Document:

Exhibit
4.2

 

 

 

NuCO2 FUNDING
LLC,

NuCO2 LLC,

NuCO2 SUPPLY LLC and

NuCO2 IP LLC

each as Co-Issuer

 

 

and

 

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, Administrative Agent and Securities
Intermediary

 

 

 

 

BASE INDENTURE

 

Dated as of May 28, 2008

 

 

 

Asset Backed Notes

(Issuable in Series)

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I DEFINITIONS
  AND INCORPORATION BY REFERENCE

  	
  1

  
	
  Section 1.1

  	
  Definitions

  	
  1

  
	
  Section 1.2

  	
  Cross-References

  	
  1

  
	
  Section 1.3

  	
  Accounting and Financial Determinations; No
  Duplication

  	
  2

  
	
  Section 1.4

  	
  Rules of Construction

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II THE NOTES

  	
  3

  
	
  Section 2.1

  	
  Designation and Terms of Notes

  	
  3

  
	
  Section 2.2

  	
  Notes Issuable in Series

  	
  4

  
	
  Section 2.3

  	
  Series Supplement for Each Series

  	
  7

  
	
  Section 2.4

  	
  Execution and Authentication

  	
  8

  
	
  Section 2.5

  	
  Registrar and Paying Agent

  	
  9

  
	
  Section 2.6

  	
  Paying Agent to Hold Money in Trust

  	
  10

  
	
  Section 2.7

  	
  Noteholder List

  	
  11

  
	
  Section 2.8

  	
  Transfer and Exchange

  	
  12

  
	
  Section 2.9

  	
  Persons Deemed Owners

  	
  13

  
	
  Section 2.10

  	
  Replacement Notes

  	
  13

  
	
  Section 2.11

  	
  Treasury Notes

  	
  14

  
	
  Section 2.12

  	
  Book-Entry Notes

  	
  15

  
	
  Section 2.13

  	
  Definitive Notes

  	
  16

  
	
  Section 2.14

  	
  Cancellation

  	
  17

  
	
  Section 2.15

  	
  Principal and Interest

  	
  17

  
	
  Section 2.16

  	
  Tax Treatment

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE III SECURITY

  	
  18

  
	
  Section 3.1

  	
  Grant of Security Interest

  	
  18

  
	
  Section 3.2

  	
  Certain Rights and Obligations of the Co-Issuers
  Unaffected

  	
  22

  
	
  Section 3.3

  	
  Performance of Collateral Documents

  	
  23

  
	
  Section 3.4

  	
  Stamp, Other Similar Taxes and Filing Fees

  	
  24

  
	
  Section 3.5

  	
  Authorization to File Financing Statements

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV REPORTS

  	
  25

  
	
  Section 4.1

  	
  Reports and Instructions to Trustee

  	
  25

  
	
  Section 4.2

  	
  Annual Noteholders’ Tax Statement

  	
  28

  
	
  Section 4.3

  	
  Rule 144A Information

  	
  28

  
	
  Section 4.4

  	
  Reports, Financial Statements and Other Information
  to Noteholders

  	
  28

  
	
  Section 4.5

  	
  Transaction Manager

  	
  29

  
	
   

  	
   

  	
   

  
	
  ARTICLE V ALLOCATION
  AND APPLICATION OF COLLECTIONS

  	
  30

  
	
  Section 5.1

  	
  Concentration Account

  	
  30

  

 

 

TABLE OF CONTENTS

(Continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 5.2

  	
  Securitization
  Entity Accounts

  	
  32

  
	
  Section 5.3

  	
  Senior Note
  Interest Reserve Account

  	
  36

  
	
  Section 5.4

  	
  Cash Trap
  Reserve Account

  	
  37

  
	
  Section 5.5

  	
  Contributions
  Reserve Account

  	
  38

  
	
  Section 5.6

  	
  Termination
  Amount Reserve Account

  	
  38

  
	
  Section 5.7

  	
  Other Accounts

  	
  39

  
	
  Section 5.8

  	
  Collection
  Account

  	
  41

  
	
  Section 5.9

  	
  Collection
  Account Administrative Accounts

  	
  41

  
	
  Section 5.10

  	
  Trustee as
  Securities Intermediary

  	
  43

  
	
  Section 5.11

  	
  Establishment of
  Series Accounts

  	
  45

  
	
  Section 5.12

  	
  Collections and
  Investment Income

  	
  45

  
	
  Section 5.13

  	
  Application of
  Collections on Payment Dates

  	
  47

  
	
  Section 5.14

  	
  Application of
  Funds

  	
  51

  
	
  Section 5.15

  	
  Determination of
  Monthly Interest

  	
  60

  
	
  Section 5.16

  	
  Determination of
  Monthly Principal

  	
  60

  
	
  Section 5.17

  	
  Prepayment of
  Principal

  	
  60

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI DISTRIBUTIONS

  	
  60

  
	
  Section 6.1

  	
  Distributions in
  General

  	
  60

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII REPRESENTATIONS AND WARRANTIES

  	
  61

  
	
  Section 7.1

  	
  Existence and
  Power

  	
  61

  
	
  Section 7.2

  	
  Company and
  Governmental Authorization

  	
  62

  
	
  Section 7.3

  	
  No Consent

  	
  62

  
	
  Section 7.4

  	
  Binding Effect

  	
  62

  
	
  Section 7.5

  	
  Litigation

  	
  63

  
	
  Section 7.6

  	
  No ERISA Plan

  	
  63

  
	
  Section 7.7

  	
  Tax Filings and
  Expenses

  	
  63

  
	
  Section 7.8

  	
  [Reserved]

  	
  64

  
	
  Section 7.9

  	
  Investment
  Company Act

  	
  64

  
	
  Section 7.10

  	
  Regulations T, U
  and X

  	
  64

  
	
  Section 7.11

  	
  Solvency

  	
  64

  
	
  Section 7.12

  	
  Ownership of
  Equity Interests; Subsidiaries

  	
  64

  
	
  Section 7.13

  	
  Security
  Interests

  	
  65

  
	
  Section 7.14

  	
  Related Documents

  	
  66

  
	
  Section 7.15

  	
  Non-Existence of
  Other Agreements

  	
  66

  
	
  Section 7.16

  	
  Compliance with
  Contractual Obligations and Laws

  	
  66

  
	
  Section 7.17

  	
  Other
  Representations

  	
  66

  
	
  Section 7.18

  	
  No Employees

  	
  67

  
	
  Section 7.19

  	
  Insurance

  	
  67

  
	
  Section 7.20

  	
  Environmental
  Matters; Real Property

  	
  67

  
	
  Section 7.21

  	
  Intellectual
  Property

  	
  67

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII COVENANTS

  	
  69

  
	
  Section 8.1

  	
  Payment of Notes

  	
  69

  

 

ii

 

TABLE OF CONTENTS

(Continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 8.2

  	
  Maintenance of
  Office or Agency

  	
  69

  
	
  Section 8.3

  	
  Payment and
  Performance of Obligations

  	
  70

  
	
  Section 8.4

  	
  Maintenance of
  Existence

  	
  70

  
	
  Section 8.5

  	
  Compliance with
  Laws

  	
  70

  
	
  Section 8.6

  	
  Inspection of
  Property; Books and Records

  	
  70

  
	
  Section 8.7

  	
  Actions under
  the Collateral Documents and Related Documents

  	
  71

  
	
  Section 8.8

  	
  Notice of
  Defaults and Other Events

  	
  73

  
	
  Section 8.9

  	
  Notice of
  Material Proceedings

  	
  73

  
	
  Section 8.10

  	
  Further Requests

  	
  73

  
	
  Section 8.11

  	
  Further
  Assurances

  	
  73

  
	
  Section 8.12

  	
  Liens

  	
  75

  
	
  Section 8.13

  	
  Other
  Indebtedness

  	
  75

  
	
  Section 8.14

  	
  No ERISA Plan

  	
  75

  
	
  Section 8.15

  	
  Mergers

  	
  76

  
	
  Section 8.16

  	
  Asset
  Dispositions

  	
  76

  
	
  Section 8.17

  	
  Acquisition of
  Assets

  	
  77

  
	
  Section 8.18

  	
  Dividends,
  Officers’ Compensation, etc.

  	
  77

  
	
  Section 8.19

  	
  Legal Name,
  Location Under Section 9-301 or 9-307

  	
  77

  
	
  Section 8.20

  	
  Charter
  Documents

  	
  78

  
	
  Section 8.21

  	
  Investments

  	
  78

  
	
  Section 8.22

  	
  No Other
  Agreements

  	
  79

  
	
  Section 8.23

  	
  Bulk Gases
  Business; Other Business

  	
  79

  
	
  Section 8.24

  	
  Maintenance of
  Separate Existence

  	
  79

  
	
  Section 8.25

  	
  Covenants
  Regarding the Securitization IP

  	
  81

  
	
  Section 8.26

  	
  Contributions

  	
  82

  
	
  Section 8.27

  	
  Real Property
  Leases

  	
  82

  
	
  Section 8.28

  	
  No Employees

  	
  82

  
	
  Section 8.29

  	
  Insurance

  	
  82

  
	
  Section 8.30

  	
  Litigation

  	
  83

  
	
  Section 8.31

  	
  Environmental

  	
  83

  
	
  Section 8.32

  	
  Enhancements

  	
  83

  
	
  Section 8.33

  	
  Interest Rate
  Hedges; Derivatives Generally

  	
  83

  
	
  Section 8.34

  	
  Additional
  Securitization Entity

  	
  84

  
	
  Section 8.35

  	
  Subordinated
  Note Repayments

  	
  84

  
	
  Section 8.36

  	
  Registration
  under Securities Laws

  	
  85

  
	
  Section 8.37

  	
  Control Party

  	
  85

  
	
  Section 8.38

  	
  Other Accounts

  	
  85

  
	
  Section 8.39

  	
  Transaction with
  NuCO2 and Affiliates

  	
  85

  
	
  Section 8.40

  	
  Investment
  Company Act

  	
  85

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX REMEDIES

  	
  85

  
	
  Section 9.1

  	
  Early
  Amortization Events

  	
  85

  
	
  Section 9.2

  	
  Events of
  Default

  	
  86

  

 

iii

 

TABLE OF CONTENTS

(Continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 9.3

  	
  Rights of the
  Control Party and Trustee upon Event of Default

  	
  89

  
	
  Section 9.4

  	
  Waiver of
  Appraisal, Valuation, Stay and Right to Marshaling

  	
  92

  
	
  Section 9.5

  	
  Limited Recourse

  	
  92

  
	
  Section 9.6

  	
  Optional
  Preservation of the Collateral

  	
  93

  
	
  Section 9.7

  	
  Waiver of Past
  Events

  	
  93

  
	
  Section 9.8

  	
  Control by the
  Control Party

  	
  93

  
	
  Section 9.9

  	
  Limitation on
  Suits

  	
  94

  
	
  Section 9.10

  	
  Unconditional
  Rights of Noteholders to Receive Payment

  	
  94

  
	
  Section 9.11

  	
  The Trustee
  May File Proofs of Claim

  	
  94

  
	
  Section 9.12

  	
  Undertaking for
  Costs

  	
  95

  
	
  Section 9.13

  	
  Restoration of
  Rights and Remedies

  	
  95

  
	
  Section 9.14

  	
  Rights and
  Remedies Cumulative

  	
  95

  
	
  Section 9.15

  	
  Delay or
  Omission Not Waiver

  	
  96

  
	
  Section 9.16

  	
  Waiver of Stay
  or Extension Laws

  	
  96

  
	
   

  	
   

  	
   

  
	
  ARTICLE X THE TRUSTEE AND THE ADMINISTRATIVE AGENT

  	
  96

  
	
  Section 10.1

  	
  Duties of the
  Trustee and the Administrative Agent

  	
  96

  
	
  Section 10.2

  	
  Rights of the
  Trustee and the Administrative Agent

  	
  100

  
	
  Section 10.3

  	
  Individual
  Rights of the Trustee

  	
  102

  
	
  Section 10.4

  	
  Notice of Events
  of Default and Defaults

  	
  102

  
	
  Section 10.5

  	
  Compensation and
  Indemnity

  	
  102

  
	
  Section 10.6

  	
  Replacement of
  the Trustee or the Administrative Agent

  	
  103

  
	
  Section 10.7

  	
  Successor
  Trustee or Successor Administrative Agent by Merger, etc.

  	
  105

  
	
  Section 10.8

  	
  Eligibility Disqualification

  	
  105

  
	
  Section 10.9

  	
  Appointment of
  Co-Trustee or Separate Trustee

  	
  105

  
	
  Section 10.10

  	
  Representations
  and Warranties of the Trustee and the Administrative Agent

  	
  107

  
	
  Section 10.11

  	
  Trustee and
  Administrative Agent Communications

  	
  107

  
	
  Section 10.12

  	
   

  	
  107

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI DISCHARGE OF INDENTURE

  	
  107

  
	
  Section 11.1

  	
  Termination of
  the Co-Issuers’ Obligations

  	
  107

  
	
  Section 11.2

  	
  Application of
  Trust Money

  	
  110

  
	
  Section 11.3

  	
  Repayment to the
  Co-Issuers

  	
  110

  
	
  Section 11.4

  	
  Reinstatement

  	
  111

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII AMENDMENTS

  	
  111

  
	
  Section 12.1

  	
  Without Consent
  of the Noteholders

  	
  111

  
	
  Section 12.2

  	
  With Consent of
  the Noteholders

  	
  112

  
	
  Section 12.3

  	
  Supplements

  	
  114

  
	
  Section 12.4

  	
  Revocation and
  Effect of Consents

  	
  114

  
	
  Section 12.5

  	
  Notation on or
  Exchange of Notes

  	
  115

  

 

iv

 

TABLE OF CONTENTS

(Continued)

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  Section 12.6

  	
  The Trustee to
  Sign Amendments, etc.

  	
  115

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII MISCELLANEOUS

  	
  115

  
	
  Section 13.1

  	
  Notices

  	
  115

  
	
  Section 13.2

  	
  Communication by
  Noteholders With Other Noteholders

  	
  119

  
	
  Section 13.3

  	
  Certificate and
  Opinion as to Conditions Precedent

  	
  119

  
	
  Section 13.4

  	
  Statements
  Required in Certificate

  	
  119

  
	
  Section 13.5

  	
  Rules by
  the Trustee

  	
  119

  
	
  Section 13.6

  	
  Benefits of
  Indenture

  	
  119

  
	
  Section 13.7

  	
  Payment on
  Business Day

  	
  120

  
	
  Section 13.8

  	
  Governing Law

  	
  120

  
	
  Section 13.9

  	
  Successors

  	
  120

  
	
  Section 13.10

  	
  Severability

  	
  120

  
	
  Section 13.11

  	
  Counterpart
  Originals

  	
  120

  
	
  Section 13.12

  	
  Table of
  Contents, Headings, etc.

  	
  120

  
	
  Section 13.13

  	
  No Bankruptcy
  Petition Against the Securitization Entities

  	
  121

  
	
  Section 13.14

  	
  Recording of
  Indenture

  	
  121

  
	
  Section 13.15

  	
  Waiver of Jury
  Trial

  	
  121

  
	
  Section 13.16

  	
  Waivers by the
  Co-Issuers

  	
  122

  
	
  Section 13.17

  	
  Submission to
  Jurisdiction; Waivers

  	
  124

  
	
   

  	
   

  	
   

  
	
  ANNEXES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Annex A

  	
  Base Indenture Definitions List

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  Weekly Manager’s Certificate

  	
   

  
	
  Exhibit B

  	
  Monthly Manager’s Certificate

  	
   

  
	
  Exhibit C-1

  	
  Form of Grant of Security Interest in Trademarks

  	
   

  
	
  Exhibit C-2

  	
  Form of Grant of Security Interest in Patents

  	
   

  
	
  Exhibit C-3

  	
  Form of Grant of Security Interest in Copyrights

  	
   

  
	
  Exhibit D-1

  	
  Form of Supplemental Grant of Security Interest in Trademarks

  	
   

  
	
  Exhibit D-2

  	
  Form of Supplemental Grant of Security Interest in Patents

  	
   

  
	
  Exhibit D-3

  	
  Form of Supplemental Grant of Security Interest in Copyrights

  	
   

  
	
  Exhibit E

  	
  Form of Compliance Certificate

  	
   

  
	
  Exhibit F

  	
  Form of Information Request Certification

  	
   

  
	
  Exhibit G

  	
  Form of Quarterly Customer
  Contracts Report

  	
   

  
				

 

SCHEDULES

 

	
  Schedule 7.3

  	
  -

  	
  Consents

  
	
  Schedule 7.6

  	
  -

  	
  Plans

  
	
  Schedule 7.7

  	
  -

  	
  Proposed Tax

  

 

v

 

TABLE OF CONTENTS

(Continued)

 

	
   

  	
   

  	
  Page

  

 

	
  Schedule 7.13(a)

  	
  -

  	
  Non-Perfected
  Liens

  
	
  Schedule 7.19

  	
  -

  	
  Insurance

  
	
  Schedule 8.11

  	
  -

  	
  Liens

  
	
  Schedule 8.29

  	
  -

  	
  Insurance

  
	
  Schedule 10.1(a)

  	
  -

  	
  Administrative
  Agent

  

 

vi

 

BASE INDENTURE, dated as
of May 28, 2008, by and among NuCO2 FUNDING LLC, a Delaware limited liability
company (the “Master Issuer”), NuCO2 LLC, a Delaware limited liability company
(the “Contract Holder”), NuCO2 SUPPLY LLC, a Delaware limited liability company
(the “Equipment Holder”), NuCO2 IP LLC, a Delaware limited liability company (the
“IP Holder” and together with the Master Issuer, the Contract Holder and
the Equipment Holder, collectively, the “Co-Issuers” and each, a “Co-Issuer”),
each as a Co-Issuer, and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as trustee (in such capacity, the “Trustee”),
administrative agent (in such capacity, the “Administrative Agent”) and
as securities intermediary.

 

W I T N E S S E T H:

 

WHEREAS, the Co-Issuers
have duly authorized the execution and delivery of this Base Indenture to
provide for the issuance from time to time of one or more series of asset
backed notes (the “Notes”), issuable as provided in this Base Indenture;
and

 

WHEREAS, all things
necessary to make this Base Indenture a legal, valid and binding agreement of
the Co-Issuers, in accordance with its terms, have been done, and the
Co-Issuers propose to do all the things necessary to make the Notes, when
executed by the Co-Issuers and authenticated and delivered by the Trustee
hereunder and duly issued by the Co-Issuers, the legal, valid and binding
obligations of the Co-Issuers as hereinafter provided;

 

NOW, THEREFORE, for and
in consideration of the premises and the receipt of the Notes by the
Noteholders, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Noteholders (in accordance with the priorities set
forth herein and in any Series Supplement), as follows:

 

ARTICLE I

 

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

Section 1.1             Definitions.

 

Capitalized terms used
herein (including the preamble and the recitals hereto) shall have the meanings
assigned to such terms in the Base Indenture Definitions List attached hereto
as Annex A (the “Base Indenture Definitions List”), as such
Base Indenture Definitions List may be amended, supplemented or otherwise
modified from time to time in accordance with the provisions hereof.

 

Section 1.2             Cross-References.

 

Unless otherwise
specified, references in the Indenture and in each other Related Document to
any Article or Section are references to such Article or Section of
the Indenture or such other Related Document, as the case may be, and unless
otherwise 

 

 

specified, references in
any Article, Section or definition to any clause are references to such
clause of such Article, Section or definition.

 

Section 1.3             Accounting and Financial
Determinations; No Duplication.

 

Where the character or
amount of any asset or liability or item of income or expense is required to be
determined, or any accounting computation is required to be made, for the
purpose of the Indenture or any other Related Document, such determination or
calculation shall be made, to the extent applicable and except as otherwise
specified in the Indenture or such other Related Document, in accordance with
GAAP.  All accounting determinations and
computations in this Indenture or under any other Related Documents shall be
made without duplication.

 

Section 1.4             Rules of Construction.

 

In the Indenture and the
other Related Documents, unless the context otherwise requires:

 

(a)           the singular includes the plural and
vice versa;

 

(b)           reference to any Person includes such
Person’s successors and assigns but, if applicable, only if such successors and
assigns are permitted by the Indenture and the applicable Related Document, as
the case may be, and reference to any Person in a particular capacity only
refers to such Person in such capacity;

 

(c)           reference to any gender includes the
other gender;

 

(d)           reference to any Requirement of Law
means such Requirement of Law as amended, modified, codified or reenacted, in
whole or in part, and in effect from time to time;

 

(e)           “including” (and with correlative
meaning “include”) means including without limiting the generality of any
description preceding such term;

 

(f)            with respect to the determination of
any period of time, except as otherwise specified, “from” means “from and
including” and “to” means “to but excluding”; and

 

(g)           references to any agreement or
document are to it as amended, supplemented, restated and otherwise modified
from time to time and to any successor document.

 

2

 

ARTICLE II

 

THE NOTES

 

Section 2.1             Designation and Terms of Notes.

 

(a)           Each Series of Notes shall be
substantially in the form specified in the applicable Series Supplement
and shall bear, upon its face, the designation for such Series to which it
belongs as selected by the Co-Issuers, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted
hereby or by the applicable Series Supplement and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon as may, consistently herewith, be determined to be appropriate
by the Authorized Officers of the Co-Issuers executing such Notes, as evidenced
by execution of such Notes by such Authorized Officers.  All Notes of any Series shall, except as
specified in the applicable Series Supplement, be equally and ratably
entitled as provided herein to the benefits hereof without preference, priority
or distinction on account of the actual time or times of authentication and
delivery, all in accordance with the terms and provisions of this Base
Indenture and any applicable Series Supplement.  The aggregate principal amount of Notes which
may be authenticated and delivered under this Base Indenture is unlimited.  The Notes of each Series shall be issued
in the denominations set forth in the applicable Series Supplement.

 

(b)           With respect to any Variable Funding
Note Purchase Agreement entered into by the Co-Issuers in connection with the
issuance of any Variable Funding Senior Notes, whether or not any of the
following shall have been specifically provided for in the applicable provision
of the Indenture Documents, the following shall be true (except to the extent
that the Series Supplement with respect to such Class of Notes shall
provide otherwise):

 

(i)            for purposes of any
provision of any Indenture Document relating to any vote, consent, direction or
the like to be given by such Class on any date, any commitments to extend
credit under such Variable Funding Note Purchase Agreement that are not drawn
as of such date shall be treated as if they were fully drawn and outstanding as
Outstanding Principal Amount, without duplication as among different Subclasses
so as to ensure that for such purpose the Outstanding Principal Amount does not
exceed the maximum aggregate amount of such commitments; and

 

(ii)           for purposes of any
provisions of any Indenture Document relating to termination, discharge or the
like, such Class shall continue to be deemed Outstanding unless and until
all commitments to extend credit under such Variable Funding Note Purchase
Agreement have been terminated thereunder.

 

3

 

Section 2.2             Notes Issuable in Series.

 

(a)           The Notes may be issued in one or
more Series.  Each Series of Notes
shall be created by a Series Supplement.

 

(b)           Subject to the provisos appearing at
the end of this subclause (b), so long as each of the certifications described
in clause (vi) below are true and correct as of the applicable Series Closing
Date, Notes of a new Series may from time to time be executed by the
Co-Issuers and delivered to the Trustee for authentication and thereupon the
same shall be authenticated and delivered by the Trustee upon the receipt by
the Trustee of a Company Request at least ten (10) Business Days (except
in the case of the issuance of the Initial Series of Notes) in advance of
the related Series Closing Date and upon performance or delivery by the
Co-Issuers to the Trustee, and receipt by the Trustee, of the following:

 

(i)            a Company Order
authorizing and directing the authentication and delivery of the Notes of such
new Series by the Trustee and specifying the designation of such new
Series, the Initial Principal Amount (or the method for calculating the Initial
Principal Amount) of such new Series to be authenticated and the Note Rate
(or the method for calculating the Note Rate) with respect to such new Series;

 

(ii)           a Series Supplement
satisfying the criteria set forth in Section 2.3 to be executed by
the Co-Issuers and the Trustee and specifying the Principal Terms of such new
Series;

 

(iii)          if (A) such
new Series of Notes are Senior Notes (which Senior Notes will generally be
pari  passu with all other Senior Notes in accordance with Section 6.1(b)),
Rating Agency Confirmation Letters (x) confirming a rating of at least “Baa2”
if rated by Moody’s and “BBB” if rated by S&P or by Fitch, as applicable,
with respect to such new Series of Senior Notes and (y) confirming
each applicable rating from the applicable Rating Agency with respect to each
other Series of Notes then Outstanding, and (B) such new Series of
Notes are Subordinated Notes (which may include Subordinated Notes, on which
the interest is senior to the interest payable on certain existing Subordinated
Notes, or Subordinated Notes which are subordinated or pari passu to
other existing Subordinated Notes), Rating Agency Confirmation Letters (x) confirming
a rating of at least “Ba2” if rated by Moody’s and “BB” if rated by S&P or
by Fitch, as applicable, with respect to such new Series of Subordinated
Notes and (y) confirming each applicable rating from the applicable Rating
Agency with respect to each other Series of Notes then Outstanding;

 

(iv)          any related
Enhancement Agreement entered into in connection with such issuance and
executed by each of the parties thereto in compliance with Section 8.32,
provided that the entry into any Enhancement Agreement shall require the
satisfaction of the Rating Agency Condition with respect to each Series of
Notes Outstanding;

 

4

 

(v)           any related Interest
Rate Hedge Agreement entered into in connection with such issuance and executed
by each of the parties thereto in compliance with Section 8.33, provided
that the entry into any Interest Rate Hedge Agreement, other than Permitted
Hedges, shall require the satisfaction of the Rating Agency Condition with
respect to each Series of Notes Outstanding;

 

(vi)          an Officer’s
Certificate dated as of the applicable Series Closing Date to the effect
that:

 

(A)          no Early Amortization
Event, Cash Trapping Period, Master Manager Default, Transaction Manager
Default, or Event of Default (x) has occurred and is continuing or (y) shall
occur as a result of the issuance of the new Series of Notes;

 

(B)           all conditions
precedent with respect to the authentication and delivery of such new Series of
Notes provided in this Base Indenture, the related Series Supplement and,
if applicable, the related Note Purchase Agreement and any other related note
purchase agreement executed in connection with the issuance of such new Series of
Notes have been satisfied or waived; and

 

(C)           each of the parties
to the Related Documents with respect to such new Series of Notes has
covenanted and agreed in the Related Documents that, prior to the date which is
one year and one day after the payment in full of the latest maturing Note, it
shall not institute against, or join with any other Person in instituting,
against any Securitization Entity, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any federal
or state bankruptcy or similar law;

 

(vii)         a Tax Opinion dated
the applicable Series Closing Date; provided, however, that,
if there are no Notes Outstanding, only the opinions set forth in clauses (b) and
(c) of the definition of Tax Opinion are required to be given in
connection with the issuance of such new Series of Notes;

 

(viii)        an Opinion of
Counsel, subject to the assumptions and qualifications stated therein, and in a
form reasonably acceptable to the initial purchasers under the applicable Note
Purchase Agreement, dated the applicable Series Closing Date,
substantially to the effect that:

 

(A)          all of the
instruments described in this Section 2.2(b) furnished to the
Trustee conform to the requirements of this Base Indenture and the related Series Supplement
and the new Series of Notes is permitted to be authenticated by the
Trustee pursuant to the terms of this Base Indenture and the related Series Supplement;

 

(B)           the related Series Supplement
has been duly authorized, executed and delivered by the Co-Issuers;

 

5

 

(C)           such new Series of
Notes has been duly authorized and executed and, when authenticated and
delivered in accordance with the provisions of this Base Indenture and the
related Series Supplement, shall constitute valid, binding and enforceable
obligations of the Co-Issuers entitled to the benefits of this Base Indenture
and the related Series Supplement, subject, in the case of enforcement, to
bankruptcy, insolvency, reorganization, moratorium and other similar laws
affecting creditors’ rights generally and to general principles of equity;

 

(D)          the Lien and the
security interests created by the Base Indenture on the Collateral remain
perfected as required by the Base Indenture, and such Lien and security
interests extend to any assets transferred to the Securitization Entities in
connection with the issuance of such new Series of Notes;

 

(E)           the
non-consolidation opinion delivered on the Closing Date is reaffirmed after
giving effect to the issuance of such new Series of Notes;

 

(F)           if any new assets
are being transferred to the Securitization Entities in connection with the
issuance of such new Series of Notes, a true sale or true contribution
opinion with respect to the transfer of such assets;

 

(G)           the related Series Supplement
is a legal, valid and binding agreement of the Co-Issuers, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other similar laws affecting creditors’ rights generally and to
general principles of equity; and

 

(ix)           such other
documents, instruments, certifications, agreements or other items as the
initial purchaser of the new Series of Notes may reasonably require.

 

; provided that no
new Series of Notes issued after the Closing Date may be issued with a Series Scheduled
Maturity Date that will occur prior to the Series 2008-1 Adjusted
Repayment Date (as defined in the Series 2008-1 Supplement) in effect from
time to time; provided  further, to the extent of any Required
Amortization Amounts payable in connection with any new Series of Notes
issued after the Closing Date, that the related Series Supplement shall
specify that such Required Amortization Amounts be paid solely pursuant to clause
eleventh of the Priority of Payments.

 

(c)           Upon satisfaction, or waiver by the
initial purchasers under the applicable Note Purchase Agreement (which waiver
shall be in writing),  as applicable,
of the conditions set forth in Section 2.2(b), the Trustee shall
authenticate and deliver, as provided above, such Series of Notes upon
execution thereof by the Co-Issuers.

 

6

 

(d)           With regard to any new Series of
Notes issued pursuant to Section 2.2(b) that constitutes
Senior Debt, the proceeds from such issuance may be used at any time prior to
the Series Adjusted Repayment Date for the Initial Series of Notes to
repay either Senior Debt or Subordinated Debt; provided, however,
that at any time on or after the Series Adjusted Repayment Date for the
Initial Series of Notes the proceeds from such issuance may only be used
to repay Subordinated Debt if all Senior Debt has been repaid prior to such
issuance as provided for in Section 8.35.

 

(e)           With regard to any new Series of
Notes issued pursuant to this Section 2.2 that constitutes
Subordinated Debt, the proceeds from such issuance may be used at any time
prior to the Series Adjusted Repayment Date for the Initial Series of
Notes to repay either Senior Debt or Subordinated Debt; provided, however,
that at any time on or after the Series Adjusted Repayment Date for the
Initial Series of Notes no Series of Subordinated Notes may be issued
under this Base Indenture unless the proceeds from such issuance are used to
repay Senior Debt or all Outstanding Classes of Senior Debt have been
refinanced prior to such issuance.

 

Section 2.3             Series Supplement for Each
Series.

 

In conjunction with the
issuance of a new Series, the parties hereto shall execute a Series Supplement,
which shall specify the relevant terms of such new Series of Notes, which
may include, without limitation:

 

(a)           its name or designation;

 

(b)           the Initial Principal Amount with
respect to such Series;

 

(c)           the Note Rate with respect to such Series and
the applicable Default Rate;

 

(d)           the Series Closing Date;

 

(e)           the Series Scheduled Maturity
Date, if any;

 

(f)            the Series Legal Final Maturity
Date;

 

(g)           each Rating Agency rating such
Series;

 

(h)           the name of the Clearing Agency, if
any;

 

(i)            the names of the Collection Account
Administrative Accounts and any other Series Accounts to be used with
respect to such Series and the terms governing the operation of any such
account and the use of moneys therein;

 

(j)            the method of allocating amounts
deposited into any Collection Account Administrative Account with respect to
such Series;

 

7

 

(k)           whether the Notes of such Series shall
be issued in multiple Classes or Subclasses and the rights and priorities of
each such Class or Subclass;

 

(l)            any deposit of funds to be made in
any Base Indenture Account or any Series Account on the Series Closing
Date;

 

(m)          whether the Notes of such Series may
be issued in bearer form and any limitations imposed thereon;

 

(n)           whether the Notes of such Series include
Senior Notes and/or Subordinated Notes;

 

(o)           whether the Notes of such Series include
Variable Funding Senior Notes or Variable Funding Subfacilities issued pursuant
to a Variable Funding Note Purchase Agreement;

 

(p)           the terms of any related Enhancement
and the Enhancement Provider thereof, if any;

 

(q)           the terms of any related Interest
Rate Hedge and the Interest Rate Hedge Provider thereof, if any; and

 

(r)            any other relevant terms of such Series of
Notes that do not change the terms of any Series of Notes Outstanding and
that do not prevent the satisfaction of the Rating Agency Condition with
respect to each Series of Notes Outstanding with respect to the issuance
of such new Series (all such terms, the “Principal Terms” of such
Series).

 

Section 2.4             Execution and Authentication.

 

(a)           The Notes shall, upon issue pursuant
to Section 2.2, be executed on behalf of the Co-Issuers by an
Authorized Officer of each Co-Issuer and delivered by the Co-Issuers to the
Trustee for authentication and redelivery as provided herein.  The signature of each such Authorized Officer
on the Notes may be manual or facsimile. 
If an Authorized Officer of any Co-Issuer whose signature is on a Note
no longer holds that office at the time the Note is authenticated, the Note shall
nevertheless be valid.

 

(b)           At any time and from time to time
after the execution and delivery of this Base Indenture, the Co-Issuers may
deliver Notes of any particular Series (issued pursuant to Section 2.2)
executed by the Co-Issuers to the Trustee for authentication, together with one
or more Company Orders for the authentication and delivery of such Notes, and
the Trustee, in accordance with such Company Order and this Base Indenture,
shall authenticate and deliver such Notes.

 

(c)           No Note shall be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose unless
there appears on such Note a certificate of authentication substantially in the
form provided for below, duly executed by the Trustee by the manual or facsimile
signature of a Trust Officer (and by the applicable non-U.S. 

 

8

 

listing agent if (i) the Notes of the Series to
which such Note belongs are listed on a non-U.S. stock exchange and (ii) the
applicable rules and regulations governing the listing of such Notes on
such non-U.S. stock exchange require such authentication by such non-U.S.
listing agent).  Such signatures on such
certificate shall be conclusive evidence, and the only evidence, that the Note
has been duly authenticated under this Base Indenture.  The Trustee may appoint an authenticating
agent acceptable to the Co-Issuers to authenticate Notes.  Unless limited by the term of such
appointment, an authenticating agent may authenticate Notes whenever the
Trustee may do so.  Each reference in
this Base Indenture to authentication by the Trustee includes authentication by
such authenticating agent.  The Trustee’s
certificate of authentication shall be in substantially the following form:

 

This is one of the Notes of a Series issued under the within
mentioned Indenture.

 

	
   

  	
  U.S. Bank
  National Association, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

(d)           Each Note shall be dated and issued
as of the date of its authentication by the Trustee or authenticating agent.

 

(e)           Notwithstanding the foregoing, if any
Note shall have been authenticated and delivered hereunder but never issued and
sold by the Co-Issuers, and the Co-Issuers shall deliver such Note to the
Trustee for cancellation as provided in Section 2.14 together with
a written statement to the Trustee (which need not comply with Section 13.3
and need not be accompanied by an Opinion of Counsel) stating that such Note
has never been issued and sold by the Co-Issuers, for all purposes of the
Indenture such Note shall be deemed never to have been authenticated and
delivered hereunder and shall not be entitled to the benefits of the Indenture.

 

Section 2.5             Registrar and Paying Agent.

 

(a)           The Co-Issuers shall (i) maintain
an office or agency where Notes may be presented for registration of transfer
or for exchange (the “Registrar”) and (ii) appoint a paying agent
(which shall satisfy the eligibility criteria set forth in Section 10.8(a))
(the “Paying Agent”) at whose office or agency Notes may be presented for
payment.  The Registrar shall keep a
register of the Notes (including the name and address of each such Noteholder)
and of their transfer and exchange (the “Note Register”).  The Trustee shall indicate in its books and
records the commitment of each Noteholder (in respect of Variable Funding
Senior Notes) and the principal amount owing to each Noteholder from time to
time.  The Co-Issuers may appoint one or
more co-registrars and one or more additional paying agents.  The term “Paying Agent” shall include any
additional paying agent and the term “Registrar” shall include any
co-registrars.  The Co-Issuers may change
the Paying Agent or the Registrar without prior 

 

9

 

notice to any Noteholder.  The Co-Issuers shall notify the Trustee in
writing of the name and address of any Agent not a party to this Base
Indenture.  The Trustee is hereby
initially appointed as the Registrar and the Paying Agent and shall send copies
of all notices and demands received by the Trustee (other than those sent by
the Co-Issuers to the Trustee and those addressed to the Co-Issuers) in
connection with the Notes to the Co-Issuers.

 

(b)           The Co-Issuers shall enter into an
appropriate agency agreement with any Agent not a party to this Base
Indenture.  Such agency agreement shall
implement the provisions of this Base Indenture that relate to such Agent.  If the Co-Issuers fail to maintain a
Registrar or Paying Agent, the Trustee hereby agrees to act as such, and shall
be entitled to appropriate compensation in accordance with this Base Indenture
until the Co-Issuers shall appoint a replacement Registrar or Paying Agent, as
applicable.

 

Section 2.6             Paying Agent to Hold Money in
Trust.

 

(a)           The Co-Issuers shall cause the Paying
Agent (if the Paying Agent is not the Trustee) to execute and deliver to the
Trustee an instrument in which the Paying Agent shall agree with the Trustee
(and if the Trustee is the Paying Agent, it hereby so agrees), subject to the
provisions of this Section 2.6, that the Paying Agent shall:

 

(i)            hold all sums held
by it for the payment of amounts due with respect to the Notes in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and pay such sums to such
Persons as herein provided;

 

(ii)           give the Trustee
notice of any default by any Co-Issuer of which it has Actual Knowledge in the
making of any payment required to be made with respect to the Notes;

 

(iii)          at any time during
the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by the Paying Agent;

 

(iv)          immediately resign
as the Paying Agent and forthwith pay to the Trustee all sums held by it in trust
for the payment of Notes if at any time it ceases to meet the standards
required to be met by a Trustee hereunder at the time of its appointment; and

 

(v)           comply with all
requirements of the Code and other applicable tax law with respect to the
withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

 

(b)           The Co-Issuers may at any time, for
the purpose of obtaining the satisfaction and discharge of the Indenture or for
any other purpose, by Company Order direct the Paying Agent to pay to the
Trustee all sums held in trust by the Paying Agent,

 

10

 

such sums to be held by the Trustee in trust upon the
same terms as those upon which the sums were held in trust by the Paying
Agent.  Upon such payment by the Paying
Agent to the Trustee, the Paying Agent shall be released from all further
liability with respect to such money.

 

(c)           Subject to applicable laws with
respect to escheat of funds, any money held by the Trustee or the Paying Agent
in trust for the payment of any amount due with respect to any Note and
remaining unclaimed for two years after such amount has become due and payable
shall be discharged from such trust and be paid to the Co-Issuers upon delivery
of a Company Request.  The Holder of such
Note shall thereafter, as an unsecured general creditor, look only to the
Co-Issuers for payment thereof (but only to the extent of the amounts so paid
to the Co-Issuers), and all liability of the Trustee or the Paying Agent with
respect to such trust money paid to the Co-Issuers shall thereupon cease; provided,
however, that the Trustee or the Paying Agent, before being required to
make any such repayment, may, at the expense of the Co-Issuers, cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in New York City,
and in a newspaper customarily published on each Business Day and of general
circulation in London (and in the capital city of the related stock exchange
where the related Series of Notes has been listed), notice that such money
remains unclaimed and that, after a date specified therein, which shall not be
less than thirty (30) days from the date of such publication, any unclaimed
balance of such money then remaining shall be repaid to the Co-Issuers.  The Trustee may also adopt and employ, at the
expense of the Co-Issuers, any other commercially reasonable means of
notification of such repayment.

 

Section 2.7             Noteholder List.

 

(a)           The Trustee shall furnish or cause to
be furnished by the Registrar to the Co-Issuers, the Master Manager, the Paying
Agent or any Variable Funding Administrative Agent, (i) on each Payment
Date, and (ii) within five (5) Business Days after receipt by the
Trustee of a request therefor from the Co-Issuers, the Master Manager, the
Paying Agent or such Variable Funding Administrative Agent, respectively, in
writing, the names and addresses of the Noteholders of each Series as of
the most recent Record Date for payments to such Noteholders.  Unless otherwise provided in the applicable Series Supplement,
holders of Notes of any Series having an aggregate Outstanding Principal
Amount of not less than 10% of the aggregate Outstanding Principal Amount of
such Series (the “Applicants”) may apply in writing to the Trustee,
and if such application states that the Applicants desire to communicate with
other Noteholders of such Series or any other Series with respect to
their rights under the Indenture or under the Notes and is accompanied by a
copy of the communication which such Applicants propose to transmit, then the
Trustee, after having been adequately indemnified by such Applicants for its
costs and expenses, shall afford or shall cause the Registrar to afford such
Applicants access during normal business hours to the most recent list of
Noteholders held by the Trustee and shall give the Co-Issuers notice that such
request has been made, within five (5) Business Days after the receipt of
such application. Such list shall be as of a date no more than forty-five (45)
days prior to the date of receipt of such Applicants’ request.  Every Noteholder, by receiving and holding a 

 

11

 

Note, agrees with the Trustee that none of the
Trustee, the Registrar or any of their respective agents shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the Noteholders hereunder, regardless of the source from which
such information was obtained.

 

(b)           The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to
it of the names and addresses of Noteholders of each Series of Notes.  If the Trustee is not the Registrar, the
Co-Issuers shall furnish to the Trustee at least seven (7) Business Days
before each Payment Date and at such other time as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Noteholders of each Series of Notes.

 

Section 2.8             Transfer and Exchange.

 

(a)           Upon surrender for registration of
transfer of any Note at the office or agency of the Registrar, if the
requirements of Section 2.8(f) and Section 8-401(a) of
the New York UCC are met, the Co-Issuers shall execute and, after the
Co-Issuers have executed, the Trustee shall authenticate and deliver to the
Noteholder, in the name of the designated transferee or transferees, one or
more new Notes, in any authorized denominations, of the same Series and Class (and,
if applicable, Subclass) and a like original aggregate principal amount of the
Notes so transferred. At the option of any Noteholder, Notes may be exchanged
for other Notes of the same Series and Class in authorized
denominations of like original aggregate principal amount of the Notes so
exchanged, upon surrender of the Notes to be exchanged at any office or agency
of the Registrar maintained for such purpose. 
Whenever Notes of any Series are so surrendered for exchange, if
the requirements of Section 2.8(f) and Section 8-401(a) of
the New York UCC are met, the Co-Issuers shall execute, and after the
Co-Issuers have executed, the Trustee upon receipt of a Company Order shall
authenticate and deliver to the Noteholder, the Notes which the Noteholder
making the exchange is entitled to receive.

 

(b)           Every Note presented or surrendered
for registration of transfer or exchange shall be (i) duly endorsed by, or
be accompanied by a written instrument of transfer in form satisfactory to the
Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing with a medallion signature guarantee and (ii) accompanied
by such other documents as the Trustee may require.  The Co-Issuers shall execute and deliver to
the Trustee or the Registrar, as applicable, Notes in such amounts and at such
times as are necessary to enable the Trustee to fulfill its responsibilities
under the Indenture and the Notes.

 

(c)           All Notes issued upon any
registration of transfer or exchange of the Notes shall be the valid
obligations of the Co-Issuers, evidencing the same indebtedness, and entitled
to the same benefits under the Indenture, as the Notes surrendered upon such
registration of transfer or exchange.

 

(d)           The preceding provisions of this Section 2.8
notwithstanding, (i) the Trustee or the Registrar, as the case may be,
shall not be required to register the 

 

12

 

transfer or exchange of any Note of any Series for
a period of fifteen (15) days preceding the due date for payment in full of the
Notes of such Series and (ii) no assignment or transfer of a Note or
any commitment in respect thereof shall be effective until such assignment or
transfer shall have been recorded in the Note Register and in the books and
records of the Trustee, as applicable, pursuant to Section 2.5.

 

(e)           Unless otherwise provided in the
applicable Series Supplement, no service charge shall be payable for any
registration of transfer or exchange of Notes, but the Co-Issuers or the
Registrar may require payment by the Noteholder of a sum sufficient to cover
any Tax or governmental charge that may be imposed in connection with any
transfer or exchange of Notes.

 

(f)            Unless otherwise provided in the
applicable Series Supplement, registration of transfer of Notes containing
a legend relating to the restrictions on transfer of such Notes (which legend
shall be set forth in the applicable Series Supplement) shall be effected
only if the conditions set forth in such applicable Series Supplement are
satisfied.  Notwithstanding any other
provision of this Section 2.8 and except as otherwise provided in Section 2.12,
the typewritten Note or Notes representing Book-Entry Notes for any Series may
be transferred, in whole but not in part, only to another nominee of the
Clearing Agency for such Series, or to a successor Clearing Agency for such Series selected
or approved by the Co-Issuers or to a nominee of such successor Clearing
Agency, only if in accordance with this Section 2.8 and Section 2.12.

 

(g)           If the Notes of any Series are
listed on a non-US stock exchange, the Trustee or the applicable non-US listing
agent, as the case may be, shall send to the Co-Issuers upon any transfer or
exchange of any such Note information reflected in the copy of the register for
the Notes maintained by the Registrar or the applicable non-US listing agent,
as the case may be.

 

Section 2.9             Persons Deemed Owners.

 

Prior to due presentment
for registration of transfer of any Note, the Trustee, any Agent and the
Co-Issuers may deem and treat the Person in whose name any Note is registered
(as of the day of determination) as the absolute owner of such Note for the
purpose of receiving payment of principal of and interest on such Note and for
all other purposes whatsoever, whether or not such Note is overdue, and none of
the Trustee, any Agent or any Co-Issuer shall be affected by notice to the
contrary.

 

Section 2.10           Replacement Notes.

 

(a)           If (i) any mutilated Note is
surrendered to the Trustee, or the Trustee receives evidence to its
satisfaction of the destruction, loss or theft of any Note and (ii) there
is delivered to the Trustee such security or indemnity as may be required by it
to hold the Co-Issuers and the Trustee harmless then, provided that the
requirements of Section 2.8(f) and Section 8-405 of the
New York UCC are met, the Co-Issuers shall execute and upon receipt by the
Trustee of a Company Request, the Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost 

 

13

 

or stolen Note, a replacement Note; provided, however,
that if any such destroyed, lost or stolen Note, but not a mutilated Note,
shall have become, or within seven (7) days shall be, due and payable,
instead of issuing a replacement Note, the Co-Issuers may instruct the Paying
Agent to pay such destroyed, lost or stolen Note when so due or payable without
surrender thereof.  If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen
Note pursuant to the proviso to the preceding sentence, a protected purchaser
(within the meaning of Section 8-303 of the New York UCC) of the
original Note in lieu of which such replacement Note was issued presents for
payment such original Note, the Co-Issuers and the Trustee shall be entitled to
recover such replacement Note (or such payment) from the Person to whom it was
delivered or any Person taking such replacement Note from such Person to whom
such replacement Note was delivered or any assignee of such Person, except a
protected purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Co-Issuers or the Trustee in connection therewith.

 

(b)           Upon the issuance of any replacement
Note under this Section 2.10, the Co-Issuers may require the
payment by the Holder of such Note of a sum sufficient to cover any Tax or
other governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Trustee) connected
therewith.

 

(c)           Every replacement Note issued
pursuant to this Section 2.10 in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Co-Issuers, and such replacement Note shall be
entitled to all the benefits of the Indenture equally and proportionately with
any and all other Notes duly issued under the Indenture (in accordance with the
priorities and other terms set forth herein and in each applicable Series Supplement).

 

(d)           The provisions of this Section 2.10
are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

 

Section 2.11           Treasury Notes.

 

In determining whether
the Noteholders of the required Aggregate Outstanding Principal Amount of Notes
or the required Outstanding Principal Amount of any Series or any Class of
any Series of Notes, as the case may be, have concurred in any direction,
waiver or consent, Notes owned, legally or beneficially, by any Co-Issuer or
any Affiliate of any Co-Issuer shall be considered as though they are not
Outstanding, except that for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes of which a Trust Officer has received written notice of such ownership
shall be so disregarded. Absent written notice to a Trust Officer of such
ownership, the Trustee shall not be deemed to have knowledge of the identity of
the individual Note Owners.

 

14

 

Section 2.12           Book-Entry Notes.

 

(a)           Unless otherwise provided in any
applicable Series Supplement, the Notes of each Class of each Series,
upon original issuance, shall be issued in the form of typewritten Notes
representing Book-Entry Notes and delivered to the depository (or its
custodian) specified in such Series Supplement (the “Depository”)
which shall be the Clearing Agency on behalf of such Series or such
Class.  The Notes of each Class of
each Series shall, unless otherwise provided in the applicable Series Supplement,
initially be registered on the Note Register in the name of the Clearing Agency
or the nominee of the Clearing Agency. 
No Note Owner shall receive a definitive note representing such Note
Owner’s interest in the related Series of Notes, except as provided in Section 2.13.  Unless and until definitive, fully registered
Notes of any Series or any Class of any Series (“Definitive
Notes”) have been issued to Note Owners pursuant to Section 2.13:

 

(i)            the provisions of
this Section 2.12 shall be in full force and effect with respect to
each such Series;

 

(ii)           the Co-Issuers, the
Paying Agent, the Registrar and the Trustee may deal with the Clearing Agency
and the applicable Clearing Agency Participants for all purposes (including the
payment of principal of, premium, if any, and interest on the Notes and the
giving of instructions or directions hereunder or under the applicable Series Supplement)
as the sole Holder of the Notes, and shall have no obligation to the Note
Owners;

 

(iii)          to the extent that
the provisions of this Section 2.12 conflict with any other
provisions of the Indenture, the provisions of this Section 2.12
shall control with respect to each such Class or Series of the Notes;

 

(iv)          the rights of Note
Owners of each such Class or Series of Notes shall be exercised only
through the Clearing Agency and the applicable Clearing Agency Participants and
shall be limited to those established by law and agreements between such Note
Owners and the Clearing Agency and/or the Clearing Agency Participants, and all
references in the Indenture to actions by the Noteholders shall refer to
actions taken by the Clearing Agency upon instructions from the Clearing Agency
Participants, and all references in the Indenture to distributions, notices,
reports and statements to the Noteholders shall refer to distributions,
notices, reports and statements to the Clearing Agency, as registered Holder of
the Notes of such Series for distribution to the Note Owners in accordance
with the procedures of the Clearing Agency; and

 

(v)           whenever the
Indenture requires or permits actions to be taken based upon instructions or
directions of Noteholders evidencing a specified percentage of the Aggregate Outstanding
Principal Amount of Notes or the aggregate Outstanding Principal Amount of a Series or
Class of a Series of Notes, the applicable Clearing Agency shall be
deemed to represent such percentage only to the extent that it has received
instructions to such effect from Note Owners and/or their related Clearing
Agency Participants owning or representing, 

 

15

 

respectively, such
required percentage of the beneficial interest in the Outstanding Notes or such
Series or such Class of such Series of Notes Outstanding, as the
case may be, and has delivered such instructions in writing to the Trustee.

 

(b)           Pursuant to the Depository Agreement
applicable to a Series, unless and until Definitive Notes of such Series are
issued pursuant to Section 2.13, the initial Clearing Agency shall
make book-entry transfers among the Clearing Agency Participants and receive
and transmit distributions of principal, premium, if any, and interest on the
Notes to such Clearing Agency Participants.

 

(c)           Whenever notice or other
communication to the Noteholders is required under the Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.13,
the Trustee and the Co-Issuers shall give all such notices and communications
specified herein to be given to Noteholders to the applicable Clearing Agency
for distribution to the Note Owners.

 

Section 2.13           Definitive Notes.

