Document:

Exhibit 4.A

    EXHIBIT
      4.A

    

      EXECUTION
        COPY

       

      

       

      EL
        PASO
        CORPORATION

       

      

       

      as
        Issuer

       

      

       

      and

       

      

       

      HSBC
        BANK
        USA, NATIONAL ASSOCIATION

       

      

       

      as
        Trustee

       

      

       

      NINTH
        SUPPLEMENTAL INDENTURE

       

      

       

      Dated
        as of
        July 1, 2005

       

      

       

      to

       

      INDENTURE

       

      Dated
        as of
        May 10, 1999

       

      

       

      

       

      

       

      Remarketed
        Senior Notes Due August 16, 2007

       

      

       

       

      
         

        
          
            

          

        

        
 

      

       

      ARTICLE
        1
        Relation to Indenture; Definitions1

      SECTION
        1.01.
        Relation to Indenture and Eighth Supplemental Indenture.1

      SECTION
        1.02.
        Definitions.1

      SECTION
        1.03.
        General References.2

       

      ARTICLE
        2
        The
        Remarketed Notes2

      SECTION
        2.01.
        The Form of the Remarketed Notes.2

      SECTION
        2.02.
        Amount.2

      SECTION
        2.03.
        Global Securities; Restrictions on Transfer and Exchange.2

      SECTION
        2.04.
        Transfer and Exchange.3

      SECTION
        2.05.
        Legends.3

      SECTION
        2.06.
        Denominations.5

      SECTION
        2.07.
        Registration Rights Agreement.5

      SECTION
        2.08.
        Additional Event of Default.5

       

      ARTICLE
        3
        Miscellaneous5

      SECTION
        3.01.
        Certain Trustee Matters.5

      SECTION
        3.02.
        Continued Effect.5

      SECTION
        3.03.
        Governing Law.6

      SECTION
        3.04.
        Counterparts.6

      

       

      EXHIBITS

       

      Exhibit
        A: Form
        of Remarketed
        Note

       

      

       

      

       

      

       

      
         

        
          
            

          

        

         

      

      NINTH
        SUPPLEMENTAL INDENTURE,
        dated as of July
        1, 2005 (this “Ninth
        Supplemental Indenture”),
        between
EL
        PASO
        CORPORATION,
        a Delaware
        corporation (the “Company”),
        and
HSBC
        BANK
        USA,
        NATIONAL
        ASSOCIATION,
        a national
        banking association, as successor-in-interest to JPMorgan Chase Bank (formerly
        The Chase Manhattan Bank), as trustee under the Indenture referred to below
        (in
        such capacity, the “Trustee”).

       

      RECITALS
        OF
        THE COMPANY

       

      WHEREAS,
        the
        Company and the Trustee are parties to an Indenture, dated as of May 10,
        1999
        (the “Original
        Indenture”),
        such Original
        Indenture, as amended and supplemented from time to time (including without
        limitation pursuant to the Eighth Supplemental Indenture thereto dated as
        of
        June 26, 2002 (the “Eighth
        Supplemental Indenture”)
        and pursuant to
        this Ninth Supplemental Indenture), being referred to herein as the
“Indenture”;
        and

       

      WHEREAS,
        in June
        2002, the Company issued a new series of Securities under the Original Indenture
        and the Eighth Supplemental Indenture designated as the Senior Notes Due
        August
        16, 2007 (the “Original
        Notes”);
        and

       

      WHEREAS,
        pursuant
        to and in accordance with the terms and conditions set forth in (i) the Eighth
        Supplemental Indenture, (ii) the Remarketing Agreement dated as of June 26,
        2002
        between the Company and Credit Suisse First Boston LLC (formerly Credit Suisse
        First Boston Corporation) (the “Remarketing
        Agent”),
        and confirmed
        and accepted by the Purchase Contract Agent named therein (the “Purchase
        Contract Agent”)
        and (iii) the
        Supplemental Remarketing Agreement dated as of June 28, 2005 between the
        Company
        and the Remarketing Agent, and confirmed and accepted by the Purchase Contract
        Agent, the Remarketing Agent agreed to use its commercially reasonable best
        efforts to remarket (the “Remarketing”)
        the Original
        Notes (as so remarketed, the “Remarketed
        Notes”),
        which
        Remarketing would be effected by establishing a reset interest rate for the
        Remarketed Notes, and to sell such Remarketed Notes at a price equal to
        approximately, but not less than, 100.50% of the remarketing value of the
        Original Notes; and

       

      WHEREAS,
        all acts
        and things necessary to make the Remarketed Notes, when executed by the Company
        and authenticated and delivered by the Trustee as provided in the Indenture,
        the
        valid and binding obligations of the Company and to make this Ninth Supplemental
        Indenture a valid and binding agreement in accordance with the Original
        Indenture have been done or performed; and

       

      WHEREAS,
        the
        Company has entered into a Registration Rights Agreement dated as of July
        1,
        2005 (the “Registration
        Rights Agreement”)
        among the
        Company and the Remarketing Agent relating to the Remarketed Notes;

       

      NOW,
        THEREFORE, in
        consideration of the premises, agreements and obligations set forth herein
        and
        for other good and valuable consideration, the receipt and sufficiency of
        which
        are hereby acknowledged, the parties hereto hereby agree, for the equal and
        proportionate benefit of all Holders of the Remarketed Notes, as
        follows:

       

      ARTICLE
        1  

       

      Relation
        to
        Indenture; Definitions

       

      SECTION
        1.01.   Relation
        to Indenture and Eighth Supplemental Indenture. 

       

      With
        respect to the
        Remarketed Notes, each of the Eighth Supplemental Indenture and this Ninth
        Supplemental Indenture constitutes an integral part of the
        Indenture.

       

      SECTION
        1.02.   Definitions. 

       

      For
        all purposes of
        this Ninth Supplemental Indenture, except as otherwise expressly provided
        herein, capitalized terms used herein and not otherwise defined herein shall
        have the meanings assigned thereto in the Original Indenture or the Eighth
        Supplemental Indenture, as applicable.

       

      SECTION
        1.03.   General
        References. 

       

      All
        references in
        this Ninth Supplemental Indenture to Articles and Sections, unless otherwise
        specified, refer to the corresponding Articles and Sections of this Ninth
        Supplemental Indenture; and the terms “herein”,
“hereof”,
“hereunder”
        and any other
        word of similar import refers to this Ninth Supplemental Indenture.

       

      ARTICLE
        2  

       

      The
        Remarketed
        Notes

       

      SECTION
        2.01.   The
        Form of the Remarketed Notes. 

       

      Notwithstanding
        anything to the contrary set forth in the Original Indenture or the Eighth
        Supplemental Indenture, the Remarketed Notes shall be substantially in the
        form
        attached as Exhibit A
        hereto, in each
        case with such appropriate insertions, omissions, substitutions and other
        variations as are required or permitted by the Indenture, and may have such
        letters, numbers or other marks of identification and such legends or
        endorsements placed thereon as the Company may deem appropriate or as may
        be
        required or appropriate to comply with any laws or with any rules made pursuant
        thereto or with the rules of any securities exchange or automated quotation
        system on which the Remarketed Notes may be listed or traded, or to conform
        to
        general usage, or as may, consistently with the Indenture, be determined
        by the
        officers executing such Remarketed Notes, as evidenced by their execution
        thereof.

       

      Except
        as otherwise
        provided herein, the Remarketed Notes shall be executed, authenticated and
        delivered in accordance with the provisions of, and shall in all respects
        be
        subject to, the terms, conditions and covenants of the Original Indenture
        as
        supplemented by the Eighth Supplemental Indenture and this Ninth Supplemental
        Indenture (including the form of Remarketed Note set forth as Exhibit A
        hereto (the terms
        of which are incorporated in and made a part of this Ninth Supplemental
        Indenture for all intents and purposes)). In the event of any inconsistency
        between (a) the provisions of this Ninth Supplemental Indenture and (b) the
        provisions of either (i) the Original Indenture or (ii) the Eighth Supplemental
        Indenture, the provisions of this Ninth Supplemental Indenture shall be
        controlling with respect to the Remarketed Notes.

       

      SECTION
        2.02.   Amount. 

       

      The
        aggregate
        principal amount of the Remarketed Notes which may be authenticated and
        delivered pursuant hereto is $272,102,000. The Trustee shall initially
        authenticate and deliver Remarketed Notes for original issue in an initial
        aggregate principal amount of $272,102,000 upon delivery to the Trustee of
        a
        Company Order for the authentication and delivery of such Remarketed
        Notes.

       

      SECTION
        2.03.   Global
        Securities; Restrictions on Transfer and Exchange. 

       

      The
        Remarketed
        Notes shall initially be issued in the form of one or more Global Securities.
        Such Global Securities (i)  shall bear the legends applicable to Global
        Securities set forth in the Original Indenture (including without limitation
        in
        Sections 202 and 204 thereof), (ii) may be exchanged in whole or in
        part
        for Securities in definitive form upon the terms and subject to the conditions
        provided in the Original Indenture (including without limitation
        Section 305 thereof) and in this Ninth Supplemental Indenture and
        (iii) shall otherwise be subject to the applicable provisions of the
        Indenture.

       

      (1)  Rule
        144A
        Global Notes.
        The Remarketed
        Notes offered and sold to “qualified institutional buyers” (“QIBs”
        or individually,
        a “QIB”)
        (which term
        shall have the meaning assigned to it in Rule 144A under the Securities Act
        of
        1933, as amended (the “Securities
        Act”))
        in the United
        States of America in reliance on Rule 144A will initially be issued as permanent
        Global Securities (the “Rule
        144A Global
        Notes”),
        without
        interest coupons, substantially in the form of Exhibit
        A
        hereto. The Rule 144A Global Notes will be duly executed by the Company,
        authenticated by the Trustee, deposited with the Trustee (as custodian for
        The
        Depository Trust Company (“DTC”),
        which shall act
        as Depositary with respect to the Remarketed Notes constituting Global
        Securities) and registered in the name of DTC or a nominee thereof.

       

      (2)  Regulation
        S
        Global Notes.
        Remarketed Notes
        offered and sold in Offshore Transactions to Non-U.S. Persons (each such
        term to
        have the meaning assigned to it in Regulation S under the Securities Act
        (“Regulation
        S”))
        in reliance on
        Regulation S will initially be issued as permanent Global Securities (the
        “Regulation
        S
        Global Notes”),
        without
        interest coupons, substantially in the form of Exhibit
        A
        hereto. The Regulation S Global Notes will be duly executed by the Company,
        authenticated by the Trustee, deposited with the Trustee (as custodian for
        DTC)
        and registered in the name of DTC or a nominee thereof.

       

      SECTION
        2.04.   Transfer
        and Exchange. 

       

      (1)  Transfer
        and
        Exchange of Remarketed Notes in Certificated Form.
        In addition to
        the requirements set forth in the Original Indenture (including without
        limitation Section 305 thereof), the Remarketed Notes in certificated form
        that
        are “Registrable Securities” under the Registration Rights Agreement (the
“Transfer
        Restricted Securities”)
        which are
        presented or surrendered for registration of transfer or exchange pursuant
        the
        Original Indenture shall be accompanied by the following additional information
        and documents, as applicable, upon which the Security Registrar and the Trustee
        may conclusively rely:

       

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

       

      (b)  if
        such Transfer
        Restricted Securities are being transferred (1) to a QIB in accordance with
        Rule
        144A under the Securities Act or (2) pursuant to an exemption from registration
        in accordance with Rule 144 under the Securities Act (and based upon an opinion
        of counsel if the Company or the Trustee so requests) or (3) pursuant to
        an
        effective registration statement under the Securities Act, a certification
        to
        that effect from the Holder (in substantially the form of the Exchange/Transfer
        Certificate included in Exhibit
        A
        hereto); or

       

      (c)  if
        such Transfer
        Restricted Securities are being transferred pursuant to an exemption from
        registration in accordance with Rule 904 of Regulation S under the Securities
        Act, certifications to that effect from the Holder (in substantially the
        form of
        both (i) the Exchange/Transfer Certificate included in Exhibit
        A
        hereto and (ii) the Regulation S Certificate included in Exhibit
        A
        hereto) and an opinion of counsel to that effect if the Company or the Trustee
        so requests; or

       

      (d)  if
        such Transfer
        Restricted Securities are being transferred in reliance on and in compliance
        with another exemption from the registration requirements of the Securities
        Act,
        a certification to that effect from the Holder (in substantially the form
        of the
        Exchange/Transfer Certificate included in Exhibit
        A
        hereto) and an opinion of counsel to that effect if the Company or the Trustee
        so requests.

