Document:

Exhibit 4.4.1

 

Exhibit 4.4.1

FIFTEENTH SUPPLEMENTAL INDENTURE

     This Fifteenth Supplemental Indenture, dated as of April 3, 2006 (the “Fifteenth
Supplemental Indenture”), among Duke Energy Corporation, a North Carolina corporation (“Duke
Energy”), Duke Energy Holding Corp., a Delaware corporation (formerly named Deer Holding Corp.)
(“Duke Holdco”) and JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank), a
national banking association, as trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

     WHEREAS, Duke Energy has heretofore entered into the Senior Indenture, dated as of September
1, 1998 (the “Original Indenture”), with the Trustee, as supplemented to the date hereof (as so
supplemented, the “Indenture”);

     WHEREAS, Duke Energy currently has issued and Outstanding the notes of the series listed on
Schedule A hereto (collectively, the “Notes”) under the Indenture;

     WHEREAS, on May 3, 2005, Duke Energy incorporated Duke Holdco as a direct, wholly-owned
subsidiary of Duke Energy, and Duke Holdco incorporated Deer Acquisition Corp., a North Carolina
corporation (“Merger Sub A”), and Cougar Acquisition Corp., a Delaware corporation (“Merger Sub
B”), each as a direct, wholly-owned subsidiary of Duke Holdco;

     WHEREAS, Duke Energy entered into the Agreement and Plan of Merger, dated as of May 8, 2005,
as amended (the “Merger Agreement”), by and among Duke Energy, Cinergy Corp., a Delaware
corporation (“Cinergy”), Duke Holdco, Merger Sub A and Merger Sub B, providing for the consummation
of the business combination contemplated therein;

     WHEREAS, pursuant to the terms of the Merger Agreement, Merger Sub A shall merge with and into
Duke Energy (the “Duke Energy Merger”), in accordance with the North Carolina Business Corporation
Act (“NCBCA”), whereby Duke Energy shall be the surviving corporation in the Duke Energy Merger and
shall continue its existence under the laws of the State of North Carolina and shall succeed to and
assume all the rights and obligations of Merger Sub A in accordance with the NCBCA and, as a result
of the Duke Energy Merger, shall be a direct, wholly-owned subsidiary of Duke Holdco;

     WHEREAS, following effectiveness of the Duke Energy Merger, Duke Energy shall convert its form
of organization into a limited liability company pursuant to a plan of conversion adopted pursuant
to Section 55-11A-11 of the NCBCA and Section 57C-9A-02 of the North Carolina Limited Liability
Company Act and shall be renamed Duke Power Company LLC, all of whose membership or other equity
interests shall be held by Duke Holdco (the “Duke Energy Conversion” and, together with the Duke
Energy Merger, the “Duke Energy Reorganization”);

     WHEREAS, Duke Energy is currently the direct owner of 100% of the issued and outstanding
equity interests of Duke Capital LLC, a Delaware limited liability company (“Duke Capital”);

     WHEREAS, following effectiveness of the Duke Energy Reorganization, Duke Energy shall
distribute to Duke Holdco all the issued and outstanding equity interests of Duke Capital (the
“Duke Capital Distribution”) and, as a result, each of Duke Energy and Duke Capital shall be a
direct, wholly-owned subsidiary of Duke Holdco;

 

 

     WHEREAS, in connection with the Duke Capital Distribution, Duke Holdco desires to fully and
unconditionally guarantee the payment obligations of Duke Energy with respect to the Notes as long
as the Notes remain Outstanding;

     WHEREAS, Section 901(9) of the Original Indenture provides, among other things, that Duke
Energy, when authorized by a Board Resolution, and the Trustee, at any time and from time to time,
may enter into an indenture supplemental to the Original Indenture for the purpose of making any
provisions with respect to matters arising under the Indenture, provided that such action does not
adversely affect the interests of the Holders of Securities of any series in any material respect;

     WHEREAS, the execution of the Fifteenth Supplemental Indenture is authorized and permitted by
Section 901 of the Original Indenture and all conditions precedent provided for in the Indenture
relating to the execution of the Fifteenth Supplemental Indenture have been complied with; and

     WHEREAS, this Fifteenth Supplemental Indenture is being executed prior to the closing of the
transactions contemplated by the Merger Agreement, including the Duke Energy Merger and the Duke
Energy Reorganization, and shall be effective simultaneously with the Duke Capital Distribution.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, Duke Energy, Duke Holdco and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders from time to
time of the Notes (the “Holders”) as follows:

     Section 101. Capitalized Terms. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Original Indenture.

     Section 102. Guarantee. Duke Holdco does hereby fully and unconditionally guarantee
for the benefit of the Holders and the Trustee (the “Guarantee”) (a) the due and punctual payment
of the principal of, premium, if any, and interest on, all the Notes, whether at Stated Maturity,
by declaration of acceleration, call for redemption or otherwise, the due and punctual payment of
interest on overdue principal of, premium, if any, and interest on all the Notes, if any, if
lawful, and the due and punctual performance of all other obligations of Duke Energy to the Holders
or the Trustee in accordance with the terms of the Indenture, and (b) in case of any extension of
time of payment or renewal of any Notes or any such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise.

