: James J. McGinley
                               Title: Authorized Signer

                                       6<PAGE>

                                                                  EXHIBIT 4.14.4

                          THIRD SUPPLEMENTAL INDENTURE

                            Dated as of March 5, 2004

                                      among

                   CALPINE CONSTRUCTION FINANCE COMPANY, L.P.

                               CCFC FINANCE CORP.

                           THE GUARANTORS NAMED HEREIN

                                       and

                              WILMINGTON TRUST FSB,

                                   as Trustee

                           Supplementing the Indenture
                           Dated as of August 14, 2003
                                       and
              Amended as of September 18, 2003 and January 14, 2004

<PAGE>

                  THIRD SUPPLEMENTAL INDENTURE, dated as of March 5, 2004 (the
"Third Supplemental Indenture"), among Calpine Construction Finance Company,
L.P., a Delaware limited partnership (the "Company"), CCFC Finance Corp., a
Delaware corporation ("Finance Corp."), the Guarantors and Wilmington Trust FSB,
as trustee (the "Trustee").

                  WHEREAS, the Company, Finance Corp., the Guarantors and the
Trustee have executed that certain Indenture, dated as of August 14, 2003, as
supplemented by that certain Supplemental Indenture, dated as of September 18,
2003, and as further supplemented by that certain Second Supplemental Indenture,
dated as of January 14, 2004 (as supplemented, the "Indenture"), in connection
with the co-issuance by the Company and Finance Corp. of certain Second Priority
Senior Secured Floating Rate Notes due 2011 (the "Notes");

                  WHEREAS, pursuant to a Consent Solicitation dated as of
February 20, 2004 (the "Consent Solicitation"), the Company and Finance Corp.
have proposed to supplement and amend certain Sections of the Indenture as
provided herein (the "Proposed Amendments");

                  WHEREAS, pursuant to Section 9.02 of the Indenture, the
Holders of at least a majority in aggregate principal amount of the Notes have
consented to the Proposed Amendments; and

                  WHEREAS, the Company and Finance Corp. have directed the
Trustee to execute and deliver this Third Supplemental Indenture in accordance
with the terms of the Indenture;

                  NOW THEREFORE, for and in consideration of the premises and
mutual covenants herein contained, the Company, Finance Corp., the Guarantors
and the Trustee agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

                  Section 1.1 Definition of Terms.

                  Unless the context otherwise requires, capitalized terms used
herein that are not otherwise defined herein shall have the meaning assigned to
such terms in the Indenture.

                                   ARTICLE II
                           AMENDMENTS TO THE INDENTURE

                  Section 2.1 Amendments. (a) Section 1.01 (Definitions) of the
Indenture is hereby amended to insert the following new definitions in
alphabetical order in such Section:

                  "Acquisition Companies" means each of Calpine Brazos Valley
                  Energy Center GP, LLC, a Delaware limited liability company,
                  and Calpine Brazos Valley Energy Center LP, LLC, a Delaware
                  limited liability company.

<PAGE>

                  "Affiliate Purchase Agreement" means that certain Purchase
                  Agreement, dated as of February 18, 2004, by and between the
                  Company and Calpine Power Corporation, a Delaware corporation.

                  "Brazos Subsidiaries" means each of Brazos Valley Energy LP, a
                  Delaware limited partnership, and Brazos Valley Technology LP,
                  a Delaware limited partnership.

                  "Calpine Pledge Agreement" means that certain Pledge Agreement
                  by and between Calpine Corporation and the Company related to
                  the pledge by the Company to Calpine of certain Equity
                  Interests in the Acquisition Subsidiaries.

                  "Calpine Credit Agreement" means that certain Credit Agreement
                  by and between Calpine Corporation and the Company, relating
                  to Indebtedness incurred by the Company to complete the
                  acquisition, indirectly through the acquisition of the
                  Acquisition Subsidiaries, of the Brazos Subsidiaries,
                  including any related notes, guarantees, collateral documents,
                  instruments and agreements executed in connection therewith,
                  as amended, modified, renewed, restated or replaced, in whole
                  or in part, from time to time.

                  (b)      The definition of "Excess Cash Flow" in Section 1.01
(Definitions) of the Indenture is hereby amended by inserting the phrase "other
than Fixed Charges relating to the Calpine Credit Agreement," immediately
following "for such period," at the end of clause (2)(C) of such definition.