 

(a)           The Notes of any Series or Class of
any Series, to the extent provided in the related Series Supplement, upon
original issuance, may be issued in the form of Definitive Notes.  All Variable Funding Senior Notes of any Series shall
be issued in the form of Definitive Notes. 
The applicable Series Supplement shall set forth the legend
relating to the restrictions on transfer of such Definitive Notes and such
other restrictions as may be applicable.

 

(b)           With respect to the Notes of any Series or
Class of any Series issued in the form of typewritten Notes
representing Book-Entry Notes, if (i) (A) the Co-Issuers advise the
Trustee in writing that the Clearing Agency with respect to any such Series of
Notes is no longer willing or able to discharge properly its responsibilities
under the applicable Depository Agreement and (B) the Trustee or the
Co-Issuers are unable to locate a qualified successor, (ii) the
Co-Issuers, at their option, advise the Trustee in writing that they elect to
terminate the book-entry system through the Clearing Agency with respect to any
Series or Class of any Series of Notes Outstanding issued in the
form of Book-Entry Notes or (iii) after the occurrence of an Early
Amortization Event, with respect to any Series of Notes Outstanding, Note
Owners holding a beneficial interest in excess of 50% of the aggregate Outstanding
Principal Amount of such Series of Notes advise the Trustee and the
applicable Clearing Agency through the applicable Clearing Agency Participants
in writing that the continuation of a book-entry system through the applicable
Clearing Agency is no longer in the best interests of such Note Owners, the
Trustee shall notify all Note Owners of such Series, through the applicable
Clearing Agency Participants, of the occurrence of any such event and of the
availability of Definitive Notes to Note Owners of such Series.  Upon surrender to the Trustee of the Notes of
such Series by the applicable Clearing Agency, accompanied by registration
instructions from the applicable Clearing Agency for registration, the
Co-Issuers shall execute and the Trustee shall authenticate, upon receipt of a
Company Order, and deliver an equal aggregate principal amount of Definitive
Notes in accordance with the instructions of the Clearing Agency.  Neither the Co-Issuers nor the Trustee shall
be 

 

16

 

liable for any delay in delivery of such instructions
and may each conclusively rely on, and shall be protected in relying on, such
instructions.  Upon the issuance of
Definitive Notes of such Series or Class of such Series of Notes
all references herein to obligations imposed upon or to be performed by the
applicable Clearing Agency shall be deemed to be imposed upon and performed by
the Trustee, to the extent applicable with respect to such Definitive Notes,
and the Trustee shall recognize the Holders of the Definitive Notes of such Series or
Class of such Series as Noteholders of such Series or Class of
such Series hereunder and under the applicable Series Supplement.

 

Section 2.14           Cancellation.

 

The Co-Issuers may at any
time deliver to the Trustee for cancellation any Notes previously authenticated
and delivered hereunder which the Co-Issuers may have acquired in any manner
whatsoever, and all Notes so delivered shall be promptly cancelled by the
Trustee.  The Registrar and the Paying
Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. 
The Trustee shall cancel all Notes properly surrendered for registration
of transfer, exchange, payment, replacement or cancellation.  Except as provided in any Variable Funding
Note Purchase Agreement executed and delivered in connection with the issuance
of any Series or any Class of any Series of Notes, the
Co-Issuers may not issue new Notes to replace Notes that they have redeemed or
paid or that have been delivered to the Trustee for cancellation.  All cancelled Notes held by the Trustee shall
be disposed of in accordance with the Trustee’s standard disposition procedures
unless the Co-Issuers shall direct that cancelled Notes be returned to them for
destruction pursuant to a Company Order. 
No cancelled Notes may be reissued.

 

Section 2.15           Principal and Interest.

 

(a)           The principal of and premium, if any,
on each Series of Notes shall be due and payable at the times and in the
amounts set forth in the applicable Series Supplement and in accordance
with the Sections 5.13 and 5.14.

 

(b)           Each Series of Notes shall
accrue interest as provided in the applicable Series Supplement, and such
interest shall be due and payable for such Series on each Payment Date in
accordance with Sections 5.13 and 5.14.

 

(c)           Except as provided in the following
sentence, the Person in whose name any Note is registered at the close of
business on any Record Date with respect to a Payment Date for such Note, or any date on
which payments are permitted to be made as provided for in the Indenture, shall be entitled to receive the
principal, premium, if any, and interest payable on such Payment Date
notwithstanding the cancellation of such Note upon any registration of
transfer, exchange or substitution of such Note subsequent to such Record
Date.  Any interest payable at maturity
of a Note shall be paid to the Person to whom the principal of such Note is
payable.

 

(d)           If the Co-Issuers default in the
payment of interest on the Notes of any Series, such interest, to the extent
paid on any date that is more than five (5) Business 

 

17

 

Days after the applicable due date, shall, at the
option of the Co-Issuers (with written notice to the Trustee of such election),
cease to be payable to the Persons who were Noteholders of such Series on
the applicable Record Date, and the Co-Issuers shall pay the defaulted interest
in any lawful manner plus, to the extent lawful, interest payable on the
defaulted interest, to the Persons who are Noteholders of such Series on a
subsequent special record date which date shall be at least five (5) Business
Days prior to the date on which such interest is to be paid, at the rate
provided in the applicable Series Supplement and in the Notes of such
Series.  The Co-Issuers shall fix or
cause to be fixed each such special record date and related payment date, and
at least fifteen (15) days before the special record date, the Co-Issuers (or
the Trustee, in the name of and at the expense of the Co-Issuers) shall mail to
Noteholders of such Series a notice that states the special record date,
the related payment date and the amount of such interest to be paid.

 

(e)           Pursuant to the authority of the
Paying Agent under Section 2.6, the Paying Agent shall make all
payments of interest on the Notes net of any applicable withholding taxes and
Noteholders shall be treated as having received as payments of interest any
amounts withheld with respect to such withholding taxes.

 

Section 2.16           Tax Treatment.

 

The Co-Issuers have
structured the Indenture and the Notes have been (or will be) issued with the
intention that the Notes will qualify under applicable tax law as indebtedness
of the Co-Issuers or, if any of the Co-Issuers is disregarded as an entity
separate from its owner, such owner and any entity acquiring any direct or
indirect interest in any Note by acceptance of its Notes (or, in the case of a
Note Owner, by virtue of such Note Owner’s acquisition of a beneficial interest
therein) agrees to treat the Notes (or beneficial interests therein) for all
purposes of federal, state, local and foreign income or franchise Taxes and any
other Tax imposed on or measured by income, as indebtedness of the Co-Issuers
or, if any Co-Issuer is disregarded as an entity separate from its owner, such
owner.

 

ARTICLE III

 

SECURITY

 

Section 3.1             Grant of Security Interest.

 

(a)           Subject to the terms and conditions
of this Indenture, to secure the Obligations, each Co-Issuer hereby pledges,
assigns, conveys, delivers, transfers and sets over to the Trustee, for the
benefit of the Secured Parties, and hereby grants to the Trustee, for the
benefit of the Secured Parties, a security interest in, each Co-Issuer’s right,
title and interest in all of the following property to the extent now owned or
at any time hereafter acquired by such Co-Issuer (collectively, the “Collateral”):

 

(i)            (A) the
Collateral Bulk Gases Business Documents, including, without limitation, all
monies due and to become due to such Co-Issuer under or in connection with the
Collateral Bulk Gases Business Documents, 

 

18

 

whether payable as
fees, rent, expenses, costs, indemnities, dividends, distributions, insurance
recoveries, damages for the breach of any of the Collateral Bulk Gases Business
Documents, termination payments or otherwise, and all security and supporting
obligations for such amounts payable thereunder and (B) all rights,
remedies, powers, privileges and claims of such Co-Issuer against any other
party under or with respect to the Collateral Bulk Gases Business Documents
(whether arising pursuant to the terms of the Customer Contracts or otherwise
available to such Co-Issuer at law or in equity), including the right to
enforce any of the Collateral Bulk Gases Business Documents and to give or
withhold any and all consents, requests, notices, directions, approvals,
extensions or waivers under or with respect to the Collateral Bulk Gases
Business Documents or the obligations of any party thereunder;

 

(ii)           without limitation
of clause (i) above, the Supply Contracts, the Equipment, the
Delivery Truck Leases, the Real Estate Leases, and all other related assets
such as the (800) number for the Call Center, all related systems, records and
software including, without limitation, all monies due and to become due to
such Co-Issuer under or in connection with any of the foregoing, whether
payable as refunds, rebates, fees, rent, expenses, costs, indemnities,
dividends, distributions, insurance recoveries, damages for the breach of any
agreement, termination payments or otherwise, and all security and supporting
obligations for such amounts payable thereunder and (B) all rights,
remedies, powers, privileges and claims of such Co-Issuer against any other
party under or with respect to any of the foregoing (whether arising pursuant
to the terms of any of the foregoing or otherwise available to such Co-Issuer
at law or in equity), including the right to enforce any of the foregoing and
to give or withhold any and all consents, requests, notices, directions,
approvals, extensions or waivers under or with respect to any of the foregoing
or the obligations of any party thereunder;

 

(iii)          the Collateral
Transaction Documents, including, without limitation, all monies due and to
become due to such Co-Issuer under or in connection with the Collateral
Transaction Documents, whether payable as fees, rent, expenses, costs,
indemnities, insurance recoveries, damages for the breach of any of the
Collateral Transaction Documents or otherwise, all security and supporting
obligations for amounts payable hereunder and thereunder and performance of all
obligations hereunder and thereunder, including, without limitation, (A) all
rights of such Co-Issuer to the Securitization IP under the Securitization IP
License Agreement to which such Co-Issuer is a party and (B) all rights of
such Co-Issuer under the Transaction Management Agreement, all rights of such
Co-Issuer in respect of the Master Management Agreement and all rights of such
Co-Issuer under the Replacement Management Agreement, and in and to all
records, reports and documents in which they have any interest thereunder, and
all rights, remedies, powers, privileges and claims of such Co-Issuer against
any other party under or with respect to the Collateral Transaction Documents
(whether arising pursuant to the terms of the Collateral Transaction Documents
or otherwise available to such Co-Issuer at law or in equity), including the
right to enforce any of the Collateral Transaction Documents and to 

 

19

 

give or withhold
any and all consents, requests, notices, directions, approvals, extensions or
waivers under or with respect to the Collateral Transaction Documents or the
obligations of any party thereunder;

 

(iv)          the Equity Interests
of any Person owned by any Co-Issuer including, without limitation, the
membership interests in the Contract Holder, the Equipment Holder and the IP
Holder and the preferred membership interest in the Employee Company, and all
rights as a member or shareholder of each such Person under the Charter
Documents of each such Person, including, without limitation, all moneys and
other property distributable thereunder to any such Co-Issuer and all rights,
remedies, powers, privileges and claims of such Co-Issuer against any other
party under or with respect to each such Charter Document (whether arising
pursuant to the terms of such Charter Document or otherwise available to such
Co-Issuer at law or in equity), including the right to enforce each such
Charter Document and to give or withhold any and all consents, requests,
notices, directions, approvals, extensions or waivers under or with respect to
each such Charter Document;

 

(v)           the Securitization
IP, including all Proceeds and products of the foregoing, including all
goodwill symbolized by or associated with the Trademarks included in the
Securitization IP; provided that the grant of a security interest
hereunder shall not include any application for a Trademark that would be
deemed invalidated, canceled or abandoned due to the grant and/or enforcement
of such security interest, including, without limitation, all such United
States Trademark applications that are based on an intent-to-use, unless and
until such time that the grant and/or enforcement of the security interest will
not cause such Trademark to be deemed invalidated, canceled or abandoned; provided
further that the grant of a security interest hereunder shall not
include any Third Party IP License Agreements that cannot be assigned to the IP
Holder on or prior to the Closing Date;

 

(vi)          the Concentration
Account, the Equipment Holder Master Account, the Equipment Holder Operating
Account, the Equipment Holder CAPEX Account, the Insurance Proceeds Reserve
Account, the Tax Reserve Account and all other Securitization Entity Accounts,
each Account Agreement related thereto and all monies and other property
(including Investment Property and Financial Assets) on deposit or credited
from time to time in each such account and all Proceeds thereof; provided
that, for avoidance of doubt, the Surplus Account and the Employee Company
Account, and all monies and other property (including Investment Property and
Financial Assets) on deposit or credited from time to time in each such account
and all Proceeds thereof shall not constitute part of the Collateral or be
subject to the Lien of the Indenture;

 

(vii)         the Collection
Account and any sub-account thereof, the Cash Trap Reserve Account, the
Contributions Reserve Account, the Termination Amount Reserve Account, the
Hedge Payment Account, the Enhancement Payment Account and (subject to clause
(viii) and the related proviso below) all

 

20

 

other Base Indenture
Accounts, each Account Agreement related thereto and all monies and other
property (including Investment Property and Financial Assets) on deposit or
credited from time to time in each such account and all Proceeds thereof;

 

(viii)                        the Senior Note Interest Reserve Account,
any Account Agreement related thereto and all monies and other property
(including Investment Property and Financial Assets) on deposit or credited
from time to time in each such account and all Proceeds thereof;

 

(ix)                                each Series Account, each Account
Agreement related thereto and all monies and other property (including
Investment Property and Financial Assets) on deposit or credited from time to
time in each such account and all Proceeds thereof;

 

(x)                                   all other assets of the Co-Issuers now
owned or at any time hereafter acquired by such Co-Issuer, including, without
limitation, all of the following (each as defined in the New York UCC):
all accounts, chattel paper, deposit accounts, documents, general intangibles,
equipment, goods, instruments, securities accounts and other investment
property, commercial tort claims, letter-of-credit rights, letters of credit
and money;

 

(xi)                                all additional property that may from
time to time hereafter (pursuant to the terms of any Series Supplement or
otherwise) be subjected to the grant and pledge hereof by such Co-Issuer or by
anyone on its behalf; and

 

(xii)                             to the extent not otherwise included, all
Proceeds and products of any and all of the foregoing and all collateral
security and guarantees and other supporting obligations given by any Person
with respect to any of the foregoing;

 

provided, that the security interest set forth in clause (viii) above,
shall only be for the benefit of the Senior Noteholders and the Trustee, solely
in its capacity as trustee for the Senior Noteholders; and

 

provided, further, that:

 

(A)                              in no event
shall the security interest granted under this Section 3.1 attach
to any lease, license, contract, property rights or agreement to which any
Securitization Entity is a party or any of its rights or interests thereunder
if and for so long as the grant of such security interest shall constitute or
result in (i) the abandonment, invalidation or unenforceability of any
right, title or interest of any Securitization Entity therein or (ii) a
breach or termination pursuant to the terms of, or a default under, any such
lease, license, contract, property rights or agreement (other than to the
extent that any such term would be rendered ineffective pursuant to Sections
9-406, 9-407, 9-408 or 9-409 of the UCC (or any 

 

21

 

successor
provision or provisions) of any relevant jurisdiction or any other applicable
law (including the Bankruptcy Code) or principles of equity);

 

(B)                                the Collateral
shall include and such security interest shall attach immediately at such time
as the condition causing such abandonment, invalidation or unenforceability
shall be remedied and to the extent severable, shall attach immediately to any
portion of such lease, license, contract, property rights or agreement that
does not result in any of the consequences specified in subclauses (i) or (ii) of
the preceding clause (A); and

 

(C)                                the exclusion
in Section 3.1(a)(A) above shall in no way be construed (y) so
as to limit, impair, or otherwise affect the Trustee’s continuing security
interests in and Liens upon any rights or interests of any Securitization
Entity in or to monies due or to become due under any such lease, license,
contract, property rights or agreement to which such Securitization Entity is a
party or (z) to limit, impair, or otherwise affect the Trustee’s
continuing security interests in and Liens upon any rights or interests of any
Securitization Entity in and to any proceeds from the sale, license, lease, or
other dispositions of any such any such lease, license, contract, property
rights or agreement to which such Securitization Entity is a party.

 

The Collateral shall secure the Obligations equally
and ratably without prejudice, priority or distinction (except, with respect to
any Series of Notes, as otherwise stated in the applicable Series Supplement
or in the applicable provisions of this Base Indenture).

 

(b)                                 The parties hereto agree and acknowledge
that a portion of the Collateral relating to certificated Equity Interests may
be held by a custodian on behalf of the Trustee, as directed by the Co-Issuers
pursuant to a Company Order.

 

Section 3.2                                      Certain Rights and Obligations of the Co-Issuers
Unaffected.

 

(a)                                  Notwithstanding the grant of the security
interest in the Collateral hereunder to the Trustee, on behalf of the Secured
Parties, the Co-Issuers acknowledge that the Transaction Manager, on behalf of
the Securitization Entities, including, without limitation, the IP Holder,
shall, subject to the terms and conditions of the Transaction Management
Agreement, nevertheless have the right, subject to the Trustee’s right to
revoke such right, in whole or in part, in the event of the occurrence and
continuation of an Event of Default, (i) to give all consents, requests,
notices, directions, approvals, extensions or waivers, if any, which are
required or permitted to be given under the Collateral Documents, and to
enforce all rights, remedies, powers, privileges and claims of each Co-Issuer
under the Collateral Documents, (ii) to give all consents, requests,
notices, directions and approvals, if any, which are required or permitted to
be given by any Co-Issuer under any Third Party IP License Agreement to which
such Co-Issuer is a 

 

22

 

party and (iii) to take any and all other actions required or
permitted under the terms of the Transaction Management Agreement.

 

(b)                                 The grant of the security interest by the
Co-Issuers in the Collateral to the Trustee on behalf of the Secured Parties
shall not (i) relieve any Co-Issuer from the performance of any term,
covenant, condition or agreement on such Co-Issuer’s part to be performed or
observed under or in connection with any of the Collateral Documents or (ii) impose
any obligation on the Trustee or any of the Secured Parties to perform or
observe any such term, covenant, condition or agreement on such Co-Issuer’s
part to be so performed or observed or impose any liability on the Trustee or
any of the Secured Parties for any act or omission on the part of such
Co-Issuer or from any breach of any representation or warranty on the part of
such Co-Issuer.

 

(c)                                  Each Co-Issuer hereby jointly and
severally agrees to indemnify and hold harmless the Trustee (including its
directors, officers, employees and agents) from and against any and all losses,
liabilities (including liabilities for penalties), claims, demands, actions,
suits, judgments, and reasonable out-of-pocket costs and expenses arising out of
or resulting from the security interest granted hereby, whether arising by
virtue of any act or omission on the part of such Co-Issuer or otherwise,
including, without limitation, the reasonable out-of-pocket costs, expenses and
disbursements (including reasonable attorneys’ fees and expenses) incurred by
the Trustee in enforcing the Indenture or any other Related Document or
preserving any of its rights to, or realizing upon, any of the Collateral; provided, however,
that the foregoing indemnification shall not extend to any action by the
Trustee which constitutes negligence, bad faith or willful misconduct by the
Trustee or any other indemnified person hereunder. The indemnification provided
for in this Section 3.2 shall survive the removal of, or a resignation
by, such Person as Trustee as well as the termination of this Base Indenture or
any Series Supplement.

 

Section 3.3                                      Performance of Collateral Documents.

 

Upon the occurrence of a default or breach by any
Person party to (a) a Collateral Transaction Document or (b) a
Collateral Bulk Gases Business Document (only if a Master Manager Default,
Transaction Manager Default or an Event of Default has occurred and is
continuing), promptly following a written request from the Trustee to do so and
at the Co-Issuers’ expense, the Co-Issuers agree to take all such lawful action
as permitted under this Base Indenture as the Trustee (acting at the direction
of the Control Party) may reasonably request to compel or secure the
performance and observance by such Person of its obligations to the Co-Issuers,
and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Co-Issuers to the extent and in the manner directed by the
Trustee (acting at the direction of the Control Party), including, without
limitation, the transmission of notices of default and the institution of legal
or administrative actions or proceedings to compel or secure performance by
such Person of its obligations thereunder. 
If (i) the Co-Issuers shall have failed, within fifteen (15) days
of receiving the direction of the Trustee to take action to accomplish such
directions of the Trustee, (ii) the Co-Issuers refuse to take any such
action or (iii) the Control Party determines on a commercially reasonable
basis that such action must be 

 

23

 

taken immediately, in any such case the Trustee shall
take, at the expense of the Co-Issuers, such previously directed action and any
related action permitted under this Base Indenture which the Control Party
thereafter determines on a commercially reasonable basis is appropriate
(without the need under this provision or any other provision under this Base
Indenture to direct the Co-Issuers to take such action), on behalf of the Co-Issuers
and the Secured Parties.

 

Section 3.4                                      Stamp, Other Similar Taxes and Filing Fees.

 

Except as provided in Section 2.8(e), the
Co-Issuers shall jointly and severally indemnify and hold harmless the Trustee
and each Secured Party from any present or future claim for liability for any
stamp, documentary or other similar Tax and any penalties or interest and
expenses with respect thereto, that may be assessed, levied or collected by any
jurisdiction in connection with the Indenture, any other Related Document or
any Collateral.  Except as provided in Section 2.8(e),
the Co-Issuers shall pay, and jointly and severally indemnify and hold harmless
each Secured Party against, any and all amounts in respect of, all search,
filing, recording and registration fees and Taxes, excise Taxes and other
similar imposts that may be payable or determined to be payable in respect of
the execution, delivery, performance and/or enforcement of the Indenture or any
other Related Document.

 

Section 3.5                                      Authorization to File Financing Statements.

 

(a)                                  The Co-Issuers hereby irrevocably
authorize the Secured Parties at any time and from time to time during the term
of this Indenture to file or record in any filing office in any applicable
jurisdiction, including the PTO, financing statements and other filing or
recording documents or instruments with respect to the Collateral, including,
without limitation, any and all Securitization IP, to perfect the security
interests of the Trustee for the benefit of the Secured Parties under this Base
Indenture.  Each Co-Issuer authorizes the
filing of any such financing statement naming the Trustee as secured party and
indicating that the Collateral includes (a) “all assets” or words of
similar effect or import regardless of whether any particular assets comprised
in the Collateral fall within the scope of Article 9 of the UCC,
including, without limitation, any and all Securitization IP (other than
applications for Trademarks as described in Section 3.1(a)(v) above),
or (b) as being of an equal or lesser scope or with greater detail.  The Co-Issuers agree to furnish any
information necessary to accomplish the foregoing promptly upon the Trustee’s
request.  The Co-Issuers also hereby
ratify and authorize the filing on behalf of the Secured Parties of any
financing statement with respect to the Collateral made prior to the date
hereof.

 

(b)                                 Each Co-Issuer acknowledges that the
Collateral includes certain rights of the Co-Issuers as secured parties under
the Related Documents.  Each Co-Issuer
hereby irrevocably appoints the Trustee as its representative with respect to
all financing statements filed to perfect such security interests and
authorizes the Secured Parties to make such filings they deem necessary to
reflect the Trustee as secured party of record with respect to such financing
statements.

 

24

 

ARTICLE IV

 

REPORTS

 

Section 4.1                                      Reports and Instructions to Trustee.

 

(a)                                  Weekly Manager’s Certificate. 
On each Weekly Reporting Date, the Transaction Manager (on behalf of the
Co-Issuers) shall furnish, or cause to be furnished, to the Trustee, the
Administrative Agent, the Replacement Manager and the Rating Agencies a
certificate containing at least the information set forth in Exhibit A
attached hereto (each certificate, a “Weekly Manager’s Certificate”).  Notwithstanding anything to
the contrary herein, the document attached hereto as Exhibit A as
of the date hereof, shall be replaced by the Transaction Manager (on behalf of
the Co-Issuers), acting in its sole discretion, following the Closing Date with
an actual form of Weekly Manager’s Certificate; provided that such form
of Weekly Manager’s Certificate shall include at least all of the information
set forth in the document attached hereto as Exhibit A as of the
date hereof.  Copies of such form of
Weekly Manager’s Certificate shall be furnished by the Co-Issuers or by the
Transaction Manager (on behalf of the Co-Issuers) to the Trustee, the
Administrative Agent, the Replacement Manager, and the Rating Agencies.

 

(b)                                 Monthly Manager’s Certificate. 
On or before each Determination Date, the Transaction Manager (on behalf
of the Co-Issuers) shall furnish, or cause to be furnished, to the Trustee, the
Master Manager, the Administrative Agent, the Rating Agencies, the Replacement
Manager and the Paying Agent a certificate containing at least the information
set forth in Exhibit B attached hereto (each certificate, a “Monthly
Manager’s Certificate”).  Notwithstanding
anything to the contrary herein, the document attached hereto as Exhibit B
as of the date hereof, shall be replaced by the Transaction Manager (on behalf
of the Co-Issuers), acting in its sole discretion, following the Closing Date
with an actual form of Monthly Manager’s Certificate; provided that such
form of Monthly Manager’s Certificate shall include at least all of the
information set forth in the document attached hereto as Exhibit B
as of the date hereof.  Copies of such
form of Monthly Manager’s Certificate shall be furnished by the Co-Issuers or
by the Transaction Manager (on behalf of the Co-Issuers) to the Trustee, the
Administrative Agent, the Replacement Manager, the Master Manager, the Paying
Agent and the Rating Agencies.

 

(c)                                  Noteholders’ Statement. 
On or before each Determination Date, the Transaction Manager (on behalf
of the Co-Issuers) shall furnish, or cause to be furnished, to the Trustee, the
Administrative Agent, the Replacement Manager and the Rating Agencies a
Noteholders’ Statement with respect to each Series of Notes substantially
in the form provided in the applicable Series Supplement.

 

(d)                                 Compliance Certificates. 
On or before each Determination Date, the Transaction Manager (on behalf
of the Co-Issuers) shall deliver, or cause to be delivered, to the Trustee, the
Administrative Agent, the Replacement Manager and the Rating Agencies an
Officer’s Certificate, substantially in the form of Exhibit E
attached hereto (each a “Compliance Certificate”), to the effect that,
except as has been provided 

 

25

 

in a notice delivered pursuant to Section 8.8, no Early
Amortization Event or Event of Default has occurred or is continuing.

 

(e)                                  Annual Accountants’ Reports. 
As soon as available to the Transaction Manager pursuant to Section 6.1(a) of
the Transaction Management Agreement, the Transaction Manager (on behalf of the
Co-Issuers) shall furnish, or cause to be furnished, to the Trustee, the
Administrative Agent, the Replacement Manager and the Rating Agencies the
reports of the Independent Accountants required to be delivered to the
Transaction Manager by the Master Manager.

 

In the event the Independent Accountants require the
Trustee or the Administrative Agent to agree to the procedures performed by
such firm, the Transaction Manager shall direct the Trustee and/or the
Administrative Agent in writing to so agree, it being understood and agreed
that the Trustee and/or the Administrative Agent will deliver such letter of
agreement in conclusive reliance upon the direction of the Transaction Manager,
and neither the Trustee nor the Administrative Agent shall make any independent
inquiry or investigation as to, and shall have no obligation or liability in
respect of, the sufficiency, validity or correctness of such procedures.

 

(f)                                    Master Issuer Financial Statements. 
The Master Issuer shall furnish, or cause to be furnished by the
Transaction Manager, to the Trustee, the Administrative Agent, the Replacement
Manager and the Rating Agencies with respect to each Series of Notes
Outstanding the following financial statements:

 

(i)                                     as soon as available and in any event
within forty-five (45) days after the end of each of the first three quarters
of each fiscal year (or, within sixty (60) days after the end of the first
fiscal quarter ending after the Closing Date), unaudited consolidated balance
sheets of the Master Issuer as of the end of such quarter and unaudited
consolidated statements of income and cash flows of the Master Issuer for such
quarter and for the period commencing at the end of the previous fiscal year
and ending with the end of such quarter; and

 

(ii)                                  as soon as available and in any event
within ninety (90) days after the end of each fiscal year, audited
consolidated balance sheets of the Master Issuer as of the end of such fiscal
year and audited consolidated statements of income and cash flows of the Master
Issuer for such fiscal year, setting forth in comparative form the figures for
the previous fiscal year prepared in accordance with GAAP and accompanied by an
opinion thereon of the Independent Accountants stating that such audited
financial statements present fairly, in all material respects, the financial
position of the companies being reported on and their results of operations and
have been prepared in accordance with GAAP.

 

(g)                                 NuCO2 Financial
Statements.  The Master Issuer shall furnish, or cause to
be furnished by the Master Manager, to the Trustee, the Administrative Agent,
the Replacement Manager and the Rating Agencies with respect to each Series of
Notes Outstanding the following financial statements:

 

26

 

(i)                                     as soon as available and in any event
within forty-five (45) days after the end of each of the first three quarters
of each fiscal year (or, within sixty (60) days after the end of the first
fiscal quarter ending after the Closing Date), an unaudited consolidated
balance sheet of NuCO2 as
of the end of each of the first three quarters of each fiscal year and
unaudited consolidated statements of income and cash flows of NuCO2 for such
quarter and for the period commencing at the end of the previous fiscal year
and ending with the end of such quarter; and

 

(ii)                                  as soon as available and in any event
within ninety (90) days after the end of each fiscal year, an audited
consolidated balance sheet of NuCO2 as of the end of each fiscal year and audited
consolidated statements of income and cash flows of NuCO2 for such fiscal
year, setting forth in comparative form the figures for the previous fiscal
year, prepared in accordance with GAAP and accompanied by an opinion thereon of
the Independent Accountants stating that such audited consolidated financial
statements present fairly, in all material respects, the financial position of
the companies being reported on and their results of operations and have been
prepared in accordance with GAAP.

 

(h)                                 Quarterly Customer Contracts Report. So long as the Series 2008-1 Class A
Notes are Outstanding, the Master Issuer shall furnish, or cause to be
furnished by the Transaction Manager, to the Rating Agencies, the Trustee, the
Administrative Agent and the Replacement Manager, within 45 days after the end
of each quarter, a report setting forth the activation and attrition rates with
respect to Customer Contracts for such quarter, substantially in the form of Exhibit G
attached hereto (each, a “Quarterly
Customer Contracts Report”).

 

(i)                                     Additional Information. 
The Master Issuer shall furnish, or cause to be furnished, from time to
time such additional information regarding the financial position, results of
operations or business of NuCO2,
the Employee Company, the Master Issuer or any Securitization Entity as the
Trustee, the Control Party or any Rating Agency may reasonably request.

 

(j)                                     Instructions as to Withdrawals and
Payments.  The Master Issuer shall furnish, or cause to
be furnished, to the Trustee or the Paying Agent, as applicable, written
instructions to make withdrawals and payments from the Collection Account and
any other Base Indenture Account or Series Account and to make drawings
under any Enhancement, as contemplated herein and in any Series Supplement.  The Trustee and the Paying Agent shall
promptly follow any such written instructions.

 

(k)                                  Replacement Manager Reports. 
The Master Issuer shall furnish to the Replacement Manager all reports
required pursuant to, and in compliance with, the Replacement Management
Agreement.

 

27

 

Section 4.2                                      Annual Noteholders’ Tax Statement.

 

Unless otherwise specified in the applicable Series Supplement,
on or before January 31 of each calendar year, beginning with calendar
year 2009, the Paying Agent shall furnish to each Person who at any time during
the preceding calendar year was a Noteholder a statement prepared by the Master
Issuer, or by the Transaction Manager on its behalf, containing the information
which is required to be contained in the Noteholders’ Statements with respect
to each Series of Notes aggregated for such calendar year or the
applicable portion thereof during which such Person was a Noteholder, together
with such other customary information (consistent with the treatment of the
Notes as indebtedness) as the Master Issuer, or the Transaction Manager on its
behalf, deems necessary or desirable to enable the Noteholders to prepare their
tax returns (each such statement, an “Annual Noteholders’ Tax Statement”).  Such obligations of the Master Issuer to
prepare, or cause to be prepared, and the Paying Agent to distribute the Annual
Noteholders’ Tax Statement shall be deemed to have been satisfied to the extent
that substantially comparable information shall be provided by the Paying Agent
pursuant to any requirements of the Code or other applicable tax law as from
time to time in effect.

 

Section 4.3                                      Rule 144A Information.

 

For so long as any of the Notes are “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities
Act, the Co-Issuers agree to provide to any Noteholder or Note Owner and to any
prospective purchaser of Notes designated by such Noteholder or Note Owner upon
the request of such Noteholder or Note Owner or prospective purchaser, any
information required to be provided to such holder or prospective purchaser to
satisfy the conditions set forth in Rule 144A(d)(4) under the
Securities Act.

 

Section 4.4                                      Reports, Financial Statements and Other Information to
Noteholders.

 

The Trustee shall make the Weekly Manager’s
Certificates, the Compliance Certificates, the Monthly Manager’s Certificates
and the Noteholders’ Statements and any other notice or report received from or
on behalf of the Co-Issuers and the Administrative Agent pursuant to any
Related Document available to Noteholders, Note Owners and the Rating Agencies
via the Trustee’s internet website at www.usbank.com/abs.com.  Assistance in using such website can be
obtained by calling the Trustee’s customer service desk at (800) 934-6802; provided, however,
that as a condition to access to the Trustee’s website, the Trustee shall
require each Noteholder or Note Owner accessing its website to register as a
Noteholder or Note Owner, as the case may be, and to make a confirmation in
form and content similar to Exhibit F attached hereto; provided further
that no prospective purchaser shall have access to the aforementioned
information posted on the Trustee’s website, unless such prospective purchaser
certifies pursuant to a form similar in content to Exhibit F
attached hereto (or pursuant to such other form satisfactory to the Trustee)
that it is requesting such information solely for use in evaluating its
investment in any Series of Notes and will 

 

28

 

otherwise keep such information confidential.  The Trustee shall have the right to change
the way such statements are electronically distributed in order to make such
distribution more convenient and/or more accessible to the above parties, and
the Trustee shall provide timely and adequate notification to all above Persons
regarding any such changes.  In addition,
at the written request of any Noteholder, any Note Owner or any prospective
purchaser of Notes designated by a Noteholder or Note Owner, the Trustee shall
send hard copies to such Noteholder, Note Owner or prospective purchaser of any
of the Related Documents or any of the following documents received by the
Trustee under the Indenture: Monthly Manager’s Certificates, Noteholders’
Statements, Officer’s Certificates required to be furnished to the Trustee
pursuant to Section 4.1, reports of the Independent Accountants
furnished to the Trustee pursuant to the Master Management Agreement and
financial statements required to be furnished to the Trustee pursuant to Section 4.1; provided, however,
that (i) prior to furnishing any such reports or certificates to any
Noteholder or Note Owner, the Trustee shall receive from such Noteholder or
Note Owner a confirmation, substantially in the form of Exhibit F,
executed by such Noteholder or Note Owner to the effect that, in the case of a
Note Owner, such Person is a beneficial holder of Notes and, in each case, such
Person is requesting the information solely for use in evaluating such Person’s
investment in Notes, shall otherwise keep such information confidential and (ii) prior
to furnishing any such reports or certificates to any prospective purchaser of
Notes designated by a Noteholder or Note Owner, the Trustee shall receive from
such prospective purchaser of Notes a confirmation, substantially in the form
of Exhibit F, executed by such prospective purchaser to the effect
that such Person is a prospective transferee of Notes, is requesting the
information solely for use in evaluating a possible investment in Notes, shall
otherwise keep such information confidential.

 

Section 4.5                                      Transaction Manager.

 

Pursuant to the Transaction Management Agreement, the
Transaction Manager has agreed to provide certain reports, notices,
instructions and other services on behalf of the Master Issuer and the other
Co-Issuers.  The Noteholders by their
acceptance of the Notes consent to the provision of such reports and notices to
the Trustee by the Transaction Manager, where applicable, in lieu of by the
Master Issuer or any other Co-Issuer. 
Any such reports and notices that are required to be delivered to the
Noteholders hereunder shall be delivered by the Trustee.  The Trustee shall have no obligation
whatsoever to verify, reconfirm or recalculate any information or material
contained in any of the reports, financial statements or other information
delivered to it pursuant to this Article IV or the Transaction
Management Agreement.  All distributions,
allocations, remittances and payments to be made by the Trustee or the Paying
Agent hereunder or under any Supplement or Variable Funding Note Purchase
Agreement shall be made based solely upon the most recently delivered written
reports and instructions provided to the Trustee or Paying Agent, as the case
may be, by the Transaction Manager.

 

29

 

ARTICLE V

 

ALLOCATION AND
APPLICATION OF COLLECTIONS

 

Section 5.1                                      Concentration Account.

 

(a)                                  Establishment of the Concentration
Account.  On or prior to the Closing Date, title to the
account to be designated as the “Concentration Account” shall be transferred
to the Master Issuer as agent on behalf of the Contract Holder.  Such account, as of the Closing Date and at
all times thereafter, shall be (A) owned by the Contract Holder, (B) pledged
to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1
and (C) subject to an Account Control Agreement.  The Concentration Account shall be an
Eligible Account.  If the Concentration
Account is at any time no longer an Eligible Account or the Master Issuer
decides to establish a new Concentration Account for any other reason, the
Master Issuer shall notify the Trustee and establish a new Concentration
Account that is an Eligible Account, that is owned by the Contract Holder, and
that is pledged to the Trustee for the benefit of the Secured Parties and
subject to an Account Control Agreement; provided that if the new
Concentration Account is established as a result of the existing Concentration
Account no longer being an Eligible Account, then notice to the Trustee and the
establishment of a new Concentration Account (subject to an Account Control
Agreement) satisfying all the requirements set forth in the first part of this
sentence will be accomplished within ten (10) Business Days of obtaining
knowledge that such Concentration Account is no longer an Eligible
Account.  If a new Concentration Account
is established as a result of the existing Concentration Account no longer
being an Eligible Account or for any other reason, the Master Issuer shall
transfer all cash and investments from the existing Concentration Account into
the new Concentration Account.  Subject
to the applicable Account Control Agreement, the Concentration Account shall be
maintained by the Transaction Manager on behalf of the Contract Holder.

 

(b)                                 Deposits.  The
Transaction Manager shall deposit (or cause to be deposited) the following
amounts into the Concentration Account within two (2) Business Days of
receipt thereof:

 

(i)                                     all Customer Collections;

 

(ii)                                  any reimbursements due the Contract
Holder from the Equipment Holder in connection with any payments made to third
parties by the Contract Holder on behalf of the Equipment Holder, including,
without limitation, in respect of any checks originally issued on or prior to
the Closing Date by NuCO2, in connection with the Bulk Gases
Business but transferred to the Contract Holder as a result of the applicable
Contribution Agreements; and

 

(iii)                               all Customer Location Equipment Resale
Revenues.

 

30

 

(c)                                  Withdrawals. 
The Transaction Manager shall be permitted or required, in accordance
with this Indenture, to withdraw amounts on deposit in the Concentration
Account as follows:

 

(i)                                     on each Weekly Allocation Date, to
deposit to the Equipment Holder Master Account:

 

(A)                              the applicable Delivery and Customer
Services Fees;

 

(B)                                to the extent of Customer Location
Equipment Resale Revenues received in the Concentration Account during the
preceding Weekly Collection Period, an amount equal to the related Customer
Location Equipment Costs;

 

(C)                                the applicable Sales Tax Reimbursements;

 

(D)                               the applicable Property Tax
Reimbursements; and

 

(E)                                 the Customer Deposits deposited to the
Concentration Account during the preceding Weekly Collection Period.

 

(ii)                                  on an as needed basis, to make such payments
to third parties in respect of any checks originally issued on or prior to the
Closing Date by NuCO2, in connection with the Bulk Gases
Business but transferred to the Contract Holder as a result of the applicable
Contribution Agreements; and

 

(iii)                               on a monthly basis on the last Weekly
Allocation Date of each calendar month (after giving effect to the deposits
contemplated under clause (i) above), to deposit to the Collection Account
all amounts remaining in the Concentration Account after giving effect to the
payments, transfers and other withdrawals described above.

 

(d)                                 Administration of the Concentration
Account.  All amounts held in the Concentration Account
shall be invested in Permitted Investments at the written direction of the
Master Issuer, or the Transaction Manager on the Master Issuer’s behalf, and
such amounts may be transferred by the Master Issuer, or the Transaction
Manager on the Master Issuer’s behalf, into a money market account for the sole
purpose of investing in Permitted Investments so long as such money market
account is (A) an Eligible Account, (B) pledged to the Trustee
for the benefit of the Secured Parties pursuant to Section 3.1 and (C) subject
to an Account Control Agreement; provided, however, that any such
investment in the Concentration Account (or in any such money market account)
shall mature not later than the date on which such amount is required to be
transferred to the Collection Account or any Securitization Entity Account as
set forth herein.  In the absence of written
investment instructions hereunder, funds on deposit in the Concentration
Account shall be invested in money market funds described in clause (e) of
the definition of Permitted Investments. 
The Master Issuer shall not direct (or permit) the disposal of any
Permitted Investments prior to the maturity thereof to the 

 

31

 

extent such disposal would result in a loss of the initial purchase
price of such Permitted Investment.

 

(e)                                  Earnings from the Concentration Account. 
All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in the Concentration Account shall be deemed to be
Investment Income on deposit for distribution to the Collection Account in
accordance with Section 5.12.

 

Section 5.2                                      Securitization Entity Accounts.

 

Each Securitization Entity Account shall be an
Eligible Account that is pledged to, and subject to an Account Control
Agreement in favor of, the Trustee.

 

(a)                                  Equipment Holder Master Account. 
On or prior to the Closing Date, the Transaction Manager shall establish
and maintain an account designated as the “Equipment Holder Master Account”
in the name and for the benefit of the Equipment Holder.

 

(i)                                     Deposits.  On each
Weekly Allocation Date, the Transaction Manager shall withdraw from the
Concentration Account and deposit (or cause to be deposited) the sum of the
following amounts into the Equipment Holder Master Account:

 

(A)                              the applicable Delivery and Customer
Services Fees;

 

(B)                                to the extent of Customer Location
Equipment Resale Revenues received in the Concentration Account during the
preceding Weekly Collection Period, an amount equal to the related Customer
Location Equipment Costs;

 

(C)                                the applicable Sales Tax Reimbursements;

 

(D)                               the applicable Property Tax
Reimbursements; and

 

(E)                                 the Customer Deposits deposited to the
Concentration Account during the preceding Weekly Collection Period.

 

(ii)                                  Withdrawals. 
The Transaction Manager shall be permitted or required, in accordance
with the Indenture, to withdraw amounts on deposit in the Equipment Holder
Master Account as follows:

 

(A)                              on each Weekly Allocation Date, to
deposit to the Equipment Holder Operating Account: (i) the Equipment
Holder Operating Expense Fees, or, at the Transaction Manager’s discretion,
such other amount, up to in the aggregate the Equipment Holder Operating
Expense Cap, (ii) the Product and Lease Expenses relating to the preceding
Weekly Collection Period, (iii) the applicable Sales Tax 

 

32

 

Reimbursements, (iv) the
applicable Property Tax Reimbursements, and (v) the Customer Deposits
deposited to the Concentration Account during the preceding Weekly Collection
Period; and

 

(B)                                on the last Weekly Allocation Date of
each calendar month (after giving effect to the deposits contemplated under the
foregoing clause (A)), to deposit to the Collection Account all amounts
remaining in the Equipment Holder Master Account after giving effect to the
payments, transfers and other withdrawals described above.

 

(b)                                 Equipment Holder Operating Account. 
On or prior to the Closing Date, the Transaction Manager shall establish
and maintain an account designated as the “Equipment Holder Operating
Account” in the name and for the benefit of the Equipment Holder.

 

(i)                                     Deposits.  The
Transaction Manager shall withdraw from the Equipment Holder Master Account and
deposit (or cause to be deposited) the following amounts into the Equipment
Holder Operating Account:

 

(A)                              on each Weekly Allocation Date, (i) the
Equipment Holder Operating Expense Fees, or, at the Transaction Manager’s
discretion, such other amount, up to in the aggregate the Equipment Holder
Operating Expense Cap, (ii) the Product and Lease Expenses relating to the
preceding Weekly Collection Period, (iii) the applicable Sales Tax
Reimbursements, (iv) the applicable Property Tax Reimbursements, and (v) the
Customer Deposits deposited to the Concentration Account during the preceding
Weekly Collection Period;

 

(B)                                any other amounts transferred into the
Equipment Holder Operating Account from the Master Issuer’s Surplus Account or
any of its other accounts in accordance with (or, not in contravention of) the
Related Documents; and

 

(C)                                any proceeds from the issuance of any Series 2008-1
Class A-2 Notes and any Series 2008-1 Class A-3 Notes.

 

(ii)                                  Withdrawals. 
The Transaction Manager shall be permitted or required, in accordance
with the Indenture, to withdraw amounts on deposit in the Equipment Holder
Operating Account as follows:

 

(A)                              on each Weekly Allocation Date, to
deposit to the Equipment Holder CAPEX Account, the Equipment Holder CAPEX Fees
solely from amounts deposited to the Equipment Holder Operating Account on such
date;

 

(B)                                on an as needed basis, to make all
payments and deposits required to be made pursuant to any agreement relating to
the 

 

33

 

Equipment, the Delivery
Truck Leases, the Real Estate Leases and the Supply Contracts and any other
agreements with third parties;

 

(C)                                on an as needed basis, to pay the
Employee Services Fee;

 

(D)                               on an as needed basis, to reimburse the
Employee Company for any payments to third parties made by the Employee Company
on behalf of the Equipment Holder;

 

(E)                                 on an as needed basis, to make any and
all other payments and deposits related to the operation of the Bulk Gases
Business; and

 

(F)                                 on an as needed basis, to make all such
deposits to the Collection Account to pay the principal on the Series 2008-1
Class A-2 Notes and the Series 2008-1 Class A-3 Notes.

 

(c)                                  Equipment Holder CAPEX Account. 
On or prior to the Closing Date, the Transaction Manager shall establish
and maintain an account (which may be a sub-account of the Equipment Holder
Operating Account) designated as the “Equipment Holder CAPEX Account” in
the name and for the benefit of the Equipment Holder.

 

(i)                                     Deposits.  The
Transaction Manager shall withdraw from the Equipment Holder Operating Account
and deposit (or cause to be deposited) the Equipment Holder CAPEX Fees into the
Equipment Holder CAPEX Account on each Weekly Allocation Date solely from
amounts deposited to the Equipment Holder Operating Account on such date.

 

(ii)                                  Withdrawals. 
The Transaction Manager shall be permitted or required, in accordance
with the Indenture, to withdraw amounts on deposit in the Equipment Holder
CAPEX Account as follows:

 

(A)                              on an as needed basis, to make all
payments and deposits required to fund capital expenditures associated with the
Bulk Gases Business; and

 

(B)                                commencing on the Payment Date occurring
in January 2009 and on every Payment Date occurring in January and July thereafter,
to deposit to the Collection Account any Excess CAPEX Amounts for application
in accordance with clause tenth and clause fifteenth, as
applicable, of the Priority of Payments.

 

(d)                                 Insurance Proceeds Reserve Account. 
On or prior to the Closing Date, the Transaction Manager shall establish
and maintain an account designated as the “Insurance Proceeds Reserve
Account” in the name and for the benefit of the Co-Issuers.

 

34

 

(i)                                     Deposits.  The
Transaction Manager shall withdraw from the Concentration Account and deposit
(or cause to be deposited) all Insurance Proceeds received by or on behalf of
any Securitization Entity into the Insurance Proceeds Reserve Account.

 

(ii)                                  Withdrawals. 
The Transaction Manager shall be permitted or required, in accordance
with the Indenture, to withdraw amounts on deposit in the Insurance Proceeds
Reserve Account as follows:

 

(A)                              on an as needed basis, to make payments
from Restoration Proceeds on behalf of the applicable Securitization Entity
towards the replacement or restoration of the applicable property or towards
the purchase of assets useful in the Bulk Gases Business as are from time to time
required if the Transaction Manager has elected to replace or restore such
property or purchase new property in accordance with the terms of this
Indenture; and

 

(B)                                on the last day of each Monthly
Collection Period, to deposit to the Collection Account (for application in
accordance with clause tenth or clause fifteenth, as applicable,
of the Priority of Payments) all other Insurance Proceeds Amounts, including,
without limitation, any Insurance Proceeds Amounts initially retained in the
Insurance Proceeds Reserve Account as Restoration Proceeds in accordance with clause
(A) above that have not been used for the contemplated restoration,
replacement or purchase within 360 days of receipt or with respect to property
that the Transaction Manager has determined not to replace or restore.

 

(e)                                  Tax Reserve Account. 
On or prior to the Closing Date, the Transaction Manager shall establish
and maintain an account designated as the “Tax Reserve Account” in the
name and for the benefit of the Co-Issuers.

 

(i)                                     Deposits.  The
Transaction Manager shall deposit (or cause to be deposited) all Tax Reserve
Amounts required to be deposited pursuant to clause seventh of the
Priority of Payments into the Tax Reserve Account.

 

(ii)                                  Withdrawals. 
The Transaction Manager shall be permitted or required, in accordance
with the Indenture, to withdraw amounts on deposit in the Tax Reserve Account
as follows:

 

(A)                              on an as needed basis, to make such
payments to any tax authorities on behalf of the Master Manager and its
Affiliates in an amount equal to any tax payments due on such date, including
any Tax Payment Deficiency pursuant to the terms hereof;

 

(B)                                on an as needed basis, to make such
reimbursements to the Master Manager in an amount equal to any tax payments
advanced by the Master Manager on behalf of itself and its 

 

35

 

Affiliates for which the
Master Manager has not previously been reimbursed; and

 

(C)                                on an as needed basis, to deposit to the
Collection Account any amounts reasonably determined by the Master Manager to
be not needed to satisfy any tax liabilities within the twelve (12) months
following such withdrawal.

 

(f)                                    Administration of the Securitization
Entity Accounts.  All amounts held in each Securitization
Entity Account shall be invested in Permitted Investments at the written
direction of the Master Issuer, or the Transaction Manager on behalf of the
Master Issuer, and such amounts may be transferred by the Master Issuer, or the
Transaction Manager on behalf of the Master Issuer, into a money market account
for the sole purpose of investing in Permitted Investments so long as such
money market account is (A) an Eligible Account, (B) pledged
to the Trustee for the benefit of the Secured Parties pursuant to Section 3.1
and (C) subject to an Account Control Agreement; provided, however, that any such
investment in the Securitization Entity Account (or in any such money market
account) other than the Equipment Holder Operating Account shall mature not
later than the date on which such amount is required to be transferred to the
Collection Account or any Securitization Entity Account as set forth
herein.  In the absence of written
investment instructions hereunder, funds on deposit in the Securitization
Entity Accounts shall be invested in money market funds described in clause (e) of
the definition of Permitted Investments. 
The Master Issuer shall not direct (or permit) the disposal of any
Permitted Investments prior to the maturity thereof to the extent such disposal
would result in a loss of the initial purchase price of such Permitted
Investment.

 

(g)                                 Earnings from the Securitization Entity
Accounts.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Securitization Entity Accounts
shall be deemed to be Investment Income on deposit for distribution to the
Collection Account in accordance with Section 5.12

 

Section 5.3                                      Senior Note Interest Reserve Account.

 

(a)                                  Establishment of the Senior Note Interest
Reserve Account.  On or prior to the Closing Date, the Master
Issuer shall establish and maintain an account in the name of the Trustee for
the benefit of the Senior Noteholders, bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the foregoing
Secured Parties (the “Senior Note Interest Reserve Account”).  The Senior Note Interest Reserve Account
shall be an Eligible Account.  If the
Senior Note Interest Reserve Account is at any time no longer an Eligible
Account, the Master Issuer shall, within ten (10) Business Days of
obtaining knowledge that the Senior Note Interest Reserve Account is no longer
an Eligible Account, notify the Trustee and establish a new Senior Note
Interest Reserve Account that is an Eligible Account.  If a new Senior Note Interest Reserve Account
is established the Master Issuer shall instruct the Trustee in writing to
transfer all cash and investments from the non-qualifying Senior Note Interest
Reserve 

 

36

 

Account into the new Senior Note Interest Reserve Account.  Initially, the Senior Note Interest Reserve
Account shall be established with the Trustee.

