Document:

Form of First Supplemental Indenture dated 5/21/2003

Exhibit 4.1 
 
 
BLACK HILLS CORPORATION 
 
AND

 
LASALLE BANK NATIONAL ASSOCIATION 
 
AS TRUSTEE 
 
 
FIRST SUPPLEMENTAL INDENTURE 
 
DATED AS OF 
 
MAY 21, 2003

 
 
$250,000,000 
 
6.50% NOTES DUE 2013 
 

 

 
FIRST
SUPPLEMENTAL INDENTURE dated as of May 21, 2003 (“Supplemental Indenture”), to the Indenture dated as of May 21, 2003 (as supplemented, the “Indenture”), by and between BLACK HILLS CORPORATION, a South Dakota
corporation (the “Company”), and LASALLE BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, as trustee (the “Trustee”). 
 
Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the holders of the Notes (as defined below): 
 
WHEREAS, the Company and the Trustee have duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of senior debt securities (the
“Securities”) to be issued in one or more series as in the Indenture provided; 
 
WHEREAS, the Company desires and has requested the Trustee to join the Company in the execution and delivery of this Supplemental Indenture in order to establish and provide for the issuance by the
Company of a series of Securities designated as its 6.50% Notes due 2013 in the aggregate principal amount of $250,000,000, substantially in the form attached hereto as Exhibit A (the “Notes”), on the terms set forth herein;

 
WHEREAS, Section 3.1 of the Indenture provides
that a supplemental indenture may be entered into by the Company and the Trustee for such purpose provided certain conditions are met; 
 
WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Supplemental Indenture have been complied with;
and 
 
WHEREAS, all things necessary to make this
Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done; 
 
NOW, THEREFORE: 
 
In consideration of the premises and the purchase and acceptance of the Notes by the holders thereof, the Company covenants and agrees
with the Trustee, for the equal and ratable benefit of the holders, that the Indenture is supplemented and amended, to the extent expressed herein, as follows: 
 

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ARTICLE I

 
Scope of Supplemental Indenture; General

 
This Supplemental Indenture supplements, and
to the extent inconsistent therewith, replaces the provisions of the Indenture, to which provisions reference is hereby made. 
 
The changes, modifications and supplements to the Indenture effected by this Supplemental Indenture shall be applicable only with respect
to, and govern the terms of, the Notes, which shall initially be in aggregate principal amount of $250,000,000,which amount may be increased pursuant to an Officers’ Certificate (as defined in the Indenture) in accordance with this
Supplemental Indenture and shall not apply to any other Securities that may be issued under the Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements.
Pursuant to this Supplemental Indenture, there is hereby created and designated a series of Securities under the Indenture entitled “6.50% Notes due 2013.” The Notes shall be in the form of Exhibit A hereto. 
 
In the event that the Company shall issue and the Trustee
shall authenticate any Notes issued under this Supplemental Indenture subsequent to the Issue Date (as defined below) (such Notes, “Additional Securities”), the Company shall use its best efforts to obtain the same “CUSIP”
number for such Notes as is printed on the Notes outstanding at such time; provided, however, that if any series of Notes issued under this Supplemental Indenture subsequent to the Issue Date is determined, pursuant to an Opinion of Counsel (as
defined in the Indenture) of the Company in a form reasonably satisfactory to the Trustee, to be a different class of security than the Notes outstanding at such time for federal income tax purposes, the Company may obtain a “CUSIP” number
for such Notes that is different than the “CUSIP” number printed on the Notes then outstanding. Notwithstanding the foregoing, all Notes issued under this Supplemental Indenture shall vote and consent together on all matters as one class
and no series of Notes will have the right to vote or consent as a separate class on any matter. 
 
ARTICLE II 
 
Certain Definitions 
 
The
following terms have the meanings set forth below in this Supplemental Indenture. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture. To the extent terms defined herein differ from the Indenture
the terms defined herein shall govern. 
 
“Adjusted Consolidated Capitalization Amount” means an amount equal to 5% of Consolidated Capitalization, less the total amount of all Indebtedness then outstanding that has been incurred and secured pursuant to
subclause (6)(b) of Section 4.1 of this Supplemental Indenture (but only to the extent that the amount of each such 
 

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incurrence of Indebtedness, at the time of such incurrence, exceeded the amount then permitted by
subclause (x) of the second proviso thereto). 
 
“Adjusted Treasury Rate” means, with respect to any Redemption Date, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published
statistical release designated “H.15 (519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption “Treasury Constant Maturities” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Notes, yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date, in each case calculated on the third Business Day
preceding the Redemption Date, plus in each case 0.50%. 
 
“Assets” of any Person means the whole or any part of its business, property, assets, cash and receivables. 
 
“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term from the Redemption Date to the Stated Maturity of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes. 
 
“Comparable Treasury Price” means, with respect to any Redemption Date, if clause (ii) of the definition of Adjusted Treasury Rate is applicable, the average of three, or such lesser number as is obtained by
the Trustee, Reference Treasury Dealer Quotations for such Redemption Date. 
 
