EX-4.1






EXECUTION VERSION




AmeriGas Partners, L.P.




AmeriGas Finance Corp.




__________________




$415,000,000




7.25% SENIOR NOTES DUE 2015




__________________




INDENTURE




Dated May 3, 2005














Wachovia Bank, National Association




Trustee




1




CROSS-REFERENCE TABLE






   Trust Indenture Act Section           {       Indenture Section          }

310(a)(1).........................................            7.10

(a)(2)............................................            7.10

(a)(3)............................................            N.A.

(a)(4)............................................            N.A.

(a)(5)............................................            7.10

(b)...............................................            7.8; 7.10

(c)...............................................            N.A.

311(a)............................................            7.11

(b)...............................................            7.11

(c)...............................................            N.A.

312(a)............................................            2.5

(b)...............................................            10.3

(c)...............................................            10.3

313(a)............................................            7.6

(b)(1)............................................            N.A.

(b)(2)............................................            7.6

(c)...............................................            7.6

(d)...............................................            7.6

314(a)............................................            4.3; 4.4

(b)...............................................            N.A.

(c)(1)............................................            10.4

(c)(2)............................................            10.4

(c)(3)............................................            N.A.

(d)...............................................            10.4

(e)...............................................            10.5

(f)...............................................            N.A.

315(a)............................................            7.1(2)

(b)...............................................            7.5

(c)...............................................            7.1(1)

(d)...............................................            7.1(3)

(e)...............................................            6.11

316(a)(last sentence).............................            2.9

(a)(1)(A).........................................            6.5

(a)(1)(B).........................................            6.4

(a)(2)............................................            N.A.

(b)...............................................            6.7

(c)...............................................            9.4

317(a)(1).........................................            6.8

(a)(2)............................................            6.9

(b)...............................................            2.4

318(a)............................................            10.1

(b)...............................................            N.A.

(c)...............................................            10.1



N.A. means not applicable



This cross-reference table is not part of this Indenture.



2



TABLE OF CONTENTS




Article 1: Definitions and Incorporation By Reference



1.1 Definitions


1.2 Other Definitions


1.3 Incorporation by Reference of Trust Indenture Act


1.4 Rules of Construction



Article 2: The Notes



2.1 Form and Dating


2.2 Execution and Authentication


2.3 Registrar and Paying Agent


2.4 Paying Agent to Hold Money in Trust


2.5 Holder Lists


2.6 Transfer and Exchange


2.7 Replacement Notes


2.8 Outstanding Notes


2.9 Treasury Notes


2.10 Temporary Notes


2.11 Cancellation


2.12 Defaulted Interest



Article 3: Redemption and Offers to Purchase



3.1 Notice to Trustee


3.2 Selection of Notes to Be Redeemed


3.3 Notice of Redemption to Holders


3.4 Effect of Notice of Redemption


3.5 Deposit of Redemption Price


3.6 Notes Redeemed in Part


3.7 Optional Redemption


3.8 Mandatory Redemption


3.9 [RESERVED]


3.10 Offer to Purchase by Application of Excess Proceeds



Article 4: Covenants



4.1 Payment of Notes


4.2 Maintenance of Office or Agency


4.3 Reports


4.4 Compliance Certificate


4.5 Taxes


4.6 Stay, Extension and Usury Laws


4.7 Partnership and Corporate Existence


4.8 Limitation on Additional Indebtedness


4.9 Limitation on Restricted Payments


4.10 Limitation on Liens


4.11 Limitation on Transactions with Affiliates




	 	4.12	 	Limitation on Dividends and Other Payment Restrictions Affecting
Subsidiaries	 





4.13 Limitation on Sale and Leaseback Transactions


4.14 Limitation on Finance Corp


4.15 Line of Business


4.16 Asset Sales


4.17 Change of Control



Article 5: Successors



5.1 Merger, Consolidation or Sale of Assets


5.2 Successor Person Substituted



Article 6: Defaults and Remedies



6.1 Events of Default


6.2 Acceleration


6.3 Other Remedies


6.4 Waiver of Past Defaults


6.5 Control by Majority


6.6 Limitation on Suits


6.7 Rights of Holders to Receive Payment


6.8 Collection Suit by Trustee


6.9 Trustee May File Proofs of Claim


6.10 Priorities


6.11 Undertaking for Costs



Article 7: Trustee



7.1 Duties of Trustee


7.2 Rights of Trustee


7.3 Definitive Rights of Trustee


7.4 Trustee’s Disclaimer


7.5 Notice of Defaults


7.6 Reports by Trustee to Holders


7.7 Compensation and Indemnity


7.8 Replacement of Trustee


7.9 Successor Trustee by Merger, etc


7.10 Eligibility; Disqualification


7.11 Preferential Collection of Claims Against Issuers



Article 8: Legal Defeasance and Covenant Defeasance



8.1 Option to Effect Legal Defeasance or Covenant Defeasance


8.2 Legal Defeasance and Discharge


8.3 Covenant Defeasance


8.4 Conditions to Legal Defeasance or Covenant Defeasance




	 	8.5	 	Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions	 





8.6 Repayment to Issuers


8.7 Reinstatement


8.8 Discharge of Liability on Securities; Defeasance



Article 9: Amendments



9.1 Without Consent of Holders


9.2 With Consent of Holders


9.3 Compliance with Trust Indenture Act


9.4 Relocation and Effect of Consents


9.5 Notation on or Exchange of Notes


9.6 Trustee to Sign Amendments, etc



Article 10: Miscellaneous



10.1 Trust Indenture Act Controls


10.2 Notices


10.3 Communication by Holders with Other Holders.


10.4 Certificate and Opinion as to Conditions Precedent


10.5 Statements Required in Certificate or Opinion


10.6 Form of Documents Delivered to Trustee


10.7 Rules by Trustee and Agents


10.8 Legal Holidays


10.9 No Recourse Against Others


10.10 Duplicate Originals


10.11 Governing Law


10.12 No Adverse Interpretation of Other Agreements


10.13 Successors


10.14 Benefits of Indenture


10.15 Severability


10.16 Counterpart Originals


10.17 Table of Contents, Headings, etc



Signatures



	 	 	 	 	 
	Exhibit A

	 	FORM OF NOTE
	 	A-1
	 
	 	 	 	 
	Exhibit B

	 	CERTIFICATE OF TRANSFEROR
	 	B-1
	 
	 	 	 	 
	Exhibit C

	 	CERTIFICATE OF ACCREDITED INSTITUTION
	 	C-1
	 
	 	 	 	 
	Exhibit D

	 	CERTIFICATE OF REGULATION S TRANSFEROR
	 	D-1







3



INDENTURE, dated May 3, 2005, among AmeriGas Partners, L.P., a Delaware limited partnership
(the “Partnership”), AmeriGas Finance Corp., a Delaware corporation (“Finance Corp.” and, together
with the Partnership, the “Issuers”), and Wachovia Bank, National Association, as trustee
(“Trustee”).



The Issuers and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders of the 7.25% Series A Senior Notes due 2015 (the “Series A
Notes”) of the Issuers, as joint and several obligors, the 7.25% Series B Senior Notes due 2015 of
the Issuers, as joint and several obligors (the “Series B Notes”) and any Additional Notes issued
in compliance with Section 4.8 and the other terms hereof (the Additional Notes, Series A Notes and
Series B Notes are together referred to as the “Notes”).



	 	 	 
	Article 1: Definitions and Incorporation By Reference
	1.1

	 	Definitions.
	
 
	 	 







“Acquired Indebtedness” means, with respect to any specified Person, (i) Indebtedness of any
other Person existing at the time such other Person merged with or into or became a Subsidiary of
such specified Person, including Indebtedness incurred in connection with, or in contemplation of,
such other Person merging with or into or becoming a Subsidiary of such specified Person and (ii)
Indebtedness encumbering any asset acquired by such specified Person.



“Acquisition Facility” means the loan facility of the Operating Partnership provided for in
the Credit Agreement for the purpose of financing acquisitions.



“Affiliate” means, with respect to any specified Person, any other Person directly or
indirectly controlling or controlled by, or under direct or indirect common control with, such
specified Person. For purposes of this definition, “control” shall mean the power to direct
management and policies, whether through the ownership of voting securities, by contract or
otherwise. Notwithstanding the foregoing, the term “Affiliate” shall not include any Wholly-Owned
Restricted Subsidiary.




“Agent” means any Registrar, Paying Agent or co-registrar.



“Asset Acquisition” means (a) an Investment by the Partnership or any Restricted Subsidiary of
the Partnership in any other Person pursuant to which such Person shall become a Restricted
Subsidiary of the Partnership, or shall be merged with or into the Partnership or any Restricted
Subsidiary of the Partnership, (b) the acquisition by the Partnership or any Restricted Subsidiary
of the Partnership of the assets of any Person (other than a Restricted Subsidiary of the
Partnership) which constitute all or substantially all of the assets of such Person, or (c) the
acquisition by the Partnership or any Restricted Subsidiary of the Partnership of any division or
line of business of any Person (other than a Restricted Subsidiary of the Partnership).



“Attributable Debt” means, with respect to any Sale and Leaseback Transaction not involving a
Capital Lease, as of any date of determination, the total obligation (discounted to present value
at the rate of interest implicit in the lease included in such transaction) of the lessee for
rental payments (other than amounts required to be paid on account of property taxes, maintenance,
repairs, insurance, assessments, utilities, operating and labor costs and other items which do not
constitute payments for property rights) during the remaining portion of the term (including
extensions which are at the sole option of the lessor) of the lease included in such transaction
(in the case of any lease which is terminable by the lessee upon the payment of a penalty, such
rental obligation shall also include the amount of such penalty, but no rent shall be considered as
required to be paid under such lease subsequent to the first date upon which it may be so
terminated).



“Available Cash,” as to any quarter, means: (a) the sum of (i) all cash of the Partnership,
the Operating Partnership and any Subsidiaries thereof, treated as a single consolidated entity
(together the “Partnership Group”), on hand at the end of such quarter, and (ii) all additional
cash of the Partnership Group on hand on the date of determination of Available Cash with respect
to such quarter resulting from borrowings subsequent to the end of such quarter, less (b) the
amount of cash reserves that is necessary or appropriate in the reasonable discretion of the
General Partner to (i) provide for the proper conduct of the business of the Partnership Group
(including reserves for future capital expenditures) subsequent to such quarter, (ii) provide funds
for distributions under Sections 5.3(a), (b) and (c) or 5.4(a) of the Partnership Agreement in
respect of any one or more of the next four quarters or (iii) comply with applicable law or any
debt instrument or other agreement or obligation to which any member of the Partnership Group is a
party or its assets are subject; provided, however, that Available Cash attributable to any
Restricted Subsidiary of the Partnership shall be excluded to the extent dividends or distributions
of such Available Cash by such Restricted Subsidiary are not at the date of determination permitted
by the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or
other regulation.




“Bank Credit Facilities” means the Acquisition Facility and the Revolving Loan Facility.



“Board of Directors” means, as applicable, the Board of Directors of the General Partner, on
behalf of the Partnership (or the Partnership if the Partnership is a corporation), or of Finance
Corp., or any authorized committee of the Board of Directors.



“Business” means the business of wholesale and retail sales, distribution and storage of
propane gas and related petroleum derivative products and the retail sale and distribution of
propane related supplies and equipment, including home appliances.




“Business Day” means any day other than a Legal Holiday.



“Capital Lease” means, as applied to any Person, any lease of any property (whether real,
personal or mixed) by such Person (as lessee or guarantor or other surety) which would, in
accordance with GAAP, be required to be classified and accounted for as a capital lease on a
balance sheet of such Person.



“Capital Stock” means, with respect to any Person, any and all shares, interests, units
representing interests, participations, rights in or other equivalents (however designated) of such
Person’s capital stock, including, with respect to partnerships, partnership interests (whether
general or limited) and any other interest or participation that confers upon a Person the right to
receive a share of the profits and losses of, or distributions of assets of, such partnership, and
any rights (other than debt securities convertible into capital stock), warrants or options
exchangeable for or convertible into such capital stock.



“Change of Control” means (i) the sale, lease, conveyance or other disposition of all or
substantially all of the assets of the Partnership or the Operating Partnership to any Person or
group (as such term is used in Section 13(d)(3) of the Exchange Act) other than Permitted Holders
or any Person of which Permitted Holders beneficially own in the aggregate 51% or more of the
Voting Stock, (ii) the merger or consolidation of the Partnership or the Operating Partnership with
another partnership or corporation other than a Permitted Holder or any Person of which Permitted
Holders beneficially own in the aggregate 51% or more of the Voting Stock, (iii) the liquidation or
dissolution of the Partnership or the General Partner or (iv) the occurrence of any transaction,
the result of which is that Permitted Holders beneficially own in the aggregate, directly or
indirectly, less than 51% of the Voting Stock of the General Partner.



“Common Units” means the common units representing limited partner interests of the
Partnership, having the rights and obligations specified with respect to Common Units of the
Partnership.



“Consolidated Borrowing Base Amount” means an amount equal to the sum of (i) 85% of the face
amount of Eligible Accounts Receivable of the Partnership and its Restricted Subsidiaries and (ii)
70% of the book value of the consolidated Inventory of the Partnership and its Restricted
Subsidiaries, in each case as determined in accordance with GAAP. To the extent that information
is not available as to the amount of Eligible Accounts Receivable or Inventory as of a specific
date, the Partnership may utilize the most recent available information for purposes of calculating
the Consolidated Borrowing Base Amount.



“Consolidated Cash Flow Available for Fixed Charges” means, with respect to the Partnership
and its Restricted Subsidiaries for any period, the sum of, without duplication, the amounts for
such period, taken as a single accounting period, of (a) Consolidated Net Income, (b) Consolidated
Non-cash Charges, (c) Consolidated Interest Expense and (d) Consolidated Income Tax Expense.



“Consolidated Fixed Charge Coverage Ratio” means, with respect to the Partnership and its
Restricted Subsidiaries, the ratio of the aggregate amount of Consolidated Cash Flow Available for
Fixed Charges of the Partnership and its Restricted Subsidiaries for the four full fiscal quarters
immediately preceding the date of the transaction (the “Transaction Date”) giving rise to the need
to calculate the Consolidated Fixed Charge Coverage Ratio (such four full fiscal quarter period
being referred to herein as the “Four Quarter Period”) to the aggregate amount of Consolidated
Fixed Charges of the Partnership and its Restricted Subsidiaries for the Four Quarter Period. In
addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated
Cash Flow Available for Fixed Charges” and “Consolidated Fixed Charges” shall be calculated after
giving effect on a pro forma basis for the period of such calculation to, without duplication, (a)
the incurrence or repayment of any Indebtedness (other than revolving credit borrowings) of the
Partnership or any of its Restricted Subsidiaries (and, in the case of any incurrence, the
application of the net proceeds thereof) during the period commencing on the first day of the Four
Quarter Period to and including the Transaction Date (the “Reference Period”), including, without
limitation, the incurrence of the Indebtedness giving rise to the need to make such calculation
(and the application of the net proceeds thereof), as if such incurrence (and application) occurred
on the first day of the Reference Period, and (b) any Asset Sales or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need to make such calculation as a
result of the Partnership or one of its Restricted Subsidiaries (including any Person who becomes a
Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being
liable for Acquired Indebtedness) occurring during the Reference Period, as if such Asset Sale or
Asset Acquisition occurred on the first day of the Reference Period; provided, however, that (i)
Consolidated Fixed Charges shall be reduced by amounts attributable to businesses or assets that
are so disposed of or discontinued only to the extent that the obligations giving rise to such
Consolidated Fixed Charges would no longer be obligations contributing to the Consolidated Fixed
Charges subsequent to the date of determination of the Consolidated Fixed Charge Coverage Ratio and
(ii) Consolidated Cash Flow Available for Fixed Charges generated by an acquired business or asset
shall be determined by the actual gross profit (revenues minus cost of goods sold) of such acquired
business or asset during the immediately preceding four full fiscal quarters in the Reference
Period minus the pro forma expenses that would have been incurred by the Partnership and its
Restricted Subsidiaries in the operation of such acquired business or asset during such period,
computed on the basis of personnel expenses for employees retained or to be retained by the
Partnership and its Restricted Subsidiaries in the operation of the acquired business or asset and
non-personnel costs and expenses incurred by the Partnership and its Restricted Subsidiaries in the
operation of the Partnership’s business at similarly situated facilities. Furthermore, in
calculating “Consolidated Fixed Charges” for purposes of determining the “Consolidated Fixed Charge
Coverage Ratio,” (i) interest on outstanding Indebtedness (other than Indebtedness referred to in
clause (ii) below) determined on a fluctuating basis as of the last day of the Four Quarter Period
and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed
rate per annum equal to the rate of interest on such Indebtedness in effect on such date; (ii) only
actual interest payments associated with Indebtedness incurred in accordance with clauses (e) and
(g) of the definition of Permitted Indebtedness, and all Permitted Refinancing Indebtedness
thereof, during the Four Quarter Period shall be included in such calculation; and (iii) if
interest on any Indebtedness actually incurred on such date may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered
rate, or other rates, then the interest rate in effect on the last day of the Four Quarter Period
will be deemed to have been in effect during such period.



“Consolidated Fixed Charges” means, with respect to the Partnership and its Restricted
Subsidiaries for any period, the sum of, without duplication, (a) the amounts for such period of
Consolidated Interest Expense and (b) the product of (i) the aggregate amount of dividends and
other distributions paid or accrued during such period in respect of Preferred Stock and Redeemable
Capital Stock of the Partnership and its Restricted Subsidiaries on a consolidated basis and (ii) a
fraction, the numerator of which is one and the denominator of which is one minus the then
applicable current combined federal, state and local statutory tax rate, expressed as a percentage.



“Consolidated Income Tax Expense” means, with respect to the Partnership and its Restricted
Subsidiaries for any period, the provision for federal, state, local and foreign income taxes of
the Partnership and its Restricted Subsidiaries for such period as determined on a consolidated
basis in accordance with GAAP.



“Consolidated Interest Expense” means, with respect to the Partnership and its Restricted
Subsidiaries for any period, without duplication, the sum of (i) the interest expense of the
Partnership and its Restricted Subsidiaries for such period as determined on a consolidated basis
in accordance with GAAP, including, without limitation, (a) any amortization of debt discount, (b)
the net cost under Interest Rate Agreements, (c) the interest portion of any deferred payment
obligation, (d) all commissions, discounts and other fees and charges owed with respect to letters
of credit and bankers’ acceptance financing and (e) all accrued interest and (ii) the interest
component of Capital Leases paid, accrued or scheduled to be paid or accrued by the Partnership and
its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance
with GAAP.



“Consolidated Net Income” means the net income of the Partnership and its Restricted
Subsidiaries, as determined on a consolidated basis in accordance with GAAP and as adjusted to
exclude (i) net after-tax extraordinary gains or losses, (ii) net after-tax gains or losses
attributable to Asset Sales, (iii) the net income or loss of any Person which is not a Restricted
Subsidiary and which is accounted for by the equity method of accounting, provided that
Consolidated Net Income shall include the amount of dividends or distributions actually paid to the
Partnership or any Restricted Subsidiary, (iv) the net income or loss prior to the date of
acquisition of any Person combined with the Partnership or any Restricted Subsidiary in a pooling
of interest, (v) the net income of any Restricted Subsidiary to the extent that dividends or
distributions of such net income are not at the date of determination permitted by the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or other regulation
and (vi) the cumulative effect of any changes in accounting principles.



“Consolidated Net Worth” means, with respect to the Partnership and its Restricted
Subsidiaries at any date, the consolidated stockholders’ equity or partners’ capital of such Person
less the amount of such stockholders’ equity or partners’ capital attributable to Redeemable
Capital Stock of the Partnership and its Restricted Subsidiaries, as determined in accordance with
GAAP.



“Consolidated Non-cash Charges” means, with respect to the Partnership and its Restricted
Subsidiaries for any period, the aggregate depreciation, amortization and any other non-cash
charges resulting from writedowns in non-current assets, in each case, reducing Consolidated Net
Income of the Partnership and its Restricted Subsidiaries for such period, determined on a
consolidated basis in accordance with GAAP.



“Consolidated Tangible Assets” of any Person means, as of any date, the amount which, in
accordance with GAAP, would be set forth under the caption “Total Assets” (or any like caption) on
a consolidated balance sheet of such Person and its Restricted Subsidiaries, as of the end of the
most recently ended fiscal quarter for which internal financial statements are available, less all
intangible assets, including, without limitation, goodwill, organization costs, patents,
trademarks, copyrights, franchises, and research and development costs.



“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 10.2 hereof or such other address as to which the Trustee may give notice to the Issuers.



“Credit Agreement” means the Credit Agreement, dated as of August 28, 2003, among the
Operating Partnership, the General Partner, Petrolane, Citicorp USA, Inc., Credit Suisse First
Boston, Wachovia Bank, National Association, as issuing bank and agent, and the other banks which
are or become parties from time to time thereto, evidencing Bank Credit Facilities, as it has been
and may be amended, supplemented or otherwise modified from time to time, including all exhibits
and schedules thereto, and any successor or supplement facility entered into in compliance with
this Indenture.



“Default” means any event that is, or after notice or passage of time, or both, would be, an
Event of Default.



“Definitive Notes” means Notes that are in the form of Exhibit A attached hereto (but without
including the text referred to in footnote 1 thereto).



“Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.3 hereof as the Depositary with respect to the Notes, until
a successor shall have been appointed and become such pursuant to the applicable provision of this
Indenture, and, thereafter, “Depositary” shall mean or include such successor.



“Designation Amount” means, with respect to the designation of a Restricted Subsidiary or a
newly acquired or formed Subsidiary as an Unrestricted Subsidiary, an amount equal to (x) the net
book value of all assets of such Subsidiary at the time of such designation in the case of a
Restricted Subsidiary and (y) the cost of acquisition or formation in the case of a newly acquired
or formed Subsidiary.



