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Exhibit 4.5

 

TRANSMONTAIGNE OPERATING COMPANY L.P.,

TLP OPERATING FINANCE CORP.  

as Issuers  

TRANSMONTAIGNE PARTNERS L.P.  

as Guarantor  

THE SUBSIDIARY GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO  

as Subsidiary Guarantors

[                                         
               ]

  as Trustee  

Indenture
  Dated as
of                                   

Subordinated Debt Securities  

 

  

 
 

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as
of                        , 2007    
    

	Section of Trust Indenture Act of 1939
 
	 	Section(s) of

Indenture

	§ 310(a)(1)	 	7.10
	         (a)(2)	 	7.10
	         (a)(3)	 	Not Applicable
	         (a)(4)	 	Not Applicable
	         (a)(5)	 	7.10
	         (b)	 	7.08, 7.10
	§ 311(a)	 	7.11
	         (b)	 	7.11
	         (c)	 	Not Applicable
	§ 312(a)	 	2.07
	         (b)	 	11.03
	         (c)	 	11.03
	§ 313(a)	 	7.06
	         (b)	 	7,06
	         (c)	 	7.06
	         (d)	 	7.06
	§ 314(a)	 	4.03, 4.04
	         (b)	 	Not Applicable
	         (c)(1)	 	11.04
	         (c)(2)	 	11.04
	         (c)(3)	 	Not Applicable
	         (d)	 	Not Applicable
	         (e)	 	11.05
	§ 315(a)	 	7.01(b)
	         (b)	 	7.05
	         (c)	 	7.01(a)
	         (d)	 	7.01(c)
	         (d)(1)	 	7.01(c)(1)
	         (d)(2)	 	7.01(c)(2)
	         (d)(3)	 	7.01(c)(3)
	         (e)	 	6.11
	§ 316(a)(1)(A)	 	6.05
	         (a)(1)(B)	 	6.04
	         (a)(2)	 	Not Applicable
	         (a)(last sentence)	 	2.11
	         (b)	 	6.07
	§ 317(a)(1)	 	6.08
	         (a)(2)	 	6.09
	         (b)	 	2.06
	§ 318(a)	 	11.01

        Note:
This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

i

 
 
 

TABLE OF CONTENTS    
    

	 
	 
	 	Page

	 ARTICLE I.    DEFINITIONS AND INCORPORATION BY REFERENCE	 	1
	 	 SECTION 1.01	Definitions	 	1
	 	 SECTION 1.02	Other Definitions	 	6
	 	 SECTION 1.03	Incorporation by Reference of Trust Indenture Act	 	6
	 	 SECTION 1.04	Rules of Construction	 	7
	 	 SECTION 1.05	Non-Recourse to the General Partner; No Personal Liability of Officers, Directors, Employees or Partners	 	7
	ARTICLE II.    THE SECURITIES	 	7
	 	 SECTION 2.01	Amount Unlimited; Issuable in Series	 	7
	 	 SECTION 2.02	Denominations	 	10
	 	 SECTION 2.03	Forms Generally	 	10
	 	 SECTION 2.04	Execution, Authentication, Delivery and Dating	 	10
	 	 SECTION 2.05	Registrar and Paying Agent	 	12
	 	 SECTION 2.06	Paying Agent to Hold Money in Trust	 	12
	 	 SECTION 2.07	Holder Lists	 	12
	 	 SECTION 2.08	Transfer and Exchange	 	13
	 	 SECTION 2.09	Replacement Securities	 	13
	 	 SECTION 2.10	Outstanding Securities	 	13
	 	 SECTION 2.11	Original Issue Discount and Treasury Securities	 	14
	 	 SECTION 2.12	Temporary Securities	 	14
	 	 SECTION 2.13	Cancellation	 	14
	 	 SECTION 2.14	Payments; Defaulted Interest	 	14
	 	 SECTION 2.15	Persons Deemed Owners	 	15
	 	 SECTION 2.16	Computation of Interest	 	15
	 	 SECTION 2.17	Global Securities; Book-Entry Provisions	 	15
	ARTICLE III.    REDEMPTION	 	17
	 	 SECTION 3.01	Applicability of Article	 	17
	 	 SECTION 3.02	Notice to the Trustee	 	17
	 	 SECTION 3.03	Selection of Securities to be Redeemed	 	17
	 	 SECTION 3.04	Notice of Redemption	 	18
	 	 SECTION 3.05	Effect of Notice of Redemption	 	18
	 	 SECTION 3.06	Deposit of Redemption Price	 	18
	 	 SECTION 3.07	Securities Redeemed or Purchased in Part	 	19
	 	 SECTION 3.08	Purchase of Securities	 	19
	 	 SECTION 3.09	Mandatory and Optional Sinking Funds	 	19
	 	 SECTION 3.10	Satisfaction of Sinking Fund Payments with Securities	 	19
	 	 	 	 

ii

 

	 	 SECTION 3.11	Redemption of Securities for Sinking Fund	 	20
	ARTICLE IV.    COVENANTS	 	20
	 	 SECTION 4.01	Payment of Securities	 	20
	 	 SECTION 4.02	Maintenance of Office or Agency	 	21
	 	 SECTION 4.03	SEC Reports; Financial Statements	 	21
	 	 SECTION 4.04	Compliance Certificate	 	22
	 	 SECTION 4.05	Existence	 	22
	 	 SECTION 4.06	Waiver of Stay, Extension or Usury Laws	 	22
	 	 SECTION 4.07	Additional Amounts	 	23
	ARTICLE V.    SUCCESSORS	 	23
	 	 SECTION 5.01	Limitations on Mergers and Consolidations	 	23
	 	 SECTION 5.02	Successor Person Substituted	 	24
	ARTICLE VI.    DEFAULTS AND REMEDIES	 	24
	 	 SECTION 6.01	Events of Default	 	24
	 	 SECTION 6.02	Acceleration	 	26
	 	 SECTION 6.03	Other Remedies	 	26
	 	 SECTION 6.04	Waiver of Defaults	 	26
	 	 SECTION 6.05	Control by Majority	 	27
	 	 SECTION 6.06	Limitations on Suits	 	27
	 	 SECTION 6.07	Rights of Holders to Receive Payment	 	27
	 	 SECTION 6.08	Collection Suit by Trustee	 	28
	 	 SECTION 6.09	Trustee May File Proofs of Claim	 	28
	 	 SECTION 6.10	Priorities	 	28
	 	 SECTION 6.11	Undertaking for Costs	 	29
	ARTICLE VII.    TRUSTEE	 	29
	 	 SECTION 7.01	Duties of Trustee	 	29
	 	 SECTION 7.02	Rights of Trustee	 	30
	 	 SECTION 7.03	May Hold Securities	 	31
	 	 SECTION 7.04	Trustee's Disclaimer	 	31
	 	 SECTION 7.05	Notice of Defaults	 	31
	 	 SECTION 7.06	Reports by Trustee to Holders	 	31
	 	 SECTION 7.07	Compensation and Indemnity	 	31
	 	 SECTION 7.08	Replacement of Trustee	 	32
	 	 SECTION 7.09	Successor Trustee by Merger, etc.	 	33
	 	 SECTION 7.10	Eligibility; Disqualification	 	34
	 	 SECTION 7.11	Preferential Collection of Claims Against the Issuers, the Guarantor or a Subsidiary Guarantor	 	34
	ARTICLE VIII.    DISCHARGE OF INDENTURE	 	34
	 	 	 	 

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	 	 SECTION 8.01	Termination of the Issuers', the Guarantor's and the Subsidiary Guarantors' Obligations	 	34
	 	 SECTION 8.02	Application of Trust Money	 	37
	 	 SECTION 8.03	Repayment to Issuers, the Guarantor or Subsidiary Guarantor	 	37
	 	 SECTION 8.04	Reinstatement	 	38
	ARTICLE IX.    SUPPLEMENTAL INDENTURES AND AMENDMENTS	 	38
	 	 SECTION 9.01	Without Consent of Holders	 	38
	 	 SECTION 9.02	With Consent of Holders	 	39
	 	 SECTION 9.03	Compliance with Trust Indenture Act	 	41
	 	 SECTION 9.04	Revocation and Effect of Consents	 	41
	 	 SECTION 9.05	Notation on or Exchange of Securities	 	41
	 	 SECTION 9.06	Trustee to Sign Amendments, etc.	 	42
	ARTICLE X.    SUBORDINATION OF SECURITIES AND GUARANTEE	 	42
	 	 SECTION 10.01	Applicability of Article; Agreement To Subordinate	 	42
	 	 SECTION 10.02	Liquidation, Dissolution, Bankruptcy	 	42
	 	 SECTION 10.03	Default on Senior Indebtedness	 	43
	 	 SECTION 10.04	Acceleration of Payment of Securities	 	44
	 	 SECTION 10.05	When Distribution Must Be Paid Over	 	44
	 	 SECTION 10.06	Subrogation	 	44
	 	 SECTION 10.07	Relative Rights	 	44
	 	 SECTION 10.08	Subordination May Not Be Impaired by Issuers	 	44
	 	 SECTION 10.09	Rights of Trustee and Paying Agent	 	44
	 	 SECTION 10.10	Distribution or Notice to Representative	 	45
	 	 SECTION 10.11	Article X Not to Prevent Defaults or Limit Right to Accelerate	 	45
	 	 SECTION 10.12	Trust Moneys Not Subordinated	 	45
	 	 SECTION 10.13	Trustee Entitled to Rely	 	45
	 	 SECTION 10.14	Trustee to Effectuate Subordination	 	46
	 	 SECTION 10.15	Trustee Not Fiduciary for Holders of Senior Indebtedness	 	46
	 	 SECTION 10.16	Reliance by Holders of Senior Indebtedness on Subordination Provisions	 	46
	ARTICLE XI.    GUARANTEE	 	46
	 	 SECTION 11.01	Guarantee	 	46
	 	 SECTION 11.02	Execution and Delivery of Guarantee	 	48
	 	 SECTION 11.03	Limitation on Liability of the Subsidiary Guarantors	 	48
	 	 SECTION 11.04	Release of Subsidiary Guarantors from Guarantee	 	49
	 	 SECTION 11.05	Contribution	 	49
	ARTICLE XII.    MISCELLANEOUS	 	50
	 	 SECTION 12.01	Trust Indenture Act Controls	 	50
	 	 SECTION 12.02	Notices	 	50
	 	 	 	 

iv

 

	 	 SECTION 12.03	Communication by Holders with Other Holders	 	51
	 	 SECTION 12.04	Certificate and Opinion as to Conditions Precedent	 	51
	 	 SECTION 12.05	Statements Required in Certificate or Opinion	 	51
	 	 SECTION 12.06	Rules by Trustee and Agents	 	51
	 	 SECTION 12.07	Legal Holidays	 	52
	 	 SECTION 12.08	No Recourse Against Others	 	52
	 	 SECTION 12.09	Governing Law	 	52
	 	 SECTION 12.10	No Adverse Interpretation of Other Agreements	 	52
	 	 SECTION 12.11	Successors	 	52
	 	 SECTION 12.12	Severability	 	52
	 	 SECTION 12.13	Counterpart Originals	 	52
	 	 SECTION 12.14	Table of Contents, Headings, etc.	 	52

v

  

        INDENTURE dated as of                        ,
                        among TransMontaigne Operating Company L.P., a Delaware limited partnership (the
"Partnership"), TLP Operating Finance Corp., a Delaware corporation ("TLP Operating Finance" and
together with the Partnership, the "Issuers" or individually an "Issuer" as the context requires), TransMontaigne Partners L.P., as the guarantor (the
"Guarantor") the subsidiary guarantors listed on the signature pages hereto (the "Subsidiary
Guarantors"), and                        ,
a                                    , as trustee (the "Trustee").
 

        The
Issuers, the Guarantor and the Subsidiary Guarantors have duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of the Issuers'
debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series unlimited as to principal amount (herein called the
"Securities"), the Guarantee of such Securities by the Guarantor and, to the extent applicable pursuant to
Section 2.01, the Guarantee by each of the Subsidiary Guarantors of the Securities, as provided in this Indenture. 

        The
Issuers, the Guarantor and the Subsidiary Guarantors are members of the same consolidated group of companies. The Guarantor and the Subsidiary Guarantors will derive direct and
indirect economic benefit from the issuance of the Securities. Accordingly, the Guarantor and each Subsidiary Guarantor has duly authorized the execution and delivery of this Indenture to provide for
its full, unconditional and joint and several guarantee of the Securities to the extent provided in or pursuant to this Indenture. 

        All
things necessary to make this Indenture a valid agreement of the Issuers, in accordance with its terms, have been done. 

 
 

ARTICLE I.
  DEFINITIONS AND INCORPORATION BY REFERENCE  
    

SECTION 1.01 Definitions.  

        "Additional Amounts" means any additional amounts required by the express terms of a Security or by or pursuant to
a Board Resolution, under circumstances specified therein or pursuant thereto, to be paid by the Issuers, the Guarantor or any Subsidiary Guarantor, as the case may be, with respect to certain taxes,
assessments or other governmental charges imposed on certain Holders and that are owing to such Holders. 

        "Affiliate" of any specified Person means 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" of a Person shall mean the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms
"controlling" and "controlled" shall have meanings correlative to the foregoing. 

        "Agent" means any Registrar or Paying Agent. 

        "Bankruptcy Law" means Title 11 of the United States Code, as amended, or any similar federal, state or foreign law for the relief of
debtors. 

        "Board of Directors" means with respect to TLP Operating Finance, the board of directors of TLP Operating Finance and with respect to the
Partnership, the board of directors of the General Partner, and any authorized committee of such board of directors or any directors and/or officers of the board of directors to whom such board of
directors or such committee shall have duly delegated its authority to act hereunder. 

        "Board Resolution" means a copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner or TLP
Operating Finance, as the case may be, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

1

 

        "Business Day" means any day that is not a Legal Holiday. 

        "Corporate Trust Office of the Trustee" means the office of the Trustee located at                  ,
Attention:                         , and
as may be located at such other address as the Trustee may give notice to the Issuers, the Guarantor and the Subsidiary Guarantors. 

        "Debt" of any Person at any date means any obligation created or assumed by such Person for the repayment of borrowed money and any
guarantee thereof. 

        "Default" means any event, act or condition that is, or after notice or the passage of time or both would be, an Event of Default. 

        "deliver" or "delivery" means, in the context of certificated Securities, actual physical
delivery of the certificated Securities to the relevant Person required hereunder, together with all endorsements, and in the context of Global Securities, the designation on the records of the
Depositary of a change in the beneficial interests of a holder in a Global Security. 

        "Depositary" means, with respect to the Securities of any series issuable or issued in whole or in part in global form, the Person
specified pursuant to Section 2.01 hereof as the initial Depositary with respect to the Securities of such series, 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. 

        "Designated Senior Indebtedness" means (i) any Senior Indebtedness which, at the date of determination, has an aggregate principal
amount outstanding of, or under which, at the date of determination, the holders thereof are committed to lend up to, at least $100 million and (ii) any other Senior Indebtedness
designated, as provided in Section 2.01, in respect of any series of Securities. 

        "Dollar" or "$" means a dollar or other equivalent unit in such coin or currency of the
United States as at the time shall be legal tender for the payment of public and private debt. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and any successor statute. 

        "GAAP" means generally accepted accounting principles in the United States 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 of the United States, as in effect from time to time. 

        "General Partner" means TransMontaigne Operating GP L.L.C., a Delaware limited liability company. 

        "Global Security" means a Security that is issued in global form in the name of the Depositary with respect thereto or its nominee. 

        "Government Obligations" means, with respect to a series of Securities, (a) direct obligations of the government that issues the
currency in which the Securities of the series are payable for the payment of which the full faith and credit of such government is pledged, or (b) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of such government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by such government, which, in
either case under clause (a) or (b) above, are not callable or redeemable at the option of the issuer thereof; or (c) depository receipts issued by a bank or trust company as
custodian with respect to any such Government Obligations or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a
depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount 

2

 

payable
to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation evidenced by such depository receipt. 

        "Guarantee" means the guarantee of the Issuers' obligations under the Securities of a series by the Guarantor or a Subsidiary Guarantor
(specified with respect to such series as contemplated by Section 2.01(i)) as provided in Article XI. 

        "Guarantor" means TransMontaigne Partners L.P., a Delaware limited partnership, until a successor person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter, "Guarantor" shall means such successor Person or Persons who may execute this Indenture, or a supplement thereto, for the purpose of
providing a Guarantee pursuant to this Indenture. 

        "Holder" means a Person in whose name a Security is registered. 

        "Indenture" means this Indenture as amended or supplemented from time to time pursuant to the provisions hereof, and includes the terms of
a particular series of Securities established as contemplated by Section 2.01. 

        "interest" means, with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, interest
payable after Maturity. 

        "Interest Payment Date," when used with respect to any Security, shall have the meaning assigned to such term in the Security as
contemplated by Section 2.01. 

        "Issue Date" means, with respect to Securities of a series, the first date on which the Securities of such series are originally issued
under this Indenture. 

        "Issuer Order" and "Issuer Request" mean, respectively, a written order or request signed
in the name of or on behalf of an Issuer by two Officers of such Issuer and delivered to the Trustee. 

        "Legal Holiday" means a Saturday, a Sunday or a day on which banking institutions in any of The City of New York, New York or a Place of
Payment are authorized or obligated by law, regulation or executive order to remain closed. 

        "Maturity" means, with respect to any Security, the date on which the principal of such Security or an installment of principal becomes
due and payable as therein or herein provided, whether at the Stated Maturity thereof, or by declaration of acceleration, call for redemption or otherwise. 

        "Officer" means the Chief Executive Officer, the President, the Chief Operating Officer, any Vice President, the Chief Financial Officer,
the Treasurer, any Assistant Treasurer, the Chief Accounting Officer or Controller, the Secretary or any Assistant Secretary of the General Partner, TLP Operating Finance, a Subsidiary Guarantor or
its general partner, the general partner of the Guarantor or such other Person, as the context requires. 

        "Officers' Certificate" means a certificate signed by two Officers of an Issuer, or where specifically referred to in this Indenture, two
Officers of the applicable Guarantor or Subsidiary Guarantor. 