“Consolidated Capitalization” means, as of any date of determination, the sum obtained by adding (i) Consolidated Shareholders’ Equity, (ii) Consolidated Indebtedness (exclusive
of any thereof which is due and payable within one year of the date such sum is determined) and, without duplication, (iii) any preference or preferred stock of the Company or any Consolidated Subsidiary which is subject to mandatory redemption or
sinking fund provisions. 
 

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“Consolidated Indebtedness” means, as of any date of determination, total indebtedness as shown on the consolidated balance sheet of the Company and its Consolidated Subsidiaries. 
 
“Consolidated Shareholders’ Equity”
means, as of any date of determination, the total Assets of the Company and its Consolidated Subsidiaries less all liabilities of the Company and its Consolidated Subsidiaries. As used in this definition, “liabilities” means all
obligations which would, in accordance with generally accepted accounting principles in the United States, be classified on a balance sheet as liabilities, including without limitation, (i) indebtedness secured by property of the Company or any of
its Consolidated Subsidiaries whether or not the Company or such Consolidated Subsidiary is liable for the payment thereof unless, in the case that the Company or such Consolidated Subsidiary is not so liable, such property has not been included
among the Assets of the Company or such Consolidated Subsidiary on such balance sheet, (ii) deferred liabilities, and (iii) indebtedness of the Company or any of its Consolidated Subsidiaries that is expressly subordinated in right and priority of
payment to other liabilities of the Company or such Consolidated Subsidiary. As used in this definition, “liabilities” includes preference or preferred stock of the Company or any Consolidated Subsidiary only to the extent of any such
preference or preferred stock that is subject to mandatory redemption or sinking fund provisions. 
 
“Consolidated Subsidiary” means, at any date, any Subsidiary the financial statements of which under generally accepted
accounting principles in the United States would be consolidated with those of the Company in its consolidated financial statements as of such date. 
 
“Event of Default” has the meaning specified in Section 5.1. 
 
“Holder” means the Person in whose name a Note is registered in the books of the Security
Registrar for the Notes. 
 
“Indebtedness” means (i) all indebtedness, whether or not represented by bonds, debentures, notes or other securities, incurred, created or assumed by the Company or any Subsidiary for the repayment of money
borrowed, (ii) all indebtedness for money borrowed secured by a lien upon property owned by the Company or any Subsidiary, regardless of whether the Company or such Subsidiary has assumed or otherwise become liable for the payment of such
indebtedness for money borrowed, and (iii) all indebtedness of others for money borrowed which is guaranteed as to payment of principal or interest by the Company or any Subsidiary or in effect guaranteed by the Company or such Subsidiary through a
contingent agreement to purchase such indebtedness or through any “keep-well” or similar agreement to be directly or indirectly liable for the repayment of such indebtedness. 
 
“Issue Date” means the date on which the Notes are originally issued under this Supplemental
Indenture. 
 

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“Make-Whole Amount” means the sum, as determined by a Quotation Agent, of the present values of the principal amount of the Notes to be redeemed, together with scheduled payments of interest (exclusive of interest to
the Redemption Date) from the Redemption Date to the Stated Maturity of the Notes, in each case discounted to the Redemption Date on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate, plus
accrued interest (if any) on the principal amount of the Notes being redeemed to the Redemption Date. 
 
“Quotation Agent” means the Reference Treasury Dealer selected by the Trustee after consultation with the Company.

 
“Reference Treasury Dealer”
means each primary U.S. Government securities dealer selected by the Company. 
 
“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such
Redemption Date. 
 
“Subsidiary”
means a corporation, limited partnership, limited liability company or trust in which more than 50% of the outstanding voting stock is owned, directly or indirectly, by the Company and/or by one or more other Subsidiaries. For the purposes of this
definition, “voting stock” means stock, partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest that ordinarily (without regard to the occurrence of any
contingency) has voting power for the election of directors, managers or trustees, whether at all times or only so long as no senior class of stock has that voting power by reason of any contingency. 
 
“Trustee” means the party named as such above
until a successor replaces such party in accordance with the applicable provisions of the Indenture and thereafter means the successor serving hereunder. 
 
ARTICLE III 
 
The Notes 
 
Section 3.1    Payments of Principal and Interest. 
 
The Notes shall bear interest from and including May 21, 2003 to but excluding the date of Maturity, at the
rate of 6.50% per annum. The Notes shall mature on May 15, 2013. The Company shall pay interest on the Notes seminannually on May 15 and November 15 of each year, commencing November 15, 2003 to the Person in whose name any such Note or any
predecessor Note is registered in the Security Register 
 

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at the close of business on the May 1 and November 1 next preceding such Interest Payment Date. The
Company initially authorizes the Trustee to act as Paying Agent. 
 
Section 3.2    Optional Redemption. 
 
