Document:

Eighth Supplemental Indenture

 Exhibit 4.9 
  

DUKE CAPITAL CORPORATION 
  
 TO 
  
 THE CHASE MANHATTAN BANK 
  
 Trustee 
  

  
 Eighth Supplemental Indenture 
  

Dated as of February 18, 2004 
  

  
 $875,000,000 
  
 4.302% Senior Notes due 2006 
  

  

 TABLE OF CONTENTS1 
  

					
	 	  	 	  	Page

		
	ARTICLE 1 4.302% SENIOR NOTES DUE 2006	  	1
			
	 Section 1.01
	  	 The 2006 Notes
	  	1
	 Section 1.02
	  	 Interest Rate
	  	1
	 Section 1.03
	  	 Definitions
	  	2
	 Section 1.04
	  	 Amendment to Definition
	  	2
	 Section 1.05
	  	 Redemption Amount
	  	2
		
	 ARTICLE 2 MISCELLANEOUS PROVISIONS
	  	2
			
	 Section 2.01
	  	 Recitals by Corporation
	  	2
	 Section 2.02
	  	 Ratification and Incorporation of Original Indenture
	  	2
	 Section 2.03
	  	 Executed in Counterparts
	  	3
	 Section 2.04
	  	 Definitions Incorporated
	  	3

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

  

 THIS EIGHTH SUPPLEMENTAL INDENTURE is made as of the 18th day of February 2004, by and between DUKE
CAPITAL CORPORATION, a Delaware corporation, having its principal office at 526 South Church Street, Charlotte, North Carolina 28202 (the “Corporation”), and JPMORGAN CHASE BANK (formerly known as 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 Corporation has heretofore entered into a Senior Indenture, dated as of April 1, 1998 with The Chase Manhattan Bank, as Trustee, which Senior
Indenture was supplemented by a Third Supplemental Indenture, dated as of March 19, 2001 (the “Original Indenture”); 
  
 WHEREAS, Section 901(2) of the Original Indenture is incorporated herein by this reference and the Original Indenture, as amended and supplemented to the
date hereof, including by this Eighth Supplemental Indenture, is herein called the “Indenture”; 
  
 WHEREAS, the Corporation has heretofore issued in accordance with the provisions of the Original Indenture, and now has outstanding, its 5.87% Senior
Notes due 2006 (the “2006 Notes”) in the aggregate principal amount of $875,000,000; 
  
 WHEREAS, the Original Indenture provides that the Corporation may enter into a supplemental indenture to add to the covenants of the Corporation for the benefit of the Holders of the 2006 Notes or to surrender any
right or power conferred upon the Corporation by the Indenture upon the satisfaction of certain conditions provided in the Original Indenture; 
  
 WHEREAS, the Corporation desires to enter into this Eighth Supplemental Indenture for the benefit of the Holders of the 2006 Notes without the consent of
any Holders of the 2006 Notes pursuant to Section 901(2) of the Original Indenture; and 
  
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Eighth Supplemental Indenture and to make it a valid and binding obligation of the Corporation have been done or performed. 

 
 NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  
 ARTICLE 1 
  
 4.302% SENIOR NOTES DUE 2006 
  
 Section 1.01 The 2006 Notes. 
  
 The series of Securities designated as the Corporation’s 5.87% Senior Notes due 2006 will now be designated as the Corporation’s 4.302% Senior Notes due 2006. 
  
 Section 1.02 Interest Rate. 
  

In connection with the remarketing of the 2006 Notes, the interest rate on the 2006 Notes is hereby reset to 4.302% (the “Reset Rate”).

  

 1 

 Section 1.03 Definitions. 
  
 The following defined terms shall have the meanings specified below. 
  
 “Redemption Amount” means, for each 2006 Note, the product of (i)
the principal amount of such 2006 Note and (ii) a fraction whose numerator is the applicable Treasury Portfolio Purchase Price and whose denominator is the applicable Tax Event Redemption Principal Amount. 
  
 “Tax Event Redemption Principal Amount” shall have the meaning set
forth in the Purchase Contract Agreement. 
  