       

      (2)  Transfer
        and
        Exchange of Global Notes.
        The transfer and
        exchange of the Global Notes (as defined below) or beneficial interests therein
        shall be effected through the Depositary, upon the terms and subject to the
        conditions provided in the Original Indenture, this Ninth Supplemental Indenture
        (including the restrictions on transfer set forth therein and herein) and
        the
        rules and procedures of the Depositary therefor, which shall include
        restrictions on transfer comparable to those set forth therein and herein
        to the
        extent required by the Securities Act. Neither the Security Registrar nor
        the
        Trustee shall have any liability or responsibility for any such transfers
        or
        exchanges of the Global Notes or beneficial interests therein.

       

      SECTION
        2.05.   Legends. 

       

      (1)  Except
        as permitted
        by the following paragraphs (2) and (3) immediately below, each certificate
        evidencing the Rule 144A Global Notes or Regulation S Global Notes (each
        a
“Global
        Note”)
        or any other
        Remarketed Notes in certificated form (and all Remarketed Notes issued in
        exchange therefor or substitution thereof other than the Exchange Notes (as
        defined below)) shall bear a legend in substantially the following
        form:

       

      THIS
        SECURITY HAS
        NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
        “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR
        OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
        OR
        BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE.
        BY ITS
        ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER:

       

      (1) REPRESENTS
        THAT (A)
        IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
        SECURITIES ACT) (A “QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS
        SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS
        SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER
        THE
        SECURITIES ACT,

       

      (2) AGREES
        THAT IT WILL
        NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(k) (TAKING INTO ACCOUNT
        THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF APPLICABLE) UNDER
        THE
        SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS SECURITY,
        RESELL
        OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY
        THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING
        FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A
        UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE
        TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT
        TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
        ACT
        (IF AVAILABLE) OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
        THE
        SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
        LAWS, AND

       

      (3) AGREES
        THAT IT WILL
        DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN IS
        TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (2)(D) OR (2)(E) ABOVE)
        A
        NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

       

      IN
        CONNECTION WITH
        ANY TRANSFER OF THIS SECURITY OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD
        REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON
        THE
        REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS
        CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS “OFFSHORE
        TRANSACTION,”“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM
        BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.

       

      (2)  Upon
        any sale or
        transfer of a Transfer Restricted Security (including any Transfer Restricted
        Security represented by a Global Note) pursuant to Rule 144 under the Securities
        Act or an effective registration statement under the Securities Act, which
        in
        either case shall be certified by the Company to the Trustee and the Security
        Registrar upon which each may conclusively rely:

       

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

       

      (b)  in
        the case of any
        Transfer Restricted Security represented by a Global Note, such Transfer
        Restricted Security shall not be required to bear the legend(s) set forth
        in (1)
        above if all other interests in such Global Note have been or are concurrently
        being sold or transferred pursuant to Rule 144 under the Securities Act or
        pursuant to an effective registration statement under the Securities Act,
        but
        such Transfer Restricted Security shall continue to be subject to the provisions
        of Section 305 of the Original Indenture and this Section 2.05 of this Ninth
        Supplemental Indenture.

       

      (3)  Notwithstanding
        the
        foregoing, upon consummation of the Exchange Offer (as defined in the
        Registration Rights Agreement), the Company shall issue and, upon receipt
        of a
        Company Order in accordance with the Original Indenture, the Trustee shall
        authenticate Remarketed Notes (“Exchange
        Notes”)
        in exchange for
        Remarketed Notes accepted for exchange in the Exchange Offer, which Exchange
        Notes shall not bear the legend set forth in (1) above, and the Security
        Registrar shall rescind any restriction on the transfer of the Exchange Notes,
        in each case unless the Holder of Remarketed Notes being transferred in the
        Exchange Offer is either (A) a broker-dealer tendering Remarketed Notes acquired
        directly from the Company, (B) a person participating in the Exchange Offer
        for
        purposes of distributing the Exchange Notes or (C) a person who is an
“affiliate” (as defined in Rule 144 under the Securities Act) of the Company.
        The Company shall identify to the Trustee and the Security Registrar such
        Holders of the Remarketed Notes in a written certification signed by an officer
        of the Company and, absent receipt of a certificate from the Company to such
        effect, the Trustee and the Security Registrar shall assume that there are
        no
        such Holders.

       

      SECTION
        2.06.   Denominations. 

       

      Notwithstanding
        anything to the contrary set forth in the Original Indenture or the Eighth
        Supplemental Indenture (including without limitation Section 2.03 of the
        Eighth
        Supplemental Indenture), the Remarketed Notes shall be issued in denominations
        of $1,000 and integral multiples of $1,000.

       

      SECTION
        2.07.   Registration
        Rights Agreement. 

       

      Holders
        of the
        Remarketed Notes shall have the benefit of the Company’s registration
        obligations with respect to the Remarketed Notes, and such Holders shall
        also
        have certain obligations to indemnify the Company under certain circumstances,
        all as more fully set forth in the Registration Rights Agreement.

       

      SECTION
        2.08.   Additional
        Event of Default. 

       

      With
        respect only
        to the Remarketed Notes, in addition to the other events or circumstances
        set
        forth as Events of Default in Section 501 of the Original Indenture, the
        following event shall constitute an Event of Default: default in the payment
        of
        Liquidated Damages (as defined in the Registration Rights Agreement), if
        any,
        when such Liquidated Damages become due and payable pursuant to the Registration
        Rights Agreement and the continuance of such default for 30 days.

       

      ARTICLE
        3  

       

      Miscellaneous

       

      SECTION
        3.01.   Certain
        Trustee Matters. 

       

      The
        recitals
        contained herein shall be taken as the statements of the Company, and the
        Trustee assumes no responsibility for their correctness.

       

      The
        Trustee makes
        no representations as to the validity or sufficiency of this Ninth Supplemental
        Indenture or the Remarketed Notes or the proper authorization or the due
        execution hereof or thereof by the Company.

       

      SECTION
        3.02.   Continued
        Effect. 

       

      Except
        as expressly
        supplemented and amended by this Ninth Supplemental Indenture, the Original
        Indenture (as supplemented and amended to date, including without limitation
        by
        the Eighth Supplemental Indenture) shall continue in full force and effect
        in
        accordance with the provisions thereof, and the Original Indenture (as so
        supplemented and amended, and as further supplemented and amended by this
        Ninth
        Supplemental Indenture) is in all respects hereby ratified and confirmed.
        This
        Ninth Supplemental Indenture and all its provisions shall be deemed a part
        of
        the Original Indenture in the manner and to the extent herein and therein
        provided.

       

      SECTION
        3.03.   Governing
        Law. 

       

      This
        Ninth
        Supplemental Indenture and the Remarketed Notes shall be governed by and
        construed in accordance with the laws of the State of New York.

       

      SECTION
        3.04.   Counterparts. 

       

      This
        instrument may
        be executed in any number of counterparts, each of which shall be deemed
        to be
        an original, but all such counterparts shall together constitute but one
        and the
        same instrument.

       

      (Signature
        Pages Follow)

       

      

       

      
         

        
          
          

          
            

          

        

         

      

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

       

              EL
        PASO
        CORPORATION

      

      

              By:         
        /s/John Hopper

              Name:  
        John Hopper

              Title:   
        Vice President

      

      

      

      

      

      

      
         

        
          
          

          
            

          

        

         

      

      HSBC
        BANK USA,
        NATIONAL ASSOCIATION

      as
        Trustee

      

      

      By:      
           /s/Herawattee Alli

      Authorized
        Signatory

      

      

      

      

       

      
         

        
          
          

          
            

          

        

         

      

      EXHIBIT
        A

       

      [FORM
        OF
        FACE OF REMARKETED NOTE]

       

      [If
        a
        Global Security, 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 TRANSFERRED TO,
        OR
        REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON
        OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE
        REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.
        EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER
        OF, OR
        IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT
        TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]

       

      [If
        a
        Global Security, insert—UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
        REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO
        THE
        COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
        ANY
        SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
        AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
        (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY),
        ANY
        TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
        PERSON
        IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
        HEREIN.]

       

      [If
        a
        Transfer Restricted Security, insert—THIS SECURITY HAS NOT BEEN REGISTERED UNDER
        THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND,
        ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN
        THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS,
        EXCEPT
        AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
        BENEFICIAL INTEREST HEREIN, THE HOLDER:

       

      (1) REPRESENTS
        THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
        THE SECURITIES ACT) (A “QIB”) OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING
        THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING
        THIS
        SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER
        THE
        SECURITIES ACT,

       

      (2) AGREES
        THAT
        IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(k) (TAKING
        INTO
        ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF APPLICABLE)
        UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS
        SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER
        OR
        ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES
        IS A
        QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN COMPLIANCE
        WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN
        AN
        OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT,
        (D)
        PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
        SECURITIES ACT (IF AVAILABLE) OR (E) PURSUANT TO AN EFFECTIVE REGISTRATION
        STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH
        APPLICABLE STATE SECURITIES LAWS, AND

       

      (3) AGREES
        THAT
        IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY OR AN INTEREST HEREIN
        IS
        TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO CLAUSE (2)(D) OR (2)(E) ABOVE)
        A
        NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

       

      IN
        CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR ANY INTEREST HEREIN WITHIN
        THE
        TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX
        SET
        FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT
        THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS “OFFSHORE
        TRANSACTION,”“UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM
        BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT.]

       

      
        	
                CUSIP
                  No. ___________

              	 
	
                ISIN
                  No. ___________

              	 
	
                No.:  ___________

              	
                $_____________

              

      

      

       

      EL
        PASO
        CORPORATION

       

      Remarketed

       

      Senior
        Note
        Due August 16, 2007

       

      El
        Paso
        Corporation, a corporation duly organized and existing under the laws of
        Delaware (the “Company,”
        which term
        includes any successor corporation under the Indenture hereinafter referred
        to),
        for value received, hereby promises to pay to
        [_________________________________] [if
        a Global
        Security, insert - Cede
&
        Co., as
        nominee for The Depository Trust Company] or its registered assigns, the
        principal sum of _______________________ United States Dollars [if
        a Global
        Security, insert - ,
        or such other
        principal amount as shall be set forth in the Schedule of Increases or Decreases
        attached hereto,] at the office of the Company designated for such purpose
        in
        The City of New York, on August 16, 2007 in such coin or currency of the
        United
        States of America as at the time of payment shall be legal tender for the
        payment of public and private debts, and to pay interest thereon quarterly
        in
        arrears on each February 16, May 16, August 16 and November 16 of each year
        (each such date, an “Interest
        Payment
        Date”),
        commencing on
        August 16, 2005, at the rate of (i) 6.14% per annum for the period from May
        16,
        2005 to, but excluding, July 1, 2005 and (ii) 7.625% per annum from, and
        including, July 1, 2005 (or from and including the next most recent date
        to
        which interest has been paid or duly provided for) to, but excluding, the
        date
        on which the principal hereof has been paid or made available for
        payment.

       

      The
        amount of
        interest so payable for any period shall be computed (i) for any full quarterly
        period on the basis of a 360-day year of twelve 30-day months; (ii) for any
        period shorter than a full quarterly period, on the basis of a 30-day month;
        and
        (iii) for periods of less than a month, on the basis of the actual number
        of
        days elapsed per 30-day month. In the event that any Interest Payment Date
        is
        not a Business Day, then payment of the interest or principal payable on
        such
        date will be made on the next succeeding day which is a Business Day and
        no
        interest shall accrue in respect of the amounts which payment is so delayed
        for
        the period from and after such Interest Payment Date, except that, if such
        Business Day is in the next succeeding calendar year, such payment shall
        be made
        on the immediately preceding Business Day, in each case with the same force
        and
        effect as if made on such date.

       

      Payments
        of the
        principal of and interest on the Remarketed Notes shall be made at the office
        of
        the Company designated for such purpose in The City of New York; provided
        that,
        unless this Remarketed Note is a Remarketed Note issued in global form
        (“Global
        Security”),
        interest may be
        paid, at the option of the Company, (i) by check mailed to the address of
        the
        Person entitled thereto as such address shall appear in the Security Register
        or
        (ii) by wire transfer at such place and to such account at a banking institution
        in the United States as may be designated in writing to the Trustee at least
        five Business Days prior to the date for payment by the Person entitled thereto.
        The interest so payable, and punctually paid or duly provided for, on any
        Interest Payment Date, as provided in the Indenture, as hereinafter defined,
        shall be paid to the Person in whose name this Remarketed Note (or one or
        more
        Predecessor Securities) shall have been registered at the close of business
        on
        the Regular Record Date with respect to such Interest Payment Date, provided
        that interest payable on the Stated Maturity shall be paid to the Person
        to whom
        principal is paid. 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 shall be paid as provided in said Indenture.