     In case of the failure of Duke Energy to punctually make any such principal, premium, if any,
or interest payment, Duke Holdco hereby agrees to cause any such payment to be made promptly when
and as the same shall become due and payable, whether at Stated Maturity, by declaration of
acceleration, call for redemption or otherwise, and as if such payment were made by Duke Energy.

     Duke Holdco hereby agrees that its obligations under the Guarantee shall be as if it were
principal debtor and not merely surety, and shall be absolute and unconditional, irrespective of,
and shall be unaffected by, any invalidity, irregularity or unenforceability of any Note of any
series or the Indenture, any failure to enforce the provisions of any Note of any series or this
Indenture, or any waiver, modification or indulgence granted to Duke Energy with respect thereto,
by the Holder of any Note of any series or the Trustee, or any other circumstance which may
otherwise constitute a legal or equitable discharge of a surety or guarantor; provided, however,
that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the
consent of Duke Holdco, increase the principal amount of a Note or the interest rate thereon or
increase any premium payable upon redemption thereof.

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Duke Holdco hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of a merger or bankruptcy of Duke Energy, any right to require a proceeding
first against Duke Energy, protest or notice with respect to any Note or the indebtedness evidenced
thereby or with respect to any sinking fund payment required pursuant to the terms of a Note issued
under the Indenture and all demands whatsoever, and covenants that the Guarantee will not be
discharged with respect to any Note except by payment in full of the principal of (and premium, if
any) and interest on such Note. The Guarantee shall constitute a guarantee of payment and not of
collection and shall not be impaired by the failure to endorse evidence of the Guarantee on any
Note.

     Duke Holdco shall be subrogated to all rights of the Holder of a Note against Duke Energy in
respect of any amounts paid to such Holder by Duke Holdco pursuant to the provisions of the
Guarantee; provided, however, that Duke Holdco shall not be entitled to enforce, or to receive any
payments arising out of or based upon, such right of subrogation until the principal of (and
premium, if any) and interest on all Notes of the relevant series shall have been paid in full.

     Section 103. Limitation on Liens. Duke Holdco will not, while any of the Notes
remains Outstanding, create or suffer to be created or to exist, any mortgage, lien, pledge,
security interest or other encumbrance of any kind upon any property of Duke Holdco, whether now
owned or hereafter acquired, to secure any indebtedness for borrowed money of Duke Holdco, unless
it shall make effective provisions whereby the Notes then Outstanding shall be secured by such
mortgage, lien, pledge, security interest or other encumbrance equally and ratably with any and all
indebtedness for borrowed money thereby secured so long as any such indebtedness shall be so
secured; provided, however, that nothing in this Section shall be construed to prevent Duke Holdco
from creating, or from suffering to be created or to exist, any mortgages, liens, pledges, security
interests or other encumbrances, or any agreements, with respect to:

     (1) purchase money mortgages, or other purchase money liens, pledges, security interests or
encumbrances of any kind upon property hereafter acquired by Duke Holdco, or mortgages, liens,
pledges, security interests or other encumbrances of any kind existing on any property at the time
of the acquisition thereof (including mortgages, liens, pledges, security interests or other
encumbrances which exist on any property of a Person which is consolidated with or merged with or
into Duke Holdco or which transfers or leases all or substantially all of its properties to Duke
Holdco), or conditional sales agreements or other title retention agreements and leases in the
nature of title retention agreements with respect to any property hereafter acquired; provided,
however, that no such mortgage, lien, pledge, security interest or other encumbrance shall extend
to or cover any other property of Duke Holdco;

     (2) mortgages, liens, pledges, security interests or other encumbrances of any kind upon any
property of Duke Holdco existing as of the date of the Fifteenth Supplemental Indenture; liens for
taxes or assessments or other governmental charges or levies; pledges or deposits to secure
obligations under worker’s compensation laws, unemployment insurance and other social security
legislation, including liens of judgments thereunder which are not currently dischargeable; pledges
or deposits to secure performance in connection with bids, tenders, contracts (other than contracts
for the payment of money) or leases to which Duke Holdco is a party; pledges or deposits to secure
public or statutory obligations of Duke Holdco; builders’, materialmen’s, mechanics’, carriers’,
warehousemen’s, workers’, repairmen’s, operators’, landlords’ or other like liens in the ordinary
course of business, or deposits to obtain the release of such liens; pledges or deposits to secure,
or in lieu of, surety, stay, appeal, indemnity, customs, performance or return-of-money bonds;
other pledges or deposits for similar purposes in the ordinary course of business; liens created by
or resulting from any litigation or proceeding which at the time is being contested in good faith
by appropriate proceedings; liens incurred in connection with the issuance of bankers’ acceptances
and lines of credit, bankers’ liens or rights of offset and any security given in the ordinary
course of business to banks or others to secure any indebtedness payable on demand or maturing
within 12 months of the date that such indebtedness is originally incurred; liens incurred in
connection

