Document:

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                                                                     EXHIBIT 4.2

                             Terms of the Securities

                               VISTEON CORPORATION

                                  July 31, 2000

                         7.95% Notes due August 1, 2005
                         8.25% Notes due August 1, 2010

         Two series of Securities are hereby established pursuant to Section
2.01 of the Indenture dated as of June 23, 2000 (the "Indenture") between
Visteon Corporation (the "Corporation") and Bank One Trust Company, N.A. (the
"Trustee"), as follows:

         1.       Each capitalized term used but not defined herein shall have
the meaning assigned to such term in the Indenture.

         2.       The designation of the 7.95% Notes due August 1, 2005 shall be
the "7.95% Notes due August 1, 2005" (the "Notes due 2005"), and the designation
of the 8.25% Notes due August 1, 2010 shall be the "8.25% Notes due August 1,
2010" (the "Notes due 2010" and, together with the Notes due 2005, the
"Designated Securities").

         3.       The limit upon the aggregate principal amount of the Notes due
2005 and the Notes due 2010 that may be authenticated and delivered under the
Indenture (except for Designated Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Designated
Securities of the same series pursuant to Section 2.05, 2.06, 2.07, 3.02 or
10.04 of the Indenture) is $500,000,000 and $700,000,000, respectively.

         4.       The dates on which the principal amounts of the Notes due 2005
and the Notes due 2010 shall be payable shall be August 1, 2005 and August 1,
2010, respectively.

         5.       The rates at which the Notes due 2005 and the Notes due 2010
shall bear interest shall be 7.95% per annum and 8.25% per annum, respectively.
Interest shall be computed on the basis of a 360-day year of twelve 30-day
months. The date from which interest shall accrue for the Designated Securities
of each series shall be August 3, 2000. The Interest Payment Dates on which such
interest shall be payable shall be February 1 and August 1 of each year,
commencing February 1, 2001. The record date for the interest payable on the
Designated Securities on any Interest Payment Date shall be the close of
business on the 15th day preceding such Interest Payment Date.

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         6. The form of Security for each of the Notes due 2005 and the Notes
due 2010 shall be as set forth on Attachments A-1 and A-2 hereto, respectively.

         7. The place or places where the principal of (and premium, if any) and
interest and Additional Amounts on the Designated Securities shall be payable
shall be the office of the Trustee, 14 Wall Street, 8th Floor, New York, NY
10005, Attention: Global Corporate Trust Services; provided, however, that at
the option of the Corporation, payment of interest on registered securities may
be made by check mailed to the address of the Holder entitled thereto as such
address shall appear in the Security Register or by wire transfer of immediately
available funds if the Holder holds U.S. $10,000,000 or more in aggregate
principal amount and sends wire transfer instructions to the Trustee as required
in the Indenture.

         8. The Securities of each series are subject to redemption, in whole at
any time or in part from time to time, at the option of the Corporation, at a
redemption price equal to the greater of (1) 100% of the principal amount of the
Securities to be redeemed, and (2) the sum of the present values of the
remaining scheduled payments of principal and interest on such Securities,
discounted to the date of redemption on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable Treasury Rate plus 15
basis points for the Notes due 2005 or the applicable Treasury Rate plus 25
basis points for the Notes due 2010, in each case plus accrued and unpaid
interest on the principal amount being redeemed to the redemption date.

         "TREASURY RATE" means, with respect to any redemption date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H. 55(519)" or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (2) if such
release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price of
such redemption date. The Treasury Rate will be calculated on the third Business
Day preceding the redemption date.

         "BUSINESS DAY" means any calendar day that is not a Saturday, Sunday or
legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

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         "COMPARABLE TREASURY ISSUE" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Designated Securities to be
redeemed 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 Designated Securities.

         "INDEPENDENT INVESTMENT BANKER" means Goldman, Sachs & Co. and its
successor or, if such firm is unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of national
standing appointed by the Trustee after consultation with the Corporation.

         "COMPARABLE TREASURY PRICE" means (1) the average of five Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or, (2) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

         "REFERENCE TREASURY DEALER" means (1) each of Goldman, Sachs & Co.,
Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc. and their
respective successors, provided, however, that if any of the foregoing shall
cease to be a primary U.S. government securities dealer in New York City (a
"Primary Treasury Dealer"), the Corporation will substitute for such firm
another Primary Treasury Dealer and (2) any other Primary Treasury Dealer
selected by the Independent Investment Banker after consultation with the
Corporation.

         "THE REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Independent Investment Banker, 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 Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such redemption
date.

         9. If (a) as a result of any change in, or amendment to, the laws (or
any regulations or rulings promulgated thereunder) of the United States (or any
political subdivision or taxing authority thereof or therein), or any change in,
or amendments to, the official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
is announced or becomes effective on or after July 19, 2000, the Corporation
becomes or will become obligated to pay Additional Amounts (as defined below)
with respect to the Designated Securities or (b) any act is taken by a taxing
authority of the United States on or after the date hereof, whether or not such
act is taken with respect to the Corporation or any affiliate, that results in a
substantial probability that the Corporation will

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or may be required to pay such Additional Amounts, then the Corporation may, at
its option, redeem, in whole, but not in part, each affected series of the
Designated Securities on not less than 30 nor more than 60 days' prior notice,
at a redemption price equal to 100% of the principal amount of the relevant
Designated Securities, together with interest accrued thereon to the date fixed
for redemption; provided that the Corporation determines, in its business
judgment, that the obligation to pay such Additional Amounts cannot be avoided
by the use of reasonable measures available to it, not including substitution of
the obligor under the Designated Securities. No redemption pursuant to (2) above
may be made unless the Corporation shall have received an opinion of independent
counsel to the effect that an act taken by a taxing authority of the United
States results in a substantial probability that it will or may be required to
pay Additional Amounts and the Corporation shall have delivered to the Trustee a
certificate, signed by a duly authorized officer, stating that based on such
opinion the Corporation is entitled to redeem the Designated Securities pursuant
to their terms.

         10. The Corporation shall have no obligation to redeem, purchase or
repay the Designated Securities pursuant to any sinking fund or analogous
provision or at the option of the Holder thereof.

         11. The Designated Securities shall be issued in the form of one or
more fully registered Global Securities in registered form and deposited with,
or on behalf of, the Depository Trust Company, New York ("DTC"), and registered
in the name of Cede & Co., DTC's nominee. The securities will not be issued in
definitive form. If any of the Euroclear System ("Euroclear"), Clearstream
Banking Societe anonyme ("Clearstream Luxembourg") or DTC notifies the
Corporation that it is unwilling or unable to continue as a clearing system in
connection with the Global Securities or, in the case of DTC only, DTC ceases to
be a clearing agency registered under the Securities Exchange Act of 1934, as
amended, and in each case a successor clearing system is not appointed by the
Corporation within 90 days after receiving such notice from Euroclear,
Clearstream Luxembourg or DTC or on becoming aware that DTC is no longer so
registered, the Corporation will issue or cause to be issued individual
certificates in registered form on registration of transfer of, or in exchange
for, book-entry interests in the Designated Securities represented by such
Global Securities upon delivery of such Global Securities for cancellation. In
the event definitive Designated Securities are issued, the Corporation will
promptly appoint a paying agent and transfer agent in Luxembourg. The
Corporation will publish the name of the Luxembourg paying agent and transfer
agent in Luxembourg. In the event definitive Designated Securities are issued,
the Holders thereof will be able to receive payments on the Designated
Securities and effect transfers of the Designated Securities at the offices of
the Luxembourg paying agent and transfer agent.

         12. The Corporation will, subject to the exceptions and limitations set
forth below, pay as additional interest on the Designated Securities such
Additional Amounts as are necessary in order that the net payment by the
Corporation's paying agents of the principal of and interest on the Designated
Securities to a Holder who is a non-United States

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person (as defined below), after deduction for any present or future tax,
assessment or governmental charge of the United States or a political
subdivision or taxing authority thereof or therein, imposed by withholding with
respect to the payment, will not be less than the amount provided in the
Designated Securities to be then due and payable; provided, however, that the
foregoing obligation to pay Additional Amounts shall not apply:

         (1)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of the Holder, or a fiduciary,
                  settlor, beneficiary, member or shareholder of the Holder if
                  the Holder is an estate, trust, partnership or corporation, or
                  a person holding a power over an estate or trust administered
                  by a fiduciary Holder, being considered as:

                  (a)      being or having been present or engaged in trade or
                           business in the United States or having or having had
                           a permanent establishment in the United States;

                  (b)      having a current or former relationship with the
                           United States, including a relationship as a citizen
                           or resident thereof;

                  (c)      being or having been a foreign or domestic personal
                           holding company, a passive foreign investment company
                           or a controlled foreign corporation with respect to
                           the United States or a corporation that has
                           accumulated earnings to avoid United States federal
                           income tax; or

                  (d)      being or having been a "10-percent shareholder" of
                           the Corporation as defined in Section 871 (h) (3) of
                           the United States Internal Revenue Code of 1986, as
                           amended (the "Code"), or any successor provision;

         (2)      to any Holder that is not the sole beneficial owner of the
                  Designated Securities, or a portion thereof, or that is a
                  fiduciary or partnership, but only to the extent that a
                  beneficiary or settlor with respect to the fiduciary, a
                  beneficial owner or member of the partnership would not have
                  been entitled to the payment of an Additional Amount had the
                  beneficiary, settlor, beneficial owner or member received
                  directly its beneficial or distributive share of the payment;

         (3)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of the failure of the Holder or any
                  other person to comply with certification, identification or
                  information

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                  reporting requirements concerning the nationality, residence,
                  identity or connection with the United States of the Holder or
                  beneficial owner of such Designated Securities, if compliance
                  is required by statute, by regulation of the United States
                  Treasury Department or by an applicable income tax treaty to
                  which the United States is a party as a precondition to
                  exemption from such tax, assessment or other governmental
                  charge;

         (4)      to a tax, assessment or governmental charge that is imposed
                  otherwise than by withholding by the Corporation or a paying
                  agent from the payment;

         (5)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of a change in law, regulation, or
                  administrative or judicial interpretation that becomes
                  effective more than 15 days after the payment becomes due or
                  is duly provided for, whichever occurs later;

         (6)      to an estate, inheritance, gift, sales, excise, transfer,
                  wealth or personal property tax or a similar tax, assessment
                  or governmental charge;

         (7)      to any tax, assessment or other governmental charge required
                  to be withheld by any paying agent from any payment of
                  principal of or interest on any Designated Security, if such
                  payment can be made without such withholding by any other
                  paying agent; or

         (8)      in the case of any combination of items (1), (2), (3), (4),
                  (5), (6) and (7) above.