“Disinterested Director” means, with respect to any transaction or series of transactions with
Affiliates, a member of the Board of Directors of the General Partner who has no financial
interest, and whose employer has no financial interest, in such transaction or series of
transactions.



“Eligible Accounts Receivable” means consolidated accounts receivable of the Partnership and
its Restricted Subsidiaries that are no more than 60 days past due under their scheduled payment
terms.



“ERISA” means the Employee Retirement Income Security Act of 1974, as the same may be amended
from time to time.




“Event of Default” has the meaning set forth in Section 6.1 hereof.




“Exchange Act” means the Securities Exchange Act of 1934, as amended.



“Exchange Offer” means the offer by the Issuers to the Holders of all outstanding Transfer
Restricted Securities to exchange all such outstanding Transfer Restricted Securities held by such
Holders for Series B Notes, in an aggregate principal amount equal to the aggregate principal
amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders.



“Exchange Offer Registration Statement” means the registration statement under the Securities
Act relating to the Exchange Offer, including the related prospectus.



“Finance Corp.” means the party named as such in this Indenture until a successor replaces it
pursuant to this Indenture and thereafter means the successor.




“First Mortgage Notes” means:



(a) the first mortgage notes, series A through C, issued pursuant to the note agreements dated
as of April 19, 1995, outstanding on the Issue Date;



(b) the first mortgage notes, series D, issued pursuant to the note agreement dated as of
March 15, 1999, outstanding on the Issue Date; and



(c) the first mortgage notes, series E, issued pursuant to the note agreement dated as of
March 15, 2000, outstanding on the Issue Date;



in each case as these note agreements may be amended, supplemented or otherwise modified from time
to time, including all exhibits and schedules thereto, and as the Indebtedness evidenced thereby
may be extended, renewed, refunded or refinanced from time to time.



“GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant segment of the
accounting profession, which are in effect on the Issue Date.



“General Partner” means AmeriGas Propane, Inc., a Pennsylvania corporation, and any successors
in the capacity of general partner of the Partnership or the Operating Partnership (including, if
applicable, more than one successor in any such capacity at the same time).



“Global Note” means a Note that is issued in global form in the name of Cede & Co. or such
other name as may be requested by an authorized representative of the Depositary, and that contains
the paragraph referred to in footnote 1 and the additional schedule referred to in the form of Note
attached hereto as Exhibit A.



“Government Securities” means direct obligations of, or obligations guaranteed by, the United
States of America for the payment of which guarantee or obligations the full faith and credit of
the United States of America is pledged.



“Guaranty” as applied to any Person, any direct or indirect liability, contingent or
otherwise, of such Person with respect to any Indebtedness, lease, cash dividend or other
obligation of another, including, without limitation, (a) any such obligation directly or
indirectly guaranteed or endorsed (otherwise than for collection or deposit in the ordinary course
of business) by such Person, or in respect of which such Person is otherwise directly or indirectly
liable, (b) any other obligation under any contract which, in economic effect, is substantially
equivalent to a guaranty, including, without limitation, any such obligation of a partnership in
which such Person is a general partner or of a joint venture in which such Person is a joint
venturer, or (c) any obligation in effect guaranteed by such Person through any agreement
(contingent or otherwise) to purchase, repurchase or otherwise acquire such obligation or any
security therefor, or to provide funds for the payment or discharge of such obligation (whether in
the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain
the solvency or any balance sheet or other financial condition of the obligor of such obligation,
or to make payment for any products, materials or supplies or for any transportation or services
regardless of the non-delivery or nonfurnishing thereof, in any such case if the purpose or intent
of such agreement is to provide assurance that such obligation will be paid or discharged, or that
any agreements relating thereto will be complied with, or that the holders of such obligation will
be protected against loss in respect thereof.




“Holder” means a Person in whose name a Note is registered.




“Indebtedness” means as applied to any Person (without duplication):



(a) any indebtedness for borrowed money and all obligations evidenced by any bond, note,
debenture or other similar instrument or letter of credit (or reimbursement agreements in respect
thereof) which such Person has directly or indirectly created, incurred or assumed;



(b) any indebtedness for borrowed money and all obligations evidenced by any bond, note,
debenture or other similar instrument secured by any Lien in respect of property owned by such
Person, whether or not such Person has assumed or become liable for the payment of such
indebtedness; provided that the amount of such indebtedness, if such Person has not assumed the
same or become liable therefor, shall in no event be deemed to be greater than the fair market
value from time to time (as determined in good faith by such Person) of the property subject to
such Lien;



(c) any indebtedness, whether or not for borrowed money (excluding trade payables and accrued
expenses arising in the ordinary course of business), with respect to which such Person has become
directly or indirectly liable and which represents the deferred purchase price (or a portion
thereof) or has been incurred to finance the purchase price (or a portion thereof) of any property
or service or business acquired by such Person, whether by purchase, consolidation, merger or
otherwise;



(d) the principal component of any obligations under Capital Leases to the extent such
obligations would, in accordance with GAAP, appear on a balance sheet of such Person;



(e) all Attributable Debt of such Person in respect of Sale and Leaseback Transactions not
involving a Capital Lease;



(f) any indebtedness of the character referred to in clause (a), (b), (c), (d) or (e) of this
definition deemed to be extinguished under GAAP but for which such Person remains legally liable;



(g) any indebtedness of any other Person of the character referred to in clause (a), (b), (c),
(d), (e) or (f) of this definition with respect to which the Person whose indebtedness is being
determined has become liable by way of a Guaranty;



(h) all Redeemable Capital Stock of such Person valued at the greater of its voluntary or
involuntary maximum fixed repurchase price plus accrued dividends;



(i) any Preferred Stock of any Subsidiary of such Person valued at the liquidation preference
thereof or any mandatory redemption payment obligations in respect thereof plus, in either case,
accrued dividends thereon; and



(j) any amendment, supplement, modification, deferral, renewal, extension or refunding of any
liability of the types referred to in clauses (a) through (i) above.



For purposes hereof, the “maximum fixed repurchase price” of any Redeemable Capital Stock
which does not have a fixed repurchase price shall be calculated in accordance with the terms of
such Redeemable Capital Stock as if such Redeemable Capital Stock were purchased on any date on
which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price
is based upon, or measured by, the fair market value of such Redeemable Capital Stock, such fair
market value shall be determined in good faith by the board of directors of the issuer of such
Redeemable Capital Stock.




“Indenture” means this Indenture, as amended or supplemented from time to time.



“Initial Purchasers” means Credit Suisse First Boston LLC, Citigroup Global Markets Inc. and
Wachovia Capital Markets, LLC, as initial purchasers in the Offering.



“Interest Rate Agreement” means any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement or other similar agreement or arrangement designed to protect the
Partnership or any Restricted Subsidiary from fluctuations in interest rates.



“Inventory” means goods held by a Person for sale or lease or to be furnished under contracts
of service or if such Person has so furnished them, or if they are raw materials, work in process
materials used or consumed in the Business or finished inventory of every type or description
(including, without limitation, all liquefied petroleum gas), in each case as would be shown as
inventory on a balance sheet of such Person prepared in accordance with GAAP consistently applied;
and all documents of title covering such inventory, and shall specifically include all “inventory”
as such term is defined in the UCC, now or hereafter owned by such Person.



“Investment” means as applied to any Person, any direct or indirect purchase or other
acquisition by such Person of stock or other securities of any other Person, or any direct or
indirect loan, advance or capital contribution by such Person to any other Person, and any other
item which would be classified as an “investment” on a balance sheet of such Person prepared in
accordance with GAAP, including, without limitation, any direct or indirect contribution by such
Person of property or assets to a joint venture, partnership or other business entity in which such
Person retains an interest (it being understood that a direct or indirect purchase or other
acquisition by such Person of assets of any other Person (other than stock or other securities)
shall not constitute an “Investment” for purposes of this Indenture). The amount involved in
Investments made during any period shall be the aggregate cost to the Partnership and its
Restricted Subsidiaries of all such Investments made during such period, determined in accordance
with GAAP, but without regard to unrealized increases or decreases in value, or write-ups,
write-downs or write-offs, of such Investments and without regard to the existence of any
undistributed earnings or accrued interest with respect thereto accrued after the respective dates
on which such Investments were made, less any net return of capital realized during such period
upon the sale, repayment or other liquidation of such Investments (determined in accordance with
GAAP, but without regard to any amounts received during such period as earnings (in the form of
dividends not constituting a return of capital, interest or otherwise) on such Investments or as
loans from any Person in whom such Investments have been made).




“Issue Date” means the date on which the Series A Notes are originally issued.



“Issuers” means the parties named as such in this Indenture until a successor replaces either
such Issuer pursuant to this Indenture and thereafter means the remaining Issuer and the successor.



“Lien” means any mortgage, charge, pledge, lien (statutory or other), security interest,
hypothecation, assignment for security, claim, or preference or priority or other encumbrance upon
or with respect to any property of any kind. A Person shall be deemed to own subject to a Lien any
property which such Person has acquired or holds subject to the interest of a vendor or lessor
under any conditional sale agreement, capital lease or other title retention agreement.



“Liquidated Damages” means all liquidated damages then owing pursuant to the Registration
Rights Agreement.



“Maturity Date” means, with respect to any Note, the date on which any principal of such Note
becomes due and payable as therein or herein provided, whether at the Stated Maturity with respect
to such principal or by declaration of acceleration, call for redemption or purchase or otherwise.




“Moody’s” means Moody’s Investors Service, Inc. and its successors.



“Net Amount of Unrestricted Investment” means, without duplication, the sum of (x) the
aggregate amount of all Investments made after the Issue Date pursuant to subdivision (h) of the
definition of Permitted Investments (computed as provided in the last sentence of the definition of
Investment) and (y) the aggregate of all Designation Amounts in connection with the designation of
Unrestricted Subsidiaries less all Designation Amounts in respect of Unrestricted Subsidiaries
which have been designated as Restricted Subsidiaries and otherwise reduced in a manner consistent
with the provisions of the last sentence of the definition of Investment.



“Net Proceeds” means, with respect to any Asset Sale or sale of Capital Stock, the proceeds
thereof in the form of cash or cash equivalents including payments in respect of deferred payment
obligations when received in the form of cash or cash equivalents (except to the extent that such
deferred payment obligations are financed or sold with recourse to the Partnership or any
Restricted Subsidiary of the Partnership) net of (i) brokerage commissions and other fees and
expenses (including, without limitation, fees and expenses of legal counsel and accountants and
fees, expenses and discounts or commissions of underwriters, placement agents and investment
bankers) related to such Asset Sale, (ii) provisions for all taxes payable as a result of such
Asset Sale, (iii) amounts required to be paid to any Person (other than the Partnership or any
Restricted Subsidiary of the Partnership) owning a beneficial interest in the assets subject to
such Asset Sale, (iv) appropriate amounts to be provided by the Partnership or any Restricted
Subsidiary of the Partnership, as the case may be, as a reserve required in accordance with GAAP
against any liabilities associated with such Asset Sale and retained by the Partnership or any
Restricted Subsidiary of the Partnership, as the case may be, after such Asset Sale, including,
without limitation, pension and other post-employment benefit liabilities, liabilities related to
environmental matters and liabilities under any indemnification obligations associated with such
Asset Sale and (v) amounts required to be applied to the repayment of Indebtedness secured by a
Lien on the asset or assets sold in such Asset Sale.



“Note Custodian” means the Trustee, as custodian with respect to the Notes in global form, or
any successor entity thereto.




“Notes” means the Issuers’ Series A Notes, the Senior B Notes and Additional Notes, if any.




“Offering” means the offering of the Series A Notes pursuant to the Offering Circular.



“Offering Circular” means the offering circular of the Issuers, dated April 13, 2005, relating
to the Offering.



“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any
Vice-President of such Person; provided, however, that any reference to an Officer with respect to
the Partnership shall mean the respective Officer of the General Partner.



“Officers’ Certificate” means a certificate signed on behalf of (i) the General Partner
(acting on behalf of the Partnership) by two Officers of the General Partner, one of whom must be
the principal executive officer, the principal financial officer, the treasurer or the principal
accounting officer of the General Partner, and (ii) Finance Corp. by two Officers of Finance Corp.,
one of whom must be the principal executive officer, the principal financial officer, the treasurer
or the principal accounting officer of Finance Corp., in either case that meets the requirements of
Section 10.5 hereof.



“Operating Partnership” means AmeriGas Propane, L.P., a Delaware limited partnership, and its
successors.



“Operating Partnership Agreement” means the Amended and Restated Agreement of Limited
Partnership of the Operating Partnership, as in effect on the Issue Date, and as the same may from
time to time be amended, supplemented or otherwise modified in accordance with the terms thereof.



“Operative Agreements” means the Partnership Agreement, the Operating Partnership Agreement
and the other agreements entered into between the Partnership or the Operating Partnership and any
of their respective Affiliates (including the General Partner) on April 19, 1995.



“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee, that meets the requirements of Section 10.5 hereof. The counsel may be an employee of or
counsel to the Partnership, the General Partner, Finance Corp., UGI, any of their respective
Subsidiaries or the Trustee.



“Partnership” means the party named as such in this Indenture until a successor replaces it
pursuant to this Indenture and thereafter means the successor.



“Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the
Partnership, as in effect on the Issue Date, and as the same may from time to time be amended,
supplemented or otherwise modified in accordance with the terms thereof.




“Permitted Holders” mean UGI and its Subsidiaries.



“Permitted Business” means either (1) marketing, distributing or otherwise handling propane or
other hydrocarbons, or activities or services reasonably related or ancillary thereto, or (2) any
other business that generates gross income that constitutes “qualifying income” under Section
7704(d) of the Code.




“Permitted Indebtedness” means any of the following:




(a) Indebtedness of the Issuers evidenced by the Series A Notes issued on the Issue Date;




(b) Indebtedness outstanding on the Issue Date;



(c) Indebtedness of the Operating Partnership; provided that the aggregate principal amount
(exclusive of any unamortized premium) of such Indebtedness outstanding at any time may not exceed
$518.0 million;



(d) Indebtedness of the Partnership or a Restricted Subsidiary incurred (A) for the making of
expenditures for the improvement or repair of (to the extent such improvements or repairs may be
capitalized on the books of such Person in accordance with GAAP) or additions to (including
additions by way of acquisitions of businesses and related assets) the property and assets of the
Partnership and its Restricted Subsidiaries (including, without limitation, Indebtedness incurred
under the Acquisition Facility) or (B) by assumption in connection with additions (including
additions by way of acquisition or capital contributions of businesses and related assets) to the
property and assets of the Partnership and its Restricted Subsidiaries; provided that the aggregate
principal amount of such Indebtedness outstanding at any time may not exceed $75.0 million;



(e) Indebtedness of the Partnership or a Restricted Subsidiary incurred for any purpose
permitted under the Revolving Loan Facility; provided that the aggregate principal amount of such
Indebtedness outstanding at any time may not exceed an amount equal to the greatest of (i) $250.0
million, (ii) the Consolidated Borrowing Base Amount or (iii) 30% of Consolidated Tangible Assets
of the Partnership;



(f) Indebtedness of the Partnership owing to the General Partner or an Affiliate of the
General Partner that is unsecured and that is Subordinated Indebtedness; provided that the
aggregate principal amount of such Indebtedness outstanding at any time may not exceed $50.0
million;



(g) Indebtedness of the Partnership or a Restricted Subsidiary for the purpose of the payment
of liabilities of Petrolane; provided that the aggregate amount of such Indebtedness outstanding at
any time may not exceed $30.0 million;



(h) Indebtedness owed by the Partnership or any Restricted Subsidiary to any Wholly-Owned
Restricted Subsidiary;




(i) Indebtedness under Interest Rate Agreements;




(j) Permitted Refinancing Indebtedness;



(k) the incurrence by the Partnership or a Restricted Subsidiary of Indebtedness owing
directly to its insurance carriers (without duplication) in connection with the Partnership’s, its
Subsidiaries’ or its Affiliates’ self-insurance programs or other similar forms of retained
insurable risks for their respective businesses, consisting of reinsurance agreements and
indemnification agreements (and guarantees of the foregoing) secured by letters of credit; provided
that any Consolidated Fixed Charges associated with the Indebtedness evidenced by such reinsurance
agreements, indemnification agreements, guarantees and letters of credit shall be included (without
duplication) in any determination of the Consolidated Fixed Charge Coverage Ratio test set forth in
Section 4.8 hereof;



(l) Indebtedness of the Partnership and its Restricted Subsidiaries in respect of Capital
Leases; provided that the aggregate amount of such Indebtedness outstanding at any time may not
exceed $30.0 million;



(m) Indebtedness of the Partnership and its Restricted Subsidiaries represented by letters of
credit supporting (i) obligations under workmen’s compensation laws, (ii) obligations to suppliers
of propane; provided that the aggregate amount of such Indebtedness outstanding at any time may not
exceed $25.0 million and (iii) the repayment of Permitted Indebtedness; and



(n) surety bonds and appeal bonds required in the ordinary course of business or in connection
with the enforcement of rights or claims of the Partnership or any of its Subsidiaries or in
connection with judgments that do not result in a Default or Event of Default.




“Permitted Investments” means any of the following:



(a) Investments made or owned by the Partnership or any Restricted Subsidiary in (i)
marketable obligations issued or unconditionally guaranteed by the United States of America, or
issued by any agency thereof and backed by the full faith and credit of the United States, in each
case maturing one year or less from the date of acquisition thereof, (ii) marketable direct
obligations issued by any state of the United States of America or any political subdivision of any
such state or any public instrumentality thereof maturing within one year from the date of
acquisition thereof and having as at such date the highest rating obtainable from either S&P or
Moody’s, (iii) commercial paper maturing no more than 365 days from the date of creation thereof
and having as at the date of acquisition thereof one of the two highest ratings obtainable from
either S&P or Moody’s, (iv) certificates of deposit maturing one year or less from the date of
acquisition thereof issued by commercial banks incorporated under the laws of the United States or
any state thereof or the District of Columbia or Canada (“Permitted Banks”) (A) the commercial
paper or other short term unsecured debt obligations of which are as at such date rated either A-2
or better (or comparably if the rating system is changed) by S&P or Prime-2 or better (or
comparably if the rating system is changed) by Moody’s or (B) the long-term debt obligations of
which are as at such date rated either A or better (or comparably if the rating system is changed)
by either S&P or Moody’s, (v) Eurodollar time deposits having a maturity of less than 270 days from
the date of acquisition thereof purchased directly from any Permitted Bank, (vi) bankers’
acceptances eligible for rediscount under requirements of The Board of Governors of the Federal
Reserve System and accepted by Permitted Banks, (vii) obligations of the type described in clause
(i), (ii), (iii), (iv) or (v) above purchased from a securities dealer designated as a “primary
dealer” by the Federal Reserve Bank of New York or from a Permitted Bank as counterparty to a
written repurchase agreement obligating such counterparty to repurchase such obligations not later
than 14 days after the purchase thereof and which provides that the obligations which are the
subject thereof are held for the benefit of the Partnership or a Restricted Subsidiary by a
custodian which is a Permitted Bank and which is not a counterparty to the repurchase agreement in
question; (viii) shares of money market mutual funds having as at such date one of the two highest
ratings obtainable from either S&P or Moody’s, and (ix) auction rate investments having as at such
date one of the two highest ratings obtainable from either S&P or Moody’s;



(b) the acquisition by the Partnership or any Restricted Subsidiary of Capital Stock or other
ownership interests, whether in a single transaction or in a series of related transactions, of a
Person engaged in a Permitted Business such that, upon the completion of such transaction or series
of transactions, such Person becomes a Restricted Subsidiary;



(c) subject to the provisions of subdivision (h) below, the making or ownership by the
Partnership or any Restricted Subsidiary of Investments (in addition to Investments permitted by
subdivisions (a), (b), (d), (e), (f) and (g)) in any Person engaged in a Permitted Business;
provided that the aggregate amount of all such Investments made by the Partnership and its
Restricted Subsidiaries following the Issue Date and outstanding pursuant to this subdivision (c)
and subdivision (h) below shall not at any date of determination exceed 10% of Total Assets (the
“Investment Limit”); provided that, in addition to Investments that would be permitted under the
Investment Limit, during any fiscal year the Partnership and its Restricted Subsidiaries may invest
up to $25.0 million (the “Annual Limit”) pursuant to the provisions of this subdivision (c), but
the unused amount of the Annual Limit shall not be carried over to any future years;



(d) the making or ownership by the Partnership or any Restricted Subsidiary of Investments (x)
arising out of loans and advances to employees incurred in the ordinary course of business, (y)
arising out of extensions of trade credit or advances to third parties in the ordinary course of
business and (z) acquired by reason of the exercise of customary creditors’ rights upon default or
pursuant to the bankruptcy, insolvency or reorganization of a debtor;



(e) the creation or incurrence of liability by the Partnership or any Restricted Subsidiary
with respect to any Guaranty constituting an obligation, warranty or indemnity, not guaranteeing
Indebtedness of any Person, which is undertaken or made in the ordinary course of business;



(f) the creation or incurrence of liability by the Partnership or any Restricted Subsidiary
with respect to any Interest Rate Agreements;



(g) the making by any Restricted Subsidiary of Investments in the Partnership or another
Restricted Subsidiary;



(h) the making or ownership by the Partnership or any Restricted Subsidiary of Investments in
Unrestricted Subsidiaries; provided that the Net Amount of Unrestricted Investment shall not at any
time exceed $5,000,000 (and subject to the limitations specified in subdivision (c) above); and



(i) the making or ownership by the Partnership or any Restricted Subsidiary of Investments in
the Operating Partnership.