 

(b)                                 Administration of the Senior Note
Interest Reserve Account.  All amounts held in the Senior
Note Interest Reserve Account shall be invested in Permitted Investments at the
written direction of the Master Issuer; provided, however, that
any such investment in the Senior Note Interest Reserve Account shall mature
not later than the Business Day prior to the next succeeding Payment Date.  In the absence of written investment
instructions hereunder, funds on deposit in the Senior Note Interest Reserve
Account shall be invested in money market funds described in clause (e) of
the definition of Permitted Investments. 
The Master Issuer shall not direct (or permit) the disposal of any
Permitted Investments prior to the maturity thereof to the extent such disposal
would result in a loss of the initial purchase price of such Permitted
Investment.

 

(c)                                  Earnings from the Senior Note Interest
Reserve Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Senior Note Interest
Reserve Account shall be deemed to be Investment Income on deposit for
application to amounts required to be on deposit in the Senior Note Interest
Reserve Account or for distribution to the Collection Account in accordance
with Section 5.12.

 

Section 5.4                                      Cash Trap Reserve Account.

 

(a)                                  Establishment of the Cash Trap Reserve
Account.  On or prior to the Closing Date, the Master
Issuer shall establish and maintain an account in the name of the Trustee for
the benefit of the Secured Parties, bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Secured
Parties (the “Cash Trap Reserve Account”).  The Cash Trap Reserve Account shall be an
Eligible Account.  If the Cash Trap
Reserve Account is at any time no longer an Eligible Account, the Master Issuer
shall, within ten (10) Business Days of obtaining knowledge that the Cash
Trap Reserve Account is no longer an Eligible Account, notify the Trustee and
establish a new Cash Trap Reserve Account that is an Eligible Account.  If a new Cash Trap Reserve Account is established
the Master Issuer shall instruct the Trustee in writing to transfer all cash
and investments from the non-qualifying Cash Trap Reserve Account into the new
Cash Trap Reserve Account.  Initially,
the Cash Trap Reserve Account shall be established with the Trustee.

 

(b)                                 Administration of the Cash Trap Reserve
Account.  All amounts held in the Cash Trap Reserve
Account shall be invested in Permitted Investments at the written direction of
the Master Issuer; provided, however, that any such
investment in the Cash Trap Reserve Account shall mature not later than the
Business Day prior to the next succeeding Payment Date.  In the absence of written investment
instructions hereunder, funds on deposit in the Cash Trap Reserve Account shall
be invested in money market funds described in clause (e) of the
definition of Permitted Investments.  The
Master Issuer shall not direct (or permit) the disposal of any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted Investment.

 

37

 

(c)                                  Earnings from the Cash Trap Reserve
Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Cash Trap Reserve Account
shall be deemed to be Investment Income on deposit for application to amounts
required to be on deposit in the Cash Trap Reserve Account or for distribution
to the Collection Account in accordance with Section 5.12.

 

Section 5.5                                      Contributions Reserve Account.

 

(a)                                  Establishment of the Contributions
Reserve Account.  On or prior to the Closing Date, the Master
Issuer shall establish and maintain an account in the name of the Trustee for
the benefit of the Secured Parties, bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Secured
Parties (the “Contributions Reserve Account”).  The Contributions Reserve Account shall be an
Eligible Account.  If the Contributions
Reserve Account is at any time no longer an Eligible Account, the Master Issuer
shall, within ten (10) Business Days of obtaining knowledge that the
Contributions Reserve Account is no longer an Eligible Account, notify the
Trustee and establish a new Contributions Reserve Account that is an Eligible
Account.  If a new Contributions Reserve
Account is established the Master Issuer shall instruct the Trustee in writing
to transfer all cash and investments from the non-qualifying Contributions
Reserve Account into the new Contributions Reserve Account.  Initially, the Contributions Reserve Account
shall be established with the Trustee.

 

(b)                                 Administration of the Contributions
Reserve Account.  All amounts held in the Contributions Reserve
Account shall be invested in Permitted Investments at the written direction of
the Master Issuer, or the Transaction Manager on behalf of the Master Issuer; provided, however,
that any such investment in the Contributions Reserve Account shall mature not
later than the Business Day prior to the next succeeding Payment Date.  In the absence of written investment
instructions hereunder, funds on deposit in the Contributions Reserve Account
shall be invested in money market funds described in clause (e) of the
definition of Permitted Investments.  The
Master Issuer shall not direct (or permit) the disposal of any Permitted
Investments prior to the maturity thereof to the extent such disposal would
result in a loss of the initial purchase price of such Permitted Investment.

 

(c)                                  Earnings from the Contributions Reserve
Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Contributions Reserve
Account shall be deemed to be Investment Income on deposit for application to
amounts required to be on deposit in the Contributions Reserve Account or for
distribution to the Collection Account in accordance with Section 5.12.

 

Section 5.6                                      Termination Amount Reserve Account.

 

(a)                                  Establishment of the Termination Amount
Reserve Account.  On or prior to the Closing Date, the Master
Issuer shall establish and maintain an account in the name of the Trustee for
the benefit of the Secured Parties, bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Secured
Parties (the “Termination Amount Reserve Account”).  The Termination Amount 

 

38

 

Reserve Account shall be an Eligible Account.  If the Termination Amount Reserve Account is
at any time no longer an Eligible Account, the Master Issuer shall, within ten (10) Business
Days of obtaining knowledge that the Termination Amount Reserve Account is no
longer an Eligible Account, notify the Trustee and establish a new Termination
Amount Reserve Account that is an Eligible Account.  If a new Termination Amount Reserve Account
is established the Master Issuer shall instruct the Trustee in writing to
transfer all cash and investments from the non-qualifying Termination Amount
Reserve Account into the new Termination Amount Reserve Account.  Initially, the Termination Amount Reserve
Account shall be established with the Trustee.

 

(b)                                 Administration of the Termination Amount
Reserve Account.  All amounts held in the Termination Amount
Reserve Account shall be invested in Permitted Investments at the written
direction of the Master Issuer, or the Transaction Manager on behalf of the
Master Issuer; provided, however, that any such investment
in the Termination Amount Reserve Account shall mature not later than the
Business Day prior to the next succeeding Payment Date.  In the absence of written investment
instructions hereunder, funds on deposit in the Termination Amount Reserve
Account shall be invested in money market funds described in clause (e) of
the definition of Permitted Investments. 
The Master Issuer shall not direct (or permit) the disposal of any
Permitted Investments prior to the maturity thereof to the extent such disposal
would result in a loss of the initial purchase price of such Permitted
Investment.

 

(c)                                  Earnings from the Termination Amount
Reserve Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Termination Amount Reserve
Account shall be deemed to be Investment Income on deposit for application to
amounts required to be on deposit in the Termination Amount Reserve Account or
for distribution to the Collection Account in accordance with Section 5.12.

 

Section 5.7                                      Other Accounts.

 

(a)                                  Hedge Payment Account.

 

(i)                                     Establishment of the Hedge Payment
Account.  On or prior to the Closing Date, the Master Issuer
shall establish and maintain an account in the name of the Trustee for the
benefit of the Secured Parties, bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Secured Parties
(the “Hedge Payment Account”). 
The Hedge Payment Account shall be an Eligible Account.  If the Hedge Payment Account is at any time
no longer an Eligible Account, the Master Issuer shall, within ten (10) Business
Days of obtaining knowledge that the Hedge Payment Account is no longer an
Eligible Account, notify the Trustee and establish a new Hedge Payment Account
that is an Eligible Account.  If a new
Hedge Payment Account is established the Master Issuer shall instruct the
Trustee in writing to transfer all cash and investments from the non-qualifying
Hedge Payment Account into the new Hedge Payment Account.  Initially, the Hedge Payment Account shall be
established with the Trustee.

 

39

 

(ii)                                  Administration of the Hedge Payment
Account.  All amounts held in the Hedge Payment Account
shall be invested in Permitted Investments at the written direction of the
Master Issuer; provided, however, that any such investment
in the Hedge Payment Account shall mature not later than the Business Day prior
to the next succeeding Payment Date.  In
the absence of written investment instructions hereunder, funds on deposit in
the Hedge Payment Account shall be invested in money market funds described in
clause (e) of the definition of Permitted Investments.  The Master Issuer shall not direct (or
permit) the disposal of any Permitted Investments prior to the maturity thereof
to the extent such disposal would result in a loss of the initial purchase
price of such Permitted Investment.

 

(iii)                               Earnings from the Hedge Payment Account. 
All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in the Hedge Payment Account shall be deemed to be
Investment Income on deposit for application to amounts required to be on
deposit in the Hedge Payment Account or for distribution to the Collection
Account in accordance with Section 5.12.

 

(b)                                 Enhancement Payment Account.

 

(i)                                     Establishment of the Enhancement Payment
Account.  On or prior to the Closing Date, the Master
Issuer shall establish and maintain an account in the name of the Trustee for
the benefit of the Secured Parties, bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Secured
Parties (the “Enhancement Payment Account”).  The Enhancement Payment Account shall be an
Eligible Account.  If the Enhancement
Payment Account is at any time no longer an Eligible Account, the Master Issuer
shall, within ten (10) Business Days of obtaining knowledge that the
Enhancement Payment Account is no longer an Eligible Account, notify the
Trustee and establish a new Enhancement Payment Account that is an Eligible
Account.  If a new Enhancement Payment
Account is established the Master Issuer shall instruct the Trustee in writing
to transfer all cash and investments from the non-qualifying Enhancement
Payment Account into the new Enhancement Payment Account.  Initially, the Enhancement Payment Account
will be established with the Trustee.

 

(ii)                                  Administration of the Enhancement Payment
Account.  All amounts held in the Enhancement Payment
Account shall be invested in Permitted Investments at the written direction of
the Master Issuer; provided, however, that any such
investment in the Enhancement Payment Account shall mature not later than the
Business Day prior to the next succeeding Payment Date.  In the absence of written investment
instructions hereunder, funds on deposit in the Enhancement Payment Account
shall be invested in money market funds described in clause (e) of the
definition of Permitted Investments.  The
Master Issuer shall not direct (or permit) the disposal of any Permitted
Investments prior 

 

40

 

to the maturity thereof
to the extent such disposal would result in a loss of the initial purchase
price of such Permitted Investment.

 

(iii)                               Earnings from the Enhancement Payment
Account.  All interest and earnings (net of losses and
investment expenses) paid on funds on deposit in the Enhancement Payment
Account shall be deemed to be Investment Income on deposit for application to
amounts required to be on deposit in the Enhancement Payment Account or for
distribution to the Collection Account in accordance with Section 5.12.

 

Section 5.8                                      Collection Account.

 

(a)                                  Establishment of Collection Account. 
On or prior to the Closing Date, the Master Issuer shall establish and
shall maintain the Collection Account in the name of the Trustee for the
benefit of the Secured Parties, bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Secured Parties
(the “Collection Account”).  The
Collection Account shall be an Eligible Account.  If the Collection Account is at any time no
longer an Eligible Account, the Master Issuer shall, within ten (10) Business
Days of obtaining knowledge that the Collection Account is no longer an
Eligible Account, notify the Trustee and establish a new Collection Account
that is an Eligible Account.  If a new
Collection Account is established the Master Issuer shall instruct the Trustee
in writing to transfer all cash and investments from the non-qualifying
Collection Account into the new Collection Account.  Initially, the Collection Account shall be
established with the Trustee.

 

(b)                                 Administration of the Collection Account. 
All amounts held in the Collection Account shall be invested in
Permitted Investments at the written direction of the Master Issuer; provided, however,
that any such investment in the Collection Account shall mature not later than
the Business Day prior to the next succeeding Payment Date.  In the absence of written investment
instructions hereunder, funds on deposit in the Collection Account shall be
invested in money market funds described in clause (e) of the definition
of Permitted Investments.  The Master
Issuer shall not direct (or permit) the disposal of any Permitted Investments
prior to the maturity thereof to the extent such disposal would result in a
loss of the initial purchase price of such Permitted Investment.

 

(c)                                  Earnings from Collection Account. 
All interest and earnings (net of losses and investment expenses) paid
on funds on deposit in the Collection Account shall be deemed to be Investment
Income on deposit for distribution in accordance with Section 5.12.

 

Section 5.9                                      Collection Account Administrative Accounts.

 

(a)                                  Establishment of Collection Account
Administrative Accounts.  The Master Issuer shall
establish and maintain with the Trustee the following administrative
sub-accounts of the Collection Account, each of which shall be an Eligible
Account, each in the name of the Trustee for the benefit of the Secured
Parties, bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of 

 

41

 

the Secured Parties entitled to payment from such sub-account
(collectively, the “Collection Account Administrative Accounts”); provided
that the Trustee shall not be required to establish separate physical accounts
for each Collection Account Administrative Account so long as the Trustee is
able to monitor the amounts in each Collection Account Administrative Account
while holding such amounts in the Collection Account:

 

(i)                                     an account for the deposit of the interest
on the Senior Notes, any Note Make Whole Premium, any Class A-2 Breakage
Amounts, and any Class A-3 Breakage Amounts applicable to the Senior Notes
(the “Senior Note Interest Account”);

 

(ii)                                  an account for the deposit of the Class A-2
Senior Note Commitment Fee Amount (the “Class A-2 Notes Commitment Fees
Account”);

 

(iii)                               an account for the deposit of the Class A-3
Senior Note Commitment Fee Amount (the “Class A-3 Notes Commitment Fees Account”);

 

(iv)                              an account for the deposit of the
Required Amortization Amounts, if any, any Indemnification Amounts, Asset
Disposition Prepayment Amounts, Insurance Proceeds Amounts, Excess CAPEX
Amounts or any other principal payments with respect to the Senior Notes  (the “Senior Note Principal Payments Account”);

 

(v)                                 an account for the deposit of the
interest on the Subordinated Notes and any Note Make Whole Premium applicable
to the Subordinated Notes (the “Subordinated
Note Interest Account”);

 

(vi)                              an account for the deposit of any
Indemnification Amounts, Asset Disposition Prepayment Amounts, Insurance
Proceeds Amounts, Excess CAPEX Amounts or any other principal payments with
respect to the Subordinated Notes (the “Subordinated Note Principal Payments Account”);

 

(vii)                           an account for the deposit of the Senior
Note Contingent Additional Interest Amount (the “Senior Note Contingent Additional Interest Account”); and

 

(viii)                        an account for the deposit of the
Subordinated Note Contingent Additional Interest Amount (the “Subordinated Note Contingent Additional
Interest Account”);

 

provided that if any Collection Account
Administrative Account is at any time no longer an Eligible Account, the Master
Issuer shall, within ten (10) Business Days of obtaining knowledge that
such Collection Account Administrative Account is no longer an Eligible
Account, notify the Trustee and establish a new Collection Account
Administrative Account that is an Eligible Account to replace such
non-qualifying Collection Account Administrative Account.  If a new Collection Account Administrative
Account is established the Master Issuer shall instruct the Trustee in writing
to transfer all cash and 

 

42

 

investments from the non-qualifying Collection Account
Administrative Account into the new Collection Account Administrative Account.

 

(b)                                 Administration of the Collection Account
Administrative Accounts.  All amounts held in the
Collection Account Administrative Accounts shall be invested in Permitted
Investments at the written direction of the Master Issuer, or the Transaction
Manager on behalf of the Master Issuer; provided, however, that
any such investment in the Collection Account Administrative Accounts shall
mature not later than the Business Day prior to the next succeeding Payment
Date.  In the absence of written
investment instructions hereunder, funds on deposit in the Collection Account
Administrative Accounts shall be invested in money market funds described in
clause (e) of the definition of Permitted Investments.  The Master Issuer shall not direct (or
permit) the disposal of any Permitted Investments prior to the maturity thereof
to the extent such disposal would result in a loss of the initial purchase
price of such Permitted Investment.

 

(c)                                  Earnings from the Collection Account
Administrative Accounts.  All interest and earnings (net
of losses and investment expenses) paid on funds on deposit in the Collection
Account Administrative Accounts shall be deposited therein and shall be deemed
to be Investment Income on deposit for distribution in accordance with Section 5.12.

 

Section 5.10                                Trustee as Securities Intermediary.

 

(a)                                  The Trustee or other Person holding any
Base Indenture Account held in the name of the Trustee for the benefit of the
Secured Parties (collectively the “Master Issuer Trustee Accounts”)
shall be the “Securities Intermediary”. 
If the Securities Intermediary in respect of any Master Issuer Trustee
Account is not the Trustee, the Master Issuer shall obtain the express
agreement of such other Person to the obligations of the Securities
Intermediary set forth in this Section 5.10.

 

(b)                                 The Securities Intermediary agrees that:

 

(i)                                     The Master Issuer Trustee Accounts are
accounts to which “financial assets” within the meaning of Section 8-102(a)(9) (“Financial
Assets”) of the UCC in effect in the State of New York (the “New York
UCC”) will or may be credited;

 

(ii)                                  The Master Issuer Trustee Accounts will
be treated as “securities accounts” within the meaning of Section 8-501 of
the New York UCC and the Securities Intermediary qualifies as a “securities
intermediary” under Section 8-102(a) of the New York UCC;

 

(iii)                               All securities or other property (other
than cash) underlying any Financial Assets credited to any Master Issuer
Trustee Account shall be registered in the name of the Securities Intermediary,
indorsed to the Securities Intermediary or in blank or credited to another
securities account maintained in the name of the Securities Intermediary, 

 

43

 

and in no case will any
Financial Asset credited to any Master Issuer Trustee Account be registered in
the name of the Master Issuer or any other Securitization Entity, payable to
the order of the Master Issuer or any other Securitization Entity or specially
indorsed to the Master Issuer or any other Securitization Entity;

 

(iv)                              All property delivered to the Securities
Intermediary pursuant to this Base Indenture will be promptly credited to the
appropriate Master Issuer Trustee Account;

 

(v)                                 Each item of property (whether investment
property, security, instrument or cash) credited to a Master Issuer Trustee
Account shall be treated as a Financial Asset under Article 8 of the
New York UCC;

 

(vi)                              If at any time the Securities
Intermediary shall receive any entitlement order from the Trustee (including
those directing transfer or redemption of any Financial Asset) relating to the
Master Issuer Trustee Accounts, the Securities Intermediary shall comply with
such entitlement order without further consent by the Master Issuer or any other
Person;

 

(vii)                           For purposes of all applicable UCCs,
New York shall be deemed to be the Securities Intermediary’s jurisdiction,
and the Master Issuer Trustee Accounts (as well as the “securities entitlements”
(as defined in Section 8-102(a)(17) of the New York UCC) related
thereto) shall be governed by the laws of the State of New York;

 

(viii)                        The Securities Intermediary has not
entered into, and until termination of this Base Indenture, will not enter
into, any agreement with any other Person relating to the Master Issuer Trustee
Accounts and/or any Financial Assets credited thereto pursuant to which it has
agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of
the New York UCC) of such other Person and the Securities Intermediary has
not entered into, and until the termination of this Base Indenture will not
enter into, any agreement with the Master Issuer or any Affiliate thereof
purporting to limit or condition the obligation of the Securities Intermediary
to comply with entitlement orders as set forth in Section 5.10(b)(vi);
and

 

(ix)                                Except for the claims and interest of the
Trustee, the Secured Parties, the Master Issuer and the other Securitization
Entities in the Master Issuer Trustee Accounts, neither the Securities Intermediary
nor, in the case of the Trustee, any Trust Officer knows of any claim to, or
interest in, the Master Issuer Trustee Accounts or in any Financial Asset
credited thereto.  If the Securities
Intermediary or, in the case of the Trustee, a Trust Officer has Actual
Knowledge of the assertion by any 

 

44

 

other person of any Lien,
encumbrance, or adverse claim (including any writ, garnishment, judgment,
warrant of attachment, execution or similar process) against any Master Issuer
Trustee Account or in any Financial Asset carried therein, the Securities
Intermediary will promptly notify the Trustee and the Master Issuer thereof.

 

(c)                                  At any time after the occurrence and
during the continuation of an Event of Default, the Trustee shall possess all
right, title and interest in all funds on deposit from time to time in the
Master Issuer Trustee Accounts and in all proceeds thereof, and shall be the
only Person authorized to originate entitlement orders in respect of the Master
Issuer Trustee Accounts; provided, however, that at all
other times the Master Issuer, or the Transaction Manager on behalf of the
Master Issuer, shall, subject to the terms of the Indenture and the other
Related Documents, be authorized to instruct the Trustee to originate
entitlement orders in respect of the Master Issuer Trustee Accounts.

 

Section 5.11                                Establishment of Series Accounts.

 

To the extent specified in the Series Supplement
with respect to any Series of Notes, the Trustee may establish and
maintain one or more Series Accounts and/or administrative accounts of any
such Series Account in accordance with the terms of such Series Supplement.

 

Section 5.12                                Collections and Investment Income.

 

(a)                                  Collections in General. 
Until the Indenture is terminated pursuant to Section 11.1,
the Master Issuer (or the Transaction Manager on behalf of the Master Issuer)
shall cause all Collections due and to become due to the Master Issuer, any
other Securitization Entity or the Trustee, as the case may be, to the extent
not deposited to the Concentration Account to be deposited to the Collection
Account in the following manner:

 

(i)                                     on the last Weekly Allocation Date of
each calendar month, the Transaction Manager shall withdraw from the
Concentration Account for deposit to the Collection Account all amounts
remaining in the Concentration Account as of such date, after giving effect to
the payments, transfers and other withdrawals from the Concentration Account
pursuant to Section 5.1(c).

 

(ii)                                  on the last Weekly Allocation Date of
each calendar month, the Transaction Manager shall withdraw from the Equipment
Holder Master Account for deposit to the Collection Account all amounts
remaining in the Equipment Holder Master Account as of such date, after giving
effect to the payments, transfers and other withdrawals from the Equipment
Holder Master Account pursuant to Section 5.2(a)(ii).

 

(iii)                               as and when received, the Transaction
Manager shall cause all Contributions (other than any amount of equity
contributions made in cash by NuCO2 to the Master
Issuer that are not intended by NuCO2 to constitute

 

45

 

‘‘Contributions’’
for inclusion in “Net Cash Flow” subject to the limitations set forth in the proviso to the definition of “Contributions”)
to be deposited to
the Collection Account;

 

(iv)                              as and when received, the Transaction
Manager shall cause any Asset Disposition Amounts, Indemnification Amounts and
Excess CAPEX Amounts to be deposited to the Collection Account;

 

(v)                                 on the last day of each Monthly
Collection Period, the Transaction Manager shall withdraw from the Insurance
Proceeds Reserve Account for deposit to the Collection Account all Insurance
Proceeds Amounts remaining in the Insurance Proceeds Reserve Account as of such
date;

 

(vi)                              as and when received, the Transaction
Manager shall cause all amounts and allocations distributed to the Master
Issuer as a result of its ownership of the preferred membership interests in
the Employee Company to be deposited to the Collection Account;

 

(vii)                           as and when received, the Transaction
Manager shall cause any amounts in respect of Permitted Hedges to be deposited
to the Collection Account; and

 

(viii)                        any other amounts required to be
deposited to the Collection Account shall be deposited thereto as provided for
under this Base Indenture.

 

(b)                                 Investment Income. 
On the Determination Date immediately prior to each Payment Date, the
Master Issuer, or the Transaction Manager on behalf of the Master Issuer, shall
instruct the Trustee to transfer any Investment Income on deposit in the Senior
Note Interest Reserve Account, the Cash Trap Reserve Account, the Contributions
Reserve Account, the Termination Amount Reserve Account, the Hedge Payment
Account, the Enhancement Payment Account, or the Collection Account
Administrative Accounts to the Collection Account.

 

(c)                                  Payment Instructions. 
In accordance with and subject to the terms of the Master Management
Agreement, the Master Issuer shall cause the Transaction Manager to instruct
each third party from which Customer Collections are received to make the
related payments to the Concentration Account; provided that, to the
extent such payments are made by check, such checks shall be deposited to the
Concentration Account within two (2) Business Days of receipt.

 

(d)                                 Misdirected Collections.

 

(i)                                     The Co-Issuers agree that if any
Collections shall be received by any Co-Issuer or any other Securitization
Entity in an account other than the Concentration Account or the Collection
Account or in any other manner, such monies, instruments, cash and other
proceeds will not be commingled by such Co-Issuer or such other Securitization
Entity with any of their other funds or 

 

46

 

property, if any, but
shall be held separate and apart therefrom and shall be held in trust by such
Co-Issuer or such other Securitization Entity for, and, within one (1) Business
Day of the identification of such payment, paid over to, the Transaction
Manager or the Trustee, as applicable, for deposit to the appropriate account,
with any necessary endorsement.

 

(ii)                                  The Trustee shall withdraw from the
Collection Account any monies on deposit therein that the Transaction Manager
certifies to it are not Collections and pay such amounts to or at the direction
of the Transaction Manager.

 

(iii)                               All monies, instruments, cash and other
proceeds received by the Trustee pursuant to the Indenture shall be immediately
deposited in the Collection Account and shall be applied as provided in this Article V.

 

(iv)                              To the extent of amounts deposited in any
Securitization Entity Account that the Transaction Manager determines were
required to be deposited to another Securitization Entity Account pursuant to
the terms of the Base Indenture, the Transaction Manager agrees, within one (1) Business
Day of the identification of such amount, to transfer such amounts to such
other Securitization Entity Account.

 

Section 5.13                                Application of Collections on Payment Dates. 
On the Determination Date prior to each Payment Date, the Master Issuer,
or the Transaction Manager on behalf of the Master Issuer, shall instruct the
Trustee in writing (including, without limitation, pursuant to the Monthly
Manager’s Certificate) to withdraw or allocate the funds, including any
Investment Income available thereon, on deposit in the Collection Account on
such Payment Date as follows (the “Priority of Payments”); provided
that in connection with allocations to pay any interest amounts in respect of
any variable funding Notes which are based on a calculation of the CP Funding
Rate (as defined in the applicable Series Supplement), such instructions
shall constitute a reasonable estimate of the interest amounts due, subject to
appropriate adjustments and true-ups which the Master Issuer may instruct the
Trustee of in writing (including, without limitation, pursuant to the Monthly
Manager’s Certificate) on the immediately following Payment Date:

 

(i)                                                 first, to pay the Trustee for all accrued and unpaid fees
and expenses permitted under the Base Indenture (which expenses shall be
subject to the SPE Operating Expenses Cap);

 

(ii)                                              second, to pay to the Transaction Manager an amount equal to
the Transaction Management Fee together with any accrued and unpaid Transaction
Management Fees;

 

(iii)                                           third, to pay the incurred SPE Operating Expenses in an
aggregate amount up to the SPE Operating Expenses Cap;

 

47

 

(iv)                                          fourth, to allocate to the Senior Note Interest Account, the
accrued and unpaid Senior Note Interest Amount (including any accrued and
unpaid interest on such unpaid Senior Note Interest Amount, if any) for such
Payment Date;

 

(v)                                             fifth, to deposit or pay, ratably according to the amounts
required to be deposited or paid set forth in subclauses (A) through (D) below,
the following amounts until the amount required to be deposited or paid
pursuant to subclauses (A) through (D) below is deposited or paid in
full:

 

(A)                              to the Class A-2 Notes Commitment
Fees Account, the accrued and unpaid Class A-2 Senior Note Commitment Fee
Amount;

 

(B)                                to the Class A-3 Notes Commitment
Fees Account, the accrued and unpaid Class A-3 Senior Note Commitment Fee
Amount;

 

(C)                                to the Enhancement Payment Account, the
Enhancement Payment Amount, if any; and

 

(D)                               to the Hedge Payment Account, the accrued
and unpaid Series Hedge Payment Amount, if any, payable to each Hedge
Counterparty pro rata  according to the amount due and payable
to each of them; provided, that the deposit to the Hedge Payment
Account pursuant to this subclause (D) will exclude any termination
payment payable to a Hedge Counterparty, if any, without regard to whether the
Hedge Counterparty was the defaulting party or an affected party or any other
unscheduled amount due and payable to a Hedge Counterparty, if any, and will
exclude any indemnity payment, tax payments or other similar amounts not
constituting regularly scheduled hedge payments;

 

(vi)                                          sixth, to deposit into the Senior Note Interest Reserve
Account, an amount equal to the Senior Note Interest Reserve Account Deficit
Amount on such Payment Date (calculated after giving effect to any deposit to
the Senior Note Interest Reserve Account on the applicable Draw Date pursuant
to Section 5.14(i)(v)) with respect to each Class of Senior Notes; provided,
however, that no amounts, with respect to any Series of Notes,
shall be deposited into the Senior Note Interest Reserve Account pursuant to
this clause sixth on any Payment Date that occurs on or after the Series Adjusted
Repayment Date;

 

(vii)                                       seventh, to deposit the applicable Tax Reserve Amount to the
Tax Reserve Account;

 

(viii)                                    eighth, so long as no Early Amortization Event has occurred
and is continuing, (i) first, to deposit pro rata (a) to
the Senior Note Principal Payments Account the Required Amortization Amounts,
if any, relating to the applicable Series 2008-1 Notes, and (b) to
the Senior Note Interest Account any Class A-2 Breakage Amounts or Class A-3
Breakage Amounts, as the case 

 

48

 

may be, relating to the
applicable Series 2008-1 Notes, and (ii) second, to pay the
Final Payment on the applicable Series Legal Final Maturity Date;

 

(ix)                                            ninth, to pay the Trustee, the Administrative Agent, the Class A-2
Administrative Agent, the Class A-3 Administrative Agent or the
Replacement Manager, as applicable, for any reimbursable expenses permitted
hereunder (including the SPE Operating Expenses) not otherwise covered by clause
first and clause third above, unless such expenses are deferred
by the Trustee, the Administrative Agent, the Class A-2 Administrative
Agent, the Class A-3 Administrative Agent or the Replacement Manager, as
applicable;

 

(x)                                               tenth, ratably on such amounts, (A) to deposit to the
Senior Note Principal Payments Account, the aggregate Additional Senior Note
Prepayment Amount, if any, up to the amount necessary to cause the Aggregate
Outstanding Principal Amount of the Senior Notes Outstanding to be paid in
full, and (B) to deposit to the Senior Note Interest Account, the entire
amount of any corresponding Note Make Whole Premium applicable to the Senior
Notes with respect to such Payment Date and any such amounts remaining unpaid
from all prior Payment Dates;

 

(xi)                                            eleventh, so long as no Early Amortization Event has occurred
and is continuing, (i) first, to the extent that a Cash Trapping
Period is in effect, to deposit into the Cash Trap Reserve Account, an amount
equal to the Cash Trapping Amount, if any, on such Payment Date and (ii) second,
with respect to any Series of Senior Notes issued after the Closing Date,
to deposit pro rata into (a) the Senior Note Principal Payments
Account, the applicable Required Amortization Amounts, if any, and (b) the
Senior Note Interest Account, any breakage amounts relating to such Series of
Senior Notes issued after the Closing Date;

 

(xii)                                         twelfth, if such Payment Date occurs during an Early
Amortization Period, to allocate to the Senior Note Principal Payments Account
all remaining funds on deposit in the Collection Account on such Payment Date
until no principal amounts with respect to any Class A Notes are
Outstanding;

 

(xiii)                                      thirteenth, to deposit to the Termination Amount Reserve Account
all remaining funds on deposit in the Collection Account on such Payment Date,
up to the Aggregate Termination Amount relating to such Payment Date and any
unpaid Termination Amount Shortfall from Prior Payment Dates;

 

(xiv)                                     fourteenth, to allocate to the Subordinated Note Interest
Account, the Subordinated Notes Interest Amount for such Payment Date
(including any accrued and unpaid interest on such unpaid Subordinated Notes
Interest Amount, if any);

 

(xv)                                        fifteenth, ratably on such amounts, (A) to deposit to the
Subordinated Note Principal Payments Account, the aggregate Additional

 

49

 

Subordinated Note
Prepayment Amount, if any, up to the amount necessary to cause the Aggregate
Outstanding Principal Amount of the Subordinated Notes Outstanding to be paid
in full, and (B) to deposit to the Subordinated Note Interest Account, the
entire amount of any corresponding Note Make Whole Premium applicable to the
Subordinated Notes with respect to such Payment Date and any such amounts
remaining unpaid from all prior Payment Dates;

 

(xvi)                                     sixteenth, if such Payment Date occurs during an Early Amortization
Period and no amounts are due but unpaid on any Class of Senior Notes, to
allocate to the Subordinated Note Principal Payments Account, all remaining
funds on deposit in the Collection Account on such Payment Date until no
principal amounts with respect to the Subordinated Notes are Outstanding;

 

(xvii)                                  seventeenth, to allocate to the Senior Note
Contingent Additional Interest Account, the accrued and unpaid Senior Note
Contingent Additional Interest Amount (including any accrued and unpaid interest
on such unpaid Senior Note Contingent Additional Interest Amount) for such
Payment Date;

 

(xviii)                               eighteenth, to allocate to the Subordinated Note Contingent
Additional Interest Account, the accrued and unpaid Subordinated Note
Contingent Additional Interest Amount (including any accrued and unpaid
interest on such unpaid Subordinated Note Contingent Additional Interest
Amount) for such Payment Date;

 

(xix)                                       nineteenth, to pay, ratably according to the amounts required to
be paid set forth in subclauses (A) through (D) below, the following
amounts until the amounts required to be paid pursuant to subclauses (A) through
(D) below are paid in full:

 

(A)                              to pay any SPE Operating Expenses to the
extent not covered by clause first, clause third, and clause
ninth above;

 

(B)                                to pay to each Class A-2
Administrative Agent (or other Person acting in a similar capacity in respect
of the Class A-2 Notes) on behalf of itself or on behalf of the Holders of
the Class A-2 Notes, as applicable, pursuant to each Class A-2 Note
Purchase Agreement (or other similar agreement), an amount equal to any accrued
and unpaid Class A-2 Other Amounts due under the related Class A-2
Note Purchase Agreement (or other similar agreement), pro rata
based on all such amounts due under each Class A-2 Note Purchase Agreement
for such Payment Date;

 

(C)                                to pay to each Class A-3
Administrative Agent (or other Person acting in a similar capacity in respect
of the Class A-3 Notes) on behalf of itself or on behalf of the Holders of
the Class A-3 Notes, as applicable, pursuant to each Class A-3 Note
Purchase Agreement (or other similar agreement), an amount equal to any accrued
and unpaid Class A-3 

 

50

 

Other Amounts due under
the related Class A-3 Note Purchase Agreement (or other similar
agreement), pro  rata based on all such amounts due under each Class A-3
Note Purchase Agreement for such Payment Date; and

 

(D)                               to deposit to the Hedge Payment Account, (A) any
accrued and unpaid Series Hedge Payment Amount that constitutes a
termination payment payable to a Hedge Counterparty, if any; and (B) any
other amount payable to a Hedge Counterparty, if any, pursuant to the related
Interest Rate Hedge, in each case pro rata
to each Hedge Counterparty, if any, according to the amount due and payable to
each of them;

 

(xx)                                          twentieth, to deposit to the Equipment Holder Operating Account
amounts equal to the Additional Equipment Holder Operating Expenses;

 

(xxi)                                       twenty-first, to pay the Note Make Whole Premium, if
any, to the extent not already paid pursuant to clause tenth and clause
fifteenth, as applicable, above;

 

(xxii)                                    twenty-second, to deposit to the Contributions Reserve
Account all remaining funds on deposit in the Collection Account on such
Payment Date, up to the Aggregate Contributions Amount relating to such Payment
Date and any unpaid Contributions Amount Shortfall from Prior Payment Dates;
and

 

(xxiii)                                 twenty-third, to pay the remaining amount, if any
(the “Surplus Amount”), to or at the direction of the Master Issuer.

 

Section 5.14                                Application of Funds.

 

On
each Payment Date, amounts deposited in the Collection Account and allocated to
the Collection Account Administrative Accounts, or withdrawn from the Senior
Note Interest Reserve Account or the Cash Trap Reserve Account, as the case may
be, will be available to the Trustee to remit all applicable amounts on such
Payment Date pursuant to the related Monthly Manager’s Certificate and the
terms hereof in accordance with the following:

 

(a)                                  Senior Note Interest
Account.  On each Determination Date,
after giving effect to the allocations set forth in the Priority of Payments,
the Transaction Manager shall instruct the Trustee in writing to withdraw on
the related Payment Date: (i) the funds allocated to the Senior Note
Interest Account on such Payment Date to be paid in the following order: (A) to
the applicable Class of Senior Notes (including the Series 2008-1 Class A
Notes) from the Collection Account, up to the accrued and unpaid Senior Note
Interest Amount, in the order of priority set forth in Section 6.1,
and (B) to the applicable Class of Senior Notes (including the Series 2008-1
Class A Notes) from the Collection Account, up to the applicable accrued
and unpaid Note Make Whole Premium, Class A-2 Breakage Amounts and Class A-3
Breakage Amounts, as the case may be, in 

 

51

 

the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Class A Notes entitled thereto
pursuant to this Base Indenture and the applicable Series Supplement, and (ii) if
the amount of funds allocated to the Senior Note Interest Account referred to
in the immediately preceding clause
(i)(A) is less
than the accrued and unpaid Senior Note Interest Amount for the related
Interest Period, first,
an amount equal to the lesser of (A) such insufficiency and (B) the
balance on deposit in the Senior Note Interest Reserve Account, from the Senior
Note Interest Reserve Account, and second,
if an insufficiency still exists, an amount equal to the lesser of (A) such
insufficiency and (B) the balance on deposit in the Cash Trap Reserve
Account, from the Cash Trap Reserve Account, up to the accrued and unpaid
Senior Note Interest Amount, in the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Class A Notes entitled thereto
pursuant to this Base Indenture and the applicable Series Supplement.

 

(b)                                 Class A-2 Notes Commitment Fees
Account.  On each Determination Date, after giving
effect to the allocations set forth in the Priority of Payments, the Transaction
Manager shall instruct the Trustee in writing to withdraw on the related
Payment Date: (i) the funds allocated to the Class A-2 Notes
Commitment Fees Account on such Payment Date to be paid to the applicable Class A-2
Notes from the Collection Account, up to the Class A-2 Senior Note
Commitment Fee Amount accrued and unpaid with respect to the applicable Class A-2
Notes, pro rata  among each Class of Class A-2
Notes based upon the Class A-2 Senior Note Commitment Fee Amount payable
with respect to such Class, and pay such funds to the Holders of Class A-2
Notes entitled thereto pursuant to this Base Indenture and the applicable Series Supplement,
and (ii) if the amount of funds allocated to the Class A-2 Notes
Commitment Fees Account referred to in the immediately preceding clause (i) is less than the accrued and unpaid Class A-2 Senior
Note Commitment Fee Amount for the related Interest Period, an amount equal to
the lesser of (A) such insufficiency and (B) after giving effect to
the ratable manner in which funds are allocated in clause fifth  of
the Priority of Payments, such ratable portion of the Senior Note Available
Reserve Account Amount which is allocable to pay off the Class A-2 Senior
Note Commitment Fee Amount for such related Interest Period from, first, the Senior Note Interest
Reserve Account, and, if such insufficiency still exists, second, the Cash Trap Reserve
Account, to be paid to the Class A-2 Notes up to the Class A-2 Senior
Note Commitment Fee Amount, pro
rata  among each Class of
Class A-2 Notes based upon the Class A-2 Senior Note Commitment Fee
Amount payable with respect to such Class, and pay such amounts to the Holders
of Class A-2 Notes entitled thereto pursuant to this Base Indenture and
the applicable Series Supplement.

 

(c)                                  Class A-3
Notes Commitment Fees Account.  On each Determination Date, after giving
effect to the allocations set forth in the Priority of Payments, the
Transaction Manager shall instruct the Trustee in writing to withdraw on the
related Payment Date: (i) the funds allocated to the Class A-3 Notes
Commitment Fees Account on such Payment Date to be paid to the applicable Class A-3
Notes from the Collection Account, up to the Class A-3 Senior Note Commitment
Fee Amount accrued and unpaid with respect to the applicable Class A-3
Notes, pro rata among each Class of
Class A-3 Notes based upon the Class A-3 Senior Note Commitment Fee
Amount payable with respect to such Class, and pay such amounts to the Holders
of 

 

52

 

Class A-3 Notes entitled thereto
pursuant to this Base Indenture and the applicable Series Supplement, and (ii) if
the amount of funds allocated to the Class A-3 Notes Commitment Fees
Account referred to in the immediately preceding clause (i) is
less than the accrued and unpaid Class A-3 Senior Note Commitment Fee
Amount for the related Interest Period, an amount equal to the lesser of (A) such
insufficiency and (B) after giving effect to the ratable manner in which
funds are allocated in clause fifth  of the Priority of Payments, such ratable
portion of the Senior Note Available Reserve Account Amount which is allocable
to pay off the Class A-3 Senior Note Commitment Fee Amount for such related
Interest Period from, first, the
Senior Note Interest Reserve Account, and, if such insufficiency still exists, second, the Cash Trap Reserve Account, to
be paid to the Class A-3 Notes up to the Class A-3 Senior Note
Commitment Fee Amount, pro rata among
each Class of Class A-3 Notes based upon the Class A-3 Senior
Note Commitment Fee Amount payable with respect to such Class, and pay such
amounts to the Holders of Class A-3 Notes entitled thereto pursuant to
this Base Indenture and the applicable Series Supplement.

 

(d)                                 Senior Note
Principal Payments Account.  On each Determination Date, after giving
effect to the allocations set forth in the Priority of Payments, the
Transaction Manager shall instruct the Trustee in writing to withdraw on the
related Payment Date: (i) the funds allocated to the Senior Note Principal
Payments Account on such Payment Date to be paid, in the following order: (A) to
each applicable Series 2008-1 Class A-2 Note (as defined in the Series 2008-1
Supplement) or Series 2008-1 Class A-3 Note (as defined in the Series 2008-1
Supplement), as the case may be, from the Collection Account up to the
aggregate amount of the accrued and unpaid Required Amortization Amounts
relating to any Series 2008-1 Class A-2 Notes or Series 2008-1 Class A-3
Notes, as the case may be, owed to such Series 2008-1 Class A-2 Note
or Series 2008-1 Class A-3 Note, as the case may be, in the order of
priority set forth in Section 6.1, (B) to each applicable Class of
Senior Notes from the Collection Account up to the aggregate amount of the
accrued and unpaid Indemnification Amounts, Asset Disposition Prepayment
Amounts, Insurance Proceeds Amounts and Excess CAPEX Amounts, if any, owed to
such Class of Senior Notes in the order of priority set forth in Section 6.1,
(C) to each
applicable Class of Senior Notes issued following the Closing Date from
the Collection Account up to the aggregate amount of accrued and unpaid
Required Amortization Amounts owed to such Class of Senior Notes in the
order of priority set forth in Section 6.1  and (D) to
each applicable Class of Senior Notes from the Collection Account up to
the amounts distributed to such administrative account pursuant to clause twelfth  of the Priority of Payments owed to such Class of
Senior Notes, in the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Class A Notes entitled thereto
pursuant to this Base Indenture and the applicable Series Supplement and (ii) if
an Early Amortization Event has occurred and is continuing on such Payment
Date, the amounts on deposit in the Cash Trap Reserve Account (after giving
effect to any payments made from the Cash Trap Reserve Account pursuant to this
Base Indenture), if any, to be paid to each applicable Class of Senior
Notes up to the Aggregate Outstanding Principal Amount of all Senior Notes
after giving effect to the application of the amounts on deposit in the Senior
Note Principal Payments Account referred to in the preceding clause (i) above, in the order of priority set forth in Section 

 

53

 

6.1, and pay such amounts to
the Holders of Class A Notes entitled thereto pursuant to this Base
Indenture and the applicable Series Supplement.

 

(e)                                  Subordinated
Note Interest Account.  On
each Determination Date, after giving effect to the allocations set forth in
the Priority of Payments, the Transaction Manager shall instruct the Trustee in
writing to withdraw on the related Payment Date: (i) the funds allocated
to the Subordinated Note Interest Account on such Payment Date to be paid in
the following order: (A) to the applicable Class of Subordinated
Notes from the Collection Account, up to the accrued and unpaid Subordinated
Notes Interest Amount, in the order of priority set forth in Section 6.1,
and (B) to the applicable Class of Subordinated Notes, up to the
applicable accrued and unpaid Note Make Whole Premium in the order of priority
set forth in Section 6.1, and pay such amounts to the Holders of
Subordinated Notes entitled thereto pursuant to this Base Indenture and the
applicable Series Supplement, and (ii) if the amount of funds
allocated to the Subordinated Note Interest Account on each Payment Date with
respect to the related Monthly Collection Period referred to in the immediately
preceding clause (i)(A) is less than the accrued and
unpaid Subordinated Notes Interest Amount for the related Interest Period and
no Senior Notes are Outstanding, the amounts on deposit in the Cash Trap
Reserve Account (after giving effect to any payments made from the Cash Trap
Reserve Account pursuant to this Base Indenture), if any, to be paid to each
applicable Class of Subordinated Notes, up to the accrued and unpaid
Subordinated Notes Interest Amount, after giving effect to the application of
the amounts on deposit in the Subordinated Note Interest Account referred to in
the immediately preceding clause
(i)(A), in the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Subordinated Notes entitled thereto
pursuant to this Base Indenture and the applicable Series Supplement.

 

(f)                                    Subordinated Note Principal Payments
Account.  On each Determination Date, after giving
effect to the allocations set forth in the Priority of Payments, the
Transaction Manager shall instruct the Trustee in writing to withdraw on the
related Payment Date: (i) the funds allocated to the Subordinated Note
Principal Payments Account on such Payment Date to be paid, in the following
order: (A) to each applicable Class of Subordinated Notes from the
Collection Account up to the aggregate amount of the accrued and unpaid
Indemnification Amounts, Asset Disposition Prepayment Amounts, Insurance
Proceeds Amounts and Excess CAPEX Amounts, if any, owed to such Class of
Subordinated Notes in the order of priority set forth in Section 6.1,
and (B) to each applicable Class of Subordinated Notes from the
Collection Account up to the amounts distributed to such administrative account
pursuant to clause sixteenth  of the Priority of Payments owed to such Class of
Subordinated Notes, in the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Subordinated Notes entitled thereto pursuant to this Base
Indenture and the applicable Series Supplement, and (ii) if an Early
Amortization Event has occurred and is continuing on such Payment Date and no
amounts are due but unpaid on any Class of Senior Notes, the amounts on
deposit in the Cash Trap Reserve Account (after giving effect to any payments
made from the Cash Trap Reserve Account pursuant to this Base Indenture), if
any, to be paid to each applicable Class of Subordinated Notes up to the
Aggregate Outstanding Principal Amount of all Subordinated Notes after giving
effect to the application of the amounts on deposit in the Subordinated Notes
Principal Payment 

 

54

 

Account referred to in the immediately preceding clause (i) above, in the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Subordinated Notes entitled thereto pursuant to
this Base Indenture and the applicable Series Supplement.

 

(g)                                 Senior Note Contingent Additional
Interest Account.  On each Determination Date, after giving
effect to the allocations set forth in the Priority of Payments, the
Transaction Manager shall instruct the Trustee in writing to withdraw on the
related Payment Date the funds allocated to the Senior Note Contingent
Additional Interest Account on such Payment Date, to be paid to each applicable
Class of Senior Notes from the Collection Account, up to the amount of the
accrued and unpaid Senior Note Contingent Additional Interest Amount owed to
such Class of Senior Notes in the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Class A Notes entitled thereto
pursuant to this Base Indenture and the applicable Series Supplement.

 

(h)                                 Subordinated
Notes Contingent Additional Interest Account.  On each Determination Date, after giving
effect to the allocations set forth in the Priority of Payments, the Transaction
Manager shall instruct the Trustee in writing to withdraw on the related
Payment Date the funds allocated to the Subordinated Note Contingent Additional
Interest Account on such Payment Date, to be paid to each applicable Class of
Subordinated Notes from the Collection Account up to the amount of the accrued
and unpaid Subordinated Note Contingent Additional Interest Amount owed to such
Class of Subordinated Notes in the order of priority set forth in Section 6.1,
and pay such amounts to the Holders of Subordinated Notes entitled thereto
pursuant to this Base Indenture and the applicable Series Supplement.

 

(i)                                     Amounts on
Deposit in the Senior Note Interest Reserve Account.

 

(i)                                     On each Payment
Date, any amount equal to the excess, if any, of (i) the amounts then on deposit in
the Senior Note Interest Reserve Account, over (ii) the Senior Note
Interest Reserve Account Required Amount, will be withdrawn from the Senior
Note Interest Reserve Account and deposited to the Collection Account for
application on such Payment Date in accordance with the Priority of Payments.

 

(ii)                                  On each Payment Date, the amounts on
deposit in the Senior Note Interest Reserve Account shall be applied to pay the following amounts
in the following order: (A) first, to pay to the applicable Holders
of Senior Notes the accrued and unpaid Senior Note Interest Amount on each Class of
Senior Notes Outstanding in the order of priority set forth in Section 6.1
to the extent that the amounts on deposit in the Senior Note Interest Account
are insufficient for such purpose and (B) second, to pay to the
applicable Holders of Class A-2 Notes the accrued and unpaid Class A-2
Senior Note Commitment Fee Amount and to the applicable Holders of Class A-3
Notes the accrued and unpaid Class A-3 Senior Note Commitment Fee Amount
for each Class of Class A-2 Notes Outstanding, and each Class of
Class A-3 Notes Outstanding, respectively, in the order of priority set
forth in Section 6.1 to the extent that the amounts on 

 

55

 

deposit in the Class A-2
Notes Commitment Fees Account and the Class A-3 Notes Commitment Fees
Account, as applicable, are insufficient for such purpose.

 

(iii)                               If the Master Issuer (or the Transaction
Manager on the Master Issuer’s behalf) determines, with respect to any Series of
Senior Notes, that the amount to be paid to the applicable Holders of Senior
Notes entitled thereto in accordance with this Base Indenture on any Series Legal
Final Maturity Date related to such Series of Senior Notes is less than the
Aggregate Outstanding Principal Amount of such Series of Senior Notes, on the
Determination Date immediately preceding such Series Legal Final Maturity Date,
the Master Issuer shall instruct the Trustee thereof in writing, and the Trustee
shall, in accordance with such instruction on such Series Legal Final Maturity
Date, withdraw from the Senior Note Interest Reserve Account and pay to the
applicable Holders of Senior Notes entitled thereto in accordance with this
Base Indenture and the applicable Series Supplement and in the order of
priority set forth in Section 6.1, an amount equal to the lesser of
such insufficiency and the Available Senior Note Interest Reserve Account
Amount (after giving effect to any payments made from the Senior Note Interest
Reserve Account made on such date pursuant to Section 5.14(a)(ii), Section
5.14(b)(ii) and Section 5.14(c)(ii)) on such Series Legal Final
Maturity Date.

 

(iv)                              On any date on which no Senior Notes are
Outstanding, the Master Issuer shall instruct the Trustee in writing to
withdraw on such date any funds then on deposit in the Senior Note Interest
Reserve Account and to deposit all remaining funds into the Collection Account
for distribution in accordance with the Priority of Payments on the next
Payment Date.

 

(v)                                 On any Draw Date (whether or not
occurring on a Payment Date) relating to the Class A-2 Notes or the Class A-3
Notes, the Co-Issuers shall (i) recalculate the applicable Senior Note
Interest Reserve Account Required Amount, after giving effect to any funds
drawn (the “Drawn VFN Amounts”) pursuant to the applicable Variable
Funding Note Purchase Agreement on such date, and (ii) instruct the
Trustee to deposit to the Senior Note Interest Reserve Account such portion of
the Senior Note Interest Reserve Account Deficit Amount, if any, attributable
to such Drawn VFN Amounts; provided that any amounts deposited to the
Senior Note Interest Reserve Account on such date shall be taken from the Drawn
VFN Amounts (which the Co-Issuers shall remit to the Trustee on such applicable
Draw Date).

 

(j)                                     Amounts on Deposit in the Cash
Trap Reserve Account.