         The Designated Securities are subject in all cases to any tax, fiscal
or other law or regulation or administrative or judicial interpretation
applicable thereto. Except as herein specifically provided, the Corporation will
not be required to make any payment with respect to any tax, assessment or
governmental charge imposed by any government or a political subdivision or
taxing authority thereof or therein.

         As used herein, the term "United States" means the United States of
America (including the States and the District of Columbia) and its territories,
its possessions and other areas subject to its jurisdiction. "United States
person" means (1) any individual who is a citizen or resident of the United
States, (2) a corporation, partnership or other entity created or organized in
or under the laws of the United States or (3) any estate or trust the income of
which is subject to United States federal income taxation regardless of its
source; and "non-United States person" means a person who is not a United States
person.

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         13. The provisions of Article Twelve of the Indenture relating to
defeasance of Securities shall apply to the Designated Securities.

         14. The Corporation's Luxembourg Stock Exchange listing agent shall be
BNP Paribas Luxembourg, 10A Boulevard Royal, L-2093 Luxembourg.

         15. The Notes due 2005 shall be offered at an initial public offering
price equal to 99.875% of their principal amount, and in payment for the Notes
due 2005 the Corporation shall receive 99.525% of their principal amount
(99.875% of their principal amount less underwriting discounts and commissions
of 0.350%).

         The Notes due 2010 shall be offered at an initial public offering price
equal to 99.853% of their principal amount, and in payment for the Notes due
2010 the Corporation shall receive 99.403% of their principal amount (99.853% of
their principal amount less underwriting discounts and commissions of 0.450%).

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                                 Attachment A-1

         Unless this certificate is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to Visteon
Corporation or its agent for registration of transfer, exchange, or payment, and
any certificate issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

                               VISTEON CORPORATION

                         7.95% Notes due August 1, 2005
                              CUSIP No. 92839U AA 5

No.                                                         U.S. $
   ---                                                            -------------
         VISTEON CORPORATION, a Delaware corporation (the "Corporation"), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of              Dollars ($            ) at the office of the
Trustee (as hereinafter defined), 14 Wall Street, 8th Floor, New York, NY 10005,
Attention: Global Corporate Trust Services, on August 1, 2005, in such coin or
currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, and to pay interest on
said principal sum at the rate of 7.95% per annum at the office of the Trustee,
14 Wall Street, 8th Floor, New York, NY 10005, Attention: Global Corporate Trust
Services, in like coin or currency from August 3, 2000, semi-annually on
February 1 and August 1, until payment of said principal sum has been made or
duly provided for. The interest so payable on any February 1 or August 1 will,
subject to certain exceptions provided in the Indenture referred to below, be
paid to the person in whose name this Note is registered at the close of
business on the fifteenth day preceding each such February 1 or August 1 at the
office of the Trustee, 14 Wall Street, 8th Floor, New York, NY 10005, Attention:
Global Corporate Trust Services; at the option of the Corporation, interest may
be paid by check to the registered holder hereof entitled thereto at his, her or
its last address as it appears on the registry books, or by wire transfer of
immediately available funds if the registered Holder hereof holds U.S.
$10,000,000 or more in aggregate principal amount and sends wire transfer
instructions to the Trustee as required in the Indenture, and principal may be
paid by check to the registered Holder hereof or other person entitled thereto
against surrender of this Note.

         This Note represents $         of the Corporation's 7.95% Notes due
August 1, 2005 (the "Securities"), all issued or to be issued under and pursuant
to an Indenture dated as of June 23, 2000 (the "Indenture"), duly executed and
delivered by the

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Corporation to Bank One Trust Company, N.A., Trustee (the "Trustee"), to which
Indenture and any indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Corporation and the Holders of the
Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any) and may otherwise vary as provided
in the Indenture.

         Initially, the Trustee will act as Paying Agent and Security Registrar.

         The Corporation will, subject to the exceptions and limitations set
forth below, pay as additional interest on this Note such Additional Amounts as
are necessary in order that the net payment by the Corporation's paying agents
of the principal of and interest on this Note to a Holder who is a non-United
States person (as defined below), after deduction for any present or future tax,
assessment or governmental charge of the United States or a political
subdivision or taxing authority thereof or therein, imposed by withholding with
respect to the payment, will not be less than the amount provided in this Note
to be then due and payable; provided, however, that the foregoing obligation to
pay Additional Amounts shall not apply:

         (1)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of the Holder, or a fiduciary,
                  settlor, beneficiary, member or shareholder of the Holder if
                  the Holder is an estate, trust, partnership or corporation, or
                  a person holding a power over an estate or trust administered
                  by a fiduciary Holder, being considered as:

                  (a)      being or having been present or engaged in trade or
                           business in the United States or having or having had
                           a permanent establishment in the United States;

                  (b)      having a current or former relationship with the
                           United States, including a relationship as a citizen
                           or resident thereof;

                  (c)      being or having been a foreign or domestic personal
                           holding company, a passive foreign investment company
                           or a controlled foreign corporation with respect to
                           the United States or a corporation that has
                           accumulated earnings to avoid United States federal
                           income tax; or

                  (d)      being or having been a "10-percent shareholder" of
                           the Corporation as defined in section 871 (h) (3) of
                           the United States

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                           Internal Revenue Code of 1986, as amended (the
                           "Code"), or any successor provision;

         (2)      to any Holder that is not the sole beneficial owner of this
                  Note, or a portion hereof, or that is a fiduciary or
                  partnership, but only to the extent that a beneficiary or
                  settlor with respect to the fiduciary or a beneficial owner or
                  member of the partnership would not have been entitled to the
                  payment of an Additional Amount had the beneficiary, settlor,
                  beneficial owner or member received directly its beneficial or
                  distributive share of the payment;

         (3)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of the failure of the Holder or any
                  other person to comply with certification, identification or
                  information reporting requirements concerning the nationality,
                  residence, identity or connection with the United States of
                  the Holder or beneficial owner of this Note, if compliance is
                  required by statute, by regulation of the United States
                  Treasury Department or by an applicable income tax treaty to
                  which the United States is a party as a precondition to
                  exemption from, or reduction of, such tax, assessment or other
                  governmental charge;

         (4)      to a tax, assessment or governmental charge that is imposed
                  otherwise than by withholding by the Corporation or a paying
                  agent from the payment;

         (5)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of a change in law, regulation, or
                  administrative or judicial interpretation that becomes
                  effective more than 15 days after the payment becomes due or
                  is duly provided for, whichever occurs later;

         (6)      to an estate, inheritance, gift, sales, excise, transfer,
                  wealth or personal property tax or a similar tax, assessment
                  or governmental charge;

         (7)      to any tax, assessment or other governmental charge required
                  to be withheld by any paying agent from any payment of
                  principal of or interest on this Note, if such payment can be
                  made without such withholding by any other paying agent; or

         (8)      in the case of any combination of items (1), (2), (3), (4),
                  (5), (6) and (7) above.

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         This Note is subject in all cases to any tax, fiscal or other law or
regulation or administrative or judicial interpretation applicable thereto.
Except as herein specifically provided, the Corporation will not be required to
make any payment with respect to any tax, assessment or governmental charge
imposed by any government or a political subdivision or taxing authority thereof
or therein.

         As used herein, the term "United States" means the United States of
America (including the States and the District of Columbia) and its territories,
its possessions and other areas subject to its jurisdiction. "United States
person" means (1) any individual who is a citizen or resident of the United
States, (2) a corporation, partnership or other entity created or organized in
or under the laws of the United States, or (3) any estate or trust the income of
which is subject to United States federal income taxation regardless of its
source; and "non-United States person" means a person who is not a United States
person.

         In case an Event of Default, as defined in the Indenture, with respect
to the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Corporation and the
Trustee to execute a supplemental indenture to add any provisions to, change in
any manner or eliminate any provisions of, the Indenture or any existing
supplemental indenture, or to modify the rights of the Holders of the Securities
issued under either such Indenture or existing supplemental indenture, with the
consent of the Holders of not less than a majority in principal amount of the
Securities of all series at the time Outstanding that are affected by the
supplemental indenture to be executed (voting as one class) if the supplemental
Indenture to be executed does not:

         i. (a) change the fixed maturity of any Securities, (b) reduce their
         principal amount or premium, if any, (c) reduce the rate or extend the
         time of payment of interest or any additional amounts payable on the
         Securities, (d) reduce the amount due and payable upon acceleration of
         the maturity of the Securities or the amount provable in bankruptcy or
         (e) make the principal of, or any interest, premium or additional
         amounts on, any Security payable in a coin or currency different from
         that provided in the Security,

         (ii) impair the right to initiate suit for the enforcement of any such
         payment on or after the stated maturity of the Securities, or

         (iii) reduce the requirement, stated above, for the consent of the
         Holders of the Securities to any modification described above, or the
         percentage required

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         for the consent of the Holders to waive defaults, without the consent
         of the Holder of each Security so affected.

         The Indenture also contains provisions permitting the Corporation and
the Trustee to execute supplemental indentures without the consent of the
Holders of the Securities to (a) evidence the assumption by a successor
corporation of the obligations of the Corporation, (b) add covenants for the
protection of the Holders of the Securities, (c) add or change any of the
provisions of the Indenture to permit or facilitate the issuance of Securities
of any series in bearer form and to provide for the exchange of Securities in
bearer form with registered Securities, (d) cure any ambiguity or correct any
inconsistency in the Indenture or in a supplemental indenture, (e) transfer,
assign, mortgage or pledge any property to or with the Trustee, (f) establish
the form or terms of Securities of any series as permitted by the terms of the
Indenture, (g) evidence the acceptance of appointment by a successor trustee and
(h) change or eliminate provisions of the Indenture where the changes or
eliminations do not apply to any Security outstanding and become effective only
when there is no Security outstanding of a series created before the execution
of the supplemental indenture that is entitled to the benefit of the provision
being changed or eliminated.