                  (c)      The definition of "Excluded Assets" in Section 1.01
(Definitions) of the Indenture is hereby amended, as follows:

                  (i)      by deleting the word "and" at the end of clause (4)
                           under such definition;

                  (ii)     by deleting the period and adding "; and" at the end
                           of clause (5) of such definition; and

                  (iii)    by adding the following new clause (6) to the end of
                           such definition:

                           (6) (A) that portion of the Capital Stock of each of
                           the Acquisition Companies pledged by the Company to
                           Calpine Corporation in accordance with the terms and
                           provisions of the Calpine Pledge Agreement, until
                           such time as all amounts outstanding under the
                           Calpine Credit Agreement have been paid in full and
                           the Calpine Pledge Agreement has been terminated, (B)
                           the Equity Interests of the Brazos Subsidiaries and
                           (C) the real and personal property (i) of the
                           Acquisition Companies, (ii) of the Brazos
                           Subsidiaries and (iii) constituting the Brazos Valley
                           electric generating facility located in Thompsons,
                           Texas.

                                       2
<PAGE>

                  (d)      The definition of "Permitted Liens" in Section 1.01
(Definitions) of the Indenture is hereby amended, as follows:

                  (i)      by deleting the "and" at the end of clause (13) of
                           such definition;

                  (ii)     by deleting the period and adding "; and" at the end
                           of clause (14) of such definition;

                  (iii)    by adding the following new clause (15) to the end of
                           such definition:

                           (15)     the pledge by the Company of the Capital
                           Stock of each of the Acquisition Companies to Calpine
                           Corporation in accordance with the terms and
                           provisions of the Calpine Pledge Agreement.

                  (e)      Section 4.09 (Incurrence of Indebtedness and Issuance
of Preferred Equity) of the Indenture is hereby amended, as follows:

                  (i)      by deleting the "and" at the end of clause (10) of
                           the second paragraph of such Section;

                  (ii)     by deleting the period and adding "; and" at the end
                           of clause (11) of the second paragraph of such
                           Section;

                  (iii)    by adding the following new clause (12) to the end of
                           such definition:

                  (12)     the incurrence by the Company of Indebtedness under
                           the Calpine Credit Agreement as of the date of its
                           execution and delivery by the parties thereto;

                  (f)      Section 4.11 (Transactions with Affiliates) of the
Indenture is hereby amended, as follows:

                  (i)      by deleting the "and" at the end of clause (12) of
                           the second paragraph of such Section;

                  (ii)     changing the number of the old clause (13) of the
                           second paragraph of such Section from (13) to (14);

                  (iii)    by adding the following new clause (13) to the second
                           paragraph of such Section:

                           "(13)    transactions contemplated under the
                           Affiliate Purchase Agreement, the Calpine Credit
                           Agreement and the Calpine Pledge Agreement; and"

                                       3
<PAGE>

                  (g)      Section 4.21 (Additional Subsidiaries) of the
Indenture is hereby amended to insert a new third paragraph at the end of such
Section, as follows:

                                    "Notwithstanding anything to the contrary in
                           this Section 4.21, (i) the Acquisition Companies and
                           the Brazos Subsidiaries shall not be required to
                           comply with the provisions of the first paragraph of
                           this Section 4.21 and (ii) the Company shall not be
                           required to comply with the provisions of the first
                           paragraph of this Section 4.21 with respect to the
                           Acquisition Companies and the Brazos Subsidiaries;
                           provided that (x) the Acquisition Companies and the
                           Brazos Subsidiaries shall become Guarantors if, in
                           the good faith determination of the Company, the
                           limitations imposed by the debt instruments of
                           Calpine Corporation and its Subsidiaries on the
                           ability of the Acquisition Companies and the Brazos
                           Subsidiaries to become Guarantors are no longer
                           applicable, (y) all of the Equity Interests in each
                           of the Acquisition Companies, other than such Equity
                           Interests pledged to Calpine Corporation pursuant to
                           the Calpine Pledge Agreement, shall be required to
                           become part of the Collateral within 30 days of the
                           date of acquisition of such Acquisition Companies by
                           the Company, and (z) 100% of the Equity Interests in
                           each of the Acquisition Companies shall be required
                           to become part of the Collateral (in accordance with
                           the terms and provisions of the Pledge and Security
                           Agreement) promptly following the termination of the
                           Calpine Pledge Agreement in accordance with its
                           terms."

