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Exhibit 4.4
DOMINION RESOURCES,
INC.
Issuer
TO
THE BANK OF NEW
YORK
(successor to JPMorgan Chase
Bank, N.A.
(formerly known as The Chase
Manhattan Bank))
Trustee
Thirty-Seventh Supplemental
Indenture
Dated as of June 1,
2008
$300,000,000
2008 Series C Floating Rate
Senior Notes
due 2010
TABLE OF
CONTENTS *
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| ARTICLE I |
| 2008 SERIES C FLOATING RATE SENIOR
NOTES |
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| SECTION 101. |
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Establishment |
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1 |
| SECTION
102. |
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Definitions |
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2 |
| SECTION
103. |
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Payment
of Principal and Interest |
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4 |
| SECTION
104. |
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Denominations |
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6 |
| SECTION
105. |
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Global
Securities |
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6 |
| SECTION
106. |
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Redemption |
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6 |
| SECTION
107. |
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Sinking
Fund |
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7 |
| SECTION
108. |
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Additional Interest |
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7 |
| SECTION
109. |
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Paying
Agent |
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7 |
| SECTION
110. |
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Limitation on Liens |
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7 |
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| ARTICLE II |
| MISCELLANEOUS PROVISIONS |
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| SECTION
201. |
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Recitals
by Company |
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9 |
| SECTION
202. |
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Ratification and Incorporation of Original
Indenture |
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10 |
| SECTION
203. |
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Executed
in Counterparts |
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10 |
| SECTION
204. |
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Assignment |
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10 |
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*
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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.
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THIS THIRTY-SEVENTH
SUPPLEMENTAL INDENTURE is made as of the first day of June, 2008,
by and between DOMINION RESOURCES, INC., a Virginia corporation,
having its principal office at 120 Tredegar Street, Richmond,
Virginia 23219 (the “Company”), and THE BANK OF NEW
YORK (successor to JPMORGAN CHASE BANK, N.A. (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 Company has
heretofore entered into a Senior Indenture, dated as of
June 1, 2000 (the “Original Indenture”), as
heretofore supplemented and amended, with the Trustee;
WHEREAS, the Original
Indenture is incorporated herein by this reference and the Original
Indenture, as heretofore supplemented and amended and as further
supplemented by this Thirty-Seventh Supplemental Indenture, is
herein called the “Indenture”;
WHEREAS, under the Original
Indenture, a new series of Securities may at any time be
established in accordance with the provisions of the Original
Indenture and the terms of such series may be described by a
supplemental indenture executed by the Company and the
Trustee;
WHEREAS, the Company proposes
to create under the Indenture a series of Securities;
WHEREAS, additional
Securities of other series hereafter established, except as may be
limited in the Original 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
Thirty-Seventh Supplemental Indenture and to make it a valid and
binding obligation of the Company have been done or
performed.
NOW, THEREFORE, in
consideration of the agreements and obligations set forth herein
and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as
follows:
ARTICLE I
2008 SERIES C FLOATING
RATE SENIOR NOTES DUE 2010
SECTION 101.
Establishment . There is hereby established a new series of
Securities to be issued under the Indenture, to be designated as
the Company’s 2008 Series C Floating Rate Senior Notes due
2010 (the “Series C Senior Notes”).
There are to be authenticated
and delivered $300,000,000 principal amount of Series C Senior
Notes, and such principal amount of the Series C Senior Notes may
be increased from time to time pursuant to Section 301(2) of
the Indenture. All Series C Senior Notes need not be issued at the
same time and such series may be reopened at any time, without the
consent of any Holder, for
issuances of additional Series C Senior
Notes. Any such additional Series C Notes will have the same
interest rate, maturity and other terms as those initially issued.
Further Series C Senior Notes may also be authenticated and
delivered as provided by Section 304, 305, 306 or 905 of the
Original Indenture.
The Series C Senior Notes
shall be issued in definitive fully registered form without
coupons, in substantially the form set out in Exhibit A
hereto. The entire initially issued principal amount of the Series
C Senior Notes shall initially be evidenced by one or more
certificates issued to Cede & Co., as nominee for The
Depository Trust Company.
The form of the
Trustee’s Certificate of Authentication for the Series C
Senior Notes shall be in substantially the form set forth in
Exhibit B hereto.
Each Series C Senior 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 102.
Definitions . The following defined terms used herein 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.
“Business Day”
means a day other than (i) a Saturday or a Sunday, (ii) a
day on which banks in New York, 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.
“Calculation
Agent” means The Bank of New York, or its successor appointed
by the Company, acting as calculation agent.
“Interest Payment
Dates” means, subject to
Section 103, March 17, June 17, September 17
and December 17 of each year, commencing on September 17,
2008.
“Initial Interest
Rate” has the meaning set forth in
Section 103.
“LIBOR Business
Day” means any Business Day on which dealings in deposits in
U.S. Dollars are transacted in the London Inter-Bank
Market.
“LIBOR Interest
Determination Date” means the second LIBOR Business Day
preceding each LIBOR Rate Reset Date.