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with repurchase, swap or other similar agreements (including, without limitation, commodity
price, currency exchange and interest rate protection agreements); leases made, or existing on
property acquired, in the ordinary course of business; liens securing industrial revenue or
pollution control bonds; liens, pledges, security interests or other encumbrances on any property
arising in connection with any defeasance, covenant defeasance or in-substance defeasance of
indebtedness of Duke Holdco, including its guarantee obligations in respect of the Notes; liens
created in connection with, and created to secure, a non-recourse obligation; zoning restrictions,
easements, licenses, rights-of-way, restrictions on the use of property or minor irregularities in
title thereto, which do not, in the opinion of Duke Holdco, materially impair the use of such
property in the operation of the business of Duke Holdco or the value of such property for the
purpose of such business;

     (3) First and Refunding Mortgage Bonds of the Corporation issued or to be issued from time to
time under the First and Refunding Mortgage dated as of December 1, 1927 from the Corporation to
the trustee named therein, as supplemented and amended and as to be supplemented and amended;

     (4) indebtedness which may be issued by Duke Holdco in connection with a consolidation or
merger of Duke Holdco with or into any other Person (which may be an Affiliate of Duke Holdco) in
exchange for or otherwise in substitution for secured indebtedness of such Persons (“Third Party
Debt”) which by its terms (i) is secured by a mortgage on all or a portion of the property of such
Person, (ii) prohibits secured indebtedness from being incurred by such Person, unless the Third
Party Debt shall be secured equally and ratably with such secured indebtedness or (iii) prohibits
secured indebtedness from being incurred by such Person;

     (5) indebtedness of any Person which is required to be assumed by Duke Holdco in connection
with a consolidation or merger of such Person, with respect to which any property of Duke Holdco is
subjected to a mortgage, lien, pledge, security interest or other encumbrance;

     (6) mortgages, liens, pledges, security interests or other encumbrances of any kind upon any
property acquired, constructed, developed, or improved by Duke Holdco (whether alone or in
association with others) after the date of this Fifteenth Supplemental Indenture which are created
prior to, at the time of, or within 18 months after such acquisition (or in the case of property
constructed, developed or improved, after the completion of such construction, development or
improvement and commencement of full commercial operation of such property, whichever is later) to
secure or provide for the payment of any part of the purchase price or cost thereof; provided that
in the case of such construction, development or improvement the mortgages, liens, pledges,
security interests or other encumbrances shall not apply to any property theretofore owned by Duke
Holdco other than theretofore unimproved real property;

     (7) Mortgages, liens, pledges, security interests or other encumbrances permitted to be
incurred by Duke Energy and Cinergy and their respective subsidiaries pursuant to their respective
debt instruments outstanding on the date hereof;

     (8) the replacement, extension or renewal (or successive replacements, extensions or
renewals), as a whole or in part, of any mortgage, lien, pledge, security interest or other
encumbrance, or of any agreement, referred to above in clauses (1) through (7) inclusive, or the
replacement, extension or renewal (not exceeding the principal amount of indebtedness secured
thereby together with any premium, interest, fee or expense payable in connection with any such
replacement, extension or renewal) of the indebtedness secured thereby; provided that such
replacement, extension or renewal is limited to all or a part of the same property that secured the
mortgage, lien, pledge, security interest or other encumbrance replaced, extended or renewed (plus
improvements thereon or additions or accessions thereto); or

     (9) any other mortgage, lien, pledge, security interest or other encumbrance not excepted by
the foregoing clauses (1) through (8); provided that immediately after the creation or assumption
of such mortgage, lien, pledge, security interest or other encumbrance, the aggregate principal
amount of

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indebtedness for borrowed money of Duke Holdco secured by all mortgages, liens, pledges,
security interests and other encumbrances created or assumed under the provisions of this clause
(9) shall not exceed an amount equal to 10% of common stockholders’ equity of Duke Holdco as shown
on its consolidated balance sheet for the accounting period occurring immediately prior to the
creation or assumption of such mortgage, lien, pledge, security interest or other encumbrance.

     This Section 103 shall be for the sole benefit of the Notes and not for the benefit of any
future series of Securities Outstanding under the Indenture unless Duke Holdco agrees otherwise.