       

      Reference
        is hereby
        made to the further provisions of this Remarketed Note set forth herein,
        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 referred
        to herein by manual signature, this Remarketed Note shall not be entitled
        to any
        benefit under the Indenture or be valid or obligatory for any
        purpose.

       

      (Signature
        Page
        Follows)

       

      
         

        
          
            

          

        

         

      

      IN
        WITNESS WHEREOF, EL PASO CORPORATION
        has caused this
        instrument to be executed in its corporate name by the signature of its duly
        authorized officers.

       

              EL
        PASO
        CORPORATION

       

      

       

              By:      

       

              Name:      

       

              Title:      

       

      

       

      DATED:
     

       

      
         

        
          
          

          
            

          

        

         

      

      

       

      TRUSTEE’S
        CERTIFICATE OF AUTHENTICATION

       

      This
        is one of the
        Remarketed Senior Notes Due August 16, 2007 referred to in the within-mentioned
        Indenture.

       

      HSBC
        BANK USA,
        NATIONAL ASSOCIATION

       

      as
        Trustee

       

      

       

      By:       

       

      Authorized
        Signatory

       

      

       

      [REVERSE
        OF
        REMARKETED NOTE]

       

      
        
          
          

        

        
          
          

          
            

          

        

         

      

       

      EL
        PASO
        CORPORATION

       

      Remarketed

       

      Senior
        Note
        Due August 16, 2007

       

      This
        Remarketed
        Note is one of a duly authorized issue of securities of the Company (the
        “Securities”),
        issued and to
        be issued in one or more series under an Indenture, dated as of May 10, 1999
        (the “Original
        Indenture”),
        as previously
        supplemented (including without limitation by an Eighth Supplemental Indenture,
        dated as of June 26, 2002 (the “Eighth
        Supplemental Indenture”)
        and as further
        supplemented by a Ninth Supplemental indenture, dated as of July 1, 2005
        (the
“Ninth
        Supplemental Indenture,”
        and the Original
        Indenture, as so supplemented, the “Indenture”),
        between the
        Company and HSBC Bank USA, National Association, a national banking association,
        as successor-in-interest to JPMorgan Chase Bank (formerly The Chase Manhattan
        Bank), as trustee (the “Trustee,”
        which term
        includes any successor trustee under the Indenture), and reference is hereby
        made to the Indenture for a statement of the respective rights, limitations
        of
        rights, duties and immunities thereunder of the Company, the Trustee and
        the
        Holders and of the terms upon which the Securities are, and are to be,
        authenticated and delivered. This Remarketed Note is one of the remarketed
        notes
        in a series designated as Remarketed Senior Notes Due August 16, 2007 of
        the
        Company (hereinafter called the “Remarketed
        Notes”),
        issued under
        the Original Indenture, which Remarketed Notes are limited in aggregate
        principal amount to $272,102,000.

       

      Except
        as provided
        in Sections 1006 and 1007 of the Original Indenture, neither the Indenture
        nor
        the Remarketed Notes limit or otherwise restrict the amount of indebtedness
        which may be incurred or other securities which may be issued by the Company.
        The Remarketed Notes issued under the Indenture are direct, unsecured
        obligations of the Company and will mature on August 16, 2007. The Remarketed
        Notes rank on parity with all other unsecured, unsubordinated indebtedness
        of
        the Company.

       

      The
        Remarketed
        Notes will bear interest as set forth on the face hereof.

       

      The
        Remarketed
        Notes are not redeemable prior to maturity except pursuant to a Tax Event
        in
        accordance with the Eighth Supplemental Indenture. If a Tax Event shall occur,
        the Company may, at its option, redeem the Remarketed Notes in whole (but
        not in
        part) at any time at a price equal to the Redemption Price. Installments
        of
        interest on the Remarketed Notes that are due and payable on or prior to
        the Tax
        Event Redemption Date will be payable to the Holders of the Remarketed Notes
        registered as such on the Record Date next preceding such Tax Event Redemption
        Date.

       

      The
        Company agrees,
        and by acceptance of a beneficial ownership interest in the Remarketed Notes,
        each beneficial holder of Remarketed Notes will be deemed to have agreed
        (1) to
        treat the Remarketed Notes as indebtedness that is subject to Treas. Reg.
        Sec.
        1.1275-4 (the “Contingent
        Payment Regulations”)
        for United
        States federal income tax purposes and (2) to be bound by the Company’s
        determination of the “comparable yield” and “projected payment schedule,” within
        the meaning of the Contingent Payment Regulations, with respect to the
        Remarketed Notes for United States federal income tax purposes. A Holder
        of
        Remarketed Notes may obtain the amount of original issue discount, issue
        date,
        yield to maturity, comparable yield and projected payment schedule by submitting
        a written request for it to the Company at the following address: El Paso
        Corporation, Investor Relations, 1001 Louisiana Street, Houston, Texas
        77002.

       

      The
        Remarketed
        Notes are not entitled to any sinking fund. 

       

      If
        an Event of
        Default with respect to the Remarketed Notes shall occur and be continuing,
        the
        principal of the Remarketed Notes may be declared due and payable in the
        manner
        and with the effect provided in the Indenture.

       

      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 of each series to be affected under the Indenture
        at any time by the Company and the Trustee with the consent of the Holders
        of a
        majority in aggregate principal amount of the Outstanding Securities of all
        series to be affected (voting as one class). The Indenture also contains
        provisions permitting the Holders of a majority in aggregate principal amount
        of
        the Outstanding Securities of all affected series (voting as one class),
        on
        behalf of the Holders of all Securities of such series, to waive compliance
        by
        the Company with certain provisions of the Indenture. The Indenture permits,
        with certain exceptions as therein provided, the Holders of a majority in
        aggregate principal amount of Securities of any series then Outstanding to
        waive
        past defaults under the Indenture with respect to such series and their
        consequences. Any such consent or waiver by the Holder of this Remarketed
        Note
        shall be conclusive and binding upon such Holder and upon all future Holders
        of
        this Remarketed Note and of any Security issued upon the registration of
        transfer hereof or in exchange herefor or in lieu hereof, whether or not
        notation of such consent or waiver is made upon this Remarketed
        Note.

       

      As
        provided in and
        subject to the provisions of the Indenture, the Holder of this Remarketed
        Note
        shall not have the right to institute any proceeding with respect to the
        Indenture or for the appointment of a receiver or trustee or for any other
        remedy thereunder, unless such Holder shall have previously given the Trustee
        written notice of a continuing Event of Default with respect to the Securities
        of this series, the Holders of not less than 25% in principal amount of the
        Securities of this series at the time Outstanding shall have made written
        request to the Trustee to institute proceedings in respect of such Event
        of
        Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
        shall not have received from the Holders of a majority in principal amount
        of
        the Securities of this series at the time Outstanding a direction inconsistent
        with such request, and shall have failed to institute any such proceeding,
        for
        60 days after receipt of such notice, request and offer of indemnity. The
        foregoing shall not apply to any suit instituted by the Holder of this
        Remarketed Note for the enforcement of any payment of principal hereof or
        interest hereon on or after the respective due dates expressed
        herein.

       

      No
        reference herein
        to the Indenture and no provision of this Remarketed Note or of the Indenture
        shall alter or impair the obligation of the Company, which are absolute and
        unconditional, to pay the principal of, and premium, if any, and interest
        on
        this Remarketed Note at the times, place(s) and rates, and in the coin or
        currency, herein prescribed.

       

      [If
        a Global
        Security, insert - The
        holders of
        beneficial interests in this Global Security will not be entitled to receive
        physical delivery of Definitive Securities except as described in the Indenture
        and will not be considered the Holders hereof for any purpose under the
        Indenture.]

       

      As
        provided in the
        Indenture and subject to certain limitations therein set forth, the transfer
        of
        this Remarketed Note is registrable in the Security Register, upon surrender
        of
        this Remarketed Note for registration of transfer at the office or agency
        of the
        Company in the Borough of Manhattan, The City of New York, or at such other
        offices or agencies as the Company may designate, 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
        his
        attorney duly authorized in writing, and thereupon one or more new Securities
        of
        this series and of like tenor, of authorized denominations and for a like
        aggregate principal amount, will be issued to the designated transferee or
        transferees.

       

      The
        Remarketed
        Notes are issuable only in registered forms without coupons, in minimum
        denominations of $1,000 or any integral multiple thereof. As provided in
        the
        Indenture and subject to certain limitations therein set forth, the Securities
        of this series are exchangeable for a like aggregate principal amount of
        Securities of this series and of like tenor of a different authorized
        denomination, as requested by the Holder surrendering the same.

       

      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 transfer tax or other
        similar governmental charge payable in connection therewith.

       

      Prior
        to due
        presentment of this Remarketed Note 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 Remarketed Note is registered as the owner hereof for all
        purposes, whether or not this Remarketed Note be overdue, and neither the
        Company, the Trustee nor any such agent shall be affected by notice to the
        contrary.

       

      No
        recourse under
        or upon any obligation, covenant or agreement of or contained in the Indenture
        or of or contained in any Security, or for any claim based thereon or otherwise
        in respect thereof, or in any Security, or because of the creation of any
        indebtedness represented thereby, shall be had against any incorporator,
        stockholder, officer or director, as such, past, present or future, of the
        Company or of any successor Person, either directly or through the Company
        or
        any successor Person, whether by virtue of any constitution, statute or rule
        of
        law, or by the enforcement of any assessment, penalty or otherwise; it being
        expressly understood that all such liability is hereby expressly waived and
        released by the acceptance hereof and as a condition of, and as part of the
        consideration for, the Securities and the execution of the
        Indenture.

       

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

       

      Except
        as otherwise
        expressly provided herein, all terms used in this Remarketed Note but not
        otherwise defined herein shall have the meanings assigned to them in the
        Indenture.

       

      [If
        a
        Transfer Restricted Security, insert—The
        Holder of this
        Remarketed Note is entitled to the benefits of the Registration Rights
        Agreement, dated as of July 1, 2005 (the “Registration
        Rights Agreement”),
        by and among
        the Company and the Remarketing Agent named therein, and such Holders shall
        also
        have certain obligations to indemnify the Company under certain circumstances,
        all as more fully set forth in the Registration Rights Agreement.]

       

      

       

      
         

        
          
          

          
            

          

        

         

      

      ASSIGNMENT
        FORM

       

      FOR
        VALUE RECEIVED,
        the undersigned hereby sell(s), assign(s) and transfer(s) unto
        _____________________________________ (Please Print or Typewrite Name and
        Address of Assignee) the within instrument of EL PASO CORPORATION and does
        hereby irrevocably constitute and appoint ________________________ Attorney
        to
        transfer said instrument on the books of the within-named Company, with full
        power of substitution in the premises.

       

      Please
        Insert
        Social Security or 

       

      Other
        Identifying
        Number of Assignee: 

       

       

      Dated:
             

       

      (Signature)
        

       

      

       

      Signature
        Guarantee:
        ____________________________________________________________________________

      (Participant
        in a Recognized
        Signature

      Guaranty
        Medallion
        Program)

       

      NOTICE:
        The
        signature to this assignment must correspond with the name as written upon
        the
        face of the within instrument in every particular, without alteration or
        enlargement or any change whatever.

       

      

       

      
         

        
          
            

          

        

         

      

      EXCHANGE/TRANSFER
        CERTIFICATE

       

      Re: Remarketed
        Senior
        Notes Due August 16, 2007 of El Paso Corporation (the “Remarketed
        Notes”).

       

      This
        Exchange/Transfer Certificate relates to $____ principal amount of Remarketed
        Notes held by _____________________ (the “Transferor”).

       

      The
        Transferor has
        requested the Security Registrar by written order to exchange or register
        the
        transfer of a Remarketed Note or Remarketed Notes.

       

      In
        connection with
        such request and in respect of each such Remarketed Note, the Transferor
        does
        hereby certify that the Transferor is familiar with the Indenture relating
        to
        the above-captioned Remarketed Notes and that the transfer of this Remarketed
        Note does not require registration under the Securities Act (as defined below)
        because:**

       

      ‪ Such
        Remarketed
        Note is being acquired for the Transferor’s own account without
        transfer.

       

      ‪ Such
        Remarketed
        Note is being transferred (i) to a “qualified institutional buyer” (as defined
        in Rule 144A under the Securities Act of 1933, as amended (the “Securities
        Act”)),
        in accordance
        with Rule 144A under the Securities Act or (ii) pursuant to an exemption
        from
        registration in accordance with Rule 904 of Regulation S under the Securities
        Act (and in the case of clause (ii), based upon an opinion of counsel if
        the
        Company or the Trustee so requests, together with a certification in
        substantially the form of the Regulation S Certificate included in such
        Remarketed Note).