 “Treasury
Portfolio Purchase Price” shall have the meaning set forth in clause (2)(b) of the definition of that term appearing in the Purchase Contract Agreement. 
  
 Section 1.04 Amendment to Definition. 
  
 The definition of the term “Redemption Price” as used in the Third Supplemental Indenture dated as of March 19, 2001, shall be amended to read
as follows: 
  
 “Redemption Price” means, the redemption
price per 2006 Note equal to the Redemption Amount plus any accrued and unpaid interest on such 2006 Note to the date of redemption; however, the Redemption Amount for each 2006 Note shall not be less than the principal amount of such 2006 Note.

  
 Section 1.05 Redemption Amount. 
  
 Notwithstanding anything to the contrary in the Indenture, the Redemption
Amount for each 2006 Note shall not be less than the principal amount of such 2006 Note. In addition, the following sentence shall be added as the second sentence to the second paragraph on the Form of Reverse of 2006 Note: 
  
 “The Redemption Amount for each 2006 Note shall not be less than the
principal amount of such 2006 Note.” 
  
 ARTICLE 2 

 
 MISCELLANEOUS PROVISIONS 
  
 Section 2.01 Recitals by Corporation. 
  
 The recitals in this Eighth Supplemental Indenture are made by the
Corporation only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 2006 Notes and this
Eighth Supplemental Indenture as fully and with like effect as if set forth herein full. 
  
 Section 2.02 Ratification and Incorporation of Original Indenture. 
  
 As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Eighth Supplemental
Indenture shall be read, taken and construed as one and the same instrument. 
  

 2 

 Section 2.03 Executed in Counterparts. 
  
 This Eighth 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. 
  
 Section 2.04 Definitions Incorporated. 
  
 Capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Original Indenture. 
  

 3 

 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 CAPITAL CORPORATION
		
	 By:
	 	 /s/ Myron L. Caldwell

	 	 	 Myron L. Caldwell
 Vice President and Treasurer

  

	
	 Attest:

	
	 /s/ Robert T. Lucas III

	

	 Robert T. Lucas III, Assistant Secretary

  

			
	 JPMORGAN CHASE BANK,
as Trustee

		
	 By:
	 	 /s/ Carol Ng

	 	 	 Carol Ng
 Vice President

  

	
	 Attest:

	
	 /s/ Rosa Ciaccia

	

	 Rosa Ciaccia, Trust Officer

  

 4Ninth Supplemental Indenture

 Exhibit 4.10 
  
 DUKE CAPITAL CORPORATION 
  
 TO 
  
 JPMORGAN CHASE BANK 
  
 Trustee 
  

  
 Ninth Supplemental Indenture 
  
 Dated as of February 20, 2004 
  

  
 $200,000,000 4.37% Senior Notes due 2009 
  
 $288,250,000 5.50% Senior Notes due 2014 
  

 TABLE OF CONTENTS1 
  

					
	 	  	 	  	Page

	
	ARTICLE 1
	4.37% Senior Notes Due 2009
			
	 SECTION 1.01
	  	 Establishment
	  	1
	 SECTION 1.02
	  	 Definitions
	  	2
	 SECTION 1.03
	  	 Payment of Principal and Interest
	  	2
	 SECTION 1.04
	  	 Denominations
	  	3
	 SECTION 1.05
	  	 Global Securities
	  	3
	 SECTION 1.06
	  	 Redemption
	  	4
	 SECTION 1.07
	  	 Paying Agent
	  	5
	
	ARTICLE 2
	5.50% Senior Notes Due 2014
			
	 SECTION 2.01
	  	 Establishment
	  	5
	 SECTION 2.02
	  	 Definitions
	  	6
	 SECTION 2.03
	  	 Payment of Principal and Interest
	  	6
	 SECTION 2.04
	  	 Denominations
	  	7
	 SECTION 2.05
	  	 Global Securities
	  	7
	 SECTION 2.06
	  	 Redemption
	  	8
	 SECTION 2.07
	  	 Paying Agent
	  	9
	
	ARTICLE 3
	Miscellaneous Provisions
			
	 SECTION 3.01
	  	 Recitals by the Corporation
	  	9
	 SECTION 3.02
	  	 Ratification and Incorporation of Original Indenture
	  	9
	 SECTION 3.03
	  	 Executed in Counterparts
	  	10