         No reference herein to the Indenture and no provision of this Note 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 Note
at the place, at the respective times, at the rate, and in the coin or currency,
herein prescribed.

         The Securities may be redeemed in whole at any time, or in part from
time to time, at the option of the Corporation, at a redemption price equal to
the greater of (1) 100% of the principal amount of the Securities to be
redeemed, and (2) the sum of the present values of the remaining scheduled
payments of principal and interest thereon discounted to the date of redemption
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate plus 15 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to redemption.

         "TREASURY RATE" means, with respect to any redemption date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (2) if such
release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal

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to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price of
such redemption date. The Treasury Rate will be calculated on the third Business
Day preceding the redemption date.

         "BUSINESS DAY" means any calendar day that is not a Saturday, Sunday or
legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

         "COMPARABLE TREASURY ISSUE" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Securities to be redeemed 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.

         "INDEPENDENT INVESTMENT BANKER" means Goldman, Sachs & Co. and its
successor or, if such firm is unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of national
standing appointed by the Trustee after consultation with the Corporation.

         "COMPARABLE TREASURY PRICE" means (1) the average of five Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

         "REFERENCE TREASURY DEALER" means (1) each of Goldman, Sachs & Co.,
Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc. and their
respective successors, provided, however, that if any of the foregoing shall
cease to be a primary U.S. government securities dealer in New York City (a
"Primary Treasury Dealer"), the Corporation will substitute for such underwriter
another Primary Treasury Dealer, and (2) any other Primary Treasury Dealer
selected by the Independent Investment Banker after consultation with the
Corporation.

         "THE REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Independent Investment Banker, 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 Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such redemption
date.

                                       13

<PAGE>   14

         If (1) as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any
political subdivision or taxing authority thereof or therein), or any change in,
or amendments to, the official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
is announced or becomes effective on or after the date of the Resolutions, the
Corporation becomes or will become obligated to pay Additional Amounts or (2)
any act is taken by a taxing authority of the United States on or after July 31,
2000, whether or not such act is taken with respect to the Corporation or any
affiliate, that results in a substantial probability that the Corporation will
or may be required to pay such Additional Amounts, then the Corporation may, at
its option, redeem, as a whole, but not in part, the Notes on not less than 30
nor more than 60 days' prior notice, at a redemption price equal to 100% of
their principal amount, together with interest accrued but unpaid thereon to the
date fixed for redemption; provided that the Corporation determines, in its
business judgment, that the obligation to pay such additional amounts cannot be
avoided by the use of reasonable measures available to it, not including
substitution of the obligor under the Notes. No redemption pursuant to (2) above
may be made unless the Corporation shall have received an opinion of independent
counsel to the effect that an act taken by a taxing authority of the United
States results in a substantial probability that it will or may be required to
pay the Additional Amounts and the Corporation shall have delivered to the
Trustee a certificate, signed by a duly authorized officer, stating that based
on such opinion the Corporation is entitled to redeem the Notes pursuant to
their terms.

         The Corporation shall have no obligation to redeem, purchase or repay
this Note pursuant to any sinking fund or analogous provision or at the option
of the Holder hereof.

         This Note is subject to defeasance on the terms and conditions stated
in the Indenture.

         Terms defined in the Indenture and not defined otherwise herein shall
have the respective meanings assigned thereto in the Indenture.

         This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
in accordance with the Indenture.

                                       14

<PAGE>   15

         WITNESS THE SEAL OF THE CORPORATION AND THE SIGNATURES OF ITS DULY
AUTHORIZED OFFICERS.

Dated: August 3, 2000                   VISTEON CORPORATION

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:
[SEAL]

                                        By:
                                           -------------------------------------
                                           Name:
                                           Title:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

THIS IS ONE OF THE SECURITIES OF THE
SERIES DESIGNATED THEREIN REFERRED TO
IN THE WITHIN-MENTIONED INDENTURE.

BANK ONE TRUST COMPANY, N.A.,
  AS TRUSTEE

By:
   ----------------------------
     Authorized Signatory

                                       15

<PAGE>   16

                                 Attachment A-2

         Unless this certificate is presented by an authorized representative of
the Depository Trust Company, a New York corporation ("DTC"), to Visteon
Corporation or its agent for registration or transfer, exchange, or payment, and
any certificate issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

                               VISTEON CORPORATION

                         8.25% Notes due August 1, 2010
                              CUSIP No. 92839U AB 3

No.                                                          U.S. $
   ---                                                             -------------
         VISTEON CORPORATION, a Delaware corporation (the "Corporation"), for
value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of       Dollars ($        ) at the office of the Trustee (as
hereinafter defined), 14 Wall Street, 8th Floor, New York, NY 10005, Attention:
Global Corporate Trust Services, on August 1, 2010, in such coin or currency of
the United States of America as at the time of payment shall be legal tender for
the payment of public and private debts, and to pay interest on said principal
sum at the rate of 8.25% per annum at the office of the Trustee, 14 Wall Street,
8th Floor, New York, NY 10005, Attention: Global Corporate Trust Services, in
like coin or currency from August 3, 2000, semi-annually on February 1 and
August 1, until payment of said principal sum has been made or duly provided
for. The interest so payable on any February 1 or August 1 will, subject to
certain exceptions provided in the Indenture referred to below, be paid to the
person in whose name this Note is registered at the close of business on the
fifteenth day preceding each such February 1 or August 1 at the office of the
Trustee, 14 Wall Street, 8th Floor, New York, NY 10005, Attention: Global
Corporate Trust Services; at the option of the Corporation, interest may be paid
by check to the registered holder hereof entitled thereto at his, her or its
last address as it appears on the registry books, or by wire transfer of
immediately available funds if the registered Holder hereof holds U.S.
$10,000,000 or more in aggregate principal amount and sends wire transfer
instructions to the Trustee as required in the Indenture, and principal may be
paid by check to the registered Holder hereof or other person entitled thereto
against surrender of this Note.

       This Note represents $        of the Corporation's 8.25% Notes due August
1, 2010 (the "Securities"), all issued or to be issued under and pursuant to an
Indenture dated as of June 23, 2000 (the "Indenture"), duly executed and
delivered by the

                                       16

<PAGE>   17

Corporation to Bank One Trust Company, N.A., Trustee (the "Trustee"), to which
Indenture and any indentures supplemental thereto reference is hereby made for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Corporation and the Holders of the
Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any) and may otherwise vary as provided
in the Indenture.

         Initially, the Trustee will act as Paying Agent and Security Registrar.

         The Corporation will, subject to the exceptions and limitations set
forth below, pay as additional interest on this Note such Additional Amounts as
are necessary in order that the net payment by the Corporation's paying agents
of the principal of and interest on this Note to a Holder who is a non-United
States person (as defined below), after deduction for any present or future tax,
assessment or governmental charge of the United States or a political
subdivision or taxing authority thereof or therein, imposed by withholding with
respect to the payment, will not be less than the amount provided in this Note
to be then due and payable; provided, however, that the foregoing obligation to
pay Additional Amounts shall not apply:

         (1)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of the Holder, or a fiduciary,
                  settlor, beneficiary, member or shareholder of the Holder if
                  the Holder is an estate, trust, partnership or corporation, or
                  a person holding a power over an estate or trust administered
                  by a fiduciary Holder, being considered as:

                  (a)      being or having been present or engaged in trade or
                           business in the United States or having or having had
                           a permanent establishment in the United States;

                  (b)      having a current or former relationship with the
                           United States, including a relationship as a citizen
                           or resident thereof;

                  (c)      being or having been a foreign or domestic personal
                           holding company, a passive foreign investment company
                           or a controlled foreign corporation with respect to
                           the United States or a corporation that has
                           accumulated earnings to avoid United States federal
                           income tax; or

                  (d)      being or having been a "10-percent shareholder" of
                           the Corporation as defined in section 871 (h) (3) of
                           the United States

                                       17

<PAGE>   18
                           Internal Revenue Code of 1986, as amended (the
                           "Code"), or any successor provision;

         (2)      to any Holder that is not the sole beneficial owner of this
                  Note, or a portion hereof, or that is a fiduciary or
                  partnership, but only to the extent that a beneficiary or
                  settlor with respect to the fiduciary or a beneficial owner or
                  member of the partnership would not have been entitled to the
                  payment of an Additional Amount had the beneficiary, settlor,
                  beneficial owner or member received directly its beneficial or
                  distributive share of the payment;

         (3)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of the failure of the Holder or any
                  other person to comply with certification, identification or
                  information reporting requirements concerning the nationality,
                  residence, identity or connection with the United States of
                  the Holder or beneficial owner of this Note, if compliance is
                  required by statute, by regulation of the United States
                  Treasury Department or by an applicable income tax treaty to
                  which the United States is a party as a precondition to
                  exemption from, or reduction of, such tax, assessment or other
                  governmental charge;

         (4)      to a tax, assessment or governmental charge that is imposed
                  otherwise than by withholding by the Corporation or a paying
                  agent from the payment;

         (5)      to a tax, assessment or governmental charge that is imposed or
                  withheld solely by reason of a change in law, regulation, or
                  administrative or judicial interpretation that becomes
                  effective more than 15 days after the payment becomes due or
                  is duly provided for, whichever occurs later;

         (6)      to an estate, inheritance, gift, sales, excise, transfer,
                  wealth or personal property tax or a similar tax, assessment
                  or governmental charge;

         (7)      to any tax, assessment or other governmental charge required
                  to be withheld by any paying agent from any payment of
                  principal of or interest on this Note, if such payment can be
                  made without such withholding by any other paying agent; or

         (8)      in the case of any combination of items (1), (2), (3), (4),
                  (5), (6) and (7) above.

                                       18

<PAGE>   19

         This Note is subject in all cases to any tax, fiscal or other law or
regulation or administrative or judicial interpretation applicable thereto.
Except as herein specifically provided, the Corporation will not be required to
make any payment with respect to any tax, assessment or governmental charge
imposed by any government or a political subdivision or taxing authority thereof
or therein.

         As used herein, the term "United States" means the United States of
America (including the States and the District of Columbia) and its territories,
its possessions and other areas subject to its jurisdiction. "United States
person" means (1) any individual who is a citizen or resident of the United
States, (2) a corporation, partnership or other entity created or organized in
or under the laws of the United States, or (3) any estate or trust the income of
which is subject to United States federal income taxation regardless of its
source; and "non-United States person" means a person who is not a United States
person.