       

      ‪ Such
        Remarketed
        Note is being transferred (i) pursuant to an exemption from registration
        in
        accordance with Rule 144 under the Securities Act (and based upon an opinion
        of
        counsel if the Company or the Trustee so requests) or (ii) pursuant to an
        effective registration statement under the Securities Act.

       

      ‪ Such
        Remarketed
        Note is being transferred in reliance on and in compliance with another
        exemption from the registration requirements of the Securities Act (and based
        upon an opinion of counsel if the Company or the Trustee so
        requests).

       

      [INSERT
        NAME OF
        TRANSFEROR]

      

      By:

      Name:

      Title:

      Address:

      

      Date:
 

      

      **Check
        appropriate
        box.

       

      
         

        
          
            

          

        

         

      

      REGULATION
        S CERTIFICATE

      

      _________________,
        _____

      

      HSBC
        BANK USA,
        NATIONAL ASSOCIATION, as Security Registrar

      452
        Fifth
        Avenue

      New
        York, New York
        10018

       

      Attention:
        Corporate Trust and Loan Agency

       

      Ladies
        and
        Gentlemen:

       

      In
        connection with
        our proposed sale of $_______________ principal amount of Remarketed Senior
        Notes Due August 16, 2007 (the “Remarketed
        Notes”)
        of El Paso
        Corporation (the “Company”),
        we confirm that
        such sale has been effected pursuant to and in accordance with Regulation
        S
        under the United States Securities Act of 1933, as amended (the “Securities
        Act”),
        and,
        accordingly, we represent that:

       

      (i) the
        offer of the
        Remarketed Notes was not made to a person in the United States of
        America;

       

      
        	 	
                (ii)

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

              

      

       

      
        	 	
                (iii)

              	
                no
                  directed
                  selling efforts have been made by us in contravention of Rule 903
                  or Rule
                  904 of Regulation S under the Securities Act, as
                  applicable;

              

      

       

      
        	 	
                (iv)

              	
                the
                  transaction is not part of a plan or scheme to evade the registration
                  requirements of the Securities Act;
                  and

              

      

       

      
        	 	
                (v)

              	
                if
                  the
                  proposed transfer is being made prior to the expiration of the
                  40-day
                  distribution compliance period as set forth in Regulation S, the
                  transfer
                  is not being made to, or for the benefit or account of, a U.S.
                  Person
                  (other than a distributor).

              

      

       

      You,
        the Trustee
        and the Company are entitled to rely upon this Regulation S Certificate and
        you
        are irrevocably authorized to produce this Regulation S Certificate or a
        copy
        hereof to any interested party in any administrative or legal proceedings
        or
        official inquiry with respect to the matters covered hereby. Terms used but
        not
        defined in this Regulation S Certificate have the meanings set forth in
        Regulation S under the Securities Act.

       

      Very
        truly
        yours,

      

      

      [Name]

      

      By:

      Name:

      Title:

      Address:

      

       

      
         

        
          
            

          

        

         

      

      [If
        a Global
        Security, insert as a separate page—

       

      SCHEDULE
        OF
        INCREASES OR DECREASES

       

      IN
        GLOBAL
        SECURITY

       

      The
        following
        increases or decreases in this Global Security have been made:

       

      
        	
                 

                 

                 

                 

                Date
                  of Exchange

                 

              	
                Amount
                  of Decrease in Principal Amount of this Global
                  Security

                 

              	
                 

                 

                Amount
                  of Increase in Principal Amount of this 

                Global
                  Security

                 

              	
                Principal
                  Amount of this Global Security following such decrease
                  

                (or
                  increase)

                 

              	
                 

                 

                Signature
                  of authorized signatory of Trustee or Depositary]Exhibit 10.A

    
      
        

          EXECUTION
            COPY

           

          

           

          

           

          REGISTRATION
            RIGHTS AGREEMENT

           

          dated
            as
            of

           

          July
            1,
            2005

           

          among

           

          EL
            PASO CORPORATION

           

          and

           

          CREDIT
            SUISSE FIRST BOSTON LLC

          

           

          

           

          
             

            
              
                

              

            

            
               

            

          

          REGISTRATION
            RIGHTS AGREEMENT

           

          THIS
            REGISTRATION RIGHTS AGREEMENT (the “Agreement”)
            is made and entered into as of July
            1,
            2005, by and among EL PASO CORPORATION (the “Company”),
            a corporation duly organized and existing under the laws of the State
            of
            Delaware, and CREDIT SUISSE FIRST BOSTON LLC, (the “Remarketing
            Agent”).

           

          The
            Company issued $575,000,000 aggregate principal amount of 6.14% senior
            notes due
            2007 (the “Notes”)
            in connection with its issuance of 9.00% equity security units (the
“ESUs”)
            in June 2002. Pursuant to the remarketing agreement in connection therewith
            between the Company and Credit Suisse First Boston LLC (formerly, Credit
            Suisse
            First Boston Corporation) dated as of June 26, 2002, as supplemented
            by the
            supplemental remarketing agreement dated as of June
            28,
            2005 between the Company and the Remarketing Agent (the “Supplemental
            Remarketing Agreement”
            and collectively, the “Remarketing
            Agreement”),
            the Remarketing Agent agreed to use its commercially reasonable best
            efforts to
            remarket $ 272,102,000 aggregate principal amount of the Notes (the
“Securities”)
            on behalf of the holders of the ESUs and any holders of the Notes that
            have
            separated from the ESUs who elect to participate in the remarketing.
            The
            Securities will be issued pursuant to an Indenture, dated as of May 10,
            1999
            between the Company and HSBC Bank USA, National Association, as successor
            trustee to JPMorgan Chase Bank (formerly, The Chase Manhattan Bank) (the
            “Trustee”),
            as supplemented by the Eighth Supplemental Indenture dated as of June
            26, 2002
            between the Company and HSBC Bank USA, National Association, as successor
            trustee to JPMorgan Chase Bank and the Ninth Supplemental Indenture dated
            as
            of July
            1,
            2005 between the Company and HSBC Bank USA, National Association, as
            trustee
            (the “Indenture”).

           

          In
            order to induce the Remarketing Agent to enter into the Remarketing Agreement,
            the Company has agreed to provide to the Remarketing Agent and its direct
            and
            indirect transferees the registration rights with respect to the Securities
            set
            forth in this Agreement. The execution of this Agreement is a condition
            to the
            closing under the Remarketing Agreement.

           

          In
            consideration of the foregoing, the parties hereto agree as
            follows:

           

          1.
            Definitions.

           

          As
            used in this Agreement, the following capitalized defined terms shall
            have the
            following meanings:

           

          “1933
            Act”
            shall mean the Securities Act of 1933, as amended from time to
            time.

           

          “1934
            Act”
            shall mean the Securities Exchange Act of 1934, as amended from time
            to
            time.

           

          “Agreement”
            shall have the meaning set forth in the preamble.

           

          “Business
            Day”
            shall have the meaning set forth in Rule 13e-4(a)(3) under the 1934
            Act.

           

          “Closing
            Date”
            shall mean the Closing Date as defined in the Remarketing
            Agreement.

           

          “Company” shall
            have the meaning set forth in the preamble and shall also include the
            Company’s
            successors.

           

          “Exchange
            Dates”
            shall have the meaning set forth in Section 2(a)(ii).

           

          “Exchange
            Offer”
            shall mean the exchange offer by the Company of Exchange Securities for
            all
            Securities that are Registrable Securities pursuant to Section 2(a)
            hereof.

           

          “Exchange
            Offer Registration”
            shall mean a registration under the 1933 Act effected pursuant to Section
            2(a)
            hereof.

           

          “Exchange
            Offer Registration Statement”
            shall mean a registration statement on Form S-4 (or, if applicable, on
            another
            appropriate form) relating to an offering of Exchange Securities pursuant
            to an
            Exchange Offer and all amendments and supplements to such registration
            statement, in each case including the Prospectus contained therein, all
            exhibits
            thereto and all material incorporated by reference therein.

           

          “Exchange
            Securities”
            shall mean any securities issued by the Company to be offered to Holders
            in
            exchange for Securities (pursuant to the Exchange Offer or otherwise)
            pursuant
            to an Exchange Offer Registration Statement containing terms identical
            in all
            material respects to the Securities for which they are exchanged (except
            that
            (i) interest thereon shall accrue from the last date on which interest
            was paid
            on the Securities or, if no such interest has been paid, from the date
            of
            issuance of the Securities), (ii) the Exchange Securities will not contain
            the
            legend appearing on the face of the Securities in the form recited in
            the
            Indenture and will not contain terms with respect to transfer restrictions
            and
            (iii) the Exchange Securities will not contain terms with respect to
            the payment
            of liquidated damages.

           

          “Holder”
            shall mean the Remarketing Agent, for so long as it owns any Registrable
            Securities, and each of its successors, assigns and direct and indirect
            transferees who become registered owners of Registrable Securities under
            the
            Indenture; provided
            that for purposes of Sections 4 and 5 of this Agreement, the term “Holder” shall
            include Participating Broker-Dealers (as defined in Section 4(a)).

           

          “Indemnified
            Party”
            shall have the meaning set forth in Section 5(c).

           

          “Indemnifying
            Party”
            shall have the meaning set forth in Section 5(c).

           

          “Indenture”
            shall have the meaning set forth in the preamble.

           

          “Liquidated
            Damages”
            shall have the meaning set forth in Section 2(e).

           

          “Majority
            Holders”
            shall mean the Holders of a majority of the aggregate principal amount
            of
            outstanding Registrable Securities; provided
            that, for purposes of Section 6(b), whenever the consent or approval
            of Holders
            of a specified percentage of Registrable Securities is required hereunder,
            Registrable Securities held by the Company or any of its affiliates (as
            such
            term is defined in Rule 405 under the 1933 Act) (other than the Remarketing
            Agent or subsequent Holders of Registrable Securities if such subsequent
            Holders
            are deemed to be such affiliates solely by reason of their holding of
            such
            Registrable Securities) shall not be considered outstanding and shall
            not be
            counted in determining whether such consent or approval was given by
            the Holders
            of such required percentage or amount.

           

          “Participant”
            shall have the meaning set forth in Section 5(a).

           

          “Participating
            Broker-Dealer”
            shall have the meaning set forth in Section 4(a) hereof.

           

          “Person”
            shall mean an individual, partnership, limited liability company, corporation,
            trust or unincorporated organization, or a government or agency or political
            subdivision thereof.

           

          “Private
            Exchange”
            shall have the meaning set forth in Section 2(a).

           

          “Private
            Exchange Securities”
            shall have the meaning set forth in Section 2(a).

           

          “Prospectus”
            shall mean the prospectus included in a Registration Statement, including
            any
            preliminary prospectus, and any such prospectus as amended or supplemented
            by
            any prospectus supplement, including a prospectus supplement with respect
            to the
            terms of the offering of any portion of the Registrable Securities covered
            by a
            Shelf Registration Statement, and by all other amendments and supplements
            to
            such prospectus, and in each case including all material incorporated
            by
            reference therein.

           

          “Registrable
            Securities”
            shall mean the Securities and the Private Exchange Securities; provided,
            however,
            that the Securities and the Private Exchange Securities shall cease to
            be
            Registrable Securities when (i) a Registration Statement with respect
            to such
            Securities or such Private Exchange Securities shall have been declared
            effective under the 1933 Act and such Securities or such Private Exchange
            Securities shall have been exchanged for Exchange Securities pursuant
            to an
            Exchange Offer Registration Statement or disposed of pursuant to a Shelf
            Registration Statement, as applicable, (ii) such Securities or such Private
            Exchange Securities have been sold to the public pursuant to Rule 144
            under the
            1933 Act or are saleable pursuant to Rule 144(k) (or any similar provision
            then
            in force, but not Rule 144A) under the 1933 Act or (iii) such Securities
            or such
            Private Exchange Securities shall have ceased to be outstanding.

           

          “Registration
            Default”
            shall have the meaning set forth in Section 2(e).

