Document:

EXHIBIT 10.1
  

  
   Amendment No. 10 
to Amended and Restated Credit Agreement
  

  
   This Amendment No. 10 to Amended and Restated Credit Agreement is dated as of September 9, 2020 (this “Agreement”), and is among the Persons identified on the signature pages hereof as Lenders (which Persons constitute, as applicable, the Required Lenders, the Supermajority Lenders, and all of the Lenders directly affected by the applicable consents and amendments to be effected by this Agreement), Wells Fargo Bank, National Association, a national banking association (“Wells Fargo”), as agent for the Lenders (Wells Fargo, in that capacity, “Agent”), PacVan, Inc., an Indiana corporation (“PacVan”), Lone Star Tank Rental Inc., a Delaware corporation (“Lone Star”), GFN Realty Company, LLC, a Delaware limited liability company (“GFNRC”), and Southern Frac, LLC, a Texas limited liability company (“Southern Frac” and, together with PacVan, Lone Star, and GFNRC, each a “Borrower”).
  

  
   The Lenders, Agent, and Borrowers are party to an Amended and Restated Credit Agreement dated as of April 7, 2014 (as amended, restated, supplemented, or otherwise modified before the date of this Agreement, the “Credit Agreement”).
  

  
   The parties desire to modify the Credit Agreement in certain respects.
  

  
   The parties therefore agree as follows:
  

  
    
     1.
    

    
     Definitions. Defined terms used but not defined in this Agreement are as defined in the Credit Agreement.
    

  

  
    
     2. 
    

    
     Limited Consent and Acknowledgment (FY2020 Audit).
    

  

  
    
     (a)
    

    
     Borrowers have informed Agent that Borrowers expect that the audited financial statements to be delivered to Agent with respect to the fiscal year of Borrowers ending June 30, 2020 (collectively, the “FY2020 Audit”), will include an explanatory paragraph concerning the ability of Borrowers to continue as a going concern and relating to the GFC 2021 Notes that is identical or substantially similar to the following (the “Subject Explanation”):
    

  

  
   Explanatory Paragraph - Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, there is a level of uncertainty about the Company’s ability to successfully refinance or satisfy the Senior Notes prior to March 24, 2021 and not securing alternative financing.  This conditions raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
  

  
  1

  

    
     (b)
    

    
     Borrowers acknowledge that if the FY2020 Audit includes the Subject Explanation, then the FY2020 Audit would not satisfy the requirements under Section 5.1 of the Credit Agreement and part (d) of Schedule 5.1 to the Credit Agreement to deliver to Agent certain financial statements for the fiscal year of Borrowers ending June 30, 2020, that are audited by independent certified public accountants reasonably acceptable to Agent and certified, without any “going concern” or like qualification or exception, by such accountants to have been prepared in accordance with GAAP. Borrowers therefore have requested that Agent and the Required Lenders consent to the delivery of a FY2020 Audit that includes the Subject Explanation.
    

  

  
    
     (c)
    

    
     Borrowers hereby represent to Agent and the Lenders that, as of the date of this Agreement, GFC is actively seeking to effect a GFC 2021 Notes Refinancing Transaction and expects to effect a GFC 2021 Notes Refinancing Transaction before January 1, 2021.
    

  

  
    
     (d)
    

    
     Subject to the other terms of this Agreement, Agent and the Required Lenders hereby  consent to the delivery of a FY2020 Audit that includes the Subject Explanation; and  acknowledge that the delivery to Agent, no later than the date required under Section 5.1 of the Credit Agreement with respect to the fiscal year of Borrowers ending June 30, 2020, of a FY2020 Audit that includes the Subject Explanation but otherwise satisfies the requirements under Section 5.1 of the Credit Agreement and part (d) of Schedule 5.1 to the Credit Agreement with respect to that fiscal year will be deemed to satisfy those requirements with respect to that fiscal year.
    

  

  
    
     (e)
    

    
     The limited consents and acknowledgments set forth in this Section 2 do not affect the continued legality, validity, and binding effect of the Credit Agreement and the other Loan Documents. The Credit Agreement and other Loan Documents continue to be fully enforceable in each case, except as expressly provided in this Agreement. The limited consents and acknowledgments set forth in this Section 2 are specifically limited in time and scope as described above and do not extend or apply to any other event, occurrence, or circumstances in existence as of the date of this Agreement or arising after the date of this Agreement. In addition, the limited consents and acknowledgments set forth in this Section 2 do not constitute or establish (and are not to be deemed to constitute or establish) a custom or a practice on the part of Agent or any Lender and do not prejudice any rights of Agent or any Lender in respect of any other departure from the terms of the Credit Agreement or any other Loan Document.
    

  

  
    
     3.
    

    
     Amendments to Credit Agreement.
    

  

  
    
     (a)
    

    
     Section 2.1(c) of the Credit Agreement is hereby amended to read in its entirety as follows:
    

  

  
  2

  

    
     “
    

    
     (c)
    

    
     Anything to the contrary in this Section 2.1 notwithstanding, but subject to the other terms of this Section 2.1(c), Agent shall have the right (but not the obligation), in the exercise of its Permitted Discretion, to establish and increase or decrease Receivable Reserves, Inventory Reserves, Bank Product Reserves, Real Property Reserves, and other Reserves against the Borrowing Base, any Borrowing Base (Individual), the Maximum Other Tank Sublimit Amount, the Maximum Real Property Sublimit Amount, and/or the Maximum Revolver Amount; provided, that except at the instruction of the Required Lenders, Agent (A) shall establish Bank Product Reserves in respect of all Bank Products then provided or outstanding other than Cash Management Services (based upon the Bank Product Providers’ determination of the liabilities and obligations of each Borrower and its Subsidiaries in respect of the applicable Bank Product Obligations), and (B) shall have the obligation to impose such Bank Product Reserves, if any, against the Maximum Revolver Amount. The amount of any Receivable Reserve, Inventory Reserve, Bank Product Reserve, Real Property Reserve, or other Reserve established by Agent shall have a reasonable relationship to the event, condition, other circumstance, or fact that is the basis for such reserve and shall not be duplicative of any other reserve established and currently maintained.”
    