        "Opinion of Counsel" means a written opinion from legal counsel who is acceptable to the Trustee, which opinion may be subject to
customary assumptions, limitations and qualifications. Such counsel may be an employee of or counsel to the General Partner, the Partnership, TLP Operating Finance, a Subsidiary Guarantor, the general
partner of a Subsidiary Guarantor, the general partner of the Guarantor or the Trustee. 

        "Original Issue Discount Security" means any Security that provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 

3

 

        "Partnership" means the Person named as the "Partnership" in the first paragraph of this instrument until a successor Person shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter "Partnership" shall mean such successor Person: provided, however, that for purposes of any provision contained
herein which is required by the TIA, "Partnership" shall also mean each other obligor (if any), other than the Guarantor or a Subsidiary Guarantor, on the Securities of a series. 

        "Person" means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated
association, joint stock company, trust, unincorporated organization or government or other agency, instrumentality or political subdivision thereof or other entity of any kind. 

        "Place of Payment" means, with respect to the Securities of any series, the place or places where the principal of, premium (if any) and
interest on, and any Additional Amounts with respect to, the Securities of that series are payable as specified in accordance with Section 2.01 subject to the
provisions of Section 4.02. 

        "principal" of a Security means the principal of the Security plus, when appropriate, the premium, if any, on the Security. 

        "Redemption Date" means, with respect to any Security to be redeemed, the date fixed for such redemption by or pursuant to this Indenture. 

        "Redemption Price" means, with respect to any Security to be redeemed, the price at which it is to be redeemed pursuant to this Indenture. 

        "Representative" means the trustee, agent or representative (if any) for an issue of Senior Indebtedness. 

        "Responsible Officer" means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture. 

        "Rule 144A Securities" means Securities of a series designated pursuant to Section 2.01 as
entitled to the benefits of Section 4.03(b). 

        "SEC" means the Securities and Exchange Commission. 

        "Securities" has the meaning stated in the preamble of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture. 

        "Security Custodian" means, with respect to Securities of a series issued in global form, the Trustee for Securities of such series, as
custodian with respect to the Securities of such series, or any successor entity thereto. 

        "Senior Indebtedness," unless otherwise provided with respect to the Securities of a series as contemplated by
Section 2.01, means, with respect to a series of Securities, (a) all Debt of the Issuers and, in the case of a related Guarantee, the Guarantor and the
Subsidiary Guarantors, whether currently outstanding or hereafter issued, unless, by the terms of the instrument creating or evidencing such Debt, it is provided that such Debt is not superior in
right of payment to the Securities of such series, in the case of the Issuers, or the related Guarantees, in the case of the Guarantor and the Subsidiary Guarantors, or to other Debt that is  pari passu
with or subordinated to the Securities of such series, in the case of the Issuers, or the related Guarantees, in the case of the Guarantor
and the Subsidiary Guarantors, and (b) any modifications, refunding, deferrals, renewals, or extensions of any such Debt or securities, notes or other evidence of Debt issued in exchange for
such Debt; provided 

4

 

that
in no event shall "Senior Indebtedness" include (1) Debt evidenced by the Securities of such series or any other series or any related Guarantee, (2) Debt of the Guarantor or any of
the Subsidiary Guarantors or the Issuers owed or owing to any Subsidiary of the Issuers, (3) Debt of the Guarantor or any of the Subsidiary Guarantors owed or owing to the Issuers,
(4) Debt to trade creditors, (5) any liability for taxes owed or owing by the Guarantor or the Subsidiary Guarantors or the Issuers or (6) Debt of any Subsidiary Guarantor in the
event there is no series of Securities outstanding that is entitled to the benefits of a Guarantee. 

        "Significant Subsidiary" means a Subsidiary of the Partnership, other than TLP Operating Finance, that is a "significant subsidiary" of
the Partnership as such term is defined in Rule 1-02(w) of Regulation S-X as of the date hereof. 

        "Stated Maturity" means, when used with respect to any Security or any installment of principal thereof or interest thereon, the date
specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

        "Subsidiary" of any Person means: 

        (a)   any
corporation, association or other business entity of which more than 50% of the total voting power of equity interests entitled, without regard to the occurrence of
any contingency, to vote in the election of directors, managers, trustees or equivalent Persons thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or
one or more of the other Subsidiaries of such Person or combination thereof; or 

        (b)   in
the case of a partnership, more than 50% of the partners' equity interests, considering all partners' equity interests as a single class, is at such time of
determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or combination thereof. 

        "Subsidiary Guarantors" means, with respect to any series of Securities, the Person or Persons, if any, named in accordance with
Section 2.01(i) as the "Subsidiary Guarantors" (a) in or pursuant to a Board Resolution, and set forth, or determined in the manner provided, in an Officers'
Certificate or in an Issuer Order, or (b) in an indenture supplemental hereto establishing the terms of such series of Securities until a successor Person or Persons shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter "Subsidiary Guarantors" with respect to such series of Securities shall mean such successor Person or Persons, and any other
Subsidiary of an Issuer, other than TLP Operating Finance, who may execute this Indenture, or a supplement thereto, for the purpose of providing a Guarantee for such series of Securities pursuant to
this Indenture. If a series of Securities does not have any Subsidiary Guarantors, all references in this Indenture to Subsidiary Guarantors shall be ignored with respect to such series of Securities. 

        "surrender" shall have the same meaning as "deliver" in the context of the surrender of a Security. 

        "TIA" means the Trust Indenture Act of 1939, as amended, as in effect on the date hereof;  provided, however, that, in the
event the Trust Indenture Act of 1939 is amended after such date, "TIA"
means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

        "TLP Operating Finance" means the Person named as "TLP Operating Finance" in the first paragraph of this instrument until a successor
Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter "TLP Operating Finance" shall mean such successor Person. 

        "Trustee" means the Person named as such above until a successor replaces it in accordance with the applicable provisions of this
Indenture, and thereafter "Trustee" means each Person who is then a Trustee hereunder, and if at any time there is more than one such Person, "Trustee" as used with respect to the Securities of any
series means the Trustee with respect to Securities of that series. 

5

 

        "United States" means the United States of America (including the States and the District of Columbia) and its territories and
possessions, which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

        "U.S. Government Obligations" means Government Obligations with respect to Securities payable in Dollars. 

SECTION 1.02 Other Definitions.  

	Term
 
	 	Defined in Section
	 
	"Agent Members"	 	2.17	 
	"Bankruptcy Custodian"	 	6.01	 
	"Blockage Notice"	 	10.03	(b)
	"covenant defeasance"	 	8.01	(b)
	"Event of Default"	 	6.01	 
	"Funding Guarantor"	 	10.05	 
	"Judgment Currency"	 	6.10	 
	"legal defeasance"	 	8.01	(c)
	"mandatory sinking fund payment"	 	3.09	 
	"Notice of Default"	 	6.01	(g)
	"optional sinking fund payment"	 	3.09	 
	"Paying Agent"	 	2.05	 
	"Payment Blockage Period"	 	10.03	(b)
	"Pay the Subordinated Securities"	 	10.03	(a)
	"Registrar"	 	2.05	 
	"Required Currency"	 	6.10	 
	"Subordinated Securities"	 	10.01	 
	"Successor"	 	5.01	(a)

SECTION 1.03 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 (and if the Indenture is
not qualified under the TIA at that time, as if it were so qualified unless otherwise provided). The following TIA terms used in this Indenture have the following meanings: 

        "Commission" means the SEC. 

        "indenture securities" means the Securities. 

        "indenture security holder" means a Holder. 

        "indenture to be qualified" means this Indenture. 

        "indenture trustee" or "institutional trustee" means the Trustee. 

        "obligor" on the indenture securities means the Issuers, the Guarantor or any Subsidiary Guarantor or any other obligor on the Securities. 

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

6

 

SECTION 1.04 Rules of Construction.  

        Unless the context otherwise requires: 

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

        (b)   an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

        (c)   "or"
is not exclusive; 

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

        (e)   provisions
apply to successive events and transactions; 

        (f)    all
references in this instrument to Articles and Sections are references to the corresponding Articles and Sections in and of this instrument; and 

        (g)   all
references to "the Issuers," "either of the Issuers," "each of the Issuers," "each Issuer" or terms of similar import shall mean, when used with respect to a series
of Securities, the Partnership and, if TLP Operating Finance is specified as the co-issuer of such series of Securities, TLP Operating Finance. 

SECTION 1.05 Non-Recourse to the General Partner; No Personal Liability of Officers, Directors, Employees or Partners.  

        Obligations of the Issuers, the Guarantor and each Subsidiary Guarantor under this Indenture and the Securities and the related Guarantees hereunder are
non-recourse to the General Partner, and its respective Affiliates (other than the Issuers, the Guarantor and each such Subsidiary Guarantor), and payable only out of cash flow and assets
of the Issuers, the Guarantor and each such Subsidiary Guarantor. The Trustee, and each Holder of a Security by its acceptance thereof, will be deemed to have agreed in this Indenture that
(1) neither the General Partner and its assets nor the general partner of the Guarantor or any Subsidiary Guarantor and such general partner's assets (nor any of their respective Affiliates,
other than the Issuers, the Guarantor or a Subsidiary Guarantor, nor such Affiliate's respective assets) shall be liable for any of the obligations of the Issuers, the Guarantor or a Subsidiary
Guarantor under this Indenture, such Securities or such related Guarantees, and (2) no director, manager, officer, employee, partner or unitholder, as such, of the Issuers, the Guarantor, a
Subsidiary Guarantor, the Trustee, the General Partner, the general partner of the Guarantor or any Subsidiary Guarantor, or any Affiliate of any of the foregoing entities shall have any personal
liability in respect of the obligations of the Issuers, the Guarantor or a Subsidiary Guarantor under this Indenture, such Securities or such related Guarantees by reason of his, her or its status. 

 
 

ARTICLE II.
  THE SECURITIES  
    

SECTION 2.01 Amount Unlimited; Issuable in Series.  

        The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. 

        The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth, or determined in the manner provided, in an Officers'
Certificate or in an Issuer Order, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

        (a)   the
title of the Securities of the series (which shall distinguish the Securities of the series from the Securities of all other series); 

7

 

        (b)   if
there is to be a limit, the limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to
Section 2.08, 2.09, 2.12, 2.17, 3.07 or
9.05 and except for any Securities which, pursuant to Section 2.04 or 2.17, are deemed never to have been
authenticated and delivered hereunder); provided, however, that unless otherwise provided in the terms of the series, the authorized aggregate principal amount of such series may be increased before
or after the issuance of any Securities of the series by a Board Resolution (or action pursuant to a Board Resolution) to such effect; 

        (c)   whether
any Securities of the series are to be issuable initially in temporary global form and whether any Securities of the series are to be issuable in permanent
global form, as Global Securities or otherwise, and, if so, whether beneficial owners of interests in any such Global Security may exchange such interests for Securities of such series and of like
tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 2.17,
and the initial Depositary and Security Custodian, if any, for any Global Security or Securities of such series; 

        (d)   the
manner in which any interest payable on a temporary Global Security on any Interest Payment Date will be paid if other than in the manner provided in
Section 2.14; 

        (e)   the
date or dates on which the principal of and premium (if any) on the Securities of the series is payable or the method of determination thereof; 

        (f)    the
rate or rates, or the method of determination thereof, at which the Securities of the series shall bear interest, if any, whether and under what circumstances
Additional Amounts with respect to such Securities shall be payable, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the
record date for the interest payable on
any Securities on any Interest Payment Date, or if other than provided herein, the Person to whom any interest on Securities of the series shall be payable; 

        (g)   the
place or places where, subject to the provisions of Section 4.02, the principal of, premium (if any) and interest on, and any
Additional Amounts with respect to, the Securities of the series shall be payable; 

        (h)   the
period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which
Securities of the series may be redeemed, in whole or in part, at the option of the Issuers, if the Issuers are to have that option, and the manner in which the Issuers must exercise any such option,
if different from those set forth herein; 

        (i)    whether
Securities of the series are (1) to be co-issued by TLP Operating Finance and (2) entitled to the benefits of any Guarantee of any
Subsidiary Guarantor pursuant to this Indenture, the identity of any such Subsidiary Guarantor and any terms of such Guarantee with respect to the Securities of the series in addition to those set
forth in Article XI, or any exceptions to or changes to those set forth in Article XI; 

        (j)    the
obligation, if any, of the Issuers to redeem, purchase or repay Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a
Holder thereof and the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at which and the terms and conditions upon which Securities of the
series shall be redeemed, purchased or repaid in whole or in part pursuant to such obligation; 

        (k)   if
other than denominations of $1,000 and any integral multiple thereof, the denomination in which any Securities of that series shall be issuable; 

8

  

        (l)    if
other than Dollars, the form, including equity securities, other debt securities (including Securities), warrants or any other securities or property of the Issuers,,
the Guarantor, any Subsidiary Guarantor or any other Person, in which payment of the principal of, premium (if any) and interest on, and any Additional Amounts with respect to, the Securities of the
series shall be payable; 

        (m)  if
the amount of payments of principal of, premium (if any) and interest on, and any Additional Amounts with respect to, the Securities of the series may be determined
with reference to any commodities, currencies or indices, values, rates or prices or any other index or formula, the manner in which such amounts shall be determined; 

        (n)   if
other than the entire principal amount thereof, the portion of the principal amount of Securities of the series that shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 6.02; 

        (o)   any
additional means of satisfaction and discharge of this Indenture and any additional conditions or limitations to discharge with respect to Securities of the series
and the related Guarantee pursuant to Article VIII or any modifications of or deletions from such conditions or limitations; 

        (p)   any
deletions or modifications of or additions to the Events of Default set forth in Section 6.01 or covenants of the Issuers, the
Guarantor or any Subsidiary Guarantor set forth in Article IV pertaining to the Securities of the series; 

        (q)   any
restrictions or other provisions with respect to the transfer or exchange of Securities of the series, which may amend, supplement, modify or supersede those
contained in this Article II; 

        (r)   if
the Securities of the series are to be convertible into or exchangeable for common units, other debt securities (including Securities), warrants, other equity
securities or any other securities or property of the Issuers, the Guarantor, any Subsidiary Guarantor or any other Person, at the option of the Issuers or the Holder or upon the occurrence of any
condition or event, the terms and conditions for such conversion or exchange; 

        (s)   the
subordination, if any, of the Securities of the series pursuant to Article X and any changes or additions to
Article X or designation of any Designated Senior Indebtedness; 

        (t)    whether
the Securities of the series are to be entitled to the benefit of Section 4.03(b) (and accordingly constitute
Rule 144A Securities); and 

        (u)   any
other terms of the series (which terms shall not be prohibited by the provisions of this Indenture). 

        All
Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to
above and (subject to Section 2.03) set forth, or determined in the manner provided, in the Officers' Certificate or Issuer Order referred to above or in any such
indenture supplemental hereto. 

        If
any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action, together with such Board Resolution,
shall be set forth in an Officers' Certificate or certified by the Secretary or an Assistant Secretary of the General Partner and TLP Operating Finance, if applicable, and delivered to the Trustee
with or prior to the delivery of the Officers' Certificate or Issuer Order setting forth the terms of the series. 

        The
Securities shall be subordinated in right of payment to Senior Indebtedness as provided in Article X and/or as specified as contemplated pursuant to this Section 2.01. 

9

 

SECTION 2.02 Denominations.  

        The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 2.01.
In the absence of any such provisions with respect to the Securities of any series, the Securities of such series denominated in Dollars shall be issuable in denominations of $1,000 and any integral
multiples thereof. 

SECTION 2.03 Forms Generally.  

        The Securities of each series shall be in fully registered form and in substantially such form or forms (including temporary or permanent global form) established
by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. The Securities may have notations, legends or endorsements required by law, the rules of any securities exchange,
the applicable organizational documents or agreements to which the Issuers are subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the
Issuers). A copy of the Board Resolution establishing the form or forms of Securities of any series shall be delivered to the Trustee at or prior to the delivery of the Issuer Order contemplated by
Section 2.04 for the authentication and delivery of such Securities. 

        The
definitive Securities of each series shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the Officers
executing such Securities, as evidenced by their execution thereof. 

        The
Trustee's certificate of authentication shall be in substantially the following form: 

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

	 	 	[                        ], as Trustee
	
 	
 	

By:	

 
	 	 	 	
Authorized Signatory".

SECTION 2.04 Execution, Authentication, Delivery and Dating.  

        Two Officers of each Issuer shall sign the Securities on behalf of each Issuer and, with respect to the Guarantee of the Securities, two Officers of the general
partner of the Guarantor and each Subsidiary Guarantor or its general partner, as applicable, shall sign the Notation of Guarantee on behalf of the Guarantor and such Subsidiary Guarantor, in each
case by manual or facsimile signature. 

        If
an Officer of an Issuer, the general partner of the Guarantor or the applicable Subsidiary Guarantor or its general partner, as applicable, whose signature is on a Security no longer
holds that office at the time the Security is authenticated, the Security shall be valid nevertheless. 

        A
Security shall not be entitled to any benefit under this Indenture or the related Guarantees or be valid or obligatory for any purpose until authenticated by the manual signature of an
authorized signatory of the Trustee, which signature shall be conclusive evidence that the Security has been authenticated under this Indenture. Notwithstanding the foregoing, if any Security has been
authenticated and delivered hereunder but never issued and sold by the Issuers, and the Issuers deliver such Security to the Trustee for cancellation as provided in
Section 2.13, together with a written statement (which need not comply with Section 12.05 and need not be accompanied by an
Opinion of Counsel) stating that such Security has never been issued and sold by the Issuers, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture or the related Guarantees. 

10

 

        At
any time and from time to time after the execution and delivery of this Indenture, the Issuers may deliver Securities of any series executed by the Issuers to the Trustee for
authentication, and the Trustee shall authenticate and deliver such Securities for original issue upon an Issuer Order for the authentication and delivery of such Securities or pursuant to such
procedures acceptable to the Trustee as may be specified from time to time by Issuer Order. Such order shall specify the amount of the Securities to be authenticated, the date on which the original
issue of Securities is to be authenticated, the name or names of the initial Holder or Holders and any other terms of the Securities of such series not otherwise determined. If provided for in such
procedures, such Issuer Order may authorize (i) authentication and delivery of Securities of such series for original issue from time to time, with certain terms (including, without limitation,
the Maturity dates or dates, Issue Date or Dates and interest rate or rates) that differ from Security to Security and (ii) may authorize authentication and delivery pursuant to oral or
electronic instructions from the Issuers or their duly authorized agent, which instructions shall be promptly confirmed in writing. 