  

			
	 Exhibit A
	  	 Form of 4.37% Senior Note due 2009

	 Exhibit B
	  	 Certificate of Authentication of 4.37% Senior Note due 2009

	 Exhibit C
	  	 Form of 5.50% Senior Note due 2014

	 Exhibit D
	  	 Certificate of Authentication of 5.50% Senior Note due 2014

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

  

 THIS NINTH SUPPLEMENTAL INDENTURE is made as of the 20th day of February 2004, by and between DUKE
CAPITAL CORPORATION, a Delaware corporation, having its principal office at 526 South Church Street, Charlotte, North Carolina 28202 (the “Corporation”), and JPMORGAN CHASE BANK (formerly known as 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 Corporation has
heretofore entered into a Senior Indenture, dated as of April 1, 1998 (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 Ninth Supplemental Indenture, is herein called the “Indenture”; 
  
 WHEREAS, under the Indenture, new series of Securities may at any time be established in accordance with the provisions of the Indenture and the terms of such series may be described by a supplemental indenture
executed by the Corporation and the Trustee; 
  
 WHEREAS, the
Corporation hereby proposes to create under the Indenture two 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 Ninth Supplemental Indenture and to make it a valid and binding obligation of the Corporation have been done or performed. 
  
 NOW, THEREFORE, in consideration of the agreements and obligations set forth
herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
  
 ARTICLE 1 
  
 4.37% SENIOR NOTES DUE 2009 
  
 SECTION 1.01 Establishment. 
  
 There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s 4.37% Senior Notes due 2009 (the “2009 Notes”). There are to be authenticated and delivered
$200,000,000 principal amount of 2009 Notes, and no further 2009 Notes shall be authenticated and delivered except as provided by Section 304, 305, 306, 906, 1106 or the last paragraph of Section 301 of the Original Indenture. The 2009 Notes shall
be issued in fully registered form without coupons. 
  

 The 2009 Notes shall be in substantially the form set out in Exhibit A hereto, and the form of the
Trustee’s Certificate of Authentication for the 2009 Notes shall be in substantially the form set forth in Exhibit B hereto. 
  
 Each 2009 Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most
recent Interest Payment Date to which interest has been paid or duly provided for. 
  
 SECTION 1.02 Definitions. 
  
 The
following defined terms used herein with respect to the 2009 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 each March 1 and September 1, commencing September 1, 2004. 
  
 “Original Issue Date” means February 20, 2004. 
  
 “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 (whether or not a Business Day). 
  
 “Stated Maturity” means March 1, 2009. 
  
 SECTION 1.03 Payment of Principal and Interest. 
  
 The principal of the 2009 Notes shall be due at Stated Maturity (unless
earlier redeemed). The unpaid principal amount of the 2009 Notes shall bear interest at the rate of 4.37% per annum until paid or duly provided for, such interest will accrue from February 20, 2004, 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 2009 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 2009 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 2009 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 2009 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 2009 Notes shall include interest
accrued to but excluding the respective Interest Payment Dates. Interest payments for the 2009 Notes shall be computed and 

  

 2 

 
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 2009 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 City of New York 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 2009 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 2009 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 the Paying Agent. If any of the 2009 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 2009 Notes shall be made at the office of the Paying Agent upon surrender of such 2009 Notes to such Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation, 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 1.04 Denominations. 
  
 The 2009 Notes shall be issued in denominations of $1,000 or any integral multiple thereof. 
  
 SECTION 1.05 Global Securities. 
  
 The 2009 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, 2009 Notes represented by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, 2009
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 2009 Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Corporation that it is unwilling or unable to continue as a Depositary for such Global Security and no
successor Depositary shall have been appointed by the Corporation within 90 days of receipt by the Corporation of such notification, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the
Depositary is required to 

  

 3 

 
be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Corporation within 90 days after it becomes aware of
such cessation or (ii) the Corporation 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 2009 Notes registered
in such names as the Depositary shall direct. 
  
 SECTION 1.06
Redemption. 
  