  

  
    
     (b)
    

    
     Section 4.23 of the Credit Agreement is hereby amended as follows:
    

  

  
    
     (1)
    

    
     by amending the heading to read in its entirety as follows: “Eligible Inventory; Eligible Southern Frac Raw Materials Inventory; Eligible Southern Frac Tanks; Eligible Other Tanks” and
    

  

  
    
     (2)
    

    
     by inserting the following new Section 4.23(d) after Section 4.23(c) and before Section 4.24:
    

  

  
    
     “
    

    
     (d)
    

    
     As to each Other Tank that is identified by Borrowers as an Eligible Other Tank in a Borrowing Base Certificate submitted to Agent, such Other Tank is not excluded as ineligible by virtue of one or more of the excluding criteria (other than any Agent-discretionary criteria) set forth in the definition of Eligible Other Tanks.”
    

  

  
    
     (c)
    

    
     The definition of “Borrowing Base” in Schedule 1.1 to the Credit Agreement is hereby amended as follows:
    

  

  
    
     (1)
    

    
     by replacing the word “minus” at the end of clause (j) with “plus”;
    

  

  
    
     (2)
    

    
     by renumbering existing clause (k) as a new clause (l); and
    

  

  
    
     (3)
    

    
     by inserting the following new clause (k) after amended clause (j) and before renumbered clause (l):
    

  

  
    
     “
    

    
     (k)
    

    
     the lesser of
    

  

  
    
     (i)
    

    
     the Maximum Other Tank Sublimit Amount at such time, and 
    

  

  
    
     (ii)
    

    
     the product of 85%, multiplied by the most recently determined Net Recovery Percentage, multiplied by the value (calculated at the lower of cost or market on a basis consistent with Loan Parties’ historical accounting practices) of Eligible Other Tanks (such determination may be made as to different categories of such Eligible Other Tanks based upon the Net Recovery Percentage applicable to such categories) at such time, minus”
    

  

  
  3

  

    
     (d)
    

    
     The definition of “Eligible Fleet Inventory” in Schedule 1.1 to the Credit Agreement is hereby amended to read in its entirety as follows:
    

  

  
    
     “
    

    
     “Eligible Fleet Inventory” means Inventory of a Borrower or a Qualified Subsidiary Guarantor (other than Southern Frac) that qualifies as Eligible Inventory and consists of Rental Fleet Inventory or Other Fleet Inventory (other than Other Tanks).”
    

  

  
    
     (e)
    

    
     The definition of “LIBOR Rate” in Schedule 1.1 to the Credit Agreement is hereby amended to read in its entirety as follows:
    

  

  
    
     “
    

    
     “LIBOR Rate” means the rate per annum as published by ICE Benchmark Administration Limited (or any successor page or other commercially available source as the Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrowers in accordance with this Agreement (and, if any such published rate is below 0.50%, then the rate determined pursuant to this definition shall be deemed to be 0.50%). Each determination of the LIBOR Rate shall be made by Agent and shall be conclusive in the absence of manifest error.”
    

  

  
    
     (f)
    

    
     The definition of “Rental Fleet Utilization Ratio” in Schedule 1.1 to the Credit Agreement is hereby amended to read in its entirety as follows:
    

  

  
    
     “
    

    
     “Rental Fleet Utilization Ratio” means, with respect to any period, the ratio of (a) the aggregate appraised value of all Rental Fleet Inventory of the Borrowers and their Subsidiaries that is then subject to a valid, current Rental Fleet Inventory Lease between a Borrower or any of its Subsidiaries and an Account Debtor that is not an Affiliate of any Borrower or of any Subsidiary of any Borrower or a Person controlled by any such Affiliate, to (b) the aggregate appraised value of Rental Fleet Inventory of Borrowers and their Subsidiaries. For purposes of the Rental Fleet Utilization Ratio, the appraised value of Rental Fleet Inventory will be determined by reference to the most recent applicable appraisal of Inventory received by Agent from an appraisal company selected by Agent.”
    

  

  
    
     (g)
    

    
     Schedule 1.1 to the Credit Agreement is hereby further amended by inserting each of the following new definitions in appropriate alphanumeric order:
    

  

  
    
     “
    

    
     “Eligible Other Tanks” means Other Tanks that qualify as Eligible Inventory.
    

  

  
   “Maximum Other Tank Sublimit Amount” means $27,800,000; provided, that such amount shall be permanently reduced by an amount equal to $500,000 on October 1, 2020, and on the first day of each fiscal quarter ending thereafter.
  

  
   “Other Tank” means a completed frac tank or portable liquid storage tank that constitutes Inventory of a Borrower and its Subsidiaries (other than Southern Frac) held for sale or lease in the ordinary course of the Loan Parties’ business.”
  

  
  4

  

    
     (h)
    

    
     The parties hereby acknowledge  that, due a scrivener’s error, the Fee Letter has been inaccurately described in the Credit Agreement as of and from the Amendment No. 8 Effective Date;  that, in accordance with its terms, the supplemental fee letter described in Section 6(1)(D) of Amendment No. 8 was delivered in addition to, and did not amend, restate, replace, or otherwise modify, the “Fee Letter” under and as defined in the Credit Agreement as in effect immediately before giving effect to Amendment No. 8;  that, as of and from the Amendment No. 6 Effective Date, the Fee Letter has been that certain fee letter, dated as of the Amendment No. 6 Effective Date, among Borrowers and Agent; and  to correct that scrivener’s error, the definition of “Fee Letter” in Schedule 1.1 to the Credit Agreement is hereby amended to read in its entirety as follows effective as of the Amendment No. 8 Effective Date:
    

  

  
    
     “
    

    
     “Fee Letter” means, effective as of and from the Amendment No. 6 Effective Date, that certain fee letter, dated as of the Amendment No. 6 Effective Date, among Borrowers and Agent, in form and substance reasonably satisfactory to Agent.”
    