 

(i)                                     On the
Determination Date preceding any Payment Date on which it is anticipated that a
Cash Trapping Period shall have ended (but not as a result of the occurrence
and continuance of an Early Amortization Event or Event of Default), the
Transaction Manager shall instruct the Trustee in writing to withdraw on such
Payment Date the amounts then on deposit in the Cash Trap Reserve Account
relating to such Cash Trapping Period and deposit such funds 

 

56

 

into
the Collection Account for distribution on such Payment Date in accordance with the Priority
of Payments; provided that if on such Payment Date such Cash Trapping
Period shall have ended as a result of the occurrence and continuance of an
Event of Default or Early Amortization Event, then the Transaction Manager
shall instruct the Trustee to ignore such prior instruction.

 

(ii)                                  On each Payment
Date, the amounts on deposit in the Cash Trap Reserve Account shall be applied
to pay the following amounts in the following order: (i) first, to pay to the applicable
Holders of Class A Notes the accrued and unpaid Senior Note Interest
Amount on each Class of Senior Notes Outstanding in the order of priority
set forth in Section 6.1 to the extent that the amounts on deposit
in the Senior Note Interest Account and the Senior Note Interest Reserve
Account are insufficient for such purpose, (ii) second, to pay to the applicable Holders of Class A-2
Notes the accrued and unpaid Class A-2 Senior Note Commitment Fee Amount
and to the applicable Holders of Class A-3 Notes the accrued and unpaid Class A-3
Senior Note Commitment Fee Amount for each Class A-2 Note Outstanding and
each Class A-3 Note Outstanding in the order of priority set forth in Section 6.1
to the extent that the amounts on deposit in (x) the Class A-2 Notes
Commitment Fees Account and the Class A-3 Notes Commitment Fees Account,
as applicable, and (y) the Senior Note Interest Reserve Account are
insufficient for such purpose, (iii) third, if an Early Amortization Event has occurred and is
continuing, to pay to the applicable Holders of Class A Notes the
Aggregate Outstanding Principal Amount of all Senior Notes Outstanding in the
order of priority set forth in Section 6.1 after giving effect to
the application of certain amounts in the Senior Note Principal Payments
Account, in accordance with this Base Indenture, (iv) fourth, provided no Senior Notes are Outstanding, to pay to the
applicable Holders of Subordinated Notes the accrued and unpaid Subordinated
Notes Interest Amount on each Class of Subordinated Notes Outstanding in
the order of priority set forth in Section 6.1 to the extent that
the amounts on deposit in the Subordinated Note Interest Account are
insufficient for such purpose, and (v) fifth, if an Early Amortization Event has occurred and is
continuing, and no Senior Notes remain Outstanding, to pay to the applicable
Holders of Subordinated Notes the Aggregate Outstanding Principal Amount of all
Subordinated Notes Outstanding in the order of priority set forth in Section 6.1
after giving effect to the application of certain amounts in the Subordinated
Note Principal Payments Account, in accordance with this Base Indenture.

 

(iii)                               On the Determination Date related to the
first Payment Date following the commencement of an Early Amortization Period,
the Transaction Manager shall instruct the Trustee in writing to withdraw on
such Payment Date any funds then on deposit in the Cash Trap Reserve Account
for payment to the Holders of each Class of Notes Outstanding in
accordance with this Section 5.14 and in the order of priority set
forth in Section 6.1.

 

(iv)                              On the Determination Date related to the Series Adjusted
Repayment Date, the Master Issuer (or the Transaction Manager on behalf of the 

 

57

 

Master Issuer) shall
instruct the Trustee in writing to withdraw on such date any funds then on
deposit in the Cash Trap Reserve Account for payment to the Holders of each Class of
Notes Outstanding in accordance with this Section 5.14 and in the
order of priority set forth in Section 6.1.

 

(v)                                 On any Payment Date on which a Tax
Payment Deficiency exists, the Master Issuer (or the Transaction Manager on
behalf of the Master Issuer) may, in its sole discretion, instruct the Trustee
in writing to withdraw from first, the Tax Reserve Account the amounts
necessary to discharge such Tax Payment Deficiency, second to the extent
of any remaining Tax Payment Deficiency, the Surplus Account the amounts
necessary to discharge such Tax Payment Deficiency and third, to the
extent of any remaining Tax Payment Deficiency, the Cash Trap Reserve Account
the amounts necessary to discharge such Tax Payment Deficiency.

 

(k)                                  Amounts on Deposit in the Contributions
Reserve Account.

 

(i)                                     With respect to any Payment Date, 100% of
any funds available in the Collection Account after payment of the amounts
described in clauses first through
twenty-first  of the
Priority of Payments shall be deposited to the Contributions Reserve Account, up
to an amount equal to the aggregate amount of Contributions (with respect to
each Payment Date, the “Aggregate
Contributions Amount”) deposited to the Collection Account during
the related Monthly Collection Period; provided  that
if the remaining funds available in the Collection Account after payment of the
amounts described in clauses first
through twenty-first of the Priority of Payments on such Payment
Date is less than the related Aggregate Contributions Amount for the related
Monthly Collection Period, then an aggregate amount equal to the difference
between such Aggregate Contributions Amount and such remaining available amount
on deposit in the Collection Account (such difference, the “Contributions Amount Shortfall”)
shall continue to be required to be deposited to the Contributions Reserve
Account on subsequent Payment Dates pursuant to clause twenty-second of the Priority of Payments until the applicable Contributions Amount
Shortfall has been reduced to zero.

 

(ii)                                  Except as described in Section 5.14(k)(iii),
amounts deposited to the Contributions Reserve Account shall be held in such account for three
Monthly Collection Periods, after which the released amounts shall be deposited to the Surplus Account on
the next Payment Date.

 

(iii)                               On any Payment Date following (i) the
commencement of any Cash Trapping Period, the amounts then on deposit in the
Contributions Reserve Account (including any Investment Income) shall be
withdrawn and deposited into the Cash Trap Reserve Account, or (ii) the
occurrence of any Early Amortization Event or Event of Default, the amounts
then on deposit in the Contributions Reserve Account (including any Investment
Income) shall be 

 

58

 

withdrawn and deposited
into the Collection Account for distribution in accordance with the Priority of
Payments.

 

(l)                                     Amounts on Deposit in the Termination
Amount Reserve Account.

 

(i)                                     With respect to any Payment Date, 100% of
any funds available in the Collection Account after payment of the amounts
described in clauses first through
twelfth  of the
Priority of Payments, shall be deposited to the Termination Amount Reserve
Account, up to an amount equal to the aggregate amount of Termination Amounts
(with respect to each Payment Date, the “Aggregate Termination Amount”) deposited to the Collection
Account during the related Monthly Collection Period; provided  that if the remaining funds available in
the Collection Account after payment of the amounts described in clauses first through twelfth  of the Priority of Payments on such
Payment Date is less than the related Aggregate Termination Amount for the
related Monthly Collection Period, then an aggregate amount equal to the
difference between such Aggregate Termination Amount and such remaining
available amount on deposit in the Collection Account (such difference, the “Termination Amount Shortfall”)
shall continue to be required to be deposited to the Termination Amount Reserve
Account on subsequent Payment Dates (in addition to any other Aggregate
Termination Amount due on such subsequent Payment Dates) pursuant to clause thirteenth  of the Priority of Payments until the
applicable Termination Amount Shortfall has been reduced to zero.

 

(ii)                                  Except as described in Section 5.14(l)(iii),
amounts deposited to the Termination Amount Reserve Account shall be held in such account for three
Monthly Collection Periods, after which time the amounts will be released and
deposited to the Surplus Account on the next Payment Date.

 

(iii)                               On any Payment Date following (i) the
commencement of any Cash Trapping Period, the amounts then on deposit in the
Termination Amount Reserve Account (including any Investment Income) shall be
withdrawn and deposited into the Cash Trap Reserve Account, or (ii) the
occurrence of any Early Amortization Event or Event of Default, the amounts
then on deposit in the Termination Amount Reserve Account (including any
Investment Income) shall be withdrawn and deposited into the Collection Account
for distribution in accordance with the Priority of Payments.

 

(m)                               Amounts on Deposit in the Hedge Payment
Account.

 

(i)                                     Deposits to and withdrawals from the
Hedge Payment Account shall be made in accordance with the applicable Series Supplement
providing for the use of such account.

 

(n)                                 Amounts on Deposit in the Enhancement
Payment Account.

 

59

 

(i)                                     Deposits to and withdrawals from the
Enhancement Payment Account shall be made in accordance with the applicable Series Supplement
providing for the use of such account.

 

Section 5.15                                Determination of Monthly Interest.

 

Monthly payments of interest and fees on each Series of
Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement.

 

Section 5.16                                Determination of Monthly Principal.

 

Monthly payments of principal, if any, of each Series of
Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement.

 

Section 5.17                                Prepayment of Principal.

 

Mandatory prepayments of principal, if any, of each Series of
Notes shall be determined, allocated and distributed in accordance with the
procedures set forth in the applicable Series Supplement, if not otherwise
described herein.

 

ARTICLE VI

 

DISTRIBUTIONS

 

Section 6.1                                      Distributions in General.

 

(a)                                  Unless otherwise specified in the
applicable Series Supplement, on each Payment Date, the Paying Agent shall
pay to the Noteholders of each applicable Series of Notes of record on the
preceding Record Date or to the applicable Variable Funding Administrative
Agent the amounts payable thereto (i) by wire transfer in immediately available
funds released by the Paying Agent from the Collection Account or the
applicable Collection Account Administrative Account no later than 2:30 p.m.
(New York City time) if a Noteholder or applicable Variable Funding
Administrative Agent has provided to the Paying Agent and the Trustee wiring
instructions at least five (5) Business Days prior to the applicable
Payment Date or (ii) by check mailed first-class postage prepaid to such
Noteholder or applicable Variable Funding Administrative Agent at the address
for such Noteholder appearing in the Note Register or at the address for such
Variable Funding Administrative Agent on file with the Paying Agent and the
Trustee, in each case, if such Noteholder or applicable Variable Funding
Administrative Agent has not provided wire instructions pursuant to clause (i) above;
provided, however, that the final principal payment due on a
Note shall only be paid upon due presentment and surrender of such Note for
cancellation in accordance with the provisions of the Note at the
applicable Corporate Trust Office.

 

(b)                                 All Series of
Notes issued under this Base Indenture that are part of a Class with an
alphanumerical designation that contains the letter “A” (such as the Series

 

60

 

2008-1 Class A-1 Notes, the Series 2008-1
Class A-2 Notes and the Series 2008-1 Class A-3 Notes) will be
classified as “Senior Notes.”
Any Notes issued under this Base Indenture that are part of a Class with
an alphanumerical designation that does not contain the letter “A” (such as the
Series 2008-1 Class B-1 Notes) will be classified as “Subordinated Notes.” On each
Payment Date, payments of interest, principal (when due) and certain other
amounts in respect of all Classes of Notes will be made from amounts allocated
in accordance with the Priority of Payments among each Class of Notes.
Classes of the Notes having the same alphabetical designation will be pari passu  with each other with respect to all
distributions of proceeds under this Base Indenture, will be paid in
alphabetical order (e.g., each Class of
the Series 2008-1 Class A Notes will be pari passu with each other with respect to such proceeds and
will have priority over any Class of Subordinated Notes (including the Series 2008-1
Class B-1 Notes) with respect to such proceeds), and such proceeds will be
distributed in respect of each Class of Notes bearing the same
alphanumerical designation on a pro
rata  basis according
to the amounts owed on such Classes of Notes, except that with respect to any
prepayments of principal of the Notes under the Indenture, if any, in
connection with any Indemnification Amounts, any Asset Disposition Prepayment
Amounts, any Insurance Proceeds Amounts, and any Excess CAPEX Amounts, such
prepayments of principal will be paid first,
to the Class A-1 Notes of all Series of Notes Outstanding until paid
in full, second, ratably
according to the Aggregate Outstanding Principal Amount of the applicable Class of
Notes, to the Class A-2 Notes and Class A-3 Notes of all Series of
Notes Outstanding and third,
to each class of Subordinated Notes of all Series of Notes Outstanding
sequentially in alphabetical order.

 

(c)           Unless otherwise specified in the applicable Series Supplement,
the Trustee shall distribute all amounts owed to the Noteholders of any Class of
Notes pursuant to the instructions of the Co-Issuers whether set forth in a
Monthly Manager’s Certificate, a Company Order or otherwise.

 

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

 

The Co-Issuers hereby represent and warrant, for the
benefit of the Trustee and the Noteholders, as follows as of each Series Closing
Date:

 

Section 7.1             Existence
and Power.

 

Each Securitization Entity (a) is duly organized,
validly existing and in good standing under the laws of its jurisdiction of
organization, (b) is duly qualified to do business and in good standing
under the laws of each jurisdiction where the character of its property, the
nature of its business or the performance of its obligations under the Related
Documents make such qualification necessary, except to the extent that the
failure to so qualify is not reasonably likely to result in a Material Adverse
Effect, and (c) has all limited liability company, corporate or similar
powers and all governmental licenses, authorizations, consents and approvals
required to carry on its business as now conducted and for purposes of the
transactions contemplated by the Indenture and the 

 

61

 

other Related Documents, except to the extent the
failure to obtain such licenses, authorizations, consents and approvals is not
reasonably likely to result in a Material Adverse Effect.

 

Section 7.2             Company
and Governmental Authorization.

 

The issue and sale of the Notes and the execution,
delivery and performance by each Co-Issuer of this Base Indenture and any Series Supplement
and by each Co-Issuer and each other Securitization Entity of the other Related
Documents to which it is a party (a) is within such Securitization Entity’s
limited liability company, corporate or similar powers and has been duly
authorized by all necessary limited liability company, corporate or other
action, (b) requires no action by or in respect of, or filing with, any
Governmental Authority which has not been obtained and (c) does not
contravene, or constitute a default under, any Requirements of Law with respect
to such Securitization Entity or any Contractual Obligation with respect to
such Securitization Entity or result in the creation or imposition of any Lien
on any property of any Securitization Entity (other
than Liens created by this Base Indenture or the other Related Documents),
except (i) in the case of clause (b) above, and solely in connection
with the Contribution Agreements, for any action or filing the failure of which
to obtain could not reasonably be expected to have a Material Adverse Effect,
and (ii) in the case of clause (c) above, and solely in connection
with the Contribution Agreements, for any contravention or default which could
not reasonably be expected to have a Material Adverse Effects.  This Base Indenture and each of the other Related
Documents to which each Securitization Entity is a party has been executed and
delivered by a duly Authorized Officer of such Securitization Entity.

 

Section 7.3             No
Consent.

 

Except as set forth on Schedule 7.3, no
consent, action by or in respect of, approval or other authorization of, or
registration, declaration or filing with, any Governmental Authority or other
Person is required for the issue and sale of the Notes, the valid execution and
delivery by each Co-Issuer of this Base Indenture and any Series Supplement
and by each Co-Issuer and each other Securitization Entity of any Related
Document to which it is a party or for the performance of any of the Securitization
Entities’ obligations hereunder or thereunder other than such consents,
approvals, authorizations, registrations, declarations or filings (a) as
shall have been obtained or made by such Securitization Entity prior to the
Closing Date or as are permitted to be obtained subsequent to the Closing Date
in accordance with Section 7.13, or (b) relating to the
performance of any Collateral Bulk Gases Business Documents the failure of
which to obtain is not reasonably likely to have a Material Adverse Effect.

 

Section 7.4             Binding
Effect.

 

This Base Indenture and each other Related Document to
which a Securitization Entity is a party has been duly and validly authorized,
executed and delivered by such Securitization Entity and, assuming due
authorization, execution and delivery by the other parties thereto, is a legal,
valid and binding obligation of each such 

 

62

 

Securitization Entity enforceable against such
Securitization Entity in accordance with its terms (except as may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws affecting creditors’ rights generally or by general
equitable principles, whether considered in a proceeding at law or in equity and
by an implied covenant of good faith and fair dealing).

 

Section 7.5             Litigation.

 

There is no action, suit, proceeding or investigation
pending against or, to the knowledge of any Co-Issuer, threatened against or
affecting any Securitization Entity or of which any property or assets of such
Securitization Entity is the subject before any court or arbitrator or any
Governmental Authority that would, individually or in the aggregate, affect the
validity or enforceability of this Base Indenture or any Series Supplement,
materially adversely affect the performance by the Securitization Entities of
their obligations hereunder or thereunder or which is reasonably likely to have
a Material Adverse Effect.

 

Section 7.6             No
ERISA Plan.

 

No Securitization Entity or any corporation or any
trade, business, organization or other entity (whether or not incorporated)
that would be treated together with any Securitization Entity as a single
employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14)
of ERISA has, except as provided on Schedule 7.6, established,
maintains, contributes to, or has any liability in respect of (or has in the
past six years established, maintained, contributed to, or had any liability in
respect of) any Plan.  No Securitization
Entity which is a member of a Controlled Group which includes a Securitization
Entity has any contingent liability with respect to any post-retirement welfare
benefits under a Welfare Plan, other than liability for continuation coverage
described in Part 6 of Subtitle B of Title I of ERISA or other applicable
continuation of coverage laws.

 

Section 7.7             Tax
Filings and Expenses.

 

Each Securitization Entity has filed, or caused to be
filed, all federal and state, and all other Tax returns which, to the knowledge
of any Co-Issuer, are required to be filed by, or with respect to the income,
properties or operations of, such Securitization Entity (whether information
returns or not), and has paid, or caused to be paid, all Taxes due, if any,
pursuant to said returns or pursuant to any assessment received by any
Securitization Entity or otherwise, except such Taxes, if any, as are being
contested in good faith and by appropriate proceedings and for which adequate
reserves have been set aside in accordance with GAAP, or where the failure to
pay such Taxes is not reasonably likely to have a Material Adverse Effect.  As of the Closing Date, except as set forth
on Schedule 7.7, no Co-Issuer is aware of any proposed Tax
assessments against NuCO2 or any direct or indirect subsidiary thereof which either individually or in the
aggregate exceed $1,000.  Except as would
not reasonably be expected to have a Material Adverse Effect, no tax deficiency
has been determined adversely to any Securitization Entity, nor does any Securitization
Entity have any knowledge of any tax deficiencies.  Each 

 

63

 

Securitization Entity has paid all fees and expenses
required to be paid by it in connection with the conduct of its business, the maintenance
of its existence and its qualification and authorization to do business in each
state in which it is required to so qualify, except to the extent that the
failure to pay such fees and expenses is not reasonably likely to result in a
Material Adverse Effect.

 

Section 7.8             [Reserved].

 

Section 7.9             Investment
Company Act.

 

No Securitization Entity is, and after giving effect
to the offer and sale of the Notes and the application of the proceeds
therefrom will be,  an “investment
company” or a company “controlled” by an “investment company” within the
meaning of, or will be required to register as an “investment company” under,
the Investment Company Act and the rules and regulations of the Securities
and Exchange Commission thereunder.

 

Section 7.10           Regulations
T, U and X.

 

The proceeds of the Notes will not be used to purchase
or carry any “margin stock” (as defined or used in the regulations of the Board
of Governors of the Federal Reserve System, including Regulations T, U and X
thereof) in such a way that could cause the transactions contemplated by the
Related Documents to fail to comply with the regulations of the Board of
Governors of the Federal Reserve System, including Regulations T, U and X
thereof.  No Securitization Entity owns
or is engaged in the business of extending credit for the purpose of purchasing
or carrying any margin stock.

 

Section 7.11           Solvency.

 

Both before and after giving effect to the
transactions contemplated by the Indenture and the other Related Documents,
each Securitization Entity is solvent within the meaning of the Bankruptcy Code
and any applicable state law (giving effect to each Co-Issuer’s right to
contribution from each other Co-Issuer with respect to each Co-Issuer’s several
liability for the Obligations), and no Securitization Entity is the subject of
any voluntary or involuntary case or proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any
bankruptcy or insolvency law, and no Event of Bankruptcy has occurred with
respect to any Securitization Entity.

 

Section 7.12           Ownership
of Equity Interests; Subsidiaries.

 

(a)           All
of the issued and outstanding common limited liability company membership
interests of the Employee Company are owned by NuCO2, and all of the issued and outstanding preferred
limited liability company membership interests of the Employee Company are
owned by the Master Issuer, all of which limited liability company membership interests have been
validly issued and are owned of record by NuCO2 or the Master
Issuer, as the case may be, free and clear of all Liens other than Permitted Liens.

 

64

 

(b)           All
of the issued and outstanding limited liability company membership interests of
the Master Issuer are owned by NuCO2,
all of which limited liability company membership interests have been validly
issued and are owned of record by the NuCO2,
free and clear of all Liens other than Permitted Liens.

 

(c)           All
of the issued and outstanding limited liability company membership interests of
the Contract Holder, the Equipment Holder and the IP Holder are owned by the
Master Issuer, all of which limited liability company membership interests have
been validly issued and are owned of record by the Master Issuer, free and
clear of all Liens other than Permitted Liens.

 

(d)           The
Master Issuer has no Subsidiaries and owns no Equity Interests in any other
Person, other than the Employee Company, the Contract Holder, the Equipment
Holder, the IP Holder and any Additional Securitization Entity.  The Contract Holder, the Equipment Holder and
the IP Holder have no Subsidiaries and own no Equity Interests in any other
Person other than any Additional Securitization Entity.

 

Section 7.13           Security
Interests.

 

(a)           Each
Co-Issuer owns and has good title to its portion of the Collateral, free and
clear of all Liens other than Permitted Liens. 
The Co-Issuers’ rights under the Collateral Documents constitute
accounts or general intangibles under the applicable UCC.  This Base Indenture creates a valid and
continuing Lien on the Collateral in favor of the Trustee on behalf of and for
the benefit of the Secured Parties, which Lien on the Collateral has been
perfected (except as described on Schedule 7.13(a) and subject
to the last sentence of this Section 7.13(a)) and is prior to all
other Liens (other than Permitted Liens), and is enforceable as such as against
creditors of and purchasers from each Co-Issuer in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
affecting creditors’ rights generally or by general equitable principles,
whether considered in a proceeding at law or in equity and by an implied
covenant of good faith and fair dealing. 
The Co-Issuers have received all consents and approvals required by the
terms of the Collateral to the pledge of the Collateral to the Trustee
hereunder except to the extent provided under Section 3.1
hereof.  All action necessary to perfect
such first-priority security interest (including the filing of UCC-1 financing
statements and filings with the PTO and the United States Copyright Office) has
been duly taken or, in the case of Intellectual Property, will be duly taken
consistent with the obligations set forth in Section 8.25(c).

 

(b)           Other
than the security interest granted to the Trustee hereunder, pursuant to the
other Related Documents or any other Permitted Lien, none of the Co-Issuers has
pledged, assigned, sold or granted a security interest in the Collateral.  No security agreement, financing statement,
equivalent security or lien instrument or continuation statement authorized by
any Co-Issuer and listing such Co-Issuer as debtor covering all or any part of
the Collateral is on file or of record in any jurisdiction in the United
States, except in respect of Permitted Liens or such as may have been filed,
recorded or made by such Co-Issuer in favor of the Trustee on behalf of the
Secured 

 

65

 

Parties in connection with this Base Indenture, and no Co-Issuer has
authorized any such filing.

 

(c)           All
authorizations in this Base Indenture for the Trustee to endorse checks,
instruments and securities and to execute financing statements, continuation
statements, security agreements, account control agreements and other
instruments with respect to the Collateral and to take such other actions with
respect to the Collateral authorized by this Base Indenture are powers coupled
with an interest and are irrevocable.

 

Section 7.14           Related
Documents.

 

The Related Documents are in full force and
effect.  There are no outstanding
Defaults or Events of Default, and no events have occurred which, with the
giving of notice, the passage of time or both, would constitute a Default or
Event of Default.

 

Section 7.15           Non-Existence
of Other Agreements.

 

Other than as permitted by Section 8.22, (a) no
Securitization Entity is a party to any contract or agreement of any kind or
nature, and (b) no Securitization Entity is subject to any material
obligations or liabilities of any kind or nature in favor of any third party,
including, without limitation, Contingent Obligations.  No Securitization Entity has engaged in any
activities since its formation (other than those incidental to its formation,
the authorization and the issue of Series of Notes, the execution of the
Related Documents to which such Securitization Entity is a party and the
performance of the activities and operation of its business referred to in or
contemplated by such agreements).

 

Section 7.16           Compliance
with Contractual Obligations and Laws.

 

No Securitization Entity is in violation of (a) its
Charter Documents, (b) any Requirement of Law with respect to such
Securitization Entity or (c) any Contractual Obligation with respect to
Securitization Entity except, solely with respect to clauses (b) and
(c), to the extent such violation could not reasonably be expected to
result in a Material Adverse Effect.

 

Section 7.17           Other
Representations.

 

All representations and warranties of each
Securitization Entity made in each Related Document to which it is a party are
true and correct in all material respects and are repeated herein as though
fully set forth herein.

 

66

 

Section 7.18           No
Employees.

 

Notwithstanding any other provision of the Indenture
or any Charter Documents of any Securitization Entity to the contrary, no
Securitization Entity has any employees.

 

Section 7.19           Insurance.

 

The Securitization Entities maintain or cause
to be maintained on the Closing Date the insurance coverages described on Schedule 7.19
hereto, in such amounts and covering such risks as is adequate for the conduct
of their respective businesses and the value of their respective properties and
as is customary for companies engaged in similar businesses in similar
industries.  All policies of insurance of
the Securitization Entities are in full force and effect and the Securitization
Entities are in compliance with the terms of such policies in all material
respects.  None of the Securitization
Entities has any reason to believe that it will not be able to renew its
existing insurance coverage as and when such coverage expires or to obtain
similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not reasonably be expected to have a Material
Adverse Effect.  All such insurance is
primary coverage, all premiums therefor due on or before the date hereof have
been paid in full, and the terms and conditions thereof are no less favorable
to the Securitization Entities than the terms and conditions of insurance
maintained by their Affiliates that are not Securitization Entities.

 

Section 7.20           Environmental
Matters; Real Property.

 

(a)           None
of the Securitization Entities are subject to any material liabilities or
obligations pursuant to any Environmental Law.

 

(b)           None
of the Securitization Entities (a) owns any real property, or (b) leases
or operates any real property, other than any real property underlying the Real
Estate Leases and the lease of the headquarters of the Securitization Entities
and NuCO2.

 

Section 7.21           Intellectual
Property.

 

(a)           The IP Holder owns
or otherwise has the right to use all Intellectual Property necessary to
operate the Bulk Gases Business, free and clear of all Liens, set-offs,
defenses and counterclaims of whatsoever kind or nature, other than Permitted
Liens.  The Co-Issuers have not made and
will not hereafter make any material assignment, pledge, mortgage,
hypothecation or transfer of any of the Securitization IP, other than Permitted
Liens.

 

(b)           All
Existing Securitization IP owned by any Co-Issuer and necessary for the
operation of the Bulk Gases Business is subsisting and valid.  There is no claim, action or proceeding
pending, or to the knowledge of any Co-Issuer, threatened, that seeks to limit,
cancel or question the validity of any Existing Securitization IP owned by any
Co-Issuer or any Co-Issuer’s rights or interests therein, or its use thereof
and, to 

 

67

 

the knowledge of any Co-Issuer, there is no basis for any such claim,
action or proceeding, that individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect.

 

(c)           There is no
agreement to which any Co-Issuer is a party or otherwise bound, materially
restricting the use, exploitation or enforcement of any Existing Securitization
IP owned by a Co-Issuer, or that would otherwise in any material respect impair
or interfere with the rights granted thereunder.

 

(d)           To the knowledge of
any Co-Issuer, the Existing Securitization IP and the use thereof in the
operation of or in connection with the Bulk Gases Business does not infringe,
misappropriate, dilute or violate the rights of any Person and does not violate
applicable requirements of law, except for such matters that, individually, or
in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.

 

(e)           To the knowledge of
any Co-Issuer, no Person is infringing, diluting, misappropriating or otherwise
violating the Existing Securitization IP, except for such matters that,
individually, or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect.

 

(f)            Each Co-Issuer has
taken reasonable steps in accordance with normal industry practice to maintain
the confidentiality of the trade secrets and other confidential Intellectual
Property used in connection with the Bulk Gases Business.  To the knowledge of any Co-Issuer, except for
such matters that, individually, or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect, there has been no misappropriation
of any trade secrets or other material confidential Intellectual Property used
in connection with the Bulk Gases Business by any Person; no employee,
independent contractor or agent of any Co-Issuer has misappropriated any trade
secrets of any other Person in the course of performance as an employee,
independent contractor or agent of the Bulk Gases Business; and no employee,
independent contractor or agent of any Co-Issuer is in default or breach of any
term of any employment agreement, nondisclosure agreement, assignment of
invention agreement or similar agreement or contract relating in any way to the
protection, ownership, development, use or transfer of Intellectual Property,
including trade secrets, of the Bulk Gases Business.

 

(g)           No Co-Issuer is in
default or in breach of any term of any Third Party IP License Agreement, and
no counterparty thereto has exercised any right of termination or asserted the
existence of any default thereunder by any Co-Issuer except for such matters
that, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect.

 

(h)           Each Third Party IP
License Agreement is in full force and effect and is the legal, valid and
binding obligation of the Co-Issuer that is a party thereto except for such
matters that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

 

68

 

ARTICLE VIII

 

COVENANTS

 

Section 8.1             Payment
of Notes.

 

(a)           Each
Co-Issuer shall pay or cause to be paid the principal of, interest on (subject
to Section 2.15(e)), and, if applicable, commitment fees with
respect to, the Notes when due, together with any prepayment amounts, if any,
pursuant to the provisions of this Base Indenture and any applicable Series Supplement.  Principal, interest and commitment fees shall
be considered paid on the date due if the Paying Agent holds on that date money
designated for and sufficient to pay all principal, interest and commitment
fees then due.  Except as otherwise
provided pursuant to a Variable Funding Note Purchase Agreement or any other
Related Document, amounts properly withheld under the Code or any applicable
state, local or foreign law by any Person from a payment to any Noteholder of
interest or principal shall be considered as having been paid by the Co-Issuers
to such Noteholder for all purposes of the Indenture and the Notes.

 

(b)           By
acceptance of its Notes, each Noteholder agrees that the failure to provide the
Paying Agent with appropriate tax certifications (which includes (i) an
Internal Revenue Service Form W-9 for United States persons (as defined
under Section 7701(a)(30) of the Code) or any applicable successor form or
(ii) an applicable Internal Revenue Service Form W-8, for Persons
other than United States persons, or applicable successor form) may result in amounts
being withheld from payments to such Noteholder under this Base Indenture and
any Series Supplement and that amounts withheld pursuant to applicable
laws shall be considered as having been paid by the Co-Issuers as provided in clause
(a) above.

 

Section 8.2             Maintenance
of Office or Agency.

 

(a)           The
Co-Issuers shall maintain an office or agency (which may be an office of the
Trustee, the Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or exchange, where notices and demands to or upon the
Co-Issuers in respect of the Notes and the Indenture may be served, and where,
at any time when the Co-Issuers are obligated to make a payment of principal on
the Notes, the Notes may be surrendered for payment.  The Co-Issuers shall give prompt written
notice to the Trustee of the location, and any change in the location, of such
office or agency.  If at any time the
Co-Issuers shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office.

 

(b)           The
Co-Issuers may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations.  The Co-Issuers shall give prompt written
notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

 

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(c)           The
Co-Issuers hereby designate the applicable Corporate Trust Office as one such
office or agency of the Co-Issuers.

 

Section 8.3             Payment and Performance of
Obligations.  The Co-Issuers shall,
and the Master Issuer shall cause the other Securitization Entities to, pay and
discharge and fully perform, at or before maturity, all of their respective
material obligations and liabilities, including, without limitation, Tax
liabilities and other governmental claims levied or imposed upon such
Securitization Entity or upon the income, properties or operations of any
Securitization Entity, judgments, settlement agreements and all obligations of
each Securitization Entity under the Collateral Documents, except where the
same may be contested in good faith by appropriate proceedings (and without
derogation from the material obligations of the Co-Issuers hereunder regarding
the protection of the Collateral from Liens (other than Permitted Liens)), and
shall maintain, in accordance with GAAP, reserves as appropriate for the
accrual of any of the same.

 

Section 8.4             Maintenance of Existence.  Each Co-Issuer shall, and the Master Issuer
shall cause each other Securitization Entity to, maintain its existence as a
limited liability company or corporation, if applicable, validly existing, and
in good standing under the laws of its state of organization and duly qualified
as a limited liability company or corporation, if applicable, licensed under
the laws of each state in which the failure to so qualify would be reasonably
likely to result in a Material Adverse Effect. 
Each Co-Issuer shall, and the Master Issuer shall cause each other
Securitization Entity (other than any Additional Securitization Entity that is
a corporation) to, be treated as a disregarded entity within the meaning of
United States Treasury regulation section 301.7701-2(c)(2), and no
Co-Issuer shall, and the Master Issuer shall not permit any other
Securitization Entity (other than any Additional Securitization Entity that is
a corporation) to, be classified as a corporation or as an association taxable
as a corporation or a publicly traded partnership taxable as a corporation for
United States federal tax purposes.  Each
Co-Issuer shall, and the Master Issuer shall cause each other Securitization
Entity to, comply with its Charter Documents.

 

Section 8.5             Compliance with Laws.  Each Co-Issuer shall, and the Master Issuer
shall cause each other Securitization Entity to, comply in all respects with all
Requirements of Law with respect to such Co-Issuer or such other Securitization
Entity except where such noncompliance would not be reasonably likely to result
in a Material Adverse Effect; provided, however, such
noncompliance will not result in a Lien (other than a Permitted Lien) on any of
the Collateral or any criminal liability on the part of any Securitization
Entity, the Master Manager, the Transaction Manager or the Trustee.

 

Section 8.6             Inspection of Property; Books
and Records.  Each Co-Issuer shall,
and the Master Issuer shall cause each other Securitization Entity to, keep
proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions, business and activities in
accordance with GAAP.  Each Co-Issuer
shall, and the Master Issuer shall cause each other Securitization Entity to,

 

70

 

permit each of the
Trustee and the Administrative Agent or any Person appointed by either of them
to act as its agent to visit and inspect any of its properties, to examine and
make abstracts from any of its books and records and to discuss its affairs, finances
and accounts with its officers, directors, managers, employees and Independent
Accountants (an “Audit”) at the sole cost and expense of the Co-Issuers,
at such reasonable times upon such reasonable notice as may reasonably be
requested; provided, that the Trustee, the Administrative Agent or such
Person appointed by either of them to act as its agent shall only be entitled
to up to two Audits per calendar year actually completed;  provided, further, that during
the continuance of an Early Amortization Event or an Event of Default each of
the Trustee and the Administrative Agent or any Person appointed by either of
them to act as its agent may visit and conduct such number of Audits as it
deems necessary at any time and all such visits and Audits shall be at the
Co-Issuers’ expense.

 

Section 8.7                                      Actions under the Collateral Documents
and Related Documents.

 

(a)                                  Except as otherwise provided in Section 8.7(d),
no Co-Issuer shall, and the Master Issuer shall not permit any Securitization
Entity to, take any action which would permit any Securitization Entity or any
other Person party to a Collateral Transaction Document to have the right to
refuse to perform any of its respective obligations under any of the Collateral
Transaction Documents or that would result in the amendment, waiver,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any Collateral Transaction Document.

 

(b)                                 Except as otherwise provided in Section 3.2(a) or
8.7(d), no Co-Issuer shall, and the Master Issuer shall not permit any
Securitization Entity to, take any action which would permit any other Person
party to a Collateral Bulk Gases Business Documents to have the right to refuse
to perform any of its respective obligations under such Collateral Bulk Gases
Business Documents or that would result in the amendment, waiver,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, such Collateral Bulk Gases Business Documents if
such action when taken on behalf of any Securitization Entity by the
Transaction Manager would constitute a breach by the Transaction Manager of the
Transaction Management Agreement.

 

(c)                                  Except as otherwise provided in Section 3.2(a),
each Co-Issuer agrees that it shall not, and the Master Issuer shall cause each
Securitization Entity not to, without the prior written consent of the Control
Party, exercise any right, remedy, power or privilege available to it with
respect to any obligor under a Collateral Document or under any instrument or
agreement included in the Collateral, take any action to compel or secure
performance or observance by any such obligor of its obligations to such
Co-Issuer or such other Securitization Entity or give any consent, request,
notice, direction or approval with respect to any such obligor, if such action
when taken on behalf of any Securitization Entity by the Transaction Manager
would constitute a breach by the Transaction Manager of the Transaction
Management Agreement.

 

(d)                                 Each Co-Issuer agrees that it shall not,
and the Master Issuer shall cause each Securitization Entity not to, without
the prior written consent of the Control 

 

71

 

Party, amend, modify, waive, supplement, terminate or surrender, or
agree to any amendment, modification, supplement, termination, waiver or
surrender of, the terms of any of the Related Documents excluding the
Indenture; provided, however, that the Securitization Entities
may agree to any amendment, modification, supplement or waiver of any such term
of any Related Document excluding the Indenture without any such consent:

 

(i)                                     to add to the covenants of any
Securitization Entity for the benefit of the Secured Parties; or to add to the
covenants of NuCO2 or any Affiliate thereof for the benefit of any Securitization
Entity; or

 

(ii)                                  to make such other provisions in regard
to matters or questions arising under the Related Documents as the parties
thereto may deem necessary or desirable, which are not inconsistent with the
provisions thereof and which shall not materially and adversely affect the
interests of any Noteholder, any Note Owner or any other Secured Party; provided
that an Officer’s Certificate (in form and substance reasonably satisfactory to
the Trustee) shall be delivered to the Trustee and the Rating Agencies to such
effect.

 

(e)                                  Upon the occurrence of a Master Manager
Default under the Master Management Agreement, (i) each Co-Issuer shall
not, and the Master Issuer shall cause each other Securitization Entity not to,
without the prior written consent of the Control Party, terminate the Master
Manager and appoint any successor Master Manager in accordance with the Master
Management Agreement and the Replacement Management Agreement and (ii) each
Co-Issuer shall, and the Master Issuer shall cause each other Securitization
Entity to, terminate the Master Manager and appoint one or more successor
Master Managers in accordance with the Master Management Agreement and the
Replacement Management Agreement if and when so directed by the Control Party.

 

(f)                                    Upon the occurrence of a Transaction
Manager Default under the Transaction Management Agreement, (i) each
Co-Issuer shall not, and the Master Issuer shall cause each other
Securitization Entity not to, without the prior written consent of the Control
Party, terminate the Transaction Manager and appoint any successor Transaction
Manager in accordance with the Transaction Management Agreement and (ii) each
Co-Issuer shall, and the Master Issuer shall cause each other Securitization
Entity to, terminate the Transaction Manager and appoint one or more successor
Transaction Managers in accordance with the Transaction Management Agreement and
the Replacement Management Agreement if and when so directed by the Control
Party.

 

(g)                                 Each Co-Issuer
agrees that it shall, and the Master Issuer shall cause each Securitization Entity to,
perform its obligations under each Related Document (including without
limitation the payment of any reimbursable expenses pursuant to such Related
Documents) and enforce the obligations of the Additional Securitization
Entities, if any, under and pursuant to the Related Documents.

 

(h)                                 Each Co-Issuer
agrees that it shall not, and the Master Issuer shall 

 

72

 

cause each Securitization
Entity not to, permit
the validity or effectiveness of the Indenture to be impaired, or permit any
Lien under the Indenture to be subordinated, terminated or discharged, except
as permitted or contemplated by the terms of the Indenture.

 

Section 8.8                                      Notice of Defaults and Other Events.  Promptly (and in any event within two (2) Business
Days) following Actual Knowledge of the occurrence of any circumstances which
might reasonably be expected to constitute (i) an Early Amortization
Event, (ii) a Master Manager Default or a Transaction Manager Default, (iii) an
Event of Default or (iv) a default under any Related Document (other than
the Indenture), the Co-Issuers shall give the Trustee, the Administrative Agent
and the Rating Agencies with respect to each Series of Notes Outstanding
notice thereof (provided that such notice need not be sent to the Rating
Agencies in the case of a non-monetary default under the First Tier
Contribution Agreement), together with an Officer’s Certificate setting forth
the details thereof and any action with respect thereto taken or contemplated
to be taken by the Co-Issuers.  The
Co-Issuers shall, at their expense, promptly provide to the Trustee and the
Administrative Agent such additional information as the Trustee or the
Administrative Agent may reasonably request from time to time in connection
with the matters so reported, and the actions so taken or contemplated to be
taken.

 

Section 8.9                                      Notice of Material Proceedings. 
Without limiting Section 8.30, promptly (and in any event
within five (5) Business Days) upon the determination by any of the chief
executive officer, the chief financial officer, the chief operating officer,
the senior vice president-sales or the chief legal officer of the Master
Manager that the commencement or existence of any litigation, arbitration or
other proceeding with respect to it or any of its Affiliates would be
reasonably likely to have a Material Adverse Effect, the Co-Issuers shall give
written notice thereof to the Trustee and the Rating Agencies.

 

Section 8.10                                Further Requests.  Each
Co-Issuer shall, and the Master Issuer shall cause each other Securitization
Entity to, promptly furnish to the Trustee or any Rating Agency such additional
information regarding the financial position, results of operations or business
of NuCO2, the Master Issuer or any Securitization
Entity or such other information as, and in such form as, the Trustee or Rating
Agency may reasonably request in connection with the transactions contemplated
hereby or by any Series Supplement.

 

Section 8.11                                Further Assurances.

 

(a)                                  Each Co-Issuer shall, and the Master
Issuer shall cause each other Securitization Entity to, do such further acts
and things, and execute and deliver to the Trustee and the Administrative Agent
such additional assignments, agreements, powers and instruments, as are
necessary or desirable to obtain or maintain the security interest of the
Trustee in the Collateral on behalf of the Secured Parties as a perfected security
interest subject to no prior Liens (other than Permitted Liens), to carry into
effect the purposes of the Indenture or the other Related Documents or to
better assure and confirm unto the Trustee, the Administrative Agent, the
Noteholders or the other Secured Parties 

 

73

 

their rights, powers and remedies hereunder including,
without limitation, the filing of any financing or continuation statements or
amendments under the UCC in effect in any jurisdiction with respect to the
liens and security interests granted hereby, except as set forth on Schedule 8.11
or in Section 8.25.  The
Co-Issuers intend the security interests granted pursuant to the Indenture in
favor of the Secured Parties to be prior to all other Liens (other than
Permitted Liens) in respect of the Collateral, and each Co-Issuer shall,
and the Master Issuer shall cause
each other Securitization Entity to, take all actions necessary to obtain and
maintain, in favor of the Trustee for the benefit of the Secured Parties, a
first priority perfected Lien on the Collateral (except with respect to
Permitted Liens).  If any Co-Issuer fails to perform any of
its agreements or obligations under this Section 8.11(a), the
Trustee or the Administrative Agent itself may perform such agreement or
obligation, and the expenses of the Trustee or the Administrative Agent
incurred in connection therewith shall be payable by the Co-Issuers upon the
Trustee’s or the Administrative Agent’s demand therefor.  The Trustee and the Administrative Agent are
hereby authorized to execute and file any financing statements, continuation
statements, amendments or other instruments necessary or appropriate to perfect
or maintain the perfection of the Trustee’s security interest in the
Collateral.

 

(b)                                 If any amount payable under or in
connection with any of the Collateral shall be or become evidenced by any
promissory note, chattel paper or other instrument (other than checks required
to be deposited within two (2) Business Days to the Concentration Account
in accordance with the terms of this Indenture), such note, chattel paper or
instrument shall be deemed to be held in trust and, subject to an exception for
such notes, chattel paper and instruments that in the aggregate at any one time
do not evidence more than $10,000 payable to the Securitization Entities,
immediately pledged and within two (2) Business Days physically delivered
to the Trustee hereunder, and shall, subject to the rights of any Person in
whose favor a prior Lien has been perfected, be duly endorsed in a manner
satisfactory to the Trustee and delivered to the Trustee promptly.  In such event, the Co-Issuers will enter into
a custodial agreement with the Trustee on terms reasonably satisfactory to the
parties thereto.

 

(c)                                  Notwithstanding the provisions set forth
in clauses (a) and (b) above, the Co-Issuers shall not be
required to perfect any security interest in any fixtures (other than through a
central filing of a UCC financing statement).

 

(d)                                 If during any
Monthly Collection Period, any Co-Issuer shall assert in litigation an interest
in any commercial tort claim or claims (as such term is defined in the
New York UCC) and such commercial tort claim or claims (when added to any
past commercial tort claim or claims that were asserted by any Securitization
Entity prior to such Monthly Collection Period that are still outstanding) have
an aggregate value equal to or greater than $5,000,000 as of the last day of
such Monthly Collection Period, such Co-Issuer shall notify the Trustee and the
Administrative Agent on or before the Determination Date prior to the next
succeeding Payment Date that it has asserted such an interest and, at the
request of the Trustee or the Administrative Agent, shall sign and deliver
documentation acceptable to the Trustee and the Administrative Agent granting a

 

74

 

security interest under the Base Indenture in
and to the proceeds of such commercial tort claim or claims.

 

(e)                                  Each Co-Issuer shall, and the Master
Issuer shall cause each other Securitization Entity to, warrant and defend the
Trustee’s right, title and interest in and to the Collateral and the income,
distributions and Proceeds thereof, for the benefit of the Trustee on behalf of
the Secured Parties, against the claims and demands of all Persons whomsoever.

 

(f)                                    On or before May 30th of each
calendar year, commencing with May 30, 2009, the Co-Issuers shall furnish
to the Trustee, the Administrative Agent and the Rating Agencies an Opinion of
Counsel reaffirming the opinions with respect to the perfection of Liens and
security interest created by this Base Indenture under Article 9 of the
New York UCC on the Collateral set forth in the Opinions of Counsel delivered
on the applicable Series Closing Date pursuant to the Note Purchase
Agreements.

 

Section 8.12                                Liens.  No Co-Issuer
shall, and the Master Issuer shall not permit any other Securitization Entity
to (a) create, incur, assume or permit to exist any Lien upon any of its
property,  other than (i) Liens in
favor of the Trustee for the benefit of the Secured Parties and (ii) other
Permitted Liens or (b) enter into any agreement prohibiting or
conditioning the creation of any Lien on any of its property (including the
Collateral) other than (i) this Base Indenture and the other Related
Documents, (ii) any agreements governing any Capitalized Lease Obligations
(or refinancings thereof) permitted by Section 8.13(iv) of
this Base Indenture (in which case, any prohibition or limitation shall only be
effective against the assets financed thereby), (iii) pursuant to
customary non-assignment or no-subletting clauses in leases, licenses or
contracts entered into in the ordinary course of business, which restrict only
the assignment of such lease, license or contract, as applicable, (iv) with
respect to property to be sold pursuant to an executed agreement in connection
with Permitted Asset Dispositions permitted by Section 8.16,
restrictions covering such specific property and (v) any restriction that
exists pursuant to applicable Requirements of Law.

 

Section 8.13                                Other Indebtedness.  No Co-Issuer
shall, and the Master Issuer shall not permit any other Securitization Entity
to, create, assume, incur, suffer to exist or otherwise become or remain liable
in respect of any Indebtedness other than (i) Indebtedness hereunder, (ii) any
guarantee by any Securitization Entity of the obligations of any other
Securitization Entity, (iii) any Indebtedness incurred in connection with
Permitted Hedges and (iv) Capitalized Lease Obligations relating to office
furnishings and office equipment of not more than $2,000,000 at any time
outstanding;

 

Section 8.14                                No ERISA Plan.  No
Securitization Entity or any corporation or any trade, business, organization
or other entity (whether or not incorporated), that would be treated together
with any Securitization Entity as a single employer under Section 414(b),
(c), (m) or (o) of the Code or Section 4001(a)(14) of ERISA
shall establish, maintain, contribute to, incur any obligation to contribute
to, or incur any liability in respect of, any Plan.

 

75

 

Section 8.15                                Mergers.  No Co-Issuer
shall, and the Master Issuer shall not permit any other Securitization Entity
to, merge or consolidate with or into any other Person, transfer substantially
all of its assets to any other Person or terminate or liquidate (whether by
means of single transaction or a series of related transactions).

 

Section 8.16                                Asset Dispositions.

 

No Co-Issuer shall, and the Master Issuer shall not
permit any other Securitization Entity to, sell, transfer, lease, license,
liquidate or otherwise dispose of any of its property (whether by means of
a single transaction or a series of related transactions), including any Equity
Interests of any other Securitization Entity, except in the case of the
following (each, a “Permitted Asset Disposition”):

 

(a)                                  any disposition
or other transfer of Bulk CO2 Tanks, Nitrogen Generators or
Customer Contracts of any of the Securitization Entities; provided  that with respect to any Excess Customer
Contract Disposition, the Control Party shall have provided its prior written
consent; provided  further  that with respect to any Notice Triggering Customer
Contract Disposition (i) prior written notice thereof shall have been
given to the Rating Agencies, and (ii) the Transaction Manager, on behalf
of the Securitization Entities, shall certify to the Rating Agencies that the
Three-Month DSCR on the immediately succeeding Payment Date (after giving
effect to such Disposition) will be equal to or greater than the Three-Month
DSCR on the immediately preceding Payment Date;

 

(b)                                 any Obsolete
Property Disposition or Disposition of any Miscellaneous Equipment; provided  that with respect to any Disposition of
Miscellaneous Equipment, such Disposition (individually or in combination with
all other such Dispositions of Miscellaneous Equipment) will not cause a
Material Adverse Effect; and

 

(c)                                  any other sale, lease, license, transfer
or other disposition of property to which the Control Party has given the
Master Issuer its prior written consent and which is not otherwise expressly
permitted by the Indenture or any other Related Document; provided  that the Master Issuer shall deliver a
copy of such prior written consent to the Rating Agencies.

 

In the case of any
Dispositions permitted by Section 8.16(a), the Asset Disposition
Amounts, (A) with respect to Dispositions of Customer Contracts, shall be
deposited to the Collection Account and applied as Asset Disposition Prepayment
Amounts in accordance with clause tenth and clause fifteenth, as
applicable, of the Priority of Payments, (B) with respect to Dispositions
of Bulk CO2 Tanks and Dispositions of Nitrogen
Generators, shall be deposited to the Collection Account as regular Collections
and applied in accordance with the Priority of Payments, and (C) with
respect to Excess Bulk CO2 Tank and Nitrogen Generator Dispositions,
shall be deposited to the Collection Account and applied as Asset Disposition Prepayment
Amounts in accordance with clause tenth and clause fifteenth, as
applicable, of the Priority of Payments;

 

76

 

In the case of any
Dispositions permitted by Section 8.16(b), the related Asset
Disposition Amounts shall be deposited to the Collection Account as regular
Collections and applied in accordance with the Priority of Payments.

 

In the case of any
Dispositions permitted by Section 8.16(c), all proceeds arising from such sale, lease, license, transfer
or other disposition are deposited in accordance with the instructions provided
by the Control Party in the document providing such prior written consent, except  that
if such document does not contain deposit instructions, then such proceeds
shall be deposited into the Collection Account as regular Collections and
applied in accordance with the Priority of Payments.

 

Concurrently with
a Permitted Asset Disposition, upon request of the Co-Issuers, the Trustee, at
the written direction of the Transaction Manager, shall execute and deliver to
the Co-Issuers any and all documentation reasonably requested and prepared by
the Co-Issuers at their expense to effect or evidence the release by the
Trustee of its security interest on behalf of the Secured Parties in the
property disposed of in connection with such Permitted Asset Disposition.

 

Section 8.17                Acquisition of Assets.  No Co-Issuer
shall, and the Master Issuer shall not permit any other Securitization Entity
to, acquire, by long-term or operating lease or otherwise, any assets if such
acquisition when effected on behalf of any Securitization Entity by the
Transaction Manager, would constitute a breach by the Transaction Manager of
the Transaction Management Agreement.