         In case an Event of Default, as defined in the Indenture, with respect
to the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable in the manner,
with the effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Corporation and the
Trustee to execute a supplemental indenture to add any provisions to, change in
any manner or eliminate any provisions of, the Indenture or any existing
supplemental indenture, or to modify the rights of the Holders of the Securities
issued under either such Indenture or existing supplemental indenture, with the
consent of the Holders of not less than a majority in principal amount of the
Securities of all series at the time Outstanding that are affected by the
supplemental indenture to be executed (voting as one class) if the supplemental
Indenture to be executed does not:

         i. (a) change the fixed maturity of any Securities, (b) reduce their
         principal amount or premium, if any, (c) reduce the rate or extend the
         time of payment of interest or any additional amounts payable on the
         Securities, (d) reduce the amount due and payable upon acceleration of
         the maturity of the Securities or the amount provable in bankruptcy or
         (e) make the principal of, or any interest, premium or additional
         amounts on, any Security payable in a coin or currency different from
         that provided in the Security,

         (ii) impair the right to initiate suit for the enforcement of any such
         payment on or after the stated maturity of the Securities, or

         (iii) reduce the requirement, stated above, for the consent of the
         Holders of the Securities to any modification described above, or the
         percentage required

                                       19

<PAGE>   20

         for the consent of the Holders to waive defaults, without the consent
         of the Holder of each Security so affected.

         The Indenture also contains provisions permitting the Corporation and
the Trustee to execute supplemental indentures without the consent of the
Holders of the Securities to (a) evidence the assumption by a successor
corporation of the obligations of the Corporation, (b) add covenants for the
protection of the Holders of the Securities, (c) add or change any of the
provisions of the Indenture to permit or facilitate the issuance of Securities
of any series in bearer form and to provide for the exchange of Securities in
bearer form with registered Securities, (d) cure any ambiguity or correct any
inconsistency in the Indenture or in a supplemental indenture, (e) transfer,
assign, mortgage or pledge any property to or with the Trustee, (f) establish
the form or terms of Securities of any series as permitted by the terms of the
Indenture, (g) evidence the acceptance of appointment by a successor trustee and
(h) change or eliminate provisions of the Indenture where the changes or
eliminations do not apply to any Security outstanding and become effective only
when there is no Security outstanding of a series created before the execution
of the supplemental indenture that is entitled to the benefit of the provision
being changed or eliminated.

         No reference herein to the Indenture and no provision of this Note 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 Note
at the place, at the respective times, at the rate, and in the coin or currency,
herein prescribed.

         The Securities may be redeemed in whole at any time, or in part from
time to time, at the option of the Corporation, at a redemption price equal to
the greater of (1) 100% of the principal amount of the Securities to be
redeemed, and (2) the sum of the present values of the remaining scheduled
payments of principal and interest thereon discounted to the date of redemption
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate plus 15 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to redemption.

         "TREASURY RATE" means, with respect to any redemption date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is published weekly by
the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is within three
months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month) or (2) if such
release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal

                                       20

<PAGE>   21

to the semi-annual equivalent yield-to-maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price of
such redemption date. The Treasury Rate will be calculated on the third Business
Day preceding the redemption date.

         "BUSINESS DAY" means any calendar day that is not a Saturday, Sunday or
legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

         "COMPARABLE TREASURY ISSUE" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Securities to be redeemed 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.

         "INDEPENDENT INVESTMENT BANKER" means Goldman, Sachs & Co. and its
successor or, if such firm is unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of national
standing appointed by the Trustee after consultation with the Corporation.

         "COMPARABLE TREASURY PRICE" means (1) the average of five Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest
and lowest Reference Treasury Dealer Quotations, or (2) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations.

         "REFERENCE TREASURY DEALER" means (1) each of Goldman, Sachs & Co.,
Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc. and their
respective successors, provided, however, that if any of the foregoing shall
cease to be a primary U.S. government securities dealer in New York City (a
"Primary Treasury Dealer"), the Corporation will substitute for such underwriter
another Primary Treasury Dealer, and (2) any other Primary Treasury Dealer
selected by the Independent Investment Banker after consultation with the
Corporation.

         "THE REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Independent Investment Banker, 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 Independent Investment Banker at 5:00
p.m., New York City time, on the third Business Day preceding such redemption
date.

                                       21

<PAGE>   22

         If (1) as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any
political subdivision or taxing authority thereof or therein), or any change in,
or amendments to, the official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
is announced or becomes effective on or after July 31, 2000, the Corporation
becomes or will become obligated to pay Additional Amounts or (2) any act is
taken by a taxing authority of the United States on or after July 31, 2000,
whether or not such act is taken with respect to the Corporation or any
affiliate, that results in a substantial probability that the Corporation will
or may be required to pay such Additional Amounts, then the Corporation may, at
its option, redeem, as a whole, but not in part, the Notes on not less than 30
nor more than 60 days' prior notice, at a redemption price equal to 100% of
their principal amount, together with interest accrued but unpaid thereon to the
date fixed for redemption; provided that the Corporation determines, in its
business judgment, that the obligation to pay such additional amounts cannot be
avoided by the use of reasonable measures available to it, not including
substitution of the obligor under the Notes. No redemption pursuant to (2) above
may be made unless the Corporation shall have received an opinion of independent
counsel to the effect that an act taken by a taxing authority of the United
States results in a substantial probability that it will or may be required to
pay the Additional Amounts and the Corporation shall have delivered to the
Trustee a certificate, signed by a duly authorized officer, stating that based
on such opinion the Corporation is entitled to redeem the Notes pursuant to
their terms.

         The Corporation shall have no obligation to redeem, purchase or repay
this Note pursuant to any sinking fund or analogous provision or at the option
of the Holder hereof.

         This Note is subject to defeasance on the terms and conditions stated
in the Indenture.

         Terms defined in the Indenture and not defined otherwise herein shall
have the respective meanings assigned thereto in the Indenture.

         This Note shall not be valid or become obligatory for any purpose until
the certificate of authentication hereon shall have been signed by the Trustee
in accordance with the Indenture.

                                       22

<PAGE>   23

         WITNESS THE SEAL OF THE CORPORATION AND THE SIGNATURES OF ITS DULY
AUTHORIZED OFFICERS.

Dated: August 3, 2000                   VISTEON CORPORATION

                                        By:
                                           -------------------------------------
                                            Name:
                                            Title:
[SEAL]

                                        By:
                                           -------------------------------------
                                            Name:
                                            Title:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

THIS IS ONE OF THE SECURITIES OF THE
SERIES DESIGNATED THEREIN REFERRED TO
IN THE WITHIN-MENTIONED INDENTURE.

BANK ONE TRUST COMPANY, N.A.,
  AS TRUSTEE

By:
   ---------------------------
     Authorized Signatory

                                       23<PAGE>   1
                                                                     EXHIBIT 4.1

                         DUKE ENERGY FIELD SERVICES, LLC

                                       TO

                            THE CHASE MANHATTAN BANK
                                                  TRUSTEE

                          ----------------------------

                          FIRST SUPPLEMENTAL INDENTURE

                           DATED AS OF AUGUST 16, 2000

                          ----------------------------

                                  $600,000,000

                                  7 1/2% NOTES
                                    DUE 2005

                          ----------------------------

                                  $800,000,000

                                  7 7/8% NOTES
                                    DUE 2010

                          ----------------------------

                                  $300,000,000

                                  8 1/8% NOTES
                                    DUE 2030

                          ----------------------------

<PAGE>   2
                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                              <C>
ARTICLE 1. ESTABLISHMENT OF THREE SERIES..........................................................................1

   SECTION 101.   ESTABLISHMENT...................................................................................1

ARTICLE 2. 7 1/2% NOTES DUE 2005..................................................................................2

   SECTION 201.   ESTABLISHMENT...................................................................................2
   SECTION 202.   DEFINITIONS.....................................................................................2
   SECTION 203.   PAYMENT OF PRINCIPAL AND INTEREST...............................................................2
   SECTION 204.   DENOMINATIONS...................................................................................3
   SECTION 205.   GLOBAL SECURITIES...............................................................................3
   SECTION 206.   REDEMPTION AT THE OPTION OF THE COMPANY.........................................................4
   SECTION 207.   PAYING AGENTS...................................................................................5

ARTICLE 3. 7 7/8% NOTES DUE 2010..................................................................................5

   SECTION 301.   ESTABLISHMENT...................................................................................5
   SECTION 302.   DEFINITIONS.....................................................................................6
   SECTION 303.   PAYMENT OF PRINCIPAL AND INTEREST...............................................................6
   SECTION 304.   DENOMINATIONS...................................................................................7
   SECTION 305.   GLOBAL SECURITIES...............................................................................7
   SECTION 306.   REDEMPTION AT THE OPTION OF THE COMPANY.........................................................8
   SECTION 307.   PAYING AGENTS...................................................................................9

ARTICLE 4. 8 1/2% NOTES DUE 2030..................................................................................9

   SECTION 401.   ESTABLISHMENT...................................................................................9
   SECTION 402.   DEFINITIONS.....................................................................................9
   SECTION 403.   PAYMENT OF PRINCIPAL AND INTEREST..............................................................10
   SECTION 404.   DENOMINATIONS..................................................................................11
   SECTION 405.   GLOBAL SECURITIES..............................................................................11
   SECTION 406.   REDEMPTION AT THE OPTION OF THE COMPANY........................................................11
   SECTION 407.   PAYING AGENTS..................................................................................13

ARTICLE 5. MISCELLANEOUS PROVISIONS..............................................................................13

   SECTION 501.   RECITALS BY COMPANY............................................................................13
   SECTION 502.   RATIFICATION AND INCORPORATION OF ORIGINAL INDENTURE...........................................13
   SECTION 503.   EXECUTED IN COUNTERPARTS.......................................................................13
</TABLE>

                                       i
<PAGE>   3
THIS FIRST SUPPLEMENTAL INDENTURE is made as of the 16 day of August, 2000, by
and between DUKE ENERGY FIELD SERVICES, LLC, a Delaware limited liability
company, having its principal office at 370 17th Street, Suite 900, Denver,
Colorado 80202 (the "Company"), and THE CHASE MANHATTAN BANK, a New York banking
corporation, as trustee (herein called the "Trustee").

