Common use of IV OF THE INDENTURE Clause in Contracts

IV OF THE INDENTURE. THE HOLDER OF THIS TRANCHE [ ] RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ ] RECOVERY BONDS, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, OR b. FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. SCE RECOVERY FUNDING LLC SENIOR SECURED RECOVERY BONDS, SERIES 2021-A TRANCHE [ ]. INTEREST RATE ORIGINAL PRINCIPAL AMOUNT FINAL MATURITY DATE SCE Recovery Funding LLC, a Delaware limited liability company (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ], or registered assigns, the Original Principal Amount shown above [in semi-annual installments] on the Payment Dates and in the amounts specified on the reverse hereof or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof and ending on or before the Final Maturity Date shown above and to pay interest, at the Interest Rate shown above, on each May 15 and November 15 or if any such day is not a Business Day, the next succeeding Business Day, commencing on November 15, 2021 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each a “Payment Date”), on the principal amount of this 2021-A Tranche Senior Secured Recovery Bond (hereinafter referred to as this “Tranche [ ] Recovery Bond”). Interest on this Tranche [ ] Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ ] Recovery Bond shall be paid in the manner specified on the reverse hereof. The principal of and interest on this Tranche [ ] Recovery Bond are payable 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. All payments made by the Issuer with respect to this Tranche [ ] Recovery Bond shall be applied first to interest due and payable on this Tranche [ ] Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ ] Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Tranche [ ] Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

IV OF THE INDENTURE. THE HOLDER OF THIS TRANCHE [ ] NUCLEAR ASSET-RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH THAT IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ ] THIS NUCLEAR ASSET-RECOVERY BONDSBOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. SCE NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF FLORIDA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS NUCLEAR ASSET-RECOVERY FUNDING BOND. DUKE ENERGY FLORIDA PROJECT FINANCE, LLC SERIES A 2018 SENIOR SECURED NUCLEAR ASSET-RECOVERY BONDS, SERIES 2021-A TRANCHE [ ]. BONDS BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE SCE Recovery Funding 1.196 % $183,000,000 Xxxxx 0, 0000 Xxxxx 1, 2022 Duke Energy Florida Project Finance, LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each May 15 March 1 and November 15 or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on November 15March 1, 2021 2017 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this 2021Nuclear Asset-A Tranche Senior Secured Recovery Bond (hereinafter referred to as this “Tranche [ ] Recovery Bond”). Interest on this Tranche [ ] Nuclear Asset-Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond are payable 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. All payments made by the Issuer with respect to this Tranche [ ] Nuclear Asset-Recovery Bond shall be applied first to interest due and payable on this Tranche [ ] Nuclear Asset-Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ ] Nuclear Asset-Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Tranche [ ] Nuclear Asset-Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

IV OF THE INDENTURE. THE HOLDER OF THIS TRANCHE [ ] NUCLEAR ASSET-RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH THAT IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ ] THIS NUCLEAR ASSET-RECOVERY BONDSBOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. SCE NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF FLORIDA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS NUCLEAR ASSET-RECOVERY FUNDING BOND. DUKE ENERGY FLORIDA PROJECT FINANCE, LLC SERIES A 2021 SENIOR SECURED NUCLEAR ASSET-RECOVERY BONDS, SERIES 2021-A TRANCHE [ ]. BONDS BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE SCE Recovery Funding 1.731 % $150,000,000 September 1, 2022 September 1, 2024 Duke Energy Florida Project Finance, LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each May 15 March 1 and November 15 or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on November 15March 1, 2021 2017 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this 2021Nuclear Asset-A Tranche Senior Secured Recovery Bond (hereinafter referred to as this “Tranche [ ] Recovery Bond”). Interest on this Tranche [ ] Nuclear Asset-Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond are payable 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. All payments made by the Issuer with respect to this Tranche [ ] Nuclear Asset-Recovery Bond shall be applied first to interest due and payable on this Tranche [ ] Nuclear Asset-Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ ] Nuclear Asset-Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Tranche [ ] Nuclear Asset-Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