  

  
    
     4.
    

    
     Fees. 
    

  

  
    
     (a)
    

    
     In connection with this Agreement, Borrowers shall pay to Agent the fees set forth in the supplemental fee letters described in Sections 6(1)(C) and 6(1)(D) below that are due and payable on or before the effective date of this Agreement. 
    

  

  
    
     (b)
    

    
     Each fee described in this Section 4 is due and payable on or before the execution of this Agreement by Borrowers. Each such fee will be deemed to be fully earned on the date of this Agreement and will be non-refundable when paid.
    

  

  
    
     5.
    

    
     Representations. To induce Agent and the Lenders to enter into this Agreement, each Borrower hereby represents to Agent and the Lenders as follows:
    

  

  
    
     (1)
    

    
     that that Borrower is duly authorized to execute and deliver this Agreement and is and will continue to be duly authorized to borrow monies under the Credit Agreement, as amended by this Agreement, and to perform its obligations under the Credit Agreement, as amended by this Agreement;
    

  

  
    
     (2)
    

    
     that the execution and delivery of this Agreement and the performance by that Borrower of its obligations under the Credit Agreement, as amended by this Agreement, do not and will not conflict with any provision of law or of the Governing Documents of that Borrower or of any agreement binding upon that Borrower;
    

  

  
    
     (3)
    

    
     that the Credit Agreement, as amended by this Agreement, is a legal, valid, and binding obligation of that Borrower, enforceable against that Borrower in accordance with its terms, except as enforceability is limited by bankruptcy, insolvency, or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies;
    

  

  
    
     (4)
    

    
     that the representations and warranties set forth in Section 4 of the Credit Agreement, as amended by this Agreement, are true and correct in all material respects (but if any representation or warranty is by its terms qualified by concepts of materiality, that representation or warranty is true and correct in all respects), in each case with the same effect as if such representations and warranties had been made on the date of this Agreement, with the exception that all references to the financial statements mean the financial statements most recently delivered to Agent except for such changes as are specifically permitted under the Credit Agreement and except to the extent that any such representation or warranty expressly relates to an earlier date;
    

  

  
  5

  

    
     (5)
    

    
     that that Borrower has complied with and is in compliance with all of the covenants set forth in the Credit Agreement, as amended by this Agreement, including those set forth in Section 5, Section 6, and Section 7 of the Credit Agreement; and
    

  

  
    
     (6)
    

    
     that as of the date of this Agreement, no Default or Event of Default has occurred and is continuing.
    

  

  
    
     6.
    

    
     Conditions. The effectiveness of this Agreement is subject to satisfaction of the following conditions:
    

  

  
    
     (1)
    

    
     that Agent has received the following documents:
    

  

  
    
     (A)
    

    
     this Agreement executed by Agent, the Lenders, and Borrowers; 
    

  

  
    
     (B)
    

    
     a Guarantor Acknowledgment in the form attached to this Agreement, executed by each Guarantor;
    

  

  
    
     (C)
    

    
     a supplemental Agent fee letter, in form and substance reasonably satisfactory to Agent, executed by each applicable Person;
    

  

  
    
     (D)
    

    
     a supplemental Lender fee letter, in form and substance reasonably satisfactory to Agent, executed by each applicable Person; and
    

  

  
    
     (E)
    

    
     copies (executed or certified, as appropriate) of all other legal documents or minutes of proceedings taken in connection with the execution and delivery of this Agreement to the extent Agent or its counsel reasonably requests; 
    

  

  
    
     (2)
    

    
     that Borrowers have paid all fees and expenses required to be paid by Borrowers on the date of this Agreement under this Agreement, the Credit Agreement, or the other Loan Documents (including, without limitation, all reasonable documented costs and expenses (including reasonable documented attorneys’ fees and due diligence expenses) incurred by Agent in structuring, drafting, and reviewing this Agreement and the other Loan Documents delivered in connection with this Agreement); and
    

  

  
    
     (3)
    

    
     that all legal matters incident to the execution and delivery of this Agreement are satisfactory to Agent and its counsel.
    

  

  
    
     7.
    

    
     Release. Each Loan Party hereby waives and releases any and all current existing claims, counterclaims, defenses, or set-offs of every kind and nature which it has or might have against Agent or any Lender arising out of, pursuant to, or pertaining in any way to the Credit Agreement, any and all documents and instruments delivered in connection with or relating to the foregoing, or this Agreement. Each Loan Party hereby further covenants and agrees not to sue Agent or any Lender or assert any claims, defenses, demands, actions, or liabilities against Agent or any Lender which occurred prior to or as of the date of this Agreement arising out of, pursuant to, or pertaining in any way to the Credit Agreement, any and all documents and instruments delivered in connection with or relating to the foregoing, or this Agreement.
    

  

  
  6

  

    
     8.
    

    
     Miscellaneous. 
    

  

  
    
     (a)
    

    
     This Agreement is governed by, and is to be construed in accordance with, the laws of the State of Illinois. Each provision of this Agreement is severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision.
    

  

  
    
     (b)
    

    
     This Agreement binds Agent, the Lenders, and Borrowers and their respective successors and assigns, and will inure to the benefit of Agent, the Lenders, and Borrowers and the successors and assigns of Agent and each Lender.
    

  

  
    
     (c)
    

    
     Except as specifically modified or amended by the terms of this Agreement, all other terms and provisions of the Credit Agreement and the other Loan Documents are incorporated by reference in this Agreement and in all respects continue in full force and effect. Each Borrower, by execution of this Agreement, hereby reaffirms, assumes, and binds itself to all of the obligations, duties, rights, covenants, terms, and conditions that are contained in the Credit Agreement and the other Loan Documents.
    

  

  
    
     (d)
    

    
     Each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” or words of like import, and each reference to the Credit Agreement in any and all instruments or documents delivered in connection therewith, will be deemed to refer to the Credit Agreement, as amended by this Agreement.
    