                              W I T N E S S E T H:

WHEREAS, the Company has heretofore entered into an Indenture, dated as of
August 16, 2000 (the "Original Indenture") with The Chase Manhattan Bank, as
Trustee;

WHEREAS, the Original Indenture is incorporated herein by this reference and the
Original Indenture, as amended and supplemented to the date hereof, including by
this First 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 form and
terms of such series may be established by a supplemental indenture executed by
the Company and the Trustee;

WHEREAS, the Company proposes to create under the Indenture three new 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 First Supplemental Indenture and to make it a valid and binding obligation
of the Company have been done or preformed.

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 1

                          ESTABLISHMENT OF THREE SERIES

Section 101. Establishment. There are hereby established three new series of
Securities to be issued under the Indenture, to be designated as the Company's
7 1/2% Notes due 2005 (the "2005 Notes"), the 7 7/8% Notes due 2010 (the "2010
Notes") and the 8 1/8% Notes due 2030 (the "2030 Notes"). The 2005 Notes shall
have the form and terms specified in Article 2 hereof, the 2010 Notes shall have
the form and terms specified in Article 3 hereof and the 2030 Notes shall have
the form and terms specified in Article 4 hereof.

<PAGE>   4
                                   ARTICLE 2

                              7 1/2% NOTES DUE 2005

Section 201. Establishment. There are to be authenticated and delivered
$600,000,000 principal amount of 2005 Notes, and no further 2005 Notes shall be
authenticated and delivered except as provided by Section 304, 305, 306, 906 or
1106 of the Original Indenture. The 2005 Notes shall be issued in fully
registered form without coupons. The 2005 Notes shall be substantially in the
form set out in Exhibit A hereto.

Each 2005 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 202. Definitions. The following defined terms used herein with respect
to the 2005 Notes shall, unless the context otherwise requires, have the
meanings specified below. Capitalized terms used herein for which no definition
is provided herein shall have the meanings set forth in the Original Indenture.

"Interest Payment Dates" means February 16 and August 16, commencing February
16, 2001.

"Original Issue Date" means August 16, 2000.

"Regular Record Date" means, with respect to each Interest Payment Date, the
close of business on the 15th calendar day prior to such Interest Payment Date.

"Stated Maturity" means August 16, 2005.

Section 203. Payment of Principal and Interest. The principal of the 2005 Notes
shall be due at Stated Maturity, unless earlier redeemed. The unpaid amount of
the 2005 Notes shall bear interest at the rate of 7 1/2% per annum until paid or
duly provided for, such interest to accrue from the Original Issue Date 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 2005 Notes are
registered on the Regular Record Date for such Interest Payment Date; provided
that interest payable at the Stated Maturity of principal 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 2005 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 2005 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 2005 Notes may be listed, and upon such notice

                                       2
<PAGE>   5
as may be required by any such exchange, all as more fully provided in the
Original Indenture.

Payments of interest on the 2005 Notes shall include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for the 2005
Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on the 2005
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. "Business Day" means
a day other than (i) a Saturday or a Sunday, (ii) a day on which banking
institutions in the Place of Payment are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

Payment of principal of, premium, if any, and interest on the 2005 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 2005 Notes represented by a
Global Security shall be made by wire transfer of immediately available funds to
the Holder of such Global Security; provided that, in the case of payments of
principal and premium, if any, such Global Security is first surrendered to a
Paying Agent. If any of the 2005 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 2005 Notes shall be made at the
office of any Paying Agent upon surrender of such 2005 Notes to such Paying
Agent and (ii) payments of interest shall be made, at the option of the Company,
subject to such surrender where applicable, (A) by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security
Register or (B) by 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 204. Denominations. The 2005 Notes shall be issued in denominations of
$1,000 or any integral multiple thereof.

Section 205. Global Securities. The 2005 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, 2005 Notes represented by such
Global Security or Global Securities shall not be exchangeable for, and shall
not otherwise be issuable as, 2005 Notes in definitive form. The Global
Securities described above 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 shall be exchangeable for 2005 Notes registered in the names
of Persons other than the Depositary or its nominee only if (i) the Depositary
notifies the

                                       3
<PAGE>   6
Company 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
Company within 90 days of receipt by the Company of such notification, or if at
any time the Depositary ceases to be a clearing agency registered under 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 Company within 90 days after it becomes aware of such cessation, or (ii) the
Company in its sole discretion determines that such Global Security shall be so
exchangeable. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for 2005 Notes registered in such names as the
Depositary shall direct.

Section 206. Redemption at the Option of the Company. The 2005 Notes shall be
redeemable, in whole or in part at any time, at the option of the Company on any
date (a "Redemption Date"), at a Redemption Price equal to the greater of (i)
100% of the principal amount of the 2005 Notes to be redeemed and (ii) the sum
of the present values of the principal amount of the 2005 Notes to be redeemed
and the remaining scheduled payments of interest thereon (exclusive of interest
accrued to the Redemption Date) from the Redemption Date to the respective
scheduled payment dates discounted from their respective scheduled payment dates
to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate (as hereinafter defined) plus 15
basis points, plus, in either case, accrued and unpaid interest on the principal
amount being redeemed to such Redemption Date.

"Comparable Treasury Issue" means the United States Treasury security selected
by the Quotation Agent as having a maturity comparable to the term between the
Redemption Date and the Stated Maturity (the "Remaining Life") 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 with the Remaining Life.

"Comparable Treasury Price" means, with respect to any Redemption Date, the
average of two Reference Treasury Dealer Quotations for such Redemption Date.

"Quotation Agent" means the Reference Treasury Dealer appointed by the Company.

"Reference Treasury Dealer" means each of Merrill Lynch Government Securities
Inc. and J.P. Morgan Securities Inc., and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in The City of New York (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.

"Reference Treasury Dealer Quotation" means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the
Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m., The City
of New York time, on the third Business Day preceding such Redemption Date.

                                       4
<PAGE>   7
"Treasury Rate" means, with respect to any Redemption Date, (1) the yield, under
the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated "H.15
(519)" or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on actively
traded United States Treasury securities adjusted to constant maturity under the
caption "Treasury Constant Maturities," for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after
the Stated Maturity, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined, and the
Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (2) if such release (or
any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
the Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

Notwithstanding Section 1104 of the Original Indenture, the notice of redemption
with respect to the foregoing redemption need not set forth the Redemption Price
but only the manner of calculation thereof.

The Company shall notify the Trustee of the Redemption Price with respect to the
foregoing redemption promptly after the calculation thereof. The Trustee shall
not be responsible for calculating said Redemption Price.

If less than all of the 2005 Notes are to be redeemed, the Trustee shall select
the 2005 Notes or portions of 2005 Notes to be redeemed by such method as the
Trustee shall deem fair and appropriate. The Trustee may select for redemption
2005 Notes and portions of 2005 Notes in amounts of whole multiples of $1,000.

The 2005 Notes shall not have a sinking fund.

Section 207. Paying Agents. The Trustee shall initially serve as the principal
Paying Agent with respect to the 2005 Notes, and the principal Place of Payment
shall initially be the office of The Chase Manhattan Bank at 55 Water Street,
New York, New York 10041.

                                   ARTICLE 3

                             7 7/8% NOTES DUE 2010

Section 301. Establishment. There are to be authenticated and delivered
$800,000,000 principal amount of 2010 Notes, and no further 2010 Notes shall be
authenticated and delivered except as provided by Section 304, 305, 306, 906 or
1106 of the Original Indenture. The 2010 Notes shall be issued in fully
registered form without coupons. The 2010 Notes shall be substantially in the
form set out in Exhibit B hereto.

                                       5
<PAGE>   8
Each 2010 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 302. Definitions. The following defined terms used herein with respect
to the 2010 Notes shall, unless the context otherwise requires, have the
meanings specified below. Capitalized terms used herein for which no definition
is provided herein shall have the meanings set forth in the Original Indenture.

"Interest Payment Dates" means February 16 and August 16, commencing February
16, 2001.

"Original Issue Date" means August 16, 2000.

"Regular Record Date" means, with respect to each Interest Payment Date, the
close of business on the 15th calendar day prior to such Interest Payment Date.

"Stated Maturity" means August 16, 2010.

Section 303. Payment of Principal and Interest. The principal of the 2010 Notes
shall be due at Stated Maturity, unless earlier redeemed. The unpaid amount of
the 2010 Notes shall bear interest at the rate of 7 7/8% per annum until paid or
duly provided for, such interest to accrue from the Original Issue Date 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 2010 Notes are
registered on the Regular Record Date for such Interest Payment Date; provided
that interest payable at the Stated Maturity of principal 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 2010 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 2010 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 2010 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 2010 Notes shall include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for the 2010
Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on the 2010
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. "Business Day" means
a day other than (i) a Saturday or a Sunday, (ii) a day on which

                                       6
<PAGE>   9
banking institutions in the Place of Payment are authorized or obligated by law
or executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

Payment of principal of, premium, if any, and interest on the 2010 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 2010 Notes represented by a
Global Security shall be made by wire transfer of immediately available funds to
the Holder of such Global Security; provided that, in the case of payments of
principal and premium, if any, such Global Security is first surrendered to a
Paying Agent. If any of the 2010 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 2010 Notes shall be made at the
office of any Paying Agent upon surrender of such 2010 Notes to such Paying
Agent and (ii) payments of interest shall be made, at the option of the Company,
subject to such surrender where applicable, (A) by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security
Register or (B) by 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 304. Denominations. The 2010 Notes shall be issued in denominations of
$1,000 or any integral multiple thereof.

Section 305. Global Securities. The 2010 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, 2010 Notes represented by such
Global Security or Global Securities shall not be exchangeable for, and shall
not otherwise be issuable as, 2010 Notes in definitive form. The Global
Securities described above 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 shall be exchangeable for 2010 Notes registered in the names
of Persons other than the Depositary or its nominee only if (i) the Depositary
notifies the Company 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 Company within 90 days of receipt by the Company of such notification, or
if at any time the Depositary ceases to be a clearing agency registered under
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 Company within 90 days after it becomes aware of such cessation, or (ii)
the Company in its sole discretion determines that such Global Security shall be
so exchangeable. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for 2010 Notes registered in such names
as the Depositary shall direct.