        If
the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by
Section 2.01, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in addition to the Issuer Order referred to above and the other documents
required by Section 12.04), and (subject to Section 7.01) shall be fully protected in relying upon: 

        (1)   an
Officers' Certificate setting forth the Board Resolution and, if applicable, an appropriate record of any action taken pursuant thereto, as contemplated by the last
paragraph of Section 2.01; and 

        (2)   an
Opinion of Counsel to the effect that: 

        (i)    the
form of such Securities has been established in conformity with the provisions of this Indenture; 

        (ii)   the
terms of such Securities have been established in conformity with the provisions of this Indenture; and 

        (iii)  that,
when authenticated and delivered by the Trustee and issued by the Issuers in the manner and subject to any conditions specified in such Opinion of Counsel, such
Securities and any related Guarantees will constitute valid and binding obligations of the Issuers, the Guarantor and the Subsidiary Guarantors, respectively, enforceable against the Issuers, the
Guarantor and the Subsidiary Guarantors, respectively, in accordance with their respective terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other similar laws in effect from time to time affecting the rights of creditors generally, and the application of general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 

        If
all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers' Certificate and Opinion of Counsel at the time of issuance of each
such Security, but such Officers' Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the first Security of the series to be issued. 

        The
Trustee shall not be required to authenticate such Securities if the issuance of such Securities pursuant to this Indenture would affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner not reasonably acceptable to the Trustee. 

        The
Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Securities. Unless limited by the terms of such appointment, an authenticating agent may
authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the 

11

 

Trustee
includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuers, the Guarantor, any Subsidiary Guarantor or an Affiliate of the Issuers,
the Guarantor or any Subsidiary Guarantor. 

        Each
Security shall be dated the date of its authentication. 

SECTION 2.05 Registrar and Paying Agent.  

        The Issuers shall maintain an office or agency for each series of Securities where Securities of such series may be presented for registration of transfer or
exchange ("Registrar") and an office or agency where Securities of such series may be presented for payment ("Paying
Agent"). The Registrar shall keep a register of the Securities of such series 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 agent. 

        The
Issuers shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this
Indenture that relate to such Agent. The Issuers shall notify the Trustee of the name and address of any Agent not a party to this Indenture. The Issuers may change any Paying Agent or Registrar
without notice to any Holder. If the Issuers fail to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuers, the Guarantor, a Subsidiary Guarantor
or any Subsidiary may act as Paying Agent or Registrar. The Issuers initially appoint the Trustee as Registrar and Paying Agent. 

SECTION 2.06 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 any Additional Amounts with respect to, the Securities 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 and to account for any
funds disbursed. The Issuers at any time may require a
Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other
than an Issuer, the Guarantor, a Subsidiary Guarantor or a Subsidiary of an Issuer) shall have no further liability for the money. If an Issuer, the Guarantor, a Subsidiary Guarantor or a Subsidiary
of an Issuer 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. Each Paying Agent shall otherwise comply
with TIA § 317(b). 

SECTION 2.07 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 with respect to a series of Securities, the Issuers shall furnish to the Trustee at least five Business Days before
each Interest Payment Date with respect to such series of Securities, 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 of such series, and the Issuers shall otherwise comply with TIA § 312(a). 

12

 

SECTION 2.08 Transfer and Exchange.  

        Except as set forth in Section 2.17 or as may be provided pursuant to Section 2.01: 

        When
Securities of any series are presented to the Registrar with the request to register the transfer of such Securities or to exchange such Securities for an equal principal amount of
Securities of the same series of like tenor and of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements and the requirements
of this Indenture for such transactions are met; provided, however, that the Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a
written instruction of transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or by his attorney, duly authorized in writing, on which instruction the Registrar
can rely. 

        To
permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Securities at the Registrar's written request and submission of the
Securities or Global Securities. No service charge shall be made to a Holder for any registration of transfer or exchange (except as otherwise expressly permitted herein), 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 such transfer tax or similar governmental charge payable upon exchanges pursuant to
Section 2.12, 3.07 or 9.05). The Trustee shall authenticate Securities in accordance with the provisions
of Section 2.04. Notwithstanding any other provisions of this Indenture to the contrary, the Issuers shall not be required to register the transfer or exchange of
(a) any Security selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Security being redeemed in part,
or (b) any Security during the period beginning 15 Business Days prior to the mailing of notice of any offer to repurchase Securities of the series required pursuant to the terms thereof or of
redemption of Securities of a series to be redeemed and ending at the close of business on the day of mailing. 

SECTION 2.09 Replacement Securities.  

        If any mutilated Security is surrendered to the Trustee, or if the Holder of a Security claims that the Security has been destroyed, lost or stolen and the
Issuers and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of such Security, the Issuers shall issue and the Trustee shall authenticate a replacement Security of
the same series if the Trustee's requirements are met. If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Issuers in their discretion may,
instead of issuing a new Security, pay such Security. If required by the Trustee, the Guarantor or any Subsidiary Guarantor or the Issuers, such Holder must furnish an indemnity bond that is
sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Guarantor, each Subsidiary Guarantor, the Trustee, any Agent or any authenticating agent from any loss that any of
them may suffer if a Security is replaced. The Issuers and the Trustee may charge a Holder for their expenses in replacing a Security. 

        Every
replacement Security is an additional obligation of the Issuers. 

SECTION 2.10 Outstanding Securities.  

        The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Security effected by the Trustee hereunder and those described in this Section 2.10 as not outstanding. 

        If
a Security is replaced pursuant to Section 2.09, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser. 

13

 

        If
the principal amount of any Security is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 

        A
Security does not cease to be outstanding because an Issuer, the Guarantor, a Subsidiary Guarantor or an Affiliate of an Issuer, the Guarantor or a Subsidiary Guarantor holds the
Security. 

SECTION 2.11 Original Issue Discount and Treasury Securities.  

        In determining whether the Holders of the required principal amount of Securities have concurred in any direction, amendment, supplement, waiver or consent,
(a) the principal amount of an Original Issue Discount Security shall be the principal amount thereof that would be due and payable as of the date of such determination upon acceleration of the
Maturity thereof pursuant to Section 6.02, and (b) Securities owned by an Issuer, the Guarantor, a Subsidiary Guarantor or any other obligor upon the
Securities or any Affiliate of an Issuer, of the Guarantor, of a Subsidiary Guarantor or of such other obligor shall be disregarded, except that, for the purpose of determining whether the Trustee
shall be protected in relying upon any such direction, amendment, supplement, waiver or consent, only Securities that a Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded. 

SECTION 2.12 Temporary Securities.  

        Until definitive Securities of any series are ready for delivery, the Issuers may prepare and execute and the Trustee shall authenticate temporary Securities.
Temporary Securities shall be substantially in the form of definitive Securities, but may have variations that the Issuers consider appropriate for temporary Securities. Without unreasonable delay,
the Issuers shall prepare and execute and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects
be entitled to the same benefits under this Indenture as definitive Securities. 

SECTION 2.13 Cancellation.  

        The Issuers, the Guarantor or any Subsidiary Guarantor at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange, payment or redemption or for credit against any sinking fund payment. The Trustee shall cancel
all Securities surrendered for registration of transfer, exchange, payment, redemption, replacement or cancellation or for credit against any sinking
fund. Unless the Issuers shall direct in writing that canceled Securities be returned to them, after written notice to the Issuers all canceled Securities held by the Trustee shall be disposed of in
accordance with the usual disposal procedures of the Trustee, and the Trustee shall maintain a record of their disposal. The Issuers may not issue new Securities to replace Securities that have been
paid or that have been delivered to the Trustee for cancellation. 

SECTION 2.14 Payments; Defaulted Interest.  

        Unless otherwise provided as contemplated by Section 2.01, interest (except defaulted interest) on any Security that is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Persons who are registered Holders of that Security at the close of business on the record date
established for that Interest Payment Date, even if such Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender a Security to a Paying
Agent to collect principal payments. Unless otherwise provided with respect to the Securities of any series, the Issuers will pay the principal of, premium (if any) and interest on, and any Additional
Amounts with respect to, the Securities in Dollars. Such amounts shall be payable at the offices of the Trustee or any Paying Agent, provided that at the option of the Issuers, the Issuers may pay
such 

14

 

amounts
(a) by wire transfer with respect to Global Securities or (b) by check payable in such money mailed to a Holder's registered address with respect to any Securities. 

        If
the Issuers default in a payment of interest on the Securities of any series, the Issuers shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest on
the defaulted interest, in each case at the rate provided in the Securities of such series and in Section 4.01. The Issuers may pay the defaulted interest to the
Persons who are Holders on a subsequent special record date. At least 15 days before any special record date selected by the Issuers, the Issuers (or the Trustee, in the name of and at the
expense of the Issuers upon 20 days' prior written notice from the Issuers setting forth such special record date and the interest amount to be paid) 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. 

SECTION 2.15 Persons Deemed Owners.  

        The Issuers, the Guarantor, the Subsidiary Guarantors, the Trustee, any Agent and any authenticating agent may treat the Person in whose name any Security is
registered as the owner of such Security for the purpose of receiving payments of principal of, premium (if any) or interest on, or any Additional Amounts with respect to, such Security and for all
other purposes. None of the Issuers, the Guarantor, any Subsidiary Guarantor, the Trustee, any Agent or any authenticating agent shall be affected by any notice to the contrary. 

SECTION 2.16 Computation of Interest.  

        Except as otherwise specified as contemplated by Section 2.01 for Securities of any series, interest on the Securities of each
series shall be computed on the basis of a year comprising twelve 30-day months. 

SECTION 2.17 Global Securities; Book-Entry Provisions.  

        If Securities of a series are issuable in global form as a Global Security, as contemplated by Section 2.01, then,
notwithstanding clause (k) of Section 2.01 and the provisions of Section 2.02, any such Global Security shall represent
such of the outstanding Securities of such series as shall be specified therein and may provide that it shall represent the aggregate amount of outstanding Securities from time to time endorsed
thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges, transfers or redemptions. Any
endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Securities represented thereby shall be made by the Trustee (a) in such manner
and upon instructions given by such Person or Persons as shall be specified in such Security or in an Issuer Order to be delivered to the Trustee pursuant to
Section 2.04 or (b) otherwise in accordance with written instructions or such other written form of instructions as is customary for the Depositary for such
Security, from such Depositary or its nominee on behalf of any Person having a beneficial interest in such Global Security. Subject to the provisions of
Section 2.04 and, if applicable, Section 2.12, the Trustee shall deliver and redeliver any Security in permanent global form in
the manner and upon instructions given by the Person or Persons specified in such Security or in the applicable Issuer Order. With respect to the Securities of any series that are represented by a
Global Security, the Issuers, the Guarantor and the Subsidiary Guarantors authorize the execution and delivery by the Trustee of a letter of representations or other similar agreement or instrument in
the form customarily provided for by the Depositary appointed with respect to such Global Security. Any Global Security may be deposited with the Depositary or its nominee, or may remain in the
custody of the Trustee or the Security Custodian therefor pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee and the Depositary. If an Issuer Order has been, or
simultaneously is, delivered, any instructions by the Issuers with respect to endorsement or delivery or redelivery of a Security in global form shall be in writing but need not comply with
Section 12.05 and need not be accompanied by an Opinion of Counsel. 

15

  

        Members of, or participants in, the Depositary ("Agent Members") shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depositary, or the Trustee or the Security Custodian as its custodian, or under such Global Security, and the Depositary may be treated by the Issuers, the
Guarantor, any Subsidiary Guarantor, the Trustee or the Security Custodian and any agent of the Issuers, the Guarantor, any Subsidiary Guarantor, the Trustee or the Security Custodian as the absolute
owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, (x) the registered holder of a Global Security of a series may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder of Securities of such series is entitled to take under this Indenture or
the Securities of such series and (y) nothing herein shall prevent the Issuers, the Guarantor, any Subsidiary Guarantor, the Trustee or the Security Custodian, or any agent of an Issuer, the
Guarantor, any Subsidiary Guarantor, the Trustee or the Security Custodian, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or shall impair,
as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a beneficial owner of any Security. 

        Notwithstanding
Section 2.08, and except as otherwise provided pursuant to Section 2.01, transfers of a Global
Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners in a Global
Security may be transferred in accordance with the rules and procedures of the Depositary. Securities shall be transferred to all beneficial owners in exchange for their beneficial interests in a
Global Security if, and only if, either (1) the Depositary notifies the Issuers that it is unwilling or unable to continue as Depositary for the Global Security and a successor Depositary is
not appointed by the Issuers within 90 days of such notice, (2) an Event of Default has occurred with respect to such series and is continuing and the Registrar has received a request
from the Depositary to issue Securities in lieu of all or a portion of the Global Security (in which case the Issuers shall deliver Securities within 30 days of such request) or (3) the
Issuers determine not to have the Securities represented by a Global Security. 

        In
connection with any transfer of a portion of the beneficial interests in a Global Security to beneficial owners pursuant to this Section 2.17, the
Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the beneficial interests in the
Global Security to be transferred, and the Issuers shall execute, and the Trustee upon receipt of an Issuer Order for the authentication and delivery of Securities shall authenticate and deliver, one
or more Securities of the same series of like tenor and amount. 

        In
connection with the transfer of all the beneficial interests in a Global Security to beneficial owners pursuant to this Section 2.17, the Global
Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and the Trustee shall authenticate and deliver, to each
beneficial owner identified by the Depositary in exchange for its beneficial interests in the Global Security, an equal aggregate principal amount of Securities of authorized denominations. 

        Neither
the Issuers, the Guarantor, any Subsidiary Guarantor nor the Trustee will have any responsibility or liability for any aspect of the records relating to, or payments made on
account of, Securities by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such Securities. Neither the Issuers, the Guarantor, any Subsidiary
Guarantor nor the Trustee shall be liable for any delay by the related Holder of the related Global Security or the Depositary in identifying the beneficial owners, and each such Person may
conclusively rely on, and shall be protected in relying on, instructions from such Holder of the Global Security or the Depositary for all purposes (including with respect to the registration and
delivery, and the respective principal amounts, of the Securities to be issued). 

16

 

        The
provisions of the last sentence of the third paragraph of Section 2.04 shall apply to any Global Security if such Global Security was never issued
and sold by the Issuers and the Issuers, the Guarantor or a Subsidiary Guarantor delivers to the Trustee the Global Security together with written instructions (which need not comply with
Section 12.05 and need not be accompanied by an Opinion of Counsel) with regard to the cancellation or reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence of the third paragraph of Section 2.04. 

        Notwithstanding
the provisions of Sections 2.03 and 2.14, unless otherwise specified as contemplated by
Section 2.01, payment of principal of, premium (if any) and interest on, and any Additional Amounts with respect to, any Global Security shall be made to the
Depositary. 

        The
Issuers in issuing Securities of any series may use CUSIP numbers, and, if so, the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders of Securities
of such series; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities of such series or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities of such series, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Issuers will promptly notify the Trustee in writing of any change in the CUSIP numbers. 

        Notwithstanding
anything herein to the contrary, delivery or surrender of a Security shall not be required in the case of Global Securities in order to obtain the rights or benefits
provided hereunder upon the delivery or surrender of a Security. 

 
 

ARTICLE III.
  REDEMPTION  
    

SECTION 3.01 Applicability of Article.  

        Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as
contemplated by Section 2.01 for Securities of any series) in accordance with this Article III. 

SECTION 3.02 Notice to the Trustee.  

        If either of the Issuers elects to redeem Securities of any series pursuant to this Indenture, it shall notify the Trustee of the Redemption Date and the
principal amount of Securities of such series to be redeemed. The Issuers shall so notify the Trustee at least 45 days before the Redemption Date (unless a shorter notice shall be satisfactory
to the Trustee) by delivering to the Trustee an Officers' Certificate stating that such redemption will comply with the provisions of this Indenture and of the Securities of such series. Any such
notice may be canceled at any time prior to the mailing of such notice of such redemption to any Holder and shall thereupon be void and of no effect. 

SECTION 3.03 Selection of Securities to be Redeemed.  

        If less than all the Securities of any series are to be redeemed (unless all of the Securities of such series having the same terms are to be redeemed), the
particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the outstanding Securities of such series (and terms), not
previously called for redemption, either pro rata, by lot or by such other method as the Trustee shall deem appropriate in accordance with industry standards at the time of such redemption and that
may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of
Securities of such series (in a denomination larger than the minimum 

17

 

authorized
denomination for Securities of that series) or of the principal amount of Global Securities of such series. 

        The
Trustee shall promptly notify the Issuers and the Registrar in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption,
the principal amount thereof to be redeemed. 

        For
purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Securities shall relate, in the case of any of the Securities redeemed or
to be redeemed only in part, to the portion of the principal amount thereof which has been or is to be redeemed. 

SECTION 3.04 Notice of Redemption.  

        Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at the address of such Holder appearing in the register of Securities maintained by the Registrar. 

        All
notices of redemption shall identify the Securities to be redeemed and shall state: 

        (a)   the
Redemption Date; 

        (b)   the
Redemption Price (or the method of calculating or determining the Redemption Price); 

        (c)   that,
unless the Issuers, the Guarantor and the Subsidiary Guarantors default in making the redemption payment, interest on Securities called for redemption ceases to
accrue on and after the Redemption Date, and the only remaining right of the Holders of such Securities is to receive payment of the Redemption Price upon surrender to the Paying Agent of the
Securities redeemed; 

        (d)   if
any Security is to be redeemed in part, the portion of the principal amount thereof to be redeemed and that on and after the Redemption Date, upon surrender for
cancellation of such Security to the Paying Agent, a new Security or Securities in the aggregate principal amount equal to the unredeemed portion thereof will be issued without charge to the Holder; 

        (e)   that
Securities called for redemption must be surrendered to the Paying Agent to collect the Redemption Price and the name and address of the Paying Agent; 

        (f)    that
the redemption is for a sinking or analogous fund, if such is the case; and 

        (g)   the
CUSIP number, if any, relating to such Securities. 