  

  
    
     (e)
    

    
     This Agreement is a Loan Document. Each Borrower acknowledges that Agent’s reasonable costs and outofpocket expenses (including reasonable attorneys’ fees) incurred in drafting this Agreement and in amending the Loan Documents as provided in this Agreement constitute Lender Group Expenses.
    

  

  
    
     (f)
    

    
     The parties may sign this Agreement in several counterparts, each of which will be deemed to be an original but all of which together will constitute one instrument.
    

  

  
   [Signature pages to follow]
  

   
  

  
  7

  

   The parties are signing this Amendment No. 10 to Amended and Restated Credit Agreement as of the date stated in the introductory clause.
  

  	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      PAC-VAN, INC.,
     

     
      as a Borrower
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Christopher A. Wilson
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Christopher A. Wilson
     

    
	
     
       
     

    	
     
      Title:
     

    	
     
      Secretary
     

    
	 
    	 
    	 
    

   
  

  	 	 	 	 	 	 
	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
      LONE STAR TANK RENTAL, INC.
as a Borrower
     

    	
     
      gfn realTy company, llc,
     

     
      as a Borrower
     

      
     

    
	
     
      By:  
     

    	
     
      /s/ Christopher A. Wilson
     

    	 
    	
     
      By:  
     

    	
     
      /s/ Christopher A. Wilson
     

    
	
     
      Name: 
     

    	
     
      Christopher A. Wilson
     

    	
     
      Name: 
     

    	
     
      Christopher A. Wilson
     

    
	
     
      Title:
     

    	
     
      Secretary
     

    	
     
      Title:
     

    	
     
      Secretary
     

    
	 
    	 
    	 
    

   
  

  	 	 	 	 	 	 
	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
      SOUTHERN FRAC, LLC,
as a Borrower
     

      
     

    	 
    
	
     
      By:
     

    	
     
      GFN Manufacturing Corporation,
     

    	 
    	 
    
	 
    	
     
      a Delaware corporation, as Manager
     

    	 
    	 
    
	 
    	 
    	 
    	 
    
	
     
      By:  
     

    	
     
      /s/ Christopher A. Wilson
     

    	 
    	 
    	 
    
	
     
      Name: 
     

    	
     
      Christopher A. Wilson
     

    	 
    	 
    
	
     
      Title:
     

    	
     
      Secretary
     

    	 
    	 
    
	 
    	 
    	 
    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

  
  8

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      WELLS FARGO BANK, NATIONAL ASSOCIATION,
     

     
      as Agent and as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Brian Hynds
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Brian Hynds
     

    
	
     
       
     

    	 
    	
     
      Its Authorized Signatory
     

    
	 
    	 
    	 
    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

   
  

  
  9

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      EAST WEST BANK,
     

     
      as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Robert C. Alexander
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Robert C. Alexander
     

    
	
     
       
     

    	 
    	
     
      Its Authorized Signatory
     

    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

  
  10

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      CIT BANK, N.A.,
     

     
      f/k/a OneWest Bank N.A.,
     

     
      successor in interest to OneWest Bank, FSB,
     

     
      as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Anthony Masci
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Anthony Masci
     

    
	
     
       
     

    	 
    	
     
      Its Authorized Signatory
     

    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

   
  

  
  11

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      CIBC BANK USA,
     

     
      as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Scott Dvornik
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Scott Dvornik
     

    
	
     
       
     

    	 
    	
     
      Its Authorized Signatory
     

    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

  
  12

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      KEYBANK, NATIONAL ASSOCIATION,
     

     
      as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Nadine M. Eames
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Nadine M. Eames
     

    
	
     
       
     

    	 
    	
     
      Its: Vice President
     

    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

   
  

  
  13

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      BANK HAPOALIM B.M.,
     

     
      as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Maxine Levy
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Maxine Levy, SVP
     

    
	
     
       
     

    	 
    	
     
      Its Authorized Signatory
     

    
	 
    	 
    	 
    
	 
    	
     
      By:  
     

    	
     
      /s/ Victor Liu
     

    
	 
    	
     
      Name: 
     

    	
     
      Victor Liu, FVP
     

    
	 
    	 
    	
     
      Its Authorized Signatory
     

    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

  
  14

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      ASSOCIATED BANK, N.A.,
     

     
      as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Stacy L. Keinz
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Jason Ward
     

    
	
     
       
     

    	 
    	
     
      Its Authorized Signatory
     

    
	 
    	 
    	 
    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

  
  15

  

	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
       
     

    	
     
      BANK OF THE WEST,
     

     
      as a Lender
     

      
     

    
	 
    	
     
      By:  
     

    	
     
      /s/ Emily Stagliano
     

    
	
     
       
     

    	
     
      Name: 
     

    	
     
      Emily Stagliano
     

    
	
     
       
     

    	 
    	
     
      Its Authorized Signatory
     

    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Signature page to Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

   
  

  
  16

  

   Guarantor Acknowledgment
  

  
   This Guarantor Acknowledgment refers to, and is attached to, an Amendment No. 10 to Amended and Restated Credit Agreement dated as of September 9, 2020, among PacVan, Inc., an Indiana corporation (“PacVan”), Lone Star Tank Rental Inc., a Delaware corporation (“Lone Star”), GFN Realty Company, LLC, a Delaware limited liability company (“GFNRC”), Southern Frac, LLC, a Texas limited liability company (“Southern Frac” and, together with PacVan, Lone Star, and GFNRC, each a “Borrower”), the Lenders identified on the signature pages thereof as Lenders, and Wells Fargo Bank, National Association, a national banking association, as agent for the Lenders (the “Amendment”). Defined terms used but not defined in this Guarantor Acknowledgment are as defined in the Amendment.
  

