LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF Duke Power Company LLC A North Carolina Limited Liability Company Dated as of April 3, 2006Limited Liability Company Operating Agreement • April 7th, 2006 • Duke Power CO LLC • Electric services • North Carolina
THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF Duke Power Company LLC (the “Company”), a limited liability company organized pursuant to the North Carolina Limited Liability Company Act, is executed as of this 3rd day of April, 2006. Duke Energy Corporation, a Delaware corporation formerly known as Duke Energy Holding Corp., is the sole member of the Company (the “Member”). Solely for U.S. federal income tax purposes as provided in Treasury Regulations Section 301.7701-3 (as well as for applicable state, local or foreign tax purposes), the Member and the Company intend the Company to be disregarded as an entity that is separate from the Member. For all other purposes (including, without limitation, limited liability protection for the Member from Company liabilities), however, the Member and the Company intend the Company to be respected as a separate legal entity that is separate and apart from the Member.