        Notice
of redemption of Securities to be redeemed at the election of the Issuers shall be given by the Issuers or, at the Issuers' written request, by the Trustee in the name and at the
expense of the Issuers. 

SECTION 3.05 Effect of Notice of Redemption.  

        Once notice of redemption is mailed, Securities called for redemption become irrevocably due and payable on the Redemption Date and at the Redemption Price. Upon
surrender to the Paying Agent, such Securities called for redemption shall be paid at the Redemption Price, but interest installments whose maturity is on or prior to such Redemption Date will be
payable on the relevant Interest Payment Dates to the Holders of record at the close of business on the relevant record dates specified pursuant to Section 2.01. 

SECTION 3.06 Deposit of Redemption Price.  

        On or prior to 11:00 a.m., New York City time, on any Redemption Date, the Issuers, the Guarantor or a Subsidiary Guarantor shall deposit with the Trustee
or the Paying Agent (or, if the 

18

 

Issuers,
the Guarantor or such Subsidiary Guarantor is acting as the Paying Agent, segregate and hold in trust as provided in Section 2.06) an amount of money in
same day funds sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, and any Additional Amounts with respect to, the
Securities or portions thereof which are to be redeemed on that date, other than Securities or portions thereof called for redemption on that date which have been delivered by the Issuers, the
Guarantor or a Subsidiary Guarantor to the Trustee for cancellation. 

        If
the Issuers, the Guarantor or a Subsidiary Guarantor complies with the preceding paragraph, then, unless the Issuers, the Guarantor and the Subsidiary Guarantors default in the
payment of such Redemption Price, interest on the Securities to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Securities are presented for payment,
and the Holders of such Securities shall have no further rights with respect to such Securities except for the right to receive the Redemption Price upon surrender of such Securities. If any Security
called for redemption shall not be so paid upon surrender thereof for redemption, the principal, premium (if any), any Additional Amounts, and, to the extent lawful, accrued interest thereon shall,
until paid, bear interest from the Redemption Date at the rate specified pursuant to Section 2.01 or provided in the Securities or, in the case of Original Issue
Discount Securities, such Securities' yield to maturity. 

SECTION 3.07 Securities Redeemed or Purchased in Part.  

        Upon surrender to the Paying Agent of a Security to be redeemed in part, the Issuers shall execute and the Trustee shall authenticate and deliver to the Holder of
such Security, without service charge, a new Security or Securities of the same series and of any authorized denomination as requested by such Holder in the aggregate principal amount equal to, and in
exchange for, the unredeemed portion of the principal amount of the Security so surrendered. 

SECTION 3.08 Purchase of Securities.  

        Unless otherwise specified as contemplated by Section 2.01, the Issuers, the Guarantor, any Subsidiary Guarantor and any
Affiliate of the Issuers, the Guarantor or any Subsidiary Guarantor may, subject to applicable law, at any time purchase or otherwise acquire Securities in the open market or by private agreement. Any
such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness represented by such Securities. Any Securities purchased or acquired by the Issuers, the
Guarantor or a Subsidiary Guarantor may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied.
Section 2.13 shall apply to all Securities so delivered. 

SECTION 3.09 Mandatory and Optional Sinking Funds.  

        The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a "mandatory
sinking fund payment," and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an
"optional sinking fund payment." Unless otherwise provided by the terms of Securities of any series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 3.10. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series and by this Article III. 

SECTION 3.10 Satisfaction of Sinking Fund Payments with Securities.  

        The Issuers, the Guarantor or a Subsidiary Guarantor may deliver outstanding Securities of a series (other than any Securities of a series previously called for
redemption) and may apply as a credit Securities of a series that have been redeemed either at the election of the Issuers pursuant to the 

19

 

terms
of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking
fund payment with respect to the Securities of such series required to be made pursuant to the terms of such series of Securities; provided that such Securities have not been previously so credited.
Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount
of such sinking fund payment shall be reduced accordingly. 

SECTION 3.11 Redemption of Securities for Sinking Fund.  

        Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee),
the Issuers will deliver to the Trustee an Officers' Certificate specifying (1) the amount of that sinking fund payment for that series pursuant to the terms of that series, (2) the
portion thereof, if any, which is to be satisfied by payment of cash and (3) the portion thereof, if any, which is to be satisfied by delivery of or by crediting Securities of that series
pursuant to Section 3.10, and will also deliver or cause to be delivered to the Trustee any Securities to be so delivered. Failure of the Issuers to timely deliver
or cause to be delivered such Officers' Certificate and Securities specified in this paragraph, if any, shall not constitute a default but shall constitute the election of the Issuers, but only with
respect to the sinking fund payment date for which such failure relates, (i) that the mandatory sinking fund payment for such series due for that sinking fund payment date shall be paid
entirely in cash without the option to deliver or credit Securities of such series in respect thereof and (ii) that the Issuers will make no optional sinking fund payment for that sinking fund
payment date with respect to such series as provided in this Section 3.11. 

        With
respect to the Securities of any particular series, if the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next sinking fund payment date,
plus any unused balance of any prior sinking fund payments made in cash, shall exceed $100,000 or a lesser sum if the Issuers shall so request, such cash shall be applied on that sinking fund payment
date to the redemption of Securities of such series at the sinking fund Redemption Price together with accrued interest to the date fixed for redemption. If such amount shall be $100,000 or less and
the Issuers make no such request, then it shall be carried over until a sum in excess of $100,000 is available. Not less than 30 days before each such sinking fund payment date, the Trustee
shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.03 and cause notice of the redemption thereof to
be given in the name of and at the expense of the Issuers in the manner provided in Section 3.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 3.05, 3.06 and 3.07. 

 
 

ARTICLE IV.
  COVENANTS  
    

SECTION 4.01 Payment of Securities.  

        The Issuers shall pay the principal of, premium (if any) and interest on, and any Additional Amounts with respect to, the Securities of each series on the dates
and in the manner provided in the Securities of such series and in this Indenture. Principal, premium, interest and any Additional Amounts shall be considered paid on the date due if the Paying Agent
(other than the Issuers, the Guarantor, a
Subsidiary Guarantor or a Subsidiary) holds by 11:00 a.m., New York City time (or such later time as such Paying Agent may specify), on that date money deposited by the Issuers, the Guarantor
or a Subsidiary Guarantor designated for and sufficient to pay all principal, premium, interest and any Additional Amounts then due. 

        The
Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium (if any), at a rate equal to the
then applicable 

20

 

interest
rate on the Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and any Additional Amount (without regard to any applicable grace period) at the same rate to the extent lawful. 

SECTION 4.02 Maintenance of Office or Agency.  

        The Issuers will maintain in each Place of Payment for any series of Securities an office or agency (which may be an office of the Trustee, the Registrar or the
Paying Agent) where Securities of that series may be presented for registration of transfer or exchange, where Securities of that series may be presented for payment and where notices and demands to
or upon the Issuers, the Guarantor or a Subsidiary Guarantor in respect of the Securities of that series and this Indenture may be served. Unless otherwise designated by the Issuers by written notice
to the Trustee and the Subsidiary Guarantors, such office or agency shall be the office of the Trustee in The City of New York, which on the date hereof is located
at                        . The Issuers will
give prompt written notice to the Trustee, the Guarantor and the Subsidiary Guarantors of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee, the Guarantor and the Subsidiary Guarantors with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee. 

        The
Issuers may also from time to time designate one or more other offices or agencies where the Securities of one or more series 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
Issuers of its obligation to maintain an office or agency in each Place of Payment for Securities of any series for such purposes. The Issuers 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. 

SECTION 4.03 SEC Reports; Financial Statements.  

        (a)   If
the Issuers, the Guarantor or a Subsidiary Guarantor is subject to the requirements of Section l3 or 15(d) of the Exchange Act, the Issuers, the Guarantor or such
Subsidiary Guarantor, as the case may be, shall file with the Trustee, within 15 days after it files the same with the SEC, copies of the annual reports and the information, documents and other
reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Issuers, the Guarantor or such Subsidiary Guarantor is required to file with the
SEC pursuant to Section 13 or 15(d) of the Exchange Act. If this Indenture is qualified under the TIA, but not otherwise, the Issuers, the Guarantor and the Subsidiary Guarantors shall also
comply with the provisions of TIA § 314(a). 

        (b)   If
neither the Issuers, the Guarantor nor any Subsidiary Guarantor is subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Issuers, the
Guarantor and the Subsidiary Guarantors shall furnish to all Holders of Rule 144A Securities and prospective purchasers of Rule 144A Securities designated by the Holders of
Rule 144A Securities, promptly upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) promulgated under the Securities Act of 1933, as amended. 

        (c)   To
the extent the Issuers, the Guarantor or a Subsidiary Guarantor is subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Issuers, the
Guarantor and such Subsidiary Guarantor, if applicable, intend to file the reports, information and documents referred to in Section 4.03(a) hereof with the SEC in electronic form pursuant to
Regulation S-T promulgated by the SEC using the SEC's Electronic Data Gathering, Analysis and Retrieval 

21

 

("EDGAR")
system. The Issuers shall notify the Trustee in the manner prescribed herein of each such filing. The Trustee is hereby authorized and directed to access the EDGAR system for purposes of
retrieving the reports so filed. Compliance with the foregoing shall constitute delivery by the Issuers, the Guarantor and the Subsidiary Guarantors, as the case may be, of such reports to the Trustee
in compliance with the provisions of TIA § 314(a). The Trustee shall have no duty to search for or obtain any electronic or other filings that the Issuers, the Guarantor or a Subsidiary
Guarantor makes with the SEC, regardless of whether such filings are periodic, supplemental or otherwise. 

        (d)   Delivery
of such reports, information and documents to the Trustee pursuant to this Section 4.03 shall be solely for information
purposes only, and the Trustee's receipt thereof shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Issuers', the Guarantor's or any Subsidiary Guarantor's compliance with any of its
covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates or certificates delivered pursuant to Section 4.04). 

SECTION 4.04 Compliance Certificate.  

        (a)   The
Issuers, the Guarantor and each Subsidiary Guarantor (to the extent Guarantor or such Subsidiary Guarantor is so required under the TIA) shall deliver to the
Trustee, within 120 days after the end of each fiscal year, a statement signed by an Officer of each Issuer, the general partner of the Guarantor, the Subsidiary Guarantor or its general
partner, as applicable, which need not constitute an Officers' Certificate, complying with TIA § 314(a)(4) and stating that in the course of performance by the signing Officer of his
duties as such Officer of such Issuer, the general partner of the Guarantor, the Subsidiary Guarantor or its general partner, as applicable, he would normally obtain knowledge of the keeping,
observing, performing and fulfilling by such Issuer, the Guarantor or such Subsidiary Guarantor, as the case may be, of its obligations under this Indenture, and further stating that to the best of
his knowledge such Issuer, the Guarantor or such Subsidiary Guarantor, as the case may be, 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, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of
Default of which such Officer may have knowledge and what action the Issuers, the Guarantor or such Subsidiary Guarantor, as the case may be, is taking or proposes to take with respect thereto). 

        (b)   The
Issuers shall, so long as any of the Securities are outstanding, deliver to the Trustee within 30 days after the occurrence of any Default or Event of Default
under this Indenture, an Officers' Certificate specifying such Default or Event of Default, the status thereof and what action the Issuers are taking or propose to take with respect thereto. 

SECTION 4.05 Existence.  

        Subject to Article V, each of the Issuers, the Guarantor and the Subsidiary Guarantors shall do or cause to be done all things
necessary to preserve and keep in full force and effect its existence. This Section 4.05 shall not prohibit or restrict the Issuers, the Guarantor or any Subsidiary
Guarantor from converting into a different form of legal entity. 

SECTION 4.06 Waiver of Stay, Extension or Usury Laws.  

        Each of the Issuers, the Guarantor and the Subsidiary Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive it from paying all or any portion
of the principal of or interest on the 

22

 

Securities
as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may
lawfully do so) each of the Issuers, the Guarantor and the Subsidiary Guarantors hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

SECTION 4.07 Additional Amounts.  

        If the Securities of a series expressly provide for the payment of Additional Amounts, the Issuers will pay to the Holder of any Security of such series
Additional Amounts as expressly provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any
Security of any series or the net proceeds received from the sale or exchange of any Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts
provided for in this Section 4.07 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to the
provisions of this Section 4.07 and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as
excluding Additional Amounts in those provisions hereof where such express mention is not made. 

 
 

ARTICLE V.
  SUCCESSORS  
    

SECTION 5.01 Limitations on Mergers and Consolidations.  

        Neither the Issuers, the Guarantor nor any Subsidiary Guarantor shall, in any transaction or series of transactions, consolidate with or merge into any Person, or
sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to any Person (other than a consolidation or merger of the Issuers, an Issuer and the Guarantor, an Issuer
and one or more Subsidiary Guarantors, the Guarantor and one or more Subsidiary Guarantors or, two or more Subsidiary Guarantors, or a sale, lease, conveyance, transfer or other disposition of all or
substantially all of the assets of an Issuer to the Guarantor, the Guarantor to the Issuers, an Issuer to a Subsidiary Guarantor, the Guarantor to a Subsidiary Guarantor, a Subsidiary Guarantor to an
Issuer, a Subsidiary Guarantor to the Guarantor or of a Subsidiary Guarantor to another Subsidiary Guarantor), unless: 

        (a)   either
(1) such Issuer, the Guarantor or such Subsidiary Guarantor, as the case may be, shall be the continuing Person or (2) the Person (if other than an
Issuer, the Guarantor or such Subsidiary Guarantor) formed by such consolidation or into which an Issuer, the Guarantor or such Subsidiary Guarantor is merged, or to which such sale, lease,
conveyance, transfer or other disposition shall be made (collectively, the "Successor"), is organized and validly existing under the laws of the United
States, any political subdivision thereof or any State thereof or the District of Columbia (provided that TLP Operating Finance may not consolidate or merge with or into any entity other than a
corporation satisfying such requirement for so long as the Partnership is not a corporation), and expressly assumes by supplemental indenture, in the case of an Issuer, the due and punctual payment of
the principal of, premium (if any) and interest on, and any Additional Amounts with respect to, all the Securities and the performance of such Issuer's covenants and obligations under this Indenture
and the Securities, or, in the case of the Guarantor or such Subsidiary Guarantor, the performance of the Guarantee and the Guarantor's or such Subsidiary Guarantor's covenants and obligations under
this Indenture and the Securities; 

        (b)   immediately
after giving effect to such transaction or series of transactions, no Default or Event of Default shall have occurred and be continuing or would result
therefrom; and 

23

 

        (c)   in
the case of clause (a)(2) of this Section 5.01, such Issuer, the Guarantor or such Subsidiary Guarantor, as the case may
be, delivers to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that the transaction and such supplemental indenture comply with this Indenture. 

SECTION 5.02 Successor Person Substituted.  

        Upon any consolidation or merger of an Issuer, the Guarantor or a Subsidiary Guarantor, as the case may be, or any sale, lease, conveyance, transfer or other
disposition of all or substantially all of the assets of an Issuer, the Guarantor or such Subsidiary Guarantor in accordance with Section 5.01, the Successor formed
by such consolidation or into or with which such Issuer, the Guarantor or such Subsidiary Guarantor is merged or to which such sale, lease, conveyance, transfer or other disposition is made shall
succeed to, and be substituted for, and may exercise every right and power of such Issuer, the Guarantor or such Subsidiary Guarantor, as the case may be, under this Indenture and the Securities with
the same effect as if such Successor had been named as the Issuer, the Guarantor or such Subsidiary Guarantor, as the case may be, herein and the predecessor Issuer, the Guarantor or Subsidiary
Guarantor, in the case of a sale, conveyance, transfer or other disposition, shall be released from all obligations under this Indenture, the Securities and, in the case of the Guarantor or a
Subsidiary Guarantor, its Guarantee. 

 
 

ARTICLE VI.
  DEFAULTS AND REMEDIES  
    

SECTION 6.01 Events of Default.  

        Unless either inapplicable to a particular series or specifically deleted or modified in or pursuant to the supplemental indenture or Board Resolution
establishing such series of Securities or in the form of Security for such series, an "Event of Default," wherever used herein with respect to
Securities of any series, occurs if: 

        (a)   there
is a default in the payment of interest on or any Additional Amounts with respect to any Security of that series when the same becomes due and payable and such
default continues for a period of 30 days; 

        (b)   there
is a default in the payment of the principal of, or premium (if any) on, any Securities of that series as and when the same shall become due and payable, whether
at Stated Maturity, upon redemption, by declaration, upon required repurchase or otherwise; 

        (c)   there
is a default in the payment of any sinking fund payment with respect to any Securities of that series as and when the same shall become due and payable; 

        (d)   there
is a failure on the part of either of the Issuers or the Guarantor, if any series of Securities outstanding under this Indenture is entitled to the benefits of a
Guarantee, any of the Subsidiary Guarantors, duly to observe or perform any other of the covenants or agreements on the part of the Issuers, the Guarantor, or if applicable, any of the Subsidiary
Guarantors, in the Securities of that series, in any resolution of the Board of Directors authorizing the issuance of that series of Securities, in this Indenture with respect to such series or in any
supplemental indenture with respect to such series (other than a default in the performance of a covenant which is specifically dealt with elsewhere in this
Section 6.01), continuing for a period of 60 days after the date on which written notice specifying such failure and requiring the Issuers, the Guarantor, or
if applicable, the Subsidiary Guarantors, to remedy the same shall have been given, by registered or certified mail, to the Issuers, the Guarantor, or if applicable, the Subsidiary Guarantors, by the
Trustee or to the Issuers, the Guarantor, or if applicable, the Subsidiary Guarantors, and the 

24

 

Trustee
by the Holders of at least 25% in aggregate principal amount of the Securities of that series at the time outstanding; 

        (e)   either
of the Issuers or the Guarantor, or if that series of Securities outstanding under this Indenture is entitled to the benefits of a Guarantee by the Subsidiary
Guarantors, any of such Subsidiary Guarantors that is a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

        (1)   commences
a voluntary case, 

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

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

        (4)   makes
a general assignment for the benefit of its creditors; 

        (f)    a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that remains unstayed and in effect for 60 days and that: 

        (1)   is
for relief against either of the Issuers, the Guarantor or any Subsidiary Guarantor that is a Significant Subsidiary as debtor in an involuntary case, 

        (2)   appoints
a Bankruptcy Custodian of either of the Issuers, the Guarantor or any Subsidiary Guarantor that is a Significant Subsidiary or a Bankruptcy Custodian for all or
substantially all of the property of such Issuer, the Guarantor or any Subsidiary Guarantor that is a Significant Subsidiary, or 

        (3)   orders
the liquidation of either of the Issuers, the Guarantor or any Subsidiary Guarantor that is a Significant Subsidiary; 

        (g)   the
Guarantee of the Guarantor or, if any series of Securities outstanding under this Indenture is entitled to the benefits of a Guarantee by the Subsidiary Guarantors,
the Guarantee of any of such Subsidiary Guarantor that is a Significant Subsidiary ceases to be in full force and effect with respect to Securities of that series (except as otherwise provided in this
Indenture) or is declared null and void in a judicial proceeding, or the Guarantor, or any such Subsidiary Guarantor denies or disaffirms its obligations under this Indenture or such Guarantee; or 

        (h)   any
other Event of Default provided with respect to Securities of that series occurs. 