“Permitted Liens” means any of the following:



(a) Liens for taxes, assessments or other governmental charges the payment of which is not yet
due and is being contested in good faith by appropriate proceedings promptly initiated and
diligently conducted and as to which reserves or other appropriate provision, if any, as shall be
required by GAAP shall have been made therefor and be adequate in the good faith judgment of the
obligor;



(b) Liens of lessors, landlords and carriers, vendors, warehousemen, mechanics, materialmen,
repairmen and other like Liens incurred in the ordinary course of business for sums not yet due or
the payment of which is being contested in good faith by appropriate proceedings promptly initiated
and diligently conducted and as to which reserves or other appropriate provision, if any, as shall
be required by GAAP shall have been made therefor and be adequate in the good faith judgment of the
obligor, in each case (i) not incurred or made in connection with the borrowing of money, the
obtaining of advances or credit or the payment of the deferred purchase price of property or (ii)
incurred in the ordinary course of business securing the unpaid purchase price of property or
services constituting current accounts payable;



(c) Liens (other than any Lien imposed by ERISA) incurred or deposits made in the ordinary
course of business (i) in connection with workers’ compensation, unemployment insurance and other
types of social security or (ii) to secure (or to obtain letters of credit that secure) the
performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, performance
bonds, purchase, construction or sales contracts and other similar obligations, in each case not
incurred or made in connection with the borrowing of money;



(d) other deposits made to secure liability to insurance carriers under insurance or
self-insurance arrangements;



(e) Liens securing reimbursement obligations under letters of credit; provided in each case
that such Liens cover only the title documents and related goods (and any proceeds thereof) covered
by the related letter of credit;



(f) any attachment or judgment Lien, unless the judgment it secures shall not, within 60 days
after the entry thereof, have been discharged or execution thereof stayed pending appeal or review,
or shall not have been discharged within 60 days after expiration of any such stay;



(g) leases or subleases granted to others, easements, rights-of-way, restrictions and other
similar charges or encumbrances, which, in each case either (i) are granted, entered into or
created in the ordinary course of the business of the Partnership or any Restricted Subsidiary or
(ii) do not materially impair the value or intended use of the property covered thereby;



(h) Liens on property or assets of any Restricted Subsidiary securing Indebtedness of such
Restricted Subsidiary owing to the Partnership or a Wholly-Owned Restricted Subsidiary;



(i) Liens on assets of the Partnership or any Restricted Subsidiary existing on the Issue
Date;



(j) Liens securing Indebtedness evidenced by the First Mortgage Notes (or any extension,
renewal, refunding or refinancing of any such Indebtedness);



(k) Liens securing Indebtedness incurred under the Acquisition Facility (or any extension,
renewal, refunding or refinancing of any such Indebtedness);



(l) Liens securing Indebtedness incurred under the Revolving Loan Facility (or any extension,
renewal, refunding or refinancing of any such Indebtedness);



(m) Liens (other than the Liens referred to in clause (k) above) securing Indebtedness
incurred in accordance with (i) clause (d) of the definition of Permitted Indebtedness, (ii)
clauses (e) and (g) of the definition of Permitted Indebtedness or (iii) Indebtedness otherwise
permitted to be incurred under Section 4.8 hereof to the extent incurred (A) to finance the making
of expenditures for the improvement or repair (to the extent such improvements and repairs may be
capitalized on the books of the Partnership and the Restricted Subsidiaries in accordance with
GAAP) of or additions (including additions by way of acquisitions of businesses and related assets)
to the assets and property of the Partnership and its Restricted Subsidiaries, or (B) by assumption
in connection with additions (including additions by way of acquisition or capital contributions of
business and related assets) to the property and assets of the Partnership and its Restricted
Subsidiaries; provided that in the case of Indebtedness incurred in accordance with clauses (i) or
(iii), the principal amount of such Indebtedness does not exceed the lesser of the cost to the
Partnership and the Restricted Subsidiaries of such additional property or assets and the fair
market value of such additional property or assets at the time of the acquisition thereof (as
determined in good faith by the General Partner);



(n) Liens existing on any property of any Person at the time it becomes a Subsidiary of the
Partnership, or existing at the time of acquisition upon any property acquired by the Partnership
or any such Subsidiary through purchase, merger or consolidation or otherwise, whether or not
assumed by the Partnership or such Subsidiary, or created to secure Indebtedness incurred to pay
all or any part of the purchase price (a “Purchase Money Lien”) of property (including, without
limitation, Capital Stock and other securities) acquired by the Partnership or a Restricted
Subsidiary; provided that (i) any such Lien shall be confined solely to such item or items of
property and, if required by the terms of the instrument originally creating such Lien, other
property which is an improvement to or is acquired for use specifically in connection with such
acquired property, (ii) in the case of a Purchase Money Lien, the principal amount of the
Indebtedness secured by such Purchase Money Lien shall at no time exceed an amount equal to the
lesser of (A) the cost to the Partnership and the Restricted Subsidiaries of such property and (B)
the fair market value of such property at the time of the acquisition thereof (as determined in
good faith by the General Partner), (iii) any such Purchase Money Lien shall be created not later
than 30 days after the acquisition of such property and (iv) any such Lien (other than a Purchase
Money Lien) shall not have been created or assumed in contemplation of such Person’s becoming a
Subsidiary of the Partnership or such acquisition of property by the Partnership or any Subsidiary;



(o) easements, exceptions or reservations in any property of the Partnership or any Restricted
Subsidiary granted or reserved for the purpose of pipelines, roads, the removal of oil, gas, coal
or other minerals, and other like purposes, or for the joint or common use of real property,
facilities and equipment, which are incidental to, and do not materially interfere with, the
ordinary conduct of the business of the Partnership or any Restricted Subsidiary;



(p) Liens arising from or constituting permitted encumbrances under the agreements and
instruments securing the obligations under the First Mortgage Notes and the Bank Credit Facilities;
and



(q) any Lien renewing or extending any Lien permitted by subdivision (i), (j), (k), (l), (m)
or (n); provided that (i) the principal amount of the Indebtedness secured by any such Lien shall
not exceed the principal amount of such Indebtedness outstanding immediately prior to the renewal
or extension of such Lien, and (ii) no assets encumbered by any such Lien other than the assets
encumbered immediately prior to such renewal or extension shall be encumbered thereby.



“Permitted Refinancing Indebtedness” means Indebtedness incurred by the Partnership or any
Restricted Subsidiary to substantially concurrently (excluding any notice period on redemptions)
repay, refund, renew, replace, extend or refinance, in whole or in part, any Permitted Indebtedness
of the Partnership or any Restricted Subsidiary or any other Indebtedness incurred by the
Partnership or any Restricted Subsidiary pursuant to Section 4.8 hereof, to the extent that (i) the
principal amount of such Permitted Refinancing Indebtedness does not exceed the principal or
accreted amount plus the amount of accrued and unpaid interest of the Indebtedness so repaid,
refunded, renewed, replaced, extended or refinanced and the amount of a reasonably determined
premium necessary to accomplish such refinancing, (ii) with respect to the repayment, refunding,
renewal, replacement, extension or refinancing of Indebtedness of the Issuers, the Permitted
Refinancing Indebtedness ranks no more favorably in right of payment with respect to the Notes than
the Indebtedness so repaid, refunded, renewed, replaced, extended or refinanced, and (iii) with
respect to the repayment, refunding or refinancing of Indebtedness of the Issuers, the Permitted
Refinancing Indebtedness has a Weighted Average Life to Stated Maturity and Stated Maturity equal
to, or greater than, and has no fixed mandatory redemption or sinking fund requirement in an amount
greater than or at a time prior to the amounts set forth in, the Indebtedness so repaid, refunded,
renewed, replaced, extended or refinanced; provided, however, that Permitted Refinancing
Indebtedness shall not include Indebtedness incurred by a Restricted Subsidiary to repay, refund,
renew, replace, extend or refinance Indebtedness of the Partnership.



“Person” means any individual, corporation, limited liability company, partnership, joint
venture, association, joint-stock company, trust, charitable foundation, unincorporated
organization, government or any agency or political subdivision thereof or any other entity.




“Petrolane” means Petrolane Incorporated, a Pennsylvania corporation, and its successors.



“Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock (other
than the Common Units) of any class or classes (however designated), which is preferred as to the
payment of distributions, dividends, or upon any voluntary or involuntary liquidation or
dissolution of such Person, over shares or units of Capital Stock of any other class of such
Person.



“Redeemable Capital Stock” means any shares of any class or series of Capital Stock, that,
either by the terms thereof, by the terms of any security into which it is convertible or
exchangeable or by contract or otherwise, is or upon the happening of an event or passage of time
would be, required to be redeemed prior to the Stated Maturity with respect to the principal of any
Note or is redeemable at the option of the holder thereof at any time prior to the Stated Maturity
of the Notes, or is convertible into or exchangeable for debt securities at any time prior to the
Stated Maturity of the Notes.



“Registration Rights Agreement” means (1) the Registration Rights Agreement, dated as of the
Issue Date, among the Issuers and the Initial Purchasers and (2) any future registration rights
agreement executed by the Issuers in connection with the issuance of Additional Notes under this
Indenture.



“Responsible Officer” when used with respect to the Trustee, means any officer within the
corporate trust department of the Trustee (or any successor of the Trustee) or any other officer of
the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the
particular subject.



“Restricted Subsidiary” means a Subsidiary of the Partnership, which, as of the date of
determination, is not an Unrestricted Subsidiary of the Partnership.



“Revolving Loan Facility” means the revolving loan facility of the Operating Partnership
provided for in the Credit Agreement.



“S&P” means Standard & Poor’s Rating Services, a Division of The McGraw-Hill Companies, Inc.,
and its successors.



“Sale and Leaseback Transaction” of any Person (a “Transferor”) means any arrangement (other
than between the Partnership and a Wholly-Owned Restricted Subsidiary or between Wholly-Owned
Restricted Subsidiaries) whereby (a) property (the “Subject Property”) has been or is to be
disposed of by such Transferor to any other Person with the intention on the part of such
Transferor of taking back a lease of such Subject Property pursuant to which the rental payments
are calculated to amortize the purchase price of such Subject Property substantially over the
useful life of such Subject Property, and (b) such Subject Property is in fact so leased by such
Transferor or an Affiliate of such Transferor.




“SEC” means the Securities and Exchange Commission.




“Securities Act” means the Securities Act of 1933, as amended.



“Series A Notes” means the Issuers’ 7.25% Series A Senior Notes due 2015 to be issued pursuant
to this Indenture.



“Series B Notes” means the Issuers’ 7.25% Series B Senior Notes due 2015 to be issued pursuant
to this Indenture in the Exchange Offer.



“Significant Subsidiary” shall have the same meaning as in Rule 1.02(v) of Regulation S-X
under the Securities Act.



“Stated Maturity” means, (i) when used with respect to any Note or any installment of interest
thereon, the date specified in such Note as the fixed date on which the principal of such Note or
such installment of interest is due and payable, and (ii) when used with respect to any other
Indebtedness, means the date or dates specified in the instrument governing such Indebtedness as
the fixed date or dates on which each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in respect of such
Indebtedness, or any installment of interest thereon, is due and payable.



“Subordinated Indebtedness” means Indebtedness of the Partnership which is expressly
subordinated in right of payment to the Notes.



“Subsidiary” means, with respect to any Person, (i) a corporation a majority of whose Voting
Stock (or, in the case of a partnership, a majority of the partners’ Capital Stock, considering all
partners’ Capital Stock as a single class) is at the time, directly or indirectly, owned by such
Person, by one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries
thereof and (ii) any other Person, including, without limitation, a joint venture, in which such
Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof,
directly or indirectly, at the date of determination thereof, has at least a majority ownership
interest entitled to vote in the election of directors, managers, general partners or trustees
thereof (or other Person performing similar functions) or, if such Persons are not elected, to vote
on any matter that is submitted to the vote of all Persons holding ownership interests in such
entity. For purposes of this definition, any directors’ qualifying shares or investments by
foreign nationals mandated by applicable law shall be disregarded in determining the ownership of a
Subsidiary.



“TIA” means the Trust Indenture Act of 1939, as in effect on the date this Indenture is
qualified under the TIA, except as provided in Section 9.3 hereof.



“Total Assets” means as of any date of determination, the consolidated total assets of the
Partnership and the Restricted Subsidiaries as would be shown on a consolidated balance sheet of
the Partnership and the Restricted Subsidiaries prepared in accordance with GAAP.



“Transfer Restricted Securities” has the meaning ascribed to such term in the Registration
Rights Agreement.



“Trustee” means the party named as such above until a successor replaces it in accordance with
the applicable provisions of this Indenture and thereafter means the successor serving hereunder.



“UCC” means the Uniform Commercial Code as it may be from time to time in effect in the State
of New York.




“UGI” means UGI Corporation, a Pennsylvania corporation, and its successors.



“Unrestricted Subsidiary” means any Subsidiary of the Partnership or a Restricted Subsidiary
that is designated as such by the General Partner; provided that no portion of the Indebtedness or
any other obligation (contingent or otherwise) of such Subsidiary (a) is guaranteed by the
Partnership or any Restricted Subsidiary, (b) is recourse to or obligates the Partnership or any
Restricted Subsidiary in any way or (c) subjects any property or assets of the Partnership or any
Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction
thereof. Notwithstanding the foregoing, the Partnership or a Restricted Subsidiary may Guaranty or
agree to provide funds for the payment or maintenance of, or otherwise become liable with respect
to Indebtedness of an Unrestricted Subsidiary; but only to the extent that the Partnership or a
Restricted Subsidiary would be permitted to (a) make an Investment in such Unrestricted Subsidiary
pursuant to subdivision (h) of the definition of Permitted Investments and (b) incur the
Indebtedness represented by such Guaranty or agreement pursuant to the first paragraph of Section
4.8 hereof. The Board of Directors may designate an Unrestricted Subsidiary to be a Restricted
Subsidiary, provided that immediately after giving effect to such designation, (i) there exists no
Event of Default or event which after notice or lapse of time or both would become an Event of
Default and (ii) if such Unrestricted Subsidiary has, as of the date of such designation,
outstanding Indebtedness (other than Permitted Indebtedness) the Partnership could incur at least
$1.00 of Indebtedness (other than Permitted Indebtedness). Notwithstanding the foregoing, (i) no
Subsidiary may be designated an Unrestricted Subsidiary if such Subsidiary, directly or indirectly,
holds capital stock of a Restricted Subsidiary and (ii) neither the Operating Partnership nor
Finance Corp. may be designated an Unrestricted Subsidiary.



“Voting Stock” means any class or classes of Capital Stock pursuant to which the holders
thereof have the general voting power under ordinary circumstances to elect at least a majority of
the board of directors, managers, general partners or trustees of any Person (irrespective of
whether or not, at the time, Capital Stock of any other class or classes shall have, or might have,
voting power by reason of the happening of any contingency) or, with respect to a partnership
(whether general or limited), any general partner interest in such partnership.



“Weighted Average Life to Stated Maturity” means, when applied to any Indebtedness at any
date, the number of years obtained by dividing (a) the sum of the products obtained by multiplying
(x) the amount of each then remaining installment, sinking fund, serial maturity or other required
payments of principal, including payment at final maturity, in respect thereof, by (y) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making
of such payment, by (b) the then outstanding principal amount of such Indebtedness; provided,
however, that with respect to any revolving Indebtedness, the foregoing calculation of Weighted
Average Life to Stated Maturity shall be determined based upon the total available commitments and
the required reductions of commitments in lieu of the outstanding principal amount and the required
payments of principal, respectively.



“Wholly-Owned Restricted Subsidiary” means the Operating Partnership or any Subsidiary of the
Partnership of which 100% of the outstanding Capital Stock is owned by the Partnership or by one or
more Wholly-Owned Restricted Subsidiaries of the Partnership or by the Partnership and one or more
Wholly-Owned Restricted Subsidiaries of the Partnership. For purposes of this definition, any
directors’ qualifying shares or investments by foreign nationals mandated by applicable law shall
be disregarded in determining the ownership of a Subsidiary.



1.2 Other Definitions.



	 	 	 	 	 
	Term	 	Defined in Section
	“Additional Notes”
	 	 	2.2	 
	“Annual Limit”
	 	 	1.1	 
	“Asset Sale”
	 	 	4.16	 
	“Asset Sale Offer”
	 	 	4.16	 
	“Bankruptcy Law”
	 	 	6.1	 
	“Change of Control Offer”
	 	 	4.17	 
	“Change of Control Payment”
	 	 	4.17	 
	“Change of Control Payment Date”
	 	 	4.17	 
	“Covenant Defeasance”
	 	 	8.3	 
	“Custodian”
	 	 	6.1	 
	“Excess Proceeds”
	 	 	4.16	 
	“Four Quarter Period”
	 	 	1.1	 
	“incur”
	 	 	4.8	 
	“Investment Limit”
	 	 	1.1	 
	“Legal Defeasance”
	 	 	8.2	 
	“Legal Holiday”
	 	 	10.8	 
	“Offer Amount”
	 	 	3.10	 
	“Offer Period”
	 	 	3.10	 
	“Partnership Group”
	 	 	1.1	 
	“Paying Agent”
	 	 	2.3	 
	“Payment Default”
	 	 	6.1	 
	“Payment Restrictions
	 	 	4.12	 
	“Permitted Banks”
	 	 	1.1	 
	“Purchase Date”
	 	 	3.10	 
	“Purchase Money Lien”
	 	 	1.1	 
	“Reference Period”
	 	 	1.1	 
	“Registrar”
	 	 	2.3	 
	“Restricted Payments”
	 	 	4.9	 
	“Subject Property”
	 	 	1.1	 
	“Transaction Date”
	 	 	1.1	 
	“Transferor”
	 	 	1.1	 







1.3 Incorporation by Reference of Trust Indenture Act.



Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture.




The following TIA terms used in this Indenture have the following meanings:




“indenture securities” means the Notes;




“indenture security holder” means a Holder of Notes;




“indenture to be qualified” means this Indenture;




“indenture trustee” or “institutional trustee” means the Trustee;



“obligor” on the Notes means the Issuers, as joint and several obligors, or any successor
obligor upon the Notes.



All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule under the TIA have the meanings so assigned to them.



1.4 Rules of Construction.




Unless the context otherwise requires:




(1) a term has the meaning assigned to it;



(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with
generally accepted accounting principles in the United States;




(3) “or” is not exclusive;




(4) words in the singular include the plural, and in the plural include the singular;




(5) provisions apply to successive events and transactions; and



(6) references to sections of or rules under the Securities Act or the Exchange Act shall be
deemed to include substitute, replacement or successor or rules adopted by the SEC from time to
time.



	 	 	 
	Article 2: The Notes	 	 
	2.1

	 	Form and Dating.
	
 
	 	 







The Notes and the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A, the terms of which are incorporated in and made a part of this Indenture; provided,
however, that Additional Notes issued from time to time in accordance with this Indenture may
contain such changes as to form as are appropriate. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of
its authentication. The Notes shall be in face denominations of $2,000 and integral multiples of
$1,000 thereof.



The terms and provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Indenture, and the Issuers and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby.



The Notes will initially be issued in global form, substantially in the form of Exhibit A
attached hereto (including footnote 1 thereto) and in definitive form, substantially in the form of
Exhibit A hereto (not including footnote 1 thereto). The Global Notes shall represent such of the
outstanding Notes as shall be specified therein and shall provide that it shall represent the
aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the
amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be
made by the Trustee in accordance with instructions given by the Holder thereof as required by
Section 2.6 hereof.



2.2 Execution and Authentication.



An Officer of the General Partner, on behalf of the Partnership (or the Partnership, if the
Partnership is a corporation), and of Finance Corp. shall sign the Notes for each of the
Partnership and Finance Corp. by manual or facsimile signature. The seal of Finance Corp. shall be
reproduced on the Notes and may be in facsimile form.



If an Officer of the General Partner or of Finance Corp. whose signature is on a Note no
longer holds that office at the time the Note is authenticated, the Note shall nevertheless be
valid.



A Note shall not be valid until authenticated by the manual signature of the Trustee. The
signature of the Trustee shall be conclusive evidence that the Note has been authenticated under
this Indenture.



The Trustee shall, upon a written order of the Issuers signed by an Officer of the General
Partner, on behalf of the Partnership (or the Partnership, if the Partnership is a corporation),
and of Finance Corp., authenticate Notes for original issue of an aggregate amount of $415,000,000.



The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate
Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by such agent. An authenticating agent has the same right as an
Agent to deal with the Issuers or an Affiliate of the Issuers.



Subject to compliance with Section 4.8 and the other terms of this Indenture, the Issuers are
permitted to issue more notes after the Issue Date (“Additional Notes”) under this Indenture in an
unlimited amount. The Series A Notes, the Series B Notes and Additional Notes subsequently issued
under this Indenture shall be treated as a single class for all purposes under this Indenture,
including, without limitation, waivers, amendments, redemptions and offers to purchase.



2.3 Registrar and Paying Agent.



The Issuers shall maintain an office or agency where Notes may be presented for registration
of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for
payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer
and exchange. The Issuers may appoint one or more co-registrars and one or more additional paying
agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agents. The Issuers may change any Paying Agent or Registrar without notice to
any Holder. The Issuers shall notify the Trustee of the name and address of any Agent not a party
to this Indenture. If the Issuers fail to appoint or maintain another entity as Registrar or
Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation in
accordance with Section 7.7 hereof. The Partnership, Finance Corp. or any of their Subsidiaries
may act as Paying Agent or Registrar.



The Issuers shall enter into an appropriate agency agreement with any Agent not a party to
this Indenture, which shall incorporate the provisions of the TIA. The agreement shall implement
the provisions of this Indenture that relate to such Agent. The Issuers initially appoint The
Depository Trust Company to act as Depositary with respect to the Global Notes.



The Issuers initially appoint the Trustee to act as the Registrar and Paying Agent and agent
for service of notices and demands in connection with the Notes.



2.4 Paying Agent to Hold Money in Trust.



The Issuers shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the
Paying Agent for the payment of principal of, premium, if any, or interest on, or Liquidated
Damages with respect to, the Notes, and will notify the Trustee of any Default by the Issuers in
making any such payment. While any such Default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if
other than the Issuers or any of their Subsidiaries) shall have no other liability for the money.
If either Issuer or any of their subsidiaries acts as Paying Agent, it shall segregate and hold in
a separate trust fund for the benefit of the Holders all money held by it as Paying Agent.