     Section 104. Duke Holdco May Consolidate, Etc., on Certain Terms. (1) Nothing
contained in the Indenture, this Fifteenth Supplemental Indenture or in any of the Notes shall
prevent any consolidation or merger of Duke Holdco with or into any other Person or Persons
(whether or not affiliated with Duke Holdco), or successive consolidations or mergers in which Duke
Holdco or its successor or successors shall be a party or parties, or shall prevent any conveyance
or transfer of the properties and assets of Duke Holdco as an entirety or substantially as an
entirety to any other Person (whether or not affiliated with Duke Holdco) lawfully entitled to
acquire the same; provided, however, and Duke Holdco hereby covenants and agrees, that upon any
such consolidation, merger, conveyance or transfer, (i) the obligations of Duke Holdco as set forth
in Section 102 herein shall be expressly assumed, by a supplemental indenture, in form reasonably
satisfactory to the Trustee, executed and delivered to the Trustee by the Person (if other than
Duke Holdco) formed by such consolidation, or into which Duke Holdco shall have been merged, or by
the Person which shall have acquired such properties and assets and (ii) Duke Holdco shall deliver
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance or transfer and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture, comply with this Section and that
all conditions precedent herein provided for relating to such transaction have been complied with.

     Solely for the purpose of clause (ii) of this Section 104(1), the term “Corporation,”
appearing in the definition of the term “Officers’ Certificate” in Section 101 of the Original
Indenture, shall be changed to “Duke Holdco.”

     (2) Upon any consolidation of Duke Holdco with, or merger of Duke Holdco into, any other
Person or any conveyance or transfer of the properties and assets of Duke Holdco as an entirety or
substantially as an entirety in accordance with this Section, the successor Person formed by such
consolidation or into which Duke Holdco is merged or to which such conveyance or transfer is made
shall succeed to, and be substituted for, and may exercise every right and power of, Duke Holdco
under this Fifteenth Supplemental Indenture and the Indenture with the same effect as if such
successor Person had been named as Duke Holdco herein, and thereafter the predecessor Person shall
be relieved of all obligations and covenants under this Fifteenth Supplemental Indenture, the
Indenture and the Notes.

     This Section 104 shall be for the sole benefit of the Notes and not for the benefit of any
future series of Securities Outstanding under the Indenture unless Duke Holdco agrees otherwise.

     Section 105. Miscellaneous Amendments.

     (1) Section 102 of the Original Indenture is hereby amended by adding the following
definition:

     “Duke Holdco” means Duke Energy Holding Corp., a Delaware corporation (formerly
named Deer Holding Corp.).

     (2) Section 105 of the Original Indenture is hereby amended by deleting “or” after clause (1)
thereof, by deleting the period after clause (2) thereof and inserting “, or” in its place and by
adding the following clause (3):

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     “(3) Duke Holdco by the Trustee or by any Holder shall be sufficient for every
purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to Duke Holdco addressed to it at 526 South
Church Street, Charlotte, North Carolina 28202, Attention: Treasurer, or at any
other address previously furnished in writing to the Trustee by Duke Holdco.”;

     (3) Section 501(4) of the Original Indenture is hereby amended to read as follows:

     “(4) default in the performance, or breach, of any covenant of the Corporation
or Duke Holdco in this Indenture (other than a covenant a default in whose
performance or whose breach is elsewhere in this Section specifically dealt with or
which has expressly been included in this Indenture solely for the benefit of series
of Securities other than that series), and continuance of such default or breach
for a period of 90 days after there has been given, by registered or certified mail,
to the Corporation or Duke Holdco, as the case may be, by the Trustee or to the
Corporation or Duke Holdco, as the case may be, and the Trustee by the Holders of at
least 33% in principal amount of the Outstanding Securities of that series a written
notice specifying such default or breach and requiring it to be remedied and stating
that such notice is a “Notice of Default” hereunder, unless the Trustee, or the
Trustee and the Holders of a principal amount of Securities of such series not less
than the principal amount of Securities the Holders of which gave such notice, as
the case may be, shall agree in writing to an extension of such period prior to its
expiration; provided, however, that the Trustee, or the Trustee and the Holders of
such principal amount of Securities of such series, as the case may be, shall be
deemed to have agreed to an extension of such period if corrective action is
initiated by the Corporation or Duke Holdco, as the case may be, within such period
and is being diligently pursued; or” and

     (4) Section 704 of the Original Indenture is hereby amended to read as follows:

The Corporation, or Duke Holdco (if the Corporation’s obligation to
file separate reports to the Commission pursuant to the Trust Indenture Act or
Section 13 or Section 15(d) of the Exchange Act shall be terminated or
expressly assumed by Duke Holdco), shall file with the Trustee and the
Commission, and transmit to Holders, such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant to such Act;
provided that any such information, documents or reports required to be filed
with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act
shall be filed with the Trustee within 15 days after the same is so required to
be filed with the Commission.

     (5) Section 901(1) of the Original Indenture is hereby amended to read as follows:

     “(1) to evidence the succession of another person to the Corporation or Duke
Holdco, as the case may be, and the assumption by any such successor of the
covenants of, respectively, the Corporation or Duke Holdco herein and in the
Securities; or”.

     This Section 105 shall be for the sole benefit of the Notes and not for the benefit of any
future series of Securities Outstanding under the Indenture unless Duke Holdco agrees otherwise.