  
   Each of the undersigned, in its capacity as a Guarantor, hereby does the following: (1) consents to the Amendment; (2) acknowledges that the Amendment does not in any way modify, limit, or release any of its obligations under the Guaranty and Security Agreement to which it is a party; (3) ratifies and confirms its obligations under the Guaranty and Security Agreement to which it is a party and acknowledges that those obligations continue in full force and effect; and (4) acknowledges that its consent to any other modification to any Loan Document will not be required as a result of the consent set forth in this Guarantor Acknowledgment having been obtained, except to the extent, if any, required by the specific terms of that Loan Document.
  

  
   Dated as of the date of the Amendment.
  

  	 	 	 	 	 	 
	
     
       
     

    	
     
       
     

    	
     
       
     

    	
     
       
     

    
	
     
      PV ACQUISITION CORP.
an Alberta corporation
     

    	
     
      gfn MANUFACTURING CORPORATION,
     

     
      a Delaware corporation
     

      
     

    
	
     
      By:  
     

    	
     
      /s/ Christopher A. Wilson
     

    	 
    	
     
      By:  
     

    	
     
      /s/ Christopher A. Wilson
     

    
	
     
      Name: 
     

    	
     
      Christopher A. Wilson
     

    	
     
      Name: 
     

    	
     
      Christopher A. Wilson
     

    
	
     
      Title:
     

    	
     
      Secretary
     

    	
     
      Title:
     

    	
     
      Secretary
     

    
	 
    	 
    	 
    

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

   
  

  
   Guarantor Acknowledgment to 
Amendment No. 10 to Amended and Restated Credit Agreement (Pac-Van)
  

 
  17Exhibit
4.2 

  

 

 

DUKE ENERGY CORPORATION

 

TO

 

THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A.

 

Trustee

 

 

 

Twenty-fourth
Supplemental Indenture

Dated as of September 11, 2020

 

 

 

$650,000,000 0.90% SENIOR NOTES DUE 2025

 

 

 

     

     

    

 

TABLE OF
CONTENTS1

 

	ARTICLE
I 

0.90% SENIOR NOTES DUE 2025

	Section 1.01.       Establishment	1
	Section 1.02.       Definitions	2
	Section 1.03.       Payment of Principal and Interest	2
	Section 1.04.       Denominations	3
	Section 1.05.       Global Securities	3
	Section 1.06.       Redemption	3
	Section 1.07.       Paying Agent	5
	ARTICLE II

                                                                                 

                                                                                MISCELLANEOUS PROVISIONS

	Section 2.01.   Recitals by the Corporation	5
	Section 2.02.   Ratification and Incorporation of Original Indenture	5
	Section 2.03.   Executed in Counterparts	5

 

Exhibit A – Form of 0.90% Senior Note Due 2025

Exhibit B – Certificate of Authentication

 

 

1
This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms
and provisions.

 

    i

     

    

 

THIS TWENTY-FOURTH
SUPPLEMENTAL INDENTURE is made as of the 11th day of September, 2020, by and among DUKE ENERGY CORPORATION,
a Delaware corporation, having its principal office at 550 South Tryon Street, Charlotte, North Carolina 28202-1803 (the “Corporation”),
and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.), a national
banking association, as Trustee (herein called the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the
Corporation has heretofore entered into an Indenture, dated as of June 3, 2008 (the “Original Indenture”), with The
Bank of New York Mellon Trust Company, N.A., as Trustee;

 

WHEREAS, the
Original Indenture is incorporated herein by this reference and the Original Indenture, as it may be amended and supplemented to
the date hereof, including by this Twenty-fourth Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS, under
the Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Indenture and
the terms of such series may be described by a supplemental indenture executed by the Corporation and the Trustee;

 

WHEREAS, the
Corporation hereby proposes to create under the Indenture one additional series of Securities;

 

WHEREAS, additional
Securities of other series hereafter established, except as may be limited in the Indenture as at the time supplemented and modified,
may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and

 

WHEREAS, all
conditions necessary to authorize the execution and delivery of this Twenty-fourth Supplemental Indenture and to make it a valid
and binding obligation of the Corporation have been done or performed.

 

NOW, THEREFORE,
in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency
of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE
I

0.90% SENIOR NOTES DUE 2025

 

Section
1.01.          Establishment. There
is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s
0.90% Senior Notes due 2025 (the “2025 Notes”).

 

There are to be authenticated
and delivered initially $650,000,000 principal amount of the 2025 Notes, and no further 2025 Notes shall be authenticated and delivered
except as provided by Section 304, 305, 306, 906 or 1106 of the Original Indenture and the last paragraph of Section 301
thereof.  The 2025 Notes shall be issued in fully registered form without coupons.

 

The 2025 Notes shall
be in substantially the form set out in Exhibit A hereto, and the form of the Trustee’s Certificate of Authentication
for the 2025 Notes shall be in substantially the form set forth in Exhibit B hereto.

 

     

     

    

 

Each 2025 Note shall
be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most
recent Interest Payment Date to which interest has been paid or duly provided for.

 

Section
1.02.          Definitions. The
following defined terms used in this Article I shall, unless the context otherwise requires, have the meanings specified below
for purposes of the 2025 Notes.  Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Original Indenture.

 

“Business Day”
means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions in New York,
New York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office
is closed for business.

 

“Interest Payment
Date” means each March 15 and September 15 of each year, commencing on March 15, 2021.

 

“Legal Holiday”
means any day that is a legal holiday in New York, New York.

 

“Original Issue
Date” means September 11, 2020.

 

“Regular Record
Date” means, with respect to each Interest Payment Date, the close of business on (i) the Business Day immediately preceding
such Interest Payment Date so long as all of the 2025 Notes remain in book-entry only form or (ii) the 15th calendar day next preceding
such Interest Payment Date (whether or not a Business Day) if any of the 2025 Notes do not remain in book-entry only form.

 

“Stated Maturity”
means September 15, 2025.