           

          “Registration
            Expenses”
            shall mean any and all expenses incident to performance of or compliance
            by the
            Company with this Agreement, including without limitation: (i) all SEC,
            stock
            exchange or National Association of Securities Dealers, Inc. registration
            and
            filing fees, (ii) all fees and expenses incurred in connection with compliance
            with state securities or blue sky laws (including reasonable fees and
            disbursements of counsel for any underwriters or Holders in connection
            with blue
            sky qualification of any of the Exchange Securities or Registrable Securities),
            (iii) all expenses of any Person in preparing or assisting in preparing,
            word
            processing, printing and distributing any Registration Statement, any
            Prospectus, any amendments or supplements thereto, any underwriting agreements,
            securities sales agreements and other documents relating to the performance
            of
            and compliance with this Agreement, (iv) all rating agency fees, (v)
            all fees
            and disbursements relating to the qualification of the Indenture under
            applicable securities laws, (vi) the fees and disbursements of the Trustee
            and
            its counsel, (vii) the fees and disbursements of counsel for the Company
            and, in
            the case of a Shelf Registration Statement, the reasonable fees and
            disbursements of one counsel for the Holders (which counsel shall be
            selected by
            the Majority Holders and which counsel may also be counsel for the Remarketing
            Agent) and (viii) the fees and disbursements of the independent public
            accountants of the Company, including the expenses of any special audits
            or
“cold comfort” letters required by or incident to such performance and
            compliance, but excluding fees of counsel to the Underwriters (other
            than the
            fees and expenses set forth in clause (ii) above) and the Holders relating
            to
            the sale or disposition of Registrable Securities by a Holder.

           

          “Registration
            Statement”
            shall mean any registration statement of the Company that covers any
            of the
            Exchange Securities or the Registrable Securities pursuant to the provisions
            of
            this Agreement and all amendments and supplements to any such Registration
            Statement, including post-effective amendments, in each case including
            the
            Prospectus contained therein, all exhibits thereto and all material incorporated
            by reference therein.

           

          “Remarketing
            Agent”
            shall have the meaning set forth in the preamble.

           

          “Remarketing
            Agreement”
            shall have the meaning set forth in the preamble.

           

          “SEC”
            shall mean the Securities and Exchange Commission.

           

          “Securities”
            shall have the meaning set forth in the preamble.

           

          “Shelf
            Registration”
            shall mean a registration effected pursuant to Section 2(b) hereof.

           

          “Shelf
            Registration Statement”
            shall mean a “shelf” registration statement of the Company pursuant to the
            provisions of Section 2(b) of this Agreement which covers all of the
            Registrable
            Securities (but no other securities unless approved by the Holders of
            a majority
            of the aggregate principal amount of outstanding Registrable Securities
            that are
            covered by such Shelf Registration Statement) on an appropriate form
            under Rule
            415 under the 1933 Act, or any similar rule that may be adopted by the
            SEC, and
            all amendments and supplements to such registration statement, including
            post-effective amendments, in each case including the Prospectus contained
            therein, all exhibits thereto and all material incorporated by reference
            therein.

           

          “TIA”
            shall have the meaning set forth in Section 3(1) hereof.

           

          “Trustee”
            shall have the meaning set forth in the preamble.

           

          “Underwriter”
            shall have the meaning set forth in Section 3 hereof.

           

          “Underwritten
            Registration or Underwritten Offering” shall
            mean a registration in which Registrable Securities are sold to an Underwriter
            for reoffering to the public.

           

          2.
            Registration
            under
            the 1933 Act.

           

          (a) To
            the extent not prohibited by any applicable law or applicable interpretation
            of
            the staff of the SEC, the Company shall (1) cause to be filed an Exchange
            Offer
            Registration Statement within 120 days following the Closing Date covering
            the
            offer by the Company to the Holders to exchange all of the Registrable
            Securities for an equal aggregate principal amount of Exchange Securities
            and
            (2) use its reasonable best efforts to cause such Exchange Offer Registration
            Statement to become effective within 210 days following the Closing Date.
            The
            Company shall use its reasonable best efforts to have the Exchange Offer
            Registration Statement remain effective until the closing of the Exchange
            Offer.
            The Company shall commence the Exchange Offer promptly after the Exchange
            Offer
            Registration Statement has been declared effective by the SEC and use
            its
            reasonable best efforts to have the Exchange Offer consummated not later
            than 30
            Business Days after such effective date. The Company shall commence the
            Exchange
            Offer by mailing the related exchange offer Prospectus and accompanying
            documents to each Holder stating, in addition to such other disclosures
            as are
            required by applicable law:

           

          (i)
            that the Exchange Offer is being made pursuant to this Agreement and
            that all
            Registrable Securities validly tendered will be accepted for
            exchange;

           

          (ii)
            the dates of acceptance for exchange (which shall be a period of at least
            20
            Business Days from the date such notice is mailed) (the “Exchange
            Dates”);

           

          (iii)
            that any
            Registrable Security not tendered will remain outstanding and continue
            to accrue
            interest, but will not retain any rights under this Agreement;

           

          (iv)
            that Holders
            electing to have a Registrable Security exchanged pursuant to the Exchange
            Offer
            will be required to surrender such Registrable Security, together with
            the
            enclosed letters of transmittal, to the institution and at the address
            specified
            in the notice prior to the close of business on the last Exchange Date;
            and

           

          (v)
            that Holders
            will be entitled to withdraw their election, not later than the close
            of
            business on the last Exchange Date, by sending to the institution and
            at the
            address (located in the Borough of Manhattan, The City of New York) specified
            in
            the notice, a telegram, telex, facsimile transmission or letter setting
            forth
            the name of such Holder, the principal amount of Registrable Securities
            delivered for exchange and a statement that such Holder is withdrawing
            his
            election to have such Registrable Securities exchanged.

           

          If,
            upon
            consummation of the Exchange Offer, the Remarketing Agent holds Securities
            acquired by it as part of its initial distribution, the Company, simultaneously
            with the delivery of the Exchange Securities pursuant to the Exchange
            Offer,
            shall issue and deliver to the Remarketing Agent upon the written request
            of the
            Remarketing Agent, in exchange (the “Private
            Exchange”)
            for the
            Securities held by the Remarketing Agent, a like principal amount of
            debt
            securities of the Company issued under the Indenture and identical in
            all
            material respects (including the existence of restrictions on transfer
            under the
            1933 Act and the securities laws of the several states of the United
            States, but
            excluding provisions relating to the matters described in Section 2(e)
            hereof)
            to the Securities (the “Private
            Exchange Securities”).
            The interest on
            the Private Exchange Securities shall accrue from the last date on which
            interest was paid on the Securities or, if no such interest has been
            paid, from
            the date of issuance of the Securities.

           

          As
            soon as practicable after the last Exchange Date or the close of the
            Private
            Exchange, as the case may be, the Company shall:

           

          (A) accept
            for exchange Registrable Securities or portions thereof tendered and
            not validly
            withdrawn pursuant to the Exchange Offer or the Private Exchange;
            and

           

          (B) deliver,
            or cause to be delivered, to the Trustee for cancellation all Registrable
            Securities or portions thereof so accepted for exchange by the Company
            and
            issue, and cause the Trustee to promptly authenticate and mail to each
            Holder,
            an Exchange Security or Private Exchange Securities equal in aggregate
            principal
            amount to the aggregate principal amount of the Registrable Securities
            surrendered by such Holder.

           

          The
            Company shall use its reasonable best efforts to complete the Exchange
            Offer as
            provided above and shall comply with the applicable requirements of the
            1933
            Act, the 1934 Act and other applicable laws and regulations in connection
            with
            the Exchange Offer. The Exchange Offer shall not be subject to any conditions,
            other than that the Exchange Offer does not violate applicable law or
            any
            applicable interpretation of the staff of the SEC. The Company shall
            inform the
            Remarketing Agent of the names and addresses of the Holders to whom the
            Exchange
            Offer is made, and the Remarketing Agent shall have the right, subject
            to
            applicable law, to contact such Holders and otherwise facilitate the
            tender of
            Registrable Securities in the Exchange Offer.

           

          If,
            during the period the Exchange Offer Registration Statement is effective,
            an
            event occurs which makes any statement made in such Exchange Offer Registration
            Statement or the related Prospectus untrue in any material respect or
            which
            requires the making of any changes in such Exchange Offer Registration
            Statement
            in order to make the statements therein not misleading or in such Prospectus
            in
            order to make the statements therein, in the light of the circumstances
            under
            which they were made, not misleading, the Company shall use its reasonable
            best
            efforts to prepare and file with the SEC a supplement or post-effective
            amendment to the Exchange Offer Registration Statement or the related
            Prospectus
            or any document incorporated therein by reference or file any other required
            document so that, as thereafter delivered to the purchasers of the Registrable
            Securities, such Prospectus will not contain any untrue statement of
            a material
            fact or omit to state a material fact necessary to make the statements
            therein,
            in the light of the circumstances under which they were made, not misleading.
            The Company agrees to notify the Holders to suspend the exchange of the
            Registrable Securities as promptly as practicable after the occurrence
            of such
            an event, and the Holders hereby agree to suspend such exchange until
            the
            Company has amended or supplemented the Prospectus to correct such misstatement
            or omission.

           

          (b) If
            (i) the Company determines that the Exchange Offer Registration provided
            for in
            Section 2(a) above is not available or may not be consummated as soon
            as
            practicable after the last Exchange Date because it would violate applicable
            law
            or the applicable interpretations of the staff of the SEC, (ii) the Exchange
            Offer is not for any other reason consummated within 260 days following
            the
            Closing Date, (iii) any Holder (other than a Participating Broker-Dealer)
            is not
            eligible to participate in the Exchange Offer or, in the case of any
            Holder
            (other than a Participating Broker-Dealer) that participates in the Exchange
            Offer, such Holder does not receive freely tradeable Exchange Securities
            on the
            date of the exchange or (iv) in the written opinion of counsel for the
            Holders a
            Shelf Registration Statement must be filed and a Prospectus must be delivered
            by
            any Holder in connection with any reoffering or resale of Registrable
            Securities, the Company shall (x) file with the SEC within 75 days following
            such determination, date or notice of such opinion of counsel is given
            to the
            Company a Shelf Registration Statement providing for the resale by the
            Holders
            (other than those who fail to comply with the paragraph immediately following
            clause (p) of Section 3) of all of their Registrable Securities and (y)
            use its
            reasonable best efforts to cause such Shelf Registration Statement to
            become
            effective within 60 days of the filing of such Shelf Registration Statement.
            If
            the Company is required to file a Shelf Registration Statement solely
            as a
            result of the matters referred to in clause (iv) of the preceding sentence,
            the
            Company shall use its reasonable best efforts to file and have declared
            effective by the SEC both an Exchange Offer Registration Statement pursuant
            to
            Section 2(a) with respect to all Registrable Securities and a Shelf Registration
            Statement (which may be a combined Registration Statement with the Exchange
            Offer Registration Statement) with respect to reoffers and resales of
            Registrable Securities held by the Holders who must deliver the related
            Prospectus. The Company agrees to use its reasonable best efforts to
            keep the
            Shelf Registration Statement continuously effective until the expiration
            of the
            period referred to in Rule 144(k) of the 1933 Act with respect to the
            Registrable Securities or such shorter period that will terminate when
            all of
            the Registrable Securities covered by the Shelf Registration Statement
            have been
            sold pursuant to the Shelf Registration Statement or cease to be Registrable
            Securities within the meaning of this Agreement. The Company further
            agrees to
            supplement or amend the Shelf Registration Statement if required by the
            rules,
            regulations or instructions applicable to the registration form used
            by the
            Company for such Shelf Registration Statement or by the 1933 Act or by
            any other
            rules and regulations thereunder for shelf registration or if reasonably
            requested by a Holder with respect to information relating to such Holder,
            and
            to use its reasonable best efforts to cause any such amendment to become
            effective and such Shelf Registration Statement to become usable as soon
            as
            thereafter practicable. The Company agrees to furnish to the Holders
            of
            Registrable Securities copies of any such supplement or amendment promptly
            after
            its being used or filed with the SEC.

           

          (c) The
            Company shall pay all Registration Expenses in connection with the registration
            pursuant to Section 2(a) or Section 2(b). 

           

          (d) An
            Exchange Offer Registration Statement pursuant to Section 2(a) hereof
            or a Shelf
            Registration Statement pursuant to Section 2(b) hereof will not be deemed
            to
            have become effective unless it has been declared effective by the SEC;
            provided,
            however,
            that, if, after it has been declared effective, the offering of Registrable
            Securities pursuant to a Shelf Registration Statement is interfered with
            by any
            stop order, injunction or other order or requirement of the SEC or any
            other
            governmental agency or court, such Registration Statement will be deemed
            not to
            have become effective during the period of such interference until the
            offering
            of Registrable Securities pursuant to such Registration Statement may
            legally
            resume.