                                       7
<PAGE>   10
Section 306. Redemption at the Option of the Company. The 2010 Notes shall be
redeemable, in whole or in part at any time, at the option of the Company on any
date (a "Redemption Date"), at a Redemption Price equal to the greater of (i)
100% of the principal amount of the 2010 Notes to be redeemed and (ii) the sum
of the present values of the principal amount of the 2010 Notes to be redeemed
and the remaining scheduled payments of interest thereon (exclusive of interest
accrued to the Redemption Date) from the Redemption Date to the respective
scheduled payment dates discounted from their respective scheduled payment dates
to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate (as hereinafter defined) plus 20
basis points, plus, in either case, accrued and unpaid interest on the principal
amount being redeemed to such Redemption Date.

"Comparable Treasury Issue" means the United States Treasury security selected
by the Quotation Agent as having a maturity comparable to the term between the
Redemption Date and the Stated Maturity (the "Remaining Life") 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 with the Remaining Life.

"Comparable Treasury Price" means, with respect to any Redemption Date, the
average of two Reference Treasury Dealer Quotations for such Redemption Date.

"Quotation Agent" means the Reference Treasury Dealer appointed by the Company.

"Reference Treasury Dealer" means each of Merrill Lynch Government Securities
Inc. and J.P. Morgan Securities Inc., and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in The City of New York (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.

"Reference Treasury Dealer Quotation" means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the
Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m., The City
of New York time, on the third Business Day preceding such Redemption Date.

"Treasury Rate" means, with respect to any Redemption Date, (1) the yield, under
the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated "H.15
(519)" or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on actively
traded United States Treasury securities adjusted to constant maturity under the
caption "Treasury Constant Maturities," for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after
the Stated Maturity, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined, and the
Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (2) if such release (or
any successor release) is

                                       8
<PAGE>   11
not published during the week preceding the calculation date or does not contain
such yields, the rate per year equal to the semiannual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for the Redemption Date. The Treasury
Rate will be calculated on the third Business Day preceding the Redemption Date.

Notwithstanding Section 1104 of the Original Indenture, the notice of redemption
with respect to the foregoing redemption need not set forth the Redemption Price
but only the manner of calculation thereof.

The Company shall notify the Trustee of the Redemption Price with respect to the
foregoing redemption promptly after the calculation thereof. The Trustee shall
not be responsible for calculating said Redemption Price.

If less than all of the 2010 Notes are to be redeemed, the Trustee shall select
the 2010 Notes or portions of 2010 Notes to be redeemed by such method as the
Trustee shall deem fair and appropriate. The Trustee may select for redemption
2010 Notes and portions of 2010 Notes in amounts of whole multiples of $1,000.

The 2010 Notes shall not have a sinking fund.

Section 307. Paying Agents. The Trustee shall initially serve as the principal
Paying Agent with respect to the 2010 Notes, and the principal Place of Payment
shall initially be the office of The Chase Manhattan Bank at 55 Water Street,
New York, New York 10041.

                                   ARTICLE 4

                             8 1/8% NOTES DUE 2030

Section 401. Establishment. There are to be authenticated and delivered
$300,000,000 principal amount of 2030 Notes, and no further 2030 Notes shall be
authenticated and delivered except as provided by Section 304, 305, 306, 906 or
1106 of the Original Indenture. The 2030 Notes shall be issued in fully
registered form without coupons. The 2030 Notes shall be substantially in the
form set out in Exhibit C hereto.

Each 2030 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 402. Definitions. The following defined terms used herein with respect
to the 2030 Notes shall, unless the context otherwise requires, have the
meanings specified below. Capitalized terms used herein for which no definition
is provided herein shall have the meanings set forth in the Original Indenture.

                                       9
<PAGE>   12
"Interest Payment Dates" means February 16 and August 16, commencing February
16, 2001.

"Original Issue Date" means August 16, 2000.

"Regular Record Date" means, with respect to each Interest Payment Date, the
close of business on the 15th calendar day prior to such Interest Payment Date.

"Stated Maturity" means August 16, 2030.

Section 403. Payment of Principal and Interest. The principal of the 2030 Notes
shall be due at Stated Maturity, unless earlier redeemed. The unpaid amount of
the 2030 Notes shall bear interest at the rate of 8 1/8% per annum until paid or
duly provided for, such interest to accrue from the Original Issue Date 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 2030 Notes are
registered on the Regular Record Date for such Interest Payment Date; provided
that interest payable at the Stated Maturity of principal 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 2030 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 2030 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 2030 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 2030 Notes shall include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for the 2030
Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. In the event that any date on which interest is payable on the 2030
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. "Business Day" means
a day other than (i) a Saturday or a Sunday, (ii) a day on which banking
institutions in the Place of Payment are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

Payment of principal of, premium, if any, and interest on the 2030 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 2030 Notes represented by a
Global Security shall be made by wire transfer of immediately available funds to
the Holder of such Global Security; provided

                                       10
<PAGE>   13
that, in the case of payments of principal and premium, if any, such Global
Security is first surrendered to a Paying Agent. If any of the 2030 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 2030
Notes shall be made at the office of any Paying Agent upon surrender of such
2030 Notes to such Paying Agent and (ii) payments of interest shall be made, at
the option of the Company, subject to such surrender where applicable, (A) by
check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or (B) by 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 404. Denominations. The 2030 Notes shall be issued in denominations of
$1,000 or any integral multiple thereof.

Section 405. Global Securities. The 2030 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, 2030 Notes represented by such
Global Security or Global Securities shall not be exchangeable for, and shall
not otherwise be issuable as, 2030 Notes in definitive form. The Global
Securities described above 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 shall be exchangeable for 2030 Notes registered in the names
of Persons other than the Depositary or its nominee only if (i) the Depositary
notifies the Company 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 Company within 90 days of receipt by the Company of such notification, or
if at any time the Depositary ceases to be a clearing agency registered under
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 Company within 90 days after it becomes aware of such cessation, or (ii)
the Company in its sole discretion determines that such Global Security shall be
so exchangeable. Any Global Security that is exchangeable pursuant to the
preceding sentence shall be exchangeable for 2030 Notes registered in such names
as the Depositary shall direct.

Section 406. Redemption at the Option of the Company. The 2030 Notes shall be
redeemable, in whole or in part at any time, at the option of the Company on any
date (a "Redemption Date"), at a Redemption Price equal to the greater of (i)
100% of the principal amount of the 2030 Notes to be redeemed and (ii) the sum
of the present values of the principal amount of the 2030 Notes to be redeemed
and the remaining scheduled payments of interest thereon (exclusive of interest
accrued to the Redemption Date) from the Redemption Date to the respective
scheduled payment dates discounted from their respective scheduled payment dates
to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate (as

                                       11
<PAGE>   14
hereinafter defined) plus 25 basis points, plus, in either case, accrued and
unpaid interest on the principal amount being redeemed to such Redemption Date.

"Comparable Treasury Issue" means the United States Treasury security selected
by the Quotation Agent as having a maturity comparable to the term between the
Redemption Date and the Stated Maturity (the "Remaining Life") 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 with the Remaining Life.

"Comparable Treasury Price" means, with respect to any Redemption Date, the
average of two Reference Treasury Dealer Quotations for such Redemption Date.

"Quotation Agent" means the Reference Treasury Dealer appointed by the Company.

"Reference Treasury Dealer" means each of Merrill Lynch Government Securities
Inc. and J.P. Morgan Securities Inc., and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in The City of New York (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.

"Reference Treasury Dealer Quotation" means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the
Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m., The City
of New York time, on the third Business Day preceding such Redemption Date.

"Treasury Rate" means, with respect to any Redemption Date, (1) the yield, under
the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated "H.15
(519)" or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on actively
traded United States Treasury securities adjusted to constant maturity under the
caption "Treasury Constant Maturities," for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after
the Stated Maturity, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined, and the
Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (2) if such release (or
any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
the Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

                                       12
<PAGE>   15
Notwithstanding Section 1104 of the Original Indenture, the notice of redemption
with respect to the foregoing redemption need not set forth the Redemption Price
but only the manner of calculation thereof.

The Company shall notify the Trustee of the Redemption Price with respect to the
foregoing redemption promptly after the calculation thereof. The Trustee shall
not be responsible for calculating said Redemption Price.

If less than all of the 2030 Notes are to be redeemed, the Trustee shall select
the 2030 Notes or portions of 2030 Notes to be redeemed by such method as the
Trustee shall deem fair and appropriate. The Trustee may select for redemption
2030 Notes and portions of 2030 Notes in amounts of whole multiples of $1,000.

The 2030 Notes shall not have a sinking fund.

Section 407. Paying Agents. The Trustee shall initially serve as the principal
Paying Agent with respect to the 2030 Notes, and the principal Place of Payment
shall initially be the office of The Chase Manhattan Bank at 55 Water Street,
New York, New York 10041.

                                   ARTICLE 5

                            MISCELLANEOUS PROVISIONS

Section 501. Recitals by Company. The recitals in this First Supplemental
Indenture are made by the Company 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 2005 Notes, the 2010 Notes and the 2030 Notes and this First
Supplemental Indenture as fully and with like effect as if set forth herein in
full.

Section 502. 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 First Supplemental Indenture
shall be read, taken and construed as one and the same instrument.

Section 503. Executed in Counterparts. This First 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.

                                       13
<PAGE>   16
IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in
its name and behalf by its duly authorized officers, all as of the day and year
first above written.