                                   ARTICLE III
                                  MISCELLANEOUS

                  Section 3.1 Condition to Operative Effect. The operative
effect of this Third Supplemental Indenture is conditioned upon the occurrence
of the consummation of the transactions contemplated by the Purchase Agreement,
dated as of February 18, 2004, between Calpine Brazos Valley Energy Center GP,
LLC and Calpine Brazos Valley Energy Center LP, LLC, as purchasers, and Brazos
Valley Special Purpose GP Limited Partnership and Brazos Valley Special Purpose
LP Limited Partnership, as sellers.

                  Section 3.2 Interpretation.

                  Upon execution and delivery of this Third Supplemental
Indenture, and subject to Section 3.1, the Indenture shall be modified and
amended in accordance with this Third Supplemental Indenture, and all the terms
and conditions of both shall be read together as though they constitute one
instrument, except that, in case of conflict, the provisions of this Third
Supplemental Indenture will control. The Indenture, as modified and amended by
this Third Supplemental Indenture, is hereby ratified and confirmed in all
respects and shall bind every holder of Notes. In case of conflict between the
terms and conditions contained in the Notes and those contained in the
Indenture, as modified and amended by this Third Supplemental

                                       4
<PAGE>

Indenture, the provisions of the Indenture, as modified and amended by this
Third Supplemental Indenture, shall control.

                  Section 3.3 The Trustee.

                  The Trustee shall not be responsible in any manner whatsoever
for or in respect of the validity or sufficiency of this Third Supplemental
Indenture or for or in respect of the recitals contained herein, all of which
are made solely by the Company and Finance Corp.

                  Section 3.4 Certain Duties and Responsibilities of the
Trustee.

                  In entering into this Third Supplemental Indenture, the
Trustee shall be entitled to the benefit of every provision of the Indenture
relating to the conduct or affecting the liability or affording protection to
the Trustee, whether or not elsewhere herein so provided.

                  Section 3.5 Counterparts.

                  This Third Supplemental Indenture may be executed in any
number of counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument. The delivery of an executed signature of this Third
Supplemental Indenture by facsimile transmission shall be effective as delivery
of a manually executed counterpart hereof.

                  Section 3.6 Applicable Law.

                  This Third Supplemental Indenture and the right and
obligations of the parties hereunder shall be governed by, and shall be
construed and enforced in accordance with, the laws of the State of New York
without regard to conflict of laws principles thereof.

                                      * * *

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this Third
Supplemental Indenture to be duly executed as of the day and year first above
written.

                                 CALPINE CONSTRUCTION FINANCE COMPANY, L.P.

                                 By:  /s/ ERIC N. PRYOR
                                    --------------------------------------------
                                    Name:  Eric N. Pryor
                                    Title: Senior Vice President

                                 CCFC FINANCE CORP.

                                 By:  /s/ ERIC N. PRYOR
                                    --------------------------------------------
                                    Name:  Eric N. Pryor
                                    Title: Senior Vice President

                                 CALPINE HERMISTON, LLC, as a Guarantor

                                 By:  /s/ ERIC N. PRYOR
                                    --------------------------------------------
                                    Name:  Eric N. Pryor
                                    Title: Senior Vice President

                                 CPN HERMISTON, LLC, as a Guarantor

                                 By:  /s/ ERIC N. PRYOR
                                    --------------------------------------------
                                    Name:  Eric N. Pryor
                                    Title: Senior Vice President

                                 HERMISTON POWER PARTNERSHIP, as a Guarantor

                                 By: Calpine Hermiston, LLC, its General Partner

                                 By:  /s/ ERIC N. PRYOR
                                    --------------------------------------------
                                    Name:  Eric N. Pryor
                                    Title: Senior Vice President

                                 WILMINGTON TRUST FSB, as Trustee

                                 By:  /s/ W. CHRIS SPONENBERG
                                    --------------------------------------------
                                    Name:  W. Chris Sponenberg
                                    Title:  Authorized Signatory

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