     Section 106. No Recourse Against Others. No past, present or future director,
officer, employee, incorporator, stockholder, partner or agent of Duke Holdco shall have any
liability for any obligations of Duke Energy or Duke Holdco under the Notes, the Guarantee, the
Indenture or the

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Fifteenth Supplemental Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation.

     Section 107. Provisions Binding on Successors. All the covenants, stipulations,
premises and agreements made in the Fifteenth Supplemental Indenture by Duke Energy and Duke Holdco
shall bind their respective successors and assigns whether so expressed or not.

     Section 108. New York Contract. THIS FIFTEENTH SUPPLEMENTAL INDENTURE AND THE
GUARANTEE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

     Section 109. Execution and Counterparts. The Fifteenth Supplemental
Indenture may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument.

     Section 110. Effect of Headings. The Section headings herein are for convenience
only and shall not affect the construction hereof.

     Section 111. The Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of the Fifteenth Supplemental Indenture
or for or in respect of the recitals contained herein, all of which recitals are made solely by
Duke Energy and Duke Holdco.

     Section 112. Full Force and Effect. Except as expressly amended hereby, the
Indenture shall remain in full force and effect in accordance with the provisions thereof on the
date thereof.

     Section 113. Effectiveness of the Fifteenth Supplemental Indenture. The Fifteenth
Supplemental Indenture shall be effective simultaneously with the Duke Capital Distribution.
Promptly following the occurrence of the Duke Capital Distribution, Duke Energy shall provide
notice thereof to the Trustee.

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     IN WITNESS WHEREOF, the parties hereto have caused the Fifteenth Supplemental Indenture to be
duly executed, all as of the date first above written.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DUKE ENERGY CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: David L. Hauser	 	 
	 

	 	 	 	 	 	Title: Group Vice President and

          Chief Financial Officer	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

Name:

	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	DUKE ENERGY HOLDING CORP.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Robert T. Lucas III	 	 
	 

	 	 	 	 	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

Name:

	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	JPMORGAN CHASE BANK, N.A.,
	 	 
	 	 	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 	 	 

Supplemental Indenture

 

 

SCHEDULE A

Outstanding Notes

	§	 	$300,000,000 Series A 6% Senior Notes due 2028

	 
	§	 	$200,000,000 Series B 5 3/8% Senior Notes due 2009

	 
	§	 	$300,000,000 Series D 7 3/8% Senior Notes due 2010

	 
	§	 	$750,000,000 6.25% Senior Notes due 2012

	 
	§	 	$250,000,000 6.60% Insured Quarterly Senior Notes due 2022

	 
	§	 	$350,000,000 6.45% Senior Notes due 2032

	 
	§	 	$110,000,000 4.611% Senior Notes due 2007

	 
	§	 	$400,000,000 5.625% Senior Notes due 2012

	 
	§	 	$742,000,000 1 3/4% Convertible Senior Notes due 2023

	 
	§	 	$300,000,000 4.20% Senior Notes due 2008Exhibit 4.6.1

 

Exhibit 4.6.1

 

INSTRUMENT

OF

RESIGNATION, APPOINTMENT AND ACCEPTANCE

among

DUKE ENERGY CAROLINAS, LLC,

JPMORGAN CHASE BANK, N.A., as Trustee,

and

THE BANK OF NEW YORK TRUST COMPANY, N.A., as Successor Trustee

Dated as of September 24, 2007

 

 

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INSTRUMENT OF RESIGNATION, APPOINTM AND ACCEPTANCE

     INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE entered into as of the 24th day of
September, 2007 among DUKE ENERGY CAROLINAS, LLC (successor to DUKE POWER COMPANY), a limited
liability company organized and existing under the laws of the State of North Carolina (the
“Company”), having its principal office at 526 South Church Street, Charlotte, North Carolina
28202, JPMORGAN CHASE BANK, N.A., a national banking association (“JPMorgan”), having its corporate
trust office at 4 New York Plaza, New York, New York 10004, as Trustee, and THE BANK OF NEW YORK
TRUST COMPANY, N.A., a national banking association (“BNY”), having a corporate trust office at 100
Ashford Center North, Suite 520, Atlanta, Georgia 30338, as successor Trustee.

W I
T N E S S E T H:

     WHEREAS, Duke Power Company, a corporation organized and existing under the laws of the State
of New Jersey, to which the Company is the successor, heretofore executed and delivered to GUARANTY
TRUST COMPANY OF NEW YORK (now JPMorgan), as Trustee, its First and Refunding Mortgage dated as of
December 1, 1927 (hereinafter the “Original Indenture”), to secure the payment of bonds issued and
to be issued in accordance with the provisions of the Original Indenture, as supplemented and
amended from time to time (the “Indenture”); and

     WHEREAS, bonds in the amount of $1,330,741,746 are outstanding under the Indenture as of the
date hereof; and

 