                                       Duke Energy Field Services, LLC

                                       By:
                                          --------------------------------------

                                       The Chase Manhattan Bank,
                                         as Trustee

                                       By:
                                          --------------------------------------

                                       14
<PAGE>   17
                                                                       EXHIBIT A

                                     FORM OF
                                   7 1/2% NOTE
                                    DUE 2005

No.                                                          CUSIP No. 26439XAA1

                         DUKE ENERGY FIELD SERVICES, LLC
                                   7 1/2% NOTE
                                    DUE 2005

Principal Amount:

Regular Record Date: close of business on the 15th calendar day prior to the
relevant Interest Payment Date

Original Issue Date: August 16, 2000

Stated Maturity: August 16, 2005

Interest Payment Dates: February 16 and August 16, commencing February 16, 2001

Interest Rate: 7 1/2% per annum

Authorized Denomination: $1,000 or any integral multiple thereof

Duke Energy Field Services, LLC, a limited liability company duly organized and
existing under the laws of the state of Delaware (the "Company," which term
includes any successor company 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 the Interest Payment
Date next succeeding the Original Issue Date shown above and on the Stated
Maturity at the rate per annum shown above (the "Interest Rate") until the
principal hereof is paid or made available for payment, provided that principal
and premium, and any such installment of interest, which is overdue shall bear
interest at the same rate per annum (to the extent that the payment of such
interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be
payable on demand. 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 Security (or one or more Predecessor
Securities) is registered at the close of business on the 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

                                      A-1
<PAGE>   18
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 (or one or more Predecessor Securities) 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 the Holder of this Security 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 of this series shall be listed, and upon such notice as may be
required by any such exchange, all as more fully provided in the Indenture.

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 of twelve
30-day months. 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 a day other than (i) a Saturday or a Sunday, (ii) a day on which banking
institutions in the place of payment are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

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 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; provided
that, in the case of payments of principal and premium, if any, such Global
Security is first surrendered to the Paying Agent. 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,
which is initially at 55 Water Street, New York, New York 10041, upon surrender
of such Securities to the Paying Agent, and (ii) payments of interest shall be
made, at the option of the Company, subject to such surrender where applicable,
(A) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or (B) by 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.

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.

                                      A-2
<PAGE>   19
Unless the certificate of authentication hereon has been executed by the Trustee
by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

                                      A-3
<PAGE>   20
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:

                                        Duke Energy Field Services, LLC

                                        By:
                                           -------------------------------------

                          CERTIFICATE OF AUTHENTICATION

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

                                        The Chase Manhattan Bank,
                                          as Trustee

                                        By:
                                           -------------------------------------
                                           Authorized Officer

                                      A-4
<PAGE>   21
                           (REVERSE SIDE OF SECURITY)

This Security is one of a duly authorized issue of Securities of the Company
(the "Securities"), issued and issuable in one or more series under an
Indenture, dated as of August 16, 2000, as supplemented (the "Indenture"),
between the Company and The Chase Manhattan Bank, 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 Company, 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 as
the 7 1/2% Notes due 2005 (the "2005 Notes"), limited in aggregate principal
amount of $600,000,000. Capitalized terms used herein for which no definitions
are provided herein shall have the meanings set forth in the Indenture.

The 2005 Notes shall be redeemable, in whole or in part at any time, at the
option of the Company on any date (a "Redemption Date"), at a Redemption Price
equal to the greater of (i) 100% of the principal amount of the 2005 Notes to be
redeemed and (ii) the sum of the present values of the principal amount of the
2005 Notes to be redeemed and the remaining scheduled payments of interest
thereon (exclusive of interest accrued to the Redemption Date) from the
Redemption Date to the respective scheduled payment dates discounted from their
respective scheduled payment dates to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate (as hereinafter defined) plus 15 basis points, plus, in either case,
accrued and unpaid interest on the principal amount being redeemed to such
Redemption Date.

"Comparable Treasury Issue" means the United States Treasury security selected
by the Quotation Agent as having a maturity comparable to the term between the
Redemption Date and the Stated Maturity (the "Remaining Life") 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 with the Remaining Life.

"Comparable Treasury Price" means, with respect to any Redemption Date, the
average of two Reference Treasury Dealer Quotations for such Redemption Date.

"Quotation Agent" means the Reference Treasury Dealer appointed by the Company.

"Reference Treasury Dealer" means each of Merrill Lynch Government Securities
Inc. and J.P. Morgan Securities Inc., and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in The City of New York (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.

"Reference Treasury Dealer Quotation" means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the
Trustee, 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 Trustee by such Reference

                                      A-5
<PAGE>   22
Treasury Dealer at 5:00 p.m., The City of New York time, on the third Business
Day preceding such Redemption Date.

"Treasury Rate" means, with respect to any Redemption Date, (1) the yield, under
the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated "H.15
(519)" or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on actively
traded United States Treasury securities adjusted to constant maturity under the
caption "Treasury Constant Maturities," for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after
the Stated Maturity, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined, and the
Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (2) if such release (or
any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
the Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

The Trustee shall initially serve as the principal Paying Agent with respect to
the Securities of this series, and the principal Place of Payment shall
initially be at the office of The Chase Manhattan Bank at 55 Water Street, New
York, New York 10041.

Notice of any redemption by the Company will be mailed at least 30 days but not
more than 60 days before any Redemption Date to each Holder of 2005 Notes to be
redeemed. If less than all the 2005 Notes are to be redeemed at the option of
the Company, the Trustee shall select, in such manner as it shall deem fair and
appropriate, the 2005 Notes to be redeemed in whole or in part. The Trustee may
select for redemption 2005 Notes and portions of 2005 Notes in amounts of whole
multiples of $1,000.

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
Company and the rights of the Holders of the Securities of all series affected
under the Indenture at any time by the Company 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

                                      A-6
<PAGE>   23
each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company 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.

As provided in and subject to the provisions of the Indenture, the Holder of
this Security shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than a majority in principal
amount of the Securities of this series at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable indemnity, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction
inconsistent with such request and shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed
herein.

No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, 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.

The Indenture contains provisions for defeasance at any time of the entire
indebtedness of the Securities of this series or of any 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.

Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company 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 Company, 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 $1,000 and any integral multiple 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 like tenor 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
Company.

                                      A-7
<PAGE>   24
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 any office or
agency of the Company for such purpose, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company 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 Company may require payment of a sum efficient to cover any
tax or other governmental charge payable in connection therewith.

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

                                      A-8
<PAGE>   25
                                  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:

<TABLE>
<S>                                               <C>
TEN COM -  as tenants in common                   UNIF GIFT MIN ACT - ___ Custodian _______
                                                                     (Cust)         (Minor)

TEN ENT -  as tenants by the entireties                               under Uniform Gifts to
                                                                      Minors Act _______
                                                                                 (State)

JT TEN - as joint tenants with rights of
         survivorship and not as tenants in
         common
</TABLE>

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 PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE, AND INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE.

________________________________________________________________________________
the within Security and all rights thereunder, hereby irrevocably constituting
and appointing _________________________________________________________________
agent to transfer said Security on the books of the Company, 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.

                                      A-9
<PAGE>   26
                                                                       EXHIBIT B

                                     FORM OF
                                  7 7/8% NOTE
                                    DUE 2010

No.                                                          CUSIP No. 26439XAB9

                         DUKE ENERGY FIELD SERVICES, LLC
                                  7 7/8% NOTE
                                    DUE 2010

Principal Amount:

Regular Record Date: close of business on the 15th calendar day prior to the
relevant Interest Payment Date

Original Issue Date: August 16, 2000

Stated Maturity: August 16, 2010

Interest Payment Dates: February 16 and August 16, commencing February 16, 2001

Interest Rate: 7 7/8% per annum

Authorized Denomination: $1,000 or any integral multiple thereof

Duke Energy Field Services, LLC, a limited liability company duly organized and
existing under the laws of the state of Delaware (the "Company," which term
includes any successor company 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 the Interest Payment
Date next succeeding the Original Issue Date shown above and on the Stated
Maturity at the rate per annum shown above (the "Interest Rate") until the
principal hereof is paid or made available for payment, provided that principal
and premium, and any such installment of interest, which is overdue shall bear
interest at the same rate per annum (to the extent that the payment of such
interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be
payable on demand. 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 Security (or one or more Predecessor
Securities) is registered at the close of business on the 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

                                       B-1
<PAGE>   27
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 (or one or more Predecessor Securities) 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 the Holder of this Security 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 of this series shall be listed, and upon such notice as may be
required by any such exchange, all as more fully provided in the Indenture.

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 of twelve
30-day months. 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 a day other than (i) a Saturday or a Sunday, (ii) a day on which banking
institutions in the place of payment are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

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 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; provided
that, in the case of payments of principal and premium, if any, such Global
Security is first surrendered to the Paying Agent. 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,
which is initially at 55 Water Street, New York, New York 10041, upon surrender
of such Securities to the Paying Agent, and (ii) payments of interest shall be
made, at the option of the Company, subject to such surrender where applicable,
(A) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or (B) by 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.

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.

                                      B-2
<PAGE>   28
Unless the certificate of authentication hereon has been executed by the Trustee
by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

                                      B-3
<PAGE>   29
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:

                                        Duke Energy Field Services, LLC

                                        By:
                                           -------------------------------------

                          CERTIFICATE OF AUTHENTICATION

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

                                        The Chase Manhattan Bank,
                                          as Trustee

                                        By:
                                           -------------------------------------
                                           Authorized Officer

                                      B-4
<PAGE>   30
                           (REVERSE SIDE OF SECURITY)

This Security is one of a duly authorized issue of Securities of the Company
(the "Securities"), issued and issuable in one or more series under an
Indenture, dated as of August 16, 2000, as supplemented (the "Indenture"),
between the Company and The Chase Manhattan Bank, 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 Company, 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 as
the 7 7/8% Notes due 2010 (the "2010 Notes"), limited in aggregate principal
amount of $800,000,000. Capitalized terms used herein for which no definitions
are provided herein shall have the meanings set forth in the Indenture.

The 2010 Notes shall be redeemable, in whole or in part at any time, at the
option of the Company on any date (a "Redemption Date"), at a Redemption Price
equal to the greater of (i) 100% of the principal amount of the 2010 Notes to be
redeemed and (ii) the sum of the present values of the principal amount of the
2010 Notes to be redeemed and the remaining scheduled payments of interest
thereon (exclusive of interest accrued to the Redemption Date) from the
Redemption Date to the respective scheduled payment dates discounted from their
respective scheduled payment dates to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate (as hereinafter defined) plus 20 basis points, plus, in either case,
accrued and unpaid interest on the principal amount being redeemed to such
Redemption Date.

"Comparable Treasury Issue" means the United States Treasury security selected
by the Quotation Agent as having a maturity comparable to the term between the
Redemption Date and the Stated Maturity (the "Remaining Life") 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 with the Remaining Life.

"Comparable Treasury Price" means, with respect to any Redemption Date, the
average of two Reference Treasury Dealer Quotations for such Redemption Date.