 

Section
1.03.          Payment of Principal
and Interest. The principal of the 2025 Notes shall be due at Stated
Maturity (unless earlier redeemed).  The unpaid principal amount of the 2025 Notes shall bear interest at the rate of 0.90%
per annum until paid or duly provided for, such interest to accrue from September 11, 2020 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for.  Interest shall be paid semi-annually in arrears on each Interest
Payment Date to the Person or Persons in whose name the 2025 Notes are registered on the applicable Regular Record Date
for such Interest Payment Date; provided that interest payable at the
Stated Maturity or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable.  Any
such interest that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such Regular
Record Date and may either be paid to the Person or Persons in whose name the 2025 Notes are registered at the close of business
on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (“Special Record Date”),
notice whereof shall be given to Holders of the 2025 Notes not less than ten (10) days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on
which the 2025 Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in
the Original Indenture.

 

Payments of interest
on the 2025 Notes shall include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for the 2025 Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.  In the event
that any date on which interest is payable on the 2025 Notes is not a Business Day, then payment of the interest payable on such
date shall be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such
delay) with the same force and effect as if made on the date the payment was originally payable.

 

    2

     

    

 

Payment of principal
of, premium, if any, and interest on the 2025 Notes shall be made in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.  Payments of principal of, premium, if any, and
interest on 2025 Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Holder
of such Global Security. If any of the 2025 Notes are no longer represented by a Global Security, (i) payments of principal, premium,
if any, and interest due at the Stated Maturity or earlier redemption of such 2025 Notes shall be made at the office of the Paying
Agent upon surrender of such 2025 Notes to the Paying Agent and (ii) payments of interest shall be made, at the option of
the Corporation, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register or (B) wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for
payment by the Person entitled thereto.

 

Section 1.04.         
Denominations. The 2025 Notes shall be issued in denominations
of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Section 1.05.         
Global Securities. The 2025 Notes shall initially be issued
in the form of one or more Global Securities registered in the name of the Depositary (which initially shall be The Depository
Trust Company) or its nominee.  Except under the limited circumstances described below, 2025 Notes represented by such Global
Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, 2025 Notes in definitive form. 
The Global Securities described in this Article I may not be transferred except by the Depositary to a nominee of the Depositary
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.

 

A Global Security representing
the 2025 Notes shall be exchangeable for 2025 Notes registered in the names of persons other than the Depositary or its nominee
only if (i) the Depositary notifies the Corporation that it is unwilling or unable to continue as a Depositary for such Global
Security and no successor Depositary shall have been appointed by the Corporation within 90 days of receipt by the Corporation
of such notification, or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) at a time when the Depositary is required to be so registered to act as
such Depositary and no successor Depositary shall have been appointed by the Corporation within 90 days after it becomes aware
of such cessation, (ii) an Event of Default has occurred and is continuing with respect to the 2025 Notes and beneficial owners
of a majority in aggregate principal amount of the 2025 Notes represented by Global Securities advise the Depositary to cease acting
as Depositary, or (iii) the Corporation in its sole discretion, and subject to the procedures of the Depositary, determines
that such Global Security shall be so exchangeable.  Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for 2025 Notes registered in such names as the Depositary shall direct.

 

Section
1.06.          Redemption. At any
time before August 15, 2025 (the “Par Call Date”), the 2025
Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation, on any date (a “Redemption
Date”), at a redemption price equal to the greater of (i) 100% of the principal amount of the 2025 Notes being redeemed and
(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2025 Notes being redeemed
that would be due if the 2025 Notes matured on the Par Call Date (exclusive of interest accrued to such Redemption Date), discounted
to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 10 basis points, plus, in either case, accrued and unpaid interest on the principal amount of the 2025 Notes being redeemed
to, but excluding, such Redemption Date.

 

    3

     

    

 

At any time on or after
the Par Call Date, the 2025 Notes shall be redeemable, in whole or in part and from time to time, at the option of the Corporation,
at a redemption price equal to 100% of the principal amount of the 2025 Notes being redeemed plus accrued and unpaid interest on
the principal amount of the 2025 Notes being redeemed to, but excluding, such Redemption Date.

 

For purposes of the
first paragraph of this Section 1.06, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity
comparable to the remaining term of the 2025 Notes to be redeemed (assuming for this purpose, that the 2025 Notes matured on the
Par Call Date), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such 2025 Notes.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the 2025 Notes, (1) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if
fewer than four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury Dealer Quotations
as determined by the Corporation.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities
LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC and (ii) a Primary Treasury Dealer (as defined below) selected by
Truist Securities, Inc., or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer
in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing or their affiliates
or successors shall cease to be a Primary Treasury Dealer, the Corporation will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the 2025 Notes, the
average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the 2025 Notes, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Treasury Rate shall be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

The Corporation shall
notify the Trustee of the redemption price with respect to any redemption of the 2025 Notes occurring before the Par Call Date
promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

If less than all of
the 2025 Notes are to be redeemed, the 2025 Notes or portions of 2025 Notes to be redeemed in amounts of $2,000 or any integral
multiple of $1,000 in excess thereof shall be selected for redemption in accordance with the standard procedures of the Depositary.

 

    4

     

    

 

The 2025 Notes shall
not have a sinking fund.

 

Section
1.07.          Paying Agent. The
Trustee shall initially serve as Paying Agent with respect to the 2025 Notes, with the Place of Payment initially being the Corporate
Trust Office.

 

ARTICLE
II

MISCELLANEOUS PROVISIONS

 

Section
2.01.          Recitals by the Corporation.
The recitals in this Twenty-fourth Supplemental Indenture are made by
the Corporation only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights,
privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 2025 Notes and this Twenty-fourth
Supplemental Indenture as fully and with like effect as if set forth herein in full.

 

Section
2.02.          Ratification and Incorporation
of Original Indenture. As supplemented hereby, the Original Indenture
is in all respects ratified and confirmed, and the Original Indenture and this Twenty-fourth Supplemental Indenture shall be read,
taken and construed as one and the same instrument.