2.5 Holder Lists.



The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Holders and shall otherwise comply with TIA §
312(a). If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least
seven Business Days before each interest payment date and at such other times as the Trustee may
request in writing a list in such form and as of such date as the Trustee may reasonably require of
the names and addresses of Holders, including the aggregate principal amount of Notes held by each
Holder, and the Issuers shall otherwise comply with TIA § 312(a).



2.6 Transfer and Exchange.



(a) Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the
Registrar with the request:




(x) to register the transfer of the Definitive Notes, or




	 	(y)	 	to exchange such Definitive Notes for an equal principal amount
of Definitive Notes of other authorized denominations,





the Registrar shall register the transfer or make the exchange as requested if its requirement for
such transactions are met; provided, however, that the Definitive Notes presented or surrendered
for registration of transfer or exchange:




	 	(i)	 	shall be duly endorsed or accompanied by a written instruction of transfer in
form satisfactory to the Registrar duly executed by the Holder thereof or by his
attorney, duly authorized in writing; and






	 	(ii)	 	in the case of Transfer Restricted Securities that are Definitive Notes, shall
be accompanied by the following additional information and documents, as applicable,
upon which the Registrar may conclusively rely:






	 	(A)	 	if such Transfer Restricted Securities are being delivered to the
Registrar by a Holder for registration in the name of such Holder, without
transfer, a certification from such Holder to that effect (in substantially the
form of Exhibit B hereto); or






	 	(B)	 	if such Transfer Restricted Securities are being transferred (1)
to a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act) in accordance with Rule 144A under the Securities Act or (2)
pursuant to an exemption from registration in accordance with Rule 144 (and
based upon an opinion of counsel if the Issuers so request) or (3) pursuant to
an effective registration statement under the Securities Act, a certification to
that effect from such Holder (in substantially the form of Exhibit B hereto); or






	 	(C)	 	if such Transfer Restricted Securities are being transferred to
an institutional “accredited investor,” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act pursuant to a private placement
exemption from the registration requirements of the Securities Act (and based
upon an opinion of counsel if the Issuers so request), a certification to that
effect from such Holder (in substantially the form of Exhibit B hereto) and a
certification from the applicable transferee (in substantially the form of
Exhibit C hereto);






	 	(D)	 	if such Transfer Restricted Securities are being transferred
pursuant to an exemption from registration in accordance with Rule 904 under the
Securities Act (and based on an opinion of counsel if the Issuers so request),
certification to that effect from such Holder (in substantially the form of
Exhibits B and D hereto); or






	 	(E)	 	if such Transfer Restricted Securities are being transferred in
reliance on another exemption from the registration requirement of the
Securities Act (and based upon an opinion of counsel if the Issuers so request),
a certification to that effect from such Holder (in substantially the form of
Exhibit B hereto).





(b) Restriction on Transfer of a Definitive Note for a Beneficial Interest in a Global Note.
A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon
satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive
Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to
the Trustee, together with:




	 	(i)	 	if such Definitive Note is a Transfer Restricted Security,
certification, substantially in the form of Exhibit B hereto, upon which the
Trustee may conclusively rely, that such Definitive Note is being transferred to
a “qualified institutional buyer” (as defined in Rule 144A under the Securities
Act) in accordance with Rule 144A under the Securities Act; and






	 	(ii)	 	whether or not such Definitive Note is a Transfer Restricted
Security, written instructions directing the Trustee to make, or direct the Note
Custodian to make, an endorsement on the Global Note to reflect an increase in
the aggregate principal amount of the Notes represented by the Global Note;





then the Trustee shall cancel such Definitive Note in accordance with Section 2.11 hereof and
cause, or direct the Note Custodian to cause, in accordance with the standing instructions and
procedures existing between the Depositary and the Note Custodian, the aggregate principal amount
of Notes represented by the Global Note to be increased accordingly. If no Global Notes are then
outstanding, the Issuers shall issue and, upon receipt of an authentication order in accordance
with Section 2.2 hereof, the Trustee shall authenticate a new Global Note in the appropriate
principal amount.



(c) Transfer and Exchange of Global Notes. The transfer and exchange of Global Notes or
beneficial interests therein shall be effected through the Depositary, in accordance with this
Indenture (including the restrictions on transfer set forth herein) and the procedures of the
Depositary therefor, which shall include restrictions on transfer comparable to those set forth
herein to the extent required by the Securities Act.




(d) Transfer of a Beneficial Interest in a Global Note for a Definitive Note.




	 	(i)	 	Any Person having a beneficial interest in a Global Note may upon
request exchange such beneficial interest for a Definitive Note. Upon receipt
by the Trustee of written instructions or such other form of instructions as is
customary for the Depositary, from the Depositary or its nominee on behalf of
any Person having a beneficial interest in a Global Note, and in the case of a
Transfer Restricted Security, the following additional information and documents
(all of which may be submitted by facsimile), upon which the Trustee may
conclusively rely:






	 	(A)	 	if such beneficial interest is being transferred to
the Person designated by the Depositary as being the beneficial owner, a
certification from such Person to that effect (in substantially the form
of Exhibit B hereto); or






	 	(B)	 	if such beneficial interest is being transferred
(1) to a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act) in accordance with Rule 144A under the Securities Act
or (2) pursuant to an exemption from registration in accordance with Rule
144 under the Securities Act (and based upon an opinion of counsel if the
Issuers so request) or (3) pursuant to an effective registration
statement under the Securities Act, a certification to that effect from
the transferor (in substantially the form of Exhibit B hereto); or






	 	(C)	 	if such beneficial interest is being transferred to
an institutional “accredited investor,” within the meaning of Rule
501(a)(1), (2), (3) or (7) under the Securities Act pursuant to a private
placement exemption from the registration requirements of the Securities
Act (and based upon an opinion of counsel if the Issuers so request), a
certification to that effect from such transferor (in substantially the
form of Exhibit B hereto) and a certification from the applicable
transferee (in substantially the form of Exhibit C hereto); or






	 	(D)	 	if such beneficial interest is being transferred
pursuant to an exemption from registration in accordance with Rule 904
under the Securities Act (and based upon an opinion of counsel if the
Issuers so request), certifications to that effect from such transferor
(in substantially the form of Exhibits B and D hereto); or






	 	(E)	 	if such beneficial interest is being transferred in
reliance on another exemption from the registration requirements of the
Securities Act (and based upon an opinion of counsel if the Issuers so
request), a certification to that effect from such transferor (in
substantially the form of Exhibit B hereto);






the Trustee or the Note Custodian, at the direction of the Trustee, shall, in
accordance with the standing instructions and procedures existing between the
Depositary and the Note Custodian, cause the aggregate principal amount of
Global Notes to be reduced accordingly and, following such reduction, the
Partnership shall execute and, upon receipt of an authentication order in
accordance with Section 2.2 hereof, the Trustee shall authenticate and deliver
to the transferee a Definitive Note in the appropriate principal amount.




	 	(ii)	 	Definitive Notes issued in exchange for a beneficial interest in
a Global Note pursuant to this Section 2.6(d) shall be registered in such names
and in such authorized denominations as the Depositary, pursuant to instructions
from its direct or indirect participants or otherwise, shall instruct the
Trustee. The Trustee shall deliver such Definitive Notes to the Persons in
whose names such Notes are so registered.





(e) Restrictions on Transfer and Exchange of Global Notes. Notwithstanding any other
provisions of this Indenture (other than the provisions set forth in subsection (f) of this Section
2.6), a Global Note may not be transferred as a whole 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 by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary.




(f) Authentication of Definitive Notes in Absence of Depositary. If at any time:




	 	(i)	 	the Depositary for the Notes notifies the Issuers that the
Depositary is unwilling or unable to continue as Depositary for the Global Notes
and a successor Depositary for the Global Notes is not appointed by the Issuers
within 90 days after delivery of such notice;






	 	(ii)	 	the Issuers, at their sole discretion, notify the Trustee in
writing that they elect to cause the issuance of Definitive Notes under this
Indenture; or






	 	(iii)	 	there shall have occurred and be continuing to occur a Default
or an Event of Default with respect to the Notes,





then each of the Issuers will execute, and the Trustee, upon receipt of an Officers’ Certificate
requesting the authentication and delivery of Definitive Notes, will authenticate and deliver
Definitive Notes, in an aggregate principal amount equal to the principal amount of the Global
Notes, in exchange for such Global Notes and registered in such names as the Depositary shall
instruct the Trustee or the Issuers in writing.




(g) Legends.




	 	(i)	 	Except as permitted by the following paragraph (ii), each Note
certificate evidencing the Global Notes and the Definitive Notes (and all Notes
issued in exchange therefor or substitution thereof) shall bear a legend in
substantially the following form:





“THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT
AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE HOLDER: (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501(A) (1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT
(AN “IAI”), (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO
AMERIGAS PARTNERS, L.P., AMERIGAS FINANCE CORP. OR ANY OF THEIR RESPECTIVE SUBSIDIARIES, (B) TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE
TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF THE SECURITIES ACT, (D) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) TO AN IAI THAT, PRIOR TO SUCH
TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF
SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN
OPINION OF COUNSEL ACCEPTABLE TO AMERIGAS PARTNERS, L.P. THAT SUCH TRANSFER IS IN COMPLIANCE WITH
THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO AMERIGAS PARTNERS, L.P.) OR
(G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF
REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO
REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING.”



Each Note certificate evidencing the Global Notes also shall bear the paragraph referred to in
footnote 1 in the form of Note attached hereto as Exhibit A.




	 	(ii)	 	Upon any sale or transfer of a Transfer Restricted Security
(including any Transfer Restricted Security represented by a Global Note)
pursuant to Rule 144 under the Securities Act or an effective registration
statement under the Securities Act:






	 	(A)	 	in the case of any Transfer Restricted Security
that is a Definitive Note, the Registrar shall permit the Holder thereof
to exchange such Transfer Restricted Security for a Definitive Note that
does not bear the legend set forth in (i) above and rescind any
restriction on the transfer of such Transfer Restricted Security; and






	 	(B)	 	in the case of any Transfer Restricted Security
represented by a Global Note, such Transfer Restricted Security shall not
be required to bear the legend set forth in (i) above if all other
interests in such Global Note have been or are concurrently being sold or
transferred pursuant to Rule 144 under the Securities Act or pursuant to
an effective registration statement under the Securities Act, but such
Transfer Restricted Security shall continue to be subject to the
provisions of Section 2.6(c) hereof; provided, however, that with respect
to any request for an exchange of a Transfer Restricted Security that is
represented by a Global Note for a Definitive Note that does not bear a
legend set forth in (i) above, which request is made in reliance upon
Rule 144, the Holder thereof shall certify in writing to the Registrar
that such request is being made pursuant to Rule 144 (such certification
to be substantially in the form of Exhibit B hereto).






	 	(iii)	 	Notwithstanding the foregoing, upon consummation of the Exchange
Offer, the Issuers shall issue and, upon receipt of an authentication order in
accordance with Section 2.2 hereof, the Trustee shall authenticate Series B
Notes in exchange for Series A Notes accepted for exchange in the Exchange
Offer, which Series B Notes shall not bear the legend set forth in (i) above,
and the Registrar shall rescind any restriction on the transfer of such Notes,
in each case unless the Holder of such Series A Notes is either (A) a
broker-dealer, (B) a Person participating in the distribution of the Series A
Notes or (C) a Person who is an affiliate (as defined in Rule 144A) of the
Issuers. The Issuers shall identify to the Trustee such Holders of the Notes in
a written certification signed by an Officer of each of the Issuers and, absent
certification from the Issuers to such effect, the Trustee shall assume that
there are no such Holders.





(h) Cancellation and/or Adjustment of Global Note. At such time as all beneficial interests
in a Global Note have either been exchanged for Definitive Notes, redeemed, repurchased or
cancelled, such Global Note shall be returned to or retained and cancelled by the Trustee. At any
time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for
Definitive Notes, redeemed, repurchased or cancelled, the principal amount of Notes represented by
such Global Note shall be reduced and an endorsement shall be made on such Global Note, by the
Trustee or the Note Custodian, at the direction of the Trustee to reflect such reduction.




(i) General Provisions with respect to Transfer and Exchanges.




	 	(i)	 	To permit registrations of transfers and exchanges, each of the
Issuers shall execute and the Trustee shall authenticate Definitive Notes and
Global Notes at the Registrar’s request.






	 	(ii)	 	No service charge shall be made to a Holder for any registration
of transfer or exchange, but the Issuers may require payment of a sum sufficient
to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charges
payable upon exchange or transfer pursuant to Sections 3.7, 3.10, 4.16, 4.17 and
9.5 hereof).






	 	(iii)	 	The Registrar shall not be required to register the transfer or
exchange of any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part.






	 	(iv)	 	All Definitive Notes and Global Notes issued upon any
registration of transfer or exchange of Definitive Notes or Global Notes shall
be the valid obligations of each of the Issuers, as joint and several obligors,
evidencing the same debt, and entitled to the same benefit under this Indenture
as the Definitive Notes or Global Notes surrendered upon such registration of
transfer or exchange.






	 	(v)	 	The Issuers shall not be required to issue, register the transfer
of or exchange Notes during a period beginning at the opening of business 15
days before the day of any selection of Notes for redemption under Section 3.2
and ending at the close of business on the day of selection.






	 	(vi)	 	Prior to due presentment for registration of transfer of any
Note, the Trustee, any Agent and the Issuers may deem and treat the Person in
whose name any Note is registered as the absolute owner of such Note for the
purpose of receiving payment of principal of, and premium, interest and
Liquidated Damages, if any, on such Note, and neither the Trustee, any Agent nor
the Issuers shall be affected by notice to the contrary.






	 	(vii)	 	The Trustee shall authenticate Definitive Notes and Global Notes
in accordance with the provisions of Section 2.2 hereof.






	 	(viii)	 	None of the Issuers nor the Trustee will have any responsibility or liability
for any aspect of the records relating to, or payments made on account of, Notes
by the Depositary, or for maintaining, supervising or reviewing any records of
the Depositary relating to such Notes. None of the Issuers nor the Trustee
shall be liable for any delay by the related Global Note Holder or the
Depositary in identifying the beneficial owners of the related Notes and each
such Person may conclusively rely on, and shall be protected in relying on,
instructions from such Global Note Holder or of the Depositary for all purposes
(including with respect to the registration and delivery, and the respective
principal amounts, of the Notes to be issued).






	 	(ix)	 	The Registrar shall retain copies of all letters, notices and
other written communications received pursuant to this Section 2.6. The Issuers
shall have the right to inspect and make copies of all such letters, notices or
other written communications at any reasonable time upon the giving of
reasonable written notice to the Registrar.





2.7 Replacement Notes.



If any mutilated Note is surrendered to the Trustee, or the Issuers and the Trustee receive
evidence to their satisfaction of the destruction, loss or theft of any Note, the Issuers shall
issue and the Trustee, upon the written order of the Issuers signed by an Officer of the General
Partner, on behalf of the Partnership (or the Partnership, if the Partnership is a corporation) and
Finance Corp. shall authenticate a replacement Note if the Trustee’s requirements are met. If
required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is
sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee, any
Agent or any authenticating agent from any loss which any of them may suffer if a Note is replaced.
The Issuers and the Trustee may charge for their expenses in replacing a Note.



	 	 	 
	2.8

	 	Every replacement Note is an obligation of the Issuers.

Outstanding Notes.
	
 
	 	 







The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those cancelled by it, those delivered to it for cancellation, those reductions in the interest in
a Global Note effected by the Trustee hereunder, and those described in this Section as not
outstanding. Except as set forth in Section 2.9 hereof, a Note does not cease to be outstanding
because either of the Issuers or an Affiliate of the Issuers holds a Note.



If a Note is replaced pursuant to Section 2.7 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.



If the principal amount of any Note is considered paid under Section 4.1 hereof, it ceases to
be outstanding and interest on it ceases to accrue.



If the Paying Agent (other than the Issuers, a Subsidiary or an Affiliate of any thereof)
segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity
date, money sufficient to pay all principal, interest, premium and Liquidated Damages, if any,
payable on that date with respect to the Notes (or the portion thereof to be redeemed or maturing,
as the case may be), then on and after that date such Notes (or portions thereof) shall be deemed
to be no longer outstanding and shall cease to accrue interest.



2.9 Treasury Notes.



In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by either of the Issuers or any Affiliate of the
Issuers shall be considered as though not outstanding, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes which a Responsible Officer of the Trustee knows are so owned shall be so disregarded.



2.10 Temporary Notes.



Until definitive Notes are ready for delivery, the Issuers may prepare and the Trustee shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive
Notes but may have variations that the Issuers and the Trustee consider appropriate for temporary
Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee, upon receipt of the
written order of the Partnership and Finance Corp. signed by an Officer of the General Partner, on
behalf of the Partnership (or the Partnership, if the Partnership is a corporation) and Finance
Corp., shall authenticate definitive Notes in exchange for temporary Notes.



Until such exchange, Holders of temporary Notes shall be entitled to all of the rights,
benefits and privileges of this Indenture.



2.11 Cancellation.



The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for registration of
transfer or exchange, payment, replacement or cancellation. The Issuers may not issue new Notes to
replace Notes that have been redeemed or paid or that have been delivered to the Trustee for
cancellation. All cancelled Notes held by the Trustee shall be destroyed and certification of
their destruction delivered to the Issuers unless by a written order, signed by one Officer of the
General Partner, on behalf of the Partnership (or the Partnership, if the Partnership is a
corporation), and Finance Corp., the Issuers shall direct that cancelled Notes be returned to them.



2.12 Defaulted Interest.



If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, which date shall be
at the earliest practicable date but in all events at least five Business Days prior to the payment
date, in each case at the rate provided in the Notes and in Section 4.1 hereof. The Issuers shall,
with the consent of the Trustee, fix or cause to be fixed each such special record date and payment
date. At least 15 days before the special record date, the Issuers (or the Trustee, in the name of
and at the expense of the Issuers) shall mail to Holders a notice that states the special record
date, the related payment date and the amount of such interest to be paid.



	 	 	 
	Article 3: Redemption and Offers to Purchase
	3.1

	 	Notice to Trustee.
	
 
	 	 







If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section
3.7 hereof, they shall furnish to the Trustee, at least 30 days but not more than 60 days before a
redemption date (unless a shorter notice period shall be satisfactory to the Trustee), an Officers’
Certificate setting forth (i) the Section of this Indenture pursuant to which the redemption shall
occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the
redemption price.



If the Issuers are required to make an offer to purchase Notes pursuant to the provisions of
Sections 4.16 or 4.17 hereof, they shall furnish to the Trustee, at least 30 days before the
scheduled purchase date, an Officers’ Certificate setting forth (i) the Section of this Indenture
pursuant to which the offer to purchase shall occur, (ii) the terms of the offer, (iii) the
purchase price, (iv) the principal amount of the Notes to be purchased, and (v) further setting
forth a statement to the effect that (a) the Partnership or one of its Subsidiaries has made an
Asset Sale and there are Excess Proceeds aggregating more than $5 million and the amount of such
Excess Proceeds or (b) a Change of Control has occurred, as applicable.



3.2 Selection of Notes to Be Redeemed.



If less than all of the Notes are to be redeemed, the Trustee shall select the Notes to be
redeemed among the Holders of the Notes pro rata, by lot or in accordance with a method which the
Trustee considers to be fair and appropriate (and in such manner as complies with applicable legal
and stock exchange requirements, if any). In the event of partial redemption by lot, the
particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than
30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not
previously called for redemption.



The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption
and, in the case of any Note selected for partial redemption, the principal amount thereof to be
redeemed. Notes and portions of them selected shall be in face amounts of $2,000 or whole
multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire
outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be
redeemed. Except as provided in the preceding sentence, provisions of this Indenture that apply to
Notes called for redemption also apply to portions of Notes called for redemption.



In the event the Issuers are required to make an Asset Sale Offer pursuant to Section 3.10 and
Section 4.16, and the amount of the Net Proceeds from the Asset Sale is not evenly divisible by
$1,000, the Trustee shall promptly refund to the Issuers the portion of such Excess Proceeds that
is not necessary to purchase the immediately lesser principal amount of Notes that is so divisible.



3.3 Notice of Redemption to Holders.



Subject to the provisions of Section 3.10 hereof (other than in connection with a Special
Mandatory Redemption), at least 30 days but not more than 60 days before a redemption date, the
Issuers shall mail a notice of redemption to each Holder whose Notes are to be redeemed at its
registered address.




The notice shall identify the Notes to be redeemed and shall state:




(1) the redemption date;



(2) the redemption price, separately stating the amount of any Liquidated Damages to be paid
in connection with the redemption;



(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to
be redeemed and that, after the redemption date, upon surrender of such Note, a new Note or Notes
in principal amount equal to the unredeemed portion will be issued;




(4) the name and address of the Paying Agent;



(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the
redemption price;



(6) that, unless the Issuers default in making such redemption payment, interest on Notes or
portions of Notes called for redemption ceases to accrue on and after the redemption date;



(7) the paragraph of the Notes or Section of this Indenture pursuant to which the Notes called
for redemption are being redeemed; and



(8) that no representation is made as to the correctness or accuracy of the CUSIP number, if
any, listed in such notice or printed on the Notes.



At the Issuers’ request, the Trustee shall give the notice of redemption in the names of the
Issuers and at their expense; provided, however, that the Issuers shall deliver to the Trustee, at
least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee
give such notice and setting forth the information to be stated in such notice as provided in the
preceding paragraph.



3.4 Effect of Notice of Redemption.



Once notice of redemption is mailed in accordance with Section 3.3 herein, Notes called for
redemption become due and payable on the redemption date at the redemption price stated in such
notice. A notice of redemption may not be conditional.