 

Section 8.18                Dividends, Officers’ Compensation, etc.  The Master
Issuer shall not declare or pay any distributions on any of its limited
liability company interests; provided, however, that so long as
no Early Amortization Event, Default or Event of Default has occurred and is
continuing with respect to any Series of Notes Outstanding or would result
therefrom, the Master Issuer may declare and pay distributions to the extent
permitted under Section 18-607 of the Delaware Limited Liability Company
Act and the Master Issuer Operating Agreement. 
Without limiting Section 8.28, no Co-Issuer shall, and the
Master Issuer shall not permit any other Securitization Entity to, pay any
wages or salaries or other compensation to its officers, directors, managers or
other agents, if any, except as permitted to be paid pursuant to any Related
Documents.  Except as permitted in
connection with the formation of an Additional Securitization Entity, no
Co-Issuer shall, and the Master Issuer shall not permit any other Securitization
Entity to, redeem, purchase, retire or otherwise acquire for value any Equity
Interest or other security in or issued by such Securitization Entity or set
aside or otherwise segregate any amounts for any such purpose except as
consented to by the Control Party.

 

Section 8.19                Legal Name, Location Under Section 9-301 or 9-307. 
No Co-Issuer shall, and the Master Issuer shall not permit any other
Securitization Entity to, change its location (within the meaning of Section 9-301
or 9-307 of the applicable UCC) or its legal name without at least thirty (30)
days’ prior written notice to the Trustee, the Administrative Agent and the
Rating Agencies with respect to each Series of Notes Outstanding.  In the event that any Co-Issuer or other
Securitization Entity desires 

 

77

 

to so change its location or change its legal name,
such Co-Issuer shall, or shall cause such other Securitization Entity to, make
any required filings and prior to actually changing its location or its legal
name such Co-Issuer shall, or shall cause such other Securitization Entity to,
deliver to the Trustee and the Administrative Agent (i) an Officer’s
Certificate and an Opinion of Counsel confirming that all required filings have
been made, subject to Section 8.11(c), to continue the perfected
interest of the Trustee on behalf of the Secured Parties in the Collateral
under Article 9 of the applicable UCC in respect of the new location or
new legal name of such Co-Issuer or other Securitization Entity and (ii) copies
of all such required filings with the filing information duly noted thereon by
the office in which such filings were made.

 

Section 8.20                                Charter Documents.  No Co-Issuer
shall, and the Master Issuer shall not permit any other Securitization Entity
to, amend, or consent to the amendment of any of its Charter Documents to which
it is a party as a member or shareholder unless, prior to such amendment, the
Trustee shall have received, in a form satisfactory to it, (a) a
bring-down of the non-consolidation opinion delivered on the Closing Date (or
thereafter in the case of an Additional Securitization Entity) expressly
confirming that giving effect to such amendment will not adversely affect the
analysis and conclusions in such opinion and (b) Rating Agency
Confirmation Letters shall have been delivered to the Trustee confirming each
applicable rating from the applicable Rating Agency with respect to each Series of
Notes then Outstanding; provided that the Control Party also shall have
consented to such amendment if such amendment could be expected, in any manner,
to change the amounts available for deposit (or the time of such deposit) to
the Concentration Account or the Collection Account that otherwise would be
derived from such Securitization Entity pursuant to the Related Documents.

 

Section 8.21                                Investments.  No Co-Issuer
shall, and the Master Issuer shall not, permit any other Securitization Entity
to, make, incur, or suffer to exist any loan, advance, extension of credit or
other investment in any Person if such investment when made on behalf of any
Securitization Entity by the Transaction Manager would constitute a breach by
the Transaction Manager of the Transaction Management Agreement other than (a) investments
of amounts in the Concentration Account, the Securitization Entity Accounts,
the Base Indenture Accounts and the Series Accounts or (b) in any
other Securitization Entity.

 

78

 

Section 8.22                                No Other Agreements.  No Co-Issuer
shall, and the Master Issuer shall not permit any other Securitization Entity
to, enter into or be a party to any agreement or instrument other than any
Related Document, any Collateral Bulk Gases Business Document, any other
document permitted by a Series Supplement or the Related Documents, as the
same may be amended, supplemented or otherwise modified from time to time, any
documents related to any Enhancement (subject to Section 8.32) or
any Interest Rate Hedge (subject to Section 8.33) or any documents
or agreements incidental thereto or any other agreement if such transaction
when effected on behalf of any Securitization Entity by the Transaction Manager
would not constitute a breach by the Transaction Manager of the Transaction
Management Agreement.

 

Section 8.23                                Bulk Gases Business; Other Business.

 

(a)                                  Each Co-Issuer shall, and the Master
Issuer shall cause each other Securitization Entity to, maintain all licenses,
permits, charters and registrations required for the conduct of its portion of
the Bulk Gases Business and any other business in which such Co-Issuer is
authorized to engage in accordance with its Charter Documents, except for those
the failure of which to maintain would not, alone or in the aggregate, be
reasonably likely to result in a Material Adverse Effect; and

 

(b)                                 No Co-Issuer shall, and the Master Issuer
shall not permit any other Securitization Entity to, engage in any business or
enterprise or enter into any transaction other than in connection with the Bulk
Gases Business, the incurrence and payment of ordinary course operating
expenses, the issuing and selling of the Notes and other activities related to
or incidental to any of the foregoing or any other transaction which when
effected on behalf of any Securitization Entity by the Transaction Manager
would not constitute a breach by the Transaction Manager of the Transaction
Management Agreement.

 

Section 8.24                                Maintenance of Separate Existence.

 

(a)                                  Each Co-Issuer shall, and the Master
Issuer shall cause each other Securitization Entity to:

 

(i)                                     maintain their own deposit and securities
account, as applicable, or accounts, separate from those of any of its
Affiliates (other than the other Securitization Entities), with commercial
banking institutions and ensure that the funds of the Securitization Entities
will not be diverted to any Person who is not a Securitization Entity or for
other than the use of the Securitization Entities, nor will such funds be
commingled with the funds of any of its Affiliates (other than the other
Securitization Entities) other than as provided in the Related Documents;

 

(ii)                                  ensure that all transactions between it
and any of its Affiliates (other than the other Securitization Entities),
whether currently existing or hereafter entered into, shall be only on an arm’s
length basis, it being 

 

79

 

understood and agreed
that the transactions contemplated in the Related Documents meet the
requirements of this clause (ii);

 

(iii)                               to the extent that it requires an office
to conduct its business, either (a) conduct its business from an office at
a separate address from that of any of its Affiliates (other than the other
Securitization Entities); provided that segregated offices in the same
building shall constitute separate addresses for purposes of this clause (a),
or (b) conduct its business from an office shared between such Co-Issuer
or Securitization Entity and any of its members or Affiliates (other than the
other Securitization Entities), provided that there shall be an
equitable and appropriate allocation of overhead costs among them, and each
such entity shall bear its fair share of such expenses;

 

(iv)                              issue separate financial statements from
any of its Affiliates (other than the other Securitization Entities) prepared
at least quarterly and prepared in accordance with GAAP;

 

(v)                                 conduct its affairs in its own name and
in accordance with its Charter Documents and observe all necessary, appropriate
and customary limited liability company or corporate formalities (as
applicable), including, but not limited to, holding all regular and special
meetings appropriate to authorize all its actions, keeping separate and
accurate minutes of its meetings, passing all resolutions or consents necessary
to authorize actions taken or to be taken, and maintaining accurate and
separate books, records and accounts, including, but not limited to, payroll
and intercompany transaction accounts;

 

(vi)                              not assume or guarantee any of the
liabilities of any of its Affiliates (other than the other Securitization
Entities);

 

(vii)                           take, or refrain from taking, as the case
may be, all other actions that are necessary to be taken or not to be taken in
order to (x) ensure that the assumptions and factual recitations set forth
in the Specified Bankruptcy Opinion Provisions remain true and correct in all
material respects with respect to it and (y) comply in all material
respects with those procedures described in such provisions which are
applicable to it;

 

(viii)                        maintain at least one Independent Manager
or Independent Director on its Board of Managers or its Board of Directors, as
the case may be.

 

(b)                                 Each Co-Issuer, on behalf of itself and
each of the other Securitization Entities, shall confirm on the Closing Date
that the statements contained under “Assumptions of Fact” in the opinion of
Gibson, Dunn & Crutcher LLP regarding substantive consolidation and
true sale or true contribution matters delivered to the Trustee on the Closing
Date are true and correct with respect to itself and each other
Securitization Entity, and that each Co-Issuer shall, and the Master Issuer shall cause
each other Securitization Entity to, act in a manner consistent with the
assumptions and factual recitations set forth in such opinion, and comply with
any covenants or

 

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obligations assumed to be complied with by it
therein as if such covenants and obligations were set forth herein.

 

Section 8.25                                Covenants Regarding the Securitization IP.

 

(a)                                  No Co-Issuer shall, and the Master Issuer
shall not permit any other Securitization Entity to, take or omit to take any
action with respect to the maintenance, enforcement and defense of the IP
Holder’s (or any Additional IP Holder’s) rights in and to the Securitization IP
that would constitute a breach by the Transaction Manager of the Transaction Management
Agreement if such action were taken or omitted by the Transaction Manager on
behalf of any Securitization Entity.

 

(b)                                 The Co-Issuers shall notify the Trustee
in writing within ten (10) Business Days of any Co-Issuer’s Actual Knowledge
or having reason to know that any application or registration relating to any
material Securitization IP, including any Trademark included in the Existing
Securitization IP (now or hereafter existing), may become abandoned or
dedicated to the public domain, or of any material adverse determination or
development (including the institution of, or any such determination or
development in, any proceeding in the PTO, the United States Copyright Office
or any court, but excluding any non-final determinations (other than in an
adversarial proceeding) of the PTO) regarding the validity or any
Securitization Entity’s ownership of any material Securitization IP, its right
to register the same, or to keep and maintain the same.

 

(c)                                  With respect to the Securitization IP,
the IP Holder agrees to, and each other Co-Issuer agrees to cause the IP Holder
(and any Additional IP Holder) to, execute, deliver and file instruments
substantially in the form of Exhibit C-1 hereto with respect to
Trademarks, Exhibit C-2 hereto with respect to Patents and Exhibit C-3
with respect to Copyrights, as each such type of Intellectual Property is
included in the Securitization IP, or otherwise in form and substance
satisfactory to the Control Party, and any other instruments or documents as
may be reasonably necessary or, in the Control Party’s opinion, desirable under
any Requirement of Law and agreed upon by the IP Holder (and each applicable
Additional IP Holder) and the Control Party, to perfect or protect the Trustee’s
security interest granted under this Base Indenture in the Patents, Trademarks
and Copyrights included in the Securitization IP.

 

(d)                                 If any Co-Issuer, either itself or
through any agent, licensee or designee, shall file an application for the
registration of any Patent, Trademark or Copyright with the PTO or the United
States Copyright Office, such Co-Issuer, will within a reasonable time after
such filing (and in any event within ninety (90) days for Patents and
Trademarks and thirty (30) days for Copyrights) (i) give the Trustee
written notice thereof and (ii) upon reasonable request of the Control
Party, subject to Section 3.1(a)(iv), shall execute and deliver all
instruments and documents, and take all further action, that the Control Party
may request in order to continue, perfect or protect the security interest
granted hereunder, including, without limitation, executing and delivering (x) the
Supplemental Grant of Security Interest in Trademarks substantially in the form
attached as Exhibit D-1 hereto, (y) the Supplemental Grant of
Security Interest 

 

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in Patents substantially in the form attached as Exhibit D-2
hereto and/or (z) the Supplemental Grant of Security Interest in
Copyrights substantially in the form attached as Exhibit D-3 hereto.

 

(e)                                  In the event that any material
Securitization IP is infringed upon, misappropriated, violated or diluted by a
third party, the IP Holder (or any Additional IP Holder) upon having Actual
Knowledge of such infringement, violation, misappropriation or dilution shall
promptly notify the Trustee in writing. 
The IP Holder (or any Additional IP Holder) shall take all reasonable
and appropriate actions, at its expense, to protect or enforce such material
Securitization IP, including suing for infringement, violation,
misappropriation or dilution and seeking an injunction (including, if
appropriate, temporary and/or preliminary injunctive relief) against such
infringement, violation, misappropriation or dilution, unless the failure to
take such actions if taken on behalf of the IP Holder (or any Additional IP
Holder) by the Transaction Manager would not constitute a breach by the
Transaction Manager of the Transaction Management Agreement; provided
that if the IP Holder (or any Additional IP Holder) decides not to take action
with respect to a material infringement, violation, misappropriation or
dilution, the IP Holder (or any Additional IP Holder) shall deliver written
notice to the Trustee setting forth in reasonable detail the basis for its
decision not to act.

 

(f)                                    The parties agree that the Securitization
IP License Agreement and any sublicense thereof by the Contract Holder may only
be amended, terminated or assigned by the parties thereto with the consent of
the Control Party, notwithstanding any other obligations, restrictions or
requirements related to amendments, termination or assignment contained in such
Securitization IP License Agreement.  The
parties agree that the Trustee shall be a third party beneficiary of the rights
(but none of the duties, obligations or liabilities) arising under the
Securitization IP License Agreement for so long as there are Notes Outstanding
under this Base Indenture, and that the Trustee may enforce the provisions of
the Securitization IP License Agreement and exercise the rights of the IP
Holder under the Securitization IP License Agreement in connection with a
liquidation of the collateral upon and during the continuance of an Event of
Default.

 

Section 8.26                                Contributions.  The Master Issuer
shall, or shall cause the Master Manager to, deposit each Contribution into the
Collection Account.

 

Section 8.27                                Real Property Leases.  No Co-Issuer
shall, and the Master Issuer shall not permit any other Securitization Entity
to, enter into any lease of real property (other than in connection with the
Real Estate Leases).

 

Section 8.28                                No Employees.  The
Co-Issuers and the other Securitization Entities shall have no employees.

 

Section 8.29                                Insurance.  The
Co-Issuers shall maintain, or cause the Transaction Manager to maintain, with
financially sound insurers with (i) at least one of the following:  a Moody’s Credit Rating of not less than “A2”,
an S&P Credit Rating of not less than “A” or a Fitch Credit Rating of not
less than “A” and (ii) a claims-paying 

 

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ability rated not less than “A:VIII” by A.M. Best’s
Key Rating Guide, insurance coverages as required pursuant to the Transaction
Management Agreement; provided that the Co-Issuers shall cause NuCO2 to list each
Securitization Entity as an “additional insured” or “loss payee” or “co-insured”
on any insurance maintained by NuCO2 for the benefit of the Securitization
Entity.  The terms and conditions of all
such insurance shall be no less favorable to the Co-Issuers than the terms and
conditions of insurance maintained by their Affiliates that are not
Securitization Entities.  The Co-Issuers
shall annually provide to the Trustee and the Administrative Agent an insurance
certificate showing that the insurance required to be maintained by the
Co-Issuers hereunder is in full force and effect, by not later than May 31st
of each calendar year.  Schedule 8.29
attached hereto sets forth every insurance policy maintained by the Co-Issuers,
the Transaction Manager and NuCO2 as of the Closing Date, and further identifies
the “primary insured” and “co-insureds” for each insurance policy.

 

Section 8.30                                Litigation.  If NuCO2 is not then
subject to Section 13 or 15(d) of the Exchange Act, the Co-Issuers
shall, on each Payment Date (or promptly after obtaining Actual Knowledge
thereof), provide a written report to the Trustee and the Rating Agencies that
sets forth all outstanding litigation, arbitration or other proceedings against
NuCO2 or
any of its Subsidiaries that would have been required to be disclosed in NuCO2’s annual reports, quarterly reports and other public
filings which NuCO2 would have been required to file with the
Securities and Exchange Commission pursuant to Section 13 or 15(d) of
the Exchange Act if NuCO2 were subject to such sections.

 

Section 8.31                                Environmental.  If NuCO2 is not then
subject to Section 13 or 15(d) of the Exchange Act, the Co-Issuers
shall, and the Master Issuer shall cause each other Securitization Entity to,
promptly notify the Trustee and the Rating Agencies, in writing, upon receipt
of any written notice of which any Securitization Entity becomes aware from any
source of facts or allegations (including but not limited to a governmental
entity) relating in any way to any possible material liability of any
Securitization Entity pursuant to any Environmental Law that would have
been required to be disclosed in NuCO2’s annual reports, quarterly reports and other
public filings which NuCO2 would have been required to file
with the Securities and Exchange Commission pursuant to Section 13 or 15(d) of
the Exchange Act if NuCO2 were subject to such sections.

 

Section 8.32                                Enhancements.  No
Enhancement shall be provided in respect of any Series of Notes, nor will
any Enhancement Provider have any rights hereunder, as third-party beneficiary
or otherwise, except as determined by the Transaction Manager as commercially
reasonable to provide Enhancement with respect to the Notes.

 

Section 8.33                                Interest Rate Hedges; Derivatives Generally.

 

(a)                                  No Interest Rate Hedge shall be provided
in respect of any Series of Notes, nor will any Hedge Counterparty have
any rights hereunder, as third-party beneficiary or otherwise, except for
Permitted Hedges that are determined by the 

 

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Transaction Manager as commercially reasonable to hedge interest rate
exposure of the Co-Issuers under the Indenture or any Series of Notes.

 

(b)                                 No Co-Issuer shall, and the Master Issuer
shall not permit any other Securitization Entity to, enter into any derivative
contract, swap, option, hedging contract, forward purchase contract or other
similar agreement or instrument if any such contract, agreement or instrument
requires the Co-Issuers to expend any financial resources to satisfy any
payment obligations owed in connection therewith except as determined by the
Transaction Manager in its commercially reasonable judgment as necessary in the
operation of the business of the Co-Issuers.

 

Section 8.34                                Additional Securitization Entity.

 

(a)                                  The Co-Issuers shall not form or cause to
be formed any Additional Securitization Entities other than in accordance with
and as permitted under the Related Documents, and without first obtaining the
prior written consent of the Control Party; provided that the prior
written consent of the Control Party shall not be required if such Additional
Securitization Entity is a Delaware limited liability company or a Delaware
corporation and has adopted Charter Documents substantially similar to the Charter
Documents of the Securitization Entities that are Delaware limited liability
companies or Delaware corporations, as applicable, as in existence on the
Closing Date.

 

(b)                                 If any Co-Issuer desires to create,
incorporate, form or otherwise organize an Additional Securitization Entity
that does not comply with the proviso set forth in clause (a) above,
such Co-Issuer shall first obtain the prior written consent of the Control
Party; provided that the Master Issuer shall deliver a copy of any such
prior written consent to the Rating Agencies.

 

(c)                                  Any direct or indirect Subsidiary formed
by the Co-Issuers pursuant to clause (a) or clause (b) above
shall automatically be designated as an Additional Securitization Entity, and
the Co-Issuers shall cause any such Additional Securitization Entity to become
an Additional Co-Issuer.  The Co-Issuers
shall cause such Additional Securitization Entity to promptly execute a
Supplement to the Indenture pursuant to which such Additional Securitization
Entity shall become jointly and severally obligated under the Indenture with
the other Co-Issuers.  The Co-Issuers
shall, if applicable, designate any such Additional Co-Issuer as (i) an
Additional Contract Holder; provided that such Additional Co-Issuer owns
Customer Contracts, or (ii) an Additional IP Holder; provided that
such Additional Co-Issuer owns Securitization IP.

 

(d)                                 Upon the execution and delivery of a
Supplement as required by clause (c) above, any Additional
Securitization Entity party thereto will become a party to the Indenture with
the same force and effect as if originally named therein as a Co-Issuer and,
without limiting the generality of the Indenture, will assume all Obligations
and liabilities of a Co-Issuer hereunder.

 

Section 8.35                                Subordinated Note Repayments. 
No Co-Issuer shall repay any Subordinated Notes after the Series Adjusted
Repayment Date with respect to 

 

84

 

the Initial Series of Notes with amounts obtained
by the Master Issuer from NuCO2 or any other direct or indirect owner of
Equity Interests of the Master Issuer in the form of any capital contributions
or any portion of any Surplus Amounts distributed to the Master Issuer pursuant
to the Priority of Payments unless and until all Senior Notes Outstanding have
been paid in full and are no longer Outstanding.

 

Section 8.36                                Registration under Securities Laws. 
The Co-Issuers shall, and the Master Issuer shall cause each
Securitization Entity to, take all reasonable actions necessary so as to exempt
any Class of any Series of Notes and the sale thereof from
registration under the 1933 Act (including permitting compliance with Rule 144A),
or under any applicable securities laws, and use all reasonable efforts to
permit any Series of Notes to be designated as PORTAL securities if so
requested by the Initial Purchaser or any placement agent.

 

Section 8.37                                Control Party.  The
Co-Issuers shall, and the Master Issuer shall cause each Securitization Entity
to, comply with all directions of the Control Party properly given in
accordance with the terms of the Indenture.

 

Section 8.38                                Other Accounts.  Except with
respect to the Surplus Account, so long as any Notes remain Outstanding, none
of the Co-Issuers, and none of the Securitization Entities, shall (i) own
any deposit account except as may be pledged to the Trustee or (ii) make
any deposits into any account other than in accordance with the terms of this
Base Indenture and the other Related Documents.

 

Section 8.39                                Transaction with NuCO2 and Affiliates. 
The Co-Issuers shall not, and the Master Issuer shall cause each
Securitization Entity not to, enter into any transactions with NuCO2 or its Affiliates, except as contemplated or permitted
by the Related Documents (including without limitation any Contribution
pursuant to Section 8.26 of this Base Indenture or any equity
contributions that do not constitute “Contributions”) and the Collateral Bulk
Gases Business Documents (including, for the avoidance of doubt, entering into
such Related Documents and Collateral Bulk Gases Business Documents).

 

Section 8.40                                Investment Company Act.  The
Co-Issuers shall not, and the Master Issuer shall cause each Securitization
Entity not to, take or suffer or permit to occur any action that would cause
such entity to be registered as an “investment company” under the Investment
Company Act.

 

ARTICLE IX

 

REMEDIES

 

Section 9.1                                      Early Amortization Events.

 

Upon the occurrence of any one of the following
events:

 

85

 

(a)                                  the Three-Month DSCR with respect to any
Payment Date is less than 1.40 times;

 

(b)                                 a Master Manager Default under the Master
Management Agreement has occurred and is continuing;

 

(c)                                  an Event of Default has occurred and is
continuing; or

 

(d)                                 the Co-Issuers have not repaid or
refinanced any Series of Notes (or Class thereof) on or prior to the
applicable Series Adjusted Repayment Date,

 

an “Early
Amortization Event” shall be deemed to have occurred automatically without
the giving of further notice or any other action on the part of
the Trustee or any Noteholder; provided,
that an Early Amortization Event may be waived by the Control Party in its sole
discretion, except that (i) a waiver of an Early Amortization Event
described in clause (c),
if the applicable Event of Default is an event described in clause (a) or clause (f) of the definition of an “Event
of Default” in Section 9.2, shall require the consent of all
Noteholders, unless such Event of Default has been cured or waived, and (ii) a
waiver of an Early Amortization Event described in clause (d) shall
require the consent of the Holders of 100% of the Aggregate Outstanding
Principal Amount of the applicable Series of Notes.

 

Section 9.2                                      Events of Default.

 

If any one of the following events shall occur (the
occurrence of each of which shall constitute an “Event of Default”
hereunder):

 

(a)                                  any Co-Issuer defaults in the payment of (i) any
interest (excluding (a) Contingent Additional Interest with respect to any
Series of Notes prior to the date on which all principal of such Series of
Notes that remains Outstanding is due and payable and (b) any interest of
which the non-payment is deemed not to constitute an Event of Default pursuant
to the applicable Series Supplement), Commitment Fees in respect of any
Senior Notes or other amount payable (other than amounts referred to in clause
(ii) herein) in respect of, any Series of Notes Outstanding when
the same becomes due and payable or (ii) any principal of any Series of
Notes Outstanding or any other Obligation (other than amounts referred to in clause
(i) herein) when the same becomes due and payable (whether on any Series Legal
Final Maturity Date, any redemption date, any optional prepayment date or any
maturity date or otherwise with respect to such Series);

 

(b)                                 the Three-Month DSCR with respect to any
Payment Date is less than 1.20 times (excluding the effect of all
Contributions);

 

(c)                                  any Securitization Entity, NuCO2 or the Employee
Company fails to comply with any of its agreements or covenants in, or
provisions of, the Indenture or any other Related Document (other than with
respect to any provision of the Charter Documents covered by clause (h) below)
to which it is a party and the failure continues unremedied for a period of
thirty (30) days after the earlier of (a) the date on which any 

 

86

 

Securitization Entity or the Employee Company, as applicable, obtains
Actual Knowledge thereof or (b) the date on which written notice of such
failure, requiring the same to be remedied, is given to any Securitization
Entity or the Employee Company, as applicable, by the Trustee or to each
Securitization Entity and the Trustee by the Control Party;

 

(d)                                 any representation made by any
Securitization Entity or the Employee Company in the Indenture or any other
Related Document is false in any material respect when made and such false
representation is not cured for a period of thirty (30) days after the earlier
of (a) the date on which any Securitization Entity or the Employee Company
obtains Actual Knowledge thereof or (b) the date that written notice
thereof is given to any Securitization Entity or the Employee Company by the
Trustee or to each Securitization Entity or the Employee Company and the
Trustee by the Control Party;

 

(e)                                  an effective resolution is passed by any
Securitization Entity or the Employee Company for the winding up or liquidation
of such Securitization Entity or the Employee Company, as applicable, except
for the purpose of a merger, consolidation or amalgamation in accordance with
the terms of this Base Indenture, the terms of which have previously been
approved in writing by the Control Party of each Series of Notes;

 

(f)                                    the occurrence of an Event of Bankruptcy
with respect to any Securitization Entity or the Employee Company;

 

(g)                                 any Securitization Entity or the Employee
Company registers or is required to register as an “investment company” under
the Investment Company Act, or any body with jurisdiction makes a final
determination that any Securitization Entity is an “investment company” or an “affiliated
person” of, or “promoter” or “principal underwriter” for, an “investment
company,” as such terms are defined in the Investment Company Act;

 

(h)                                 any Securitization Entity or the Employee
Company fails to comply in any material respect with Section 9(c) of
the Master Issuer Operating Agreement or the comparable provisions of such
Securitization Entity’s or the Employee Company’s Charter Documents and such
failure continues for a period of five (5) Business Days after (i) the
date on which any Securitization Entity or the Employee Company, as applicable,
obtains Actual Knowledge thereof or (ii) the date on which written notice
of such failure is given to any Securitization Entity or the Employee Company,
as applicable, by the Trustee or to each Securitization Entity or the Employee
Company, as applicable, and the Trustee by the Control Party;

 

(i)                                     the Master Issuer itself or through any
Securitization Entity fails to have good title to the Contributed Property and
all other Collateral, free and clear of all Liens, other than Permitted Liens,
except for such failures which, collectively, could not reasonably be expected
to result in a Material Adverse Effect;

 

87

 

(j)                                     the Trustee ceases to have for any reason
a valid and perfected first priority security interest in the Collateral to the
extent required by the Related Documents or NuCO2  or any Affiliate thereof so
asserts in writing except as a result of Permitted Liens;

 

(k)                                  a final judgment or order for the payment
of money shall be rendered against any Securitization Entity or the Employee
Company and such judgment or order (x) against any Securitization Entity,
is in an amount which exceeds $100,000 or (y) against the Employee
Company, is in an amount which exceeds $15,000,000, and in each case is not
covered by insurance and either: (i) such judgment or order is not
discharged within the period of 30 days after entry thereof or (ii) there
shall be any period of 30 consecutive days during which a stay of enforcement
of such judgment or order shall not be in effect;

 

(l)                                     the Post-Adjusted Repayment Date DSCR
with respect to any Payment Date on or after the eighth anniversary of the
Closing Date is less than 1.20 times;

 

(m)                               any of the Related Documents or a
material portion thereof ceases to be in full force and effect or enforceable
in accordance with its terms (other than in accordance with the express
termination provisions thereof) or NuCO2,
any Affiliate thereof or any Securitization Entity or the Employee Company so
asserts in writing; or

 

(n)                                 a final non-appealable ruling has been
made by a court of competent jurisdiction, or any Securitization Entity or NuCO2 so asserts in
writing, that the sale or contribution of the Collateral (other than any
immaterial Collateral and any Collateral which has been disposed of, to the
extent permitted under this Base Indenture) pursuant to the First Tier
Contribution Agreement does not constitute a “true contribution,” a “true sale,”
or other absolute transfer of such Collateral pursuant to such First Tier
Contribution Agreement;

 

then (i) in
the case of any event described in each clause above (except for clause (f) thereof)
that is continuing the Trustee, at the direction of the Control Party and on
behalf of the Noteholders, by written notice to the Co-Issuers, may declare the
Notes of all Series to be immediately due and payable, and upon any such
declaration the unpaid principal amount of the Notes of all Series, together with
accrued and unpaid interest thereon through the date of acceleration, and all
other amounts due to the Noteholders and the other Secured Parties under the
Indenture Documents shall become immediately due and payable or (ii) in
the case of any event described in clause (f) above, the
unpaid principal amount of the Notes of all Series, together with interest
accrued but unpaid thereon through the date of acceleration, and all other
amounts due to the Noteholders and the other Secured Parties under the Indenture,
shall immediately and without further act become due and payable.  Promptly following the Trustee’s receipt of
written notice hereunder of any Event of Default, the Trustee shall send a copy
thereof, or notice thereof if the Trustee otherwise has Actual Knowledge of
such Event of Default, to the Co-Issuers, NuCO2,
the Transaction Manager, each Rating Agency, the Replacement Manager, the
Administrative Agent, each Noteholder and each other Secured Party.

 

88

 

The foregoing notwithstanding, the failure by the
Co-Issuers to make a mandatory redemption of Notes to prevent any Notes from
being treated as an “applicable high yield discount obligations” in accordance
with the applicable Series Supplement shall not constitute an Event of
Default.

 

At any time after such a declaration of acceleration
with respect to the Notes has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee, as hereinafter
provided in this Article IX, the Control Party, by written notice
to the Co-Issuers and to the Trustee, may rescind and annul such declaration
and its consequences, if all existing Events of Default, other than the
non-payment of the principal of the Notes which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 9.7.  No such rescission shall affect any
subsequent default or impair any right consequent thereon.

 

An Event of Default
described in Section 9.2(a) above that has not been cured or
described in Section 9.2(f) above shall not be subject to
waiver without the consent of all Noteholders. 
Any other Default or Event of Default may be waived by the Control Party
by notice to the Trustee and the Rating Agencies.

 

Section 9.3                                      Rights of the Control Party and Trustee upon Event of
Default.

 

(a)                                  Payment of Principal and Interest. 
Each Co-Issuer covenants that if (i) default is made in the payment
of any interest on any Series of Notes Outstanding when the same becomes
due and payable, (ii) the Notes are accelerated following the occurrence
of an Event of Default or (iii) default is made in the payment of the
principal of, or premium, if any, on any Series of Notes Outstanding when
due and payable, the Co-Issuers shall, to the extent of funds available, upon
demand of the Trustee, at the direction of the Control Party, pay to the
Trustee, for the benefit of the Noteholders, the whole amount then due and
payable on the Notes for principal, premium, if any, and interest, and, to the
extent payment at such rate of interest shall be legally enforceable, upon
overdue installments of interest, at the applicable Note Rate and any default
rate, as applicable, and in addition thereto such further amount as shall be
sufficient to cover costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee and its
agents and counsel.

 

(b)                                 Proceedings To Collect Money. 
In case any Co-Issuer shall fail forthwith to pay such amounts upon such
demand, the Trustee (at the direction of the Control Party), in its own name
and as trustee of an express trust, may institute a Proceeding for the
collection of the sums so due and unpaid, and may prosecute such Proceeding to
judgment or final decree, and may enforce the same against any Co-Issuer and
collect in the manner provided by law out of the property of any Co-Issuer,
wherever situated, the moneys adjudged or decreed to be payable.

 

(c)                                  Other Proceedings. 
If and whenever an Event of Default shall have occurred and be
continuing, the Trustee may and, at the direction of the Control Party pursuant
to a Control Party Order, shall:

 

89

 

(i)                                     proceed to protect and enforce its rights
and the rights of the Noteholders and the other Secured Parties, by such
appropriate Proceedings as the Trustee (at the direction of the Control Party)
or the Control Party shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
the Indenture or any other Related Document or in aid of the exercise of any
power granted therein, or to enforce any other proper remedy or legal or
equitable right vested in the Trustee by the Indenture or any other Related
Document or by law, including any remedies of a secured party under applicable
law;

 

(ii)                                  (A) direct the Co-Issuers to
exercise (and each Co-Issuer agrees to exercise) all rights, remedies, powers,
privileges and claims of any Co-Issuer against any party to any Collateral
Document arising as a result of the occurrence of such Event of Default or
otherwise, including the right or power to take any action to compel
performance or observance by any such party of its obligations to any
Co-Issuer, and any right of any Co-Issuer to take such action independent of
such direction shall be suspended, and (B) if (x) the Co-Issuers
shall have failed, within ten (10) Business Days of receiving the
direction of the Trustee (given at the direction of the Control Party), to take
commercially reasonable action to accomplish such directions of the Trustee, (y) any
Co-Issuer refuses to take such action or (z) the Control Party reasonably
determines that such action must be taken immediately, take such previously directed
action (and any related action as permitted under the Indenture thereafter
determined by the Trustee or the Control Party to be appropriate without the
need under this provision or any other provision under the Indenture to direct
the Co-Issuers to take such action);

 

(iii)                               institute Proceedings from time to time
for the complete or partial foreclosure of the Indenture or, to the extent
applicable, any other Related Document, with respect to the Collateral; provided
that the Trustee shall not be required to take title to any real property in
connection with any foreclosure or other exercise of remedies hereunder and
title to such property shall instead be acquired in an entity designated and
(unless owned by a third party) controlled by the Control Party; and/or

 

(iv)                              sell all or a portion of the Collateral
at one or more public or private sales called and conducted in any manner
permitted by law; provided, however, that the Trustee shall not
proceed with any such sale without the prior written consent of the Control
Party, and the Trustee shall provide notice to the Co-Issuers and each Holder
of Subordinated Notes of a proposed sale of Collateral.

 

(d)                                 Sale of Collateral. 
In connection with any sale of the Collateral hereunder or under any
judgment, order or decree in any judicial proceeding for the foreclosure or
involving the enforcement of the Indenture or any other Related Document:

 

90

 

(i)            the Trustee, any Noteholder and/or any other Secured
Party may bid for and purchase the property being sold, and upon compliance
with the terms of the sale may hold, retain, possess and dispose of such
property in its own absolute right without further accountability;

 

(ii)           the Trustee (at the direction of the Control Party)
may make and deliver to the purchaser or purchasers a good and sufficient deed,
bill of sale and instrument of assignment and transfer of the property sold;

 

(iii)          all right, title, interest, claim and demand
whatsoever, either at law or in equity or otherwise, of any Securitization
Entity of, in and to the property so sold shall be divested; and such sale
shall be a perpetual bar both at law and in equity against such Securitization
Entity, its successors and assigns, and against any and all Persons claiming or
who may claim the property sold or any part thereof from, through or under such
Securitization Entity or its successors or assigns; and

 

(iv)          the receipt by the Trustee of the applicable proceeds
shall be a sufficient discharge to the purchaser or purchasers at such sale for
his or their purchase money, and such purchaser or purchasers, and his or their
assigns or personal representatives, shall not, after paying such purchase
money and receiving such receipt of the Trustee or of such officer therefor, be
obliged to see to the application of such purchase money or be in any way
answerable for any loss, misapplication or non-application thereof.

 

(e)           Application of Proceeds. 
Any amounts obtained by the Trustee on account of or as a result of the
exercise by the Trustee of any right hereunder shall be held by the Trustee as
additional collateral for the repayment of Obligations, shall be deposited into
the Collection Account and shall be applied as provided in Article V;
provided, however, that with respect to any distribution to any Class of
Notes, notwithstanding the provisions of Article V, such amounts
shall be distributed sequentially in order of alphabetical designation
and pro rata among each Class of Notes of the same
alphabetical designation based upon Outstanding Principal Amount of the Notes
of each such Class.  Any amounts
remaining after all of the Obligations have been indefeasibly paid in full
shall be transferred by the Trustee to NuCO2 in an amount equal to the amount of proceeds,
if any, realized by the Trustee from an exercise of remedies under the Pledge
Agreement, with any remaining amounts being transferred to the Master Issuer.

 

(f)            Additional Remedies. 
In addition to any rights and remedies now or hereafter granted
hereunder or under applicable law with respect to the Collateral, the Trustee
shall have all of the rights and remedies of a secured party under the UCC as
enacted in any applicable jurisdiction.

 

(g)           Proceedings. 
The Trustee may maintain a Proceeding even if it does not possess any of
the Notes or does not produce any of them in the Proceeding, and 

 

91

 

any such Proceeding instituted by the Trustee shall be in its own name
as trustee.  All remedies are cumulative
to the extent permitted by law.

 

(h)           Power of Attorney. 
Each Co-Issuer hereby grants to the Trustee an absolute power of
attorney to sign, upon the occurrence and during the continuance of an Event of
Default, any document which may be required by the United States Patent and
Trademark Office, United States Copyright Office or any other Governmental
Authority in order to effect an absolute assignment of all right, title and
interest in or to any Securitization IP, and record the same.  The power of attorney granted under this Section 9.3(h) shall
be deemed to be coupled with an interest and shall be irrevocable and shall
survive, and shall not be affected by, any insolvency or dissolution of all or
any of the Co-Issuers.

 

Section 9.4             Waiver of Appraisal, Valuation, Stay and
Right to Marshaling.  To the extent it may lawfully do so, each
Co-Issuer for itself and for any Person who may claim through or under it
hereby:

 

(a)           agrees that neither it nor any such
Person shall step up, plead, claim or in any manner whatsoever take advantage
of any appraisal, valuation, stay, extension or redemption laws, now or
hereafter in force in any jurisdiction, which may delay, prevent or otherwise
hinder (i) the performance, enforcement or foreclosure of the Indenture, (ii) the
sale of any of the Collateral or (iii) the putting of the purchaser or
purchasers thereof into possession of such property immediately after the sale
thereof;

 

(b)           waives all benefit or advantage of any
such laws;

 

(c)           waives and releases all rights to have
the Collateral marshaled upon any foreclosure, sale or other enforcement of the
Indenture; and

 

(d)           consents and agrees that, subject to the
terms of the Indenture, all the Collateral may at any such sale be sold by the
Trustee as an entirety or in such portions as the Trustee may (upon direction
by the Control Party) determine.

 

Section 9.5             Limited Recourse.

 

Notwithstanding any other provision of the Indenture,
the Notes or any other Related Document or otherwise, the liability of the
Securitization Entities to the Noteholders and any other Secured Parties under
or in relation to the Indenture, the Notes or any other Related Document or
otherwise, is limited in recourse to the Collateral.  Once the Collateral has been applied in
accordance with the terms of the Indenture, none of the Noteholders or any
other Secured Parties shall be entitled to take any further steps against any
Securitization Entity to recover any sums due but still unpaid hereunder, under
the Notes or under any of the other Related Documents, all claims in respect of
which shall be extinguished.

 

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Section 9.6             Optional Preservation of the Collateral.

 

If the maturity of the Outstanding Notes of each Series has
been accelerated pursuant to Section 9.2 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Trustee at the direction of the Control Party pursuant to a
Control Party Order, shall elect to maintain possession of such portion, if
any, of the Collateral as the Control Party shall in its discretion determine.

 

Section 9.7             Waiver of Past Events.

 

Prior to the declaration of the acceleration of the
maturity of each Series of Notes Outstanding as provided in Section 9.2
and subject to Section 12.2, the Control Party by notice to the
Trustee and the Rating Agencies, may waive any existing Default or Event of
Default described in any clause of Section 9.2 (except clause (f) thereof)
and its consequences.  Upon any such
waiver, such Default shall cease to exist and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose of the
Indenture, but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereon. 
Subject to Section 12.2, a Default or an Event of Default
described in clause (f) of Section 9.2 shall not
be subject to waiver.  Subject to Section 12.2,
the Control Party, by notice to the Trustee and the Rating Agencies, may waive
any existing potential Early Amortization Event or any existing Early
Amortization Event in its sole discretion; provided however,
that an Early Amortization Event described in clause (d) of Section 9.1
relating to a particular Series of Notes (or Class thereof) shall not
be permitted to be waived by any party unless each affected Noteholder has
consented to such waiver.

 

Section 9.8             Control by the Control Party.

 

Notwithstanding any other provision hereof, the Control
Party may cause the institution of and direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercise
any trust or power conferred on the Trustee; provided that:

 

(a)           such direction of time, method and place
shall not be in conflict with any rule of law or with the Indenture;

 

(b)           the Trustee may take any other action
deemed proper by the Trustee  that is not
inconsistent with such direction (as the same may be modified by the Control
Party); and

 

(c)           such direction shall be in writing;

 

provided further that, subject to Section 10.1,
the Trustee need not take any action that it determines might involve it in
liability unless it has received an indemnity for such liability as provided
herein.

 

93

 

Section 9.9             Limitation on Suits.

 

Any other provision of the Indenture to the contrary
notwithstanding, a Holder of Notes may pursue a remedy with respect to the
Indenture or any other Related Document only if:

 

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

 

(b)           the Noteholders of at least 25% of the
aggregate Principal Amount of all then Outstanding Notes make a written request
to the Trustee to pursue the remedy;

 

(c)           such Noteholder or Noteholders offer and,
if requested, provide to the Trustee indemnification satisfactory to the
Trustee against any loss, liability or expense;

 

(d)           the Trustee has not complied with the
request within sixty (60) days after receipt of the request and the offer and,
if requested, the provision of indemnification reasonably satisfactory to it;

 

(e)           during such sixty (60) day period the
Control Party does not give the Trustee a direction inconsistent with the
written request; and

 

(f)            the Control Party has consented to the
pursuit of such remedy.

 

A
Noteholder may not use the Indenture or any other Related Document to prejudice
the rights of another Noteholder or to obtain a preference or priority over
another Noteholder.

 

Section 9.10           Unconditional Rights of Noteholders to
Receive Payment.

 

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

 

Section 9.11           The Trustee May File Proofs of Claim.

 

The Trustee is authorized to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel),
the Noteholders and any other Secured Party (as applicable) allowed in any
judicial proceedings relative to any Co-Issuer (or any other obligor upon the
Notes), its creditors or its property, and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or
deliverable on any such claim and any custodian in any such judicial proceeding
is 

 

94

 

hereby authorized by each Noteholder and each other
Secured Party to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the
Noteholders or any other Secured Party, to pay the Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 10.5.  To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 10.5
out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of,
any and all distributions, dividends, money and other properties which the
Noteholders or any other Secured Party may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise.  Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Noteholder or any other Secured Party any
plan of reorganization, arrangement, adjustment or composition affecting the
Obligations or the rights of any Noteholder or any other Secured Party, or to
authorize the Trustee to vote in respect of the claim of any Noteholder or any
other Secured Party in any such proceeding.

 

Section 9.12           Undertaking for Costs.

 

In any suit for the enforcement of any right or remedy
under the Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in the suit of any undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section 9.12 does not apply to a suit by the
Trustee, a suit by a Noteholder pursuant to Section 9.10 or a suit
by Noteholders of more than 10% of the Aggregate Outstanding Principal Amount
of all Series of Notes.

 

Section 9.13           Restoration of Rights and Remedies.

 

If the Trustee, any Noteholder or any other Secured
Party has instituted any Proceeding to enforce any right or remedy under the
Indenture or any other Related Document and such Proceeding has been
discontinued or abandoned for any reason or has been determined adversely to
the Trustee or to such Noteholder or other Secured Party, then and in every
such case the Trustee and the Noteholders shall, subject to any determination
in such proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee, the
Noteholders and the other Secured Parties shall continue as though no such
Proceeding had been instituted.

 

Section 9.14           Rights and Remedies Cumulative.

 

No right or remedy herein conferred upon or reserved
to the Trustee or to the Holders of Notes or any other Secured Party is
intended to be exclusive of any other 

 

95

 

right or remedy, and every right or remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given under the Indenture or any other Related Document or now or
hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or
remedy under the Indenture or any other Related Document, or otherwise, shall
not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 9.15           Delay or Omission Not Waiver.

 

No delay or omission of the Trustee, the Control
Party, any Holder of any Note or any other Secured Party to exercise any right
or remedy accruing upon any potential Early Amortization Event, Early
Amortization Event, Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such potential Early Amortization Event,
Early Amortization Event, Default or Event of Default or an acquiescence
therein.  Every right and remedy given by
this Article IX or by law to the Trustee, the Control Party, the
Holders of Notes or any other Secured Party may be exercised from time to time
to the extent not inconsistent with the Indenture, and as often as may be
deemed expedient, by the Trustee, the Control Party, the Holders of Notes or
any other Secured Party, as the case may be.

 

Section 9.16           Waiver of Stay or Extension Laws.

 

Each Co-Issuer covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of the Indenture or any other Related
Document; and each Co-Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantages of any such law, and covenants that
it shall not hinder, delay or impede the execution of any power herein granted
to the Trustee, the Administrative Agent or the Control Party, but shall suffer
and permit the execution of every such power as though no such law had been
enacted.

 

ARTICLE X

 

THE TRUSTEE AND THE ADMINISTRATIVE AGENT

 

Section 10.1           Duties of the Trustee and the
Administrative Agent.

 

(a)           The duties of the Trustee and the
Administrative Agent shall be as follows:

 

(i)            Duties of the Trustee.  If an Event
of Default has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by the Indenture and the other Related
Documents, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs; provided, however, that the Trustee shall have no
liability in connection with any action or inaction taken, or 

 

96

 

not taken, by it upon the
deemed occurrence of an Event of Default, an Early Amortization Event or a
Master Manager Default of which a Trust Officer has not received written
notice; provided further, however, that the Trustee shall
have no liability in connection with any action or inaction due to the acts or
failure to act of the Control Party in connection with any Event of Default or
for acting or failing to act due to any direction or lack of direction from the
Control Party.  The preceding sentence
shall not have the effect of insulating the Trustee from liability arising out
of the Trustee’s negligence or willful misconduct.  The Trustee, upon receipt of all resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Trustee which are specifically required to be
furnished pursuant to any provision of the Indenture, shall examine them to
determine whether they conform to the requirements of this Indenture; provided,
however, that the Trustee shall not be responsible for the accuracy or
content of any resolution, certificate, statement opinion, report, document,
order or other instrument furnished by the Co-Issuers under the Indenture.

 

(ii)           Duties of the Administrative Agent. 
The Administrative Agent shall:

 

(A)          perform the following functions: (a) monitor each
of the Co-Issuers’, the Transaction 
Manager’s, the Master Manager’s, the Employee Company Manager’s and the
Replacement Manager’s compliance with its obligations under the Indenture
Documents and the Related Documents solely (i) by confirming that any
report, certificate or notice prepared by it pursuant to any Related Document
and received by the Administrative Agent is complete on its face, (ii) by
verifying the calculations included in the Weekly Manager’s Certificates,
Monthly Manager’s Certificates and Noteholders’ Statements, as set forth on Schedule
10.1(a); provided that in verifying such calculations the
Administrative Agent shall be permitted to base its calculations and conclusions
solely on the data supplied to it by the Co-Issuers, the Transaction  Manager, the Master Manager, the Employee
Company Manager and the Replacement Manager, as applicable, and (iii) by
confirming such other information as the Co-Issuers or the Control Party may
reasonably request; (b) to the extent the Administrative Agent fails to
receive any report, certificate or notice due to it under the Related
Documents, (I) notify any of the Co-Issuers, the Transaction  Manager, the Master Manager, the Employee
Company Manager and the Replacement Manager, as applicable, within one Business
Day (x) after the date that such report, certificate or notice was due or (y) if
the applicable Related Document does not specify a date certain when such
report, certificate or notice was due, after the date that the Administrative
Agent has Actual Knowledge of such report, certificate or notice having become
due, and (II) notify the Trustee of any such failure to receive any
applicable report, certificate or notice; (c) notify the Trustee of the
occurrence of any Early Amortization Event, Indenture Event of Default,
Transaction Manager Default, Master Manager Default or any other default under
the Related 

 

97

 

Documents of which an
Authorized Officer of the Administrative Agent has Actual Knowledge; (d) carry
out any additional rights or duties specified under the Related Documents; and (e) forward
to the Trustee any report, certificate or notice received by the Administrative
Agent pursuant to any Related Document; and

 

(B)           act as the transition agent under the Replacement
Management Agreement and assist in identifying a successor Replacement Manager
in the event that the existing Replacement Manager resigns or is required to be
replaced pursuant to the Replacement Management Agreement (which successor
Replacement Manager shall be approved by the Control Party).

 

(b)           Except, with respect to the Trustee only,
during the occurrence and continuance of an Event of Default of which a Trust
Officer shall have Actual Knowledge:

 

(i)            Each of the Trustee and the Administrative Agent
undertakes to perform only those duties that are specifically set forth in the
Indenture or any other Related Document to which it is a party and no others,
neither the Trustee nor the Administrative Agent shall be liable except for the
performance of such duties and obligations as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into the
Indenture or any other Related Document against the Trustee or the
Administrative Agent; and

 

(ii)           In the absence of bad faith on its part, each of the
Trustee and the Administrative Agent may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee or the Administrative Agent,
as applicable, and conforming to the requirements of the Indenture and any
other applicable Related Document; provided, however, in the case
of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee or the Administrative
Agent, the Trustee or the Administrative Agent, as applicable, shall be under a
duty to examine such certificates or opinions to determine whether or not they
conform to the requirements of the Indenture and shall promptly notify the
Person delivering such certificates or opinions of any non-conformity.

 

(c)           The Trustee may not be relieved from
liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct, and the Administrative Agent may not be relieved
from liability from its own grossly negligent action, or its grossly negligent
failure to act, or its willful misconduct, except that:

 

(i)            This clause (c) does not limit the effect
of clause (b) of this Section 10.1.

 

98

 

(ii)           Neither the Trustee nor the Administrative Agent shall
be liable in its individual capacity for any error of judgment made in good
faith by a Trust Officer or an Authorized Officer of the Administrative Agent,
unless it is proved that the Trustee was negligent or the Administrative Agent
was grossly negligent, as applicable, in ascertaining the pertinent facts.

 

(iii)          Neither the Trustee nor the Administrative Agent shall
be liable in its individual capacity with respect to any action it takes,
suffers or omits to take in good faith in accordance with a direction received
by it pursuant to the Indenture.

 

(iv)          Neither the Trustee nor the Administrative Agent shall
be charged with knowledge of any Default, Event of Default, potential Early
Amortization Event or Early Amortization Event or the commencement and
continuation of a Cash Trapping Period until such time as a Trust Officer or
Authorized Officer of the Administrative Agent shall have Actual Knowledge or
have received written notice thereof.  In
the absence of receipt of such notice, the Trustee or the Administrative Agent,
as applicable, may conclusively assume that no such event has occurred or is
continuing.

 

(d)           Notwithstanding anything to the contrary
contained in the Indenture or any of the other Related Documents, no provision
of the Indenture or the other Related Documents shall require either the Trustee
or the Administrative Agent to expend or risk its own funds or incur any
material liability (financial or otherwise) if there are reasonable grounds for
believing that the repayment of such funds is not reasonably assured to it by
the security afforded to it by the terms of the Indenture.  Each of the Trustee or the Administrative
Agent, as applicable, may refuse to perform any duty or exercise any right or
power unless it receives indemnity satisfactory to it against any risk, loss,
liability or expense.

 

(e)           In the event that the Paying Agent or the
Registrar shall fail to perform any obligation, duty or agreement in the manner
or on the day required to be performed by the Paying Agent or the Registrar, as
the case may be, under the Indenture, the Trustee shall be obligated as soon as
practicable upon a Trust Officer or Authorized Officer of the Administrative
Agent having Actual Knowledge thereof and receipt of appropriate records and
information, if any, to perform such obligation, duty or agreement in the
manner so required.