 

Section 2.03.         
Executed in Counterparts; Electronic Signatures. This Twenty-fourth
Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts
shall together constitute but one and the same instrument. The words “execution,” signed,” signature,”
and words of like import in the Indenture shall include images of manually executed signatures transmitted by facsimile, email
or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other
electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based
record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation to
the foregoing, and anything in the Original Indenture to the contrary notwithstanding, (a) any Officers’ Certificate, Company
Order, Opinion of Counsel, Security, certificate of authentication appearing on or attached to any Security, supplemental indenture
or other certificate, opinion of counsel, instrument, agreement or other document delivered pursuant to the Indenture may be executed,
attested and transmitted by any of the foregoing electronic means and formats, (b) all references in Section 303 or elsewhere in
the Original Indenture to the execution, attestation or authentication of any Security or any certificate of authentication appearing
on or attached to any Security by means of a manual or facsimile signature shall be deemed to include signatures that are made
or transmitted by any of the foregoing electronic means or formats, and (c) any requirement in Section 303 or elsewhere in the
Original Indenture that any signature be made under a corporate seal (or facsimile thereof) shall not be applicable to the Securities
of such series.

 

    5

     

    

 

 

IN WITNESS WHEREOF,
each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officer, all as of the
day and year first above written.

 

	 	Duke Energy Corporation
	 	 
	 	By:	/s/ John L. Sullivan, III
	 	Name:	John L. Sullivan, III
	 	Title: 	Assistant Treasurer
	 	 
	 	The Bank of New York Mellon Trust Company, N.A.,

 as Trustee 
	 	 
	 	By:	/s/ Julie Hoffman-Ramos
	 	Name:	Julie Hoffman-Ramos
	 	Title:	Vice President

 

[Signature Page to Twenty-fourth Supplemental
Indenture]

 

     

     

    

 

EXHIBIT A

 

FORM OF

0.90% SENIOR NOTE DUE 2025

 

	No.	CUSIP No.  26441C BJ3  

 

DUKE ENERGY CORPORATION

0.90% SENIOR NOTE DUE 2025

 

Principal Amount:  $

 

Regular Record Date:  [Close of business
on the business day immediately preceding such Interest Payment Date so long as all of the Securities (as defined herein) of this
series remain in book-entry only form] [Close of business on the 15th calendar day next preceding such Interest Payment
Date (whether or not a Business Day) if any of the Securities (as defined herein) of this series do not remain in book-entry only
form]

 

Original Issue Date:  September 11,
2020

 

Stated Maturity: September 15, 2025

 

Interest Payment Dates:  Semi-annually
on March 15 and September 15 of each year, commencing on March 15, 2021

 

Interest Rate: 0.90% per annum

 

Authorized Denomination:  $2,000 or
any integral multiple of $1,000 in excess thereof

 

Duke Energy Corporation,
a Delaware corporation (the “Corporation”, which term includes any successor corporation under the Indenture referred
to on the reverse hereof), for value received, hereby promises to pay to                               ,
or registered assigns, the principal sum of                                               
DOLLARS ($                        )
on the Stated Maturity shown above and to pay interest thereon from the Original Issue Date shown above, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date
as specified above, commencing on March 15, 2021 and on the Stated Maturity at the rate per annum shown above until the principal
hereof is paid or made available for payment and at such rate on any overdue principal and on any overdue installment of interest. 
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment
Date that is the Stated Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name
this 0.90% Senior Note due 2025 (this “Security”) is registered on the applicable Regular Record Date as specified
above next preceding such Interest Payment Date; provided that any interest payable at Stated Maturity or on a Redemption
Date will be paid to the Person to whom principal is payable.  Except as otherwise provided in the Indenture, any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange, if any, on which the Securities shall be listed, and upon such notice as may be required
by any such exchange, all as more fully provided in the Indenture.

 

    A-1

     

    

 

Payments of interest
on this Security will include interest accrued to but excluding the respective Interest Payment Dates.  Interest payments
for this Security shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months and will accrue
from September 11, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 
In the event that any date on which interest is payable on this Security is not a Business Day, then payment of the interest payable
on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of
any such delay) with the same force and effect as if made on the date the payment was originally payable.  “Business
Day” means any day other than a Saturday or Sunday that is neither a Legal Holiday nor a day on which banking institutions
in New York, New York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate
Trust Office is closed for business.  “Legal Holiday” means any day that is a legal holiday in New York, New York.

 

Payment of principal
of, premium, if any, and interest on the Securities of this series shall be made in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts.  Payments of principal of, premium,
if any, and interest on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately
available funds to the Holder of such Global Security.  If any of the Securities of this series are no longer represented
by a Global Security, (i) payments of principal, premium, if any, and interest due at the Stated Maturity or earlier redemption
of such Securities shall be made at the office of the Paying Agent upon surrender of such Securities to the Paying Agent, and (ii) payments
of interest shall be made, at the option of the Corporation, subject to such surrender where applicable, by (A) check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire transfer at
such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at
least sixteen (16) days prior to the date for payment by the Person entitled thereto.

 

At any time before August 15, 2025 (the
 “Par Call Date”), the Securities of this series shall be redeemable, in whole or in part and from time to time, at
the option of the Corporation, on any date (a “Redemption Date”), at a redemption price equal to the greater of (i)
100% of the principal amount of the Securities of this series being redeemed and (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on the Securities of this series being redeemed that would be due if this Security
matured on the Par Call Date (exclusive of interest accrued to such Redemption Date), discounted to such Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points, plus, in either case,
accrued and unpaid interest on the principal amount the Securities of this series being redeemed to, but excluding, such Redemption
Date.

 

At any time on or after the Par Call Date,
the Securities of this series shall be redeemable, in whole or in part and from time to time, at the option of the Corporation,
at a redemption price equal to 100% of the principal amount of the Securities of this series being redeemed plus accrued and unpaid
interest on the principal amount of such Securities of this series being redeemed to, but excluding such Redemption Date.

 

For purposes of the
second preceding paragraph, the following terms have the following meanings:

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity
comparable to the remaining term of the Securities of this series to be redeemed (assuming for this purpose this Security matured
on the Par Call Date), that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities of this series.