3.5 Deposit of Redemption Price.



On or before the redemption date, the Issuers shall deposit, or cause to be deposited, with
the Trustee (to the extent not already held by the Trustee) or with the Paying Agent money in
immediately available funds sufficient to pay the redemption price of and accrued interest and
Liquidated Damages, if any, on all Notes to be redeemed on that date. The Trustee or the Paying
Agent shall return to the Issuers any money deposited with the Trustee or the Paying Agent by the
Issuers in excess of the amount necessary to pay the redemption price of, and accrued interest and
Liquidated Damages on all Notes to be redeemed.



If the Issuers comply with the provisions of the preceding paragraph, on and after the
redemption date interest shall cease to accrue on the Notes or the portions of Notes called for
redemption. If a Note is redeemed on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest and Liquidated Damages, if any,
shall be paid to the Person in whose name such Note was registered at the close of business on such
record date. If any Note called for redemption shall not be so paid upon surrender for redemption
because of the failure of the Issuers to comply with the preceding paragraph, interest shall be
paid on the unpaid principal, from the redemption date until such principal is paid, and to the
extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided
in the Notes and in Section 4.1 hereof.



3.6 Notes Redeemed in Part.



Upon surrender of a Note that is redeemed in part, the Issuers shall issue and the Trustee
shall authenticate for the Holder at the expense of the Issuers a new Note equal in principal
amount to the unredeemed portion of the Note surrendered.



3.7 Optional Redemption.



The Notes are subject to redemption at the option of the Issuers, in whole or in part, upon
not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages
of principal amount) set forth below, plus accrued and unpaid interest thereon and Liquidated
Damages, if any, to the applicable redemption date, if redeemed during the 12-month period
beginning on May 20 of the years indicated below:



	 	 	 	 	 
	Year	 	Percentage
	2010
	 	 	103.625	%
	2011
	 	 	102.417	%
	2012
	 	 	101.208	%
	2013 and thereafter
	 	 	100.000	%







In the event that, on or prior to May 20, 2008, the Partnership consummates a registered
public offering of its Capital Stock (other than Redeemable Capital Stock), then within 90 days of
the consummation of such registered public offering the Partnership, at its option, may use the net
proceeds of such registered public offering to redeem Notes at 107.25% of the principal amount
thereof, plus accrued and unpaid interest to the applicable redemption date and Liquidated Damages,
if any; provided, however, that at least 65% of the Notes originally issued, together with any
Additional Notes, shall be outstanding immediately after such redemption. Only one redemption may
be made pursuant to the provision described in this paragraph.



3.8 Mandatory Redemption.



Subject to the Issuers’ obligation to make an offer to purchase or redeem Notes under certain
circumstances pursuant to Sections 3.10, 4.16 and 4.17 hereof, the Issuers shall have no mandatory
redemption or sinking fund obligations with respect to the Notes.



3.9 [RESERVED].



3.10 Offer to Purchase by Application of Excess Proceeds.



Any Asset Sale Offer pursuant to Section 4.16 shall remain open for a period of 20 Business
Days following its commencement and no longer, except to the extent that a longer period is
required by applicable law (the “Offer Period”). On a date within five Business Days after the
termination of the Offer Period (the “Purchase Date”), the Issuers shall purchase the principal
amount of Notes required to be purchased pursuant to Section 4.16 hereof (the “Offer Amount”) or,
if less than the Offer Amount has been tendered, all Notes tendered in response to the Asset Sale
Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments
are made.



The Issuers shall comply with any tender offer rules under the Exchange Act which may then be
applicable, including Rule 14e-1, in connection with any offer required to be made by the Issuers
to repurchase the Notes as a result of an Asset Sale Offer. To the extent that the provisions of
any securities laws or regulations conflict with provisions of this Section 3.10, the Issuers shall
comply with the applicable securities laws or regulations and shall not be deemed to have breached
their obligations hereunder by virtue thereof.



If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a
Note is registered at the close of business on such record date, and no additional interest shall
be payable to Holders who tender Notes pursuant to the Asset Sale Offer.



Upon the commencement of an Asset Sale Offer, the Issuers shall send, by first class mail, a
notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall
contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to
the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall
govern the terms of the Asset Sale Offer, shall state:



(a) that the Asset Sale Offer is being made pursuant to this Section 3.10 and Section 4.16
hereof and the length of time the Asset Sale Offer shall remain open;




(b) the Offer Amount, the purchase price and the Purchase Date;




(c) that any Note not tendered or accepted for payment shall continue to accrue interest;



(d) that, unless the Issuers default in making such payments, any Note accepted for payment
pursuant to the Asset Sale Offer shall cease to accrue interest after the Purchase Date;



(e) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may only
elect to have all of such Note purchased and may not elect to have only a portion of such Note
purchased;



(f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be
required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Note completed, or transfer by book-entry transfer, to the Issuers, a depositary, if
appointed by the Issuers, or a Paying Agent at the address specified in the notice at least three
days before the Purchase Date;



(g) that Holders shall be entitled to withdraw their election if the Issuers, the depositary
or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer
Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder,
the principal amount of the Note the Holder delivered for purchase and a statement that such Holder
is withdrawing his election to have such Note purchased;



(h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer
Amount, the Issuers shall select the Notes to be purchased on a pro rata basis (with such
adjustments as may be deemed appropriate by the Issuers so that only Notes in denominations of
$2,000, or integral multiples of $1,000 thereof, shall be purchased); and



(i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry
transfer).



On or before the Purchase Date, the Issuers shall, to the extent lawful, accept for payment,
on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes
tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes or
portions thereof were accepted for payment by the Issuers in accordance with the terms of this
Section 3.10. The Issuers, the Depositary or the Paying Agent, as the case may be, shall promptly
(but in any case not later than five days after the Purchase Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and
accepted by the Issuers for purchase, and the Issuers shall promptly issue a new Note, and the
Trustee, upon written request from the Issuers shall authenticate and mail or deliver such new Note
to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered.
Any Note not so accepted shall be promptly mailed or delivered by the Issuers to the Holder
thereof. The Issuers shall publicly announce by means of a press release the results of the Asset
Sale Offer on the Purchase Date.



Other than as specifically provided in this Section 3.10, any purchase pursuant to this
Section 3.10 shall be made pursuant to the provisions of Sections 3.1 through 3.6 hereof.



	 	 	 
	Article 4: Covenants

4.1

	 	No repurchase of Notes under this Section 3.10 shall be deemed to be a redemption of Notes.



Payment of Notes.
	
 
	 	 







The Issuers shall pay the principal of and interest on the Notes on the dates and in the
manner provided in the Notes. Principal and interest shall be considered paid on the date due if
the Paying Agent, other than the Issuers or any of their Subsidiaries, holds on or before that date
money deposited by the Issuers in immediately available funds and designated for and sufficient to
pay all principal, premium, if any, and interest then due. The Issuers shall pay all Liquidated
Damages, if any, in the same manner on the dates and in the amounts set forth in the Registration
Rights Agreement. If any Liquidated Damages become payable, the Issuers shall not later than the
date that any payment of Liquidated Damages is due (i) deliver an Officers’ Certificate to the
Trustee setting forth the amount of Liquidated Damages payable to Holders and (ii) instruct the
Paying Agent to pay such amount of Liquidated Damages to Holders entitled to receive such
Liquidated Damages.



The Issuers shall pay interest (including post-petition interest under any Bankruptcy Law) on
overdue principal at a rate equal to 1% per annum in excess of the then applicable interest rate on
the Notes to the extent lawful; they shall pay interest (including post-petition interest under any
Bankruptcy Law) on overdue installments of interest and Liquidated Damages (without regard to any
applicable grace period) at the same rate to the extent lawful.



4.2 Maintenance of Office or Agency.



The Partnership and Finance Corp. shall maintain in the Borough of Manhattan, The City of New
York, an office or agency (which may be an office of the Trustee, Registrar or co-registrar) where
Notes may be surrendered for registration of transfer or exchange and where notices and demands to
or upon the Partnership and Finance Corp. in respect of the Notes and this Indenture may be served.
The Partnership shall give prompt written notice to the Trustee of the location, and any change in
the location, of such office or agency. If at any time the Partnership and Finance Corp. shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.



The Partnership and Finance Corp. may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Partnership or Finance Corp. of their respective
obligations to maintain an office or agency in the Borough of Manhattan, The City of New York for
such purposes. The Partnership will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency.



The Partnership and Finance Corp. hereby designate the office of Wachovia Bank, National
Association, 40 Broad Street, Suite 5140, New York, New York 10004 as one such office or agency of
the Issuers in accordance with Section 2.3.



4.3 Reports.



(a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are
outstanding, the Issuers shall furnish to the Holders of Notes (i) all quarterly and annual
financial information that would be required to be contained in a filing with the SEC on Forms 10-Q
and 10-K if either of the Issuers were required to file such Forms, including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” that describes the
financial condition and results of operations of the Issuers and their subsidiaries and, with
respect to the annual information only, a report thereon by the Issuers’ certified independent
accountants and (ii) all reports that would be required to be filed with the SEC on Form 8-K if the
Issuers were required to file such reports. In addition, whether or not required by the rules and
regulations of the SEC, each of the Issuers shall file a copy of all such information and reports
with the SEC for public availability and make such information available to investors who request
it in writing.



(b) For so long as any Transfer Restricted Securities remain outstanding, other than during
any period in which the Partnership is subject to Section 13 or 15(d) of the Exchange Act and is in
compliance with the requirements thereof, each of the Issuers shall furnish to all Holders and
prospective purchasers of the Notes designated by the Holders of Transfer Restricted Securities,
promptly upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act.



4.4 Compliance Certificate.



(a) The Partnership shall deliver to the Trustee, within 120 days after the end of each fiscal
year, an Officers’ Certificate stating that a review of the activities of the Partnership and its
Subsidiaries (including Finance Corp.) during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether each has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such
Officer signing such certificate, that to the best of his knowledge each has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture, and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof or thereof
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events
of Default of which he may have knowledge and what action each is making or proposes to take with
respect thereto).



(b) So long as not contrary to the then current recommendations of the Public Company
Accounting Oversight Board, the year-end financial statements delivered pursuant to Section 4.3
above shall be accompanied by a written statement of the Partnership’s independent certified public
accountants that in making the examination necessary for certification of such financial statements
nothing has come to their attention which would lead them to believe that either the Partnership or
any of its Subsidiaries has violated any provisions of Sections 4.1, 4.5, 4.7, 4.8, 4.9, 4.10,
4.11, 4.12, 4.13, 4.14, 4.15, 4.16 or 4.17 hereof or of Article 5 of this Indenture or, if any such
violation has occurred, specifying the nature and period of existence thereof, it being understood
that such accountants shall not be liable directly or indirectly to any Person for any failure to
obtain knowledge of any such violation.



(c) The Partnership and Finance Corp. shall, so long as any of the Notes are outstanding,
deliver to the Trustee, forthwith upon any Officer becoming aware of (i) any Default or Event of
Default or (ii) any event of default under any other mortgage, indenture or instrument referred to
in Section 6.1(4), an Officers’ Certificate specifying such Default, Event of Default or other
event of default and what action the Issuers are taking or propose to take with respect thereto.



4.5 Taxes.



Each of the Partnership and Finance Corp. shall, and shall cause each of its respective
Subsidiaries to, pay prior to delinquency all material taxes, assessment, and governmental levies
except as contested in good faith and by appropriate proceedings.



4.6 Stay, Extension and Usury Laws.



Each of the Partnership and Finance Corp. covenants (to the extent that each may lawfully do
so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and each
of the Partnership and Finance Corp. (to the extent that each may lawfully do so) hereby expressly
waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any
such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but
shall suffer and permit the execution of every such power as though no such law has been enacted.



4.7 Partnership and Corporate Existence.



Subject to Section 4.16 and Article 5 hereof, each of the Partnership and Finance Corp. shall
do or cause to be done all things necessary to preserve and keep in full force and effect (a) its
partnership or corporate existence, as the case may be, and the corporate, partnership or other
existence of each of their respective Subsidiaries, in accordance with their respective
organizational documents (as the same may be amended from time to time) and (b) its (and its
Subsidiaries’) rights (charter and statutory), licenses and franchises; provided, however, that the
Partnership and Finance Corp. shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of
Directors of the General Partner on behalf of the Partnership (or the Partnership, if the
Partnership is a corporation) shall determine that the preservation thereof is no longer desirable
in the conduct of the business of the Issuers and their respective Subsidiaries taken as a whole
and that the loss thereof is not adverse in any material respect to the Holders.



4.8 Limitation on Additional Indebtedness.



The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or in any manner become directly or
indirectly liable, contingently or otherwise, for the payment of (in each case, to “incur”), any
Indebtedness (including, without limitation, any Redeemable Capital Stock), unless at the time of
such incurrence, and after giving pro forma effect to the receipt and application of the proceeds
of such Indebtedness, the Consolidated Fixed Charge Coverage Ratio of the Partnership is greater
than 2.00 to 1.



Notwithstanding the foregoing, the Partnership and its Restricted Subsidiaries may incur
Permitted Indebtedness.



4.9 Limitation on Restricted Payments.



The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly:



(a) declare or pay any dividend or make any other distribution or payment on or in respect of
Capital Stock of the Partnership or any of its Restricted Subsidiaries or any payment made to the
direct or indirect holders (in their capacities as such) of Capital Stock of the Partnership or any
of its Restricted Subsidiaries (other than (x) dividends or distributions payable solely in Capital
Stock of the Partnership (other than Redeemable Capital Stock) or in options, warrants or other
rights to purchase Capital Stock of the Partnership (other than Redeemable Capital Stock), (y) the
declaration or payment of dividends or other distributions to the extent declared or paid to the
Partnership or any Restricted Subsidiary of the Partnership and (z) the declaration or payment of
dividends or other distributions by any Restricted Subsidiary of the Partnership to all holders of
Capital Stock of such Restricted Subsidiary on a pro rata basis (including, in the case of the
Operating Partnership, to the general partner thereof)),



(b) purchase, redeem, defease or otherwise acquire or retire for value any Capital Stock of
the Partnership or any of its Restricted Subsidiaries (other than any such Capital Stock owned by a
Wholly-Owned Restricted Subsidiary of the Partnership),



(c) make any principal payment on, or purchase, defease, repurchase, redeem or otherwise
acquire or retire for value, prior to any scheduled maturity, scheduled repayment, scheduled
sinking fund payment or other Stated Maturity, any Subordinated Indebtedness (other than any such
Indebtedness owned by the Partnership or a Wholly-Owned Restricted Subsidiary of the Partnership),
or




(d) make any Investment (other than any Permitted Investment) in any entity



(such payments or Investments described in the preceding clauses (a), (b), (c) and (d) are
collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect
to the proposed Restricted Payment, (A) no Default or Event of Default shall have occurred and be
continuing and (B) such Restricted Payment, together with the aggregate of all other Restricted
Payments made by the Partnership and its Restricted Subsidiaries during the fiscal quarter during
which such Restricted Payment is made, shall not exceed (I) if the Consolidated Fixed Charge
Coverage Ratio of the Partnership shall be greater than 1.75 to 1, an amount equal to Available
Cash as of the end of the immediately preceding fiscal quarter or (II) if the Consolidated Fixed
Charge Coverage Ratio of the Partnership shall be equal to or less than 1.75 to 1, an amount equal
to the sum of (x) $24 million, less the aggregate amount of all Restricted Payments made by the
Partnership and its Restricted Subsidiaries pursuant to this clause (II)(x) during the period
ending on the last day of the fiscal quarter of the Partnership immediately preceding the date of
such Restricted Payment and beginning on the first day of the sixteenth full fiscal quarter
immediately preceding the date of such Restricted Payment, plus (y) the aggregate net cash proceeds
of any substantially concurrent (1) capital contribution to the Partnership from any Person (other
than a Restricted Subsidiary of the Partnership) or (2) issuance and sale of shares of Capital
Stock (other than Redeemable Capital Stock) of the Partnership to any Person (other than to a
Restricted Subsidiary of the Partnership). The amount of any such Restricted Payment, if other
than cash, shall be the fair market value (as determined in good faith by the General Partner) on
the date of such Restricted Payment of the asset(s) proposed to be transferred by the Partnership
or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment.



None of the foregoing provisions will prohibit: (i) the payment of any dividend or
distribution within 60 days after the date of its declaration, if at the date of declaration such
payment would be permitted by the foregoing paragraph; (ii) the redemption, repurchase or other
acquisition or retirement of any shares of any class of Capital Stock of the Partnership or any
Restricted Subsidiary of the Partnership in exchange for, or out of the net cash proceeds of, a
substantially concurrent (x) capital contribution to the Partnership from any Person (other than a
Restricted Subsidiary of the Partnership) or (y) issue and sale of other shares of Capital Stock
(other than Redeemable Capital Stock) of the Partnership to any Person (other than to a Restricted
Subsidiary of the Partnership); provided, however, that the amount of any such net cash proceeds
that are utilized for any such redemption, repurchase or other acquisition or retirement shall be
excluded from the calculation of Available Cash; or (iii) any redemption, repurchase or other
acquisition or retirement of Subordinated Indebtedness by exchange for, or out of the net cash
proceeds of, a substantially concurrent (x) capital contribution to the Partnership from any Person
(other than a Restricted Subsidiary of the Partnership) or (y) issue and sale of (1) Capital Stock
(other than Redeemable Capital Stock) of the Partnership to any Person (other than to a Restricted
Subsidiary of the Partnership); or (2) Indebtedness of the Partnership issued to any Person (other
than a Restricted Subsidiary of the Partnership), so long as such Indebtedness is Permitted
Refinancing Indebtedness; provided, however, in each case, that the amount of any such net cash
proceeds that are utilized for any such redemption, repurchase or other acquisition or retirement
shall be excluded from the calculation of Available Cash. In computing the amount of Restricted
Payments previously made for purposes of the preceding paragraph, Restricted Payments made under
clause (i) shall be included and Restricted Payments made under clauses (ii) and (iii) shall not be
so included.



4.10 Limitation on Liens.



The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to, incur,
assume or suffer to exist any Liens, other than Permitted Liens, upon any of its respective
property or assets, unless all payments due under this Indenture and the Notes are secured on an
equal and ratable basis with the obligations so secured until such time such obligations are no
longer secured by a Lien.



4.11 Limitation on Transactions with Affiliates.



The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, enter into or suffer to exist any transaction or series of related
transactions (including, without limitation, the sale, transfer, disposition, purchase, exchange or
lease of assets, property or services), other than as provided for in the Operative Agreements,
with, or for the benefit of, any Affiliate of the Partnership, unless (1) such transaction or
series of related transactions is between the Partnership and its Wholly-Owned Restricted
Subsidiaries or between two Wholly-Owned Restricted Subsidiaries or (2) (a) such transaction or
series of related transactions is on terms that are no less favorable to the Partnership or such
Restricted Subsidiary, as the case may be, than those which would have been obtained in a
comparable transaction at such time from Persons who are not Affiliates of the Partnership or a
Restricted Subsidiary and (b) with respect to a transaction or series of transactions involving
aggregate payments or value equal to or greater than $15 million, the Partnership shall have
delivered an Officers’ Certificate to the Trustee certifying that such transaction or series of
transactions complies with the preceding clause (a) and that such transaction or series of
transactions has been approved by a majority of the Board of Directors of the General Partner
(including a majority of the Disinterested Directors); provided, however, that this Section 4.11
will not restrict the Partnership, any Restricted Subsidiary or the General Partner from entering
into (A) any employment agreement, stock option agreement, restricted stock agreement or other
similar agreement in the ordinary course of business, (B) transactions permitted by the provisions
of this Indenture set forth in Sections 4.9 and 4.18 hereof and (C) transactions in the ordinary
course of business in connection with reinsuring the self-insurance programs or other similar forms
of retained insurable risks of the retail propane business operated by the Partnership, its
Subsidiaries and Affiliates.



4.12 Limitation on Dividends and Other Payment Restrictions Affecting Subsidiaries.



The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to, create
or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the
ability of any Restricted Subsidiary to (a) pay dividends, in cash or otherwise, or make any other
distributions on or in respect of its Capital Stock or any other interest or participation in, or
measured by, its profits, (b) pay any Indebtedness owed to the Partnership or any other Restricted
Subsidiary, (c) make loans or advances to, or any investment in, the Partnership or any other
Restricted Subsidiary, (d) transfer any of its properties or assets to the Partnership or any other
Restricted Subsidiary or (e) guarantee any Indebtedness of the Partnership or any other Restricted
Subsidiary (collectively, “Payment Restrictions”), except for such encumbrances or restrictions
existing under or by reason of (i) applicable law, (ii) any agreement in effect at or entered into
on the Issue Date (including, without limitation, the First Mortgage Notes outstanding and the Bank
Credit Facilities in effect on that date) or any agreement relating to any Permitted Indebtedness;
provided, however, that the encumbrances and restrictions contained in the agreements governing
such Permitted Indebtedness are no more restrictive with respect to such Payment Restrictions than
those set forth in the agreements governing the First Mortgage Notes and the Bank Credit Facilities
as in effect on the Issue Date, (iii) customary non-assignment provisions of any contract or any
lease governing a leasehold interest of the Partnership or any Restricted Subsidiary, (iv) purchase
money obligations for property acquired in the ordinary course of business that impose restrictions
of the nature described in clause (d) above on the property so acquired, (v) any agreement or other
instrument of a Person acquired by the Partnership or any Restricted Subsidiary (or of a Restricted
Subsidiary of such Person) in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person or the
properties or assets of any Person other than the Person, or the properties, assets or Subsidiaries
of the Person, so acquired, or (vi) provisions contained in agreements or instruments relating to
Indebtedness which prohibit the transfer of all or substantially all of the assets of the obligor
thereunder unless the transferee shall assume the obligations of the obligor under such agreement
or instrument.