 The 2009 Notes shall be redeemable, in whole or
from time to time in part, at the option of the Corporation on any date (a “Redemption Date”), at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2009 Notes to be redeemed and (ii) the sum of the present
values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to such Redemption Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 25 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such Redemption Date. 
  
 “Treasury Rate” means, with respect to any Redemption Date for the 2009 Notes, (i) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.l5(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 (ii) 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 for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
  
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the 2009 Notes 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 2009 Notes. 
  
 “Quotation Agent” means a Reference
Treasury Dealer appointed by the Corporation. 
  
 “Comparable
Treasury Price” means, with respect to any Redemption Date for the 2009 Notes, the average of two Reference Treasury Dealer Quotations for such Redemption Date. 
  
 “Reference Treasury Dealer” means each of J.P. Morgan Securities Inc. and ABN AMRO Incorporated, and their
respective successors; provided, however, that if either of the 

  

 4 

 
foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation will
substitute therefor another Primary Treasury Dealer. 
  
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, 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., New York City time, on the third Business Day preceding such 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 ascertainment thereof. 
  
 The Corporation 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 2009 Notes are to be redeemed, the Trustee shall select the 2009 Notes or portions of 2009 Notes to be redeemed by such method as the Trustee shall deem fair and appropriate. The Trustee may select for redemption
2009 Notes and portions of 2009 Notes in amounts of whole multiples of $1,000. 
  
 The 2009 Notes shall not have a sinking fund. 
  
 SECTION 1.07 Paying Agent. 
  
 The
Trustee shall initially serve as Paying Agent with respect to the 2009 Notes, with the Place of Payment initially being the Corporate Trust Office. 
  
 ARTICLE 2 
  
 5.50% SENIOR NOTES DUE 2014 
  
 SECTION 2.01 Establishment. 
  
 There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Corporation’s 5.50% Senior Notes due 2014 (the “2014 Notes”). There are to be authenticated and delivered
$288,250,000 principal amount of 2014 Notes, and no further 2014 Notes shall be authenticated and delivered except as provided by Section 304, 305, 306, 906, 1106 or the last paragraph of Section 301 of the Original Indenture. The 2014 Notes shall
be issued in fully registered form without coupons. 
  
 The 2014
Notes shall be in substantially the form set out in Exhibit C hereto, and the form of the Trustee’s Certificate of Authentication for the 2014 Notes shall be in substantially the form set forth in Exhibit D hereto. 
  

 5 

 Each 2014 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 2.02 Definitions. 
  
 The following defined terms used herein with respect to the 2014 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 each March 1 and September 1, commencing September 1, 2004. 
  
 “Original Issue Date” means February 20, 2004. 
  
 “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 (whether or not a Business Day). 
  
 “Stated Maturity” means March 1, 2014. 
  
 SECTION 2.03 Payment of Principal and Interest. 
  
 The principal of the 2014 Notes shall be due at Stated Maturity (unless earlier redeemed). The unpaid principal amount of the 2014 Notes shall bear
interest at the rate of 5.50% per annum until paid or duly provided for, such interest will accrue from February 20, 2004, 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 2014 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 2014 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 2014 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 2014 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 2014 Notes shall include interest accrued to but excluding the respective Interest Payment
Dates. Interest payments for the 2014 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 2014 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 

  

 6 

 
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 City of New York 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 2014 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 2014 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 the Paying Agent. If any of the 2014 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 2014 Notes shall be made at the office of the Paying Agent upon surrender of such 2014 Notes to such
Paying Agent and (ii) payments of interest shall be made, at the option of the Corporation, 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 2.04 Denominations. 
  
 The 2014 Notes shall be issued in denominations of $1,000 or any integral
multiple thereof. 
  
 SECTION 2.05 Global Securities. 

 
 The 2014 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, 2014 Notes represented by such Global Security or Global Securities
shall not be exchangeable for, and shall not otherwise be issuable as, 2014 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 2014 Notes registered in the names of persons other than the Depositary or its nominee only if (i) the
Depositary notifies the Corporation that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Corporation within 90 days of receipt by the Corporation of such
notification, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been
appointed by the Corporation within 90 days after it becomes aware of such cessation or (ii) the Corporation in its sole discretion determines that such Global Security shall be so exchangeable. 