           

          (e) The
            Company and the
            Remarketing Agent agree that the Holders will suffer damages if the Company
            fails to fulfill its obligations under Section 2(a) or Section 2(b) hereof
            and
            that it would not be feasible to ascertain the extent of such damages
            with
            precision. Accordingly, the Company agrees that if:

           

          (i)
            the Exchange Offer Registration Statement is not filed with the SEC on
            or prior
            to the 120th
            day following
            the Closing Date,

           

          (ii)
            the Exchange
            Offer Registration Statement is not declared effective on or prior to
            the 210th
            day following the Closing Date,

           

          (iii)
            the Exchange
            Offer is not completed on or prior to the 260th day following the Closing
            Date,
            or

           

          (iv)
            the Shelf
            Registration Statement is required to be filed but is not filed or declared
            effective within the time period set forth herein or is declared effective
            but
            thereafter ceases to be effective or usable prior to the expiration of
            the
            period referred to in Rule 144(k) with respect to the Registrable Securities
            other than after the Registrable Securities have been disposed of under
            the
            Shelf Registration Statement or cease to be Registrable Securities, without
            being succeeded within two Business Days by a post-effective amendment
            which
            cures the failure and that is itself immediately declared effective,
            

           

          (each
            such event
            referred to in clauses (i) through (iv) a “Registration
            Default”),
            liquidated
            damages (“Liquidated
            Damages”)
            will accrue on
            the affected Registrable Securities and the affected Exchange Securities,
            as
            applicable. The rate of Liquidated Damages will be 0.25% per annum of
            the
            principal amount of Registrable Securities held by such Holder for the
            first
            90-day period immediately following the occurrence of a Registration
            Default,
            increasing by 0.25% per annum with respect to each subsequent 90-day
            period, up
            to a maximum of 1.00% per annum, from and including the date on which
            any such
            Registration Default shall occur to, but excluding, the earlier of (1)
            the date
            on which all Registration Defaults have been cured or (2) the date on
            which all
            the Registrable Securities and Exchange Securities otherwise become freely
            transferable by Holders other than affiliates of the Company without
            further
            registration under the 1933 Act.

           

          Notwithstanding
            the foregoing, (1) the amount of Liquidated Damages payable shall not
            increase
            because more than one Registration Default has occurred and is pending
            and (2) a
            Holder of Registrable Securities or Exchange Securities who is not entitled
            to
            the benefits of the Shelf Registration Statement (i.e., such Holder has
            not
            elected to including information) shall not be entitled to Liquidated
            Damages
            with respect to a Registration Default that pertains to the Shelf Registration
            Statement.

           

          (f) The
            Company shall notify the Trustee within one Business Day after each date
            on
            which an event occurs in respect of which Liquidated Damages are required
            to be
            paid. Any amounts of Liquidated Damages due pursuant to this Section
            2 will be
            payable in addition to any other interest payable from time to time with
            respect
            to the Registrable Securities in cash semi-annually on the interest payment
            dates specified in the Indenture (to the holders of record as specified
            in the
            Indenture), commencing with the first such interest payment date occurring
            after
            any such Liquidated Damages commence to accrue. The amount of Liquidated
            Damages
            will be determined in a manner consistent with the calculation of interest
            under
            the Indenture.

           

          (g) Without
            limiting the remedies available to the Holders, the Company acknowledges
            that
            any failure by the Company to comply with its obligations under Section
            2(a) and
            Section 2(b) hereof may result in material irreparable injury to the
            Holders for
            which there is no adequate remedy at law, that it will not be possible
            to
            measure damages for such injuries precisely and that, in the event of
            any such
            failure, the Remarketing Agent or any Holder may obtain such relief as
            may be
            required to specifically enforce the Company’s obligations under Section 2(a)
            and Section 2(b) hereof.

           

          3.
            Registration
            Procedures.

           

          In
            connection with the obligations of the Company with respect to the Registration
            Statements pursuant to Section 2(a) and Section 2(b) hereof, the Company
            shall
            as expeditiously as possible (provided, however, that the Company shall
            not be
            required to take actions more promptly than required by Sections 2(a)
            and
            2(b)):

           

          (a) prepare
            and file with the SEC a Registration Statement on the appropriate form
            under the
            1933 Act, which form shall (x) be selected by the Company, (y) in the
            case of a
            Shelf Registration, be available for the sale of the Registrable Securities
            by
            the selling Holders thereof and (z) comply as to form in all material
            respects
            with the applicable requirements of the 1933 Act and rules and regulations
            promulgated thereunder and include all financial statements required
            by the SEC
            to be filed therewith, and use reasonable best efforts to cause such
            Registration Statement to become effective and remain effective in accordance
            with Section 2 hereof;

           

          (b) prepare
            and file with the SEC such amendments and post-effective amendments to
            each
            Registration Statement as may be necessary to keep such Registration
            Statement
            effective for the applicable period and cause each Prospectus to be supplemented
            by any required prospectus supplement and, as so supplemented, to be
            filed
            pursuant to Rule 424 under the 1933 Act; and keep each Prospectus current
            during
            the period described under Section 4(3) and Rule 174 under the 1933 Act
            that is
            applicable to transactions by brokers or dealers with respect to the
            Registrable
            Securities or Exchange Securities;

           

          (c) in
            the case of a Shelf Registration, furnish to each Holder of Registrable
            Securities, to counsel for the Remarketing Agent and to counsel for the
            Holders
            and to each Underwriter of an Underwritten Offering of Registrable Securities,
            if any, without charge, as many copies of each Prospectus, including
            each
            preliminary Prospectus and any amendment or supplement thereto and such
            other
            documents as such Holder or Underwriter may reasonably request, in order
            to
            facilitate the public sale or other disposition of the Registrable Securities;
            and, subject to Section 3(i), the Company consents to the use of such
            Prospectus
            and any amendment or supplement thereto in accordance with applicable
            law by
            each of the selling Holders of Registrable Securities and any such Underwriters
            in connection with the offering and sale of the Registrable Securities
            covered
            by and in the manner described in such Prospectus or any amendment or
            supplement
            thereto in accordance with applicable law;

           

          (d) use
            its reasonable best efforts to register or qualify the Registrable Securities
            under all applicable state securities or blue sky laws of such jurisdictions
            as
            any Holder of Registrable Securities covered by a Registration Statement
            shall
            reasonably request in writing by the time the applicable Registration
            Statement
            is declared effective by the SEC, and to cooperate with such Holders
            in
            connection with any filings required to be made with the National Association
            of
            Securities Dealers, Inc. and do any and all other acts and things which
            may be
            reasonably necessary or advisable to enable such Holder to consummate
            the
            disposition in each such jurisdiction of such Registrable Securities
            owned by
            such Holder; provided,
            however,
            that the Company shall not be required to (i) qualify as a foreign corporation
            or as a dealer in securities in any jurisdiction where it would not otherwise
            be
            required to qualify but for this Section 3(d), (ii) file any general
            consent to
            service of process or (iii) subject itself to taxation in any such jurisdiction
            if it is not so subject;

           

          (e) in
            the case of a
            Shelf Registration, notify each Holder of Registrable Securities, counsel
            for
            the Holders and counsel for the Remarketing Agent (or, if applicable,
            separate
            counsel for the Holders) promptly and, if requested by any such Holder
            or
            counsel, confirm such advice in writing, (i) when a Registration Statement
            has
            become effective and when any post-effective amendment thereto has been
            filed
            and becomes effective, (ii) of any request by the SEC or any state securities
            authority for amendments and supplements to a Registration Statement
            and
            Prospectus or for additional information after the Registration Statement
            has
            become effective, (iii) of the issuance by the SEC or any state securities
            authority of any stop order suspending the effectiveness of a Registration
            Statement or the initiation of any proceedings for that purpose, (iv)
            if,
            between the effective date of a Registration Statement and the closing
            of any
            sale of Registrable Securities covered thereby, the representations and
            warranties of the Company contained in any underwriting agreement, securities
            sales agreement or other similar agreement, if any, relating to the offering
            cease to be true and correct in all material respects or if the Company
            receives
            any notification with respect to the suspension of the qualification
            of the
            Registrable Securities for sale in any jurisdiction or the initiation
            of any
            proceeding for such purpose, (v) of the happening of any event during
            the period
            a Shelf Registration Statement is effective which makes any statement
            made in
            such Shelf Registration Statement or the related Prospectus untrue in
            any
            material respect or which requires the making of any changes in such
            Registration Statement in order to make the statements therein not misleading
            or
            in such Prospectus in order to make the statements therein, in the light
            of the
            circumstances under which they were made, not misleading and (vi) of
            any
            determination by the Company that a post-effective amendment to a Registration
            Statement would be appropriate;

           

          (f) use
            its reasonable
            best efforts to obtain the withdrawal of any order suspending the effectiveness
            of a Registration Statement at the earliest possible moment and provide
            immediate notice to each Holder of the withdrawal of any such
            order;

           

          (g) in
            the case of a
            Shelf Registration, furnish to each Holder of Registrable Securities,
            without
            charge, at least one conformed copy of each Registration Statement and
            any
            post-effective amendment thereto (without documents incorporated therein
            by
            reference or exhibits thereto, unless requested in writing);

           

          (h) in
            the case of a
            Shelf Registration, cooperate with the selling Holders of Registrable
            Securities
            to facilitate the timely preparation and delivery of certificates representing
            Registrable Securities to be sold and not bearing any restrictive legends
            (unless required by applicable securities laws) and enable such Registrable
            Securities to be in such denominations (consistent with the provisions
            of the
            Indenture) and registered in such names as the selling Holders may reasonably
            request at least two Business Days prior to the closing of any sale of
            Registrable Securities;

           

          (i) in
            the case of a
            Shelf Registration, upon the occurrence of any event contemplated by
            Section
            3(e)(v) hereof, use its reasonable best efforts to prepare and file with
            the SEC
            a supplement or post-effective amendment to a Registration Statement
            or the
            related Prospectus or any document incorporated therein by reference
            or file any
            other required document so that, as thereafter delivered to the purchasers
            of
            the Registrable Securities, such Prospectus will not contain any untrue
            statement of a material fact or omit to state a material fact necessary
            to make
            the statements therein, in the light of the circumstances under which
            they were
            made, not misleading. The Company agrees to notify the Holders to suspend
            use of
            the Prospectus as promptly as practicable after the occurrence of such
            an event,
            and the Holders hereby agree to suspend use of the Prospectus until the
            Company
            has amended or supplemented the Prospectus to correct such misstatement
            or
            omission and has furnished copies of the amended or supplemented Prospectus
            to
            the Holders or until the Company notifies the Holders that the sale of
            the
            Registrable Securities may be resumed;

           

          (j) a
            reasonable time
            prior to the filing of any Registration Statement, any Prospectus, any
            amendment
            to a Registration Statement or amendment or supplement to a Prospectus,
            or any
            document which is to be incorporated by reference into a Registration
            Statement
            or Prospectus after the initial filing of a Registration Statement, provide
            copies of such document to the Remarketing Agent and their counsel (and,
            in the
            case of a Shelf Registration Statement, the Holders and their counsel)
            and make
            such of the representatives of the Company as shall be reasonably requested
            by
            the Remarketing Agent or their counsel (and, in the case of a Shelf Registration
            Statement, the Holders or their counsel) available for discussion of
            such
            document, and shall not at any time file or make any amendment to the
            Shelf
            Registration Statement, any Prospectus or any amendment of or supplement
            to a
            Shelf Registration Statement or a Prospectus or any document which is
            to be
            incorporated by reference into a Registration Statement or a Prospectus,
            of
            which the Remarketing Agent and their counsel (and, in the case of a
            Shelf
            Registration Statement, the Holders or their counsel) shall not have
            previously
            been advised and furnished a copy or to which the Remarketing Agent or
            their
            counsel (and, in the case of a Shelf Registration Statement, the Holders
            or
            their counsel) shall reasonably object;

           

          (k) obtain
            a CUSIP
            number for all Exchange Securities or Registrable Securities, as the
            case may
            be, not later than the effective date of the applicable Registration
            Statement;

           

          (l) cause
            the Ninth
            Supplemental Indenture to be qualified under the Trust Indenture Act
            of 1939, as
            amended (the “TIA”), in connection with the registration of the Exchange
            Securities or Registrable Securities, as the case may be, and cooperate
            with the
            Trustee and the Holders to effect such changes to the Indenture as may
            be
            required for the Indenture to be so qualified in accordance with the
            terms of
            the TIA and execute, and use commercially reasonable best efforts to
            cause the
            Trustee to execute, all documents as may be required to effect such changes
            and
            all other forms and documents required to be filed with the SEC to enable
            the
            Indenture to be so qualified in a timely manner;

           

          (m) in
            the case of a
            Shelf Registration, make available for inspection by a representative
            of the
            Holders of the Registrable Securities, any Underwriter participating
            in any
            disposition pursuant to such Shelf Registration Statement, and attorneys
            and
            accountants designated by the Holders, at reasonable times and in a reasonable
            manner, all relevant financial and other records, pertinent documents
            and
            properties of the Company, and cause the respective officers, directors
            and
            employees of the Company to supply all information reasonably requested
            by any
            such representative, Underwriter, attorney or accountant in connection
            with a
            Shelf Registration Statement, in each case that would customarily be
            reviewed or
            examined in connection with “due diligence” review of the Company;