“LIBOR Rate Reset
Date” means, subject to Section 103, the 17
th
day of the months of March,
June, September and December of each year commencing on
September 17, 2008.
“Lien” means any
mortgage, lien, pledge, security interest or other encumbrance of
any kind.
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“Material
Subsidiary” means a Subsidiary of the Company whose total
assets (as determined in accordance with GAAP) represent at least
20% of the total assets of the Company on a consolidated
basis.
“Original Issue
Date” means June 17, 2008.
“Outstanding”,
when used with respect to the Series C Senior Notes, means, as of
the date of determination, all Series C Senior Notes, theretofore
authenticated and delivered under the Indenture, except:
(i) Series C Senior Notes
theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;
(ii) Series C Senior Notes
for whose payment at Maturity the necessary amount of money or
money’s worth has been theretofore deposited (other than
pursuant to Section 402 of the Original Indenture) with the
Trustee or any Paying Agent (other than the Company) in trust or
set aside and segregated in trust by the Company (if the Company
shall act as its own Paying Agent) for the Holders of such Series C
Senior Notes.
(iii) Series C Senior Notes
with respect to which the Company has effected defeasance or
covenant defeasance has been effected pursuant to Section 402
of the Original Indenture; and
(iv) Series C Senior Notes
that have been paid pursuant to Section 306 of the Original
Indenture or in exchange for or in lieu of which other Series C
Senior Notes have been authenticated and delivered pursuant to the
Indenture, other than any such Series C Senior Notes in respect of
which there shall have been presented to the Trustee proof
satisfactory to it that such Series C Senior Notes are held by a
bona fide purchaser in whose hands such Series C Senior Notes are
valid obligations of the Company; provided, however, that in
determining whether the Holders of the requisite principal amount
of Outstanding Series C Senior Notes have given any request,
demand, authorization, direction, notice, consent or waiver
hereunder or are present at a meeting of Holders of Series C Senior
Notes for quorum purposes, Series C Senior Notes owned by the
Company or any other obligor upon the Series C Senior Notes or any
Affiliate of the Company or such other obligor shall be disregarded
and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making any such
determination or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Series C
Senior Notes which a Responsible Officer of the Trustee knows to be
so owned shall be so disregarded. Series C Senior Notes so owned
which shall have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the
Trustee (A) the pledgee’s right so to act with respect
to such Series C Senior Notes and (B) that the pledgee is not
the Company or any other obligor upon the Series C Senior Notes or
an Affiliate of the Company or such other obligor.
“Principal
Property” means any plant or facility of the Company located
in the United States that in the opinion of the Board of Directors
or management of the Company is of material importance to the
business conducted by the Company and its consolidated Subsidiaries
taken as whole.
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“Regular Record
Date” means, with respect to each Interest Payment Date, the
close of business on the Business Day preceding such Interest
Payment Date; provided , that with respect to Series C
Senior Notes that are not represented by one or more Global
Securities, the Regular Record Date shall be the close of business
on the 15 th calendar day (whether or not a Business Day) preceding such
Interest Payment Date.
“Reuters Page
LIBOR01” means the display so designated on the Reuters 3000
Xtra (or such other page as may replace that page on that service,
or such other service as may be nominated by the Company as the
information vendor, for the purpose of displaying rates or prices
comparable to the London Interbank Offered rate for U.S. dollar
deposits).
“Stated Maturity”
means June 17, 2010.
“Three Month LIBOR
Rate” means the rate determined in accordance with the
following provisions:
(1) On the LIBOR Interest
Determination Date, the Calculation Agent will determine the Three
Month LIBOR Rate which shall be the rate for deposits in U.S.
Dollars having a three-month maturity which appears on Reuters Page
LIBOR01 as of 11:00 a.m., London time, on the LIBOR Interest
Determination Date.
(2) If no rate appears on
Reuters Page LIBOR01 on the LIBOR Interest Determination Date, the
Calculation Agent will request the principal London offices of each
of four major reference banks (which may include affiliates of the
underwriters of the Series C Senior Notes) in the London Inter-Bank
Market selected by the Calculation Agent (after consultation with
the Company) to provide the Calculation Agent with their offered
quotations for deposits in U.S. Dollars for the period of three
months, commencing on the applicable LIBOR Rate Reset Date, to
prime banks in the London Inter-Bank Market at approximately 11:00
a.m., London time, on that LIBOR Interest Determination Date and in
a principal amount that is representative for a single transaction
in U.S. dollars in that market at that time.
If at least two quotations
are provided, then the Three Month LIBOR Rate will be the average
(rounded, if necessary, to the nearest one hundredth (0.01) of a
percent) of those quotations. If fewer than two quotations are
provided, then the Three Month LIBOR Rate will be the average
(rounded, if necessary, to the nearest one hundredth (0.01) of a
percent) of the rates quoted at approximately 11:00 a.m., New York
City time, on the LIBOR Interest Determination Date by three major
banks (which may include affiliates of the underwriters of the
Series C Senior Notes) in New York City selected by the Calculation
Agent (after consultation with the Company) for loans in U.S.