  

 7 

 
Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for 2014 Notes registered in such names as the Depositary
shall direct. 
  
 SECTION 2.06 Redemption. 
  
 The 2014 Notes shall be redeemable, in whole or from time to time in part, at
the option of the Corporation on any date (a “Redemption Date”), at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2014 Notes to be redeemed and (ii) the sum of the present values of the remaining
scheduled payments of principal and interest thereon (exclusive of interest accrued to such Redemption Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
plus 30 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such Redemption Date. 
  
 “Treasury Rate” means, with respect to any Redemption Date for the 2014 Notes, (i) the yield, under the heading which represents the average for
the immediately preceding week, appearing in the most recently published statistical release designated “H.l5(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 (ii) 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 for such Redemption
Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
  
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the 2014 Notes 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 2014 Notes. 
  
 “Quotation Agent” means a Reference
Treasury Dealer appointed by the Corporation. 
  
 “Comparable
Treasury Price” means, with respect to any Redemption Date for the 2014 Notes, the average of two Reference Treasury Dealer Quotations for such Redemption Date. 
  
 “Reference Treasury Dealer” means each of J.P. Morgan Securities Inc. and ABN AMRO Incorporated, and their
respective successors; provided, however, that if either of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation will substitute therefor
another Primary Treasury Dealer. 
  

 8 

 “Reference Treasury Dealer Quotations” 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., New York City time, on the third Business Day preceding such 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 ascertainment thereof. 
  
 The Corporation 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 2014 Notes are to be redeemed, the Trustee shall
select the 2014 Notes or portions of 2014 Notes to be redeemed by such method as the Trustee shall deem fair and appropriate. The Trustee may select for redemption 2014 Notes and portions of 2014 Notes in amounts of whole multiples of $1,000.

  
 The 2014 Notes shall not have a sinking fund. 
  
 SECTION 2.07 Paying Agent. 
  
 The Trustee shall initially serve as Paying Agent with respect to the 2014
Notes, with the Place of Payment initially being the Corporate Trust Office. 
  
 ARTICLE 3 
  
 MISCELLANEOUS
PROVISIONS 
  
 SECTION 3.01 Recitals by the Corporation.

  
 The recitals in this Ninth Supplemental Indenture are made by
the Corporation only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 2009 Notes, of the
2014 Notes and of this Ninth Supplemental Indenture as fully and with like effect as if set forth herein in full. 
  
 SECTION 3.02 Ratification and Incorporation of Original Indenture. 
  
 As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and
this Ninth Supplemental Indenture shall be read, taken and construed as one and the same instrument. 
  

 9 

 SECTION 3.03 Executed in Counterparts. 
  
 This Ninth 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. 
  

 10 

 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 Capital Corporation
		
	 By:
	 	 /s/ Myron L. Caldwell        

	 Name:
	 	 Myron L. Caldwell

	 Title:
	 	 Vice President and Treasurer

  
 Attest: 
  

			
	
	 /s/ Robert T. Lucas III        

	 Name:
	 	 Robert T. Lucas III

	 Title:
	 	 Assistant Secretary

  

			
	JPMorgan Chase Bank, as Trustee
		
	 By:
	 	 /s/ Carol Ng        

	 Name:
	 	 Carol Ng

	 Title:
	 	 Vice President

  
 Attest: 
  

			
	
	 /s/ Rosa Ciaccia        

	 Name:
	 	 Rosa Ciaccia

	 Title:
	 	 Trust Officer

  

 11 

 EXHIBIT A 
  
 FORM OF 
 4.37% SENIOR NOTE DUE 2009 

 
 [IF THE 2009 NOTE IS TO BE A GLOBAL SECURITY, INSERT - THIS NOTE IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  

			
	 No.
	  	CUSIP No. 26439RAR7

  
 DUKE CAPITAL
CORPORATION 
 4.37% SENIOR NOTE DUE 2009 
  
 Principal Amount: $ 
  
 Regular Record Date: Close of business on the 15th calendar day prior to the relevant Interest Payment Date (whether or not a Business Day) 
  