4.13 Limitation on Sale and Leaseback Transactions.



The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to, enter
into any Sale and Leaseback Transaction with respect to any property of the Partnership or any of
its Restricted Subsidiaries. Notwithstanding the foregoing, the Partnership and its Restricted
Subsidiaries may enter into Sale and Leaseback Transactions with respect to property acquired or
constructed after the Issue Date; provided that (a) the Partnership or such Restricted Subsidiary
would be permitted under this Indenture to incur Indebtedness secured by a Lien on such property in
an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction, or
(b) the lease in such Sale and Leaseback Transaction is for a term not in excess of the lesser of
(i) three years and (ii) 60% of the remaining useful life of such property.



4.14 Limitation on Finance Corp.



In addition to the restrictions set forth under Section 4.8 hereof, Finance Corp. may not
incur any Indebtedness unless (a) the Partnership is a co-obligor and guarantor of such
Indebtedness or (b) the net proceeds of such Indebtedness are lent to the Partnership, used to
acquire outstanding debt securities issued by the Partnership or used directly or indirectly to
refinance or discharge Indebtedness permitted under the limitation of this Section 4.14. Finance
Corp. may not engage in any business not related directly or indirectly to obtaining money or
arranging financing for the Partnership.



4.15 Line of Business.



The Partnership and its Restricted Subsidiaries shall not materially or substantially engage
in any business other than Permitted Businesses, except to such extent as would not be material to
the Partnership and its Restricted Subsidiaries, taken as a whole.



4.16 Asset Sales.



The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to, (i)
sell, lease, convey or otherwise dispose of any assets (including by way of a Sale and Leaseback
Transaction) other than sales of inventory in the ordinary course of business and consistent with
past practice (provided that the sale, lease, conveyance or other disposition of all or
substantially all of the assets of the Partnership shall be governed by the provisions of this
Indenture set forth under Section 4.17 hereof or Article 5 hereof and not by the provisions of this
Section 4.16) or (ii) issue or sell Capital Stock of any of its Restricted Subsidiaries, in the
case of either clause (i) or (ii) above, whether in a single transaction or a series of related
transactions (each of the foregoing, an “Asset Sale”), unless (x) the Partnership (or the
Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at
least equal to the fair market value (as determined in good faith by the General Partner) of the
assets sold or otherwise disposed of and (y) at least 80% of the consideration therefor received by
the Partnership or such Restricted Subsidiary is in the form of cash; provided, however, that the
amount of (A) any liabilities (as shown on the Partnership’s or such Restricted Subsidiary’s most
recent balance sheet or in the notes thereto) of the Partnership or any Restricted Subsidiary that
are assumed by the transferee of any such assets and (B) any notes or other obligations received by
the Partnership or any such Restricted Subsidiary from such transferee that are immediately
converted by the Partnership or such Restricted Subsidiary into cash (to the extent of the cash
received), shall be deemed to be cash for purposes of this provision; and provided, further, that
the 80% limitation referred to in this clause (y) shall not apply to any Asset Sale in which the
cash portion of the consideration received therefrom, determined in accordance with the foregoing
proviso, is equal to or greater than what the after-tax proceeds would have been had such Asset
Sale complied with the aforementioned 80% limitation. Notwithstanding the foregoing, Asset Sales
shall not be deemed to include (1) any transfer of assets or Capital Stock by the Partnership or
any of its Restricted Subsidiaries to a Wholly-Owned Restricted Subsidiary of the Partnership, (2)
any transfer of assets or Capital Stock by the Partnership or any of its Restricted Subsidiaries to
any Person in exchange for other assets used in a line of business permitted under Section 4.15
hereof and having a fair market value (as determined in good faith by the General Partner) not less
than that of the assets so transferred and (3) any transfer of assets pursuant to a Permitted
Investment.



In the event that the aggregate Net Proceeds received by the Partnership or any of its
Restricted Subsidiaries from one or more Assets Sales in any fiscal year of the Partnership exceed
$10 million, within 360 days after the date such aggregate Net Proceeds exceed such amount, the
Partnership, at its option, shall apply the amount of such aggregate Net Proceeds in excess of $10
million (less the amount of any such Net Proceeds previously applied during such fiscal year for
the purposes set forth in clauses (a) or (b) below) to (a) reduce Indebtedness of a Restricted
Subsidiary (with a permanent reduction of availability in the case of revolving Indebtedness) or
(b) make an investment in assets in a Permitted Business. Pending the final application of any
such Net Proceeds, the Partnership or any Restricted Subsidiary may temporarily reduce borrowings
under the Bank Credit Facilities or otherwise invest such Net Proceeds in any manner that is not
prohibited by this Indenture. Any such Net Proceeds that are not applied or invested as provided
in the first sentence of this paragraph will be deemed to constitute “Excess Proceeds.” When the
aggregate amount of Excess Proceeds exceeds $5 million, the Issuers shall make an offer to all
Holders of Notes (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes that may
be purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of
the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, in
accordance with the procedures set forth in this Indenture. To the extent that the aggregate
amount of Notes tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the
Partnership or any Restricted Subsidiary may use such deficiency for general business purposes. If
the aggregate principal amount of Notes surrendered by Holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis.



Notwithstanding the foregoing, if the Issuers are required to commence an Asset Sale Offer at
any time when the Issuers have securities outstanding ranking pari passu in right of payment with
the Notes and the terms of those securities provide that a similar offer must be made with respect
to those other securities, then the Asset Sale Offer for the Notes will be made concurrently with
the other offers and securities of each issue will be accepted on a pro rata basis in proportion to
the aggregate principal amount of securities of each issue which their holders elect to have
purchased. Upon completion of the Asset Sale Offer, the amount of Excess Proceeds will be reset at
zero.



4.17 Change of Control.



Upon the occurrence of a Change of Control, each Holder of Notes shall have the right to
require the Issuers to repurchase all or any part (equal to $2,000 or an integral multiple of
$1,000 thereof) of such Holder’s Notes pursuant to the offer described below (the “Change of
Control Offer”) at an offer price in cash equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control
Payment”). Within 30 days following any Change of Control, the Issuers will mail a notice to each
Holder stating: (1) that the Change of Control Offer is being made pursuant to this Section 4.17
and that all Notes tendered will be accepted for payment; (2) the purchase price and the purchase
date (the “Change of Control Payment Date”), which shall be no earlier than 30 days nor later than
60 days from the date such notice is mailed; (3) that any Note not tendered will continue to accrue
interest; (4) that, unless the Issuers default in the payment of the Change of Control Payment, all
Notes accepted for payment pursuant to the Change of Control Offer will cease to accrue interest
after the Change of Control Payment Date; (5) that Holders electing to have any Notes purchased
pursuant to a Change of Control Offer will be required to surrender the Notes, with the form
entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying
Agent at the address specified in the notice prior to the close of business on the third Business
Day preceding the Change of Control Payment Date; (6) that Holders will be entitled to withdraw
their election if the Paying Agent receives, not later than the close of business on the Second
Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile
transmission or letter setting forth the name of the holder, the principal amount of Notes
delivered for purchase, and a statement that such Holder is withdrawing his election to have such
Notes purchased; and (7) that Holders whose Notes are being purchased only in part will be issued
new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be in principal amount equal to $2,000 or an integral multiple of $1,000
thereof.



On the Change of Control Payment Date, the Issuers shall, to the extent lawful, (1) accept for
payment Notes or portions thereof tendered pursuant to the Change of Control Offer, (2) deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions thereof so tendered and (3) deliver or cause to be delivered to the Trustee the Notes so
accepted together with an Officers’ Certificate stating the aggregate amount of the Notes or
portions thereof tendered to the Issuers. The Paying Agent will promptly mail to each Holder of
Notes so accepted the Change of Control Payment for such Notes, and the Trustee will promptly
authenticate and mail to each Holder a new Note equal in principal amount to the unpurchased
portion of the Notes surrendered, if any; provided that each such new Note will be in a principal
amount of $2,000 or an integral multiple of $1,000 thereof. The Issuers will publicly announce the
results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date.



The Issuers shall comply with any tender offer rules under the Exchange Act which may then be
applicable, including Rule 14e-1, in connection with any offer required to be made by the Issuers
to repurchase the Notes as a result of a Change of Control. To the extent that the provisions of
any applicable securities laws or regulations conflict with provisions of this Section 4.17, the
Issuers shall comply with such securities laws and regulations and shall not be deemed to have
breached its obligations hereunder by virtue thereof.



	 	 	 
	Article 5: Successors	 	 
	5.1

	 	Merger, Consolidation or Sale of Assets.
	
 
	 	 







(a) The Partnership shall not consolidate or merge with or into (whether or not the
Partnership is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose
of all or substantially all of its properties or assets in one or more related transactions to,
another Person unless (i) the Partnership is the surviving Person, or the Person formed by or
surviving any such consolidation or merger (if other than the Partnership) or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation
or partnership organized or existing under the laws of the United States, any state thereof or the
District of Columbia; (ii) the Person formed by or surviving any such consolidation or merger (if
other than the Partnership) or the Person to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made assumes all the obligations of the Partnership
pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee, under the
Notes and this Indenture; (iii) immediately after such transaction no Default or Event of Default
exists; and (iv) the Partnership or such other Person formed by or surviving any such consolidation
or merger, or to which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made (A) will have Consolidated Net Worth (immediately after the transaction but
prior to any purchase accounting adjustments resulting from the transaction) equal to or greater
than the Consolidated Net Worth of the Partnership immediately preceding the transaction and (B)
will, at the time of such transaction and after giving pro forma effect thereto as if such
transaction had occurred at the beginning of the applicable four-quarter period, be permitted to
incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Fixed Charge Coverage
Ratio test set forth in Section 4.8 hereof.



(b) Finance Corp. shall not consolidate or merge with or into (whether or not Finance Corp. is
the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties or assets in one or more related transactions to, another
Person unless (i) Finance Corp. is the surviving Person, or the Person formed by or surviving any
such consolidation or merger (if other than Finance Corp.) or to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made is a corporation organized or
existing under the laws of the United States, any state thereof or the District of Columbia and a
Wholly-Owned Restricted Subsidiary of the Partnership; (ii) the Person formed by or surviving any
such consolidation or merger (if other than Finance Corp.) or the Person to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the
obligations of Finance Corp., pursuant to a supplemental indenture in a form reasonably
satisfactory to the Trustee, under the Notes and this Indenture; and (iii) immediately after such
transaction no Default or Event of Default exists.



(c) The Partnership or Finance Corp., as the case may be, shall deliver to the Trustee prior
to the consummation of any proposed transaction subject to the foregoing paragraphs (a) and (b) an
Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed
transaction and such supplemental indenture comply with this Indenture. The Trustee shall be
entitled to conclusively rely upon such Officers’ Certificate and Opinion of Counsel.



5.2 Successor Person Substituted.



Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of the Partnership or Finance Corp. in
accordance with Section 5.1 hereof, the successor Person formed by such consolidation or into or
with which the Partnership or Finance Corp. is merged or to which such sale, assignment, transfer,
lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that
from and after the date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Partnership,” “Finance Corp.” or
the “Issuers,” as the case may be, shall refer to or include instead the successor Person and not
the Partnership or Finance Corp., as the case may be), and may exercise every right and power of
the Partnership or Finance Corp., as the case may be, under this Indenture with the same effect as
if such successor Person had been named as the Partnership or Finance Corp., as the case may be,
herein.



	 	 	 
	Article 6: Defaults and Remedies
	6.1

	 	Events of Default.
	
 
	 	 








An “Event of Default” occurs if:



(1) the Issuers default in the payment of the principal of or premium, if any, on any Note
when the same becomes due and payable (upon Stated Maturity, acceleration, optional redemption,
required purchase, scheduled principal payment or otherwise); or



(2) the Issuers default in the payment of an installment of interest on, or Liquidated
Damages, if any, with respect to, any of the Notes, when the same becomes due and payable, which
default continues for a period of 30 days; or



(3) either of the Issuers fails to perform or observe any other term, covenant or agreement
contained in the Notes or this Indenture (other than a default specified in clause (1) or (2)
above) and such default continues for a period of 45 days after written notice of such default
requiring the Issuers to remedy the same shall have been given (x) to the Partnership by the
Trustee or (y) to the Issuers and the Trustee by Holders of 25% in aggregate principal amount of
the Notes then outstanding; or



(4) a default or defaults occur under one or more agreements, instruments, mortgages, bonds,
debentures or other evidences of Indebtedness under which the Partnership or any Restricted
Subsidiary then has outstanding Indebtedness, which default (a) is caused by failure to pay (x)
principal with respect to Indebtedness of a Restricted Subsidiary at its Stated Maturity or within
the applicable grace period, if any, provided with respect to such Indebtedness or (y) principal,
premium or interest with respect to Indebtedness of the Partnership within the applicable grace
period, if any, provided in such Indebtedness (collectively, a “Payment Default”) or (b) results in
the acceleration of such Indebtedness prior to its Stated Maturity and, in each case, the principal
amount of any such Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a Payment Default or the maturity of which has been so accelerated,
aggregates $10 million or more; or



(5) a final judgment or judgments (which is or are non-appealable and non-reviewable or which
has or have not been stayed pending appeal or review or as to which all rights to appeal or review
have expired or been exhausted) shall be rendered against the Partnership, any Restricted
Subsidiary, the General Partner or any Significant Subsidiary for the payment of money in excess of
$10 million in the aggregate and which judgment or judgments shall not be covered by insurance or
discharged or execution thereon stayed pending appeal or review within 60 days after entry of such
judgment, or, in the event of such a stay, such judgment shall not be discharged within 30 days
after such stay expires; or



(6) the Partnership, Finance Corp. or any of their respective Significant Subsidiaries
pursuant to or within the meaning of any Bankruptcy Law:




(a) commences a voluntary case,




(b) consents to the entry of an order for relief against it in an involuntary case,




	 	(c)	 	consents to the appointment of a Custodian of it or for all or
substantially all of its property,






(d) makes a general assignment for the benefit of its creditors,




(e) admits in writing its inability to pay debts as the same become due; or




(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:




	 	(a)	 	is for relief against the Partnership, Finance Corp. or any of
their respective Significant Subsidiaries in an involuntary case,






	 	(b)	 	appoints a Custodian of the Partnership, Finance Corp. or any of
their respective Significant Subsidiaries or for all or substantially all of
their property,






	 	(c)	 	orders the liquidation of the Partnership, Finance Corp. or any
of their respective Significant Subsidiaries,





and the order or decree remains unstayed and in effect for 60 days.



The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or state law for
the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.



A Default under clause (3) is not an Event of Default until the Trustee notifies the Issuers,
or the Holders of at least 25% in principal amount of the then outstanding Notes notify the Issuers
and the Trustee, of the Default and the Issuers do not cure the Default within 45 days after
receipt of the notice. The notice must specify the Default, demand that it be remedied and state
that the notice is a “Notice of Default.”



In the case of any Event of Default pursuant to the provisions of this Section 6.1 occurring
by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Issuers
with the intention of avoiding payment of the premium that the Issuers would have had to pay if the
Issuers then had elected to redeem the Notes pursuant to Section 3.7 hereof, an equivalent premium
shall also become and be immediately due and payable to the extent permitted by law, anything in
this Indenture or in the Notes to the contrary notwithstanding



6.2 Acceleration.



If an Event of Default (other than an Event of Default specified in clauses (6) and (7) of
Section 6.1) occurs and is continuing, the Trustee by notice to the Issuers, or the Holders of at
least 25% in principal amount of the then outstanding Notes by written notice to the Issuers and
the Trustee may declare the unpaid principal of and any accrued interest on all the Notes to be due
and payable. Upon such declaration the principal and interest shall be due and payable
immediately. If an Event of Default specified in clause (6) or (7) of Section 6.1 occurs, such an
amount shall ipso facto become and be immediately due and payable without any declaration or other
act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of the
then outstanding Notes by written notice to the Trustee may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal or interest that has become due solely because of
the acceleration) have been cured or waived.



6.3 Other Remedies.



If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy
(under this Indenture or otherwise) to collect the payment of principal or interest on the Notes or
to enforce the performance of any provision of the Notes, this Indenture or the Registration Rights
Agreement.



The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of Notes
in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law.



6.4 Waiver of Past Defaults.



Holders of a majority in principal amount of the then outstanding Notes by notice to the
Trustee may waive an existing Default or Event of Default and its consequences, except a continuing
Default or Event of Default in the payment of the principal of, premium, if any or interest on, or
Liquidated Damages with respect to any Note held by a non-consenting Holder. Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.



6.5 Control by Majority.



The Holders of a majority in principal amount of the then outstanding Notes may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on it. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes, or that may involve the Trustee in personal
liability.



6.6 Limitation on Suits.




A Holder of Notes may pursue a remedy with respect to this Indenture or the Notes only if:




(1) the Holder gives to the Trustee written notice of a continuing Event of Default;



(2) the Holders of at least 25% in principal amount of the then outstanding Notes make a
written request to the Trustee to pursue the remedy;



(3) such Holder or Holders offer and, if requested, provide to the Trustee indemnity
satisfactory to the Trustee against any loss, liability or expense;



(4) the Trustee does not comply with the request within 60 days after receipt of the request
and the offer and, if requested, the provision of indemnity; and



(5) during such 60-day period the Holders of a majority in principal amount of the then
outstanding Notes do not give the Trustee a direction inconsistent with the request.



A Holder of Notes may not use this Indenture to prejudice the rights of another Holder of Notes or
to obtain a preference or priority over another Holder of Notes.



6.7 Rights of Holders to Receive Payment.



Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium and interest on, or Liquidated Damages, if any, with respect
to the Notes, on or after the respective due dates expressed in the Note, or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.



6.8 Collection Suit by Trustee.



If an Event of Default specified in Section 6.1(1) or (2) occurs and is continuing, the
Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Issuers for the whole amount of principal and interest remaining unpaid on the Notes
and interest on overdue principal and, to the extent lawful, interest and such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.



6.9 Trustee May File Proofs of Claim.



The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of Notes allowed in any judicial proceedings relative to the Issuers (or
any other obligor upon the Notes), their creditors or their property and shall be entitled and
empowered to collect, receive and distribute any money or other property payable or deliverable on
any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder of Notes to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof.
To the extent that the payment of any such compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7 hereof
out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money,
securities and other properties which the Holders of the Notes may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder of Notes any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Holder of Notes in any such proceeding.



6.10 Priorities.



If the Trustee collects any money pursuant to this Article, it shall pay out the money in the
following order:



First: to the Trustee, its agents and attorneys for amounts due under Section 7.7, including
payment of all compensation, expense and liabilities incurred, and all advances made, by the
Trustee and the costs and expenses of collection;



Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium,
Liquidated Damages and interest, ratably, without preference or priority of any kind, according to
the amounts due and payable on the Notes for principal and interest, respectively; and



	 	 	 
	6.11

	 	Third: to the Issuers or to such party as a court of competent jurisdiction shall direct.

The Trustee may fix a record date and payment date for any payment to Holders of Notes.

Undertaking for Costs.
	
 
	 	 







In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10% in
principal amount of the then outstanding Notes.



	 	 	 
	Article 7: Trustee	 	 
	7.1

	 	Duties of Trustee.
	
 
	 	 







(1) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
their exercise, as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.




(2) Except during the continuance of an Event of Default:




	 	(a)	 	The duties of the Trustee shall be determined solely by the
express provisions of this Indenture and the Trustee need perform only those
duties that are specifically set forth in this Indenture and no others, and no
implied covenants or obligations shall be read into this Indenture against the
Trustee.






	 	(b)	 	In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture. However, the
Trustee shall examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture.





(3) The Trustee may not be relieved from liabilities for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:




	 	(a)	 	This paragraph does not limit the effect of paragraph (2) of this
Section.






	 	(b)	 	The Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer, unless it is proved that the Trustee was
negligent in ascertaining the pertinent facts.






	 	(c)	 	The Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by
it pursuant to Section 6.5.





(4) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (1), (2) and (3) of this Section.



(5) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against any loss, liability or expense.



(6) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.



7.2 Rights of Trustee.




Subject to the provisions of §§ 315(a) through 315(d) of the TIA:



(1) The Trustee may conclusively rely upon any document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document.



(2) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits
to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection from liability, in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.



(3) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care.



(4) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers conferred upon it by this
Indenture.



(5) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Issuers shall be sufficient if signed by an Officer of the General Partner, on
behalf of the Partnership (or the Partnership, if the Partnership is a corporation) or by an
Officer of Finance Corp.



7.3 Definitive Rights of Trustee.



The Trustee in its individual or any other capacity may become the Holder or pledgee of Notes
and may otherwise deal with the Partnership, Finance Corp. or an Affiliate of the Partnership or
Finance Corp. with the same rights it would have if it were not Trustee. Any Agent may do the same
with like rights. However, the Trustee is subject to Sections 7.10 and 7.11.



7.4 Trustee’s Disclaimer.



The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the
proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any
provision hereof, it shall not be responsible for the use or application of any money received by
any Paying Agent other than the Trustee and it shall not be responsible for any statement or
recital herein or any statement in the Notes or any other document in connection with the sale of
the Notes or pursuant to this Indenture other than its certificate of authentication and that it is
duly authorized to execute and deliver this Indenture, authenticate the Notes and perform its
obligations hereunder and that the statements made by it in a Statement of Eligibility and
Qualification on Form T-1, if any, supplied to the Issuers are true and accurate subject to the
qualifications set forth therein.



7.5 Notice of Defaults.



If a Default or Event of Default occurs and is continuing and if it is known to a Responsible
Officer of the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event
of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in
payment on any Note pursuant to Section 6.1(1) or (2), the Trustee may withhold the notice if it
determines in good faith that withholding the notice is in the interests of Holders of Notes.



7.6 Reports by Trustee to Holders.



Within 60 days after each May 15 beginning with May 15, 2006, the Trustee shall mail to
Holders of Notes a brief report dated as of such reporting date that complies with TIA § 313(a)
(but if no event described in TIA § 313(a) has occurred within the twelve months preceding the
reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b).
The Trustee shall also transmit by mail all reports as required by TIA § 313(c).



Commencing at the time this Indenture is qualified under the TIA, a copy of each report at the
time of its mailing to Holders of Notes shall be filed with the SEC and each stock exchange on
which the Notes are listed. The Issuers shall promptly notify the Trustee when the Notes are
listed on any stock exchange.