Subject to the provisions of Article XI of the Indenture, the Notes shall be redeemable at the option of the Company, as a whole at any time or in part from time to time, at a Redemption Price equal to
the greater of (i) the principal amount of the Notes to be redeemed plus accrued interest (if any) to the Redemption Date and (ii) the Make-Whole Amount with respect to the Notes to be redeemed. 
 
Section 3.3    No Sinking Fund.

 
The Notes shall not be entitled to the benefit
of any sinking fund. 
 
Section
3.4    Book Entry, Delivery and Form 
 
The Notes shall initially be issued in the form of a Global Security (the “Global Note”). The Global Note shall initially be deposited on or about the Issue Date with, or on behalf of, The Depository Trust Company
(the “Depositary”) and registered in the name of Cede & Co., as nominee of the Depositary. 
 
Section 3.5    Form of Legend for Global Note 
 
In addition to the legend set forth in Section 2.2 of the Indenture, every Global Note authenticated and
delivered hereunder shall bear a legend substantially in the following form: 
 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 

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ARTICLE IV

 
Covenants 
 
Section 4.1    Limitations on
Liens. 
 
So long as any Notes are Outstanding,
neither the Company nor any Subsidiary shall pledge, mortgage, hypothecate or grant a security interest in, or permit any mortgage, pledge, security interest or other lien upon, any capital stock of any Subsidiary now or hereafter owned directly or
indirectly by the Company or any Subsidiary, to secure any Indebtedness without concurrently making effective provision whereby the Outstanding Notes shall (so long as such other Indebtedness shall be so secured) be equally and ratably secured with
any and all such other Indebtedness and any other indebtedness similarly entitled to be equally and ratably secured; provided, however, that this restriction shall not apply to nor prevent the creation of: 
 
(1)    any mortgage,
pledge, security interest, lien or encumbrance existing on the Issue Date; 
 
(2)    any mortgage, pledge, security interest, lien or encumbrance upon any capital stock created at the time of the acquisition of such capital stock by the Company or any
Subsidiary or within 365 days after such time to secure all or a portion of the purchase price for such capital stock; 
 
(3)    any mortgage, pledge, security interest, lien or encumbrance upon any capital stock existing
thereon at the time of the acquisition of such capital stock by the Company or any Subsidiary, whether or not the obligations secured thereby are assumed by the Company or such Subsidiary, other than any mortgage, pledge, security interest, lien or
encumbrance created in connection with or in anticipation of such acquisition not for the purpose of securing the purchase price for such capital stock; 
 
(4)    any mortgage, pledge, security interest, lien or encumbrance upon any capital stock to secure
or provide for the acquisition, construction, improvement, expansion or development of property by the Company or any Subsidiary; provided that such mortgage, pledge, security interest, lien or encumbrance may not extend to or cover any other
property of the Company or any Subsidiary that is not the subject of the related financing; 
 
(5)    any mortgage, pledge, security interest, lien or encumbrance upon any capital stock of (a)
Black Hills Southwest, LLC (or any of its direct or indirect Subsidiaries existing on the Issue Date) to finance the project now known as the “Las Vegas” project or (b) Black Hills Wyoming, Inc. (or any of its direct or indirect
Subsidiaries) or any other Subsidiary or group of Subsidiaries formed to refinance the project now known as the “Wygen” project; provided that, in either case, such mortgage, pledge, security interest, lien or encumbrance may not extend to
or cover any other property of the Company or any Subsidiary that is not the subject of such financing or refinancing, as the case may be; 
 

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(6)    so long as no additional property of the Company or any Subsidiary is encumbered or made subject to a mortgage, pledge, security interest or lien, any mortgage, pledge, security interest, lien or
encumbrance granted in connection with (a) extending, renewing, replacing or refinancing in whole or in part the Indebtedness secured by any mortgage, pledge, security interest, lien or encumbrance described in the foregoing clauses (1) through (5)
or (b) any transaction or series of related transactions involving separate projects pursuant to which any of the mortgages, pledges, security interests, liens or encumbrances described in the foregoing clauses (1) through (5) are combined or
aggregated; provided, that, for purposes of this subclause (b), all of the Indebtedness secured by such mortgages, pledges, security interests, liens or encumbrances immediately prior to such transaction or series of related transactions is
repaid in connection therewith; provided further, that, for purposes of this subclause (b), the aggregate amount of Indebtedness secured by such combined or aggregated mortgages, pledges, security interests, liens or other
encumbrances does not exceed the sum of (x) the aggregate amount of extended, renewed, replaced or refinanced Indebtedness secured by such mortgages, pledges, security interests, liens or encumbrances outstanding immediately prior to such
transaction or series of related transactions, (y) the then applicable Adjusted Consolidated Capitalization Amount and (z) the amount of Indebtedness then permitted to be secured pursuant to clause (7) below after giving effect to all Indebtedness
then outstanding that has been incurred and secured pursuant to clause (7) below; 
 