 Original Issue Date: February 20, 2004 
  
 Stated Maturity: March 1, 2009 
  
 Interest Payment Dates: March 1 and September 1, commencing September 1, 2004 
  
 Interest Rate: 4.37% per annum 
  
 Authorized
Denomination: $1,000 or any integral multiples thereof 
  
 Duke
Capital Corporation, a Delaware corporation (the “Corporation,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
            , or registered assigns, the principal sum of 
  

 A-1 

 DOLLARS ($            ) [, or such other
principal amount as shall be set forth in the Schedule of Increases or Decreases attached hereto]* 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 September 1, 2004 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 and on any overdue principal and on any overdue installment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
(other than an Interest Payment Date that is the Stated Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose name this 4.37% Senior Note due 2009 (this “Security”) is registered 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 interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Securities shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the
Indenture. 
  
 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 City of New York 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 shall be made in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Securities of this series represented by a Global Security shall be made by wire transfer of immediately
available funds to the Holder of such Global Security, 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 upon surrender of such Securities to the
Paying Agent, and (ii) payments of interest shall be made, at 

	*	 	Insert in Global Securities. 

  

 A-2 

 the option of the Corporation, 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. 
  
 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 

 IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed under its corporate
seal. 
  
 Dated: 
  

			
	 Duke Capital Corporation

		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  
 Attest: 
  

	
	
	

	 Name:

	 Title:

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

			
	 JPMorgan Chase Bank, as Trustee

		
	 By:
	 	 
	 	 	

	 	 	 Authorized Officer

  

 A-4 

 (Reverse Side of Security) 
  
 This Security is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued and
issuable in one or more series under a Senior Indenture, dated as of April 1, 1998, as supplemented (the “Indenture”), between the Corporation and JPMorgan Chase Bank (formerly known as 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 Corporation, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on
the face hereof as 4.37% Senior Notes due 2009 in the aggregate principal amount of up to $200,000,000. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 
  
 The Securities of this series shall be redeemable, in whole or from time to
time in part, at the option of the Corporation on any date (a “Redemption Date”), at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to such Redemption Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such Redemption Date. 
  
 “Treasury Rate” means, with respect to any Redemption Date for the Securities of this series, (i) the yield, under
the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.l5(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 (ii) 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 for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
  
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the Securities of this series 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 of this series. 
  

 A-5 

 “Quotation Agent” means a Reference Treasury Dealer appointed by the Corporation. 

 
 “Comparable Treasury Price” means, with respect to any
Redemption Date for the Securities of this series, the average of two Reference Treasury Dealer Quotations for such Redemption Date. 
  
 “Reference Treasury Dealer” means each of J.P. Morgan Securities Inc. and ABN AMRO Incorporated, and their respective successors; provided,
however, that if either of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation will substitute therefor another Primary Treasury Dealer.

  
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date, 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., New York City time, on the third Business Day preceding such Redemption Date. 
  
 Notwithstanding Section 1104 of the Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price
but only the manner of ascertainment thereof. 
  
 The Corporation
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. 
  
 Notice of any redemption by the Corporation will be mailed at least 30 days
but not more than 60 days before any Redemption Date to each Holder of Securities of this series to be redeemed. If less than all the Securities of this series are to be redeemed at the option of the Corporation, the Trustee shall select, in such
manner as it shall deem fair and appropriate, the Securities of this series to be redeemed in whole or in part. The Trustee may select for redemption Securities of this series and portions of Securities of this series 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 Corporation and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of
the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain
exceptions, such default under the Indenture and its consequences. The Indenture also permits the Holders of not less than a majority in principal 

  

 A-6 

 
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Corporation with certain provisions of the Indenture affecting such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Corporation, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Corporation for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Corporation and the Security Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized
denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Corporation may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 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 or after the respective due dates expressed herein. 
  
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at any time of certain covenants in the Indenture upon compliance
with certain conditions set forth in the Indenture. 
  
 Prior to
due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary. 
  

 A-7 

 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 a different
authorized denomination, as requested by the Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation. 
  
 This Security shall be governed by, and construed in accordance with, the internal laws of the State of New York.