7.7 Compensation and Indemnity.



The Issuers shall pay to the Trustee from time to time reasonable compensation for its
acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse
the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred
or made by it in addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel, except
such disbursements, advances and expenses as may be attributable to its negligence or bad faith.



The Issuers shall indemnify the Trustee against any and all losses, liabilities or expenses
incurred by it without negligence or bad faith on its part arising out of or in connection with the
acceptance or administration of its duties under this Indenture, except as set forth below. The
Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Issuers shall not relieve the Issuers of their obligations hereunder.
The Issuers shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may
have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel.
Neither the Partnership nor Finance Corp. need pay for any settlement made without their consent,
which consent shall not be unreasonably withheld.



The obligations of the Issuers under this Section 7.7 shall survive the satisfaction and
discharge of this Indenture.



The Issuers need not reimburse any expense or indemnify against any loss or liability incurred
by the Trustee through its own negligence or bad faith.



To secure the Issuers’ payment obligations in this Section, the Issuers hereby grant to the
Trustee a Lien prior to the Notes on all money or property held or collected by the Trustee, except
that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture.



When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(6) or (7) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law.



7.8 Replacement of Trustee.



A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.



The Trustee may resign at any time and be discharged from the trust hereby created by so
notifying the Issuers. The Holders of a majority in principal amount of the then outstanding Notes
may remove the Trustee by so notifying the Trustee and the Issuers. The Issuers may remove the
Trustee if:




(1) the Trustee fails to comply with Section 7.10;



(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law;




(3) a Custodian or public officer takes charge of the Trustee or its property; or




(4) the Trustee becomes incapable of acting.



If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Issuers shall promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuers.



If a successor Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Partnership, Finance Corp. or the Holders of at least 10%
in principal amount of the then outstanding Notes may petition any court of competent jurisdiction
for the appointment of a successor Trustee.



If the Trustee after written request by any Holder of Notes who has been a Holder of Notes for
at least six months fails to comply with Section 7.10, such Holder of Notes may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.



A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders of Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee
to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and
subject to the Lien provided for in Section 7.7. Notwithstanding replacement of the Trustee
pursuant to this Section 7.8, the Issuers’ obligations under Section 7.7 hereof shall continue for
the benefit of the retiring Trustee.



7.9 Successor Trustee by Merger, etc.



If the Trustee consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation without any further
act shall be the successor Trustee.



7.10 Eligibility; Disqualification.



There shall at all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States of America or of any state thereof authorized
under such laws to exercise corporate trust powers, shall be subject to supervision or examination
by Federal or state authority and shall have a combined capital and surplus of at least
$100,000,000 as set forth in its most recent published annual report of condition.



This Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1)
and 310(a)(5). The Trustee is subject to TIA § 310(b).



7.11 Preferential Collection of Claims Against Issuers.



The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA §
311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated therein.



	 	 	 
	Article 8: Legal Defeasance and Covenant Defeasance
	8.1

	 	Option to Effect Legal Defeasance or Covenant Defeasance.
	
 
	 	 







The Issuers may, at the option of the Board of Directors of the General Partner, on behalf of
the Partnership (or the Partnership, if the Partnership is a corporation), and the Board of
Directors of Finance Corp., in each case evidenced by a resolution set forth in an Officers’
Certificate, at any time, elect to apply either Section 8.2 or 8.3 hereof to all outstanding Notes
upon compliance with the conditions set forth below in this Article 8.



8.2 Legal Defeasance and Discharge.



Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section
8.2, the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.4
hereof, be deemed to have been discharged from its obligations with respect to all outstanding
Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Issuers shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be
deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of
this Indenture referred to in (a) and (b) below, and to have satisfied all their other obligations
under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the
Issuers, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights
of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.4
hereof, and as more fully set forth in such Section, payments in respect of the principal of,
premium, if any, interest and Liquidated Damages, if any, on such Notes when such payments are due,
(b) the Issuers’ obligations with respect to outstanding Notes under Article 2 and Section 4.2
hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Issuers’ obligations in connection therewith and (d) this Article 8. Subject to compliance with
this Article 8, the Issuers may exercise their option under this Section 8.2 notwithstanding the
prior exercise of their option under Section 8.3 hereof.



8.3 Covenant Defeasance.



Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section
8.3, each of the Issuers shall, subject to the satisfaction of the conditions set forth in Section
8.4 hereof, be released from their obligations under the covenants contained in Section 4.3(a),
4.4, 4.5, 4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16 and 4.17 and Article 5 hereof
with respect to the outstanding Notes on and after the date the conditions set forth below are
satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the outstanding Notes, the Issuers may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein or in any other document, and
such omission to comply shall not constitute a Default under Section 6.1 hereof, but, except as
specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In
addition, upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this
Section 8.3 hereof, subject to the satisfaction of the conditions set forth in Section 8.4 hereof,
Sections 6.1(3), 6.1(4) and 6.1(5) hereof, and Sections 6.1(6) and 6.1(7) hereof with respect to
any Restricted Subsidiary that is a Significant Subsidiary, shall not constitute Events of Default.



8.4 Conditions to Legal Defeasance or Covenant Defeasance.



The following shall be the conditions to the application of either Section 8.2 or 8.3 hereof
to the outstanding Notes:




In order to exercise either Legal Defeasance or Covenant Defeasance, as applicable:



(a) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders, cash in United States dollars, non-callable Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants, to pay the principal of, premium and Liquidated Damages,
if any, and interest on the outstanding Notes on the stated date for payment thereof or on the
applicable redemption date, as the case may be;



(b) in the case of an election under Section 8.2 hereof, the Issuers shall have delivered to
the Trustee an Opinion of Counsel in the United States not unacceptable to the Trustee in its
reasonable discretion confirming that (A) the Issuers have received from, or there has been
published by, the Internal Revenue Service a ruling or (B) since the date of this Indenture, there
has been a change in the applicable federal income tax law, in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will
not recognize income, gain or loss for federal income tax purposes as a result of such Legal
Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such Legal Defeasance had not occurred (which opinion
need not address the effect of a transfer or other disposition of a Holder’s interest in a Note
before the stated maturity or applicable redemption date);



(c) in the case of an election under Section 8.3 hereof, the Issuers shall have delivered to
the Trustee an Opinion of Counsel in the United States not unacceptable to the Trustee in its
reasonable discretion confirming that the Holders of the outstanding Notes will not recognize
income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such Covenant Defeasance had not occurred (which opinion need not
address the effect of a transfer or other disposition of a Holder’s interest in a Note before the
stated maturity or applicable redemption date);



(d) no Default shall have occurred and be continuing on the date of such deposit or insofar as
Section 6.1(6) or 6.1(7) hereof are concerned, at any time in the period ending on the 91st day
after the date of deposit;



(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violations
of, or constitute a default under, any material agreement or instrument (other than this Indenture)
to which either of the Issuers or any of their respective Restricted Subsidiaries is a party or by
which either of the Issuers or any of their respective Restricted Subsidiaries is bound;



(f) on or prior to the 91st day following the deposit, the Issuers shall have delivered to the
Trustee an Opinion of Counsel to the effect that on the 91st day following the deposit, the trust
funds are not subject to any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally;



(g) the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the
deposit was not made by the Issuers with the intent of preferring the Holders over any other
creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding any
other creditors of the Issuers; and



(h) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance have been complied with.



8.5 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions.



Subject to Section 8.6 hereof, all money and non-callable Government Securities (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for
purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuers acting as Paying Agent) as the Trustee may determine, to the Holders
of such Notes of all sums due and to become due thereon in respect of principal, premium, if any,
and interest, but such money need not be segregated from other funds except to the extent required
by law.



The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or non-callable Government Securities deposited pursuant to Section
8.4. hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes.



8.6 Repayment to Issuers.



(a) Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or
pay to the Issuers from time to time upon the request of the Issuers any money or non-callable
Government Securities held by it as provided in Section 8.4 hereof which, in the opinion of a
nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section
8.4(a) hereof), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance.



(b) Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall
pay to the Issuers upon request any money held by them for the payment of principal, interest,
premium or Liquidated Damages, if any, that remains unclaimed for one year after such principal,
interest, premium or Liquidated Damages, if any, became due and payable, and, thereafter, Holders
entitled to the money must look to the Issuers for payment of such money as secured creditors and
all liability of the Trustee and the Paying Agent with respect to such money shall cease.



8.7 Reinstatement.



If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable
Government Securities in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuers’ obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3
hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 8.2 or 8.3 hereof, as the case may; provided that, if the Issuers make any
payment of principal of, premium, if any, or interest on any Note following the reinstatement of
its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money held by the Trustee or Paying Agent.



8.8 Discharge of Liability on Securities; Defeasance.



When (a)(i) the Issuers deliver to the Trustee all outstanding Notes for cancellation or (ii)
all outstanding Notes have become due and payable, whether at maturity or on a specified redemption
date as a result of the mailing of a notice of redemption pursuant to Article 3 hereof, (b) the
Issuers irrevocably deposit with the Trustee money sufficient to pay at maturity or upon redemption
all outstanding Notes, including interest, premium and Liquidated Damages thereon to maturity or
such redemption date, and if in either case the Issuers pay all other sums payable hereunder by the
Issuers, and (c) if the Notes have been called for redemption and the redemption date has not
occurred, the Issuers deliver to the Trustee an Opinion of Counsel in the United States not
unacceptable to the Trustee in its reasonable discretion confirming that the Holders of the
outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a
result of such actions and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such actions had not occurred, then
this Indenture shall cease to be of further effect except for (i) the provisions set forth in
Article 2, Sections 4.2, 7.7 and 8.6 hereof and (ii) if the Notes have been called for redemption
and the redemption date has not occurred, the Issuers’ obligation to pay the redemption price on
such redemption date. The Trustee shall acknowledge satisfaction and discharge of this Indenture
on demand of the Issuers accompanied by an Officers’ Certificate and an Opinion of Counsel and at
the cost and expense of the Issuers.



	 	 	 
	Article 9: Amendments

9.1

	 	

Without Consent of Holders.
	
 
	 	 







The Partnership, Finance Corp. and the Trustee may amend this Indenture or the Notes without
the consent of any Holder of Notes:




(1) to cure any ambiguity, defect or inconsistency;




(2) to comply with Article 5;




(3) to provide for uncertificated Notes in addition to or in place of certificated Notes;




(4) to add Guaranties with respect to the Notes;




(5) to provide security for the Notes;



(6) to make any change that would provide additional rights or benefits to the Holders of the
Notes or that does not adversely affect the legal rights hereunder and under the Registration
Rights Agreement of any Holder of the Notes; or



(7) to comply with requirements of the SEC in order to effect or maintain the qualification of
this Indenture under the TIA.



Upon the request of the Partnership and Finance Corp., accompanied by a resolution of the
Board of Directors of the General Partner on behalf of the Partnership (or the Partnership, if the
Partnership is a corporation) and the Board of Directors of Finance Corp., authorizing the
execution of any such supplemental indenture or amendment, and upon receipt by the Trustee of the
documents described in Section 9.6 hereof required or requested by the Trustee, the Trustee shall
join with the Partnership and Finance Corp. in the execution of any supplemental indenture or
amendment authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations which may be therein contained, but the Trustee shall not
be obligated to enter into such supplemental indenture or amendment which affects its own rights,
duties or immunities under this Indenture or otherwise.



9.2 With Consent of Holders.



The Partnership, Finance Corp. and the Trustee, as applicable, may amend this Indenture or the
Notes with the written consent of the Holders of at least a majority in principal amount of the
then outstanding Notes and, subject to Sections 6.4 and 6.7 hereof, the Holders of a majority in
principal amount of the Notes then outstanding may waive compliance in a particular instance by the
Partnership or Finance Corp. with any provision of this Indenture or the Notes.



Upon the request of the Partnership and Finance Corp., accompanied by a resolution of the
Board of Directors of the General Partner on behalf of the Partnership (or the Partnership, if the
Partnership is a corporation) and the Board of Directors of Finance Corp., authorizing the
execution of any such supplemental indenture, amendment or waiver, and upon the filing with the
Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section 9.6 hereof, the
Trustee shall join with the Partnership and Finance Corp. in the execution of such supplemental
indenture or amendment unless such supplemental indenture, amendment or waiver affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such supplemental
indenture, amendment or waiver.



It shall not be necessary for the consent of the Holders under this Section to approve the
particular form of any proposed supplemental indenture, amendment or waiver, but it shall be
sufficient if such consent approves the substance thereof.



After a supplemental indenture, amendment or waiver under this Section becomes effective, the
Issuers shall mail to the Holders of each Note affected thereby a notice briefly describing the
supplemental indenture, amendment or waiver. Any failure of the Issuers to mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture, amendment or waiver. Without the consent of each Holder of Notes affected,
an amendment or waiver under this Section may not (with respect to any Notes held by a
non-consenting Holder of Notes):




(1) reduce the principal amount of Notes whose Holders must consent to an amendment or waiver;



(2) reduce the rate of or change the time for payment of interest or Liquidated Damages, if
any, including default interest, on any Note;



(3) reduce the principal of or change the fixed maturity of any Note, alter the optional
redemption provisions of any Note or reduce the prices at which the Issuers shall offer to purchase
such Notes pursuant to Sections 3.10, 4.16 and 4.17 hereof, provided, however, that such Sections
3.10, 4.16 and 4.17 may otherwise be amended or deleted in accordance with the requirements of this
Section 9.2;




(4) make any Note payable in money other than that stated in the Note;




(5) make any change in Section 6.4 or 6.7 hereof or in this Section 9.2; or



(6) waive a Default in the payment of principal of or interest or Liquidated Damages, if any,
on, or redemption payment with respect to, any Note (other than a Default in the payment of an
amount due as a result of an acceleration if the Holders of Notes rescind such acceleration
pursuant to Section 6.2).



9.3 Compliance with Trust Indenture Act.



If at the time of an amendment to this Indenture or the Notes, this Indenture shall be
qualified under the TIA, every amendment to this Indenture or the Notes shall be set forth in a
supplemental indenture that complies with the TIA as then in effect.



9.4 Relocation and Effect of Consents.



Until a supplemental indenture, an amendment or waiver becomes effective, a consent to it by a
Holder of a Note is a continuing consent by the Holder and every subsequent Holder of a Note or
portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. A supplemental indenture, amendment or waiver becomes
effective in accordance with its terms and thereafter binds every Holder of Notes.



The Issuers may fix a record date for determining which Holders must consent to such
supplemental indenture, amendment or waiver. If the Issuers fix a record date, the record date
shall be fixed at (i) the later of 30 days prior to the first solicitation of such consent or the
date of the most recent list of Holders furnished to the Trustee prior to such solicitation
pursuant to Section 2.5, or (ii) such other date as the Issuers shall designate.



9.5 Notation on or Exchange of Notes.



The Trustee may place an appropriate notation about a supplemental indenture, amendment or
waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and
the Trustee shall authenticate new Notes that reflect the amendment or waiver.



Failure to make the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment or waiver.



9.6 Trustee to Sign Amendments, etc.



The Trustee shall sign any amendment, supplemental indenture or waiver authorized pursuant to
this Article 9 if the amendment, supplemental indenture or waiver does not adversely affect the
rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need
not, sign it. In signing or refusing to sign such amendment, supplemental indenture or waiver, the
Trustee shall be entitled to receive, if requested, an indemnity reasonably satisfactory to it and
to receive and, subject to Section 7.1, shall be fully protected in relying upon, an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that such amendment, supplemental
indenture or waiver is authorized or permitted by this Indenture, that it is not inconsistent with
this Indenture, and that it will be valid and binding upon the Issuers in accordance with its
terms. Neither the Partnership nor Finance Corp. may sign an amendment, supplemental indenture or
waiver until the Board of Directors of the General Partner on behalf of the Partnership (or the
Partnership, if the Partnership is a corporation) or the Board of Directors of Finance Corp.
approves it.



	 	 	 
	Article 10: Miscellaneous
	10.1

	 	Trust Indenture Act Controls.
	
 
	 	 







If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
TIA § 318(c), the imposed duties shall control. If any provision of this Indenture modifies or
excludes any provision of the TIA that may be so modified or excluded, the latter provision shall
be deemed to apply to this Indenture as so modified or to be excluded, as the case may be.



10.2 Notices.



Any notice or communication by the Issuers or the Trustee to the others is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return
receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to
the others’ addresses:




If to the Issuers:




AmeriGas Partners, L.P.


AmeriGas Finance Corp.


P.O. Box 965


Valley Forge, Pennsylvania 19482


Attention: President


Telecopier No.: (610) 992-3254




or, in the case of couriers that can not deliver to post office boxes:




460 North Gulph Road


King of Prussia, Pennsylvania 19406


Attention: President




If to the Trustee:




Wachovia Bank


123 South Broad Street


PA1249


Philadelphia, Pennsylvania 19109


Attn: Corporate Trust Administration


Telecopier No.: (215) 670-6340



The Issuers or the Trustee by notice to the others may designate additional or different
addresses of subsequent notices or communications.



All notices and communications (other than those sent to Holders of Notes) shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered; five Business Days
after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when
receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery.



Any notice or communication to a Holder of Notes shall be mailed by first-class mail,
certified or registered, return receipt requested, to his address shown on the register kept by the
Registrar. Failure to mail a notice or communication to a Holder of Notes or any defect in it
shall not affect its sufficiency with respect to other Holders of Notes. If a notice or
communication is mailed in the manner provided above within the time prescribed, it is duly given,
whether or not the addressee receives it.



In case by reason of the suspension of regular mail service or by reason of any other cause,
it shall be impracticable to mail notice of any event as required by any provision of this
Indenture, then any method of giving such notice as shall be reasonably satisfactory to the Trustee
shall be deemed to be a sufficient giving of such notice.



If the Issuers mail a notice or communication to Holders of Notes, it shall mail a copy to the
Trustee and each Agent at the same time.



10.3 Communication by Holders with Other Holders.



Holders of Notes may communicate pursuant to TIA § 312(b) with other Holders of Notes with
respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar
and anyone else shall have the protection of TIA § 312(c).



10.4 Certificate and Opinion as to Conditions Precedent.



Upon any request or application by the Partnership or Finance Corp. to the Trustee to take any
action under this Indenture, the Partnership or Finance Corp. shall furnish to the Trustee:



(1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 10.5) stating that, in the opinion of the
signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to
the proposed action have been complied with; and



(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 10.5) stating that, in the opinion of such
counsel, all such conditions precedent and covenants have been complied with;



provided, however, in the case of any such application or request as to which the furnishing of
such certificates and/or opinions is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be
furnished.



10.5 Statements Required in Certificate or Opinion.



Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall
include:



(1) a statement that the Person making such certificate or opinion has read such covenant or
condition;



(2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;



(3) a statement that, in the opinion of such Person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with; and



a statement as to whether or not, in the opinion of such Person, such condition or covenant has
been complied with; provided, however, that with respect to matters of fact, an Opinion of Counsel
may rely upon an Officers’ Certificate or a certificate of a public official.



10.6 Form of Documents Delivered to Trustee.



In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.



Any certificate or opinion of an Officer of the Issuers, may be based, insofar as it relates
to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
Officer knows that the certificate or opinion or representations with respect to the matters upon
which his certificate or opinion is based are erroneous. Any such certificate or opinion may be
based, insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Issuers stating that the information with respect
to such factual matters is in the possession of the Issuers, unless such counsel knows that the
certificate or opinion or representations with respect to such matters are erroneous. Opinions of
Counsel required to be delivered to the Trustee may have qualifications customary for opinions of
the type required and counsel delivering such Opinions of Counsel may rely on certificates of the
Issuers or government or other officials customary for opinions of the type required, including
certificates certifying as to matters of fact, including that various financial covenants have been
complied with.



Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.



10.7 Rules by Trustee and Agents.



The Trustee may make reasonable rules for action by or at a meeting of Holders of Notes. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its
functions.



10.8 Legal Holidays.



A “Legal Holiday” is a Saturday, a Sunday or a day on which banking institutions in The City
of New York, in the city in which the Corporate Trust Office of the Trustee is located or at a
place of payment are authorized or obligated by law, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the
intervening period.



10.9 No Recourse Against Others.



(a) No director, officer, employee, agent, manager, partner, interest holder or stockholder of
the Partnership or Finance Corp., as such, shall have any liability for any obligations of the
Partnership or Finance Corp. under the Notes or this Indenture or for any claim based on, in
respect of or by reason of such obligations. Each Holder of Notes, by accepting a Note, waives and
releases all such liability. The waiver and release shall be part of the consideration for the
issuance of the Notes.



(b) The obligations of the Issuers under this Indenture and the Notes will be non-recourse to
the General Partner and the Operating Partnership (and their respective affiliates (other than the
Issuers)) and payable only out of the cash flow and assets of the Issuers. The Trustee agrees, and
each Holder of a Note, by accepting a Note, will be deemed to have agreed in this Indenture that
neither the General Partner nor its assets nor the Operating Partnership nor its assets (nor any of
their respective affiliates (other than the Issuers) nor their respective assets) shall be liable
for any of the obligations of the Issuers under this Indenture or the Notes. In addition, neither
the Partnership nor the Holders of Notes will have any right to require the Operating Partnership
to make distributions to the Partnership.



(c) Notwithstanding the foregoing, nothing in this provision shall be construed as a waiver or
release of any claims under the federal securities laws.



10.10 Duplicate Originals.



The parties may sign any number of copies of this Indenture. One signed copy is enough to
prove this Indenture.



10.11 Governing Law.



This Indenture and the Notes shall be governed by, and construed in accordance with, the laws
of the State of New York but without giving effect to applicable principles of conflicts of law to
the extent that the application of the laws of another jurisdiction would be required thereby.



10.12 No Adverse Interpretation of Other Agreements.



This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Partnership or Finance Corp. or their respective Subsidiaries. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.