        The
term "Bankruptcy Custodian" means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

        The
Trustee shall not be deemed to know or have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a Default or Event of Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this
Indenture. 

        When
a Default is cured, it ceases. 

        A
Default under clause (d) or (h) of this Section 6.01 is not an Event of Default until the Trustee notifies the Issuers, the Guarantor
and the Subsidiary Guarantors, or the Holders of at least 25% in principal amount of the then outstanding Securities of the series affected by such Default (or, in the case of a Default under
clause (d) of this Section 6.01, if outstanding Securities of other series are affected by such Default, then at least 25% in principal amount of the then
outstanding Securities so affected) notify the Issuers, the Guarantor, the Subsidiary Guarantors and the Trustee, of the Default, and the Issuers, the Guarantor or the applicable Subsidiary Guarantor,
as the case may be, fails to cure 

25

 

the
Default within 60 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." 

SECTION 6.02 Acceleration.  

        Other than an Event of Default specified in clauses (e) or (f) of Section 6.01, if an Event of Default with
respect to any Securities of any series at the time outstanding occurs and is continuing, the Trustee by notice to the Issuers, the Guarantor and the Subsidiary Guarantors, or the Holders of at least
25% in principal amount of the then outstanding Securities of the series affected by such Event of Default (or, in the case of an Event of Default described in clause (d) of
Section 6.01, if outstanding Securities of other series are affected by such Event of Default, then at least 25% in principal amount of the then outstanding
Securities so affected) by notice to the Issuers, the Guarantor the Subsidiary Guarantors and the Trustee, may declare the principal of (or, if any such Securities are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the terms of that series) and all accrued and unpaid interest on all then outstanding Securities of such series or of all
series, as the case may be, to be due and payable. Upon any such declaration, the amounts due and payable on the Securities shall be due and payable immediately. If an Event of Default specified in
clause (e) or (f) of Section 6.01 hereof occurs, such amounts shall immediately become and be due and payable without any declaration, notice or other
act on the part of the Trustee or any Holder. The Holders of a majority in principal amount of the then outstanding Securities of the series affected by such Event of Default or all series so
affected, as the case may be, by written notice to the Trustee may rescind an acceleration and its consequences (other than nonpayment of principal of, or premium (if any) or interest on, or any
Additional Amounts with respect to, the Securities) if the rescission would not conflict with any judgment or decree and if all existing Events of Default with respect to Securities of that series (or
of all series, as the case may be) have been cured or waived, except nonpayment of principal, premium, interest or any Additional Amounts that has become due solely because of the acceleration. 

SECTION 6.03 Other Remedies.  

        If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, or premium (if any) or
interest on, the Securities or to enforce the performance of any provision of the Securities or this Indenture. 

        The
Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any
Holder 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. 

SECTION 6.04 Waiver of Defaults.  

        Subject to Sections 6.07 and 9.02, the Holders of a majority in principal amount of the then outstanding
Securities of any series or of all series affected thereby (acting as one class) by notice to the Trustee may waive an existing or past Default or Event of Default with respect to such series or all
series so affected, as the case may be, and its consequences (including waivers obtained in connection with a tender offer or exchange offer for Securities of such series or all series so affected or
a solicitation of consents in respect of Securities of such series or all series so affected, provided that in each case such offer or solicitation is
made to all Holders of then outstanding Securities of such series or all series so affected (but the terms of such offer or solicitation may vary from series to series)), except (a) a
continuing Default or Event of Default in the payment of the principal of, or premium (if any) or interest on, or any Additional Amounts with respect to, any Security or (b) a continued Default
in respect of a provision that under Section 9.02 cannot be amended or supplemented without the 

26

 

consent
of each Holder affected. 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. 

SECTION 6.05 Control by Majority.  

        With respect to Securities of any series, the Holders of a majority in principal amount of the then outstanding Securities of such series may direct in writing
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 relating to or arising under an Event of Default
described in clause (a), (b), (c) or (h) of Section 6.01, and with respect to all Securities, the Holders of a majority in principal amount of
all the then outstanding Securities affected may direct in writing 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 not relating to or arising under such an Event of Default. However, the Trustee may refuse to follow any direction that conflicts with applicable law or this Indenture, that the
Trustee determines may be unduly prejudicial to the rights of other Holders, or that may involve the Trustee in personal liability; provided, however,
that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such
direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion from Holders directing the Trustee against all losses and
expenses caused by taking or not taking such action. 

SECTION 6.06 Limitations on Suits.  

        Subject to Section 6.07 hereof, a Holder of a Security of any series may pursue a remedy with respect to this Indenture or the
Securities of such series or any related Guarantee only if: 

        (a)   the
Holder gives to the Trustee written notice of a continuing Event of Default with respect to such series; 

        (b)   the
Holders of at least 25% in principal amount of the then outstanding Securities of such series make a written request to the Trustee to pursue the remedy; 

        (c)   such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

        (d)   the
Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

        (e)   during
such 60-day period the Holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent
with the request. 

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

SECTION 6.07 Rights of Holders to Receive Payment.  

        Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of principal of and premium (if any) and interest
on, and any Additional Amounts with respect to, the Security, on or after the respective due dates expressed in the Security, or to bring suit
for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 

27

  

SECTION 6.08 Collection Suit by Trustee.  

        If an Event of Default specified in clause (a) or (b) of Section 6.01 hereof 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, the Guarantor or a Subsidiary Guarantor for the amount of principal, premium (if any),
interest and any Additional Amounts remaining unpaid on the Securities of the series affected by the Event of Default, and interest on overdue principal and premium (if any) and, to the extent lawful,
interest on overdue 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. 

SECTION 6.09 Trustee May File Proofs of Claim.  

        The Trustee is authorized to file such proofs of claim and other papers or documents and to take such actions, including participating as a member, voting or
otherwise, of any committee of creditors, as may be necessary or advisable 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 allowed in any judicial proceedings relative to the Issuers, the Guarantor or a Subsidiary Guarantor or their respective creditors or properties
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 Bankruptcy Custodian in any such judicial
proceeding is hereby authorized by each Holder 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, 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 7.07. 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 7.07 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 Securities 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 any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding. 

SECTION 6.10 Priorities.  

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

        First:    to the Trustee for amounts due under Section 7.07; 

        Second:    to Holders for amounts due and unpaid on the Securities in respect of which or for the benefit of which such money
has been collected, for principal, premium (if any), interest and any Additional Amounts ratably, without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal, premium (if any), interest and any Additional Amounts, respectively; and 

        Third:    to the Issuers. 

        The
Trustee, upon prior written notice to the Issuers, may fix record dates and payment dates for any payment to Holders pursuant to this Article VI. 

28

 

        To
the fullest extent allowed under applicable law, if for the purpose of obtaining a judgment against the Issuers, the Guarantor or a Subsidiary Guarantor in any court it is necessary
to convert the sum due in respect of the principal of, premium (if any) or interest on, or Additional Amounts with respect to, the Securities of any series (the "Required
Currency") into a currency in which a judgment will be rendered (the "Judgment Currency"), the rate of exchange used for
purposes of rendering the judgment shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment
Currency on the Business Day, in The City of New York, immediately prior to the date on which final judgment is given. Neither the Issuers, the Guarantor, any Subsidiary Guarantor nor the Trustee
shall be liable for any shortfall nor shall it benefit from any windfall in payments to Holders of Securities under this Section 6.10 caused by a change in exchange
rates between the time the amount of a judgment against it is calculated as above and the time the Trustee converts the Judgment Currency into the Required Currency to make payments under this
Section 6.10 to Holders of Securities, but payment of such judgment shall discharge all amounts owed by the Issuers, the Guarantor and the Subsidiary Guarantors on
the claim or claims underlying such judgment. 

SECTION 6.11 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 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by a Holder or
Holders of more than 10% in principal amount of the then outstanding Securities of any series. 

 
 

ARTICLE VII.
  TRUSTEE  
    

SECTION 7.01 Duties of Trustee.  

        (a)   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 such exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person's own affairs. 

        (b)   Except
during the continuance of an Event of Default with respect to the Securities of any series: 

        (1)   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; and 

        (2)   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 such certificates and opinions to determine whether, on their face, they appear to conform to the requirements of this Indenture. 

        (c)   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: 

        (1)   this
paragraph does not limit the effect of Section 7.01(b); 

29

 

        (2)   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; and 

        (3)   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 6.05. 

        (d)   Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this
Section 7.01. 

        (e)   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. 

        (f)    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, the Guarantor and the Subsidiary
Guarantors. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All money received by the Trustee shall, until applied as herein provided,
be held in trust for the payment of the principal of, premium (if any) and interest on, and Additional Amounts with respect to, the Securities. 

SECTION 7.02 Rights of Trustee.  

        (a)   The
Trustee may conclusively rely on 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. 

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

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

        (d)   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. 

        (e)   Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers, the Guarantor or any Subsidiary Guarantor shall be
sufficient if signed by an Officer of each Issuer, the Guarantor or the Subsidiary Guarantor, as applicable. 

        (f)    The
Trustee shall not be obligated to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document. 

        (g)   The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall
be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

        (h)   The
Trustee may request that the Issuers deliver an Officers' Certificate setting forth the names of individuals and/or titles of officers authorized at such time to
take specified actions 

30

 

pursuant
to this Indenture, which Officers' Certificate may be signed by any person authorized to sign an Officers' Certificate, including any person specified as so authorized in any such certificate
previously delivered and not superseded. 

SECTION 7.03 May Hold Securities.  

        The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuers, the Guarantor, any
Subsidiary Guarantor or any of their respective Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, the Trustee is
subject to Sections 7.10 and 7.11. 

SECTION 7.04 Trustee's Disclaimer.  

        The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Issuers' use of the
proceeds from the Securities or any money paid to the Issuers, the Guarantor or any Subsidiary Guarantor or upon the Issuers', the Guarantor's or such Subsidiary Guarantor's 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 Securities other than its certificate of authentication. 

SECTION 7.05 Notice of Defaults.  

        If a Default or Event of Default with respect to the Securities of any series occurs and is continuing and it is known to the Trustee, the Trustee shall mail to
Holders of Securities of such series 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 of
principal of, premium (if any) and interest on and Additional Amounts or any sinking fund installment with respect to the Securities of such series, the Trustee may withhold the notice if, and so long
as, a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of Securities of such series. 

SECTION 7.06 Reports by Trustee to Holders.  

        Within 60 days after each January 31 of each year after the execution of this Indenture, the Trustee shall mail to Holders of a series, the
Guarantor, the Subsidiary Guarantors and the Issuers a brief report dated as of such January 31 that complies with TIA § 313(a); provided,
however, that if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date with respect to a series, no report need be
transmitted to Holders of such series. The
Trustee shall comply with TIA § 313(b), also the Trustee shall also transmit by mail all reports if and as required by TIA §§ 313(c) and 313(d). 

        A
copy of each report at the time of its mailing to Holders of a series of Securities shall be filed by the Issuers, the Guarantor or a Subsidiary Guarantor with the SEC and each
securities exchange, if any, on which the Securities of such series are listed. The Issuers shall notify the Trustee if and when any series of Securities is listed on any securities exchange. 

SECTION 7.07 Compensation and Indemnity.  

        The Issuers agree to pay to the Trustee for its acceptance of this Indenture and services hereunder such compensation as the Issuers and the Trustee shall from
time to time agree in writing. The Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers agree to reimburse the Trustee upon request for
all reasonable disbursements, advances and expenses incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee's agents and counsel. 

31

 

        Each
Issuer hereby indemnifies the Trustee and any predecessor Trustee against any and all loss, liability, damage, claim or expense, including taxes (other than taxes based upon,
measured by or determined by the income of the Trustee), incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture;  provided, however, that
the Issuers shall not be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee
through the Trustee's negligence or bad faith. The Trustee shall notify the Issuers, the Guarantor and the Subsidiary Guarantors promptly of any claim for which it may seek indemnity. 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. The Issuers
need not pay for any settlement made without its consent. 

        To
secure the payment obligations of the Issuers in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or property
held or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on, and any Additional Amounts with respect to, Securities of any series. Such lien and
the Issuers' obligations under this Section 7.07 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 6.01(e) or (f)
occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

SECTION 7.08 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 7.08. 

        The
Trustee may resign and be discharged at any time with respect to the Securities of one or more series by so notifying the Issuers, the Guarantor and the Subsidiary Guarantors at
least 30 days in advance of such resignation date. The Holders of a majority in principal amount of the then outstanding Securities of any series may remove the Trustee with respect to the
Securities of such series by so notifying the Trustee, the Issuers, the Guarantor and the Subsidiary Guarantors. The Issuers may remove the Trustee if: 

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

        (b)   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; 

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

        (d)   the
Trustee otherwise becomes incapable of acting. 

        If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to the Securities of one or more series, the Issuers shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of
one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series). Within one year after the successor Trustee with
respect to the Securities of any series takes office, the Holders of a majority in principal amount of the Securities of such series then outstanding may appoint a successor Trustee to replace the
successor Trustee appointed by the Issuers. 

        If
a successor Trustee with respect to the Securities of any series does not take office within 30 days after the retiring or removed Trustee resigns or is removed, the retiring
or removed Trustee (at the expense of the Issuers), the Issuers, the Guarantor any Subsidiary Guarantor or the Holders of at least 10% in principal amount of the then outstanding Securities of such
series may petition any court 

32

 

of
competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

        If
the Trustee with respect to the Securities of a series fails to comply with Section 7.10, any Holder of Securities of such series may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Securities of such series. 

        In
case of the appointment of a successor Trustee with respect to all Securities, each such successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee, to the Issuers, the Guarantor and to the Subsidiary Guarantors. 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 retiring Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

        In
case of the appointment of a successor Trustee with respect to the Securities of one or more (but not all) series, the Issuers, the Guarantor, the Subsidiary Guarantors, the retiring
Trustee and each successor Trustee with respect to the Securities of one or more (but not all) series shall execute and deliver an indenture supplemental hereto in which each successor Trustee shall
accept such appointment and that (1) shall confer to each successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall confirm that all the rights, powers and duties of the
retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) shall add to
or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee. Nothing herein or in such
supplemental indenture shall constitute such Trustees as co-trustees of the same trust, and each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any
trust or trusts hereunder administered by any other such Trustee. Upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee shall have all the rights, powers and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates. On request of the Issuers or any successor Trustee, such retiring Trustee shall transfer to such successor Trustee all property held by such
retiring Trustee as Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. Such retiring Trustee shall, however, have the right to
deduct its unpaid fees and expenses, including attorneys' fees. 

        Notwithstanding
replacement of the Trustee or Trustees pursuant to this Section 7.08, the obligations of the Issuers under
Section 7.07 shall continue for the benefit of the retiring Trustee or Trustees. 

SECTION 7.09 Successor Trustee by Merger, etc.  

        Subject to Section 7.10, 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; provided, however,
that in the case of a transfer of all or substantially all of its corporate trust business to another corporation, the transferee corporation expressly assumes all of the Trustee's liabilities
hereunder. 

        In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may
authenticate such 

33

 

Securities
either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the
Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10 Eligibility; Disqualification.  

        There shall at all times be a Trustee hereunder which shall be a corporation or banking association organized and doing business under the laws of the United
States, any State thereof or the District of Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination by federal or state (or the
District of Columbia) authority and shall have, or be a subsidiary of a bank or bank holding company having, a combined capital and surplus of at least $50 million as set forth in its most
recent published annual report of condition. 

        The
Indenture shall always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and shall comply
with the provisions of TIA § 310(b) during the period of time required by this Indenture. Nothing in this Indenture shall prevent the Trustee from filing with the SEC the application
referred to in the penultimate paragraph of TIA § 310(b). 

SECTION 7.11 Preferential Collection of Claims Against the Issuers, the Guarantor or a Subsidiary Guarantor.  

        The Trustee is subject to and shall comply with the provisions of 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 VIII.
  DISCHARGE OF INDENTURE  
    

SECTION 8.01 Termination of the Issuers', the Guarantor's and the Subsidiary Guarantors' Obligations.