(7)    any mortgage, pledge, security interest, lien or encumbrance upon any capital stock now or
hereafter owned by the Company or any Subsidiary to secure any Indebtedness, which would otherwise be subject to the foregoing restriction and not otherwise permitted under any of the foregoing clauses (1) through (6), in an aggregate principal
amount which, together with (a) the amount of all other such Indebtedness then outstanding that has been incurred under this clause (7) and (b) the amount of all Indebtedness then outstanding that has been incurred and secured pursuant to the
foregoing subclause (6)(b) (but only to the extent that the amount of each such incurrence of Indebtedness exceeded the sum of the amounts permitted at the time of such incurrence by subclauses (x) and (y) of the second proviso thereto), does not at
the time of the creation of such mortgage, pledge, security interest, lien or encumbrance exceed 5% of Consolidated Capitalization; or 
 
(8)    any judgment, levy, execution, attachment or other similar lien arising in connection with
court proceedings, provided that: 
 
(a)    the execution or enforcement of each such lien is effectively stayed within 60 days after entry of the corresponding 
 

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judgment (or the corresponding judgment has been discharged within such 60-day period) and
the claims secured thereby are being contested in good faith by appropriate proceedings timely commenced and diligently prosecuted; 
 
(b)    the payment of each such lien is covered in full by insurance provided by a third party and the
insurance company has not denied or contested coverage thereof; or 
 
(c)    each such lien is adequately bonded within 60 days of the creation of such lien. 
 
In case the Company shall propose to pledge, mortgage, hypothecate or grant a security interest in any capital stock of any Subsidiary
owned directly or indirectly by the Company or any Subsidiary to secure any Indebtedness, other than as permitted by clauses (1) to (7), inclusive, of this Section 4.1, the Company shall prior thereto give written notice thereof to the Trustee, and
the Company shall prior to or simultaneously with such pledge, mortgage, hypothecation or grant of security interest, by supplemental indenture executed by the Company and the Trustee (or to the extent legally necessary by another trustee or an
additional or separate trustee), in form satisfactory to the Trustee, effectively secure (for so long as such other Indebtedness shall be so secured) all the Outstanding Notes equally and ratably with such Indebtedness and with any other
indebtedness similarly entitled to be equally and ratably secured. 
 
ARTICLE V 
 
Remedies 
 
Section
5.1    Events of Default. 
 
“Event of Default” means, with respect to the Notes, any one or more of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 
(a)    default in the payment of the principal of or any Make-Whole Amount on any Note at its Maturity; 
 
(b)    default in the payment of any
interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days; 
 
(c)    default in the performance, or breach, of any covenant or warranty of the Company in this Supplemental
Indenture or the Indenture (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in the Indenture 
 

10 

solely for the benefit of series of Securities other than the Notes), and continuance of such default or
breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Notes Outstanding a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder (without giving effect to any applicable grace period with respect to such covenant or warranty);

 
(d)    the entry by a court
having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (ii) a decree
or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal or State law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree
or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 
 
(e)    the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or
consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as
they become due, or the taking of corporate action by the Company in furtherance of any such action. 
 
ARTICLE VI 
 
Miscellaneous 
 
Section 6.1    Governing Law. 
 
This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to such states’ conflicts of laws
principles. 
 

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Section
6.2    Ratification of Indenture. 
 
Except as expressly modified or amended hereby, the Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved. 
 
Section 6.3    Trustee. 
 
The Trustee makes no representations as to the validity or
sufficiency of this Supplemental Indenture. The statements and recitals herein are deemed to be those of the Company and not of the Trustee. 
 
Section 6.4    Counterparts. 
 
This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute one and the same instrument. 
 
Section 6.5    Separability. 
 
In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality or
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 

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IN WITNESS
WHEREOF, the parties have caused this Supplemental Indenture to be duly executed, all as of the date first above written. 
 

	 BLACK HILLS CORPORATION,
 as the Company

	
	 By:
	 	  

	 	 	 Name:
 Title:

 

	 LASALLE BANK NATIONAL ASSOCIATION,
 as Trustee

	
	 By:
	 	  

	 	 	 Name:
 Title:

 

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Exhibit A

 
FORM OF NOTE 
 
[Face of Security] 
 
[If this Security is a Global Note, insert: THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 

A-1 

 

	 No.:            
	    	 CUSIP No.: 092113 AE 9

	 	    	 $                    

 
6.50%
Notes due 2013 
 
BLACK HILLS CORPORATION

 
BLACK HILLS CORPORATION, a South Dakota
corporation (the “Company”), for value received, hereby promises to pay to                  or registered assigns the principal sum of
             DOLLARS on May 15, 2013 (the “Stated Maturity”) or earlier at the option of the Company as provided herein (the “Redemption Date”) and to pay
interest thereon from May 21, 2003 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on May 15 and November 15 in each year (each, an “Interest Payment Date”), commencing
November 15, 2003, at the rate of 6.50% per annum, until the principal hereof is paid or duly provided for. 
 
All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Indenture by and between the
Company and LaSalle Bank National Association, as trustee (the “Trustee”), dated as of May 21, 2003, as supplemented by the First Supplemental Indenture, dated as of May 21, 2003, by and between the Company and the Trustee
(collectively, the “Indenture”). 
 