 

(f)            Subject to Section 10.3, all
moneys received by the Trustee shall, until used or applied as herein provided,
be held in trust for the purposes for which they were received, but need not be
segregated from other funds except to the extent required by law or the
Indenture or any of the other Related Documents.

 

(g)           Whether or not therein expressly so
provided, every provision of the Indenture and the other Related Documents
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee or the Administrative Agent shall be subject to the provisions
of this Section 10.1.

 

99

 

(h)           Neither the Trustee nor the
Administrative Agent shall be responsible for the existence, genuineness or
value of any of the Collateral or for the validity, perfection, priority or
enforceability of the Liens in any of the Collateral, whether impaired by
operation of law or by reason of any action or omission to act on its part
hereunder, except to the extent such action or omission constitutes negligence,
bad faith or willful misconduct on the part of the Trustee or gross negligence,
bad faith or willful misconduct on the part of the Administrative Agent, as
applicable, for the validity or sufficiency of the Collateral or any agreement
or assignment contained therein, for the validity of the title of the
Securitization Entities to the Collateral, for insuring the Collateral or for
the payment of Taxes, charges, assessments or Liens upon the Collateral or
otherwise as to the maintenance of the Collateral. Except as otherwise
expressly provided herein, neither the Trustee nor the Administrative Agent
shall have any duty to inquire as to the performance or observance of any of the
terms of the Indenture or the other Related Documents by the Securitization
Entities.

 

(i)            Neither the Trustee nor the
Administrative Agent shall be liable with respect to any action taken, suffered
or omitted to be taken by it in good faith in accordance with the Indenture and
any Related Document or at the direction of the Control Party, relating to the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, under the Indenture.

 

(j)            Neither the Trustee nor the Administrative
Agent shall have any duty (i) to see to any recording, filing or
depositing of this Base Indenture or any agreement referred to herein or any
financing statement or continuation statement evidencing a security interest,
or to see to the maintenance of any such recordings or filing or depositing or
to any rerecording, refilling or redeposition of any thereof; provided, however,
the Trustee shall be obligated to take all necessary actions in connection with
any filings delivered by the Transaction Manager or the Co-Issuers as required
by the terms of the Indenture, (ii) to see to any insurance, (iii) except
as otherwise provided by Section 10.1(e), to see to the payment or
discharge of any tax, assessment or other governmental charge or any lien or
encumbrance of any kind or (iv) to confirm or verify the contents of any
reports or certificates of the Transaction Manager delivered to the Trustee
pursuant to this Base Indenture believed by the Trustee to be genuine and to
have been signed or presented by the proper party or parties.

 

(k)           Neither the Trustee nor the
Administrative Agent shall be personally liable for special, indirect,
consequential or punitive damages arising out of, in connection with or as a
result of the performance of its duties under the Indenture.

 

Section 10.2           Rights of the Trustee and the Administrative Agent. 
Except as otherwise provided by Section 10.1:

 

(a)           Each of the Trustee and the
Administrative Agent may conclusively rely and shall be fully protected in
acting or refraining from acting based upon any resolution, Officer’s
Certificate, Opinion of Counsel, certificate, instrument, report, consent,
order, document or other paper reasonably believed by it to be genuine and to
have been signed by or presented by the proper person.

 

100

 

(b)           Each of the Trustee and the
Administrative Agent may consult with counsel of its selection, and the advice
of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection from liability in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(c)           Each of the Trustee and the
Administrative Agent may act through agents, custodians and nominees and shall
not be liable for any misconduct or negligence on the part of, or for the
supervision of, any such non-affiliated agent, custodian or nominee so long as
such agent, custodian or nominee is appointed with due care.

 

(d)           Neither the Trustee nor the
Administrative Agent shall be liable for any action it takes, suffers or omits
to take in the absence of negligence, in the case of the Trustee, or gross
negligence in the case of the Administrative Agent, which it believes to be
authorized or within the discretion or rights or powers conferred upon it by
the Indenture or the applicable Related Documents.

 

(e)           Neither the Trustee nor the
Administrative Agent shall be under any obligation to exercise any of the
rights or powers vested in it by this Base Indenture, any Series Supplement
or any other Related Document, or to institute, conduct or defend any
litigation hereunder or thereunder or in relation hereto or thereto, at the
request, order or direction of the Control Party, any of the Noteholders or any
other Secured Party, pursuant to the provisions of this Base Indenture or any Series Supplement,
unless the Trustee or the Administrative Agent, as applicable, shall have been
offered reasonable security or indemnity satisfactory to the Trustee or the
Administrative Agent, as applicable, against the costs, expenses and
liabilities which may be incurred therein or thereby.

 

(f)            Prior to the occurrence of an Event of
Default or Early Amortization Event, Neither the Trustee nor the Administrative
Agent shall be bound to make any investigation into the facts of matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless
requested in writing so to do by the Noteholders of at least 25% of the
aggregate Principal Amount of all then Outstanding Notes.  If either the Trustee or the Administrative
Agent is so requested or determines in its own discretion to make such further
inquiry or investigation into such facts or matters as it sees fit, the Trustee
or the Administrative Agent, as applicable, shall be entitled to examine the
books, records and premises of the Securitization Entities, personally or by
agent or attorney, at the sole cost of the Co-Issuers, and neither the Trustee
nor the Administrative Agent shall incur any liability by reason of such
inquiry or investigation.

 

(g)           The right of the Trustee or the
Administrative Agent, as applicable, to perform any discretionary act
enumerated in this Base Indenture shall not be construed as a duty, and neither
the Trustee nor the Administrative Agent, shall be liable in the absence of
negligence, in the case of the Trustee or gross negligence in the case of the
Administrative Agent, or willful misconduct for the performance of such act.

 

101

 

Section 10.3           Individual Rights of the Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the
Securitization Entities or an Affiliate of the Securitization Entities with the
same rights it would have if it were not Trustee.  Any Agent may do the same with like rights.

 

Section 10.4           Notice of Events of Default and Defaults.

 

If an Event of Default, a Default, an Early
Amortization Event or a potential Early Amortization Event occurs and is
continuing and if it is actually known to a Trust Officer, or written notice of
the existence thereof has been delivered to a Trust Officer, the Trustee shall
promptly provide the Noteholders, the Co-Issuers, any Variable Funding Administrative
Agent and each Rating Agency with notice of such Event of Default, Default,
Early Amortization Event or potential Early Amortization Event, to the extent
that the Notes of such Series are Book-Entry Notes, by telephone, e-mail
and facsimile and otherwise by first class mail.

 

Section 10.5           Compensation and Indemnity.

 

(a)           The Co-Issuers shall promptly pay to the
Trustee and the Administrative Agent from time to time compensation for its
acceptance of the Indenture and services hereunder and under the other Related
Documents to which the Trustee or the Administrative Agent, as applicable, is a
party as the Trustee and the Co-Issuers and the Administrative Agent and the
Co-Issuers shall from time to time agree in writing.  The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust.  The Co-Issuers shall reimburse each of the
Trustee and the Administrative Agent promptly upon request (with appropriate
evidence) for all reasonable disbursements, advances and expenses incurred or
made by it in addition to the compensation for its services in accordance with
the provisions of the Indenture (including, without limitation, the Priority of
Payments).  Such expenses shall include
the reasonable compensation, disbursements and expenses of the Trustee’s or the
Administrative Agent’s agents and outside counsel.  The Co-Issuers shall not be required to
reimburse any expense incurred by the Trustee or the Administrative Agent
through the Trustee’s own willful misconduct or negligence or the
Administrative Agent’s own willful misconduct or gross negligence.  When the Trustee or the Administrative Agent
incurs expenses or renders services after an Event of Default occurs, the
expenses and the compensation for the services are intended to constitute
expenses of administration under the Bankruptcy Code.

 

(b)           The Co-Issuers shall jointly and
severally indemnify and hold harmless (i) the Trustee and any predecessor
Trustee, (ii) the Administrative Agent and any predecessor Administrative
Agent, and in each case their respective directors, officers, agents and
employees from and against any loss, liability, claim, expense (including
taxes, other than taxes based upon, measured by or determined by the income of
the Trustee and such predecessor Trustee or the Administrative Agent and such
predecessor Administrative Agent), damage or injury suffered or sustained by
reason of 

 

102

 

any acts, omissions or alleged acts or omissions arising out of or in
connection with the activities of the Trustee and such predecessor Trustee or
of the Administrative Agent and such predecessor Administrative Agent pursuant
to this Base Indenture, any Series Supplement or any other Related
Documents to which the Trustee or the Administrative Agent is a party,
including but not limited to any judgment, award, settlement, reasonable
attorneys’ fees and other costs or expenses reasonably incurred in connection
with the defense of any actual or threatened action, proceeding, claim (whether
asserted by the Co-Issuers, the Control Party or any Noteholder or any other
Person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder, or in connection with enforcing the provisions
of this Section 10.5(b); provided, however, that the
Co-Issuers shall not indemnify the Trustee, any predecessor Trustee, the
Administrative Agent, any predecessor Administrative Agent or their respective
directors, officers, employees or agents if such acts, omissions or alleged
acts or omissions constitute, willful misconduct, bad faith or negligence by
the Trustee and such predecessor Trustee or willful misconduct, bad faith or
gross negligence by the Administrative Agent and such predecessor Administrative
Agent, as the case may be.

 

(c)           The provisions of this Section 10.5
shall survive the termination of the Indenture and the resignation and removal
of the Trustee and the Administrative Agent.

 

Section 10.6           Replacement of the Trustee or the
Administrative Agent.

 

(a)           A resignation or removal of (i) the
Trustee and appointment of a successor Trustee or (ii) the Administrative
Agent and appointment of a successor Administrative Agent shall become
effective only upon the successor Trustee’s or successor Administrative Agent’s,
as applicable, acceptance of appointment as provided in this Section 10.6.

 

(b)           Each of the Trustee or the Administrative
Agent may, after giving thirty (30) days’ prior written notice to the
Co-Issuers, the Master Manager, the Transaction Manager, each Noteholder, each
Variable Funding Administrative Agent and each Rating Agency, resign at any
time from its office and be discharged from the trust hereby created.  The Control Party may remove the Trustee or
the Administrative Agent at any time by so notifying the Trustee or the
Administrative Agent, as applicable, and the Co-Issuers.  So long as no Event of Default has occurred
and is continuing, the Co-Issuers (with the Control Party’s prior written
consent) may remove the Trustee or the Administrative Agent at any time.  The Co-Issuers (with the Control Party’s
prior written consent) shall remove the Trustee or the Administrative Agent if:

 

(i)            the Trustee or the Administrative Agent, as
applicable, fails to comply with Section 10.8;

 

(ii)           the Trustee or the Administrative Agent, as
applicable, is adjudged bankrupt or insolvent or an order for relief is entered
with respect to the Trustee or the Administrative Agent, as applicable, under
the Bankruptcy Code;

 

103

 

(iii)          a custodian or public officer takes charge of the
Trustee or the Administrative Agent, as applicable, or its property; or

 

(iv)          the Trustee or the Administrative Agent, as
applicable, becomes incapable of acting.

 

If the
Trustee or the Administrative Agent, as applicable, resigns or is removed or if
a vacancy exists in the office of the Trustee or the Administrative Agent for
any reason, the Co-Issuers shall promptly, with the prior written consent of
the Control Party appoint a successor Trustee or successor Administrative
Agent, as applicable. In any event, however, neither (i) the resignation
or removal of the Trustee or the Administrative Agent, as applicable, nor (ii) 
the appointment of a successor Trustee or successor Administrative Agent, as
applicable, shall be effective until a successor Trustee or successor
Administrative Agent has assumed the obligations of the Trustee or the
Administrative Agent, respectively, hereunder by delivering to the current
Trustee or current Administrative Agent, as applicable, and the Co-Issuers
written notice of its acceptance of such appointment. Within one year after the
successor Trustee or successor Administrative Agent takes office, the Control
Party may appoint a successor Trustee or successor Administrative Agent to
replace the successor Trustee or successor Administrative Agent appointed by
the Co-Issuers.

 

(c)           If a successor Trustee or successor
Administrative Agent does not take office within sixty (60) days after the
retiring Trustee or retiring Administrative Agent resigns or is removed, the
retiring Trustee or Administrative Agent, at the expense of the Co-Issuers, may
petition any court of competent jurisdiction for the appointment of a successor
Trustee or successor Administrative Agent.

 

(d)           If either the Trustee or the
Administrative Agent after written request by the Control Party or any
Noteholder fails to comply with Section 10.8, the Control Party or
such Noteholder may petition any court of competent jurisdiction for the
removal of the Trustee or the Administrative Agent and the appointment of a
successor Trustee or successor Administrative Agent.

 

(e)           A successor Trustee or successor
Administrative Agent shall deliver a written acceptance of its appointment to
the retiring Trustee or removed Trustee, or the retiring Administrative Agent
or removed Administrative Agent, and to the Co-Issuers.  Thereupon the resignation or removal of the
retiring Trustee or retiring Administrative Agent shall become effective, and
the successor Trustee or successor Administrative Agent shall have all the
rights, powers and duties of the Trustee or Administrative Agent under this
Base Indenture, any Series Supplement and any other Related Document to
which the Trustee or Administrative Agent is a party.  The successor Trustee or successor
Administrative Agent shall mail a notice of its succession to Noteholders and
each Variable Funding Administrative Agent. 
The retiring Trustee or retiring Administrative Agent shall promptly
transfer all property held by it as Trustee or Administrative Agent, as
applicable, to the successor Trustee or successor Administrative Agent, as
applicable; provided, however, that all sums owing to the
retiring Trustee or retiring Administrative Agent hereunder have been
paid.  Notwithstanding replacement 

 

104

 

of the Trustee or Administrative Agent pursuant to this Section 10.6,
the Co-Issuers’ obligations under Section 10.5 shall continue for
the benefit of the retiring Trustee or retiring Administrative Agent.

 

Section 10.7           Successor Trustee or Successor
Administrative Agent by Merger, etc.

 

Subject to Section 10.8, if the Trustee or
Administrative Agent consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee or
successor Administrative Agent, as applicable; provided that written
notice of such consolidation, merger or conversion shall be provided to the
Co-Issuers, the Noteholders and each Variable Funding Administrative Agent; provided further
that the resulting or successor corporation is eligible to be a Trustee or
Administrative Agent under Section 10.8.

 

Section 10.8           Eligibility Disqualification.

 

(a)           There shall at all times be a Trustee and
Administrative Agent hereunder which shall (i) be a bank or trust company
organized and doing business under the laws of the United States of America or
of any state thereof authorized under such laws to exercise corporate trustee
power, (ii) be subject to supervision or examination by federal or state
authority, (iii) have a combined capital and surplus of at least
$250,000,000 as set forth in its most recent published annual report of
condition, and (iv) have a long-term unsecured debt rating of at least “A2”
by Moody’s, “A” by S&P and “A” by Fitch.

 

(b)           At any time the Trustee or the
Administrative Agent shall cease to satisfy the eligibility requirements of Section 10.8(a),
the Trustee or the Administrative Agent shall resign immediately in the manner
and with the effect specified in Section 10.6.

 

Section 10.9           Appointment of Co-Trustee or Separate
Trustee.

 

(a)           Notwithstanding any other provisions of
this Base Indenture, any Series Supplement or any other Related Document,
at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Collateral may at the time be located,
the Trustee shall have the power upon notice to the Noteholders, the Rating
Agencies, the Co-Issuers, the Master Manager, the Transaction Manager and each
Variable Funding Administrative Agent and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of
the Collateral, and to vest in such Person or Persons, in such capacity and for
the benefit of the Noteholders and the other Secured Parties, such title to the
Collateral, or any part thereof, and, subject to the other provisions of this Section 10.9,
such powers, duties, obligations, rights and trusts as the Trustee may consider
necessary or desirable.  Any co-trustee
or separate trustee hereunder shall be required to meet the terms of eligibility
as a successor trustee under 

 

105

 

Section 10.8 or shall be otherwise acceptable to the Control Party.  No co-trustee shall be appointed without the
consent of the Control Party and the Co-Issuers unless such appointment is
required as a matter of state law or to enable the Trustee to perform its
functions hereunder.

 

(b)           Every separate trustee and co-trustee
shall, to the extent permitted by law, be appointed and act subject to the
following provisions and conditions:

 

(i)            The Notes of each Series shall be authenticated
and delivered solely by the Trustee or an authenticating agent appointed by the
Trustee;

 

(ii)           All rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or
performed by the Trustee and such separate trustee or co-trustee jointly (it
being understood that such separate trustee or co-trustee is not authorized to
act separately without the Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are
to be performed, the Trustee shall be incompetent or unqualified to perform,
such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Collateral or any portion thereof in any such
jurisdiction) shall be exercised and performed singly by such separate trustee
or co-trustee, but solely at the direction of the Trustee;

 

(iii)          No trustee hereunder shall be personally liable by
reason of any act or omission of any other trustee hereunder and such
appointment shall not, and shall not be deemed to, constitute any such  trustee or co-trustee as an agent of the
Trustee; and

 

(iv)          The Trustee may at any time accept the resignation of
or remove any separate trustee or co-trustee.

 

(c)           Any notice, request or other writing
given to the Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each of
them.  Every instrument appointing any
separate trustee or co-trustee shall refer to this Base Indenture and the
conditions of this Article X. 
Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Trustee or separately, as
may be provided therein, subject to all the provisions of this Base Indenture,
any Series Supplement and any other Related Documents to which the Trustee
is a party, specifically including every provision of this Base Indenture, any Series Supplement,
or any other Related Document which the Trustee is a party relating to the
conduct of, affecting the liability of, or affording protection to, the Trustee.
Every such instrument shall be filed with the Trustee and a copy thereof given
to the Co-Issuers.

 

(d)           Any separate trustee or co-trustee may at
any time constitute the Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not 

 

106

 

prohibited by law, to do any lawful act under or in respect to this
Base Indenture, any Series Supplement or any other Related Document on its
behalf and in its name.  If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest
in and be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

 

Section 10.10         Representations and Warranties of the
Trustee and the Administrative Agent.

 

Each of the Trustee and the Administrative Agent
represents and warrants to the Co-Issuers and the Noteholders that:

 

(a)           It is a national banking association,
organized, existing and in good standing under the laws of the United States;

 

(b)           It has full power, authority and right to
execute, deliver and perform this Base Indenture, any Series Supplement
issued concurrently with this Base Indenture and each other Related Document to
which it is a party and to authenticate the Notes, and has taken all necessary
action to authorize the execution, delivery and performance by it of this Base
Indenture, any Series Supplement issued concurrently with this Base Indenture
and any such other Related Document and to authenticate the Notes;

 

(c)           This Base Indenture and each other
Related Document to which it is a party has been duly executed and delivered by
the Trustee and the Administrative Agent, and is a legal, valid and binding
obligation of the Trustee and the Administrative Agent enforceable against the
Trustee and the Administrative Agent in accordance with its terms; and

 

(d)           It meets the requirements of eligibility
as a trustee or administrative agent, as the case may be, hereunder set forth
in Section 10.8.

 

Section 10.11         Trustee and Administrative Agent
Communications.

 

Notwithstanding anything
to the contrary herein, any and all communications (both text and attachments)
by or from the Trustee or the Administrative Agent that the Trustee or the
Administrative Agent, each in its sole discretion, deems to contain
confidential, proprietary, and/or sensitive information and sent by secure
electronic mail will be encrypted.  The
recipient of the email communication will be required to complete a one-time
registration process.

 

ARTICLE XI

 

DISCHARGE OF INDENTURE

 

Section 11.1           Termination of the Co-Issuers’
Obligations.

 

(a)           The Indenture shall cease to be of
further effect (except that (i) the Co-Issuers’ obligations under Section 10.5,
(ii) the Trustee’s and the Paying Agent’s 

 

107

 

obligations under Sections 11.2 and 11.3 and (iii) the
Noteholders’ and the Trustee’s obligations under Section 13.13
shall survive) when all Outstanding Notes theretofore authenticated and issued
(other than destroyed, lost or stolen Notes which have been replaced or paid)
have been delivered to the Trustee for cancellation, the Co-Issuers have paid
all sums payable hereunder and under each other Indenture Document and all
commitments to extend credit under all Variable Funding Note Purchase
Agreements have been terminated.

 

(b)           In addition, except as may be provided to
the contrary in any Supplement, the Co-Issuers may terminate all of their
obligations under the Indenture and obtain the release of all Collateral if:

 

(i)            the Co-Issuers irrevocably deposit in trust with the
Trustee or at the option of the Trustee, with a trustee reasonably satisfactory
to the Control Party, the Trustee and the Co-Issuers under the terms of an
irrevocable trust agreement in form and substance satisfactory to the Trustee,
money or U.S. Government Obligations in an amount sufficient (including
scheduled interest payments on any such U.S. Government Obligations), in the
opinion of a nationally recognized firm of independent certified public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay, when due, all principal, premium, if any, and interest on the
Notes to maturity, redemption or prepayment, as the case may be, and to pay all
other sums payable by them hereunder and under each other Indenture Document; provided,
however, that (A) the trustee of the irrevocable trust shall have
been irrevocably instructed to pay such money or the proceeds of such U.S.
Government Obligations to the Trustee and (B) the Trustee shall have been
irrevocably instructed to apply such money or the proceeds of such U.S.
Government Obligations to the payment of said principal and interest with respect
to the Notes and such other sums;

 

(ii)           the Co-Issuers deliver to the Trustee an Officer’s
Certificate of the Co-Issuers stating that all conditions precedent to
satisfaction and discharge of the Indenture have been complied with, and an
Opinion of Counsel to the same effect;

 

(iii)          the Co-Issuers deliver to the Trustee an Officer’s
Certificate of the Co-Issuers stating that no Early Amortization Event, Default
or Event of Default has occurred and is continuing on the date of such deposit;

 

(iv)          if such termination occurs during a different calendar
year than the Series Scheduled Maturity Date of the affected Notes, the
Co-Issuers deliver to the Trustee an Opinion of Counsel to the effect that such
termination of the Co-Issuers’ obligations shall not result in the recognition
of income or gain by the Noteholders at the time of such termination;

 

(v)           the Trustee shall have received Rating Agency
Confirmation Letters from each Rating Agency rating each Series of Notes
then Outstanding, with the applicable Rating Agency confirming the applicable
rating 

 

108

 

on each such Series of
Notes Outstanding with respect to such deposit and termination of obligations
pursuant to this Section 11.1; and

 

(vi)          all commitments under all Variable Funding Note
Purchase Agreements have been terminated.

 

Upon
such termination, the Indenture shall cease to be of further effect (except as
provided in this Section 11.1), and the Trustee, on demand of the
Co-Issuers, shall execute proper instruments prepared by the Co-Issuers
acknowledging confirmation of and discharge under the Indenture.

 

(c)           In addition, except as may be provided to
the contrary in any Series Supplement, the Co-Issuers, solely in
connection with any optional or mandatory prepayment or redemption in full of
all Outstanding Notes, may terminate all of their obligations under the
Indenture and obtaining the release of all Collateral in respect thereof if:

 

(i)            the Co-Issuers irrevocably deposit in trust with the
Trustee, or a trustee reasonably satisfactory to the Control Party, the Trustee
and the Co-Issuers funds or Permitted Investments having scheduled interest
payments thereon sufficient to pay in full when due all principal, premium, if
any, and interest on the Notes to the applicable prepayment or redemption date,
as the case may be, and to pay all other sums payable by them hereunder and
under each other Indenture Document; provided, however, that the
Trustee shall have been irrevocably instructed to apply such funds to the
payment of such principal, premium, if any, and interest with respect to the
Notes and such other sums;

 

(ii)           the Co-Issuers deliver an irrevocable notice of
prepayment or redemption in full in accordance with the terms of the Indenture
with respect to all Outstanding Notes and the date of prepayment or redemption
as specified in such notice is not longer than twenty (20) Business Days after
the date of such notice;

 

(iii)          the Co-Issuers deliver to the Trustee an Officer’s
Certificate of each Co-Issuer stating that all conditions precedent to
satisfaction and discharge of the Indenture have been complied with, and an
Opinion of Counsel to the same effect; and

 

(iv)          all commitments under all Variable Funding Note
Purchase Agreements have been terminated and all amounts due and payable
hereunder and thereunder (including all Outstanding Principal Amounts hereunder
and all accrued interest and fees thereon) shall have been paid in full, in
each case on or before the date such deposit is made.

 

Upon such
termination, the Indenture shall cease to be of further effect (except as
provided in this Section 11.1), and the Trustee, on the demand and
at the expense of the Co-Issuers, shall execute proper instruments prepared by
the Co-Issuers acknowledging confirmation of and discharge under the Indenture.

 

109

 

(d)           After the conditions set forth in Section 11.1(a) or
(c) have been met, or after such irrevocable deposit is made pursuant to Section 11.1(b) and
satisfaction of the other conditions set forth therein have been met, the
Trustee upon request shall acknowledge in writing the discharge of the
Securitization Entities’ obligations under the Indenture except for those
surviving obligations specified above and shall reassign (without recourse
upon, or any warranty whatsoever by, the Trustee) and deliver all Collateral
and documents then in the custody or possession of the Trustee promptly to the
applicable Co-Issuers and Securitization Entities at the expense of the
Co-Issuers.

 

(e)           In order to have money available on a
Payment Date to pay principal, and premium, if any, or interest on the Notes
and the other sums referred to above, the U.S. Government Obligations shall be
payable as to principal, and premium, if any, or interest at least one (1) Business
Day before such payment date in such amounts as will provide the necessary
money.  The U.S. Government Obligations
shall not be callable at the issuer’s option.

 

(f)            The representations and warranties set
forth in Article VII shall survive for so long as any Series of
Notes are Outstanding, and except pursuant to Section 9.7, may not
be waived with respect to any Series of Notes Outstanding.

 

(g)           The Co-Issuers and the Noteholders hereby
agree that, if any funds remain on deposit in the Collection Account after the
termination of the Indenture, such amounts shall be released by the Trustee and
paid to the Co-Issuers.

 

Section 11.2           Application of Trust Money.

 

The Trustee or a trustee satisfactory to the Control Party,
the Trustee and the Co-Issuers shall hold in trust money or U.S. Government
Obligations deposited with it pursuant to Section 11.1.  The Trustee shall apply the deposited money
and the money from U.S. Government Obligations through the Paying Agent in
accordance with this Base Indenture and the other Related Documents to the
payment of principal, premium, if any, and interest on the Notes and the other
sums referred to above.  The provisions
of this Section 11.2 shall survive the expiration or earlier
termination of the Indenture.

 

Section 11.3           Repayment to the Co-Issuers.

 

(a)           The Trustee and the Paying Agent shall
promptly pay to the Co-Issuers upon written request any excess money or,
pursuant to Sections 2.10 and 2.14, return any Notes held by
them at any time.

 

(b)           Subject to Section 2.6(c),
the Trustee and the Paying Agent shall pay to the Co-Issuers upon written
request any money held by them for the payment of principal, premium or
interest that remains unclaimed for two years after the date upon which such
payment shall have become due.

 

(c)           The provisions of this Section 11.3
shall survive the expiration or earlier termination of the Indenture.

 

 

110

 

Section 11.4                Reinstatement.

 

If the Trustee is unable
to apply any funds received under this Article XI by reason of any
proceeding, order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Co-Issuers’
obligations under the Indenture or the other Indenture Documents and in respect
of the Notes shall be revived and reinstated as though no deposit had occurred,
until such time as the Trustee is permitted to apply all such funds or property
in accordance with this Article XI. 
If the Co-Issuers make any payment of principal, premium, interest or
commitment fees on any Notes or any other sums under the Indenture Documents
while such obligations have been reinstated, the Co-Issuers shall be subrogated
to the rights of the Noteholders or Note Owners or other Secured Parties who
received such funds or property from the Trustee to receive such payment in
respect of the Notes.

 

ARTICLE XII

AMENDMENTS

 

Section 12.1                Without Consent of the Noteholders.

 

(a)                                  Without the consent of any Noteholder or
any other Secured Party, the Co-Issuers, the Administrative Agent and the
Trustee, at any time and from time to time, may enter into one or more
Supplements hereto, in form satisfactory to each party, for any of the
following purposes:

 

(i)                                     to create a new Series of Notes;

 

(ii)                                  to add to the covenants of the
Securitization Entities for the benefit of any Noteholders or any other Secured
Parties (and if such covenants are to be for the benefit of less than all Series of
Notes, stating that such covenants are expressly being included solely for the
benefit of such Series) or to surrender for the benefit of the Noteholders and
the other Secured Parties any right or power herein conferred upon the
Securitization Entities; provided, however, that no
Co-Issuer shall pursuant to this Section 12.1(a)(ii) surrender
any right or power it has under the Related Documents (other than this Base
Indenture);

 

(iii)                               to mortgage, pledge, convey, assign and
transfer to the Trustee any property or assets as security for the Obligations
and to specify the terms and conditions upon which such property or assets are
to be held and dealt with by the Trustee and to set forth such other provisions
in respect thereof as may be required by the Indenture or as may, consistent
with the provisions of the Indenture, be deemed appropriate by the Co-Issuers
and the Trustee, or to correct or amplify the description of any such property
or assets at any time so mortgaged, pledged, conveyed and transferred to the
Trustee;

 

111

 

(iv)                              to cure any ambiguity, defect or
inconsistency or to correct or supplement any provision contained herein or in
any Supplement or in any Notes issued hereunder or any other Indenture Document
to which the Trustee is a party;

 

(v)                                 to provide for uncertificated Notes in
addition to certificated Notes;

 

(vi)                              to add to or change any of the provisions
of the Indenture to such extent as shall be necessary to permit or facilitate
the issuance of Notes in bearer form, registrable or not registrable as to
principal, and with or without interest coupons;

 

(vii)                           to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the
Notes of one or more Series and to add to or change any of the provisions
of the Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee;

 

(viii)                        to correct or supplement any provision
herein or in any Supplement or any other Indenture Document to which the
Trustee is a party that may be inconsistent with any other provision herein or
therein or to make consistent any other provisions with respect to matters or
questions arising under this Base Indenture or in any Supplement or any other
Indenture Document to which the Trustee is a party; or

 

(ix)                                to conform any provision of this Base
Indenture to any provision of the “Description of the Indenture” or “Description
of the Offered Notes” set forth in the Offering Memorandum;

 

provided, however, that, as evidenced by an
Officer’s Certificate delivered to the Trustee and the Administrative Agent,
such action shall not adversely affect in any material respect the interests of
any Noteholder, any Note Owner or any other Secured Party and that all
conditions precedent to the effectiveness of such action have been met.

 

(b)                                 Upon the request of the Co-Issuers and
receipt by the Trustee and the Administrative Agent of the documents described
in Section 2.2, the Trustee shall join with the Co-Issuers in the
execution of any Series Supplement authorized or permitted by the terms of
this Base Indenture and shall make any further appropriate agreements and
stipulations which may be therein contained, but the Trustee shall not be
obligated to enter into such Series Supplement which affects its own
rights, duties or immunities under this Base Indenture or otherwise.

 

Section 12.2                With Consent of the Noteholders.

 

(a)                                  Except as provided in Section 12.1,
the provisions of this Base Indenture, any Supplement and any other Indenture
Document to which the Trustee is a party (unless otherwise provided in such
Supplement) may from time to time be 

 

112

 

amended, modified or waived, if such amendment, modification or waiver
is in writing in a Supplement and consented to in writing by the Control
Party.  Notwithstanding the foregoing:

 

(i)                                     any amendment, waiver or other
modification that would reduce the percentage of the Aggregate Outstanding
Principal Amount or the Outstanding Principal Amount of any Series of
Notes, the consent of the Noteholders of which is required for any Supplement
under this Section 12.2 or the consent of the Noteholders of which
is required for any waiver of compliance with the provisions of the Indenture
or any other Related Document or defaults hereunder or thereunder and their
consequences provided for in herein or therein or for any other action
hereunder or thereunder shall require the consent of the Control Party and each
affected Noteholder;

 

(ii)                                  any amendment, waiver or other
modification that would permit the creation of any Lien ranking prior to or on
a parity with the Lien created by the Indenture or any other Related Documents
with respect to any material part of the Collateral or except as otherwise
permitted by the Related Documents, terminate the Lien created by the Indenture
or any other Related Documents on any material portion of the Collateral at any
time subject thereto (except as provided by the Indenture Documents) or deprive
any Secured Party of any material portion of the security provided by the Lien
created by the Indenture or any other Related Documents shall require the
consent of the Control Party, each affected Noteholder and each other affected
Secured Party;

 

(iii)                               any amendment, waiver or other
modification that would (A) extend the due date for, or reduce the amount
of any scheduled repayment or prepayment of principal of, premium, if any, or
interest on any Note and the other Obligations (or reduce the principal amount
of, premium, if any, or rate of interest on any Note and the other
Obligations); (B) affect adversely the interests, rights or obligations of
any Noteholder individually in comparison to any other Noteholder holding the
same Series and Class of Notes; (C) change the provisions of the
Priority of Payments; (D) change any place of payment where, or the coin
or currency in which, any Notes and the other Obligations or the interest
thereon is payable; (E) impair the right to institute suit for the
enforcement of the provisions of the Indenture requiring the application of
funds available therefor, as provided in Article V, to the payment
of any such amount due on the Notes and the other Obligations owing to
Noteholders on or after the respective due dates thereof, or (F) amend,
waive or otherwise modify this Section 12.2, shall require the
consent of the Control Party, each affected Noteholder and each other affected
Secured Party;

 

(iv)                              subject to the ability of the Control
Party to waive certain events as set forth in Section 9.7, any
amendment or other modification of the specific language of the following
definitions:  “Default,” “Event of
Default” or “Early Amortization Event” (as defined in this Base Indenture or
any applicable Series Supplement) will require the consent of the Control
Party, and the Rating 

 

113

 

Agency Condition shall
have been satisfied with respect to such amendment or modification; and

 

(v)                                 any amendment, waiver or other
modification that would change the time periods with respect to any requirement
to deliver to Noteholders notice with respect to any repayment, prepayment,
redemption or election of any Extension Period shall require the consent of the
Control Party and each affected Noteholder.

 

(b)                                 No failure or delay on the part of any
Noteholder, the Trustee or any other Secured Party in exercising any power or
right under the Indenture or any other Related Document shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power or
right preclude any other or further exercise thereof or the exercise of any
other power or right.

 

(c)                                  Unless each Noteholder of each Series and
Class of Notes then Outstanding consents, the express requirement, in any
provision hereof, that Rating Agency Confirmation Letters be obtained to
confirm the applicable ratings be satisfied as a condition to the taking of a
specified action, shall not be amended, modified or waived by the parties
hereto without satisfying such requirement.

 

Section 12.3                Supplements.

 

Each amendment or other
modification to the Indenture or the Notes shall be set forth in a Supplement,
a copy of which shall be delivered to the Rating Agencies by the
Co-Issuers.  The initial effectiveness of
each Supplement shall be subject to the delivery to the Trustee and the
Administrative Agent of an Opinion of Counsel that such Supplement is
authorized or permitted by this Base Indenture and the conditions precedent set
forth herein with respect thereto have been satisfied.  In addition to the manner provided in Sections 12.1
and 12.2, each Series Supplement may be amended as provided in such
Series Supplement.

 

Section 12.4                Revocation and Effect of Consents.

 

Until an amendment or
waiver becomes effective, a consent to it by a Noteholder of a Note is a
continuing consent by the Noteholder and every subsequent Noteholder of a Note
or portion of a Note that evidences the same debt as the consenting Noteholder’s
Note, even if notation of the consent is not made on any Note.  Any such Noteholder or subsequent Noteholder,
however, may revoke the consent as to his Note or portion of a Note if the
Trustee receives written notice of revocation before the date the amendment or
waiver becomes effective.  An amendment
or waiver becomes effective in accordance with its terms and thereafter binds
every Noteholder.  The Co-Issuers may fix
a record date for determining which Noteholders must consent to such amendment
or waiver.

 

114

 

Section 12.5                Notation on or Exchange of Notes.

 

The Trustee may place an
appropriate notation about an amendment or waiver on any Note thereafter
authenticated.  The Co-Issuers, in
exchange for all Notes, may issue and the Trustee shall authenticate new Notes
that reflect the amendment or waiver. 
Failure to make the appropriate notation or issue a new Note shall not
affect the validity and effect of such amendment or waiver.

 

Section 12.6                The Trustee to Sign Amendments, etc.

 

The Trustee shall sign
any Supplement authorized pursuant to this Article XII if the
Supplement does not adversely affect the rights, duties, liabilities or
immunities of the Trustee.  If it does,
the Trustee may, but need not, sign it. 
In signing such Supplement, the Trustee shall be entitled to receive, if
requested, an indemnity reasonably satisfactory to it and to receive and,
subject to Section 10.1, shall be fully protected in relying upon,
an Officer’s Certificate of the Co-Issuers and an Opinion of Counsel as
conclusive evidence that such Supplement is authorized or permitted by this
Base Indenture and that all conditions precedent have been satisfied, and that
it will be valid and binding upon the Co-Issuers in accordance with its terms.

 

ARTICLE XIII

 

MISCELLANEOUS

 

Section 13.1                Notices.

 

(a)                                  Any notice or communication by the
Co-Issuers, the Master Manager or the Trustee to any other party hereto shall
be in writing and delivered in person or mailed by first-class mail (registered
or certified, return receipt requested) facsimile or overnight air courier
guaranteeing next day delivery, to such other party’s address:

 

If to the Master Issuer:

 

NuCO2 Funding LLC

c/o NuCO2 Inc.

2800 S.E. Market Place

Stuart, Florida 34997

Attention:  General Counsel

Facsimile:  (772) 221-1690

 

115

 

If to the Contract Holder:

 

NuCO2 LLC

c/o NuCO2 Inc.

2800 S.E. Market Place

Stuart, Florida 34997

Attention:  General Counsel

Facsimile:  (772) 221-1690

 

If to the Equipment Holder:

 

NuCO2 Supply LLC

c/o NuCO2 Inc.

2800 S.E. Market Place

Stuart, Florida 34997

Attention:  General Counsel

Facsimile:  (772) 221-1690

 

If to the IP Holder:

 

NuCO2 IP LLC

c/o NuCO2 Inc.

2800 S.E. Market Place

Stuart, Florida 34997

Attention:  General Counsel

Facsimile:  (772) 221-1690

 

If to any Co-Issuer with a copy to:

 

Aurora Capital Group

10877 Wilshire Blvd., Suite 2100

Los Angeles, CA 90024

Attention: Timothy J. Hart

Facsimile: (310) 824-2791

 

If to the Master Manager:

 

NuCO2 Inc.

2800 S.E. Market Place

Stuart, Florida 34997

Attention:  General Counsel

Facsimile:  (772) 221-1690

 

116

 

If to the Master Manager with a copy to:

 

Aurora Capital Group

10877 Wilshire Blvd., Suite 2100

Los Angeles, CA 90024

Attention: Timothy J. Hart

Facsimile: (310) 824-2791

 

If to the Trustee and/or the Registrar

and/or the Paying Agent:

 

U.S. Bank National Association

EP-MN-WS3D

60 Livingston Avenue

St. Paul, MN 55107

Attention:  Structured Finance/NuCO2

Facsimile:  (866) 831-7910

 

If to the Administrative Agent:

 

U.S. Bank National Association

1310 Madrid Street, Suite 103

Marshall, MN 56258

Attention:  Joe Andries/NuCO2

 

If to Moody’s:

 

Moody’s Investors Service, Inc.

7 World Trade Center, 250 Greenwich Street, 25th Floor

New York, NY 10007

Attention:  ABS/RMBS/Monitoring
Department

Facsimile:  212-553-0573

 

with a copy of all notices pertaining to other
indebtedness:

 

Moody’s Investors Service, Inc.

7 World Trade Center, 250 Greenwich Street, 25th Floor

New York, NY 10007

Attention:  Asset Finance Group – Team
Managing Director

 

117

 

If to Fitch:

 

Fitch Ratings

ABS Surveillance – New Assets

70 W. Madison, Suite 1100

Chicago, IL 60602

 

 

If to an Enhancement Provider or an Interest Rate
Hedge Provider:
At the address provided in the applicable Enhancement Agreement or the
applicable Interest Rate Hedge Agreement.

 

(b)                                 The Co-Issuers or the Trustee by notice
to each other party may designate additional or different addresses for
subsequent notices or communications; provided, however, the
Co-Issuers may not at any time designate more than a total of three (3) addresses
to which notices must be sent in order to be effective.

 

(c)                                  Any notice shall be deemed delivered on
the date of delivery of such notice if by e-mail, upon telephonic confirmation
of receipt.

 

(d)                                 Notwithstanding any provisions of the
Indenture to the contrary, the Trustee shall have no liability based upon or
arising from the failure to receive any notice required by or relating to the
Indenture, the Notes or any other Related Document.

 

(e)                                  If any Co-Issuer delivers a notice or
communication to Noteholders, it shall deliver a copy to the Trustee at the
same time.

 

(f)                                    Where the Indenture provides for notice to
Noteholders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if sent in writing and mailed, first-class
postage prepaid, to each Noteholder affected by such event, at its address as
it appears in the Note Register, not later than the latest date, and not
earlier than the earliest date, prescribed (if any) for the giving of such
notice.  In any case where notice to a
Noteholder is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice
which is mailed in the manner herein provided shall be conclusively presumed to
have been duly given.  Where the Indenture
provides for notice in any manner, such notice may be waived in writing by any
Person entitled to receive such notice, either before or after the event, and
such waiver shall be the equivalent of such notice.  Waivers of notice by Noteholders shall be
filed with the Trustee, but such filing shall not be a condition precedent to
the validity of any action taken in reliance upon such waiver.  In the case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable
to give such notice by mail, then such notification as shall be made that is
satisfactory to the Trustee shall constitute a sufficient notification for
every purpose hereunder.

 

118

 

Section 13.2                Communication by Noteholders With Other Noteholders.

 

Noteholders may
communicate with other Noteholders with respect to their rights under the
Indenture or the Notes.

 

Section 13.3                Certificate and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Co-Issuers to the Trustee, the Administrative Agent or the
Noteholders to take any action under the Indenture or any other Related
Document (other than in respect of the issuance of a new Series of Notes
in accordance with Section 2.2 hereof), the Co-Issuers to the
extent requested by the Trustee or the Administrative Agent shall furnish to
the Trustee and the Administrative Agent (a) an Officer’s Certificate of
the Co-Issuers in form and substance reasonably satisfactory to the Trustee and
the Administrative Agent (which shall include the statements set forth in Section 13.4)
stating that all conditions precedent and covenants, if any, provided for in
the Indenture or such other Related Documents relating to the proposed action
have been complied with and (b) an Opinion of Counsel confirming the
same.  Such Opinion of Counsel shall be
at the expense of the Co-Issuers.

 

Section 13.4                Statements Required in Certificate.

 

Each certificate with
respect to compliance with a condition or covenant provided for in the
Indenture or any other Related Document shall include:

 

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

 

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

 

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

 

(d)                                 a statement as to whether or not such
condition or covenant has been complied with.

 

Section 13.5                Rules by the Trustee.

 

The Trustee may make
reasonable rules for action by or at a meeting of Noteholders.

 

Section 13.6                Benefits of Indenture.

 

Except as set forth in a Series Supplement,
nothing in this Base Indenture or in the Notes, expressed or implied, shall
give to any Person, other than the parties hereto and their successors
hereunder and the Holders and the other Secured Parties, any benefit or any
legal or equitable right, remedy or claim under the Indenture.

 

119

 

Section 13.7                Payment on Business Day.

 

In any case where any
Payment Date, redemption date or maturity date of any Note shall not be a
Business Day, then (notwithstanding any other provision of the Indenture)
payment of interest or principal (and premium, if any), as the case may be,
need not be made on such date but may be made on the next succeeding Business
Day with the same force and effect as if made on the Payment Date, redemption
date or maturity date; provided, however, that no interest
shall accrue for the period from and after such Payment Date, redemption date
or maturity date, as the case may be.

 

Section 13.8                Governing Law.

 

THIS BASE INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK).

 

Section 13.9                Successors.

 

All agreements of each of
the Co-Issuers in the Indenture, the Notes and each other Related Document to
which it is a party shall bind its successors and assigns; provided, however,
no Co-Issuer may assign its obligations or rights under the Indenture or any
Related Document, except with the written consent of the Control Party.  All agreements of the Trustee in the
Indenture shall bind its successors.

 

Section 13.10          Severability.

 

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

 

Section 13.11          Counterpart Originals.

 

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

 

Section 13.12          Table of Contents, Headings, etc.

 

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

 

120

 

Section 13.13          No Bankruptcy Petition Against the Securitization
Entities.

 

Each of the Noteholders
by its acceptance of a Note hereunder, the Trustee and the other Secured
Parties hereby covenants and agrees that, prior to the date which is one year
and one day after the payment in full of all amounts due to all Noteholders, it
shall not institute against, or join with any other Person in instituting
against, any Securitization Entity any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings, under any federal
or state bankruptcy or similar law; provided, however, that
nothing in this Section 13.13 shall constitute a waiver of any
right to indemnification, reimbursement or other payment from the
Securitization Entities pursuant to the Indenture or any other Related
Document. In the event that any such Noteholder or Secured Party or the Trustee
takes action in violation of this Section 13.13, each affected
Securitization Entity shall file or cause to be filed an answer with the
bankruptcy court or otherwise properly contesting the filing of such a petition
by any such Noteholder or Secured Party or the Trustee against such
Securitization Entity or the commencement of such action and raising the
defense that such Noteholder or Secured Party or the Trustee has agreed in
writing not to take such action and should be estopped and precluded therefrom
and such other defenses, if any, as its counsel advises that it may assert. The
provisions of this Section 13.13 shall survive the termination of
the Indenture and the resignation or removal of the Trustee.  Nothing contained herein shall preclude
participation by any Noteholder or any other Secured Party or the Trustee in
the assertion or defense of its claims in any such proceeding involving any
Securitization Entity.

 

Section 13.14          Recording of Indenture.

 

If the Indenture is
subject to recording in any appropriate public recording offices, such
recording is to be effected by the Co-Issuers and at their expense accompanied
by an Opinion of Counsel (which may be counsel to the Co-Issuers, the Trustee
or any other counsel reasonably acceptable to the Trustee) to the effect that
such recording is necessary either for the protection of the Noteholders, the
other Secured Party or any other Person secured hereunder or for the
enforcement of any right or remedy granted to the Trustee under the Indenture.

 

Section 13.15          Waiver of Jury Trial.

 

EACH OF THE CO-ISSUERS
AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS BASE INDENTURE, THE NOTES, THE OTHER RELATED
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY.

 

121

 

Section 13.16          Waivers by the Co-Issuers.

 

(a)                                  To the extent that any Co-Issuer is or is
deemed to be a guarantor or surety of another Co-Issuer under this Indenture or
under any Related Document (in such capacity, a “Guarantor”), the
liability of each Co-Issuer as a Guarantor under this Indenture and the Related
Documents shall be irrevocable, absolute and unconditional irrespective of, and
each Co-Issuer hereby irrevocably waives any defenses it may now have or
hereafter acquire in any way relating to, any or all of the following:

 

(i)                                     any lack of validity or enforceability of
any Related Document or any agreement or instrument relating thereto;

 

(ii)                                  any change in the time, manner or place
of payment of, or in any other term of, all or any of the Obligations of such
other Co-Issuer (“Guaranteed Obligations”) or any other Obligations of
any other Co-Issuer under or in respect of the Related Documents, or any other
amendment or waiver of or any consent to departure from any Related Document,
including, without limitation, any increase in the Guaranteed Obligations
resulting from the extension of additional credit to any other Co-Issuer or any
of its Subsidiaries or otherwise;

 

(iii)                               any taking, exchange, release or
non-perfection of any Collateral or any other collateral, or any taking,
release or amendment or waiver of, or consent to departure from, any other
guaranty, for all or any of the Guaranteed Obligations;

 

(iv)                              any manner of application of Collateral
or any other collateral, or proceeds thereof, to all or any of the Guaranteed
Obligations, or any manner of sale or other disposition of any Collateral or
any other collateral for all or any of the Guaranteed Obligations or any other
Obligations of any other Co-Issuer under the Related Documents or any other
assets of any other Co-Issuer or any of its Subsidiaries;

 

(v)                                 any change, restructuring or termination
of the corporate structure or existence of any other Co-Issuer or any of its
Subsidiaries;

 

(vi)                              any failure of any Secured Party to
disclose to any Co-Issuer any information relating to the business, condition
(financial or otherwise), operations, performance, properties or prospects of
any other Co-Issuer now or hereafter known to such Secured Party (and any duty
on the part of the Secured Parties to disclose such information is hereby
waived);

 

(vii)                           the failure of any other Person to
execute or deliver any Related Document or any other guaranty or agreement or
the release or reduction of liability of any Guarantor or other guarantor or
surety with respect to the Guaranteed Obligations; or

 

122

 

(viii)                        any other circumstance (including,
without limitation, any statute of limitations) or any existence of or reliance
on any representation by any Secured Party that might otherwise constitute a
defense available to, or a discharge of, any other Co-Issuer or any other
guarantor or surety.

 

The foregoing provisions of this Section 13.16(a) shall
continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by any Secured Party or any other Person upon the insolvency,
bankruptcy or reorganization of any Co-Issuer or otherwise, all as though such
payment had not been made.

 

(b)                                 Each Co-Issuer in its capacity as a
Guarantor (to the extent applicable) hereby unconditionally and irrevocably
waives:

 

(i)                                     promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of nonperformance,
default, acceleration, protest or dishonor and any other notice with respect to
any of the Guaranteed Obligations and any requirement that any Secured Party
protect, secure, perfect or insure any Lien or any property subject thereto or
exhaust any right or take any action against any other Co-Issuer or any other
Person or any Collateral.

 

(ii)                                  any right to revoke this guaranty and
acknowledges that this guaranty is continuing in nature and applies to all
Guaranteed Obligations, whether existing now or in the future.

 

(iii)                               (x) any defense arising by reason of
any claim or defense based upon an election of remedies by any Secured Party
that in any manner impairs, reduces, releases or otherwise adversely affects
the subrogation, reimbursement, exoneration, contribution or indemnification
rights of such Guarantor or other rights of such Guarantor to proceed against
any of the other Co-Issuers, any other guarantor or any other Person or any
Collateral and (y) any defense based on any right of set-off or
counterclaim against or in respect of the Obligations of such Guarantor
hereunder.

 

(iv)                              any duty on the part of any Secured Party
to disclose to such Guarantor any matter, fact or thing relating to the
business, condition (financial or otherwise), operations, performance,
properties or prospects of any other Co-Issuer or any of its Subsidiaries now
or hereafter known by such Secured Party.

 

(c)                                  Each Co-Issuer in its capacity as a
Guarantor acknowledges that (x) the Trustee may, without notice to or
demand upon such Guarantor and without affecting the liability of such
Guarantor under the Related Documents, foreclose under any mortgage by
nonjudicial sale, and each Guarantor hereby waives any defense to the recovery
by the Trustee and the other Secured Parties against such Guarantor of any
deficiency after such nonjudicial sale and any defense or benefits that may be
afforded by applicable law and (y) it will receive substantial direct and
indirect benefits from the 

 

123

 

financing arrangements contemplated by the Related Documents and that
the waivers set forth in Sections 13.16(a) and 13.16(b) are
knowingly made in contemplation of such benefits.

 

Section 13.17          Submission to Jurisdiction; Waivers.