"Quotation Agent" means the Reference Treasury Dealer appointed by the Company.

"Reference Treasury Dealer" means each of Merrill Lynch Government Securities
Inc. and J.P. Morgan Securities Inc., and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in The City of New York (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.

"Reference Treasury Dealer Quotation" means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the
Trustee, 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 Trustee by such Reference

                                      B-5
<PAGE>   31
Treasury Dealer at 5:00 p.m., The City of New York time, on the third Business
Day preceding such Redemption Date.

"Treasury Rate" means, with respect to any Redemption Date, (1) the yield, under
the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated "H.15
(519)" or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on actively
traded United States Treasury securities adjusted to constant maturity under the
caption "Treasury Constant Maturities," for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after
the Stated Maturity, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined, and the
Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (2) if such release (or
any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
the Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

The Trustee shall initially serve as the principal Paying Agent with respect to
the Securities of this series, and the principal Place of Payment shall
initially be at the office of The Chase Manhattan Bank at 55 Water Street, New
York, New York 10041.

Notice of any redemption by the Company will be mailed at least 30 days but not
more than 60 days before any Redemption Date to each Holder of 2010 Notes to be
redeemed. If less than all the 2010 Notes are to be redeemed at the option of
the Company, the Trustee shall select, in such manner as it shall deem fair and
appropriate, the 2010 Notes to be redeemed in whole or in part. The Trustee may
select for redemption 2010 Notes and portions of 2010 Notes in amounts of whole
multiples of $1,000.

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
Company and the rights of the Holders of the Securities of all series affected
under the Indenture at any time by the Company 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

                                      B-6
<PAGE>   32
each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company 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.

As provided in and subject to the provisions of the Indenture, the Holder of
this Security shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than a majority in principal
amount of the Securities of this series at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable indemnity, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction
inconsistent with such request and shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed
herein.

No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, 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.

The Indenture contains provisions for defeasance at any time of the entire
indebtedness of the Securities of this series or of any 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.

Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company 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 Company, 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 $1,000 and any integral multiple 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 like tenor 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
Company.

                                      B-7
<PAGE>   33
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 any office or
agency of the Company for such purpose, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company 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 Company may require payment of a sum efficient to cover any
tax or other governmental charge payable in connection therewith.

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

                                      B-8
<PAGE>   34
                                  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:

<TABLE>
<S>                                               <C>
TEN COM -  as tenants in common                   UNIF GIFT MIN ACT - ___   Custodian _______
                                                                     (Cust)           (Minor)

TEN ENT -  as tenants by the entireties                               under Uniform Gifts to
                                                                      Minors Act _______
                                                                                 (State)

JT TEN - as joint tenants with rights of
         survivorship and not as tenants in
         common
</TABLE>

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 PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE, AND INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
the within Security and all rights thereunder, hereby irrevocably constituting
and appointing _________________________________________________________________
agent to transfer said Security on the books of the Company, 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.

                                      B-9
<PAGE>   35
                                                                       EXHIBIT C

                                     FORM OF
                                  8 1/8% NOTE
                                    DUE 2030

No.                                                          CUSIP No. 26439XAC7

                         DUKE ENERGY FIELD SERVICES, LLC
                                  8 1/8% NOTE
                                    DUE 2030

Principal Amount:

Regular Record Date: close of business on the 15th calendar day prior to the
relevant Interest Payment Date

Original Issue Date: August 16, 2000

Stated Maturity: August 16, 2030

Interest Payment Dates: February 16 and August 16, commencing February 16, 2001

Interest Rate: 8 1/8% per annum

Authorized Denomination: $1,000 or any integral multiple thereof

Duke Energy Field Services, LLC, a limited liability company duly organized and
existing under the laws of the state of Delaware (the "Company," which term
includes any successor company 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 the Interest Payment
Date next succeeding the Original Issue Date shown above and on the Stated
Maturity at the rate per annum shown above (the "Interest Rate") until the
principal hereof is paid or made available for payment, provided that principal
and premium, and any such installment of interest, which is overdue shall bear
interest at the same rate per annum (to the extent that the payment of such
interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be
payable on demand. 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 Security (or one or more Predecessor
Securities) is registered at the close of business on the 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

                                      C-1
<PAGE>   36
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 (or one or more Predecessor Securities) 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 the Holder of this Security 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 of this series shall be listed, and upon such notice as may be
required by any such exchange, all as more fully provided in the Indenture.

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 of twelve
30-day months. 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 a day other than (i) a Saturday or a Sunday, (ii) a day on which banking
institutions in the place of payment are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

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 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; provided
that, in the case of payments of principal and premium, if any, such Global
Security is first surrendered to the Paying Agent. 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,
which is initially at 55 Water Street, New York, New York 10041, upon surrender
of such Securities to the Paying Agent, and (ii) payments of interest shall be
made, at the option of the Company, subject to such surrender where applicable,
(A) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or (B) by 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.

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.

                                      C-2
<PAGE>   37
Unless the certificate of authentication hereon has been executed by the Trustee
by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

                                      C-3
<PAGE>   38
IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:

                                        Duke Energy Field Services, LLC

                                        By:
                                           -------------------------------------

                          CERTIFICATE OF AUTHENTICATION

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

                                        The Chase Manhattan Bank,
                                          as Trustee

                                        By:
                                           -------------------------------------
                                           Authorized Officer

                                      C-4
<PAGE>   39
                           (REVERSE SIDE OF SECURITY)

This Security is one of a duly authorized issue of Securities of the Company
(the "Securities"), issued and issuable in one or more series under an
Indenture, dated as of August 16, 2000, as supplemented (the "Indenture"),
between the Company and The Chase Manhattan Bank, 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 Company, 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 as
the 8 1/8% Notes due 2030 (the "2030 Notes"), limited in aggregate principal
amount of $300,000,000. Capitalized terms used herein for which no definitions
are provided herein shall have the meanings set forth in the Indenture.

The 2030 Notes shall be redeemable, in whole or in part at any time, at the
option of the Company on any date (a "Redemption Date"), at a Redemption Price
equal to the greater of (i) 100% of the principal amount of the 2030 Notes to be
redeemed and (ii) the sum of the present values of the principal amount of the
2030 Notes to be redeemed and the remaining scheduled payments of interest
thereon (exclusive of interest accrued to the Redemption Date) from the
Redemption Date to the respective scheduled payment dates discounted from their
respective scheduled payment dates to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate (as hereinafter defined) plus 25 basis points, plus, in either case,
accrued and unpaid interest on the principal amount being redeemed to such
Redemption Date.

"Comparable Treasury Issue" means the United States Treasury security selected
by the Quotation Agent as having a maturity comparable to the term between the
Redemption Date and the Stated Maturity (the "Remaining Life") 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 with the Remaining Life.

"Comparable Treasury Price" means, with respect to any Redemption Date, the
average of two Reference Treasury Dealer Quotations for such Redemption Date.

"Quotation Agent" means the Reference Treasury Dealer appointed by the Company.

"Reference Treasury Dealer" means each of Merrill Lynch Government Securities
Inc. and J.P. Morgan Securities Inc., and their respective successors; provided,
however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in The City of New York (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.

"Reference Treasury Dealer Quotation" means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the
Trustee, 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 Trustee by such Reference

                                      C-5
<PAGE>   40
Treasury Dealer at 5:00 p.m., The City of New York time, on the third Business
Day preceding such Redemption Date.

"Treasury Rate" means, with respect to any Redemption Date, (1) the yield, under
the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated "H.15
(519)" or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System and which establishes yields on actively
traded United States Treasury securities adjusted to constant maturity under the
caption "Treasury Constant Maturities," for the maturity corresponding to the
Comparable Treasury Issue (if no maturity is within three months before or after
the Stated Maturity, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined, and the
Treasury Rate shall be interpolated or extrapolated from such yields on a
straight-line basis, rounding to the nearest month) or (2) if such release (or
any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
the Redemption Date. The Treasury Rate will be calculated on the third Business
Day preceding the Redemption Date.

The Trustee shall initially serve as the principal Paying Agent with respect to
the Securities of this series, and the principal Place of Payment shall
initially be at the office of The Chase Manhattan Bank at 55 Water Street, New
York, New York 10041.

Notice of any redemption by the Company will be mailed at least 30 days but not
more than 60 days before any Redemption Date to each Holder of 2030 Notes to be
redeemed. If less than all the 2030 Notes are to be redeemed at the option of
the Company, the Trustee shall select, in such manner as it shall deem fair and
appropriate, the 2030 Notes to be redeemed in whole or in part. The Trustee may
select for redemption 2030 Notes and portions of 2030 Notes in amounts of whole
multiples of $1,000.

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
Company and the rights of the Holders of the Securities of all series affected
under the Indenture at any time by the Company 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

                                      C-6
<PAGE>   41
each series at the time Outstanding, on behalf of the Holders of all Securities
of such series, to waive compliance by the Company 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.

As provided in and subject to the provisions of the Indenture, the Holder of
this Security shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless such Holder shall have previously given the
Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than a majority in principal
amount of the Securities of this series at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable indemnity, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction
inconsistent with such request and shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed
herein.

No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, 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.

The Indenture contains provisions for defeasance at any time of the entire
indebtedness of the Securities of this series or of any 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.

Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company 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 Company, 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 $1,000 and any integral multiple 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 like tenor 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
Company.

                                      C-7
<PAGE>   42
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 any office or
agency of the Company for such purpose, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company 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 Company may require payment of a sum efficient to cover any
tax or other governmental charge payable in connection therewith.

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

                                      C-8
<PAGE>   43
                                  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:

<TABLE>
<S>                                               <C>
TEN COM -  as tenants in common                   UNIF GIFT MIN ACT - ____  Custodian _______
                                                                     (Cust)           (Minor)

TEN ENT -  as tenants by the entireties                               under Uniform Gifts to
                                                                      Minors Act _______
                                                                                 (State)

JT TEN - as joint tenants with rights of
         survivorship and not as tenants in
         common
</TABLE>

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 PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE, AND INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________________
the within Security and all rights thereunder, hereby irrevocably constituting
and appointing _________________________________________________________________
agent to transfer said Security on the books of the Company, 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.

                                      C-9

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