The interest payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, which shall be the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date at the office or agency of the Company
maintained for such purpose. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 
The principal of this Security payable on the Stated Maturity or the principal of, or Make-Whole Amount, if any, and, if the Redemption
Date is not an Interest Payment Date, interest on this Security payable on the Redemption Date, will be paid against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Chicago, in such
coin or currency of the United 
 

A-2 

States of America as at the time of payment is legal tender for the payment of public and private debts.

 
Interest payable on this Security on any
Interest Payment Date and on the Stated Maturity or Redemption Date, as the case may be, will include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or
from and including May 21, 2003, if no interest has been paid on this Security) to but excluding such Interest Payment Date or the Stated Maturity or Redemption Date, as the case may be. If any Interest Payment Date or the Stated Maturity or
Redemption Date falls on a day that is not a Business Day, as defined below, principal or Make-Whole Amount, if any, and/or interest payable with respect to such Interest Payment Date or Stated Maturity or Redemption Date, as the case may be, will
be paid on the next succeeding Business Day with the same force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Stated
Maturity or Redemption Date, as the case may be. “Business Day” means each Monday, Tuesday, Wednesday, Thursday or Friday which is not a day on which banking institutions in the City of Chicago are authorized or obligated by law or
executive order to close. 
 
[If this Security
is a Global Note, insert: All payments of principal or Make-Whole Amount, if any, and interest in respect of this Security will be made by the Company in immediately available funds.] 
 
Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 
Unless the Certificate of Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the
Indenture, or be valid or obligatory for any purpose. 
 

A-3 

 
IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its facsimile corporate seal. 
 
Dated:              

	 BLACK HILLS CORPORATION

	
	 By:
	 	  

	 	 	 Name:
 Title:

 

	 Attest:

	
	 By:
	 	  

	 	 	 Name:
 Title:

 
 
TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 
This is one of the Securities of the series designated herein referred to in the within-mentioned Indenture. 
 

	 LASALLE BANK NATIONAL ASSOCIATION,
 as Trustee

	
	 By:
	 	  

	 	 	 Authorized Officer

 

A-4 

 
[Reverse of
Security] 
 
BLACK HILLS CORPORATION 
 
6.50% Notes due 2013 
 
This Security is one of a duly authorized issue of securities
of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of May 21, 2003, as supplemented by the First Supplemental Indenture, dated as of May 21, 2003 (as so supplemented,
herein called the “Indenture”), each between the Company and LaSalle Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of
which this Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. The aggregate principal amount of the Securities to be issued under such series is initially limited to $250,000,000 (except for
Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities). All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 
If an Event of Default, as defined in the Indenture, with
respect to the Securities shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 
The Securities are subject to redemption, at the option of the
Company, in whole at any time or in part from time to time at a redemption price equal to the greater of (i) the principal amount of the Securities to be redeemed plus accrued interest (if any) to the Redemption Date and (ii) the Make-Whole Amount
with respect to the Securities being redeemed. 
 
Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor more than 60 days prior to the Redemption Date, all as provided in the Indenture. 
 
In the event of redemption of this Security in part only, a new Security or Securities for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected
thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the Outstanding 
 

A-5 

Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with
certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of
all of the Holders of Securities of such series, certain past defaults under the Indenture and their consequences. 
 
No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and Make-Whole Amount, if any) and interest on this Security at the times, places and rate, and in the coin or currency, herein prescribed. 
 
As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register of the Company upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of (and Make-Whole Amount, if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 
As provided in the Indenture and subject to certain
limitations therein set forth, this Security is exchangeable for a like aggregate principal amount of Securities of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering
the same. 
 
The Securities of this series are
issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. 
 
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith. 
 
Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 
No recourse shall be had for the payment of the principal of
or Make-Whole Amount, if any, or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder,
employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor 
 

A-6 

corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 
The Securities and the Indenture shall be governed by and construed in accordance with the laws of the State
of New York, without giving effect to such state’s conflicts of laws principles. 
 

A-7 

 
ASSIGNMENT FORM

 
To assign this Security, fill in the form below:
(I) or (we) assign and transfer this Security to 
 
 

(Insert assignee’s soc. sec. or tax I.D. no.) 
 