 

Each of the Co-Issuers
and the Trustee hereby irrevocably and unconditionally:

 

(a)                                  submits for itself and its property in
any legal action or proceeding relating to the Indenture and the other Related
Documents to which it is a party, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the
courts of the State of New York, the courts of the United States for the
Southern District of New York, and appellate courts from any thereof;

 

(b)                                 consents that any such action or
proceeding may be brought in such courts and waives any objection that it may
now or hereafter have to the venue of any such action or proceeding in any such
court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

 

(c)                                  agrees that service of process in any
such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail),
postage prepaid, to the Co-Issuers or the Trustee, as the case may be, at its
address set forth in Section 13.1 or at such other address of which
the Trustee shall have been notified pursuant thereto;

 

(d)                                 agrees that nothing herein shall affect
the right to effect service of process in any other manner permitted by law or
shall limit the right to sue in any other jurisdiction; and

 

(e)                                  waives, to the maximum extent not
prohibited by law, any right it may have to claim or recover in any legal
action or proceeding referred to in this Section 13.17 any special,
exemplary, punitive or consequential damages.

 

[Signature Pages Follow]

 

124

 

IN WITNESS WHEREOF, each
of the Co-Issuers and the Trustee have caused this Base Indenture to be duly
executed by its respective duly authorized signatory as of the day and year
first written above.

 

	
   

  	
  NuCO2 Funding LLC,
  as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
  Name: Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
  Title:  General Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 LLC, as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:  General Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:  General Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 SUPPLY LLC, as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Eric M.
  Wechsler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:
  General Counsel 

  
						

 

 

	
   

  	
  U.S. Bank National Association, not in its
  individual capacity but solely in its capacity as Trustee, Administrative Agent
  and as Securities Intermediary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Edward F. Kachinski

  
	
   

  	
   

  	
  Name:
   Edward F. Kachinski

  
	
   

  	
   

  	
  Title:  Senior Vice President

  

 

 

ANNEX A

 

BASE
INDENTURE DEFINITIONS LIST

 

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

 

“Account
Agreement” means each agreement governing the establishment and maintenance
of the Concentration Account or any other Base Indenture Account or Series Account
to the extent that any such account is not held at the Trustee.

 

“Account
Control Agreement” means each control agreement pursuant to which the
Trustee is granted the right to control deposits and withdrawals from, or
otherwise to give instructions or entitlement orders in respect of, a deposit
and/or securities account, including, without limitation, with respect to the
Concentration Account and the other Securitization Entity Accounts.

 

“Actual
Knowledge” means the actual knowledge of (a) the members of the
Leadership Team, (b) any manager or director (as applicable) of the
relevant Securitization Entity who is also a director or an officer of NuCO2, (c) an Authorized
Officer of NuCO2, the Employee
Company or any Co-Issuer or other Securitization Entity who is directly
responsible for managing or servicing the assets of the Co-Issuer or other
Securitization Entity or for administering the transactions relevant to such
event or (d) an Authorized Officer of the Administrative Agent or a Trust
Officer of the Trustee, as the case may be, responsible for administering the
transactions relevant to such event.

 

“Additional
Co-Issuer” means any entity that, after the Closing Date, becomes a “Co-Issuer”
pursuant to Section 8.34 of the Base Indenture.

 

“Additional
Co-Issuer Operating Agreement” means, with respect to any Additional
Co-Issuer, the certificate of incorporation, the operating agreement or such
similar document of such Additional Co-Issuer depending on the form of such
entity.

 

“Additional
Contract Holder” means any Additional Securitization Entity that, after the
Closing Date, is designated as a “Contract Holder” pursuant to Section 8.34
of the Base Indenture.

 

“Additional
Equipment Holder Operating Expenses” means, with respect to a Payment Date,
an amount equal to the excess, if any, of (a) the Equipment Holder’s
actual aggregate operating expenses for the related Monthly Collection Period
as evidenced by the Monthly Manager’s Certificate, over (b) the
aggregate Equipment Holder Operating Expense Fees transferred into the
Equipment Holder Operating Account during such Monthly Collection Period.

 

“Additional
IP Holder” means any entity that, after the Closing Date, is designated as
an “IP Holder” pursuant to Section 8.34 of the Base Indenture.

 

 

“Additional
Notes” means any notes the
Co-Issuers may from time to time subsequent to the Closing Date issue pursuant
to Section 2.2 of the Base Indenture.

 

“Additional
Prepayment Amount” means the aggregate and accrued (A) Insurance
Proceeds Amount, if any, (B) Asset Disposition Prepayment Amount, if any, (C) Indemnification
Amount, if any, and (D) Excess CAPEX Amounts, if any, in each case with
respect to any Payment Date and all prior Payment Dates.

 

“Additional
Securitization Entity” means any entity that becomes a direct or indirect
wholly-owned Subsidiary of the Master Issuer or any other Securitization Entity
after the Closing Date in accordance with and as permitted under the Related
Documents and is designated by the Co-Issuers as a “Securitization Entity”
pursuant to Section 8.34 of the Base Indenture.

 

“Additional
Securitization Entity Operating Agreement” means, with respect to any
Additional Securitization Entity at any time, the limited liability company
agreement, certificate of formation or similar agreement of such entity in
effect at such time.

 

“Additional
Senior Note Prepayment Amount” is the sum of (x) the lesser of (A) the
Outstanding Principal Amount of the Series 2008-1 Class A-1 Notes and
(B) the ratio achieved by dividing (I) the Additional
Prepayment Amount, by (II) the sum of (a) one and (b) the Series 2008-1
Class A-1 Note Make-Whole Mandatory Prepayment Rate, and (y) if the Series 2008-1
Class A-1 Notes are paid in full after taking into account amounts
distributed in accordance with clause (x) above, then the lesser of (A) the
Outstanding Principal Amount of the Series 2008-1 Class A-2 Notes (as
defined in the Series 2008-1 Supplement) and the Series 2008-1 Class A-3
Notes (as defined in the Series 2008-1 Supplement) and (B) any
remaining Additional Prepayment Amount after paying the Series 2008-1 Class A-1
Notes in full.

 

“Additional
Subordinated Note Prepayment Amount” is the lesser of (A) the
Outstanding Principal Amount of the Series 2008-1 Class B-1 Notes and
(B) the ratio achieved by dividing (I) any Additional
Prepayment Amount remaining after giving effect to the prepayment set forth in clause
tenth of the Priority of Payments, if any, by (II) the sum of (a) one
and (b) the Series 2008-1 Class B-1 Note Make-Whole Mandatory
Prepayment Rate.

 

“Adjusted
Customer Collections” means, for a Weekly Allocation Date, the Customer
Collections deposited to the Concentration Account during the preceding Weekly
Collection Period minus the sum of (i) any Sales Tax Reimbursements
and any Property Tax Reimbursements due to the Equipment Holder on such Weekly
Allocation Date and (ii) the Customer Deposits deposited to the
Concentration Account during the preceding Weekly Collection Period.

 

“Adjusted
Repayment Date” means, (a) with respect to the Series 2008-1
Notes, (i) unless the Series 2008-1 First Extension Election becomes
effective, the Series 2008-1 Scheduled Maturity Date; (ii) from and
after the date that the Series 2008-1 First 

 

2

 

Extension
Election becomes effective, the Series 2008-1 First Extended Scheduled
Maturity Date; and (iii) from and after the date that the Series 2008-1
Second Extension Election becomes effective, the Series 2008-1 Second
Extended Scheduled Maturity Date, and (b) with respect to any other Series of
Notes, the meaning set forth in the applicable Series Supplement.

 

“Administrative
Agent” means the party named as such in the Indenture until a successor
replaces it in accordance with the applicable provisions of the Indenture and
thereafter means the successor serving thereunder.  The Administrative Agent initially
shall be U.S. Bank National Association.

 

“Affiliate”
means, with respect to any specified Person, another Person that directly, or
indirectly through one or more intermediaries, controls or is controlled by or
is under common control with the Person specified.  For purposes of this definition, “control”
means the power to direct the management and policies of a Person, directly or
indirectly, whether through ownership of voting securities, by contract or
otherwise; and “controlled” and “controlling” have meanings correlative to the
foregoing.

 

“After-Acquired IP
Assets” means any Intellectual Property created, developed, authored or
acquired after the Closing Date by or on behalf of, and owned by, the IP Holder
or any Additional IP Holder pursuant to the Related Documents or otherwise,
including any Intellectual Property developed by the Transaction Manager
pursuant to the Transaction Management Agreement, the Master Manager pursuant
to the Master Management Agreement or by any Securitization Entity pursuant to
the Securitization IP License Agreement or any sublicense thereof, and registered or issued or subject to an
application for registration or issuance in the United States or encompassing
Intellectual Property rights in the United States.

 

“Agent”
means any Registrar or Paying Agent.

 

“Aggregate
Contributions Amount” shall have the meaning set forth in Section 5.14(k)(i) of
the Base Indenture.

 

“Aggregate
Outstanding Principal Amount” means the sum of the Outstanding Principal
Amounts of the referenced Series of Notes or any Classes of Notes thereof.

 

“Aggregate
Termination Amounts” shall have the meaning set forth in Section 5.14(l)(i) of
the Base Indenture.

 

“Ancillary
Revenues” means certain non-Customer Contract revenues earned by the
Co-Issuers  from high-pressure
cylinder sales or leases, and installation, maintenance and other sales,
services and fees.

 

“Ancillary
Services” means the related sales, maintenance, installation, leasing and
other services provided by the Co-Issuers that generate the Ancillary Revenues.

 

3

 

“Annual
Accountants’ Report” means the annual reports of the Independent
Accountants required to be delivered to the Trustee, the Administrative Agent
and the Rating Agencies by the Transaction Manager pursuant to Section 4.1(e) of
the Base Indenture.

 

“Annual
Noteholders’ Tax Statement” shall have the meaning set forth in Section 4.2
of the Base Indenture.

 

“Applicants”
shall have the meaning set forth in Section 2.7 of the Base
Indenture.

 

“Asset
Disposition Amounts” means the net cash proceeds from any Permitted Asset
Disposition after deduction by the Transaction Manager of any and all taxes
estimated to be payable in connection with such Permitted Asset Disposition and
any and all transaction costs and other direct costs associated with the
Permitted Asset Disposition.

 

“Asset
Disposition Prepayment Amounts” means, for any Payment Date, the aggregate
amount of Asset Disposition Amounts arising during the related Monthly
Collection Period for (a) all Excess Bulk CO2 Tank and
Nitrogen Generator Dispositions and (b) all Dispositions of Customer
Contracts.

 

“Asset
Transfer Documents” means, collectively, the Contribution Agreements and
other written documents and agreements effectuating the Asset Transfers.

 

“Asset
Transfers” means the transfers by NuCO2 on or before
the Closing Date (by capital contribution) of (i) the Contributed Property
to the Securitization Entities and (ii) the Employees (other than the
Leadership Team) to the Employee Company.

 

“Assignment”
means any assignment delivered in accordance with the terms of the Contribution
Agreements.

 

“Audit”
shall have the meaning set forth in Section 8.6 of the Base
Indenture.

 

“Authorized
Officer” means, as to any Person, (i) any of the Chief Executive
Officer, the President, any Vice President, the Chief Financial Officer, the
Treasurer, the General Counsel, the Senior Vice President of Sales, the
Secretary, any Assistant Treasurer or any Assistant Secretary of such Person
and in the case of the Administrative Agent, such officer is directly
responsible for the administration of the Indenture or (ii) in the case of
a Person whose Charter Documents do not provide for appointed officers, such
Person’s “member” or “manager” as provided in such Person’s Charter Documents
or an authorized designee thereof.

 

4

 

“Available
Senior Note Interest Reserve Account Amount” means, as of any date, the
amount (excluding investment on Income thereon) on deposit in the Senior Note
Interest Reserve Account.

 

“Bank
Account Expenses” means any fees or charges imposed on any Base Indenture
Account or Series Account by the bank establishing and maintaining such
account.

 

“Bankruptcy
Code” means the Bankruptcy Reform Act of 1978, as amended from time to
time, and as codified as 11 U.S.C. Section 101 et seq.

 

“Base
Indenture” means the Base Indenture, dated as of May 28, 2008, by and
among the Co-Issuers, the Trustee and the Administrative Agent (as amended,
modified or supplemented from time to time, exclusive of the Series 2008-1
Supplements and other future Supplements providing for the issuance of
additional Notes).

 

“Base
Indenture Account” means any account or accounts authorized and established
pursuant to the Base Indenture, including, without limitation, each account
established pursuant to Article V of the Base Indenture.

 

“Base
Indenture Definitions List” shall have the meaning set forth in Section 1.1
of the Base Indenture.

 

“Board
of Directors” means the board of directors of any corporation, or any
authorized committee of such board of directors.

 

“Board
of Managers” means the board of managers of any limited liability company,
or any authorized committee of such board of managers.

 

“Book-Entry
Note” means a Note in the form of a fully registered book-entry note,
deposited with, or on behalf of, DTC, and registered in the name of a nominee
of DTC as described in Section 2.12 of the Base Indenture; provided
that, after the occurrence of a condition whereupon book-entry registration and
transfer are no longer permitted and a Definitive Note is issued to the Note
Owner, such Definitive Note shall replace the Book-Entry Note.

 

“Budget
Plan” means a plan under a Customer Contract pursuant to which the Customer
(i) pays a flat monthly fee for (a) the lease, installation and
maintenance of Bulk CO2 Equipment and (b) refills of Bulk CO2 up to a predetermined annual
volume, and (ii) to the extent the Customer’s Bulk CO2 usage exceeds the predetermined volume
referenced in the foregoing clause (i)(b), is charged for additional
delivered Bulk CO2 on a per pound
basis.

 

“Bulk CO2”   means beverage-grade bulk carbon
dioxide.

 

“Bulk CO2 Equipment” means bulk carbon dioxide systems used in the
Bulk Gases Business.

 

5

 

“Bulk
CO2 Tank and
Nitrogen Generator Aggregate Disposition Amount” means, as of any date of
determination, the total number of Dispositions of Bulk CO2 Tanks and Nitrogen Generators on such date and
during the immediately preceding twelve-month period.

 

“Bulk
CO2 Tanks” means Bulk CO2 tanks used in the Bulk Gases Business.

 

“Bulk
Gases” shall have the meaning given under the definition of “Bulk Gases
Business” below.

 

“Bulk
Gases Business” refers to the Master Manager’s, the Securitization Entities’
and any Affiliates’ business, which is primarily to collectively engage in the
management of or the business of the delivery of liquid and/or high pressure
carbon dioxide or other gases (“Bulk Gases”) and the selling and leasing
of related tanks and other equipment (“Customer Location Equipment”) in
the United States, to quick service restaurants and other customers in the
United States for use primarily in retail settings, including, but not limited
to, entering into the Customer Contracts, the Supply Contracts, and the Real
Estate Leases, providing certain Ancillary Services, Delivery Services,
Maintenance Services and Customer Services, buying and selling the Equipment
and acquiring, developing and using the Securitization IP.

 

“Business
Day” means any day except Saturday, Sunday or any day on which banks are
generally not open for business in New York, New York and the State of
Minnesota and, if any Series of Notes are listed on any non-U.S. stock
exchange, in the capital city of the country in which the related exchange is
located.

 

“Call
Center” shall have the meaning given within the definition of “Equipment.”

 

“Capitalized
Lease Obligations” of any Person means the obligations of such Person to
pay rent or other amounts under any lease of (or other arrangement conveying
the right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for as capital
leases on a balance sheet of such Person under GAAP and, for the purposes of
the Related Documents, the amount of such obligations shall be the capitalized
amount thereof determined in accordance with GAAP.

 

“Cash
Trap Reserve Account” shall have the meaning set forth in Section 5.4(a) of
the Base Indenture.

 

“Cash
Trapping Amount” means, with respect to a Payment Date, the amount of funds
to be deposited in the Cash Trap Reserve Account with respect to the Series 2008-1
Notes in an amount equal to the Series 2008-1 Cash Trapping Amount and
such other amount designated as a “Cash Trapping Amount” pursuant to the terms
of any Series Supplement.

 

6

 

“Cash
Trapping Period” means the Series 2008-1 Cash Trapping Period as
defined in the Series 2008-1 Supplement and any other period designated as
a “Cash Trapping Period” pursuant to the terms of any Series Supplement.

 

“Cash
Trapping Release Amount” means the aggregate amount of funds on deposit in
the Cash Trap Reserve Account that are required to be released pursuant to the
terms of any Series Supplement.

 

“Cash
Trapping Release Event Date” means any date on which any amount on deposit
in the Cash Trap Reserve Account is required to be released pursuant to the
terms of any Series Supplement.

 

“Cede”
means Cede & Co.

 

“Change
of Control” means the occurrence of any of the following events:

 

(a) an
event or series of events by which (i) any Person other than Parent
becomes the owner of record of more than 50% of the voting stock in NuCO2 or (ii) any Person other than NuCO2 becomes the owner of record of more than 50%
of the Equity Interests in the Master Issuer;

 

(b) Parent
merges with another entity that is not an Affiliate of Parent and Parent is not
the surviving entity unless (i) such surviving entity has executed an
assumption agreement pursuant to which it agrees to assume all of the
obligations of Parent under the Related Documents to which Parent is a party
such that the assumed obligations are the legal, valid and binding obligations
of such surviving entity (supported by a customary legal opinion to that
effect), (ii) either or both of the Chief Executive Officer or Chief Financial
Officer of NuCO2 in office immediately prior to such merger has
an employment contract with NuCO2 for a minimum
term of 12 months immediately following the closing of such merger and (iii) a
Rating Agency Confirmation Letter is received confirming the ratings with
respect to each Series of Notes Outstanding; or

 

(c) an
event or series of events by which any person or group (other than any
Permitted Holder) (i) acquires beneficial ownership of more than 50% of
the Equity Interests of Parent or (ii) controls, either directly or
indirectly, more than 50% of the common stock of Parent or an amount of common
stock of Parent that entitles such person or group to exercise more than 50% of
the voting power of Parent’s security holders or gives such person or group the
power to appoint the majority of Parent’s Board of Directors unless, with
respect to any such event described in the foregoing clauses (i) and (ii),
(A) either or both of the Chief Executive Officer or Chief Financial
Officer of NuCO2 in office immediately prior to such event has
an employment contract with NuCO2 for a minimum term of 12 months immediately
following the occurrence of such event and (B) a Rating Agency
Confirmation Letter is received confirming the ratings with respect to each Series of
Notes Outstanding.

 

7

 

“Charter
Documents” means, with respect to (i) a limited liability company, the
certificate of formation and limited liability company agreement, (ii) a
corporation, the certificate of incorporation and by-laws and (iii) a
partnership, the certificate of partnership and the partnership agreement.

 

“Class”
means, with respect to any Series of Notes, any one of the classes of
Notes of such Series as specified in the applicable Series Supplement.

 

“Class A
Notes” means, (i) with respect to the Series 2008-1 Notes, the Series 2008-1
Class A-1 Notes, the Series 2008-1 Class A-2 Notes and the Series 2008-1
Class A-3 Notes (each as defined in the Series 2008-1 Supplement),
and (ii) with respect to any other Series of Notes, as identified in
the applicable Series Supplement.

 

“Class A-1
Notes” means, (i) with respect to the Series 2008-1 Notes, the Series 2008-1
Class A-1 Notes (as defined in the Series 2008-1 Supplement), and (ii) with
respect to any other Series of Notes, as identified in the applicable Series Supplement.

 

“Class A-2
Breakage Amounts” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Class A-2 Breakage Amounts (as defined in
the Series 2008-1 Supplement) and (ii) with respect to any other Series of
Notes, the “Class A-2 Breakage Amounts” with respect to such Series specified
in the applicable Series Supplement.

 

“Class A-2
Customer Contract” means any Customer Contract relating to a Bulk CO2 Tank or Nitrogen Generator acquired or
originated by the Contract Holder following the Closing Date that satisfies the
Contract Eligibility Criteria.

 

“Class A-2
Draw Date” means the Draw Date relating to the Series 2008-1 Class A-2
Notes.

 

“Class A-2
Note Administrative Agent” means the Person identified as such in the
applicable Class A-2 Note Purchase Agreement.

 

“Class A-2
Note Administrative Expenses” means, for any Payment Date, the aggregate
amount of any fees owing to the Class A-2 Note Administrative Agent
pursuant to the applicable Class A-2 Note Purchase Agreement (and any fee
letter entered into in connection therewith) and Class A-2 Amendment
Expenses (as defined in the applicable Series Supplement) then due and
payable and not previously paid.

 

“Class A-2
Note Purchase Agreement” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Class A-2 Note Purchase Agreement (as
defined in the Series 2008-1 Supplement) and (ii) with respect to any
other Series of Notes, the note purchase agreement with respect to such
Series.

 

“Class A-2
Notes” means, (i) with respect to the Series 2008-1 Notes, the Series 2008-1
Class A-2 Notes (as defined in the Series 2008-1 Supplement), and (ii) 

 

8

 

with
respect to any other Series of Notes, as identified in the applicable Series Supplement.

 

“Class A-2
Notes Commitment Fees Account” shall have the meaning set forth in Section 5.9(a) of
the Base Indenture.

 

“Class A-2
Other Amounts” means (i) with respect to the Series 2008-1 Notes,
the Series 2008-1 Class A-2 Other Amounts (as defined in the Series 2008-1
Supplement) and (ii) with respect to any other Series of Notes, the “Class A-2
Other Amounts” with respect to such Series specified in the applicable Series Supplement.

 

“Class A-2
Senior Note Commitment Fee Amount” means, as of any Determination Date for
any Interest Period, an amount equal to the aggregate of the Daily Commitment
Fee Amounts in respect of the Class A-2 Notes (calculated in accordance
with the provisions of the applicable Variable Funding Purchase Agreement and Series Supplement)
for each day in such Interest Period.

 

“Class A-2
Voluntary Decrease” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Class A-2 Voluntary Decrease (as defined in
the Series 2008-1 Supplement), and (ii) with respect to any other Series of
Notes, any amount identified as constituting a “Class A-2 Voluntary
Decrease” in the applicable Series Supplement.

 

“Class A-3
Breakage Amounts” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Class A-3 Breakage Amounts (as defined in
the Series 2008-1 Supplement) and (ii) with respect to any other Series of
Notes, the “Class A-3 Breakage Amounts” with respect to such Series specified
in the applicable Series Supplement.

 

“Class A-3
Draw Date” means the Draw Date relating to the Series 2008-1 Class A-3
Notes.

 

“Class A-3
Note Administrative Agent” means the Person identified as such in the
applicable Class A-3 Note Purchase Agreement.

 

“Class A-3
Note Administrative Expenses” means, for any Payment Date, the aggregate
amount of any fees owing to the Class A-3 Note Administrative Agent
pursuant to the applicable Class A-3 Note Purchase Agreement (and any fee
letter entered into in connection therewith) and Class A-3 Amendment
Expenses (as defined in the applicable Series Supplement) then due and
payable and not previously paid.

 

“Class A-3
Note Purchase Agreement” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Class A-3 Note Purchase Agreement (as
defined in the Series 2008-1 Supplement) and (ii) with respect to any
other Series of Notes, the note purchase agreement with respect to such
Series.

 

“Class A-3
Notes” means, (i) with respect to the Series 2008-1 Notes, the Series 2008-1
Class A-3 Notes (as defined in the Series 2008-1 Supplement), and (ii) 

 

9

 

with
respect to any other Series of Notes, as identified in the applicable Series Supplement.

 

“Class A-3
Notes Commitment Fees Account” shall have the meaning set forth in Section 5.9(a) of
the Base Indenture.

 

“Class A-3
Other Amounts” means (i) with respect to the Series 2008-1 Notes,
the Series 2008-1 Class A-3 Other Amounts (as defined in the Series 2008-1
Supplement) and (ii) with respect to any other Series of Notes, the “Class A-3
Other Amounts” with respect to such Series specified in the applicable Series Supplement.

 

“Class A-3
Senior Note Commitment Fee Amount” means, as of any Determination Date for
any Interest Period, an amount equal to the aggregate of the Daily Commitment
Fee Amounts in respect of the Class A-3 Notes (calculated in accordance
with the provisions of the applicable Variable Funding Note Purchase Agreement
and Series Supplement) for each day in such Interest Period.

 

“Class A-3
Voluntary Decrease” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Class A-3 Voluntary Decrease (as defined in
the Series 2008-1 Supplement), and (ii) with respect to any other
Series of Notes, any amount identified as constituting a “Class A-3
Voluntary Decrease” in the applicable Series Supplement.

 

“Clearing
Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act or any successor provision thereto or
Euroclear or Clearstream.

 

“Clearing
Agency Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency
effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

 

“Clearstream”
means Clearstream Luxembourg.

 

“Closing
Date” means May 28, 2008.

 

“Code”
means the Internal Revenue Code of 1986, as amended, restated or otherwise
modified from time to time, and any successor statute of similar import, in
each case as in effect from time to time. 
References to sections of the Code also refer to any successor sections.

 

“Co-Issuer”
means, individually, the Master Issuer and each Issuer Subsidiary, and “Co-Issuers”
means, collectively, the Master Issuer and all Issuer Subsidiaries.

 

“Co-Issuers
Operating Agreements” means, collectively, the Master Issuer Operating
Agreement, the Contract Holder Operating Agreement, the Equipment Holder
Operating Agreement, the IP Holder Operating Agreement and any Additional
Co-Issuer Operating Agreement.

 

10

 

“Cold
Replacement Manager Phase” means any period during the term of the
Replacement Management Agreement when neither a Warm Replacement Manager Phase
nor a Hot Replacement Manager Phase is in effect.

 

“Collateral”
shall have the meaning set forth in Section 3.1(a) of the Base
Indenture.

 

“Collateral
Bulk Gases Business Documents” means, collectively, the Customer Contracts
(other than those that have not been assigned to a Securitization Entity),
Contract Revenue Streams, the agreements pursuant to which Ancillary Services
are performed or Ancillary Revenues are otherwise payable to any Securitization
Entity, and each and every other agreement related to the operation of the Bulk
Gases Business that is between or among the Co-Issuers (or any of them) and any
third party pursuant to which any Co-Issuer is entitled to receive payment or
performance of obligations from, or otherwise has the benefit of rights from or
against, any such third party.

 

“Collateral
Documents” means, collectively, the Collateral Bulk Gases Business
Documents and the Collateral Transaction Documents.

 

“Collateral
Transaction Documents” means, collectively, the Contribution Agreements,
the Transaction Management Agreement, the Master Management Agreement, the
Pledge Agreement, the Replacement Management Agreement, the Securitization IP
License Agreement, the Employment Services Agreement, the Delivery and Customer
Services Agreement and any other agreements entered into, or certificates
delivered, pursuant to the foregoing documents, excluding the Indenture
Documents, to which any of the Co-Issuers is a party.

 

“Collection
Account” shall have the meaning set forth in Section 5.8 of the
Base Indenture.

 

“Collection
Account Administrative Accounts” shall have the meaning set forth in Section 5.9
of the Base Indenture.

 

“Collections”
means (a) Customer Collections, (b) all Contributions (provided
that, for avoidance of doubt, Collections shall not include any amount of
equity contributions made in cash by NuCO2 to the Master
Issuer that are not intended by NuCO2 to constitute
“Contributions” for inclusion in Net Cash Flow subject to the limitations set
forth in the proviso to the definition of Contributions), (c) the
Customer Location Equipment Resale Revenues, (d) any Asset Disposition
Amounts, Indemnification Amounts and Insurance Proceeds Amounts, (e) all
amounts and allocations distributed to the Master Issuer as a result of its
ownership of the Preferred Equity Interests in the Employee Company (f) all
other amounts, including Investment Income, deposited into the Collection
Account under the Indenture and (g) any amounts received in respect of
Permitted Hedges.

 

“Company
Order” or “Company Request” means a written order or request signed
in the name of each of the Co-Issuers by any Authorized Officer of each 

 

11

 

such
Co-Issuer and delivered to the Trustee, the Administrative Agent, the Registrar
or the Paying Agent.

 

“Compliance
Certificate” shall have the meaning set forth in Section 4.1(d) of
the Base Indenture.

 

“Concentration
Account” shall have the meaning set forth in Section 5.1 of the
Base Indenture.

 

“Confidential
Information” means Know-How and any other information treated as
confidential and proprietary by its owner, whether or not designated as
confidential.

 

“Consolidated
EBITDA” means, for any period, Consolidated Net Income for such period,
adjusted by (x) adding thereto, in each case only to the extent
(and in the same proportion) deducted in determining such Consolidated Net
Income and without duplication:

 

(a)                                  Consolidated
Interest Expense for such period and, without duplication, amortization of debt
issuance costs, debt discount or premium and other financing fees and expenses
incurred by NuCO2 or any of its Subsidiaries for such period,

 

(b)                                 the
amortization expense of NuCO2 and its Subsidiaries for such
period (including amortization of goodwill, other intangibles, transaction
costs and financing fees and expenses), determined on a consolidated basis in
accordance with GAAP,

 

(c)                                  the
depreciation expense of NuCO2 and its Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP,

 

(d)                                 the tax expense
of NuCO2 and its Subsidiaries, for such period,
determined on a consolidated basis in accordance with GAAP,

 

(e)                                  costs and
expenses directly incurred in connection with the acquisition of NuCO2 and the transactions related thereto,

 

(f)                                    management fees
and expenses paid to Aurora Management Partners LLC, a Delaware limited
liability company, for such period pursuant to Management Services Agreement
between NuCO2 and Aurora Management Partners LLC in effect
as of the Closing Date, and

 

(g)                                 the aggregate
amount of all other non-cash charges reducing Consolidated Net Income for such
period, including without limitation:

 

(i)                                     the non-cash
portion of pension expenses for such period,

 

(ii)                                  non-cash
impairment charges, and

 

12

 

(iii)                               non-cash expenses
resulting from the grant of stock and stock options and other compensation to
management personnel of NuCO2 and its Subsidiaries pursuant to
a written incentive plan or agreement.

 

(y) subtracting
therefrom the
aggregate amount of all non-cash items increasing Consolidated Net Income
(other than the accrual of revenue or recording of receivables in the ordinary
course of business) for such period.

 

Consolidated EBITDA shall be calculated on a
pro forma basis to give effect to any acquisition and Dispositions (other than
any Dispositions in the ordinary course of business) consummated at any time on
or after the first day of the applicable period thereof as if each such
acquisition had been effected on the first day of such period and as if each
such Disposition had been consummated on the day prior to the first day of such
period.

 

“Consolidated
Interest Expense” means for any period, the total consolidated interest
expense of NuCO2 and its Subsidiaries for such period
determined on a consolidated basis in accordance with GAAP; provided
that Consolidated Interest Expense shall be calculated after giving effect to
all Interest Rate Hedges (including associated costs), but excluding unrealized
gains and losses with respect to Interest Rate Hedges.

 

Consolidated
Interest Expense shall be calculated on a pro forma basis to give effect to any
Indebtedness incurred, assumed or permanently repaid or extinguished during the
relevant period in connection with any acquisitions and Dispositions (other
than any Dispositions in the ordinary course of business) as if such
incurrence, assumption, repayment or extinguishing had been effected on the
first day of such period.

 

“Consolidated
Net Income” means, for any period, the consolidated net income (or loss) of
NuCO2 and its Subsidiaries determined on a
consolidated basis in accordance with GAAP; provided that there shall be
excluded from such net income (to the extent otherwise included therein),
without duplication:

 

(a) the
net income (or loss) of any Person (other than a Subsidiary of NuCO2) in which any Person other
than NuCO2 and its Subsidiaries has an ownership
interest, except to the extent that cash in an amount equal to any such income
has actually been received by NuCO2 or any of its
Subsidiaries during such period;

 

(b) any
gain (or loss), together with any related provisions for taxes on any such gain
(or the tax effect of any such loss), realized during such period by NuCO2 or any of its Subsidiaries upon any
Dispositions (other than any Dispositions in the ordinary course of business)
by Holdings or any of its Subsidiaries;

 

(c) gains
and losses due solely to fluctuations in currency values and the related tax
effects determined in accordance with GAAP for such period;

 

13

 

(d) earnings
(or losses) resulting from any reappraisal, revaluation or write-up (or
write-down) of assets;

 

(e) unrealized
gains and losses with respect to any Interest Rate Hedge for such period;

 

(f) any
extraordinary or nonrecurring gain (or extraordinary or nonrecurring loss),
together with any related provision for taxes on any such gain (or the tax
effect of any such loss), recorded or recognized by NuCO2 or any of its Subsidiaries during such period;
and

 

(g) the
cumulative effect of a change in accounting principles.

 

“Contingent
Obligation” means, as to any Person, any obligation, agreement,
understanding or arrangement of such Person guaranteeing or intended to
guarantee any Indebtedness, leases, dividends or other obligations (“primary
obligations”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including any obligation of such Person,
whether or not contingent, (a) to purchase any such primary obligation or
any property constituting direct or indirect security therefor; (b) to
advance or supply funds (i) for the purchase or payment of any such
primary obligation or (ii) to maintain working capital or equity capital
of the primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor; (c) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation
of the ability of the primary obligor to make payment of such primary
obligation; (d) with respect to bankers’ acceptances, letters of credit
and similar credit arrangements, until a reimbursement obligation arises (which
reimbursement obligation shall constitute Indebtedness); or (e) otherwise
to assure or hold harmless the holder of such primary obligation against loss
in respect thereof; provided, however, that the term “Contingent
Obligation” shall not include endorsements of instruments for deposit or
collection in the ordinary course of business or any product warranties.

 

“Contract
Eligibility Criteria” refers, with respect to any Customer Contract, to
certain eligibility requirements relating to such contract’s enforceability,
assignability, termination provisions and other terms as described in the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Contract
Holder” means NuCO2 LLC, a Delaware limited liability company, and
its successors and assigns.

 

“Contract
Holder Operating Agreement” means the Amended and Restated Limited
Liability Company Agreement of the Contract Holder, dated as of May 28,
2008, as further amended, supplemented or otherwise modified from time to time.

 

“Contract
Revenue Streams” means all revenues which NuCO2 is entitled
to receive pursuant to a Customer Contract that has not been assigned to the
Contract Holder.

 

14

 

“Contractual Obligation”
means, with respect to any Person, any provision of any security issued by that
Person or of any indenture, mortgage, deed of trust, license, contract,
undertaking, agreement or other instrument to which that Person is a party or by
which it or any of its properties is bound or to which it or any of its
properties is subject.

 

“Contributed Property”
means all right, title and interest in, to and under (i) all Existing
Customer Contracts (other than those that cannot be assigned to the Contract
Holder on or prior to the Closing Date), (ii) all Contract Revenue
Streams, (iii) all Existing Supply Contracts, (iv) all Existing Real
Estate Leases (other than those that cannot be assigned to the Equipment Holder
on or prior to the Closing Date), (v) Use and Occupancy Licenses with
respect to any Existing Real Estate Leases that cannot be assigned to the
Equipment Holder on or prior to the Closing Date, (vi) all Existing
Delivery Truck Leases, (vii) all Existing Equipment, (viii) the
Preferred Equity Interests in the Employee Company, (ix) the Concentration
Account, (x) all Existing Securitization IP (other than those Third Party
IP License Agreements that cannot be assigned to the IP Holder on or prior to
the Closing Date) and (xi) all products and proceeds of the foregoing.

 

“Contribution Agreements”
means the First Tier Contribution Agreement and the Second Tier Contribution
Agreements, collectively.

 

“Contributions” means
the amount of equity contributions made in cash by NuCO2 to the Master Issuer during any Monthly
Collection Period that the Transaction Manager elects to have treated as “Contributions”
for purposes of the Indenture; provided that such Contributions shall be
made only (x) during up to seven different Monthly Collection Periods
between the Closing Date and the Series 2008-1 Legal Final Maturity Date,
and (y) during not more than three Monthly Collection Periods that occur
during any twelve month period beginning with the twelve month period
commencing on the Closing Date, and may not exceed $30,000,000 in aggregate
amount any time (taking into account all prior Contributions); provided,
further that Contributions shall not include any contributions made in
cash by NuCO2 to the Surplus Account or other account that
does not constitute part of the Collateral under the Base Indenture. In
connection with each Contribution, NuCO2 shall provide
the Trustee, the Administrative Agent and the Rating Agencies with prior
written notice thereof, which notice shall include its business rationale
underlying such Contribution.

 

“Contributions Amount
Shortfall” shall have the meaning set forth in Section 5.14(k)(i) of
the Base Indenture.

 

“Contributions Reserve
Account” shall have the meaning set forth in Section 5.5(a) of
the Base Indenture.

 

“Control Party”
means, in respect of the Series 2008-1 Class A Notes, the Trustee
acting at the direction or with the consent of at least a majority of the sum
of the aggregate principal amount of the Outstanding Series 2008-1 Class A-1
Notes and the aggregate commitments in respect of the Series 2008-1 Class A-2
Notes and the Series 2008-1 Class A-3 Notes (the “Required Senior
Noteholders”) so long as there are any 

 

15

 

Series 2008-1 Class A
Notes Outstanding, and if there are no Series 2008-1 Class A Notes
Outstanding at such time, the Trustee acting at the direction or with the
consent of the Noteholders holding at least a majority of the aggregate
principal amount of the Outstanding Subordinated Notes (the “Required
Subordinated Noteholders”).

 

“Control Party Order”
means a written order signed by or on behalf of the Required Senior Noteholders
or Required Subordinated Noteholders, as applicable, and delivered to the
Trustee.

 

“Controlled Group”
means, with respect to any Person, such Person, whether or not incorporated,
and any corporation, trade, business, organization or other entity that is,
along with such Person, treated as a single employer under
Sections 414(b), (c), (m) or (o) of the Code or Section 4001(a)(14) of
ERISA.

 

“Controlled Investment
Affiliate” means, as to any Person, any other Person which directly or
indirectly is in control of, is controlled by, or is under common control with
such Person and is organized by such Person (or any Person controlling such
Person) primarily for making equity or debt investments in Parent or other
portfolio companies.

 

“Controlling Class”
means, for so long as the Series 2008-1 Class A Notes are
Outstanding, the Senior Notes.  If there
are no Series 2008-1 Class A Notes Outstanding, the Subordinated
Notes shall be the Controlling Class.

 

“Copyrights” means
all United States and non-U.S. copyrights, copyrightable works and mask works,
whether registered or unregistered, and pending applications to register the
same.

 

“Corporate Trust Office”
shall mean (i) for note transfer purposes and for purposes of presentment
and surrender of the Notes for the final distributions thereon, 60 Livingston
Avenue, EP-MN-WS2N, St. Paul, MN 55107, Attn: Transfer Unit, and (ii) for
all other purposes, 60 Livingston Avenue, EP-MN-WS3D, St. Paul, MN 55107, Attn:
Structured Finance/NuCO2, or such other
addresses as the Trustee may designate from time to time by notice to the
Noteholders and the Co-Issuers.

 

“CPI” means, with
respect to any period, the Consumer Price Index as published by the U.S.
Department of Labor.

 

“Customer” means a
party (other than an Affiliate of NuCO2) to a Customer Contract or a user of Ancillary
Services.

 

“Customer Collections”
means all payments made on or with respect to (a) the Customer Contracts
(including, without limitation, (i) all amounts payable to the Contract
Holder in connection with a termination of a Customer Contract (“Termination
Amounts”) and (ii) all amounts payable by Customers in connection with
Customer Contracts which NuCO2 (if NuCO2 is the counterparty to that Customer Contract)
or the applicable Securitization Entity (if such Securitization Entity is the
counterparty or 

 

16

 

assignee to that Customer
Contract) designates as deposits made pursuant thereto (the “Customer
Deposits”)), (b) the Ancillary Revenues and (c) all
reimbursements from third parties with respect to sales taxes, property taxes
or other taxes and fees advanced by any of the Securitization Entities on
behalf of such third parties.

 

“Customer Contract
Aggregate Disposition Amount” means, as of any date of determination, the
aggregate revenue (measured in accordance with GAAP) attributable to all of the
Customer Contracts disposed of on such date and during the immediately
preceding twelve month period, with the aggregate revenue attributable to each
such Customer Contract being the revenue generated during the twelve month
period immediately preceding its Disposition.

 

“Customer Contracts”
means contracts existing on the Closing Date and originated after the Closing
Date providing for NuCO2 (prior to the Closing Date) and Contract
Holder (after the Closing Date) to provide to Customers the products and
services contemplated by the Budget Plan, the Equipment Lease and Product
Purchase Plan, the Fill Plan, the Nitrogen Generator Plan and other contracts
(relating to other plans) entered into by NuCO2 (prior to the
Closing Date) and Contract Holder (after the Closing Date) with customers for
the provision by the Contract Holder to such Customers of Equipment leasing,
Bulk CO2 supply, services and sales.

 

“Customer Deposits”
shall have the meaning given in the definition of “Customer Collections” in
this Base Indenture Definitions List.

 

“Customer Location
Equipment” shall have the meaning given in the definition of “Bulk Gases
Business” in this Base Indenture Definitions List.

 

“Customer Location
Equipment Costs” means the costs to the Equipment Holder, including
transaction costs, of purchasing Customer Location Equipment from suppliers for
sale to the Contract Holder, which resells such Customer Location Equipment to
its Customers.

 

“Customer Location
Equipment Resale Revenues” mean all amounts received by the Contract Holder
in respect of sales of Customer Location Equipment to its Customers, which
amounts equal (i) the Customer Location Equipment Costs applicable to the
relevant Customer Location Equipment being sold and (ii) any additional
amounts charged by the Contract Holder in excess of the Customer Location
Equipment Costs applicable to such Customer Location Equipment.

 

“Customer Services” has the meaning
set forth in the Delivery and Customer Services Agreement.

 

“Cut
Off Date” means May 28, 2008.

 

“Daily Commitment Fee
Amount” means, for any day during any Interest Period, the Undrawn
Commitment Fees (as defined in the Class A-2 Note Purchase 

 

17

 

Agreement or the Class A-3
Note Purchase Agreement, as applicable) that accrue for such day on each Class A-2
Note or each Class A-3 Note, as applicable.

 

“Debt Service” means, with
respect to each Payment Date, the sum of (a) the Senior Note Interest
Amount, plus (b) the Class A-2 Senior Note Commitment Fee
Amount, plus (c) the Class A-3 Senior Note Commitment Fee
Amount, plus (d) the Series Hedge Payment Amount, if any; provided,
in respect of the first Payment Date, Debt Service will be deemed to be the
excess, if any, of (i) the sum of clauses (a) through (d) above
over (ii) the Initial Collection Account Senior Note Reserve Amount.

 

“Debt Service Coverage
Ratios” means, collectively, the Three-Month DSCR, the One-Year DSCR, the Series 2008-1
Post-Adjusted Repayment Date DSCR and the Pro Forma DSCR.

 

“Default”
means any occurrence that is, or with notice or the lapse of time or both would
become, an Event of Default.

 

“Default
Rate” has the meaning set forth in the applicable Series Supplement.

 

“Definitive Notes”
shall have the meaning set forth in Section 2.12(a) of the
Base Indenture.

 

“Delivery and Customer
Services Agreement” means the Delivery and Customer Services Agreement,
dated as of  May 28, 2008, by and
between the Contract Holder and the Equipment Holder.

 

“Delivery and Customer
Services Fees” means, for a Weekly Allocation Date, 98% of Adjusted
Customer Collections deposited to the Concentration Account during the
preceding Weekly Collection Period.

 

“Delivery Equipment” means the
Existing Delivery Equipment and any such equipment acquired or leased after the
Closing Date.

 

“Delivery Services” has the meaning
set forth in the Delivery and Customer Services Agreement.

 

“Delivery Truck Leases” means the
Existing Delivery Truck Leases and all future agreements pursuant to which the
Securitization Entities lease Delivery Trucks from certain industrial truck
leasing companies.

 

“Delivery Trucks”
means those motor vehicles (both leased and owned as of the Closing Date or
thereafter by the Securitization Entities) used to perform the Delivery
Services associated with Customer Contracts and Ancillary Revenues.

 

“Depository” shall
have the meaning set forth in Section 2.12(a) of the Base
Indenture.

 

18

 

“Depository Agreement”
means, with respect to a Series or Class of a Series of Notes
having Book-Entry Notes, the agreement among the Co-Issuers, the Trustee and
the Clearing Agency governing the deposit of such Notes with the Clearing
Agency, or as otherwise provided in the applicable Series Supplement.

 

“Determination Date”
means, with respect to any Payment Date, the day that is three Business Days
prior to such Payment Date.

 

“Disposition” means,
with respect to any property of any Person, the sale, transfer, conveyance or
other disposition of such property to another Person.

 

“Dollar” and the
symbol “$” mean the lawful currency of the United States.

 

“Draw Date” means,
with respect to the Series 2008-1 Class A-2 Notes and the Series 2008-1
Class A-3 Notes, the date on which commitments thereunder are drawn.

 

“Drawn VFN Amounts” shall
have the meaning set forth in Section 5.14(i)(v) of the Base
Indenture.

 

“DTC” means The
Depository Trust Company, and any successor thereto.

 

“Early Amortization Event”
shall have the meaning specified in Section 9.1 of the Base
Indenture.

 

“Early Amortization
Period” means all such times as an Early Amortization Event shall have
occurred and be continuing.

 

“Eligible Account”
means (a) a segregated identifiable trust account established in the trust
department of a Qualified Trust Institution or (b) a separately
identifiable deposit or securities account established at a Qualified
Institution.

 

“Employee Company”
means NuCO2 Management LLC,
a Delaware limited liability company, and its successors and assigns.

 

“Employee Company Account”
means the deposit account of the Employee Company designated as “Employee
Company Account” and maintained at Bank of America, N.A., or another financial
institution satisfying the criteria applicable to the Trustee.

 

“Employee Services
Agreement” means the Employee Services Agreement, dated as of  May 28, 2008, between the Equipment
Holder and the Employee Company, as amended, supplemented or otherwise modified
from time to time.

 

“Employee Services Fee”
means the fee identified as the “Employee Services Fee” in the Employee
Services Agreement.

 

19

 

“Employee Wages and
Benefits” means all Employee base salaries, bonuses and other perquisites,
as applicable, all other employee benefits, as may be modified from time to
time, all federal state or local taxes withheld or otherwise required to paid
with respect thereto, liabilities for statutory benefits, including workers’
compensation and unemployment insurance.

 

“Employees” means
individuals employed by NuCO2 as of the Closing Date and
thereafter by the Employee Company that provide the Delivery Services, the
Maintenance Services, the Customer Services, the Ancillary Services and/or
related managerial, administrative and other services, together with any future
employees employed for the same purposes.

 

“Enhancement” means,
with respect to any Series of Notes, the rights and benefits provided to
the Noteholders of such Series of Notes pursuant to any letter of credit,
surety bond, cash collateral account, spread account, guaranteed rate
agreement, maturity guaranty facility, tax protection agreement, or any other
similar arrangement entered into by the Co-Issuers in connection with the
issuance of such Series of Notes as provided for in the applicable Series Supplement
in accordance with the terms of the Base Indenture, including any note guaranty
insurance policy.

 

“Enhancement Agreement”
means any contract, agreement, instrument or document governing the terms of
any Enhancement or pursuant to which any Enhancement is issued or outstanding.

 

“Enhancement Payment
Account” has the meaning set forth in Section 5.7 of the Base
Indenture.

 

“Enhancement Payment
Amount” means for any Interest Period with respect to the applicable Class of
Notes, the aggregate amount due and payable on the applicable Payment Date
pursuant to the related Enhancement Agreement, which amount shall be identified
as the “Enhancement Payment Amount” in the related Series Supplement.

 

“Enhancement Provider”
means the Person providing any Enhancement as designated in the applicable Series Supplement.

 

“Environmental Law”
means any and all laws, rules, orders, regulations, statutes, ordinances,
guidelines, codes, decrees, agreements or other legally enforceable
requirements (including, without limitation, common law) of any
international authority, foreign government, the United States, or any state,
local, municipal or other governmental authority, regulating, relating to or
imposing liability or standards of conduct concerning protection of the
environment or of human health, or employee health and safety, as has been, is
now, or may at any time hereafter be, in effect.

 

“Equipment” means the
high pressure cylinders, Bulk CO2 storage tanks
and receivers, other related maintenance equipment and other equipment in connection
with the Customer Contracts and the Ancillary Revenues, including equipment
used in 

 

20

 

the provision of Customer
Services, and office equipment such as computers, telephones, telephone
systems, desks, records, supplies and other equipment necessary to operate its
Customer service call center (the “Call Center”), the Existing Customer
Location Equipment, the Existing Delivery Equipment, the Existing Service
Location Equipment and the Existing Maintenance Equipment, together with any
equipment acquired or leased on or after the Closing Date by the Equipment
Holder.

 

“Equipment Holder”
means NuCO2 Supply LLC, a Delaware limited liability
company, and its successors and assigns.

 

“Equipment Holder CAPEX
Account” shall have the meaning set forth in Section 5.2(c) of
the Base Indenture.

 

“Equipment Holder CAPEX
Fees” means for any Weekly Allocation Date an amount equal to 6.15% of
Adjusted Customer Collections deposited to the Concentration Account during the
preceding Weekly Collection Period.

 

“Equipment Holder Master
Account” shall have the meaning set forth in Section 5.2(a) of
the Base Indenture.

 

“Equipment Holder
Operating Account” shall have the meaning set forth in Section 5.2(b) of
the Base Indenture.

 

“Equipment Holder
Operating Agreement” means the Amended and Restated Limited Liability
Company Agreement of the Equipment Holder, dated as of May 28, 2008, as
further amended, supplemented or otherwise modified from time to time.

 

“Equipment Holder Operating
Expense Cap” means, for any Weekly Allocation Date, an amount equal to the
sum of (i) $231,000, subject to annual increases to adjust for any
increase in the CPI, and (ii) 31.13% of Adjusted Customer Collections
deposited to the Concentration Account during the preceding Weekly Collection
Period.

 

“Equipment Holder
Operating Expense Fees” means, for any Weekly Allocation Date, an amount
equal to (i) all payments and deposits made during the preceding Weekly
Collection Period pursuant to any agreement relating to the Equipment, the
Delivery Truck Leases, the Real Estate Leases and the Supply Contracts, and (ii) any
other payments and deposits related to the operation of the Bulk Gases Business
made during the preceding Weekly Collection Period; provided that such
amount excludes (a) any Sales Tax Reimbursements or Property Tax
Reimbursements relating to such Weekly Allocation Date and (b) the Product
and Lease Expenses relating to the preceding Weekly Collection Period.

 

“Equipment Lease
and Product Purchase Plan” means a plan under a
Customer Contract pursuant to which the Customer (a) pays a flat monthly
fee for the lease, installation and maintenance of Bulk CO2 Equipment, and (b) for the delivery of
Bulk CO2 on a per pound basis.

 

21

 

“Equity Interests”
means (a) any ownership, management or membership interests in any limited
liability company or unlimited company, (b) any general or limited
partnership interest in any partnership, (c) any common, preferred or
other stock interest in any corporation, (d) any share, participation,
unit or other interest in the property or enterprise of an issuer that
evidences ownership rights therein, (e) any ownership or beneficial
interest in any trust or (f) any option, warrant or other right to convert
into or otherwise receive any of the foregoing.

 

“ERISA” means the
Employee Retirement Income Security Act of 1974, as amended, and any successor
statute of similar import, in each case as in effect from time to time.  References to sections of ERISA also refer to
any successor sections.

 

“Euroclear” means
Euroclear Bank, S.A./N.V., or any successor thereto, as operator of the
Euroclear System.

 

“Event of Bankruptcy”
shall be deemed to have occurred with respect to a Person if:

 

(a) a case or other
proceeding shall be commenced, without the application or consent of such
Person, in any court, seeking the liquidation, reorganization, debt
arrangement, dissolution, winding up, or composition or readjustment of debts
of such Person, the appointment of a trustee, receiver, custodian, liquidator,
assignee, sequestrator or the like for such Person or all or any substantial
part of its assets, or any similar action with respect to such Person under any
law relating to bankruptcy, insolvency, reorganization, winding up or
composition or adjustment of debts, and such case or proceeding shall continue
undismissed, or unstayed and in effect, for a period of sixty (60) consecutive
days; or an order for relief in respect of such Person shall be entered in an
involuntary case under the federal bankruptcy laws or other similar laws now or
hereafter in effect; or

 

(b) such Person shall
commence a voluntary case or other proceeding under any applicable bankruptcy,
insolvency, reorganization, debt arrangement, dissolution or other similar law
now or hereafter in effect, or shall consent to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) for such Person or for any substantial
part of its property, or shall make any general assignment for the benefit of
creditors; or

 

(c) the board of
directors or board of managers (or similar body) of such Person shall vote to
implement any of the actions set forth in clause (b) above.