           

          (n) use
            its reasonable
            best efforts to cause the Exchange Securities to continue to be rated
            by two
            nationally recognized statistical rating organizations (as such term
            is defined
            in Rule 436(g)(2) under the 1933 Act), if the Registrable Securities
            have been
            rated prior to the initial sale of such Registrable Securities;

           

          (o) if
            reasonably
            requested by any Holder of Registrable Securities covered by a Registration
            Statement, (i) promptly incorporate in a Prospectus supplement or post-effective
            amendment such information with respect to such Holder as such Holder
            reasonably
            requests to be included therein and (ii) make all required filings of
            such
            Prospectus supplement or such post-effective amendment as soon as reasonably
            practicable after the Company has received notification of the matters
            to be
            incorporated in such filing; and

           

          (p) in
            the case of a
            Shelf Registration, enter into such customary agreements and take all
            such other
            actions in connection therewith (including those reasonably requested
            by the
            Holders of a majority of the Registrable Securities being sold thereunder)
            in
            order to expedite or facilitate the disposition of such Registrable Securities
            thereunder including, but not limited to, pursuant to an Underwritten
            Offering
            and in such connection, (i) to the extent possible, make such representations
            and warranties to the Holders and any Underwriters of such Registrable
            Securities with respect to the business of the Company and its subsidiaries,
            the
            Registration Statement, Prospectus and documents incorporated by reference
            or
            deemed incorporated by reference, if any, in each case, in form, substance
            and
            scope as are customarily made by issuers to underwriters in underwritten
            offerings and confirm the same if and when requested, (ii) obtain opinions
            of
            counsel to the Company (which counsel and opinions, in form, scope and
            substance, shall be reasonably satisfactory to the Holders of a majority
            in
            principal amount of the Registrable Securities being sold under such
            Shelf
            Registration Statement, such Underwriters and their respective counsel)
            addressed to each selling Holder and Underwriter of Registrable Securities,
            covering the matters customarily covered in opinions requested in underwritten
            offerings, (iii) obtain “cold comfort” letters from the independent certified
            public accountants of the Company (and, if necessary, any other certified
            public
            accountant of any subsidiary of the Company, or of any business acquired
            by the
            Company for which financial statements and financial data are or are
            required to
            be included in the Registration Statement) addressed to each selling
            Holder and
            Underwriter of Registrable Securities, such letters to be in customary
            form and
            covering matters of the type customarily covered in “cold comfort” letters in
            connection with underwritten offerings, and (iv) deliver such documents
            and
            certificates as may be reasonably requested by the Holders of a majority
            in
            principal amount of the Registrable Securities being sold under such
            Shelf
            Registration Statement or by the Underwriters, and which are customarily
            delivered in underwritten offerings, to evidence the continued validity
            of the
            representations and warranties of the Company made pursuant to clause
            (i) above
            and to evidence compliance with any customary conditions contained in
            an
            underwriting agreement. 

           

          In
            the case of a Shelf Registration Statement, the Company may require each
            Holder
            of Registrable Securities to furnish to the Company such information
            regarding
            the Holder and the proposed distribution by such Holder of such Registrable
            Securities as the Company may from time to time reasonably request in
            writing.
            No Holder of Registrable Securities may include its Registrable Securities
            in
            such Shelf Registration Statement unless and until such Holder furnishes
            such
            information to the Company. Each Holder including Registrable Securities
            in a
            Shelf Registration Statement shall agree to furnish promptly to the Company
            all
            information regarding such Holder and the proposed distribution by such
            Holder
            of such Registrable Securities required to make the information previously
            furnished to the Company by such Holder not materially misleading.

           

          In
            connection with an Exchange Offer Registration, each Holder exchanging
            Securities for Exchange Securities shall be required to represent that
            (i) the
            Exchange Securities are being obtained in the ordinary course of business
            of the
            Person receiving such Exchange Securities, whether or not such Person
            is a
            Holder, (ii) neither such Holder nor any such other Person has an arrangement
            or
            understanding with any Person to participate in the distribution of Securities
            or Exchange Securities, (iii) other than as set forth in Section 4, if
            the
            Holder is not a broker-dealer, or is a broker-dealer but will not receive
            Exchange Securities for its own account in exchange for Securities, neither
            the
            Holder nor any such other Person is engaged in or intends to participate
            in a
            distribution of the Exchange Securities and (iv) neither the Holder nor
            any such
            other Person is an “affiliate” of the Company within the meaning of Rule 405
            under the 1933 Act or, if such Person is an “affiliate,” that such Holder will
            comply with the registration and prospectus delivery requirements of
            the 1933
            Act to the extent applicable.

           

          In
            the case of a Shelf Registration Statement, each Holder agrees that,
            upon
            receipt of any notice from the Company of the happening of any event
            of the kind
            described in Section 3(e)(v) hereof, such Holder will forthwith discontinue
            disposition of Registrable Securities pursuant to a Registration Statement
            until
            such Holder’s receipt of the copies of the supplemented or amended Prospectus
            contemplated by Section 3(i) hereof, and, if so directed by the Company,
            such
            Holder will destroy or deliver to the Company (at its expense) all copies
            in its
            possession, other than permanent file copies then in such Holder’s possession,
            of the Prospectus covering such Registrable Securities current at the
            time of
            receipt of such notice.

           

          If
            the Company shall give any such notice to suspend the disposition of
            Registrable
            Securities pursuant to a Registration Statement, the Company shall extend
            the
            period during which the Registration Statement shall be maintained effective
            pursuant to this Agreement by the number of days during the period from
            and
            including the date of the giving of such notice to and including the
            date when
            the Holders shall have received copies of the supplemented or amended
            Prospectus
            necessary to resume such dispositions. The Company may give such notice
            so long
            as there are no more than 90 days during any 365 day period in which
            such
            suspensions are in effect.

           

          The
            Holders of Registrable Securities covered by a Shelf Registration Statement
            who
            desire to do so may sell such Registrable Securities in an Underwritten
            Offering. In any such Underwritten Offering, the investment banker or
            investment
            bankers and manager or managers (the “Underwriters”)
            that will administer the offering will be selected by the Majority Holders
            of
            the Registrable Securities included in such offering, provided
            that such Underwriters shall be reasonably acceptable to the
            Company.

           

          4.
            Participation
            of
            Broker-Dealers in Exchange Offer.

           

          (a) 
            The parties hereto understand that the staff of the SEC has taken the
            position
            that any broker-dealer that receives Exchange Securities for its own
            account in
            the Exchange Offer in exchange for Securities that were acquired by such
            broker-dealer as a result of market-making or other trading activities
            (a
“Participating
            Broker-Dealer”), may be deemed to be an “underwriter” within the meaning of the
            1933 Act and must deliver a prospectus meeting the requirements of the
            1933 Act
            in connection with any resale of such Exchange Securities.

           

          The
            Company understands that it is currently the staff’s position that if the
            Prospectus contained in the Exchange Offer Registration Statement includes
            a
            plan of distribution containing a statement to the above effect and the
            means by
            which Participating Broker-Dealers may resell the Exchange Securities,
            without
            naming the Participating Broker-Dealers or specifying the amount of Exchange
            Securities owned by them, such Prospectus may be delivered by Participating
            Broker-Dealers to satisfy their prospectus delivery obligation under
            the 1933
            Act in connection with resales of Exchange Securities for their own accounts,
            so
            long as the Prospectus otherwise meets the requirements of the 1933
            Act.

           

          (b) 
            In
            light of the above, notwithstanding the other provisions of this Agreement,
            the
            Company agrees that the provisions of this Agreement as they relate to
            a Shelf
            Registration shall also apply to an Exchange Offer Registration to the
            extent,
            and with such reasonable modifications thereto as may be, reasonably
            requested
            by the Remarketing Agent or by one or more Participating Broker-Dealers,
            in each
            case as provided in clause (ii) below, in order to expedite or facilitate
            the
            disposition of any Exchange Securities by Participating Broker-Dealers
            consistent with the positions of the Staff recited in Section 4(a) above;
            provided
            that:

           

          (i)
            the Company shall not be required to amend or supplement the Prospectus
            contained in the Exchange Offer Registration Statement, as would otherwise
            be
            contemplated by Section 3(i), for a period exceeding 180 days after the
            last
            Exchange Date (as such period may be extended pursuant to the penultimate
            paragraph of Section 3 of this Agreement) and Participating Broker-Dealers
            shall
            not be authorized by the Company to deliver and shall not deliver such
            Prospectus after such period in connection with the resales contemplated
            by this
            Section 4; and

           

          (ii)
            the application of the Shelf Registration procedures set forth in Section
            3 of
            this Agreement to an Exchange Offer Registration, to the extent not required
            by
            the positions of the staff of the SEC or the 1933 Act and the rules and
            regulations thereunder, will be in conformity with the reasonable request
            in
            writing to the Company by the Remarketing Agent or with the reasonable
            request
            in writing to the Company by one or more broker-dealers who certify to
            the
            Remarketing Agent and the Company in writing that they anticipate that
            they will
            be Participating Broker-Dealers; and provided
            further
            that, in connection with such application of the Shelf Registration procedures
            set forth in Section 3 to an Exchange Offer Registration, the Company
            shall be
            obligated (x) to deal only with one entity representing the Participating
            Broker-Dealers, which shall be Credit Suisse First Boston LLC unless
            it elects
            not to act as such representative, (y) to pay the fees and expenses of
            only one
            counsel representing the Participating Broker-Dealers, which shall be
            counsel to
            the Remarketing Agent unless such counsel elects not to so act and (z)
            to cause
            to be delivered only one, if any, “cold comfort” letter with respect to the
            Prospectus in the form existing on the last Exchange Date and with respect
            to
            each subsequent amendment or supplement, if any, effected during the
            period
            specified in clause (i) above.

           

          (c) The
            Remarketing Agent shall have no liability to the Company, other than
            as Holders
            in accordance with the terms hereof, or to any other Holder with respect
            to any
            request that they may make pursuant to Section 4(b) above.

           

          5.
            Indemnification
            and
            Contribution.

           

          (a) The
            Company agrees to indemnify and hold harmless the Remarketing Agent,
            each Holder
            and each Person, if any, who controls the Remarketing Agent or any Holder
            within
            the meaning of either Section 15 of the 1933 Act or Section 20 of the
            1934 Act,
            or is under common control with, or is controlled by, the Remarketing
            Agent or
            any Holder (each, a “Participant”),
            from
            and against all losses, claims, damages and liabilities (including, without
            limitation, any legal fees or other expenses reasonably incurred by a
            Participant in connection with defending or investigating any such action
            or
            claim) caused by any untrue statement or alleged untrue statement of
            a material
            fact contained in any Registration Statement (or any amendment thereto)
            pursuant
            to which Exchange Securities or Registrable Securities were registered
            under the
            1933 Act, including all documents incorporated therein by reference,
            or caused
            by any omission or alleged omission to state therein a material fact
            required to
            be stated therein or necessary to make the statements therein not misleading,
            or
            caused by any untrue statement or alleged untrue statement of a material
            fact
            contained in any Prospectus (as amended or supplemented if the Company
            shall
            have furnished any amendments or supplements thereto) forming a part
            of such
            Registration Statement, or caused by any omission or alleged omission
            to state
            therein a material fact necessary to make the statements therein, in
            the light
            of the circumstances under which they were made, not misleading, except
            insofar
            as such losses, claims, damages or liabilities are caused by any such
            untrue
            statement or omission or alleged untrue statement or omission based upon
            and in
            conformity with information relating to the Remarketing Agent or any
            Holder
            furnished to the Company in writing by the Remarketing Agent or any selling
            Holder expressly for use therein; provided that the foregoing indemnity
            with
            respect to any Prospectus shall not inure to the benefit of any Holder
            from whom
            the Person asserting any such losses, claims, damages or liabilities
            purchased
            Securities, or any Person controlling such Holder, if a copy of the final
            Prospectus (as then amended or supplemented if the Company shall have
            furnished
            any amendments or supplements thereto) was not sent by, or delivered
            on behalf
            of, such Holder to such Person at or prior to the written confirmation
            of the
            sale of the Securities to such Person, if the final Prospectus (as so
            amended or
            supplemented) would have cured the defect giving rise to such loss, claim,
            damage or liability. In connection with any Underwritten Offering permitted
            by
            Section 3, the Company will also enter into an underwriting agreement
            pursuant
            to which the Company will agree to indemnify the Underwriters, if any,
            selling
            brokers, dealers and similar securities industry professionals participating
            in
            such Underwritten Offering, their officers and directors and each Person
            who
            controls such Persons (within the meaning of either Section 15 of the
            1933 Act
            or Section 20 of the 1934 Act) to the same extent as provided above with
            respect
            to the indemnification of the Holders, if requested in connection with
            any
            Registration Statement for such Underwritten Offering.