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     WHEREAS, § 7.01(f) of the Indenture provides that the Trustee under the Indenture may at any
time resign and be discharged of the trusts created by the Indenture by giving written notice to
the Company, addressed and mailed to the Company at Charlotte, North Carolina, and by publishing
notice of such resignation as provided in said § 7.01(f); and

     WHEREAS, § 7.03 of the Indenture provides that a successor Trustee may be appointed, in the
manner provided in said § 7.03, in case the Trustee under the Indenture shall resign, by the
holders of a majority in principal amount of the bonds secured by the Indenture and then
outstanding (the “bondholders”); and

     WHEREAS § 7.03 of the Indenture further provides that, until a successor Trustee shall be
appointed by the bondholders as therein provided, the Company may appoint a successor Trustee to
fill the vacancy in the office of Trustee under the Indenture by instrument executed by order of
the Board of Directors of the Company; and

     WHEREAS, § 7.03 of the Indenture further provides that the Company shall publish notice of any
appointment of a successor Trustee made by it pursuant to said § 7.03 in the manner provided in
§ 7.03; and

     WHEREAS, § 10.06 of the Indenture provides that any Trustee under the Indenture shall at all
times satisfy the requirements set forth in said Section; and

     WHEREAS, § 7.03 of the Indenture provides that any successor Trustee shall execute,
acknowledge and deliver to its predecessor Trustee, and also to the Company, an instrument
accepting such appointment under the Indenture; and

     WHEREAS, JPMorgan desires to resign as Trustee under the Indenture; and

 

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     WHEREAS, the Company desires to appoint BNY as successor Trustee under the Indenture; and

     WHEREAS, BNY is willing to accept such appointment as successor Trustee under the Indenture;
and

     WHEREAS, as of the date of these presents, no successor Trustee under the Indenture has been
appointed by the bondholders; and

     WHEREAS, by resolution of the Board of Directors of the Company adopted as of September 20,
2007, the undersigned officers of the Company were authorized, directed and ordered to execute and
deliver this instrument;

     NOW, THEREFORE, THIS INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, WITNESSETH: That
for and in consideration of the premises, and of other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, it is hereby covenanted, declared and decreed by
the Company, JPMorgan and BNY as follows:

     FIRST: JPMorgan and the Company, simultaneously with the execution and delivery of
these presents, have caused the notices required pursuant to the provisions of §§ 7.01(f) and 7.03,
respectively, of the Indenture to commence being published as therein required;

     SECOND: BNY hereby represents that it is a bank eligible under the provisions of
§ 10.06 of the Indenture and Section 310(a) of the Trust Indenture Act of 1939 to be appointed
successor Trustee under the Indenture; and

     THIRD: Effective at the close of business on the date hereof, JPMorgan hereby resigns
and, by its execution and delivery of these presents to the Company and by the

 

5

simultaneous mailing of this instrument to the Company, as required by § 7.01(f), hereby gives
notice of its resignation as Trustee under the Indenture, as agent of the Company for payment of
principal and interest, and as the office or agency of the Company in the Borough of Manhattan,
City and State of New York, where the bonds and any coupons issued in accordance with the Indenture
may be presented for payment, exchange, transfer or registration and where notices and demands to
or upon the Company in respect of the bonds and coupons issued in accordance with the Indenture or
in respect of the Indenture may be served.

     FOURTH: The Company hereby accepts the foregoing resignations and appoints BNY as
successor Trustee under the Indenture, as agent of the Company for payment of principal and
interest, and as the office or agency of the Company in the Borough of Manhattan, City and State of
New York, where the bonds and any coupons issued in accordance with the Indenture may be presented
for payment, exchange, transfer, or registration and where notices and demands to or upon the
Company in respect of the bonds and coupons issued in accordance with the Indenture or in respect
of the Indenture may be served, with all the estates, properties, rights, powers, trusts, duties
and obligations of JPMorgan under the Indenture as provided in the Indenture, such appointment to
be effective at the close of business on the date hereof.

     FIFTH: BNY hereby accepts its appointment as successor Trustee under the Indenture,
effective at the close of business on the date hereof, and assumes all the estates, properties,
rights, powers, trusts, duties and obligations of the Trustee thereunder as provided in the
Indenture, and BNY also accepts, effective at the close of business on the date hereof, its
appointment as agent of the Company for payment of principal and

 

6

interest, and as the office or agency of the Company in the Borough of Manhattan, City and
State of New York, where the bonds and any coupons issued in accordance with the Indenture may be
presented for payment, exchange, transfer or registration and where notices and demands to or upon
the Company in respect of the bonds and coupons issued in accordance with the Indenture or in
respect of the Indenture may be served, subject to all the terms and provisions therein contained.

     SIXTH: The Company and BNY hereby request JPMorgan to confirm, assign, transfer and
set over to BNY, as its successor in trust under the Indenture, all the right, title, and interest
of JPMorgan, as Trustee, in and to the mortgaged property and such rights, powers, trusts, duties
and obligations of JPMorgan, as Trustee, and to assign, transfer and deliver to BNY, as successor
Trustee, any and all money and other property subject to the lien of the Indenture held by JPMorgan
as Trustee under the Indenture.