  

 A-8 

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

											
	TEN COM —	  	as tenants in common	  	UNIF GIFT MIN ACT —	 	 	 	Custodian	 	 
	 	 	 	 	 	 	
	 	 	 	

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

  
 Additional abbreviations may also be
used though not on the above list. 
  
 FOR VALUE RECEIVED, the undersigned hereby
sell(s) and transfer(s) unto (please insert Social Security or other identifying number of assignee) 
  
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  
 the within Security and all rights thereunder, hereby irrevocably constituting and appointing 
  
 agent to transfer said Security on the books of the Corporation, with full power of substitution in the premises. 
  
 Dated:
                             
  

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

  

 A-9 

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

 A-10 

 [TO BE ATTACHED TO GLOBAL CERTIFICATES] 
  
 SCHEDULE OF INCREASES OR DECREASES 
  
 The following increase or decreases in this Global Certificate have been
made: 
  

									
	 Date

	  	 Amount of decrease in
principal amount of
2009 Note evidenced by
the Global
Certificate

	  	 Amount of increase in
principal amount of
2009 Note evidenced by
the Global
Certificate

	  	 Principal amount of
2009 Note evidenced
by the
Global
Certificate following
such decrease or
increase

	  	 Signature of authorized
officer of Trustee or
Custodial Agent

	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  

 A-11 

 EXHIBIT B 
  
 CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 JPMorgan Chase Bank,
as Trustee

		
	 By:
	 	 
	 	 	

	 	 	 Authorized Officer

  

 B-1 

 EXHIBIT C 
  
 FORM OF 
 5.50% SENIOR NOTE DUE 2014 

 
 [IF THE 2014 NOTE IS TO BE A GLOBAL SECURITY, INSERT - THIS NOTE IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
  

			
	 No.
	 	CUSIP No. 26439RAQ9

  
 DUKE CAPITAL
CORPORATION 
 5.50% SENIOR NOTE DUE 2014 
  
 Principal Amount: $ 
  
 Regular Record Date: Close of business on the 15th calendar day prior to the relevant Interest Payment Date (whether or not a Business Day) 
  
 Original Issue Date: February 20, 2004 
  
 Stated Maturity: March 1, 2014 
  
 Interest Payment Dates: March 1 and September 1, commencing September 1, 2004 
  
 Interest Rate: 5.50% per annum 
  
 Authorized
Denomination: $1,000 or any integral multiples thereof 
  
 Duke
Capital Corporation, a Delaware corporation (the “Corporation,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of 

  

 C-1 

 
                     DOLLARS
($            ) [, or such other principal amount as shall be set forth in the Schedule of Increases or Decreases attached hereto]* 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 September
1, 2004 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 and on any overdue principal and on any overdue installment of interest. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or a Redemption Date) will, as provided in the Indenture, be paid to the Person in whose
name this 5.50% Senior Note due 2014 (this “Security”) is registered 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 interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Securities shall be listed,
and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture. 
  
 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 City of New York 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 shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any, and interest on the Securities of this
series represented by a Global Security shall be made by wire transfer of immediately available funds to the Holder of such Global Security, 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 upon surrender of such Securities to the Paying Agent, and (ii) payments of interest shall be made, at 

	*	 	Insert in Global Securities. 

  

 C-2 

 the option of the Corporation, 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. 
  
 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 

 IN WITNESS WHEREOF, the Corporation has caused this instrument to be duly executed under its corporate
seal. 
  
 Dated: 
  

			
	Duke Capital Corporation
		
	 By:
	 	 
	 	 	

	 Name:
	 	 
	 Title:
	 	 

  

	
	Attest:
	
	  
	

	 Name:

	 Title:

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

			
	 JPMorgan Chase Bank,
as Trustee

		
	 By:
	 	 
	 	 	

	 	 	 Authorized Officer

  

 C-4 

 (Reverse Side of Security) 
  
 This Security is one of a duly authorized issue of Securities of the Corporation (the “Securities”), issued and
issuable in one or more series under a Senior Indenture, dated as of April 1, 1998, as supplemented (the “Indenture”), between the Corporation and JPMorgan Chase Bank (formerly known as 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 Corporation, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on
the face hereof as 5.50% Senior Notes due 2014 in the aggregate principal amount of up to $288,250,000. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 
  
 The Securities of this series shall be redeemable, in whole or from time to
time in part, at the option of the Corporation on any date (a “Redemption Date”), at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Securities of this series to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to such Redemption Date) discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 30 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such Redemption Date. 
  