Dollars to leading European banks, having a three-month maturity
and in a principal amount that is representative for a single
transaction in U.S. dollars in that market at that time. If the
banks selected by the Calculation Agent are not providing
quotations in the manner described by this paragraph, the rate
for the period following the LIBOR Interest Determination Date will
be the rate in effect on that LIBOR Interest Determination
Date.
SECTION 103. Payment of
Principal and Interest . The principal of the Series C Senior
Notes shall be due at the Stated Maturity. The unpaid principal
amount of the Series C Senior Notes shall bear interest at a
floating rate per annum determined by the Calculation Agent as
described below until paid or duly provided for, such interest to
accrue from the Original Issue Date or from the
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most recent Interest Payment Date to
which interest has been paid or duly provided for. Interest shall
be paid quarterly in arrears on each Interest Payment Date to the
Person in whose name the Series C Senior Notes are registered on
the Regular Record Date for such Interest Payment Date; provided
that interest payable at the Stated Maturity of principal as
provided herein will be paid to the Person to whom principal is
payable. Any such interest that is not so punctually paid or duly
provided for will 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 Series C Senior 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 (in accordance
with Section 307 of the Original Indenture), notice whereof
shall be given to Holders of the Series C Senior 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
Series C Senior 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.
The per annum interest rate
on the Series C Senior Notes will be equal to the Three Month LIBOR
Rate plus 105 basis points (1.05%); provided that the per annum
interest rate for the period from the Original Issue Date to the
first LIBOR Rate Reset Date will be 3.86375% per annum (the
“Initial Interest Rate”). The per annum interest rate
shall be reset on each LIBOR Rate Reset Date.
If any LIBOR Rate Reset Date
falls on a day that is not a Business Day, the LIBOR Rate Reset
Date will be postponed to the next day that is a Business Day,
except that if that Business Day is in the next succeeding calendar
month, the LIBOR Rate Reset Date will be the next preceding
Business Day. The interest rate in effect on any LIBOR Rate Reset
Date will be the applicable rate as reset on that date. The
interest rate applicable to any other day will either be the
Initial Interest Rate or the interest rate as reset on the
immediately preceding LIBOR Rate Reset Date.
The amount of interest
payable will be computed on the basis of the actual number of days
in the relevant year divided by a 360-day year. If any Interest
Payment Date, other than the Stated Maturity of the Series C Senior
Notes, falls on a day that is not a Business Day, the Interest
Payment Date will be postponed to the next day that is a Business
Day, except that if that Business Day is in the next succeeding
calendar month, the Interest Payment Date will be the immediately
preceding Business Day. If the Stated Maturity of the Series C
Senior Notes falls on a day that is not a Business Day, the payment
of interest and principal will be made on the next succeeding
Business Day, and no interest on such payment will accrue for the
period from and after the Stated Maturity.
Accrued interest on any
Series C Senior Note will be calculated by multiplying the
principal amount of the Series C Senior Note by an accrued interest
factor. The accrued interest factor will be computed by adding the
interest factors calculated for each day in the period for which
interest is being paid. The interest factor for each day is
computed by dividing the interest rate applicable to that day by
360.
Payment of the principal and
interest on the Series C Senior Notes shall be made at the office
of the Paying Agent 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, with any
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such payment that is due at the Stated
Maturity of any Series C Senior Notes being made upon surrender of
such Series C Senior Notes to the Paying Agent. Payments of
interest (including interest on any Interest Payment Date) will be
made, subject to such surrender where applicable, at the option of
the Company, (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security
Register or (ii) 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 104.
Denominations . The Series C Senior Notes may be issued in
denominations of $1,000, or any greater integral multiple of
$1,000.
SECTION 105. Global
Securities . The Series C Senior Notes will be issued initially
in the form of one or more Global Securities registered in the name
of the Depositary (which shall be The Depository Trust Company) or
its nominee. Except under the limited circumstances described
below, Series C Senior Notes represented by such Global Securities
will not be exchangeable for, and will not otherwise be issuable
as, Series C Senior 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.
Owners of beneficial
interests in such a Global Security will not be considered the
Holders thereof for any purpose under the Indenture, and no Global
Security representing a Series C Senior Note shall be exchangeable,
except for another Global Security of like denomination and tenor
to be registered in the name of the Depositary or its nominee or to
a successor Depositary or its nominee or except as described below.
The rights of Holders of such Global Security shall be exercised
only through the Depositary.
A Global Security shall be
exchangeable for Series C Senior Notes registered in the names of
persons other than the Depositary or its nominee only if
(i) the Depositary notifies the Company that it is unwilling
or unable to continue as a Depositary for such Global Security and
no successor Depositary shall have been appointed by the Company
within 90 days of receipt by the Company of such notification, or
if at any time the Depositary ceases to be a clearing agency
registered under the Exchange Act at a time when the Depositary is
required to be so registered to act as such Depositary and no
successor Depositary shall have been appointed by the Company
within 90 days after it becomes aware of such cessation, or
(ii) the Company in its sole discretion determines that such
Global Security shall be so exchangeable, in which case Series C
Senior Notes in definitive form will be printed and
deliv
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