     SEVENTH: Pursuant to the request of BNY and the Company hereby made, JPMorgan hereby
confirms, assigns, transfers and sets over to BNY, as its successor in trust under the Indenture,
all the right, title and interest of JPMorgan, as Trustee, in and to the mortgaged property and
such rights, powers, trusts, duties and obligations and hereby does assign, transfer and deliver to
BNY as such successor Trustee any and all money and other property subject to the lien of the
Indenture held by JPMorgan as Trustee under the Indenture.

     EIGHTH: The Company, for the purpose of more fully and certainly vesting in and
confirming to BNY as successor Trustee under the Indenture said mortgaged property, rights, powers,
trusts, duties and obligations, at the request of BNY, joins in the execution hereof.

 

7

     NINTH: The Company, JPMorgan and BNY hereby agree, upon reasonable request of any of
them, to execute, acknowledge and deliver such further instruments of conveyance and further
assurance and to do such other things as may reasonably be required for more fully and certainly
vesting in and confirming to BNY all the right, title and interest of JPMorgan, as Trustee, in and
to the estates held in trust under the Indenture, and to such rights, powers, trusts, duties and
obligations of JPMorgan, as Trustee. JPMorgan agrees to provide whatever reasonable assistance BNY
may require for the orderly transfer of this trusteeship and the foregoing agency appointments,
including furnishing BNY with a list of Bondholders and such other documentation from JPMorgan’s
files as BNY may require and providing BNY with any explanation of JPMorgan’s services under the
Indenture that BNY may consider necessary or advisable in connection with its administration as
successor Trustee and of such agency appointments.

     TENTH: This instrument may be executed in any number of counterparts, each of which,
when so executed and delivered, shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     ELEVENTH: Terms not otherwise defined in this Instrument of Resignation, Appointment
and Acceptance shall have the definitions given thereto in the Indenture.

     TWELFTH: This Instrument of Resignation, Appointment and Acceptance shall be construed
in accordance with and governed by the laws of the State of New York.

     THIRTEENTH: All actions taken by BNY as Trustee prior to the effective date hereof
shall be deemed to have been taken by BNY as agent of and attorney-in-fact for JPMorgan, as
Trustee. Furthermore, all actions taken by the Company vis a vis BNY as

 

8

Trustee prior to the effective date hereof shall be deemed to have been taken vis a vis BNY as
agent of and attorney-in fact for JPMorgan, as Trustee, and, as such, shall be deemed to have taken
vis a vis the proper entity.

 

9

     IN WITNESS WHEREOF, DUKE ENERGY CAROLINAS, LLC has caused this Instrument to be signed and
acknowledged by one of its Assistant Treasurers, its company seal to be affixed hereunto, and the
same to be attested by its Secretary or one of its Assistant Secretaries; JPMORGAN CHASE BANK, N.A.
has caused this Instrument to be executed and acknowledged by one of its Vice Presidents, its
corporate seal to be affixed hereunto, and the same to be attested by one of its Vice President,
and THE BANK OF NEW YORK TURST COMPANY, N.A. has caused this Instrument to be executed and
acknowledged by one of its Vice Presidents, it corporate seal to be affixed hereunto, and the same
to be attested by one of its Assistant Treasurers, as of the date first set fourth above.

	 	 	 	 	 
	 	DUKE ENERGY CAROLINAS, LLC,

 	 
	 	By:  	/s/ M. Allen Carrick
 	 
	 	 	M. Allen Carrick 	 
	 	 	Assistant Treasurer 	 
	 

[Seal]

Attest:

	 	 	 
	/s/ Robert T. Lucas III
	 	 
	 	 	 
	Robert T. Lucas III

	 	 
	Assistant Secretary
	 	 

Signed, sealed, executed,

acknowledged and delivered

by Duke Energy Carolinas, LLC, in the

presence of:

	 	 	 
	 
	 	 	 
	Delcia S. Dunlap

	 	 
	 
	 	 
	 
	 	 	 
	Jennie M. Raine
	 	 

 

10

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	/s/ T.J. Foley, Vice President
 	 
	 	 	T.J. Foley, Vice President 	 
	 	 	 	 
	 

[Seal]

Attest:

	 	 	 
	/s/ James R. Lewis, Vice President

	 	 
	 	 	 
	James R. Lewis, Vice President
	 	 

Signed, sealed, executed,

acknowledged and delivered

by JPMorgan Chase Bank, N.A., in the

presence of:

	 	 	 
	 
	 	 
	 	 	 
	Grace Mastracchio

	 	 
	 
	 	 
	 
	 	 
	 	 	 
	Linda S. D’Alessandro
	 	 

 

11

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.
 	 