        (a)   This
Indenture shall cease to be of further effect with respect to the Securities of a series (except that the Issuers obligations under
Section 7.07, the Trustee's and Paying Agent's obligations under Section 8.03 and the rights, powers, protections and privileges
accorded the Trustee under Article VII shall survive), and the Trustee, on demand of the Issuers, shall execute proper instruments acknowledging the satisfaction
and discharge of this Indenture with respect to the Securities of such series, when: 

        (1)   either: 

        (A)  all
outstanding Securities of such series theretofore authenticated and issued (other than destroyed, lost or stolen Securities that have been replaced or paid) have
been delivered to the Trustee for cancellation; or 

        (B)  all
outstanding Securities of such series not theretofore delivered to the Trustee for cancellation: 

        (i)    have
become due and payable, or 

        (ii)   will
become due and payable at their Stated Maturity within one year, or 

        (iii)  are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Issuers, 

and,
in the case of clause (i), (ii) or (iii) above, the Issuers, the Guarantor or a Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the 

34

 

Trustee
as funds (immediately available to the Holders in the case of clause (i)) in trust for such purpose (x) cash in an amount, or (y) Government Obligations with respect to
such series, maturing as to principal and interest at such times and in such amounts as will ensure the availability of cash in an amount or (z) a combination thereof, which will be sufficient,
in the opinion (in the case of clauses (y) and (z)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge the entire indebtedness on the Securities of such series for principal and interest to the date of such deposit (in the case of Securities which have become due and payable) or for
principal, premium, if any, and interest to the Stated Maturity or Redemption Date, as the case may be; or 

        (C)  the
Issuers, the Guarantor and the Subsidiary Guarantors have properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by
Section 2.01, to be applicable to the Securities of such series; 

        (2)   the
Issuers, the Guarantor or a Subsidiary Guarantor has paid or caused to be paid all other sums payable by them hereunder with respect to the Securities of such
series; and 

        (3)   the
Issuers have delivered to the Trustee an Officers' Certificate stating that all conditions precedent to satisfaction and discharge of this Indenture with respect to
the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 

        (b)   Unless
this Section 8.01(b) is specified as not being applicable to Securities of a series as contemplated by
Section 2.01, the Issuers may, at their option, terminate certain of its, the Guarantor's and the Subsidiary Guarantors' respective obligations under this Indenture
("covenant defeasance") with respect to the Securities of a series if: 

        (1)   the
Issuers, the Guarantor or a Subsidiary Guarantor has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for and dedicated solely to the benefit of the Holders of Securities of such series, (A) money in the currency in
which payment of the Securities of such series is to be made in an amount, or (B) Government Obligations with respect to such series, maturing as to principal and interest at such times and in
such amounts as will ensure the availability of money in the currency in which payment of the Securities of such series is to be made in an amount or (C) a combination thereof, that is
sufficient, in the opinion (in the case of clauses (B) and (C)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay the principal of and premium (if any) and interest on all Securities of such series on each date that such principal, premium (if any) or interest is due and payable and (at the Stated
Maturity thereof or upon redemption as provided in Section 8.01(e)) to pay all other sums payable by it hereunder; provided that the Trustee shall have been
irrevocably instructed to apply such money and/or the proceeds of such Government Obligations to the payment of said principal, premium (if any) and interest with respect to the Securities of such
series as the same shall become due; 

        (2)   the
Issuers have delivered to the Trustee an Officers' Certificate stating that all conditions precedent to satisfaction and discharge of this Indenture with respect to
the Securities of such series have been complied with, and an Opinion of Counsel to the same effect; 

        (3)   no
Default or Event of Default with respect to the Securities of such series shall have occurred and be continuing on the date of such deposit; 

35

 

        (4)   the
Issuers shall have delivered to the Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee or a private letter tax ruling
issued by the United States Internal Revenue Service to the effect that the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of the Issuers' exercise of
their option under this Section 8.01(b) and will be subject to U.S. Federal income tax on the same amount and in the same manner and at the same times as would have
been the case if such option had not been exercised; 

        (5)   the
Issuers, the Guarantor and the Subsidiary Guarantors have complied with any additional conditions specified pursuant to
Section 2.01 to be applicable to the discharge of Securities of such series pursuant to this Section 8.01; and 

        (6)   such
deposit and discharge shall not cause the Trustee to have a "conflicting interest" as defined in TIA § 310(b). 

        In
such event, this Indenture shall cease to be of further effect (except as set forth in this paragraph), and the Trustee, on demand of the Issuers, shall execute proper instruments
acknowledging satisfaction and discharge under this Indenture. However, the Issuers', the Guarantor's and the Subsidiary Guarantors' respective obligations in Sections
2.05, 2.06, 2.07, 2.08, 2.09, 4.01,
4.02, 7.07, 7.08, 8.04 and 11.01, the Trustee's and
Paying Agent's obligations in Section 8.03 and the rights, powers, protections and privileges accorded the Trustee under
Article VII shall survive until all Securities of such series are no longer outstanding. Thereafter, only the Issuers' obligations in
Section 7.07 and the Trustee's and Paying Agent's obligations in Section 8.03 shall survive with respect to Securities of such
series. 

        After
such irrevocable deposit made pursuant to this Section 8.01(b) and satisfaction of the other conditions set forth herein, the Trustee upon
request shall acknowledge in writing the discharge of the Issuers', the Guarantor's and the Subsidiary Guarantors' obligations under this Indenture with respect to the Securities of such series except
for those surviving obligations specified above. 

        In
order to have money available on a payment date to pay principal of or premium (if any) or interest on the Securities, the Government Obligations shall be payable as to principal or
interest on or before such payment date in such amounts as will provide the necessary money. Government Obligations shall not be callable at the issuer's option. 

        (c)   If
the Issuers, the Guarantor and the Subsidiary Guarantors have previously complied or are concurrently complying with
Section 8.01(b) (other than any additional conditions specified pursuant to Section 2.01 that are expressly applicable only to
covenant defeasance) with respect to Securities of a series, then, unless this Section 8.01(c) is specified as not being applicable to Securities of such series as
contemplated by Section 2.01, the Issuers may elect that their, the Guarantor's and the Subsidiary Guarantors' respective obligations to make payments with respect
to Securities of such series be discharged ("legal defeasance"), if: 

        (1)   no
Default or Event of Default under clauses (e) and (f) of Section 6.01 hereof shall have occurred at any time during
the period ending on the 91st day after the date of deposit contemplated by Section 8.01(b) (it being understood that this condition shall not be deemed satisfied
until the expiration of such period); 

        (2)   unless
otherwise specified with respect to Securities of such series as contemplated by Section 2.01, the Issuers have delivered to
the Trustee an Opinion of Counsel from a nationally recognized counsel acceptable to the Trustee to the effect referred to in Section 8.01(b)(4) with respect to
such legal defeasance, which opinion is based on (A) a private letter ruling issued by the United States Internal Revenue Service addressed to the Issuers, (B) a published ruling of the
Internal Revenue Service pertaining to a comparable 

36

 

form
of transaction or (C) a change in the applicable federal income tax law (including regulations) after the date of this Indenture; 

        (3)   the
Issuers, the Guarantor and the Subsidiary Guarantors have complied with any other conditions specified pursuant to Section 2.01
to be applicable to the legal defeasance of Securities of such series pursuant to this Section 8.01(c); and 

        (4)   each
Issuer has delivered to the Trustee an Issuer Request requesting such legal defeasance of the Securities of such series and an Officers' Certificate stating that
all conditions precedent with respect to such legal defeasance of the Securities of such series have been complied with, together with an Opinion of Counsel to the same effect. 

        In
such event, the Issuers, the Guarantor and the Subsidiary Guarantors will be discharged from their respective obligations under this Indenture and the Securities of such series to pay
principal of, premium (if any) and interest on, and any Additional Amounts with respect to, Securities of such series, the Issuers', the Guarantor's and the Subsidiary Guarantors' respective
obligations under Sections 4.01, 4.02 and 11.01 shall terminate with respect to such Securities, and the entire
indebtedness of the Issuers evidenced by such Securities and of the Guarantor and of the Subsidiary Guarantors evidenced by the related Guarantees shall be deemed paid and discharged. 

        (d)   If
and to the extent additional or alternative means of satisfaction, discharge or defeasance of Securities of a series are specified to be applicable to such series as
contemplated by Section 2.01, each of the Issuers, the Guarantor and the Subsidiary Guarantors may terminate any or all of its obligations under this Indenture with
respect to Securities of a series and any or all of its obligations under the Securities of such series if it fulfills such other means of satisfaction and discharge as may be so specified, as
contemplated by Section 2.01, to be applicable to the Securities of such series. 

        (e)   If
Securities of any series subject to subsections (a), (b), (c) or (d) of this Section 8.01 are to be redeemed prior
to their Stated Maturity, whether pursuant to any optional redemption provisions or in accordance with any mandatory or optional sinking fund provisions, the terms of the applicable trust arrangement
shall provide for such redemption, and the Issuers shall make such arrangements as are reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at
the expense, of the Issuers. 

SECTION 8.02 Application of Trust Money.  

        The Trustee or a trustee satisfactory to the Trustee and the Issuers shall hold in trust money or Government Obligations deposited with it pursuant to
Section 8.01 hereof. The Trustee shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this
Indenture to the payment of principal of, premium (if any) and interest on, and any Additional Amounts with respect to, the Securities of the series with respect to which the deposit was made. 

SECTION 8.03 Repayment to Issuers, the Guarantor or Subsidiary Guarantor.  

        The Trustee and the Paying Agent shall promptly pay to the Issuers, the Guarantor or any Subsidiary Guarantor any excess money or Government Obligations (or
proceeds therefrom) held by them at any time upon the written request of the Issuers. 

        Subject
to the requirements of any applicable abandoned property laws, the Trustee and the Paying Agent shall pay to the Issuers upon written request any money held by them for the
payment of principal, premium (if any), interest or any Additional Amounts that remain unclaimed for two years after the date upon which such payment shall have become due. After payment to the
Issuers, Holders entitled to the money must look to the Issuers for payment as general creditors unless an applicable 

37

 

abandoned
property law designates another Person, and all liability of the Trustee and the Paying Agent with respect to such money shall cease. 

SECTION 8.04 Reinstatement.  

        If the Trustee or the Paying Agent is unable to apply any money or Government Obligations deposited with respect to Securities of any series in accordance with
Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the obligations of the Issuers, the Guarantor and the Subsidiary Guarantors under this Indenture with respect to the Securities of such series and under the Securities of
such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01 until such time as the Trustee or the Paying Agent is
permitted to apply all such money
or Government Obligations in accordance with Section 8.01; provided, however, that if the Issuers, the Guarantor or
any Subsidiary Guarantor has made any payment of principal of, premium (if any) or interest on, or any Additional Amounts with respect to, any Securities because of the reinstatement of its
obligations, the Issuers, the Guarantor or such Subsidiary Guarantor, as the case may be, shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or
Government Obligations held by the Trustee or the Paying Agent. 

 
 

ARTICLE IX.
  SUPPLEMENTAL INDENTURES AND AMENDMENTS  
    

SECTION 9.01 Without Consent of Holders.  

        The Issuers, the Guarantor the Subsidiary Guarantors and the Trustee may amend or supplement this Indenture or the Securities or waive any provision hereof or
thereof without the consent of any Holder: 

        (a)   to
cure any ambiguity, omission, defect or inconsistency; 

        (b)   to
comply with Section 5.01; 

        (c)   to
provide for uncertificated Securities in addition to or in place of certificated Securities, or to provide for the issuance of bearer Securities (with or without
coupons); 

        (d)   to
provide any security for, or to add any guarantees of or additional obligors on, any series of Securities or the related Guarantees; 

        (e)   to
comply with any requirement in order to effect or maintain the qualification of this Indenture under the TIA; 

        (f)    to
add to the covenants of the Partnership, TLP Operating Finance, the Guarantor or any Subsidiary Guarantor for the benefit of the Holders of all or any series of
Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series), or to surrender any right or power herein conferred upon the Partnership, TLP Operating Finance, the Guarantor or any Subsidiary Guarantor; 

        (g)   to
add any additional Events of Default with respect to all or any series of the Securities (and, if any such Event of Default is applicable to less than all series of
Securities, specifying the series to which such Event of Default is applicable); 

        (h)   to
change or eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become
effective only when there is no outstanding Security of any series created prior to the execution of such amendment or supplemental indenture that is adversely affected in any material respect by such
change in or elimination of such provision; 

38

  

        (i)    to
establish the form or terms of Securities of any series as permitted by Section 2.01; 

        (j)    to
supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of
Securities pursuant to Section 8.01; provided, however, that any such action shall not adversely affect the interest of the Holders of Securities of such series or
any other series of Securities in any material respect; 

        (k)   to
release TLP Operating Finance as an Issuer under this Indenture or any Indenture supplemental hereto; provided, however, that at the time of such release no Default
or Event of Default has occurred and is continuing under this Indenture and either (i) the Securities have a rating equal to Baa3 (or the equivalent) by Moody's Investor Service Inc., or
any successor to the business thereof, or BBB- by Standard & Poor's Rating Group, or any successor to the business thereof or (ii) the Partnership or any successor entity or
permitted assign is not a partnership; and provided, further, that the Partnership, the Guarantor, the Subsidiary Guarantors and the Trustee, as applicable, shall enter into an Indenture or Indentures
supplemental hereto to reflect the release of TLP Operating Finance as an issuer; or 

        (l)    to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 7.08. 

        Upon
the request of the Issuers, accompanied by a Board Resolution of each Issuer, and upon receipt by the Trustee of the documents described in
Section 9.06, the Trustee shall, subject to Section 9.06, join with the Issuers, the Guarantor and the Subsidiary Guarantors in
the execution of any supplemental indenture authorized or permitted by the terms of this Indenture and make any further appropriate agreements and stipulations that may be therein contained. 

SECTION 9.02 With Consent of Holders.  

        Except as provided below in this Section 9.02, the Issuers, the Guarantor, the Subsidiary Guarantors and the Trustee may amend
or supplement this Indenture with the written consent (including consents obtained in connection with a tender offer or exchange offer for Securities of any one or more series or
all series or a solicitation of consents in respect of Securities of any one or more series or all series, provided that in each case such offer or
solicitation is made to all Holders of then outstanding Securities of each such series (but the terms of such offer or solicitation may vary from series to series)) of the Holders of at least a
majority in principal amount of the then outstanding Securities of all series affected by such amendment or supplement (acting as one class). 

        Upon
the request of the Issuers, accompanied by a Board Resolution of each Issuer, and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and upon
receipt by the Trustee of the documents described in Section 9.06, the Trustee shall, subject to Section 9.06, join with the
Issuers, the Guarantor and the Subsidiary Guarantors' in the execution of such amendment or supplemental indenture. 

        It
shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it shall be sufficient if such consent approves the substance thereof. 

        The
Holders of a majority in principal amount of the then outstanding Securities of one or more series or of all series (acting as one class) may waive compliance in a particular
instance by the Issuers, the Guarantor or any Subsidiary Guarantor with any provision of this Indenture with respect to Securities of such series (including waivers obtained in connection with a
tender offer or exchange offer for Securities of such series or a solicitation of consents in respect of Securities of such series, provided

39

 

that
in each case such offer or solicitation is made to all Holders of then outstanding Securities of such series (but the terms of such offer or solicitation may vary from series to series)). 

        However,
without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not: 

        (a)   reduce
the amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

        (b)   reduce
the rate of or change the time for payment of interest, including default interest, on any Security; 

        (c)   reduce
the principal of, any premium on or any mandatory sinking fund payment with respect to, or change the Stated Maturity of, any Security or reduce the amount of the
principal of an Original Issue
Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02; 

        (d)   reduce
the premium, if any, payable upon the redemption of any Security or change the time at which any Security may or shall be redeemed; 

        (e)   change
any obligation of the Issuers, the Guarantor or any Subsidiary Guarantor to pay Additional Amounts with respect to any Security; 

        (f)    change
the coin or currency or currencies (including composite currencies) in which any Security or any premium, interest or Additional Amounts with respect thereto are
payable; 

        (g)   impair
the right to institute suit for the enforcement of any payment of principal of, premium (if any) or interest on, or any Additional Amounts with respect to, any
Security pursuant to Sections 6.07 and 6.08, except as limited by Section 6.06; 

        (h)   make
any change in the percentage of principal amount of Securities necessary to waive compliance with certain provisions of this Indenture pursuant to
Section 6.04 or 6.07 or make any change in this sentence of Section 9.02; 

        (i)    modify
the provisions of this Indenture with respect to the subordination of any Security and any related Guarantee in a manner adverse to the Holder thereof; 

        (j)    waive
a continuing Default or Event of Default in the payment of principal of, premium (if any) or interest on, or Additional Amounts with respect to, the Securities; or 

        (k)   except
as provided in Section 11.04, release the Guarantor any Subsidiary Guarantor or modify the related Guarantee in any manner
adverse to the Holders. 

        An
amendment under this Section 9.02 may not make any change that adversely affects the rights under Article X of
any holder of an issue of Senior Indebtedness unless the holders of the issue pursuant to its terms consent to the change. 

        A
supplemental indenture that changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series. 

        The
right of any Holder to participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation of the Issuers, the Guarantor or any Subsidiary
Guarantor to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities with respect to
which such consent 

40

 

is
required or sought as of a date identified by the Issuers, the Guarantor or such Subsidiary Guarantor in a notice furnished to Holders in accordance with the terms of this Indenture. 

        After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall mail to the Holders of each Security affected
thereby a notice briefly describing the amendment, supplement 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 amendment, supplement or waiver. 

SECTION 9.03 Compliance with Trust Indenture Act.  

        Every amendment or supplement to this Indenture or the Securities shall comply in form and substance with the TIA as then in effect. 

SECTION 9.04 Revocation and Effect of Consents.  

        Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as the consenting Holder's Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent
Holder may revoke the consent as to his or her Security or portion of a Security if the Trustee receives written notice of revocation before a date and time therefor identified by the Issuers, the
Guarantor or any Subsidiary Guarantor in a notice furnished to such Holder in accordance with the terms of this Indenture or, if no such date and time shall be identified, the date the amendment,
supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

        The
Issuers, the Guarantor or any Subsidiary Guarantor may, but shall not be obligated to, fix a record date (which need not comply with TIA § 316(c)) for the purpose of
determining the Holders entitled to consent to any amendment, supplement or waiver or to take any other action under this Indenture. If a record date is fixed, then notwithstanding the provisions of
the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment,
supplement or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No consent shall be valid or effective for more than
90 days after such record date unless consents from Holders of the principal amount of Securities required hereunder for such amendment or waiver to be effective shall have also been given and
not revoked within such 90-day period. 