IV OF THE INDENTURE. THE HOLDER OF THIS TRANCHE [ ] NUCLEAR ASSET-RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH THAT IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ ] THIS NUCLEAR ASSET-RECOVERY BONDSBOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. SCE NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF FLORIDA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS NUCLEAR ASSET-RECOVERY FUNDING BOND. DUKE ENERGY FLORIDA PROJECT FINANCE, LLC SERIES A 2032 SENIOR SECURED NUCLEAR ASSET-RECOVERY BONDS, SERIES 2021-A TRANCHE [ ]. BONDS BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE SCE Recovery Funding 2.858 % $250,000,000 Xxxxx 0, 0000 Xxxxx 1, 2035 Duke Energy Florida Project Finance, LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each May 15 March 1 and November 15 or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on November 15March 1, 2021 2017 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this 2021Nuclear Asset-A Tranche Senior Secured Recovery Bond (hereinafter referred to as this “Tranche [ ] Recovery Bond”). Interest on this Tranche [ ] Nuclear Asset-Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond are payable 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. All payments made by the Issuer with respect to this Tranche [ ] Nuclear Asset-Recovery Bond shall be applied first to interest due and payable on this Tranche [ ] Nuclear Asset-Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ ] Nuclear Asset-Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Tranche [ ] Nuclear Asset-Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

IV OF THE INDENTURE. THE HOLDER OF THIS TRANCHE [ ] NUCLEAR ASSET-RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH THAT IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ ] THIS NUCLEAR ASSET-RECOVERY BONDSBOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. SCE NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF FLORIDA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS NUCLEAR ASSET-RECOVERY FUNDING BOND. DUKE ENERGY FLORIDA PROJECT FINANCE, LLC SERIES A 2035 SENIOR SECURED NUCLEAR ASSET-RECOVERY BONDS, SERIES 2021-A TRANCHE [ ]. BONDS BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE SCE Recovery Funding 3.112 % $275,290,000 September 1, 2036 September 1, 2038 Duke Energy Florida Project Finance, LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each May 15 March 1 and November 15 or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on November 15March 1, 2021 2017 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this 2021Nuclear Asset-A Tranche Senior Secured Recovery Bond (hereinafter referred to as this “Tranche [ ] Recovery Bond”). Interest on this Tranche [ ] Nuclear Asset-Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond are payable 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. All payments made by the Issuer with respect to this Tranche [ ] Nuclear Asset-Recovery Bond shall be applied first to interest due and payable on this Tranche [ ] Nuclear Asset-Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ ] Nuclear Asset-Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Tranche [ ] Nuclear Asset-Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.

IV OF THE INDENTURE. THE HOLDER OF THIS TRANCHE [ ] NUCLEAR ASSET-RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE WHICH THAT IS ONE (1) YEAR AND ONE (1) DAY AFTER THE PAYMENT IN FULL OF THE TRANCHE [ ] THIS NUCLEAR ASSET-RECOVERY BONDSBOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES. NOTHING IN THIS PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER a. (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN i. (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR ii. (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER WHICH THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW, LAW OR b. (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION WHICH THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES. SCE NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF FLORIDA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS NUCLEAR ASSET-RECOVERY FUNDING BOND. DUKE ENERGY FLORIDA PROJECT FINANCE, LLC SERIES A 2026 SENIOR SECURED NUCLEAR ASSET-RECOVERY BONDS, SERIES 2021-A TRANCHE [ ]. BONDS BOND INTEREST RATE ORIGINAL PRINCIPAL AMOUNT SCHEDULED FINAL PAYMENT DATE FINAL MATURITY DATE SCE Recovery Funding 2.538 % $436,000,000 September 1, 2029 September 1, 2031 Duke Energy Florida Project Finance, LLC, a Delaware limited liability company created under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to [ ]Cede & Co., or registered assigns, the Original Principal Amount shown above [in semi-annual installments] installments on the Payment Dates and in the amounts specified on the reverse hereof below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture, in each year, commencing on the date determined as provided on the reverse hereof below and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each May 15 March 1 and November 15 or September 1 or, if any such day is not a Business Day, the next succeeding Business Day, commencing on November 15March 1, 2021 2017 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each each, a “Payment Date”), on the principal amount of this 2021Nuclear Asset-A Tranche Senior Secured Recovery Bond (hereinafter referred to as this “Tranche [ ] Recovery Bond”). Interest on this Tranche [ ] Nuclear Asset-Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of issuance. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond shall be paid in the manner specified on the reverse hereofbelow. The principal of and interest on this Tranche [ ] Nuclear Asset-Recovery Bond are payable 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. All payments made by the Issuer with respect to this Tranche [ ] Nuclear Asset-Recovery Bond shall be applied first to interest due and payable on this Tranche [ ] Nuclear Asset-Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this Tranche [ ] Nuclear Asset-Recovery Bond, all in the manner set forth in the Indenture. Reference is made to the further provisions of this Tranche [ ] Recovery Bond set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Tranche [ ] Recovery Bond. Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Tranche [ ] Nuclear Asset-Recovery Bond shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, below or be valid or obligatory for any purpose.