 

    A-2

     

    

 

“Comparable Treasury
Price” means, with respect to any Redemption Date for the Securities of this series, (1) the average of the Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations,
or (2) if fewer than four of such Reference Treasury Dealer Quotations are obtained, the average of all such Reference Treasury
Dealer Quotations as determined by the Corporation.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Corporation.

 

“Reference Treasury
Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities
LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC and (ii) a Primary Treasury Dealer (as defined below) selected by
Truist Securities, Inc., or their respective affiliates or successors, each of which is a primary U.S. Government securities dealer
in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing or their affiliates
or successors shall cease to be a Primary Treasury Dealer, the Corporation will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Securities of this
series, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Treasury Rate”
means, with respect to any Redemption Date for the Securities of this series, the rate per annum equal to the semi-annual equivalent
yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Treasury Rate shall be calculated by the Corporation on the third Business Day preceding the Redemption Date.

 

The Corporation shall
notify the Trustee of the redemption price with respect to any redemption of the Securities of this series occurring before the
Par Call Date promptly after the calculation thereof. The Trustee shall not be responsible for calculating said redemption price.

 

Notice of any redemption
by the Corporation will be mailed (or, as long as the Securities of this series are represented by one or more Global Securities,
transmitted in accordance with the Depositary’s standard procedures therefor) at least 10 days but not more than 60 days
before any Redemption Date to each Holder of Securities of this series to be redeemed.  If Notice of a redemption is provided
and funds are deposited as required, interest will cease to accrue on and after the Redemption Date on the Securities of this series
or portions of Securities of this series called for redemption.  In the event that any Redemption Date is not a Business Day,
the Corporation will pay the redemption price on the next Business Day without any interest or other payment in respect of any
such delay.  If less than all the Securities of this series are to be redeemed at the option of the Corporation, the Securities
of this series and portions of the Securities of this series in amounts of $2,000 or any integral multiple of $1,000 in excess
thereof shall be selected for redemption in accordance with the standard procedures of the Depositary.

 

In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the surrender hereof.

 

The Securities of this
series shall not have a sinking fund.

 

    A-3

     

    

 

The Securities of this
series shall constitute the direct unsecured and unsubordinated debt obligations of the Corporation and shall rank equally in priority
with the Corporation’s existing and future unsecured and unsubordinated indebtedness.

 

REFERENCE IS HEREBY
MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

 

Unless the certificate
of authentication hereon has been executed by the Trustee by manual, facsimile or electronic signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-4

     

    

 

IN WITNESS WHEREOF,
the Corporation has caused this instrument to be duly executed as of September 11, 2020.

 

	 	Duke Energy Corporation
	 	 
	 	By:	    
	 	Name:
	 	Title:

 

    A-5

     

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	Dated: September 11, 2020	The Bank of New York Mellon Trust Company, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-6

     

    

 

 

(Reverse Side of Security)

 

This 0.90% Senior Note
due 2025 is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued and issuable
in one or more series under an Indenture, dated as of June 3, 2008, as supplemented (the “Indenture”), between
the Corporation and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, N.A.),
as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties
and immunities thereunder of the Corporation, the Trustee and the Holders of the Securities issued thereunder and of the terms
upon which said Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated
on the face hereof as 0.90% Senior Notes due 2025 initially in the aggregate principal amount of $650,000,000.  Capitalized
terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture.

 

If an Event of Default
with respect to the Securities of this series shall occur and be continuing, the principal of the Securities of this series may
be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Corporation
and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation and the
Trustee with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of all series
affected thereby (voting as one class).  The Indenture contains provisions permitting the Holders of not less than a majority
in principal amount of the Outstanding Securities of all series with respect to which a default under the Indenture shall have
occurred and be continuing (voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with
certain exceptions, such default under the Indenture and its consequences.  The Indenture also permits the Holders of not
less than a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of
all Securities of such series, to waive compliance by the Corporation with certain provisions of the Indenture affecting such series. 
Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Corporation,
which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Corporation for such purpose, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Security Registrar
and duly executed by, the Holder hereof or his attorney duly authorized in writing and thereupon one or more new Securities of
this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.  No service charge shall be made for any such registration of transfer or exchange, but the Corporation
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at
any time of certain covenants in the Indenture upon compliance with certain conditions set forth in the Indenture.

 

    A-7 

     

    

 

Prior to due presentment
of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may
treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess
thereof.  As provided in the Indenture and subject to the limitations therein set forth, Securities of this series are exchangeable
for a like aggregate principal amount of Securities of this series of a different authorized denomination, as requested by the
Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation.

 

This Security shall
be governed by, and construed in accordance with, the laws of the State of New York.

 

    A-8 

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used
in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM — as tenants in common	 	UNIF GIFT MIN ACT -	 	Custodian	            
	 	 	 	(Cust)	 	(Minor)
	 	 	 
	TEN ENT — as tenants by the entireties	 	 
	 	 	 
	JT TEN — as joint tenants with rights of survivorship and not as tenants in common under Uniform Gifts to Minors Act 	 	 	
	 	 	 	 
	 	 	 	(State)

 

Additional abbreviations may also be used
though not on the above list.

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s) and transfer(s) unto (please insert Social Security or other identifying number of assignee)

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
POSTAL ZIP CODE OF ASSIGNEE

 

the within Security and all rights thereunder,
hereby irrevocably constituting and appointing                     
agent to transfer said Security on the books of the Corporation, with full power of substitution in the premises.

 

	Dated:	 		 
	 	 	 	 
	 	 	 	NOTICE:
    The signature to this assignment must correspond with the name as written upon the face of the within instrument in every
    particular without alteration or enlargement, or any change whatever.
	 	 	 	 
	 	 	 	 
	 	 	 	Signature 

    Guarantee:	

 

    A-9 

     

    

 

SIGNATURE GUARANTEE

 

Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    A-10 

     

    

 

EXHIBIT B

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	Dated: 	The Bank of New York Mellon Trust Company, N.A., as Trustee
	 	 
	 	 
	 	 	 
	 	By:	                               
	 	Authorized Signatory

 

    B-1

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