 

 
 

 
 

 
 

(Print or type assignee’s name, address and zip code 
 
and irrevocably appoint                                
                                        
                                        
                                        
                                        
                    
to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
 
 

 
 

	 Date:
                    
	 	 Your Signature:                                  
                                        
                   

	 	 	 (Sign exactly as your name appears on the face of this Security)

	 	 	 
	 	 	 Tax Identification
No:                                       
                                        
  

	 	 	 
	 	 	 SIGNATURE GUARANTEE:
  

	 	 	 
	 	 	 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 
 
 
 
 
 

A-8EXHIBIT 10.33

                           FOURTH AMENDMENT AGREEMENT

<PAGE>

                                                                   EXHIBIT 10.33

                           FOURTH AMENDMENT AGREEMENT

         FOURTH AMENDMENT AGREEMENT (this "AGREEMENT") dated as of May 16, 2003
by and among (1) Imagistics International Inc. (the "BORROWER"), (2) Fleet
Capital Corporation ("FLEET"), and the other financial institutions party to the
Credit Agreement (as defined below) as lenders (collectively, the "LENDERS" and
individually, a "LENDER") and (3) Fleet, as administrative agent (the
"ADMINISTRATIVE AGENT") for the Lenders with respect to a certain Credit
Agreement dated as of November 9, 2001 by and among the Borrower, the Lenders
and the Administrative Agent, as amended by that certain First Amendment
Agreement dated as of March 19, 2002, that certain Second Amendment Agreement
dated as of July 19, 2002 and that certain Third Amendment Agreement dated as of
March 5, 2003 (as amended, the "CREDIT AGREEMENT").

                              W I T N E S S E T H:

         WHEREAS, the Borrower has requested that the Lenders amend certain
terms and conditions of the Credit Agreement on the terms and conditions set
forth herein; and

         WHEREAS, the parties hereto have agreed to amend certain provisions of
the Credit Agreement.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         [section]1. DEFINITIONS. Capitalized terms used herein without
definition that are defined in the Credit Agreement (after giving effect to the
amendments thereof set forth herein) shall have the same meanings herein as
therein.

         [section]2. RATIFICATION OF EXISTING AGREEMENTS. All of the Borrower's
obligations and liabilities to the Creditors as evidenced by or otherwise
arising under the Credit Agreement, the Notes and the other Credit Documents,
are, by the Borrower's execution of this Agreement, ratified and confirmed in
all respects. In addition, by the Borrower's execution of this Agreement, the
Borrower represents and warrants that it does not have any counterclaim, right
of set-off or defense of any kind with respect to such obligations and
liabilities.

         [section]3. REPRESENTATIONS AND WARRANTIES. The Borrower hereby
represents and warrants to the Creditors that all of the representations and
warranties made by the Borrower in the Credit Agreement, the Notes and the other
Credit Documents are true in all material respects on the date hereof as if made
on and as of the date hereof, except to the extent that such representations and
warranties relate expressly to an earlier date.

         [section]4. CONDITIONS PRECEDENT. The effectiveness of the amendments
contemplated hereby shall be subject to the satisfaction on or before the date
hereof of each of the following conditions precedent:

<PAGE>

                  (a)  Representations and Warranties. All of the
         representations and warranties made by the Borrower herein, whether
         directly or incorporated by reference, shall be true and correct on the
         date hereof except as provided in ss.3 hereof.

                  (b)  Performance; No Event of Default. The Borrower shall have
         performed and complied in all respects with all terms and conditions
         herein required to be performed or complied with by it prior to or at
         the time hereof, and there shall exist no Default or Event of Default.

                  (c)  Corporate Action. All requisite corporate action
         necessary for the valid execution, delivery and performance by the
         Borrower of this Agreement and all other instruments and documents
         delivered by the Borrower in connection therewith shall have been duly
         and effectively taken.

                  (d)  Delivery. The parties hereto shall have executed this
         Agreement and delivered this Agreement to the Administrative Agent.

                  (e)  Amendment Fee. The Borrower shall have paid to the
         Administrative Agent, for the account of the Lenders, an amendment fee
         equal to one-tenth of one percent (0.10%) of the sum of the aggregate
         Revolving Commitments and the aggregate outstanding principal amounts
         of the Term B Facility Loans. Each Lender shall receive the portion of
         such amendment fee allocable to such Lender's Revolving Commitment
         and/or Term B Facility Loans.

                  (f)  Assignments; Revolving Commitments Reduction. Each of
         that certain Master Assignment and Acceptance Agreement dated as of the
         date hereof with respect to the Credit Agreement and that certain
         Commitment Reduction Letter dated as of the date hereof with respect to
         the Credit Agreement shall have been fully executed and delivered, and
         all of the conditions precedent set forth therein shall have been
         satisfied in full.

         [section]5.   AMENDMENTS TO THE CREDIT AGREEMENT.
                       ----------------------------------

                       5.1   AMENDMENTS TO THE TABLE OF CONTENTS. The references
                       to Schedules 1.01(a), 1.01(b) and 1.01(c) and to Exhibit
                       C-1 on page v of the Table of Contents of the Credit
                       Agreement are each hereby amended in their entirety to
                       read as follows:

                             SCHEDULE 1.01(a) - Applicable Margin Before Fourth
                       Amendment Date

                             SCHEDULE 1.01(b) - Applicable Margin After Fourth
                       Amendment Date

                             SCHEDULE 1.01(c) - Intentionally Omitted

                             EXHIBIT C-1 - Intentionally Omitted

                       5.2   AMENDMENTS TO SECTION 1.01.

                                       2
<PAGE>

                       (a)   The following definitions appearing in Section 1.01
         of the Credit Agreement are hereby amended in their entirety to read as
         follows:

                             "Applicable Margin" shall be, for any Type and
                       Class of Loan, (i) prior to the Fourth Amendment Date,
                       the percentage per annum set forth on Schedule 1.01(a)
                       for such Type and Class of Loan, and (ii) on and after
                       the Fourth Amendment Date, the Applicable Margin shall be
                       the percentage per annum set forth on Schedule 1.01(b)
                       for such Type and Class of Loan.