10.13 Successors.



All agreements of the Partnership and Finance Corp. in this Indenture and the Notes shall bind
their successors. All agreements of the Trustee in this Indenture shall bind its successor.



10.14 Benefits of Indenture.



Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person
(other than the parties hereto and their successors hereunder, any Paying Agent and the Holders)
any benefit or any legal or equitable right, remedy or claim under this Indenture.



10.15 Severability.



In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.



10.16 Counterpart Originals.



The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.



10.17 Table of Contents, Headings, etc.



The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or provisions hereof.



[signatures on following page]






4






SIGNATURES




IN WITNESS WHEREOF, the undersigned have caused this Indenture to be executed as of the date
first above written.



	 
	 

	AmeriGas Partners, L.P., by AmeriGas Propane, Inc.,

as General Partner

/S/ ROBERT W. KRICK

	 

	Name: Robert W. Krick

Title: Vice President and Treasurer

	 

	AmeriGas Finance Corp.

/S/ ROBERT W. KRICK

	 

	Name: Robert W. Krick

Title: Vice President and Treasurer

	 

	Wachovia Bank, National Association

/S/ ALAN G. FINN

	 

	Name: Alan G. Finn

Title: Vice President








5




EXHIBIT A




[Face of Note]




[Unless and until it is exchanged in whole or in part for Notes in definitive form, this Note may
not be transferred except as a whole 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 by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.
The Depository Trust Company shall act as the Depositary until a successor shall be appointed by
the Issuers and the Registrar. Unless this certificate is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New York) (“DTC”), to
the issuer or its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as may be requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as may
be requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.]1



[THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT
AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE HOLDER: (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501(A) (1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT
(AN “IAI”), (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO
AMERIGAS PARTNERS, L.P., AMERIGAS FINANCE CORP. OR ANY OF THEIR RESPECTIVE SUBSIDIARIES, (B) TO A
PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE
TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF THE SECURITIES ACT, (D) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) TO AN IAI THAT, PRIOR TO SUCH
TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF
SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN
OPINION OF COUNSEL ACCEPTABLE TO AMERIGAS PARTNERS, L.P. THAT SUCH TRANSFER IS IN COMPLIANCE WITH
THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO AMERIGAS PARTNERS, L.P.) OR
(G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF
REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO
REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING.]2



1 This paragraph should be included only if the Note
is issued in global form.



2 This legend should only be included on Series A
Notes.



6



[Face of Note]




AmeriGas Partners, L.P.

AmeriGas Finance Corp.




7.25% SERIES [A] SENIOR NOTE DUE 2015




No.



$_____________________

CUSIP NO. ____________




AmeriGas Partners, L.P., a Delaware limited partnership, and AmeriGas Finance Corp., a
Delaware corporation, jointly and severally, promise to pay to      or
registered assigns the principal sum of      Dollars on May 20, 2015




Interest Payment Dates: May 20 and November 20, commencing on November 20, 2005




Record Dates: May 5 and November 5



Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.



7



In Witness Whereof, the Issuers have caused this Note to be signed manually or by
facsimile by its duly authorized officers and a facsimile of its corporate seal to be affixed
hereto or imprinted hereon.



Dated:



	 	 	 	 	 
	 
	 	AmeriGas Partners, L.P.
	 
	 	By: AmeriGas Propane, Inc.,

	 
	 	its General Partner

	 
	 	By:

	[Seal]
	 	By:

	Certificate of Authentication:
	 	 	 	 
	Wachovia Bank, National
Association, as Trustee,
certifies that this is one of
the Global Notes referred to in
	 	AmeriGas finance corp.
	the within-mentioned Indenture.
	 	By:

	By
	 	 	—	 
	—
	 	By:

	Authorized Signature
	 	 	—	 







Additional provisions of this Note are set forth on the other side of this Note.



8



[Reverse of Note]




AmeriGas Partners, L.P.

AmeriGas Finance Corp.




7.25% SERIES [A] SENIOR NOTE DUE 2015




1. Interest. AmeriGas Partners, L.P., a Delaware limited partnership (the “Partnership”), and
AmeriGas Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Partnership,
the “Issuers”), jointly and severally promise to pay interest on the principal amount of this Note
at 7.25% per annum from May 3, 2005 until maturity and to pay Liquidated Damages payable pursuant
to Section 5 of the Registration Rights Agreement referred to below. The Issuers will pay interest
and Liquidated Damages, if any, semiannually on May 20 and November 20 of each year (each an
“Interest Payment Date”), commencing on November 20, 2005, or if any such day is not a Business
Day, on the next succeeding Business Day. Interest on the Notes will accrue from the most recent
Interest Payment Date on which interest has been paid or, if no interest has been paid, from May 3,
2005; provided that if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment Date. The Issuers
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum
in excess of the interest rate then in effect; they shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and
Liquidated Damages (without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.



2. Method of Payment. The Issuers will pay interest on the Notes (except defaulted interest)
and Liquidated Damages to the Persons who are registered Holders of Notes at the close of business
on the record date immediately preceding the Interest Payment Date, except as provided in Section
2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to
principal, premium, interest and Liquidated Damages, if any, at the office or agency of the Issuers
maintained for such purpose within or without the City and State of New York, or, at the option of
the Issuers, payment of interest and Liquidated Damages, if any, may be made by check mailed to the
Holders at their respective addresses set forth in the register of Holders; provided that payment
by wire transfer of immediately available/same day funds will be required with respect to principal
of and interest, premium and Liquidated Damages, if any, on, all Global Notes. Such payment shall
be 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.



3. Paying Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar.
The Issuers may change any Paying Agent, Registrar or co-registrar without notice. The Issuers or
any of their Subsidiaries may act as Paying Agent or Registrar.



4. Indenture. The Issuers issued the Notes under an Indenture, dated May 3, 2005 (the
“Indenture”), among the Issuers and the Trustee. Capitalized terms herein are used as defined in
the Indenture unless otherwise defined herein. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15
U.S. Code §§ 77aaa-77bbb) as in effect on the date of the Indenture. Notwithstanding anything to
the contrary herein, the Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms. The Notes are unsecured senior general
obligations of the Issuers. Subject to compliance with Section 4.8 and the other terms of the
Indenture, the Issuers are permitted to issue more notes after the Issue Date under the Indenture
in an unlimited amount (the “Additional Notes”). The Additional Notes subsequently issued under
the Indenture shall be treated as a single class for all purposes under the Indenture, including,
without limitation, waivers, amendments, redemptions and offers to purchase.



5. Optional Redemption. The Notes are not redeemable prior to May 20, 2010. Thereafter, the
Notes will be subject to redemption at the option of the Issuers, in whole or in part, upon not
less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of
principal amount) set forth below, plus accrued and unpaid interest thereon and Liquidated Damages,
if any, to the applicable redemption date, if redeemed during the 12-month period beginning on May
20 of the years indicated below:



	 	 	 	 	 
	Year	 	Percentage
	2010
	 	 	103.625	%
	2011
	 	 	102.417	%
	2012
	 	 	101.208	%
	2013 and thereafter
	 	 	100.000	%







In the event that, on or prior to May 20, 2008, the Partnership consummates a registered
public offering of its Capital Stock (other than Redeemable Capital Stock), then within 90 days of
the consummation of such registered public offering the Partnership, at its option, may use the net
proceeds of such registered public offering to redeem Notes at 107.25% of the principal amount
thereof, plus accrued and unpaid interest to the applicable redemption date and Liquidated Damages,
if any; provided, however, that at least 65% of the Notes originally issued, together with any
Additional Notes, shall be outstanding immediately after such redemption. Only one redemption may
be made pursuant to the provision described in this paragraph.



6. Notice of Redemption. Notice of redemption will be mailed to the Holder’s registered
address at least 30 days but not more than 60 days before the redemption date to each Holder of
Notes to be redeemed. If less than all Notes are to be redeemed, the Trustee shall select the
Notes to be redeemed in multiples of $1,000. Notes in denominations larger than $2,000 may be
redeemed in part. On and after the redemption date interest ceases to accrue on Notes or portions
of them called for redemption (unless the Issuers shall default in the payment of the redemption
price or accrued interest).



7. Change of Control. In the event of a Change of Control of the Partnership, the Issuers
shall be required to make an offer to purchase all or any portion of each Holder’s Notes, at 101%
of the principal amount thereof, plus accrued interest to the Change of Control Payment Date.



8. Asset Sale Offer. In the event of certain Asset Sales, the Issuers may be required to make
an Asset Sale Offer to purchase all or any portion of each Holder’s Notes, at 100% of the principal
amount of the Notes plus accrued interest to the Purchase Date.



9. Restrictive Covenants. The Indenture imposes certain limitations on, among other things,
the ability of the Partnership and Finance Corp. to merge or consolidate with any other Person or
sell, lease or otherwise transfer all or substantially all of their respective properties or
assets, the ability of the Partnership or its Restricted Subsidiaries to dispose of certain assets,
to pay dividends and make certain other distributions and payments, to make certain investments or
redeem, retire, repurchase or acquire for value shares of Capital Stock, to incur additional
Indebtedness or incur encumbrances against certain property and to enter into certain transactions
with Affiliates, all subject to certain limitations described in the Indenture.



10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in
denominations of $2,000 and whole multiples of $1,000. A Holder may transfer or exchange Notes in
accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture. The Registrar need not transfer or exchange any Notes selected for
redemption. Also, it need not transfer or exchange any Notes for a period of 15 days before a
selection of Notes to be redeemed.



11. Persons Deemed Owners. The registered Holder of a Note may be treated as the owner of it
for all purposes and neither the Issuers, the Trustee nor any Agent shall be affected by notice to
the contrary.



12. Unclaimed Money. If money for the payment of principal or interest remains unclaimed for
one year, the Trustee or Paying Agent will pay the money back to the Issuers at its request. After
that, all liability of the Trustee and such Paying Agent with respect to such money shall cease.



13. Amendment, Supplement, Waiver. Subject to certain exceptions, the Indenture or the Notes
may be amended or supplemented with the consent of the Holders of at least a majority in principal
amount of the Notes, and any past default or noncompliance with any provision may be waived with
the consent of the Holders of a majority in principal amount of the Notes. Without the consent of
any Holder, the Issuers may amend or supplement the Indenture or the Notes to, among other things,
cure any ambiguity, defect or inconsistency or to provide for uncertificated Notes in addition to
certificated Notes or to make any change that does not adversely affect the rights of any Holder.



14. Defaults and Remedies. An event of default generally is: default by the Issuers for 30
days in payment of interest on the Notes; default by the Issuers in payment of principal of or
premium, if any, on the Notes; default by the Issuers in the deposit of any optional redemption
payment when due and payable; defaults resulting in acceleration prior to maturity of certain other
Indebtedness or resulting from payment defaults under certain other Indebtedness; failure by the
Issuers for 45 days after notice to comply with any of its other agreements in the Indenture;
certain final judgments against the Issuers; and certain events of bankruptcy or insolvency.
Subject to certain limitations in the Indenture, if an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately, except that in the case of an Event of
Default arising from certain events of bankruptcy, insolvency or reorganization relating to either
of the Issuers or their Significant Subsidiaries, all outstanding Notes shall become due and
payable immediately without further action or notice. Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it
before it enforces the Indenture or the Notes. Subject to certain limitations, Holders of a
majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or
power. The Issuers must furnish an annual compliance certificate to the Trustee.



15. Trustee Dealings with Issuers. Wachovia Bank, National Association, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and
may otherwise deal with the Issuers or their respective Subsidiaries or Affiliates with the same
rights it would have if it were not Trustee.



16. No Recourse Against Others. A director, officer, employee, agent, manager, interest
holder or stockholder, as such, of the Issuers, shall not have any liability for any obligations of
the Issuers under the Notes or the Indenture or for any claim based on, in respect of or by reason
of, such obligations or their creation. Each Holder by accepting a Note waives and releases all
such liability. The waiver and release are part of the consideration for the issue of the Notes.



The obligations of the Issuers under the Indenture and the Notes will be non-recourse to the
General Partner and the Operating Partnership (and their respective Affiliates (other than the
Issuers)), and payable only out of the cash flow and assets of the Issuers. The Trustee has, and
each Holder of a Note, by accepting a Note will be deemed to have, agreed in the Indenture that
neither the General Partner nor its assets nor the Operating Partnership nor its assets (nor any of
their respective affiliates (other than the Issuers)) nor their respective assets, shall be liable
for any of the obligations of the Issuers under the Indenture or the Notes. In addition, neither
the Partnership nor the Holders of Notes will have any right to require the Operating Partnership
to make distributions to the Partnership.



17. Authentication. This Note shall not be valid until the Trustee or an authenticating agent
signs the certificate of authentication on the other side of this Note.



18. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN
(=joint tenants with right of survivorship and not as tenants in common), CUST (=Custodian), and
U/G/M/A (=Uniform Gifts to Minors Act).



19. Additional Rights of Holders of Transfer Restricted Notes. In addition to the rights
provided by Holders of Notes under the Indenture, Holders of Transfer Restricted Notes shall have
all the rights set forth in the Registration Rights Agreement, dated as of the Issue Date (the
“Registration Rights Agreement”), among the Issuers and the Initial Purchasers.



20. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform
Securities Identification Procedures, the Issuers will cause CUSIP numbers to be printed on the
Notes as a convenience to Holders of the Notes. No representation is made as to the accuracy of
such numbers as printed on the Notes and reliance may be placed only on the other identification
numbers printed hereon.



The Issuers will furnish to any Holder upon written request and without charge a copy of the
Indenture or Registration Rights Agreement. Requests may be made to: AmeriGas Partners, L.P., 460
North Gulph Road, King of Prussia, Pennsylvania 19406, Attention: Secretary.



9



ASSIGNMENT FORM




To assign this Note, fill in the form below:



I or we assign and transfer this Note to:




(Insert assignee’s social security or tax I.D. no.)




(Print or type assignee’s name, address and zip code)



and irrevocably appoint as agent to transfer this Note on the books of the Issuers. The agent may
substitute another to act for him.



Your Signature:




(Sign exactly as your name appears on the other side of this Note)



Date:



Signature Guarantee:



10



FORM OF OPTION OF HOLDER TO ELECT PURCHASE




If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.16 or
Section 4.17 of the Indenture, check the appropriate box:




Section 4.16 [ ] Section 4.17 [ ]



If you want to have only part of this Note purchased by the Issuers pursuant to Section
4.16 or Section 4.17 of the Indenture, state the amount (in denominations of $2,000 in principal
amount and integral multiples of $1,000 in excess thereof):



	 	 	 
	$	 	 
	Date:	 	Signature:
	 	 	(Sign exactly as your name appears on the other side of this Note)
	Signature Guarantee:

	 	

	 

	 	 
	 
	 	 







11




SCHEDULE OF EXCHANGES OF DEFINITIVE NOTE




The following exchanges of a part of this Global Note for Definitive Notes have been made:



	 	 	 	 	 	 	 	 	 
	Date of Exchange

	 	Amount of decrease

in

Principal Amount of

this Global Note
	 	Amount of increase

in

Principal Amount of

this Global Note
	 	Principal Amount of

this Global Note

following such

decrease (or

increase)
	 	

Signature of

authorized officer

of Trustee or Note

Custodian
	 

	 	 
	 	 
	 	 
	 	 







12




EXHIBIT B




CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF NOTES




Re: 7.25% Series A Senior Notes Due 2015 of AmeriGas Partners, L.P. and AmeriGas Finance Corp.



This Certificate relates to $     principal amount of Notes held in *      
book-entry or *      definitive form by      (the “Transferor”).



The Transferor *:



	 	 	 
	?

	 	has requested the Trustee by written order to deliver in exchange for its beneficial interest in

the Global Note held by the Depositary a Note or Notes in definitive, registered form equal to its

beneficial interest in such Global Note (or the portion thereof indicated above); or
	 
	 	 
	?

	 	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.
	 
	 	 
	
 
	 	In connection with such request and in respect of each such Note, the Transferor does hereby

certify that the Transferor is familiar with the Indenture relative to the above captioned Notes

and that the transfer of this Note does not require registration under the Securities Act (as

defined below) because:*
	 
	 	 
	?

	 	Such Note is being acquired for the Transferor’s own account without transfer (in satisfaction of

Section 2.6(a)(ii)(A) or Section 2.6(d)(i)(A) of the Indenture).
	 
	 	 
	?

	 	Such Note is being transferred (i) to a “qualified institutional buyer” (as defined in Rule 144A

under the Securities Act of 1933, as amended (the “Securities Act”)), in reliance on Rule 144A or

(ii) pursuant to an exemption from registration in accordance with Rule 904 under the Securities

Act (and in the case of clause (ii), based on an opinion of counsel if the Issuers so request and

together with a certification in substantially the form of Exhibit D to the Indenture).
	 
	 	 
	?

	 	Such Note is being transferred (i) in accordance with Rule 144 under the Securities Act (and based

on an opinion of counsel if the Issuers so request) or (ii) pursuant to an effective registration

statement under the Securities Act.
	 
	 	 
	?

	 	Such Note is being transferred to an institutional accredited investor within the meaning of Rule

501(a)(1), (2), (3) or (7) under the Securities Act pursuant to a private placement exemption from

the registration requirements of the Securities Act (and based on an opinion of counsel if the

Issuers so request) together with a certification in substantially the form of Exhibit C to the

Indenture.
	 
	 	 
	?

	 	Such Note is being transferred in reliance on and in compliance with another exemption from the

registration requirements of the Securities Act (and based on an opinion of counsel if the Issuers

so request).







* Check applicable box.



13




[INSERT NAME OF TRANSFEROR]




By:




Name:


Title:


Address:



Date:      ,      



14




EXHIBIT C




FORM OF CERTIFICATE TO BE DELIVERED BY ACCREDITED INSTITUTIONS




____________ ___, ____





, as Registrar



Attention: Corporate Trust Department



Ladies and Gentlemen:



We are delivering this letter in connection with an offering of 7.25% Series A Senior Notes
Due 2015 (the “Notes”) of AmeriGas Partners, L.P., a Delaware limited partnership (the
“Partnership”), and AmeriGas Finance Corp., a Delaware corporation (together with the Partnership,
the “Issuers”), all as described in the Offering Circular relating to the Offering.




We hereby confirm that:



we are an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under
the Securities Act (an “Institutional Accredited Investor”), or an entity in which all of the
equity owners are Institutional Accredited Investors;




(i) any purchase of Notes will be for our own account or for the account of one or more
other Institutional Accredited Investors as to which we exercise sole investment discretion;




(ii) in the event that we purchase any Notes, we will acquire such securities having a
minimum purchase price of at least $100,000 for our own account and for each separate
account for which we are acting;




(iii) we have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of purchasing Notes and we and any accounts
for which we are acting are able to bear the economic risks of our or their investment;




(iv) we are not acquiring Notes with a view to any distribution thereof in a
transaction that would violate the Securities Act or the securities laws of any State of the
United States or any other applicable jurisdiction; provided that the disposition of our
property and the property of any accounts for which we are acting as fiduciary shall remain
at all times within our control; and




(v) we acknowledge that we have had access to such financial and other information, and
have been afforded the opportunity to ask such questions of representatives of the Issuers
and receive answers thereto, as we deem necessary in connection with out decision to
purchase Notes.



We understand that the Notes have not been registered under the Securities Act, and we agree,
on our own behalf and on behalf of each account for which we acquire any Notes, that such Notes may
be offered, resold, pledged or otherwise transferred only (i) to a person whom we reasonably
believe to be a qualified institutional buyer (as defined in Rule 144A under the Securities Act) in
a transaction meeting the requirements of Rule 144A, in a transaction meeting the requirements of
Rule 144 under the Securities Act, outside the United States to a foreign person in a transaction
meeting the requirements of Rule 904 under the Securities Act or in accordance with another
exemption from the registration requirements of the Securities Act (and, unless such transfer
occurs in a transaction meeting the requirements of Rule 144A, based upon an opinion of counsel if
the Issuers so request), (ii) to the Issuers or (iii) pursuant to an effective registration
statement, and, in each case, in accordance with any applicable securities laws of any State of the
United States or any other applicable jurisdiction. We understand that the Registrar will not be
required to accept for registration of transfer any Notes, except upon presentation of evidence
satisfactory to the Partnership that the foregoing restrictions on transfer have been complied
with. We further understand that the Notes purchased by us will be in the form of definitive
physical certificates and that such certificates will bear a legend reflecting the substance of
this paragraph. We further agree to provide to any person acquiring any of the Notes from us a
notice advising such person that resales of the Notes are restricted as stated herein.



We acknowledge that Credit Suisse First Boston LLC, Citigroup Global Markets Inc., Wachovia
Capital Markets, LLC, the Issuers and others will rely upon our confirmations, acknowledgements and
agreements set forth herein, and we agree to notify you promptly in writing if any of our
representations or warranties herein ceases to be accurate and complete.



15



THIS LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.




Very truly yours,




[Name]




By:




Name:


Title:


Address:



16




EXHIBIT D




FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION

WITH TRANSFERS PURSUANT TO REGULATION S




__________, _____





, as Registrar



Attention: Corporate Trust Department



Ladies and Gentlemen:



In connection with our proposed sale of certain 7.25% Series A Senior Notes Due 2015 (the
“Notes”) of AmeriGas Partners, L.P., a Delaware limited partnership (the “Partnership”), and
AmeriGas Finance Corp., a Delaware corporation (together with the Partnership, the “Issuers”), we
represent that:



1. the offer of the Notes was not made to a person in the United States;




	 	2.	 	at the time the buy order was originated, the transferee was outside the United States or we
and any person acting on our behalf reasonably believed that the transferee was outside the
United States;






	 	3.	 	no directed selling efforts have been made by us in the United States in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and






	 	4.	 	the transaction is not part of a plan or scheme to evade the registration requirements of the
U.S. Securities Act of 1933.





You and the Issuers are entitled to rely upon this letter and you are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.




Very truly yours,




[Name of Transferor]




By:




Name:


Title:


Address:




17