           

          (b) Each
            Holder agrees,
            severally and not jointly, to indemnify and hold harmless the Company,
            the
            Remarketing Agent and the other selling Holders, and each of their respective
            directors and officers who sign the Registration Statement and each Person,
            if
            any, who controls the Company, the Remarketing Agent and any other selling
            Holder within the meaning of either Section 15 of the 1933 Act or Section
            20 of
            the 1934 Act to the same extent as the foregoing indemnity from the Company
            to
            the Remarketing Agent and the Holders pursuant to Section 5(a), but only
            with
            reference to information relating to such Holder furnished to the Company
            in
            writing by such Holder expressly for use in any Registration Statement
            (or any
            amendment thereto) or any Prospectus (or any amendment or supplement
            thereto).

           

          (c) In
            case any
            proceeding (including any governmental investigation) shall be instituted
            involving any Person in respect of which indemnity may be sought pursuant
            to
            either paragraph (a) or paragraph (b) above, such Person (the “Indemnified
            Party”) shall promptly notify the Person against whom such indemnity may be
            sought (the “Indemnifying Party”) in writing, but the failure to so promptly
            notify the Indemnifying Party shall not negate the obligation to so indemnify
            such Indemnified Party unless the Indemnifying Party is materially prejudiced
            by
            such delay, and the Indemnifying Party, upon request of the Indemnified
            Party,
            shall retain counsel reasonably satisfactory to the Indemnified Party
            to
            represent the Indemnified Party and any others the Indemnifying Party
            may
            designate in such proceeding and shall pay the fees and expenses of such
            counsel
            related to such proceeding. In any such proceeding, any Indemnified Party
            shall
            have the right to retain its own counsel, but the fees and expenses of
            such
            counsel shall be at the expense of such Indemnified Party unless (i)
            the
            Indemnifying Party and the Indemnified Party shall have mutually agreed
            to the
            retention of such counsel or (ii) the named parties to any such proceeding
            (including any impleaded parties) include both the Indemnifying Party
            and the
            Indemnified Party and, in the opinion of counsel to the Indemnifying
            Party,
            representation of both parties by the same counsel would be inappropriate
            due to
            actual or potential differing interests between them. It is understood
            that the
            Indemnifying Party shall not, in connection with any proceeding or related
            proceedings in the same jurisdiction, be liable for (a) the fees and
            expenses of
            more than one separate firm (in addition to any local counsel) for the
            Remarketing Agent and all Persons, if any, who control the Remarketing
            Agent
            within the meaning of either Section 15 of the 1933 Act or Section 20
            of the
            1934 Act, (b) the fees and expenses of more than one separate firm (in
            addition
            to any local counsel) for the Company, its directors, its officers who
            sign the
            Registration Statement and each Person, if any, who controls the Company
            within
            the meaning of either such Section and (c) the fees and expenses of more
            than
            one separate firm (in addition to any local counsel) for all Holders
            and all
            Persons, if any, who control any Holders within the meaning of either
            such
            Section, and that all such fees and expenses shall be reimbursed as they
            are
            incurred. In such case involving the Remarketing Agent and Persons who
            control
            the Remarketing Agent, such firm shall be designated in writing by the
            Remarketing Agent. In such case involving the Holders and such Persons
            who
            control Holders, such firm shall be designated in writing by the Majority
            Holders. In all other cases, such firm shall be designated by the Company.
            The
            Indemnifying Party shall not be liable for any settlement of any proceeding
            effected without its written consent but, if settled with such consent
            or if
            there be a final judgment for the plaintiff, the Indemnifying Party agrees
            to
            indemnify the Indemnified Party from and against any loss or liability
            by reason
            of such settlement or judgment. No Indemnifying Party shall, without
            the prior
            written consent of the Indemnified Party, effect any settlement of any
            pending
            or threatened proceeding in respect of which such Indemnified Party is
            or could
            have been a party and indemnity could have been sought hereunder by such
            Indemnified Party, unless such settlement includes an unconditional release
            of
            such Indemnified Party from all liability on claims that are the subject
            matter
            of such proceeding.

           

          (d) If
            the
            indemnification provided for in paragraph (a) or paragraph (b) of this
            Section 5
            is unavailable to an Indemnified Party or insufficient in respect of
            any losses,
            claims, damages or liabilities, then each Indemnifying Party under such
            paragraph, in lieu of indemnifying such Indemnified Party thereunder,
            shall
            contribute to the amount paid or payable by such Indemnified Party as
            a result
            of such losses, claims, damages or liabilities in such proportion as
            is
            appropriate to reflect the relative fault of the Indemnifying Party or
            parties
            on the one hand and of the Indemnified Party or parties on the other
            hand in
            connection with the statements or omissions that resulted in such losses,
            claims, damages or liabilities, as well as any other relevant equitable
            considerations. The relative fault of the Company and the Holders shall
            be
            determined by reference to, among other things, whether the untrue or
            alleged
            untrue statement of a material fact or the omission or alleged omission
            to state
            a material fact relates to information supplied by the Company or by
            the Holders
            and the parties’ relative intent, knowledge, access to information and
            opportunity to correct or prevent such statement or omission. The Holders’
            respective obligations to contribute pursuant to this Section 5(d) are
            several
            in proportion to the respective principal amount of Registrable Securities
            of
            the applicable Holder that were registered pursuant to a Registration
            Statement.

           

          (e) The
            Company and
            each Holder agree that it would not be just or equitable if contribution
            pursuant to Section 5(d) above were determined by pro rata allocation
            or by any
            other method of allocation that does not take account of the equitable
            considerations referred to in Section 5(d) above. The amount paid or
            payable by
            an Indemnified Party as a result of the losses, claims, damages and liabilities
            referred to in Section 5(d) above shall be deemed to include, subject
            to the
            limitations set forth above, any legal or other expenses reasonably incurred
            by
            such Indemnified Party in connection with investigating or defending
            any such
            action or claim. Notwithstanding the provisions of this Section 5, no
            Holder
            shall be required to indemnify or contribute any amount in excess of
            the amount
            by which the total price at which Registrable Securities were sold by
            such
            Holder exceeds the amount of any damages that such Holder has otherwise
            been
            required to pay by reason of such untrue or alleged untrue statement
            or omission
            or alleged omission. No Person guilty of fraudulent misrepresentation
            (within
            the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
            from any Person who was not guilty of such fraudulent misrepresentation.
            The
            remedies provided for in this Section 5 are not exclusive and shall not
            limit
            any rights or remedies which may otherwise be available to any Indemnified
            Party
            at law or in equity.

           

          The
            indemnity and contribution provisions contained in this Section 5 shall
            remain
            operative and in full force and effect regardless of (i) any termination
            of this
            Agreement, (ii) any investigation made by or on behalf of the Remarketing
            Agent,
            any Holder or any Person controlling the Remarketing Agent or any Holder,
            or by
            or on behalf of the Company, its officers or directors or any Person
            controlling
            the Company, (iii) acceptance of any of the Exchange Securities and (iv)
            any
            sale of Registrable Securities pursuant to a Shelf Registration
            Statement.

           

          6.
            Miscellaneous.

           

          (a) No
            Inconsistent
            Agreements.
            The Company has
            not entered into, and on or after the date of this Agreement will not
            enter
            into, any agreement which is inconsistent with the rights granted to
            the Holders
            of Registrable Securities in this Agreement or otherwise conflicts with
            the
            provisions hereof. The rights granted to the Holders hereunder do not
            in any way
            conflict with and are not inconsistent with the rights granted to the
            holders of
            the Company’s other issued and outstanding securities under any such
            agreements.

           

          (b) Amendments
            and
            Waivers.
            The provisions of
            this Agreement, including the provisions of this sentence, may not be
            amended,
            modified or supplemented, and waivers or consents to departures from
            the
            provisions hereof may not be given unless the Company has obtained the
            written
            consent of Holders of at least a majority in aggregate principal amount
            of the
            outstanding Registrable Securities affected by such amendment, modification,
            supplement, waiver or consent; provided, however, that no amendment,
            modification, supplement, waiver or consent to any departure from the
            provisions
            of Section 5 hereof or this paragraph (b) shall be effective as against
            any
            Holder of Registrable Securities unless consented to in writing by such
            Holder.

           

          (c) Notices.
            All notices and
            other communications provided for or permitted hereunder shall be made
            in
            writing by hand-delivery, registered first-class mail, telecopier, or
            any
            courier guaranteeing overnight delivery (i) if to a Holder, at the most
            current
            address given by such Holder to the Company by means of a notice given
            in
            accordance with the provisions of this Section 6(c), which address initially
            is,
            with respect to the Remarketing Agent, the address set forth in the Remarketing
            Agreement; and (ii) if to the Company, initially at the Company’s address set
            forth in the Remarketing Agreement and thereafter at such other address,
            notice
            of which is given in accordance with the provisions of this Section
            6(c).

           

          All
            such 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 pre-paid, if mailed; when answered back,
            if
            telexed; when receipt is acknowledged, if telecopied; and on the next
            Business
            Day if timely delivered to an air courier guaranteeing overnight
            delivery.

           

          Copies
            of all such notices, demands, or other communications shall be concurrently
            delivered by the Person giving the same to the Trustee, at the address
            specified
            in the Indenture.

           

          (d) Successors
            and
            Assigns.
            This Agreement
            shall inure to the benefit of, and be binding upon, the successors, assigns
            and
            transferees of each of the parties, including, without limitation and
            without
            the need for an express assignment, subsequent Holders of Registrable
            Securities; provided that nothing herein shall be deemed to permit any
            assignment, transfer or other disposition of Registrable Securities in
            violation
            of the terms of the Securities and the Remarketing Agreement. If any
            transferee
            of any Holder shall acquire Registrable Securities, in any manner, whether
            by
            operation of law or otherwise, such Registrable Securities shall be held
            subject
            to all of the terms of this Agreement, and by taking and holding such
            Registrable Securities such Person shall be conclusively deemed to have
            agreed
            to be bound by and to perform all of the terms and provisions of this
            Agreement
            and such Person shall be entitled to receive the benefits hereof. The
            Remarketing Agent shall have no liability or obligation to the Company
            with
            respect to any failure by a Holder to comply with, or any breach by any
            other
            Holder of, any of the obligations of such Holder under this
            Agreement.

           

          (e) Purchases
            and
            Sales of Securities.
            The Company shall
            not, and shall use its reasonable best efforts to cause its affiliates
            (as
            defined in Rule 405 under the 1933 Act) not to, purchase and then resell
            or
            otherwise transfer any Securities.

           

          (f) Third
            Party
            Beneficiary.
            Each Holder shall
            be a third party beneficiary to the agreements made hereunder between
            the
            Company, on the one hand, and the Remarketing Agent, on the other hand,
            shall be
            bound by all of the terms and provisions of this Agreement and shall
            have the
            right to enforce such agreements directly to the extent it deems such
            enforcement necessary or advisable to protect its rights or the rights
            of
            Holders hereunder.

           

          (g) Counterparts.
            This Agreement
            may be executed in any number of counterparts and by the parties hereto
            in
            separate counterparts, each of which when so executed shall be deemed
            to be an
            original and all of which taken together shall constitute one and the
            same
            agreement.

           

          (h) Headings.
            The headings in
            this Agreement are for convenience of reference only and shall not limit
            or
            otherwise affect the meaning hereof.

           

          (i) Governing
            Law.
            This Agreement
            shall be governed by, and construed in accordance with, the laws of the
            State of
            New York.

           

          (j) Severability.
            In the event that
            any one or more of the provisions contained herein, or the application
            thereof
            in any circumstance, is held invalid, illegal or unenforceable the validity,
            legality and enforceability of any such provision in every other respect
            and of
            the remaining provisions contained herein shall not be affected or impaired
            thereby.

           

          IN
            WITNESS WHEREOF, the parties have executed this Agreement as of the date
            first
            written above.

           

          
             

             

          

        

      

    

    
      
         

        
          
            

          

        

         

      

       

      

       

      
        	 	
                EL
                  PASO CORPORATION

                 

                By: 
                  /s/John J. Hopper

              
	 	
                       Name: 
                  John J. Hopper

                      
                  Title:     
                  Vice President

              

      

      

      

      

      

      

      
 

      

      

      
        	
                
                

                Confirmed
                  and accepted as of the date first above written:

                 

                By:
                  Credit Suisse First Boston LLC

                 

                By:  
                  /s/Paul A. Davis

              	 
	       
Name: 
                Paul A. Davis
                  Title:
                      Managing Director

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