 “Treasury Rate” means, with respect to any Redemption Date for the Securities of this series, (i) the yield, under
the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.l5(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 (ii) 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 for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
  
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the Securities of this series 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 of this series. 
  

 C-5 

 “Quotation Agent” means a Reference Treasury Dealer appointed by the Corporation. 

 
 “Comparable Treasury Price” means, with respect to any
Redemption Date for the Securities of this series, the average of two Reference Treasury Dealer Quotations for such Redemption Date. 
  
 “Reference Treasury Dealer” means each of J.P. Morgan Securities Inc. and ABN AMRO Incorporated, and their respective successors; provided,
however, that if either of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Corporation will substitute therefor another Primary Treasury Dealer.

  
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date, 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., New York City time, on the third Business Day preceding such Redemption Date. 
  
 Notwithstanding Section 1104 of the Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price
but only the manner of ascertainment thereof. 
  
 The Corporation
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. 
  
 Notice of any redemption by the Corporation will be mailed at least 30 days
but not more than 60 days before any Redemption Date to each Holder of Securities of this series to be redeemed. If less than all the Securities of this series are to be redeemed at the option of the Corporation, the Trustee shall select, in such
manner as it shall deem fair and appropriate, the Securities of this series to be redeemed in whole or in part. The Trustee may select for redemption Securities of this series and portions of Securities of this series 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 Corporation and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Corporation and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Outstanding Securities of all series affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of
the Outstanding Securities of all series with respect to which a default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain
exceptions, such default under the Indenture and its consequences. The Indenture also permits the Holders of not less than a majority in principal 

  

 C-6 

 
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Corporation with certain provisions of the Indenture affecting such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Corporation, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Corporation for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Corporation and the Security Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized
denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Corporation may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  
 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 or after the respective due dates expressed herein. 
  
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Securities of this series and for covenant defeasance at any time of certain covenants in the Indenture upon compliance
with certain conditions set forth in the Indenture. 
  
 Prior to
due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the Corporation or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary. 
  

 C-7 

 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 a different
authorized denomination, as requested by the Holder surrendering the same upon surrender of the Security or Securities to be exchanged at the office or agency of the Corporation. 
  
 This Security shall be governed by, and construed in accordance with, the internal laws of the State of New York.

  

 C-8 

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

											
	TEN COM —	  	as tenants in common	  	UNIF GIFT MIN ACT —	 	 	 	Custodian	 	 
	 	 	 	 	 	 	
	 	 	 	

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

  
 Additional abbreviations may also be
used though not on the above list. 
  
 FOR VALUE RECEIVED, the undersigned hereby
sell(s) and transfer(s) unto (please insert Social Security or other identifying number of assignee) 
  
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
  
 the within Security and all rights thereunder, hereby irrevocably constituting and appointing 
  
 agent to transfer said Security on the books of the Corporation, with full power of substitution in the premises. 
  
 Dated:
                                     
  

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

  

 C-9 

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

 C-10 

 [TO BE ATTACHED TO GLOBAL CERTIFICATES] 
  
 SCHEDULE OF INCREASES OR DECREASES 
  
 The following increase or decreases in this Global Certificate

 have been made: 
  

									
	 Date

	 	 Amount of decrease in
principal amount of
2014 Note evidenced by
the Global
Certificate

	 	 Amount of increase
 in principal amount of
2014 Note evidenced by
the Global Certificate

	  	Principal amount of
2014 Note evidenced
by the Global
Certificate following
such decrease or
increase

	  	Signature of
authorized officer of
Trustee or Custodial
Agent

	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

  

 C-11 

 EXHIBIT D 
  
 CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 JPMorgan Chase Bank,
as Trustee

		
	 By:
	 	 
	 	 	

	 	 	Authorized Officer

  

 D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]