                            "Applicable R/C Fee Percentage" shall mean 0.375%
                       per annum.

                       (b)   The following new definition is hereby added to
         Section 1.01 of the Credit Agreement in its proper alphabetical order
         to read as follows:

                             "Fourth Amendment Date" shall mean May [16], 2003.
                              ---------------------

                       (c)   The definitions of "Interest Rate Certificate" and
         "Trigger Date" are each hereby deleted from Section 1.01 of the Credit
         Agreement.

                       (d)   The last sentence of the definition of "Revolving
         Commitment" is amended in its entirety to read as follows:

                             The amount of the Revolving Commitments of all
                       Lenders as of the Fourth Amendment Date is $95,000,000.

                       (e)   The definition of "Swap Contract" is hereby amended
         by deleting "entered into pursuant to Section 9.18" in the last line
         thereof.

                       5.3   AMENDMENT TO SECTION  1.02.  Section  1.02 of the
         Credit Agreement is hereby amended in its entirety to read as follows:

                             1.02   Accounting Terms and Determinations. Except
                       as otherwise provided in this Agreement, all computations
                       and determinations as to accounting or financial matters
                       (including Financial Maintenance Covenants and other
                       financial covenants) shall be made in accordance with
                       GAAP consistently applied for all applicable periods, and
                       all accounting or financial terms shall have the meanings
                       ascribed to such terms by GAAP; provided, however, that,
                       if Borrower notifies the Lead Arranger and the
                       Administrative Agent that Borrower wishes to amend any
                       covenant in Section 9, to eliminate the effect of any
                       change in GAAP (as to which Borrower shall give notice of
                       such change to the Lead Arranger and the Lenders within a
                       reasonable time after such change) on the operation of
                       such covenant (or if the Lead Arranger and the
                       Administrative Agent notify Borrower that the Majority
                       Lenders wish to amend any such covenant for such
                       purpose), then Borrower's compliance with such covenant
                       shall be determined on the basis of GAAP in effect
                       immediately before the relevant change in GAAP became
                       effective, until either such notice is withdrawn or such
                       covenant is amended in a manner satisfactory to Borrower
                       and the Majority Lenders. All financial statements to be
                       delivered pursuant to this Agreement shall be prepared in
                       accordance with GAAP.

                                       3
<PAGE>

                       5.4   AMENDMENT TO SECTION 9.01. Subsection  9.01(e)
         of the Credit Agreement is hereby amended in its entirety to read as
         follows:

                             (e)   Intentionally Omitted;
                                   ---------------------

                       5.5   AMENDMENT TO SECTION 9.18. Subsection  9.18 of the
         Credit Agreement is hereby amended in its entirety to read as follows:

                             9.18. Intentionally Omitted.
                                   ---------------------

                       5.6   AMENDMENT TO SECTION 12.04(i)(a). Section 12.04(i)
         (a) of the Credit Agreement is hereby amended by deleting "(or Schedule
         1.01(a), (b) or (c))" from the twelfth line of such Section and
         substituting "(or Schedule 1.01(a) or (b))" therefor.

                       5.7   AMENDMENT TO SCHEDULE 1.01(a). Schedule 1.01(a) of
         the Credit Agreement is hereby amended in its entirety as set forth on
         Schedule 1 attached hereto and made a part hereof.

                       5.8   AMENDMENT TO SCHEDULE 1.01(b). Schedule 1.01(b) of
         the Credit Agreement is hereby amended in its entirety as set forth on
         Schedule 2 attached hereto and made a part hereof.

                       5.9   AMENDMENT TO SCHEDULE 1.01(c). Schedule 1.01(c) of
         the Credit Agreement is hereby deleted.

                       5.10  AMENDMENT TO ANNEX A. Annex A of the Credit
         Agreement is hereby amended in its entirety as set forth on Schedule 3
         attached hereto and made a part hereof.

         [section]6.   MISCELLANEOUS PROVISIONS.

                       (a)   Except as otherwise expressly provided by this
Agreement, all of the respective terms, conditions and provisions of the Credit
Agreement, the Notes and the other Credit Documents shall remain the same. The
Credit Agreement, the Notes and the other Credit Documents, each as amended
hereby, shall continue in full force and effect, and that this Agreement and the
Credit Agreement shall be read and construed as one instrument.

                       (b)   This Agreement is intended to take effect under,
and shall be construed according to and governed by, the laws of the State of
New York.