        After
an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it is of the type described in any of clauses (a) through (i) of
Section 9.02 hereof. In such case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every subsequent Holder that evidences the
same debt as the Security of the consenting Holder. 

SECTION 9.05 Notation on or Exchange of Securities.  

        If an amendment or supplement changes the terms of an outstanding Security, the Issuers may require the Holder of the Security to deliver it to the Trustee. The
Trustee may place an appropriate notation on the Security at the request of the Issuers regarding the changed terms and return it to the Holder. Alternatively, if the Issuers so determines, the
Issuers in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security
shall not affect the validity of such amendment or supplement. 

        Securities
of any series authenticated and delivered after the execution of any amendment or supplement may, and shall if required by the Trustee, bear a notation in form approved by the
Trustee as to any matter provided for in such amendment or supplement. 

41

 

SECTION 9.06 Trustee to Sign Amendments, etc.  

        The Trustee shall sign any amendment or supplement authorized pursuant to this Article if the amendment or supplement 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 or supplement, the Trustee shall be entitled to
receive, in addition to the documents required by Section 12.04, and, subject to Section 7.01 hereof, shall be fully protected
in relying upon, an Opinion of Counsel provided at the expense of the Issuers, the Guarantor or a Subsidiary Guarantor to the effect that such amendment or supplement is authorized or permitted by
this Indenture. 

 
 

ARTICLE X.
  SUBORDINATION OF SECURITIES AND GUARANTEE  
    

SECTION 10.01 Applicability of Article; Agreement To Subordinate.  

        The provisions of this Article X shall only be applicable to the Securities of any series (Securities of such series referred
to in this Article X as "Subordinated Securities") designated, pursuant to Section 2.01, as subordinated to Senior Indebtedness
and any related Guarantees of such Subordinated Securities. Each Holder by accepting a Subordinated Security agrees that the Debt evidenced by such Subordinated Security and any related Guarantees of
such Subordinated Security is subordinated in right of payment, to the extent and in the manner provided in this Article X, to the prior payment of all Senior
Indebtedness and that the subordination is for the benefit of and enforceable by the holders of Senior Indebtedness. All provisions of this Article X shall be
subject to Section 10.12. 

SECTION 10.02 Liquidation, Dissolution, Bankruptcy.  

        Upon any payment or distribution of the assets of the Issuers, the Guarantor or the Subsidiary Guarantors, as the case may be, to creditors, upon a liquidation or
a dissolution of the Issuers, the Guarantor or the Subsidiary Guarantors, as the case may be, or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the
Issuers, the Guarantor or the Subsidiary Guarantors, as the case may be, or their respective property: 

        (a)   Holders
of Senior Indebtedness of the Issuers, the Guarantor or any Subsidiary Guarantor, as the case may be, shall be entitled to receive payment in full in cash of
such Senior Indebtedness of such Person (including interest (if any), accruing on or after the commencement of a proceeding in bankruptcy, whether or not allowed as a claim against the Issuers, the
Guarantor or the Subsidiary Guarantors, as the case may be, in such bankruptcy proceeding) before Holders of Subordinated Securities and any Guarantee shall be entitled to receive any payment of
principal of, or premium, if any, or interest on, the Subordinated Securities from the Issuers, or any payment in respect of such related Guarantees from the Guarantor or the Subsidiary Guarantors;
and 

        (b)   Until
the Senior Indebtedness of the Issuers, the Guarantor or any Subsidiary Guarantor, as the case may be, is paid in full, any distribution to which Holders of
Subordinated Securities and any related Guarantee would be entitled but for this Article X shall be made to holders of Senior Indebtedness of the Issuers, the
Guarantor or the Subsidiary Guarantors, as the case may be, as their interests may appear, except that such Holders may receive capital stock and any debt securities that are subordinated to Senior
Indebtedness of the Issuers, the Guarantor or the Subsidiary Guarantors, as the case may be, to at least the same extent as the Subordinated Securities of the Issuers or the related Guarantee of the
Guarantor or any Subsidiary Guarantor, respectively. 

42

 

SECTION 10.03 Default on Senior Indebtedness.  

        (a)   The
Issuers, the Guarantor and the Subsidiary Guarantors may not pay the principal of, or premium, if any, or interest on, the Subordinated Securities or any related
Guarantee or make any deposit pursuant to Article VIII and may not repurchase, redeem or otherwise retire (except, in the case of Subordinated Securities that
provide for a mandatory sinking fund pursuant to Section 3.11, by the delivery of Subordinated Securities by the Issuers to the Trustee pursuant to the first
paragraph of Section 3.11) any Subordinated Securities (collectively, "pay the Subordinated Securities") if any principal, premium or interest in respect of Senior
Indebtedness of such Person is not paid within any applicable grace period (including at maturity) or any other default on Senior Indebtedness of such Person occurs and the maturity of such Senior
Indebtedness is accelerated in accordance with its terms unless, in either case, the default has been cured or waived and any such acceleration has been rescinded or such Senior Indebtedness has been
paid in full in cash; provided, however, that the Issuers, the Guarantor and the Subsidiary Guarantors may make payments on the Subordinated Securities or any related Guarantee without regard to the
foregoing if the Issuers and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Indebtedness. 

        (b)   During
the continuance of any other default with respect to any Designated Senior Indebtedness pursuant to which the maturity thereof may be accelerated immediately
without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Issuers, the Guarantor and the Subsidiary Guarantors
may not make payments on the Subordinated Securities or any related Guarantee for a period (a "Payment Blockage Period") commencing upon the receipt by the Issuers and the Trustee (and if such
Designated Senior Indebtedness is Debt of the Guarantor or a Subsidiary Guarantor, the Guarantor or the Subsidiary Guarantors) of written notice of such default from the Representative of any
Designated Senior Indebtedness specifying an election to effect a Payment Blockage Period (a "Blockage Notice") and ending 179 days thereafter (or earlier if such Payment Blockage Period is
terminated by written notice to the Trustee and the Issuers (and if such Designated Senior Indebtedness is Debt of the Guarantor or a Subsidiary Guarantor, the Guarantor or the Subsidiary Guarantors)
from the Person or Persons who gave such Blockage Notice, by repayment in full in cash of such Designated Senior Indebtedness or because the default giving rise to such Blockage Notice is no longer
continuing). 

        (c)   Notwithstanding
the provisions described in Section 10.03(b) (but subject to the provisions contained in
Section 10.02 and Section 10.03(a)), unless the holder of such Designated Senior Indebtedness or the Representative of such
holders shall have accelerated the maturity of such Designated Senior Indebtedness, the Issuers, the Guarantor and the Subsidiary Guarantors may resume payments on the Subordinated Securities and
related Guarantees after such Payment Blockage Period. 

        (d)   Not
more than one Blockage Notice may be given in any consecutive 360-day period, irrespective of the number of defaults with respect to any number of issues
of Designated Senior Indebtedness during such period, unless otherwise specified pursuant to Section 2.01 for the Subordinated Securities of a series; provided,
however, that in no event may the total number of days during which any Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate during any 360 consecutive day period. 

        (e)   For
purposes of this Section 10.03, no default or event of default which existed or was continuing on the date of the commencement of
any Payment Blockage Period with respect to the Designated Senior Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the commencement of a subsequent Payment
Blockage Period by the Representative of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days, 

43

 

unless
such default or event of default shall have been cured or waived for a period of not less than 90 consecutive days. 

SECTION 10.04 Acceleration of Payment of Securities.  

        If payment of the Subordinated Securities is accelerated because of an Event of Default, the Issuers shall promptly notify the holders of the Designated Senior
Indebtedness (or their Representatives) of the acceleration. 

SECTION 10.05 When Distribution Must Be Paid Over.  

        If a distribution is made to Holders of Subordinated Securities or a related Guarantee that because of this Article X should
not have been made to them, the Holders who receive such distribution shall hold it in trust for holders of Senior Indebtedness and pay it over to them as their interests may appear. 

SECTION 10.06 Subrogation.  

        After all Senior Indebtedness is paid in full and until the Subordinated Securities are paid in full, Holders thereof shall be subrogated to the rights of holders
of Senior Indebtedness to receive distributions applicable to Senior Indebtedness. For the purposes of such subrogation, a distribution made under this Article X to
holders of Senior Indebtedness which otherwise would have been made to Holders of Subordinated Securities (and any payment over to holders of Senior Indebtedness by Holders pursuant to this
Article X) is not, as between the Issuers, the Guarantor or the Subsidiary Guarantors, as the case may be, and such Holders, a payment by the Issuers, the Guarantor
or the Subsidiary Guarantors, as the case may be, on Senior Indebtedness. 

SECTION 10.07 Relative Rights.  

        This Article X defines the relative rights of Holders of Subordinated Securities and holders of Senior Indebtedness. Nothing
in this Indenture shall: 

        (a)   impair,
as between the Issuers, the Guarantor or the Subsidiary Guarantors, as the case may be, and Holders of either Subordinated Securities or Securities, the
obligation of the Issuers, the Guarantor or the Subsidiary Guarantors, as the case may be, which is absolute and unconditional, to pay principal of, and premium, if any, and interest on, the
Subordinated Securities and the Securities in accordance with their terms. 

        (b)   prevent
the Trustee or any Holder of either Subordinated Securities or Securities from exercising its available remedies upon an Event of Default, subject to the rights
of holders of Senior Indebtedness to receive distributions otherwise payable to Holders of Subordinated Securities. 

SECTION 10.08 Subordination May Not Be Impaired by Issuers.  

        No right of any holder of Senior Indebtedness to enforce the subordination of the Debt evidenced by the Subordinated Securities and any related Guarantee in
respect thereof shall be impaired by any act or failure to act by the Issuers, the Guarantor or the Subsidiary Guarantors or by its failure to comply with this Indenture. 

SECTION 10.09 Rights of Trustee and Paying Agent.  

        Notwithstanding Sections 10.02 and 10.03, the Trustee or any Paying Agent may continue to make payments
on Subordinated Securities and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two Business Days prior to 

44

 

the
date of such payment, a Responsible Officer of the Trustee receives notice satisfactory to it that payments may not be made under this Article X. The Issuers,
the Registrar, any Paying Agent, a Representative or holder of Senior Indebtedness may give the notice; provided, however, that, if an issue of Senior Indebtedness has a Representative, only the
Representative may give the notice on behalf of the Holders of the Senior Indebtedness of that issue. 

        The
Trustee in its individual or any other capacity may hold Senior Indebtedness with the same rights it would have if it were not Trustee. The Registrar and any Paying Agent may do the
same with like rights. The Trustee shall be entitled to all the rights set forth in this Article X with respect to any Senior Indebtedness which may at any time be
held by it, to the same extent as any other holder of Senior Indebtedness; and nothing in Article VII shall deprive the Trustee of any of its rights as such holder.
Nothing in this Article X shall apply to claims of, or payments to, the Trustee under or pursuant to Section 7.07. 

SECTION 10.10 Distribution or Notice to Representative.  

        Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness, the distribution may be made and the notice given to their
Representative (if any). 

SECTION 10.11 Article X Not to Prevent Defaults or Limit Right to Accelerate.  

        The failure to make a payment pursuant to the Subordinated Securities, whether directly or pursuant to the Guarantee, by reason of any provision in this
Article X shall not be construed as preventing the occurrence of a Default. Nothing in this Article X shall have any effect on
the right of the Holders or the Trustee to accelerate the maturity of either the Subordinated Securities or the Securities, as the case may be. 

SECTION 10.12 Trust Moneys Not Subordinated.  

        Notwithstanding anything contained herein to the contrary, payments from money or the proceeds of U.S. Government Obligations held in trust under
Article VIII by the Trustee for the payment of principal of, and premium, if any, and interest on, the Subordinated Securities or the Securities shall not be
subordinated to the prior payment of any Senior Indebtedness or subject to the restrictions set forth in this Article X, and none of the Holders thereof shall
obligated to pay over any such amount to the Issuers, the Guarantor, the Subsidiary Guarantors or any holder of Senior Indebtedness of the Issuers, the Guarantor or the Subsidiary Guarantors or any
other creditor of the Issuers, the Guarantor or the Subsidiary Guarantors. 

SECTION 10.13 Trustee Entitled to Rely.  

        Upon any payment or distribution pursuant to this Article X, the Trustee and the Holders shall be entitled to rely upon any
order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 10.02 are pending, upon a certificate of the
liquidating trustee or agent or other Person making such payment or distribution to the Trustee or to such Holders or upon the Representatives for the holders of Senior Indebtedness for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other Debt of the Issuers, the Guarantor or the Subsidiary Guarantors, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article X. In the event that
the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to
this Article X, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in such payment or distribution and other facts 

45

 

pertinent
to the rights of such Person under this Article X, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending
judicial determination as to the right of such Person to receive such payment. The provisions of Section 7.01 and 7.02 shall be
applicable to all actions or omissions of actions by the Trustee pursuant to this Article X. 

SECTION 10.14 Trustee to Effectuate Subordination.  

        Each Holder by accepting a Subordinated Security and any related Guarantee authorizes and directs the Trustee on his behalf to take such action as may be
necessary or appropriate to acknowledge or effectuate the subordination between the Holders of Subordinated Securities and the holders of Senior Indebtedness as provided in this
Article X and appoints the Trustee as attorney-in-fact for any and all such purposes. 

SECTION 10.15 Trustee Not Fiduciary for Holders of Senior Indebtedness.  

        The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not be liable to any such holders if it shall mistakenly
pay over or distribution to Holders of Subordinated Securities or the Issuers, the Guarantor or the Subsidiary Guarantors or any other Person, money or assets to which any holders of Senior
Indebtedness shall be entitled by virtue of this Article X or otherwise. 

SECTION 10.16 Reliance by Holders of Senior Indebtedness on Subordination Provisions.  

        Each Holder by accepting a Subordinated Security and any related Guarantee acknowledges and agrees that the foregoing subordination provisions are, and are
intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Subordinated
Securities, to acquire and continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination
provisions in acquiring and continuing to hold, or in continuing to hold, such Senior Indebtedness. 

 
 

ARTICLE XI.
  GUARANTEE  
    

SECTION 11.01 Guarantee.  

        (a)   Notwithstanding
any provision of this Article XI to the contrary, the provisions of this
Article XI relating to the Subsidiary Guarantors shall be applicable only to, and inure solely to the benefit of, the Securities of any series designated, pursuant
to Section 2.01, as entitled to the benefits of the related Guarantee of each of the Subsidiary Guarantors. 

        (b)   For
value received, the Guarantor and each of the Subsidiary Guarantors hereby fully, unconditionally and absolutely guarantees (the
"Guarantee") to the Holders and to the Trustee the due and punctual payment of the principal of, and premium (if any) and interest on the Securities and
all other amounts due and payable under this Indenture and the Securities by the Issuers, when and as such principal, premium (if any) and interest shall become due and payable, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of the Securities and this Indenture, subject to the limitations set forth in
Section 11.03, and in the case of the Guarantee of the Subordinated Securities, to the subordination provisions contained in
Article X. 

        (c)   Failing
payment when due of any amount guaranteed pursuant to the Guarantee, for whatever reason, the Guarantor and each of the Subsidiary Guarantors will be jointly and
severally obligated to pay the same immediately, subject, in the case of the Guarantee of the Subordinated 

46

 

Securities,
to the subordination provisions contained in Article X. Each of the Guarantees hereunder (other than the Guarantee of Subordinated Securities) is
intended to be a general, unsecured, senior obligation of the Guarantor and the related Subsidiary Guarantor and will rank pari passu in right of
payment with all Debt of the Guarantor and such Subsidiary Guarantor that is not, by its terms, expressly subordinated in right of payment to all unsecured and unsubordinated Debt of the Guarantor and
such Subsidiary Guarantor. The Guarantor and each of the Subsidiary Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and absolute, irrespective of the validity,
regularity or enforceability of the Securities, its Guarantee, the Guarantee of the Guarantor and any other Subsidiary Guarantor or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, the Guarantor or any Subsidiary Guarantor, or any
action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of the Guarantor or the Subsidiary Guarantors. The Guarantor and each
of the Subsidiary Guarantors hereby agrees that in the event of a default in payment of the principal of, or premium (if any) or interest on the Securities of such series, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to
Section 6.06, by the Holders, on the terms and conditions set forth in this Indenture, directly against the Guarantor and such Subsidiary Guarantor to enforce such
Guarantee without first proceeding against the Issuers, the Guarantor or any other Subsidiary Guarantor. 

        (d)   The
obligations of the Guarantor and each of the Subsidiary Guarantors under this Article XI shall be as aforesaid full,
unconditional and absolute and shall not be impaired, modified, released or limited by any occurrence or condition whatsoever, including, without limitation, (1) any compromise, settlement,
release, waiver, renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Issuers, the Guarantor or any of the Subsidiary Guarantors contained
in the Securities or this Indenture, (2) any impairment, modification, release or limitation of the liability of the Issuers, the Guarantor, any of the Subsidiary Guarantors or any of their
estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable Bankruptcy Law, as amended, or other statute or from
the decision of any court, (3) the assertion or exercise by the Issuers, the Guarantor, any of the Subsidiary Guarantors or the Trustee of any rights or remedies under the Securities or this
Indenture or their delay in or failure to assert or exercise any such rights or remedies, (4) the assignment or the purported assignment of any property as security for the Securities,
including all or any part of the rights of the Issuers, the Guarantor or any of the Subsidiary Guarantors under this Indenture, (5) the extension of the time for payment by the Issuers, the
Guarantor or any of the Subsidiary Guarantors of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of the Securities or this Indenture or of the
time for performance by the Issuers, the Guarantor or any of the Subsidiary Guarantors of any other obligations under or arising out of any such terms and provisions or any extension or the renewal
thereof, (6) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of the Issuers, the Guarantor or any of the Subsidiary Guarantors' set forth in
this Indenture, (7) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Issuers, the
Guarantor or any of the Subsidiary Guarantors' or any of their respective assets, or the disaffirmance of the Securities, the Guarantee or this Indenture in any such proceeding, (8) the release
or discharge of the Issuers, the Guarantor or any of the Subsidiary Guarantors from the performance or observance of any agreement, covenant, term or 

47

 

condition
contained in any of such instruments by operation of law, (9) the unenforceability of the Securities of such series, the related Guarantees or this Indenture or (10) any other
circumstances (other than payment in full or discharge of all amounts guaranteed pursuant to the related Guarantees) which might otherwise constitute a legal or equitable discharge of a surety or
guarantor. 