	 
	 	By:  	/s/ Karen Z. Kelly
 	 
	 	 	Karen Z. Kelly 	 
	 	 	Vice President 	 
	 

[Seal]

Attest:

	 	 	 
	/s/ Lee Ann Willis

	 	 
	 	 	 
	Lee Ann Willis
	 	 
	Assistant Treasurer
	 	 

Signed, sealed, executed,

acknowledged and delivered

by The Bank of New York Trust

Company, N.A., in the presence of:

	 	 	 
	 
	 	 
	 	 	 
	David Johnson

	 	 
	 
	 	 
	 
	 	 
	 	 	 
	Jason Merchant
	 	 

	 	 	 
	STATE OF GEORGIA

	 	)
	 

	 	)       ss.:
	COUNTY OF FULTON

	 	)

          Personally appeared before me David Johnson, and made oath that he saw Karen Z. Kelly, a Vice
President, and Lee Ann Willis an Assistant Treasurer, respectively, of THE BANK OF NEW YORK TRUST
COMPANY, N.A., sign, attest and affix hereto the corporate seal of said The Bank of New York Trust
Company, N.A., and, as the act and deed of said corporation, deliver the within written and
foregoing instrument, and that he, with Jason Merchant, witnessed the execution thereof.

Sworn and subscribed before me

this     day of September, 2007

	 	 	 
	 
	 	 
	 	 	 

 

12

	 	 	 
	STATE OF GEORGIA

	 	)
	 

	 	)       ss.:
	COUNTY OF FULTON

	 	)

          I, Margaret Jeffrey, a Notary Public in and for the State and County aforesaid, certify that
Lee Ann Willis personally came before me this day and acknowledged that she is an Assistant
Treasurer of THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association, and that, by
authority duly given and as the act of the corporation, the foregoing instrument was signed in its
name by one of its Vice Presidents, sealed with its corporate seal, and attested by himself/herself
as one of its Assistant Treasurers.

          Witness my hand and official seal, this     day of September, 2007.

	 	 	 
	 	 	 

 

13

	 	 	 
	STATE OF NEW YORK

	 	)
	 

	 	)     ss.:
	COUNTY OF NEW YORK

	 	)

          Personally appeared before me Linda S. D’Alessandro, and made oath that she saw T. J. Foley, a
Vice President, and James R. Lewis a Vice President, respectively, of JPMORGAN CHASE BANK, N.A,
sign, attest and affix hereto the corporate seal of said JPMorgan Chase Bank, N.A., and, as the act
and deed of said corporation, deliver the within written and foregoing instrument, and that she,
with Grace Mastracchio, witnessed the execution thereof.

	 	 	 
	 	 	 

Sworn and subscribed before me

this     day of September, 2007

	 	 	 
	 
	 	 	 
	Francis J. Grippo

	 	 

	 	 	 
	STATE OF NEW YORK

	 	)
	 

	 	)     ss.:
	COUNTY OF NEW YORK

	 	)

          I, Francis J. Grippo, a Notary Public in and for the State and County aforesaid, certify that
James R. Lewis personally came before me this day and acknowledged that he is a Vice President of
JPMORGAN CHASE BANK, N.A., a national banking association, and that, by authority duly given and as
the act of the corporation, the foregoing instrument was signed in its name by one of its Vice
Presidents, sealed with its corporate seal, and attested by himself as one of its Vice Presidents.

          Witness my hand and official seal, this     day of September, 2007.

	 	 	 
	 	 	 
	 

	 	Francis J. Grippo

 

14

	 	 	 
	STATE OF NORTH CAROLINA

	 	)
	 

	 	)     ss.:
	COUNTY OF MECKLENBURG

	 	)

          Personally appeared before me Delcia S. Dunlap, and made oath that she saw M. Allen Carrick,
an Assistant Treasurer, and Robert T. Lucas III an Assistant Secretary, respectively, of DUKE
ENERGY CAROLINAS, LLC, sign, attest and affix hereto the company seal of said Duke Energy
Carolinas, LLC, and, as the act and deed of said company, deliver the within written and foregoing
instrument, and that she, with Jennie M. Raine, witnessed the execution thereof.

	 	 	 
	 	 	 

Sworn and subscribed before me

this     day of September, 2007

	 	 	 
	 
	 	 	 
	Notary Public
	 	 

My commission expires

	 	 	 
	STATE OF NORTH CAROLINA

	 	)
	 

	 	)     ss.:
	COUNTY OF MECKLENBURG

	 	)

          I, Patricia C. Ross, a Notary Public in and for the State and County aforesaid, certify that
Robert T. Lucas III personally came before me this day and acknowledged that he is an Assistant
Secretary of DUKE ENERGY CAROLINAS, LLC, a limited liability company, and that, by authority duly
given and as the act of the company, the foregoing instrument was signed in its name by one of its
Assistant Treasurers, sealed with its company seal, and attested by himself as one of its Assistant
Secretaries.

          My commission expires

          Witness my hand and official seal, this     day of September, 2007.

	 	 	 
	 	 	 
	 

	Notary Public

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