                       (c)   This Agreement may be executed in any number of
counterparts, but all such counterparts shall together constitute but one
instrument. In making proof of this Agreement it shall not be necessary to
produce or account for more than one counterpart signed by each party hereto by
and against which enforcement hereof is sought. A facsimile of an executed
counterpart shall have the same effect as the original executed counterpart.

         [REMAINDER OF PAGE INTENTIONALLY BLANK; SIGNATURE PAGES FOLLOW]

                                       4
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto have caused this
Agreement to be executed in its name and behalf by its duly authorized officer
as of the date first written above.

                                      IMAGISTICS INTERNATIONAL INC.

                                             By: /s/ Joseph D. Skrzypczak
                                             ----------------------------
                                             Its Chief Financial Officer

<PAGE>

                                      Agreed to:

                                      FLEET CAPITAL CORPORATION,
                                        as Administrative Agent and as a Lender

                                             By: /s/ Edgar Ezerins
                                                 --------------------------
                                             Edgar Ezerins
                                             Its Senior Vice President

<PAGE>

                                      MERRILL LYNCH CAPITAL CORPORATION,
                                        as a Lender

                                      By: /s/ Michael O'Brien
                                          --------------------
                                          Its Vice President

<PAGE>

                                      JPMORGAN CHASE BANK,
                                        as a Lender

                                      By: /s/ Valerie Schanzer
                                          --------------------
                                          Its Vice President

<PAGE>

                                      MIZUHO CORPORATE BANK, LTD. (successor in
                                      interest to The Industrial Bank of Japan,
                                      Limited), as a Lender

                                      By: /s/ Akihiko Mabuchi
                                          -------------------
                                          Its Senior Vice President

<PAGE>

                                      IBM CREDIT CORPORATION,
                                      as a Lender

                                      By: /s/ Steven Flanagan
                                          -------------------
                                          Its Manager Global Special Handling

<PAGE>

                                      PEOPLE'S BANK,
                                      as a Lender

                                      By: /s/ David Sherrill
                                          -------------------
                                          Its Vice President

<PAGE>

                                      BANK LEUMI, USA,
                                      as a Lender

                                      By: /s/ Paul Tine
                                          -------------
                                          Its Vice President

                                      By: /s/ Glenn Kreutzer
                                          ------------------
                                          Its Banking Officer

<PAGE>

                                      U.S. BANK NATIONAL ASSOCIATION,
                                      as a Lender

                                          By: /s/ Joseph Howard
                                              -----------------
                                              Its Vice President

<PAGE>

                                      CITIZENS BANK OF MASSACHUSETTS,
                                      as a Lender

                                          By: /s/ Cindy Chen
                                              --------------
                                              Its Vice President

<PAGE>

                                   SCHEDULE 1
                                   ----------

                                Schedule 1.01(a)

                                         LIBOR Loans                  ABR Loans
                                         -----------                  ---------

Revolving Loans                             2.25%                       1.25%

Term B Facility Loans                       2.75%                       1.75%

<PAGE>

                                   SCHEDULE 2
                                   ----------

                                Schedule 1.01(b)

                                         LIBOR Loans                  ABR Loans
                                         -----------                  ---------

Revolving Loans                             1.25%                       0.25%

Term B Facility Loans                       2.25%                       1.25%

<PAGE>

                                   SCHEDULE 3
                                   ----------

                                     ANNEX A
                                     -------

                                   COMMITMENTS
<TABLE>
<CAPTION>

                                                              ALLOCATION
-----------------------------------------------------------------------------------------------------------------------
                 INSTITUTION               REVOLVING          TERM B FACILITY                    TOTAL
                 -----------               ----------         ---------------                    -----
                                          COMMITMENTS           COMMITMENTS
                                          -----------           -----------
---------------------------------------- -------------------- -------------------------- ------------------------------
<S>      <C>                             <C>                   <C>                         <C>
Merrill Lynch Capital Corporation        $17,500,000          $         0.00               $17,500,000.00
---------------------------------------- -------------------- -------------------------- ------------------------------
Fleet Capital Corporation                $25,000,000          $27,396,073.00               $52,396,073.00
---------------------------------------- -------------------- -------------------------- ------------------------------
JPMorgan Chase Bank                      $15,000,000          $12,073,217.43               $27,073,217.43
---------------------------------------- -------------------- -------------------------- ------------------------------
U.S. Bank National Association           $15,000,000          $10,000,000.00               $25,000,000.00
---------------------------------------- -------------------- -------------------------- ------------------------------
People's Bank                            $ 7,500,000          $ 4,491,439.57               $11,991,439.57
---------------------------------------- -------------------- -------------------------- ------------------------------
Bank Leumi, USA                          $ 5,000,000          $ 5,000,000.00               $10,000,000.00
---------------------------------------- -------------------- -------------------------- ------------------------------
Citizens Bank of Massachusetts           $10,000,000          $15,000,000.00               $25,000,000.00
---------------------------------------- -------------------- -------------------------- ------------------------------
         Total                           $95,000,000          $73,960,730.00               $168,960,730.00
                                         -----------          --------------               ---------------
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

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