        (e)   The
Guarantor and each of the Subsidiary Guarantors hereby (1) waives diligence, presentment, demand of payment, filing of claims with a court in the event of the
merger, insolvency or bankruptcy of the Issuers, the Guarantor or any of the Subsidiary Guarantors, and all demands whatsoever, (2) acknowledges that any agreement, instrument or document
evidencing its Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without
notice to it and (3) covenants that its Guarantee will not be discharged except by complete performance of such Guarantee. The Guarantor and each of the Subsidiary Guarantors further agrees
that if at any time all or any part of any payment theretofore applied by any Person to its Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the
insolvency, bankruptcy or reorganization of the Issuers, the Guarantor or any of the Subsidiary Guarantors, such Guarantee shall, to the extent that such payment is or must be rescinded or returned,
be deemed to have continued in existence notwithstanding such application, and such Guarantee shall continue to be effective or be reinstated, as the case may be, as though such application had not
been made. 

        (f)    The
Guarantor and each of the Subsidiary Guarantors' shall be subrogated to all rights of the Holders and the Trustee against the Issuers in respect of any amounts paid
by the Guarantor or such Subsidiary Guarantor pursuant to the provisions of this Indenture; provided, however, that the Guarantor or such Subsidiary Guarantor shall not be entitled to enforce or to
receive any payments arising out of, or based upon, such right of subrogation until all of the Securities of such series and the related Guarantees shall have been paid in full or discharged. 

SECTION 11.02 Execution and Delivery of Guarantee.  

        To further evidence its Guarantee set forth in Section 11.01, the Guarantor and each of the Subsidiary Guarantors hereby
agrees that a notation relating to such Guarantee, substantially in the form attached hereto as Annex A, shall be endorsed on each Security of the series entitled to the
benefits of such Guarantee authenticated and delivered by the Trustee, which Notation of Guarantee shall be executed by either manual or facsimile signature of an Officer of the general partner of the
Guarantor or such Subsidiary Guarantor or its general partner, as applicable. The Guarantor and each of the Subsidiary Guarantors hereby agrees that its Guarantee set forth in
Section 11.01 shall remain in full force and effect notwithstanding any failure to endorse on each Security a notation relating to such Guarantee. If any Officer of
the general partner of the Guarantor or such Subsidiary Guarantor or its general partner, as applicable, whose signature is on this Indenture or a notation of Guarantee no longer holds that office at
the time the Trustee authenticates such Security or at any time thereafter, the Guarantee of such Security shall be valid nevertheless. The delivery of any Security of a series entitled to the
benefits of a Guarantee under this Article XI by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth
in this Indenture on behalf of the Guarantor and each Subsidiary Guarantor. 

SECTION 11.03 Limitation on Liability of the Subsidiary Guarantors.  

        The Guarantor and each Subsidiary Guarantor and, by its acceptance hereof, each Holder of a Security of a series entitled to the benefits of a Guarantee under
this Article XI hereby confirms that it is the intention of all such parties that the guarantee by the Guarantor pursuant to its Guarantee and such Subsidiary
Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance 

48

 

for
purposes of any federal or state law. To effectuate the foregoing intention, the Holders of a Security entitled to the benefits of such Guarantee, the Guarantor and the Subsidiary Guarantors
hereby irrevocably agree that the obligations of the Guarantor pursuant to its Guarantee and each Subsidiary Guarantor under its Guarantee shall be limited to the maximum amount as will, after giving
effect to all other contingent and fixed liabilities of the Guarantor or such Subsidiary Guarantor and to any collections from or payments made by or on behalf of the Guarantor or any other Subsidiary
Guarantor in respect of the obligations of the Guarantor under its Guarantee and such other Subsidiary Guarantor under its Guarantee, result in the obligations of the Guarantor under its Guarantee and
such Subsidiary Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

SECTION 11.04 Release of Subsidiary Guarantors from Guarantee.  

        (a)   Notwithstanding
any other provisions of this Indenture, the Guarantee of the Guarantor or any Subsidiary Guarantor may be released upon the terms and subject to the
conditions set forth in this Section 11.04. Provided that no Default shall have occurred and shall be continuing under this Indenture, any Guarantee incurred by the
Guarantor or a Subsidiary Guarantor pursuant to this Article XI shall be unconditionally released and discharged (1) in the case of a Subsidiary Guarantor
automatically upon (A) any sale, exchange or transfer, whether by way of merger or otherwise, to any Person that is not an Affiliate of the Issuers, of all of the Issuers' direct or indirect
equity interests in such Subsidiary Guarantor (provided such sale, exchange or transfer is not prohibited by this Indenture) or (B) the merger of such Subsidiary Guarantor into the Issuers or
any other Subsidiary Guarantor or the liquidation and dissolution of such Subsidiary Guarantor (in each case to the extent not prohibited by this Indenture) or (2) in the case of the Guarantor,
automatically upon the merger of the Guarantor into the Partnership or any Subsidiary Guarantor or the liquidation or dissolution of the Guarantor (in each case to the extent not prohibited by this
Indenture) or (3) in the case of the Guarantor or a Subsidiary Guarantor following delivery of a written notice of such release or discharge by the Issuers, the Trustee, upon the release or
discharge of all guarantees by the Guarantor or such Subsidiary Guarantor, as the case may be, of any Debt of the Issuers other than obligations arising under this Indenture and any Securities issued
hereunder, except a discharge or release by or as a result of payment under such guarantees. 

        (b)   The
Trustee shall deliver an appropriate instrument evidencing any release of a Subsidiary Guarantor from its Guarantee upon receipt of a written request of the Issuers
accompanied by an Officers' Certificate and an Opinion of Counsel that the Guarantor or the Subsidiary Guarantor, as the case may be, is entitled to such release in accordance with the provisions of
this Indenture. If the Guarantor or any Subsidiary Guarantor is not so released, it shall remain liable for the full amount of principal of and premium (if any) and interest on the Securities entitled
to the benefits of such Guarantee as provided in this Indenture, subject to the limitations of Section 11.03. 

SECTION 11.05 Contribution.  

        In order to provide for just and equitable contribution among the Subsidiary Guarantors and the Guarantor, the Subsidiary Guarantors and the Guarantor hereby
agree, inter se, that in the event any payment or distribution is made by the Guarantor or any Subsidiary Guarantor (a "Funding Guarantor") under its
Guarantee, such Funding Guarantor shall be entitled to a contribution from the Guarantor and each other Subsidiary Guarantor, as applicable, in a pro rata amount based on the net assets of the
Guarantor and each Subsidiary Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Issuers' obligations with respect
to the Securities of a series entitled to the benefits of a Guarantee under this Article XI or any other Subsidiary Guarantor's or the Guarantor's obligations with
respect to its Guarantee of such series of Securities. 

49

 
 
 

ARTICLE XII.
  MISCELLANEOUS  
    

SECTION 12.01 Trust Indenture Act Controls.  

        If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by operation of TIA § 318(c), the imposed duties shall
control. 

SECTION 12.02 Notices.  

        Any notice or communication by the Issuers, the Guarantor, any Subsidiary Guarantor 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, facsimile or overnight air courier guaranteeing next day delivery, to the other's address: 

        If
to the Issuers, the Guarantor or the Subsidiary Guarantors: 

	 	 	TransMontaigne Operating Company GP L.L.C.

TLP Operating Finance Corp.

1670 Broadway, Suite 3100

Denver, Colorado, 80202

Attn: Randall J. Larson

Telephone: (303) 626-8200

Facsimile: (303) 626-8228

        If
to the Trustee: 

	 	 	                                    

                                    

                                    
	 	 	Attn:

Telephone:

Facsimile:

        Each
of the Issuers, the Guarantor, any Subsidiary Guarantor or the Trustee by notice to the others may designate additional or different addresses for subsequent notices or
communications. 

        All
notices and communications 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 by facsimile; 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 shall be mailed by first-class mail, postage prepaid, or by overnight courier guaranteeing next day delivery, to the Holder's address shown on the
register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

        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, except in the case of notice
to the Trustee, it is duly given only when received. 

        If
the Issuers, the Guarantor or a Subsidiary Guarantor mails a notice or communication to Holders, it shall mail a copy to the others and to the Trustee and each Agent at the same time. 

        All
notices or communications, including without limitation notices to the Trustee, the Issuers, the Guarantor or a Subsidiary Guarantor by Holders, shall be in writing, except as
otherwise set forth herein. 

50

 

        In
case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice required by this Indenture, then such method of
notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 

SECTION 12.03 Communication by Holders with Other Holders.  

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

SECTION 12.04 Certificate and Opinion as to Conditions Precedent.  

        Upon any request or application by the Issuers, the Guarantor or a Subsidiary Guarantor to the Trustee to take any action under this Indenture, the Issuers, the
Guarantor or such Subsidiary Guarantor, as the case may be, shall, if requested by the Trustee, furnish to the Trustee at the expense of the Issuers, the Guarantor or such Subsidiary Guarantor, as the
case may be: 

        (a)   an
Officers' Certificate (which shall include the statements set forth in Section 12.05) 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 

        (b)   an
Opinion of Counsel (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such
counsel, all such conditions precedent and covenants have been complied with. 

SECTION 12.05 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 comply with the provisions of TIA § 314(e) and shall include: 

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

        (b)   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; 

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

        (d)   a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 

SECTION 12.06 Rules by Trustee and Agents.  

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

SECTION 12.07 Legal Holidays.  

        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. 

51

 

SECTION 12.08 No Recourse Against Others.  

        A director, manager, officer, employee, stockholder, partner or other owner or member of either of the Issuers, the Guarantor, a Subsidiary Guarantor or the
Trustee, as such, shall not have any liability for any obligations of the Issuers under the Securities, for any obligations of the Guarantor or any Subsidiary Guarantor under the Guarantee, or for any
obligations of either of the Issuers, the Guarantor or any Subsidiary Guarantor or the Trustee under this Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release shall be part of the consideration for the issuance of Securities. 

SECTION 12.09 Governing Law.  

        THIS INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

SECTION 12.10 No Adverse Interpretation of Other Agreements.  

        This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuers, the Guarantor or any Subsidiary Guarantor or any other
Subsidiary of the Issuers. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

SECTION 12.11 Successors.  

        All agreements of the Issuers, the Guarantor and the Subsidiary Guarantors' in this Indenture and the Securities shall bind its successors. All agreements of the
Trustee in this Indenture shall bind its successors. 

SECTION 12.12 Severability.  

        In case any provision in this Indenture or in the Securities or any Guarantee shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or impaired thereby. 

SECTION 12.13 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. 

SECTION 12.14 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. 

52

  

        IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written. 

	 	 	TRANSMONTAIGNE OPERATING COMPANY L.P.
	
 	
 	

By:	

TransMontaigne Operating GP L.L.C.,

its General Partner
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	

TLP OPERATING FINANCE CORP.
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	

TRANSMONTAIGNE PARTNERS L.P.
	
 	
 	

By:	

TransMontaigne GP L.L.C.,

its General Partner
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	

TPSI TERMINALS LLC
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	

RAZORBACK LLC
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	

COASTAL TERMINALS LLC
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:

53

 
 
 

ANNEX A    
    
    NOTATION OF GUARANTEE    
    

        The Guarantor and each of the Subsidiary Guarantors (which term includes any successor Person under the Indenture), has fully, unconditionally and absolutely
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium (if any) and interest on the
Securities and all other amounts due and payable under the Indenture and the Securities by the Issuers. 

        The
obligations of the Guarantor and the Subsidiary Guarantors to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in
Articles X and XI of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

	

 	
 	

TRANSMONTAIGNE PARTNERS L.P.
	
 	
 	

By:	

TransMontaigne GP L.L.C.,

its General Partner
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	
[NAME OF SUBSIDIARY GUARANTOR]
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	
[NAME OF SUBSIDIARY GUARANTOR]
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	
 	
 	
[NAME OF SUBSIDIARY GUARANTOR]
	
 	
 	

By:	

 
	 	 	 	
 Name:

Title:

54

QuickLinks

Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of , 2007

TABLE OF CONTENTS

ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE

ARTICLE II. THE SECURITIES

ARTICLE III. REDEMPTION

ARTICLE IV. COVENANTS

ARTICLE V. SUCCESSORS

ARTICLE VI. DEFAULTS AND REMEDIES

ARTICLE VII. TRUSTEE

ARTICLE VIII. DISCHARGE OF INDENTURE

ARTICLE IX. SUPPLEMENTAL INDENTURES AND AMENDMENTS

ARTICLE X. SUBORDINATION OF SECURITIES AND GUARANTEE

ARTICLE XI. GUARANTEE

ARTICLE XII. MISCELLANEOUS

ANNEX A NOTATION OF GUARANTEEAutoCoded Document

Exhibit
10.9

CONSULTING
AGREEMENT

	 	April
11, 2007 

Henry E.
Geminio  
Profile Technologies Inc.  
2 Park Avenue, Suite 201  
Manhasset NY 11030

Dear Mr. Gemino:

        This
will confirm the arrangements,  terms and conditions  pursuant to which R.F. Lafferty & Co.,
Inc. (the  “Consultant”) has  been  retained  to serve as a  consultant  and
advisor to Profile  Technologies  Inc. a Delaware  Corporation  (the  “Company”),
on a  non-exclusive basis for the term set forth in Section 2 below.  The undersigned
hereby agrees to the following terms and conditions:

1.      Duties of Consultant.

        (a)
Consulting Services. Consultant will provide such financial consulting
services and advice pertaining to the Company’s business affairs as the
Company may from time to time reasonably request. Without limiting the
generality of the foregoing, Consultant will assist the Company in developing,
studying and evaluating financing, merger and acquisition proposals, prepare
reports and studies thereon when advisable, and assist in negotiations and
discussions pertaining thereto.

        (b)
Financing. Consultant will assist and represent the Company in obtaining
both short and long-term financing, when so requested by the Company. The
Consultant will be entitled to additional compensation under such terms as may
be agreed to by the parties.

        (c)
Wall Street Liaison. Consultant will, when appropriate, arrange meeting
between representatives of the Company and individuals and financial
institutions in the investment community, such as security analysts, portfolio
managers and market makers.

        The
services described in this Section 1 shall be rendered by Consultant with the
direct supervision by the Company and at such time and place and in such manner
(whether by conference, telephone, letter or otherwise) as Consultant may
determine.

2.       Term.

        This
Agreement shall continue for a period of three years from the date hereof (the
“Term”).

3.     Compensation. For the services and duties to be rendered and performed by the
Consultant during the Engagement Period and in consideration of the Consultant having
entered into this Agreement, the Company agrees as follows:

	(i)	 	
To issue to the Consultant 100,000 restricted shares of common stock of the
Company and 50,000 warrants (exercise price of $1.00 a share for a period of
five years) for the services to be provided by the Consultant to the Company
during the Term hereof. 

4.     Relationship. Nothing herein shall constitute Consultant as an employee or agent of
the Company, except to such extent as might hereinafter be agreed upon for a
particular purpose. Except as might hereinafter be expressly agreed, Consultant
shall not have the authority to obligate or commit the Company in any manner whatsoever.

5.     
Confidentiality. Except in the course of the performance of its duties
hereunder, Consultant agrees that it shall not disclose any trade secrets,
know-how, or other proprietary information not in the public domain learned as a
result of this Agreement unless and until such information becomes generally
known.

6.     
Indemnification. The Company agrees to indemnify and hold harmless the
Consultant and its affiliates, the respective directors, officers, partners,
agents and employees and each other person, if any, controlling the Consultant
or any of its affiliates (collectively the “Consultant Parties”) from
all losses, claims, damages, liabilities and expenses incurred by them
(including reasonable attorney’s fees and disbursements) that results from
any violations of securities laws or rules by the Company, its agents or
employees. The Consultant will indemnify and hold harmless the Company and the
respective directors, officers, agents and employees of the Company (the
“Company Parties”) from against all losses, claim, damages,
liabilities and expenses that result from malfeasance, or gross negligence in
the performance of the Consultant’s duties hereunder (including reasonable
attorney’s fees and disbursements). Each person or entity seeking
indemnification hereunder shall prompty notify the Company, or the Consultant as
applicable, of any loss, claim, damage or expense for which the Company or
Consultant as applicable may become liable pursuant to this Section 6. Neither
party shall pay, settle or acknowledge liability under such claim without the
written consent of the party liable for indemnification, and shall permit the
Company or the Consultant as applicable a reasonable opportunity to cure any
underlying problem or to mitigate damages. The scope of this indemnification
between the Consultant and the Company shall be limited to, and pertain only to
certain transactions contemplated or entered into pursuant only to this
agreement.

7.       Entire Agreement. This Agreement contains the entire agreement and understanding between
the parties with respect to its subject matter and supersedes all prior discussion,
agreements and understandings between them with respect thereto. This Agreement may
not be modified except in a writing signed by the parties.

8.     
Jurisdiction and Venue. This Agreement has been made in the State of New
York and shall be governed by and construed in accordance with the laws thereof
without regard to principles of conflict of laws. Any proceeding commenced to
enforce or interpret any provision of this Agreement shall be brought in the
State of New York. The parties hereby submit to the jurisdiction of the courts
of New York including the federal courts, for such purposes.

9.       No Assignment. Neither this Agreement nor the rights of either party hereunder shall be
assigned by either party without the prior written consent of the other party.

10.     Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and
the same instrument.

11.     
Non-Compliance. If any provision of this Agreement conflicts with any
law, rule or regulation of any federal, state or self-regulatory organization,
including the Securities and Exchange Commission, the blue-sky laws of any
state, the National Association of Securities Dealers, Inc., or any other
government authority having jurisdiction over the activities or services
described herein, then in that event, the Company and the Consultant shall amend
this Agreement to bring any affected provision into compliance with such
regulations.

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed the day and year first above written.

	 	ProfileTechnologies, Inc.

 
 By: ______________________ 
Henry E. Gemino

Chief Executive Officer

R.F. Lafferty & Co., Inc.

By:______________________

Henry Hackel
President

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