 

“Event of Default”
means any of the events set forth in Section 9.2 of the Base
Indenture.

 

“Excess Bulk CO2 Tank and Nitrogen Generator Disposition” means, as of
any date of determination, a Disposition of a Bulk CO2 Tank or Nitrogen Generator on any day on which
(x) the applicable Bulk CO2 Tank and
Nitrogen Generator Aggregate 

 

22

 

Disposition Amount as of
such date exceeds (y) the Ordinary Disposition Amount relating to Bulk CO2 Tanks and Nitrogen Generators as of such date.

 

“Excess CAPEX Amounts”
means, as of any Determination Date, an amount equal to the excess, if any, of (i) the
amount on deposit in the Equipment Holder CAPEX Account as of such date over (ii) $20
million.

 

“Excess Customer Contract
Disposition” means, as of any date of determination, a Disposition of a
Customer Contract on any day on which (x) the Customer Contract Aggregate
Disposition Amount as of such date exceeds (y) the Ordinary Disposition
Amount relating to Customer Contracts as of such date.

 

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

 

“Existing Bulk CO2 Equipment
Supply Contracts”
means (i) the existing contract between NuCO2 and Chart
Industries, Inc., dated as of July 1, 2003, as amended from time to
time,  and (ii) the existing
contract between NuCO2 and Harsco Corporation, dated as of June 27,
2006, as amended from time to time, in each case pursuant to which NuCO2 purchases Bulk CO2 Equipment.

 

“Existing Bulk CO2 Supply Contract” means the existing
contract between NuCO2 and The BOC Group, Inc., dated as of
April, 1997, as amended from time to time, pursuant to which NuCO2 purchases Bulk CO2

 

“Existing Customer
Contracts” means the Customer Contracts to which NuCO2 is a party prior to or as of the Closing Date
and transferred (or, with respect to those that have not been assigned, the
related Contract Revenue Streams of which are assigned) to the Securitization
Entities pursuant to the Contribution Agreements.

 

“Existing Customer Location
Equipment” means the Customer Location Equipment owned by NuCO2 on or prior to the Closing Date transferred to
the Securitization Entities pursuant to the Contribution Agreements.

 

“Existing Delivery
Equipment” means the Existing Delivery Trucks together with the Bulk CO2 holding tanks and other
equipment owned by NuCO2 and transferred to the Securitization Entities
pursuant to the Contribution Agreements.

 

“Existing Delivery Trucks”
means the trucks used to complete the Delivery Services on or prior to the
Closing Date (whether owned by NuCO2 or a
Securitization Entity or leased pursuant to the Delivery Truck Leases) and
transferred to the Securitization Entities pursuant to the Contribution
Agreements.

 

“Existing Delivery Truck
Leases” means each of (i) the existing lease between NuCO2 and Ryder Truck Rental, Inc., dated as of
December 1, 1994, as amended from time to time and transferred to the
Securitization Entities pursuant to the Contribution Agreements, and (ii) the
existing lease between NuCO2 and Penske Truck Leasing CO.,
L.P., dated as of  February 7, 2006,
as amended from time to time and 

 

23

 

transferred to the
Securitization Entities pursuant to the Contribution Agreements, in each case
pursuant to which NuCO2 leases Delivery Trucks.

 

“Existing Equipment”
means, collectively, the Existing Related Equipment, the Existing Customer
Location Equipment, the Existing Delivery Equipment, the Existing Service
Location Equipment and the Existing Maintenance Equipment.

 

“Existing Maintenance
Equipment” means the NuCO2-owned equipment that NuCO2 uses to
provide on-site and off-site maintenance and refurbishment of Customer Location
Equipment on or prior to the Closing Date and transferred to the Securitization
Entities pursuant to the Contribution Agreements.

 

“Existing Real Estate
Leases” means the leases existing on the Closing Date, pursuant to which
the stationary Service Locations are leased by NuCO2 from third
parties, and transferred to the Securitization Entities pursuant to the
Contribution Agreements.

 

“Existing Related
Equipment” means the high pressure cylinders, Bulk CO2 storage tanks and receivers, other related
maintenance equipment and other equipment used in connection with the Customer
Contracts and the Ancillary Services, including equipment used in the provision
of Customer Services, and office equipment such as computers, telephones,
telephone systems, desks, records, supplies and other equipment necessary to
operate the Call Center owned by NucO2 and
transferred to the Equipment Holder pursuant to the Contribution Agreements on
or prior to the Closing Date.

 

“Existing
Securitization IP” means the Third Party IP License Agreements and all
Intellectual Property registered
or issued or subject to an application for registration or issuance in the
United States or encompassing Intellectual Property rights in the United States, including, without limitation, all customer lists, algorithms,
Trademarks, trade names, Copyrights, Patents, Know-How and Software, owned,
used or held for use as of the Closing Date by NuCO2 and transferred to the Securitization Entities
pursuant to the Contribution Agreements.

 

“Existing Service
Location Equipment” means each Bulk CO2 storage
receiver, which is used to receive Bulk CO2 from large
capacity tanker trucks and from which the Delivery Trucks are filled with Bulk
CO2 to complete the Delivery Services, as well as
other equipment used at Service Locations existing on the Closing Date, and
transferred to the Securitization Entities pursuant to the Contribution
Agreements.

 

“Existing Supply
Contracts” means the Existing Bulk CO2 Supply
Contract, the Existing Bulk CO2 Equipment
Supply Contracts and any other existing supply contracts owned by NuCO2 prior to or as of the Closing Date and
transferred to the Securitization Entities pursuant to the Contribution
Agreements.

 

24

 

“Extension Election
Period” means, with respect to the Series 2008-1 Notes (i) the
period from the Series 2008-1 Scheduled Maturity Date to the Series 2008-1
First Extended Scheduled Maturity Date and (ii) the period from the Series 2008-1
First Extended Scheduled Maturity Date to the Series 2008-1 Second
Extended Scheduled Maturity Date, as applicable.

 

“FDIC” means the
Federal Deposit Insurance Corporation or any successor agency thereto.

 

“Fill Plan”
means a plan pursuant to a Customer Contract under which a Customer pays for
refills of Bulk CO2 for
Customer-owned Bulk CO2 Equipment on a
per pound or flat monthly fee basis.

 

“Final Payment” means
the repayment of all accrued and unpaid interest, as well as all Outstanding
Principal Amounts, on the Notes.

 

“Final Series Adjusted
Repayment Date” means the Series Adjusted Repayment Date with respect
the last Series of Notes Outstanding.

 

“Final Series Legal
Final Maturity Date” means the Series Legal Final Maturity Date with
respect the last Series of Notes Outstanding.

 

“Financial Assets”
shall have the meaning set forth in Section 5.10 of the Base
Indenture.

 

“First Tier Contribution
Agreement” means the First Tier Contribution Agreement, dated as of May 28,
2008, by and between NuCO2 and the Master Issuer, as
amended, supplemented or otherwise modified from time to time.

 

“Fitch” means Fitch, Inc.,
doing business as Fitch Ratings, or any successor thereto.

 

“GAAP” means the
generally accepted accounting principles promulgated or adopted by the
Financial Accounting Standards Board and its predecessors and successors from
time to time.

 

“Governmental Authority”
means the government of the United States of America or any other nation or any
political subdivision of the foregoing, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other
entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

 

“Hedge Counterparty”
means, with respect to any Series of Notes, the Person specified as the
counterparty to the applicable Interest Rate Hedge Agreement, if any; provided
that any Hedge Counterparty shall have (i) a long-term debt rating of at
least “A” from S&P, “A2” from Moody’s or “A” from Fitch and (ii) a
short-term debt rating of at least “P-1” from Moody’s and “F-1” from Fitch.

 

25

 

“Hedge Payment Account”
has the meaning set forth in Section 5.7 of the Base Indenture.

 

“Holder” and “Noteholder”
means the Person in whose name a Note is registered in the Note Register.

 

“Hot Back-Up Services
Effective Date” means the date of receipt of written notice by the
Replacement Manager from the Administrative Agent (acting at the direction of
the Control Party) to the Replacement Manager to the effect that the
Three-Month DSCR for any Payment Date is less than 1.20 times or that an Event
of Default has occurred and is continuing and the Administrative Agent (acting
at the direction of the Control Party) is exercising its rights under the
Replacement Management Agreement.

 

“Hot Replacement Manager
Phase” means the period during the term of the Replacement Management
Agreement between a “Hot Back-Up Services Effective Date” and a “Hot Back-Up Services
Termination Date,” in accordance with the terms thereof.

 

“Hot Services Replacement
Manager Fees” with respect to any Payment Date, means the fees, if any,
payable to the Replacement Manager for rendering certain “Hot Back-Up Services”
pursuant to the Replacement Management Agreement and that certain fee letter
entered into in connection therewith.

 

“Hypothetical Parent”
means an entity whose only assets are the interests in the Securitization
Entities owned by NuCO2, subject to tax in all
jurisdictions in which NuCO2 is subject to tax and having all
of the same tax attributes (including, without limitation, entity
classification, taxable year, methods of accounting and elections) as NuCO2.

 

“Indebtedness” as
applied to any Person, means, without duplication, (a) all indebtedness
for borrowed money in any form, including derivatives shown as a liability in
accordance with FAS 133, (b) all Capitalized Lease Obligations incurred by
such Person, (c) notes payable, (d) any obligation owed for all or
any part of the deferred purchase price for property or services, which
purchase price is (i) due more than six months from the date of the
incurrence of the obligation in respect thereof or (ii) evidenced by a
note or similar written instrument (other than (A) an earn-out obligation
until such obligation becomes a liability on the balance sheet of such Person
under GAAP or (B) trade payables incurred in the ordinary course of
business, including by means of a corporate purchasing card program or
e-payables program), (e) all indebtedness secured by any Lien on any
property or asset owned by that Person regardless of whether the indebtedness
secured thereby shall have been assumed by that Person or is nonrecourse to the
credit of that Person and (f) all Contingent Obligations of such Person in
respect of 

 

26

 

any of the foregoing.
Notwithstanding the foregoing, Indebtedness shall not include any liability for
federal, state, local or other taxes owed or owing to any governmental entity.

 

“Indemnification Amounts”
means amounts paid by NuCO2 pursuant to Section 4.6
of the First Tier Contribution Agreement, as a result of a breach of any
representation or warranty made by NuCO2.

 

“Indenture” means the
Base Indenture, together with all Series Supplements, as amended,
supplemented or otherwise modified from time to time by Supplements thereto in
accordance with its terms.

 

“Indenture Documents”
means, collectively, the Indenture, the Notes, the Account Control Agreements, each
Note Purchase Agreement and any other agreements relating to the issuance or
the purchase of the Notes or the pledge of Collateral under any of the
foregoing.

 

“Indenture Trust Accounts”
means (a) the Collection Account Administrative Accounts, (b) the
Senior Note Interest Reserve Account, (c) the Cash Trap Reserve Account, (d) the
Contributions Reserve Account, (e) the Termination Amount Reserve Account,
(f) the Hedge Payment Account and, if any, and (g) the Enhancement
Payment Account, if any.

 

“Independent Accountants”
means the firm of independent accountants appointed pursuant to the Master
Management Agreement or any successor independent accountant.

 

“Independent Manager”
means a natural Person who, for the five-year period prior to his or her appointment
as the Independent Manager, has not been, and during the continuation of his or
her service will not be: (i) an employee, director, stockholder, partner
or officer of the related NuCO2 Entity or any
of its Affiliates (other than in his or her service as an Independent Manager
or other similar capacities of such NuCO2 Entity or any
of its Affiliates); (ii) a Customer or supplier of the applicable NuCO2 Entity or any of such entity’s Affiliates; or (iii) any
member of the immediate family of a person described in (i) or (ii) above;
provided that notwithstanding the foregoing, an Independent Manager
shall be permitted to serve as an independent manager, independent director or
in another similar capacity of other limited-purpose entities which are now, or
may in the future be, established by any Affiliate of a NuCO2 Entity or any member thereof.

 

“Initial Collection Account Reserve Amount”
means the initial deposit of approximately $1,969,618 made by Master Issuer to
the Collection Account on the Closing Date.

 

“Initial Collection
Account Senior Note Reserve Amount” means, with respect to the first
Payment Date, the product of (x) the sum of (a) the Senior Note
Interest Amount, plus (b) the Class A-2 Senior Note Commitment
Fee Amount, plus (c) the Class A-3 Senior Note Commitment Fee
Amount, multiplied by (y) the quotient 

 

27

 

obtained by dividing
the number of days between the Closing Date and the first Payment Date
(assuming 30 days in any month) minus 32, by the actual number of days
between the Closing Date and the first Payment Date.

 

“Initial Principal Amount”
means, with respect to any Series or Class (or Subclass) of
Notes, the aggregate initial principal amount of such Series or Class (or
Subclass) of Notes specified in the applicable Series Supplement.

 

“Initial Purchaser”
means UBS Securities LLC.

 

“Initial Series of
Notes” means the Series of Notes (and each Class thereof) issued
on the Closing Date.

 

“Insurance Proceeds”
means the aggregate amount of (a) insurance proceeds for casualty, loss or
business interruption and (b) compensation or other amounts for the
condemnation or taking by eminent domain of any property, received by or on
behalf of any Securitization Entity.

 

“Insurance Proceeds Amounts”
means, for any Payment Date, the Insurance Proceeds that (a) the
Transaction Manager elects to deposit to the Collection Account as “Insurance
Proceeds Amounts” for application in accordance with clause tenth and clause
fifteenth, as applicable, of the Priority of Payments, or (b) that are
no longer Restoration Proceeds.

 

“Insurance Proceeds
Reserve Account” shall have the meaning set forth in Section 5.2(d) of
the Base Indenture.

 

“Intellectual Property”
means any and all of the following in any jurisdiction throughout the world:
Trademarks, Copyrights, Know-How, Patents, Software and all other proprietary
and intellectual property rights, and all registrations and applications for
registration of any of the foregoing.

 

“Interest Period”
means with respect to each Payment Date, a period commencing on and
including the immediately preceding Payment Date and ending on but excluding
such Payment Date; provided that the initial Interest Period will be
from and including the Closing Date to but excluding the Payment Date occurring
in July 2008.

 

“Interest Rate Hedge”
means, with respect to any Series of Notes, any interest rate cap or swap
entered into by the Co-Issuers in connection with the issuance of such Series of
Notes as provided for in the applicable Series Supplement in accordance
with the terms of the Base Indenture.

 

“Interest Rate Hedge
Agreement” means any contract, agreement, instrument or document governing
the terms of any Interest Rate Hedge.

 

28

 

“Interest Rate Hedge
Provider” means the Person providing any Interest Rate Hedge as permitted
in the applicable Series Supplement.

 

“Investment Company Act”
means the Investment Company Act of 1940, as amended.

 

“Investment Income”
means, with respect to the Collection Account, any other Base Indenture
Account, any Concentration Account, any other Securitization Entity Account and
any Series Accounts, for any Monthly Collection Period the excess, if any,
of (a) the sum of all investment interest and other earnings on such
account during such Monthly Collection Period over (b) any investment
losses incurred in respect of such account during such Monthly Collection
Period.

 

“Investment Property”
shall have the meaning specified in Section 9-102(a)(49) of the
applicable UCC.

 

“IP Holder Contribution
Agreement” means the IP Holder Contribution Agreement, dated as of May 28,
2008, between the Master Issuer and the IP Holder, as amended, supplemented or
otherwise modified from time to time.

 

“IP Holder” means NuCO2 IP LLC, a Delaware limited liability company,
and its successors and assigns.

 

“IP Holder Certificate of
Formation” means the certificate of formation of the IP Holder, dated as of
February 21, 2008, as amended, supplemented or otherwise modified from
time to time.

 

“IP Holder Charter
Documents” means the IP Holder Certificate of Formation and the IP Holder
Operating Agreement.

 

“IP Holder Operating
Agreement” means the Amended and Restated Limited Liability Company
Agreement of the IP Holder, dated as of May 28, 2008, as further amended,
supplemented or otherwise modified from time to time.

 

“IRS” means the U.S.
Internal Revenue Service.

 

“Issuer Subsidiary”,
or collectively “Issuer Subsidiaries”, means the Contract Holder, the
Equipment Holder and the IP Holder and each of their successors and assigns.

 

“Know-How” means all
trade secrets and all other confidential or proprietary know how, inventions,
processes, procedures, methods, techniques, discoveries, non-patentable
inventions, industrial designs, improvements, ideas, designs, models, formulae,
algorithms, patterns, compilations, data collections, drawings, blueprints,
devices, Customer lists, technical information and data, specifications,
research and development information, engineering drawings, operating and
maintenance 

 

29

 

manuals, recipes, supplier
lists, pricing and cost information, business plans and other similar
information and rights.

 

“Leadership Team”
means the Chief Executive Officer, the Chief Financial Officer, the Chief
Operating Officer, the General Counsel and the Senior Vice President of Sales
and Customer Support of NuCO2, any other position held by an individual with NuCO2 that contains substantially the same
supervisory responsibilities as any of the positions listed above.

 

“Lenders” means,
collectively, the Variable Funding Lenders.

 

“Lien” means, when
used with respect to any Person, any interest in any real or personal property,
asset or other right held, owned or being purchased or acquired by such Person
which secures payment or performance of any obligation, and shall include any
mortgage, lien, pledge, encumbrance, charge, retained security title of a
conditional vendor or lessor, or other security interest of any kind, whether
arising under a security agreement, mortgage, lease, deed of trust, chattel
mortgage, assignment, pledge, retention or security title, financing or similar
statement, or arising as a matter of law, judicial process or otherwise.

 

“Maintenance Equipment” means
equipment owned by the Equipment Holder and utilized to provide the Maintenance
Services.

 

“Maintenance Services” means on-site
and off-site maintenance and refurbishment of Customer Location Equipment.

 

“Majority” with
respect to any Series of Notes, the Holders of more than 50% of the
Aggregate Outstanding Principal Amount of such Series of Notes (excluding
any Notes held by any Co-Issuer or any Affiliate of any Co-Issuer), for which
purpose the Series 2008-1 Class A-2 Notes, Series 2008-1 Class A-3
Notes and any other variable funding Series of Notes will be deemed to be
fully drawn.

 

“Master Issuer” means
NuCO2 Funding LLC, a Delaware limited liability
company, and its successors and assigns.

 

“Master Issuer
Certificate of Formation” means the certificate of formation of the Master
Issuer, dated as of February 21, 2008, as amended, supplemented or
otherwise modified from time to time.

 

“Master Issuer Charter
Documents” means the Master Issuer Certificate of Formation and the Master
Issuer Operating Agreement.

 

“Master
Issuer Operating Agreement” means the Amended and Restated Limited
Liability Company Agreement of the Master Issuer, dated as of May 28,
2008, as further amended, supplemented or otherwise modified from time to time.

 

30

 

“Master Issuer Trustee
Accounts” shall have the meaning set forth in Section 5.10 of
the Base Indenture.

 

“Master Management
Agreement” means the Master Management Agreement, dated as of  May 28, 2008, between NuCO2, as the Master Manager, and
the Transaction Manager, as amended, supplemented or otherwise modified from
time to time.

 

“Master Management Fee”
means, with respect to each Payment Date, an amount equal to the sum of (a) for
strategic and advisory services related to management, a fee of $874,000 per
annum and (b) for strategic and advisory services related to servicing, a
fee of $50,000 per annum.  These two
components of the Master Management Fee will each be adjusted annually based on
the CPI.  The Master Management Fee and
the reimbursement of expenses of the Master Manager shall be payable solely
from amounts received by the Transaction Manager pursuant to the terms of, and
to the extent amounts are available for payment under, the Priority of Payments.

 

“Master Management
Standard” shall have the meaning set forth in the Master Management
Agreement.

 

“Master Manager”
means NuCO2 (or any replacement) acting as “Master Manager”
under the Master Management Agreement, and any successor thereto.

 

“Master Manager Default”
means any of the events set forth in Section 7.1 of the Master
Management Agreement.

 

“Master Manager Interest
Coverage Ratio” means, at any time of determination, an amount equal to the
ratio of (a) Consolidated EBITDA for the most recently ended twelve-month
period for which financial statements are available, divided  by (b) the
Consolidated Interest Expense for such period and, without duplication,
amortization of debt issuance costs, debt discount or premium and other
financing fees and expenses incurred by NuCO2 or any of its
Subsidiaries for such period (determined on a pro forma basis to give effect to
the application of the proceeds of the proposed Indebtedness).

 

“Master Manager Leverage
Ratio” means, at any time of determination, an amount equal to the ratio of
(a) the consolidated Indebtedness of NuCO2 and any of
its Subsidiaries (on a pro forma basis for Indebtedness proposed to be incurred
or repaid), less cash and cash equivalents and less any Indebtedness
attributable to Permitted Interest Rate Hedges, as of the last day of the
immediately preceding twelve-month period for which financial statements are
available, divided by (b) Consolidated EBITDA for the immediately
preceding twelve-month period for which financial statements are available.

 

“Master Manager
Termination Event” means the occurrence of an event specified in Section 7.2
of the Master Management Agreement.

 

31

 

“Material Adverse Effect”
means, with respect to any occurrence, event or condition, individually or in
the aggregate, and including, without limitation, any previously undisclosed
environmental liability:

 

(a) a material adverse
effect on the condition (financial or otherwise), business, properties,
prospects, profits or operations of the Co-Issuers;

 

(b) a material adverse
effect on the ability of the Co-Issuers to perform their payment and other
obligations pursuant to the Indenture Documents or the ability of the Master
Manager to perform its obligations pursuant to the Master Management Agreement;

 

(c) a material adverse
effect on the ability of NuCO2 to perform its material
obligations under any of the Related Documents;

 

(d) a material adverse
change in or effect on (i) the enforceability of any material terms of the
Customer Contracts taken as a whole, (ii) the likelihood of the payment of
all amounts due and payable by the Customers under the terms of the Customer
Contracts taken as a whole or (iii) the value of the Customer Contracts
and/or the Customer Collections payable under the Customer Contracts taken as a
whole;

 

(e) a material adverse
change in or effect on (i) the enforceability of the Securitization IP
taken as a whole or any material part of the Securitization IP, (ii) the
value of the Securitization IP taken as a whole, (iii) the transferability
or the transfer of any material portion of the Securitization IP to the IP
Holder or the ownership thereof by the IP Holder or any Additional IP Holder or
(iv) the validity, status, perfection or priority of the Lien in any
material part of the Securitization IP required under the Base Indenture; or

 

(f) a material adverse
effect on (i) the validity or enforceability of any Related Document or
the rights and remedies of the Co-Issuers, the Master Manager, the Replacement
Manager, the Trustee, the Administrative Agent, the Holders or the Control
Party under or with respect to any Related Document or (ii) the validity,
status, perfection or priority of the Lien of the Trustee in any material
portion of the Collateral.

 

“Miscellaneous Equipment”
means carbon dioxide detectors and any other Equipment (not including Bulk CO2 Tanks and Nitrogen Generators) sold by the
Co-Issuers to their Customers.

 

“Monthly Collection
Period” means, with respect to any Payment
Date, the calendar month preceding the calendar month in which such Payment
Date occurs, or for the first Payment Date, the period from and including the
Cut Off Date through and to the end of June, 2008.  Any reference to a Monthly Collection Period
relating to a Payment Date means the Monthly Collection Period most recently
ended prior to such Payment Date.

 

32

 

“Monthly Manager’s
Certificate” shall have the meaning specified in Section 4.1(b) of
the Base Indenture.

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor thereto.

 

“Multiemployer Plan”
means any “multiemployer plan” as defined in Section 4001 of ERISA.

 

“Net Cash Flow”
means, with respect to any Payment Date and the Monthly Collection Period
relating to such Payment Date, an amount equal to the excess, if any, of

 

(a) the Adjusted
Customer Collections for each Weekly Allocation Date during such Monthly
Collection Period (excluding Termination Amounts), plus the Customer
Location Equipment Resale Revenues deposited to the Concentration Account
during the Weekly Collection Periods immediately preceding each Weekly
Allocation Date occurring during such related Monthly Collection Period, plus
Contributions made during such Monthly Collection Period; provided that
such Contributions shall be excluded for purposes of (i) the calculation
of the One-Year DSCR, (ii) the calculation of the Pro-Forma DSCR, (iii) the
calculation of the Three-Month DSCR for purposes of determining the end of a Series 2008-1
Cash Trapping Period, (iv) the calculation of the Three-Month DSCR for
purposes of determining whether the applicable Senior Note Interest Reserve
Required Amount shall be decreased or increased, and (v) the calculation
of the Three-Month DSCR for purposes of determining whether an Event of Default
has occurred, over

 

(b) the sum of (i) the
SPE Operating Expenses paid on each Payment Date with respect to such Monthly
Collection Period, plus (ii) the Transaction Management Fee paid on
each Payment Date to the Transaction Manager with respect to such Monthly
Collection Period, plus (iii) all reimbursements, if any, paid to
the Transaction Manager during such Monthly Collection Period, plus (iv) the
Equipment Holder Operating Expense Fees paid during such Monthly Collection
Period, plus (v) the Product and Lease Expenses paid during such
Monthly Collection Period.

 

“New Class A-2
Customer Contract”  means, with
respect to any Payment Date, any Class A-2 Customer Contract entered into
during the related Monthly Collection Period.

 

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

 

“Nitrogen
Generator” shall have the meaning given under the definition of
“Nitrogen Generator Plan” in this Base Indenture Definitions List.

 

33

 

“Nitrogen
Generator Plan” means a plan under a Customer Contract pursuant to
which a Customer pays a flat monthly fee for
the lease, installation and maintenance of nitrogen generators (each, a “Nitrogen
Generator”).

 

“Non-U.S. IP Rights Agreement” means the
Non-U.S. Intellectual Property Rights Agreement, dated as of the Closing Date,
entered into by and among the IP Holder, the Master Issuer, the Contract
Holder, the Equipment Holder and the Master Manager.

 

“Note Insurance Agreement”
means any insurance agreement pursuant to which an Insurer issues a Policy to
insure or financially guarantee the payment of principal of or interest on any Class or
Series of Notes, as specified in the applicable Series Supplement.

 

“Note Make Whole Premium”
means, with respect to (i) the Series 2008-1 Notes, the Series 2008-1
Note Make Whole Premium (as defined in the Series 2008-1 Supplement), and (ii) any
additional Series of Notes, the meaning specified in the related Series Supplement.

 

“Note Owner” means,
with respect to a Book-Entry Note, the Person who is the beneficial owner of
such Book-Entry Note, as reflected on the books of the Clearing Agency that
holds such Book-Entry Note, or on the books of a Person maintaining an account
with such Clearing Agency (directly or as an indirect participant, in
accordance with the rules of such Clearing Agency).

 

“Note Purchase Agreement”
means a Variable Funding Note Purchase Agreement or a Term Note Purchase
Agreement.

 

“Note Rate” or “Note
Interest Rate” means, with respect to any Series or any Class of
any Series of Notes, the annual rate at which interest (other than
contingent additional interest) accrues on the Notes of such Series or
such Class of such Series of Notes (or the formula on the basis of
which such rate shall be determined) as stated in the applicable Series Supplement.

 

“Note Register” shall
have the meaning set forth in Section 2.5(a) of the Base
Indenture.

 

“Noteholder” and “Holder”
means the Person in whose name a Note is registered in the Note Register.

 

“Noteholders’ Statement”
means, with respect to any Series of Notes, a statement substantially in
the form of an Exhibit D to the applicable Series Supplement.

 

“Notes” shall have
the meaning specified in the recitals to the Base Indenture.

 

34

 

“Notice Triggering
Customer Contract Disposition” means, as of any date of determination, a
Disposition of a Customer Contract on any day on which (x) the Customer
Contract Aggregate Disposition Amount as of such date exceeds (y) the
Notice Triggering Customer Contract Disposition Amount as of such date.

 

“Notice Triggering
Customer Contract Disposition Amount” means, as of any date of
determination, an amount equal to 5% of the aggregate revenue (measured in
accordance with GAAP) received on all Customer Contracts during the immediately
preceding twelve-month period.

 

“NuCO2” means NuCO2 Inc., a Florida corporation.

 

“Obligations” means (a) all
principal, interest and premium, if any, at any time and from time to time,
owing by the Co-Issuers on the Notes, (b) all other obligations, covenants
and liabilities of the Co-Issuers arising under, or payments otherwise provided
to be made pursuant to, the Indenture, the Notes or any other Indenture
Document and (c) the obligation of the Co-Issuers to pay all fees and
expenses to the Trustee, the Registrar, the Paying Agent and the Administrative
Agent when due and payable as provided in the Indenture.

 

“Obsolete Property
Disposition” means any sale or other disposition of an interest in any of
the Securitization Entities’ (a) inventory, equipment, furniture, fixtures
and other assets (other than Intellectual Property) deemed by the Master
Manager to be obsolete, worn out or no longer useful in the ordinary course of
business in accordance with the Master Management Standard, including trade-ins
of equipment so long as such equipment is replaced, concurrently, by like-kind
equipment in an effort to upgrade the Securitization Entities’ equipment or (b) in
connection with the acquisition of another business, newly-acquired inventory,
equipment, furniture, fixtures and other assets (other than the Intellectual
Property), which the Master Manager deems not useful to the Bulk Gases Business
in accordance with the Master Management Standard, provided, in the case
of clause (b), that the Master Issuer (or the Master Manager on behalf of the
Master Issuer) has given written notice to the Trustee and the Control Party
within 60 days of acquiring such assets (and prior to selling or otherwise
disposing of such assets) of its intention to sell or otherwise dispose of such
assets within 60 days of such notice.

 

“Offering Memorandum”
means, in relation to any Series of Notes, the offering memorandum
relating to such Series of Notes, if any.

 

“Officer’s Certificate”
means a certificate signed by an Authorized Officer of each Co-Issuer.

 

“One-Month LIBOR”
means, for any Interest Period, the London interbank offered rate for
Eurodollar deposits for one month which appears on the page of the Reuters
screen which displays an average British Bankers Association Interest
Settlement Rate (such page currently being Reuters Screen LIBOR01 Page)
(or such other page as may replace such page on that service for the
purpose of displaying London interbank offered rates of major banks, or if such
service is no longer offered, such other 

 

35

 

service for displaying LIBOR
or comparable rates as may be selected by the Indenture Trustee) as of 11:00 a.m.,
London time, on the second Eurodollar Business Day prior to the first day of
such Interest Period. If such rate does not appear on such page of any
such service, the rate will be determined on the basis of the rates at which
deposits in U.S. Dollars are offered by the reference banks (which will be
three major banks that are engaged in transactions in the London interbank
market, selected by the Indenture Trustee) as of 11:00 a.m., London time,
on the second Eurodollar Business Day prior to the first day of such Interest
Period to prime banks in the London interbank market for a period of one month
in amounts approximately equal to the principal amount of the relevant Class of
Notes then outstanding. The Trustee will request the principal London office of
each of the reference banks to provide a quotation of its rate. If at least two
such quotations are provided, the rate will be the arithmetic mean of the
quotations. If on such date fewer than two quotations are provided as
requested, the rate will be the arithmetic mean of the rates quoted by two or
more major banks in New York City, selected by the Trustee, as of 11:00 a.m.,
New York City time, on such date for loans in U.S. Dollars to leading European
banks for a period of one month in amounts approximately equal to the principal
amount of the relevant Class of Notes then outstanding. If no such
quotations can be obtained, the rate will be the One-Month LIBOR for the prior
Interest Period.

 

“One-Year DSCR”
means, with respect to each Payment Date, the ratio calculated by dividing
(i) the Net Cash Flow during the related Monthly Collection Period and the
prior eleven Monthly Collection Periods (excluding Contributions) by (ii) the
Debt Service due on such Payment Date and the immediately preceding eleven
Payment Dates.

 

“Operating Agreement”
means any one or more, depending on the context in which it is used, of the
Co-Issuers’ Operating Agreements and any Additional Securitization Entity
Operating Agreement.

 

“Opinion of Counsel”
means a written opinion from legal counsel who is reasonably acceptable to the
Trustee.  The counsel may be counsel to
the Securitization Entities or NuCO2.

 

“Ordinary Disposition
Amount” means, as of any date of determination, (i) for Customer
Contracts, an amount equal to 10% of the aggregate revenue (measured in
accordance with GAAP) received on all Customer Contracts during the immediately
preceding twelve month period, and (ii) for Bulk CO2 Tanks and Nitrogen Generators, an amount equal
to 2% of the total number of all Bulk CO2 Tanks and
Nitrogen Generators owned by the Securitization Entities on the first day of
the immediately preceding twelve month period.

 

“Other Collections”
means any amounts deposited into a Concentration Account that are not readily
identifiable as Investment Income earned with respect to amounts on deposit in
any Concentration Account.

 

“Outstanding” means
with respect to the Notes, all Notes theretofore authenticated and delivered
under the Indenture, except (a) Notes theretofore cancelled or 

 

36

 

delivered to the Registrar
for cancellation, (b) Notes which have not been presented for payment but
funds for the payment of which are on deposit in the appropriate account and
are available for payment in full of such Notes and (c) Notes in exchange
for or in lieu of other Notes which have been authenticated and delivered
pursuant to the Indenture unless proof satisfactory to a Trust Officer is
presented that any such Notes are held by a purchaser for value.

 

“Outstanding Principal
Amount” means, with respect to each Series of Notes, the amount
calculated in accordance with the applicable Series Supplement.

 

“Parent” means NuCO2 Parent Inc., a Delaware
corporation.

 

“Patents” means all
United States and non-U.S. patents and inventions (whether or not patentable or
reduced to practice) described and claimed therein, patent applications,
divisions, continuations, continuations-in-part, extensions, provisional patent
applications, reexaminations, and reissues thereof, and improvements thereto.

 

“Paying Agent” shall
have the meaning specified in Section 2.5(a) of the Base Indenture.

 

“Payment Date” means
the 25th day of each calendar month or, if such day is not a Business Day, the
next succeeding Business Day, commencing on July 25, 2008.

 

“Permitted Asset
Disposition” shall have the meaning set forth in Section 8.16
of the Base Indenture.

 

“Permitted Hedges” of
any Co-Issuer means (i) each Permitted Interest Rate Hedge and (ii) any
other Interest Rate Hedge required to be treated as “Indebtedness” under clause
(a) of the definition of that term with respect to which the Co-Issuers
have received a Rating Agency Confirmation Letter, and that conforms to the
terms considered in such Rating Agency Confirmation Letter (provided
that the aggregate notional amount of all Permitted Hedges in effect at any
time shall not exceed $50,000,000).

 

“Permitted Holder”
means the collective reference to the following:

 

(a) Aurora Equity
Partners III L.P. and Aurora Overseas Equity Partners III L.P. (together, the “Limited
Partnerships”);

 

(b) Aurora Capital
Partners III L.P. and Aurora Overseas Advisors Capital Partners III L.P.
(together, the “General Partners”);

 

(c) Aurora Advisors III
LLC and Aurora Overseas Advisors III LLC (together, the “Ultimate General
Partners”);

 

37

 

(d) any limited
partners of the Limited Partnerships, any limited partners of the General
Partners or any Controlled Investment Affiliate of any or more of such limited
partners, provided that any such limited partner or Controlled
Investment Affiliate grants an irrevocable proxy to any of the Limited
Partnerships or the General Partners with respect to any and all matters
regarding Parent and NuCO2;

 

(e) any managing
director or, consultant to or employee of Aurora Management Partners LLC or
NuCO2, provided
that any such managing director, consultant or employee grants an irrevocable
proxy to any of the Limited Partnerships or the General Partners with respect
to any and all matters regarding Parent and NuCO2;

 

(f) any member of the
advisory board of Aurora Management Partners LLC, provided that any such
member grants an irrevocable proxy to any of the Limited Partnerships or the
General Partners with respect to any and all matters regarding Parent and NuCO2; or

 

(g) any Affiliate of
Aurora Management Partners LLC, provided that any such Affiliate grants
an irrevocable proxy to any of the Limited Partnerships or the General Partners
with respect to any and all matters regarding Parent and NuCO2.

 

“Permitted Interest Rate
Hedge” means an Interest Rate Hedge with respect to which (i) the
Master Issuer is the fixed rate payor, (ii) the Hedge Counterparty is the
floating rate payor, (iii) the floating rate is One-Month LIBOR, (iv) the
notional amount does not exceed $50,000,000 and (v) the expiration date is
not later than twelve months after the trade date of such Interest Rate Hedge.

 

“Permitted Investments”  means
any one or more negotiable instruments or securities, purchased at or for less
than their par value, payable in Dollars, issued by an entity organized under
the laws of the United States of America or any state thereof (or by the United
States of America) and represented by instruments in bearer or registered
form or in book-entry form which evidence:

 

(a)           obligations that are direct obligations the full and
timely payment of which is to be made by, or obligations that are fully
guaranteed as to principal and interest by, the United States of America other
than financial contracts whose value depends on the values or indices of asset
values; provided that each such obligation is (i) backed by the
full faith and credit of the United States of America, (ii) has a
predetermined, fixed amount of principal due at maturity (that cannot vary or
change) and (iii) either (A) bears interest at a fixed rate or
at an interest rate tied to a single interest rate index plus a single fixed
spread or (B) is a Treasury Bill or similar instrument that does not bear
interest but is instead sold at a discount at the time it is originally issued;

 

(b)           demand deposits of, time deposits in, or certificates of
deposit issued by, any depositary institution or trust company incorporated
under the laws of the United States of America or any state thereof whose
short-term debt is rated in the highest short-term debt rating category
respectively by any two of (i) Moody’s, (ii) S&P and (iii) Fitch,
and which is subject to supervision and examination by federal or state 

 

38

 

banking or depositary
institution authorities; provided, however, that at the time of
the investment the long-term unsecured debt obligations (other than such
obligations whose rating is based on collateral or on the credit of a Person
other than such institution or trust company) of such depositary
institution or trust company shall have a credit rating from any two of (i) S&P,
(ii) Moody’s and (iii) Fitch of “A”, “A2” or “A”, respectively;

 

(c)           commercial paper (i) rated by any two of (x) S&P,
(y) Moody’s and (z) Fitch, in the highest short-term debt rating
category, (ii) having a predetermined fixed amount of principal due at
maturity (that cannot vary or change) and (iii) (A) bearing
interest at a fixed interest rate or an interest rate tied to a single interest
rate index plus a single fixed spread or (B) not bearing interest and that
is sold at a discount at the time it is originally issued;

 

(d)           bankers’ acceptances issued by any depositary institution
or trust company described in clause (b) above;

 

(e)           investments in money market funds (including money market
funds managed by the Trustee or its Affiliates) that have as one of their
investment objectives the maintenance of a constant net asset value with a
rating of any two of (i) “Aaa” by Moody’s, (ii) “AAA” by S&P and (iii) “AAA”
by Fitch, or otherwise approved in writing by the Control Party and the Rating
Agencies; and

 

(f)            any other instruments or securities, if approved in
writing by the Control Party and the Rating Agencies confirm in writing that
the investment in such instruments or securities will not adversely affect any
ratings with respect to any Series of Notes;

 

provided that (i) no such
investment shall evidence either the right to receive (A) only interest
with respect to such investment or (B) in the case of an interest-bearing
obligation, a yield to maturity greater than 120% of the yield to maturity at
par of the underlying obligation (ii) each Permitted Investment (A) is
at all times available for withdrawal or liquidation at par or (B) matures
prior to the immediately succeeding Payment Date, (iii) no such investment
shall have the “r” symbol attached to its rating and (iv) no payments on
any such investment shall be subject to withholding tax.  Permitted Investments may be purchased by or
through the Trustee or its Affiliates.

 

“Permitted Liens”
means (a) Liens for (i) taxes, assessments or other governmental
charges not delinquent or (ii) taxes, assessments or other charges being
contested in good faith and by appropriate proceedings and with respect to
which adequate reserves have been established, and are being maintained, in
accordance with GAAP, (b) all Liens created or permitted under the Related
Documents in favor of the Trustee for the benefit of the Secured Parties, (c) Liens
existing on the Closing Date, which shall be released on such date, (d) deposits
or pledges made (i) in connection with health insurance or casualty
insurance maintained in accordance with the Related Documents, (ii) to
secure the performance of bids, tenders, contracts or leases, (iii) to
secure workers’ compensation or unemployment insurance self insurance
arrangements, statutory obligations or surety or appeal bonds or (iv) to
secure indemnity, performance 

 

39

 

or other similar bonds in
the ordinary course of business of any Securitization Entity, (e) Liens of
carriers, warehouses, mechanics and similar Liens, in each case under this
clause (e) (i) for amounts not delinquent for a period of more than
60 days or (ii) being contested in good faith by any Securitization Entity
in appropriate proceedings (so long as such Securitization Entity shall, in
accordance with GAAP, have set aside on its books adequate reserves with
respect thereto), (f) restrictions under federal, state or foreign securities
laws on the transfer of securities, (g) easements, rights-of-way,
restrictions or other similar Liens under reciprocal easement, operating or
similar agreements in respect of real property, encroachments, and other minor
defects or irregularities in title, in each case which do not and will not
interfere in any material respect with the ordinary conduct of the business of
NuCO2 or any of its Subsidiaries, (h) any (i) interest
or title of a lessor or sublessor under any lease of real estate permitted
hereunder, (ii) restriction or encumbrance that the interest or title of
such lessor or sublessor may be subject to, or (iii) subordination of the
interest of the lessee or sublessee under such lease to any restriction or
encumbrance referred to in the preceding clause (ii), (i) Liens solely on
any cash earnest money deposits made by a Securitization Entity in connection
with any purchase of assets permitted hereunder, (j) purported Liens
evidenced by the filing of precautionary UCC financing statements relating
solely to operating leases of personal property entered into in the ordinary
course of business or as otherwise contemplated by the Related Documents, (k) Liens
securing Capitalized Lease Obligations permitted by clause (iv) of Section 8.13
of the Base Indenture; provided that any such Lien shall encumber only
the assets acquired with the proceeds of such Capitalized Lease Obligations, (l) leases
and subleases of property granted to others in the ordinary course of business
not interfering in any material respect with the business of the Securitization
Entities, taken as a whole, (m) Liens in favor of Hedge Counterparties
granted pursuant to Permitted Hedges and (n) Liens created in the ordinary
course of business in favor of banks or other financial institutions over
credit balances of any bank account held at such bank/financial institution so
long as such Liens are subordinated or waived in the applicable Account
Agreements.

 

“Person” means any
natural person, corporation, business trust, joint venture, association,
company, partnership, limited liability company, joint stock company, trust,
unincorporated organization or Governmental Authority or other entity.

 

“Plan” means any “employee
pension benefit plan”, as such term is defined in ERISA, which is subject to
Title IV of ERISA or subject to Section 412 of the Code including any
Multiemployer Plan.

 

“Pledge Agreement”
means the Pledge Agreement, dated as of  May 28,
2008, by and between NuCO2, as the pledgor, and the Trustee, as the pledgee, as amended,
supplemented or otherwise modified from time to time.

 

“PORTAL securities”
means securities that are currently designated and authorized for inclusion in
the PORTAL® Market operated by the Nasdaq Stock Market LLC.

 

40

 

“Post-Adjusted
Repayment Date DSCR” means, with respect to the Series 2008-1 Notes
and any Payment Date following the Series 2008-1 Adjusted Repayment Date,
the ratio calculated by dividing (A) the Net Cash Flow for the
related Monthly Collection Period and the immediately preceding two Monthly
Collection Periods by (B) the aggregate amount of principal and interest
that would be payable in the succeeding three Monthly Collection Periods on a
loan that has a fully amortizing level principal and interest payment schedule
assuming (i) the initial principal balance of such loan was equal to the
Aggregate Outstanding Principal Amount of all the Series 2008-1 Class A
Notes as of the date of such calculation, (ii) the remaining term to
maturity of that loan was equal to the remaining term from the date of such
calculation to the end of the 25th year following the Closing Date and (iii) the
interest rate on that loan was equal to the then-current weighted average
interest rate on the Series 2008-1 Class A Notes, weighted based on
outstanding principal balances of each of the Series 2008-1 Class A
Notes (excluding any rate of any Senior Contingent Additional Interest on all Series 2008-1
Class A Notes) as of the date of such calculation.

 

“Preferred
Equity Interest” means the preferred membership interests in the Employee
Company owned by the Master Issuer.

 

“Principal Terms”
shall have the meaning specified in Section 2.3 of the Base
Indenture.

 

“Priority of Payments”
means the allocation and payment obligations described in Section 5.13
of the Base Indenture as supplemented by the allocation and payment obligations
with respect to each Series of Notes described in each Series Supplement.

 

“Proceeding” means
any suit in equity, action at law or other judicial or administrative
proceeding.

 

“Proceeds” shall have
the meaning specified in Section 9-102(a)(64) of the applicable UCC.

 

“Product and Lease
Expenses” means an amount equal to the sum of (a) the raw materials
cost of Bulk Gases offered for sale by the Contract Holder, (b) the
Delivery Truck Lease expenses, (c) the Real Estate Lease expenses and the
Use and Occupancy License expenses, (d) the cost of high pressure cylinder
rentals and (e) to the extent of Customer Location Equipment Resale
Revenues received in the Concentration Account during the applicable preceding
Weekly Collection Period, the related Customer Location Equipment Costs.

 

“Pro Forma Adjusted Customer Collections”
means, with respect to each Payment Date, the sum of (a) the Adjusted
Customer Collections (excluding Collections attributable to the New Class A-2
Customer Contracts at such time) for each Weekly Allocation Date occurring
during the related Monthly Collection Period and the two immediately preceding
Monthly Collection Periods; provided that for purposes of this clause
(a), “Collections” shall exclude the related Termination Amounts and Asset 

 

41

 

Disposition Amounts; and (b) the product of (i) the
Adjusted Customer Collections, if any, attributable to the New Class A-2
Customer Contracts (excluding the related Termination Amounts) for the related
Monthly Collection Period, and (ii) three.

 

“Pro Forma Adjusted Net Cash Flow” means, with
respect to each Payment Date, an amount equal to the excess, if any, of (a) the
related Pro Forma Adjusted Customer Collections, plus the Customer Location
Equipment Resale Revenues deposited to the Concentration Account during the
Weekly Collection Periods immediately preceding each Weekly Allocation Date
occurring during the related Monthly Collection Period and the two immediately
preceding Monthly Collection Periods, over (b) the sum of (i) the SPE
Operating Expenses paid on such Payment Date and the two immediately preceding
Payment Dates, plus (ii) the Transaction Management Fee paid on such
Payment Date and the two immediately preceding Payment Dates, plus (iii) all
reimbursements, if any, paid to the Transaction Manager on such Payment Date
and the two immediately preceding Payment Dates, plus (iv) the sum of (x) the
Equipment Holder Operating Expense Fees (excluding any Equipment Holder
Operating Expense Fees attributable to the New Class A-2 Customer
Contracts) withdrawn from the Equipment Holder Master Account during the
related Monthly Collection Period and the two immediately preceding Monthly
Collection Periods, and (y) the product of (I) any Equipment Holder
Operating Expense Fees attributable to the New Class A-2 Customer
Contracts withdrawn from the Equipment Holder Master Account during the last 30
days, and (II) three (but in no event greater than the Pro Forma Equipment
Holder Operating Expense Cap); plus (v) the product of (x) the
Product and Lease Expenses withdrawn from the Equipment Holder Master Account
during the last 30 days, and (y) three.

 

“Pro Forma Debt Service” means, with respect to each Payment Date, an amount equal to the sum of (a) the
Debt Service relating to the Series 2008-1 Notes due on such Payment Date
and the two immediately preceding Payment Dates, plus (b) the
product of (i) three, and (ii) the net increase in interest expense
(adjusted for the corresponding reduction in commitment fees) on the Series 2008-1
Class A-2 Notes for the immediately following Interest Period.

 

“Pro Forma DSCR” with
respect to each Payment Date, an amount equal to the ratio calculated by dividing
(a) the related Pro Forma Adjusted Net Cash Flow, by (b) the related
Pro Forma Debt Service.

 

“Pro Forma Equipment
Holder Operating Expense Cap”  means, on any Payment Date, an amount
equal to the sum of (i) $1,001,000, subject to annual increases to adjust
for any increase in the CPI, and (ii) 31.13% of the related Pro Forma
Adjusted Customer Collections.

 

“Pro Forma Tax Amount”
means the hypothetical tax, as reasonably determined by the Master Manager,
that a Hypothetical Parent (or its owners, to the extent the income of the
Hypothetical Parent is taxable to its owners) would be required to pay to all
tax authorities.  For the purposes of
this determination, any amount paid by any Securitization Entity to Employee
Company shall be treated as a compensation expense.

 

42

 

“Property Tax
Reimbursements” means, on any Weekly Allocation Date, any amounts owed to
the Equipment Holder by the Contract Holder for property taxes advanced by the
Equipment Holder on behalf of the Customers during the preceding Weekly
Collection Period.

 

“PTO” means the U.S. Patent and Trademark
Office and any successor U.S. federal office.

 

“Qualified Institution”
means a depository institution organized under the laws of the United States of
America or any state thereof or incorporated under the laws of a foreign
jurisdiction with a branch or agency located in the United States of America or
any state thereof and subject to supervision and examination by federal or
state banking authorities which at all times shall have the Required Rating
and, in the case of any such institution organized under the laws of the United
States of America, whose deposits are insured by the FDIC.  On the Closing Date, Bank of America, N.A. is
a Qualified Institution.

 

“Qualified Trust
Institution” means an institution organized under the laws of the United
States of America or any state thereof or incorporated under the laws of a
foreign jurisdiction with a branch or agency located in the United States of
America or any state thereof and subject to supervision and examination by
Federal or state banking authorities which at all times (i) is authorized
under such laws to act as a trustee or in any other fiduciary capacity, (ii) has
capital, surplus and undivided profits of not less than $250,000,000 as set
forth in its most recent published annual report of condition and (iii) has
a long term deposits rating of not less than two of the following: “A2” by
Moody’s, “A” by S&P, and “A” by Fitch.

 

“Quarterly Customer
Contracts Report” shall have the meaning specified in Section 4.1(h) of
the Base Indenture.

 

“Rating Agencies” or “Rating
Agency” with respect to any Series of Notes, shall have the meaning specified
in the applicable Series Supplement.

 

“Rating Agency Condition” means, with respect to any prospective action or
occurrence, a condition that shall be satisfied if each Rating Agency then
rating any Notes then Outstanding (or, if so specified, the relevant Rating
Agency) notifies the Trustee in writing that such action or occurrence, as the
case may be, will not result in a withdrawal or reduction of either (i) the
initial ratings issued on the applicable issuance dates with respect to such
Outstanding Notes or, (ii) if such Outstanding Notes were upgraded
following their applicable issuance dates, the then-current rating on the
Notes, without giving effect to any Enhancement, by S&P, Moody’s or Fitch,
respectively.

 

“Rating Agency
Confirmation Letter” (i) with respect to a new Series of Notes,
refers to written confirmation by the applicable rating agency confirming that
such Notes have been assigned a rating specified in the applicable Series Supplement
and that such ratings are in full force and effect on the such issuance date, (ii) with
respect to existing Notes, refers to written confirmation by the applicable
rating agency confirming 

 

43

 

that the ratings specified
in the applicable Series Supplement relating to such Notes Outstanding
remain in full force and effect on the issuance date of the new Notes after
giving effect to such issuance and (iii) with respect to existing Notes,
refers to written confirmation by the applicable rating agency confirming that
the ratings specified in the applicable Series Supplement relating to such
Notes Outstanding remain in full force and effect on the issuance date of the
new Notes after giving effect to the occurrence of the events described in
clause (b) or (c), as the case may be, of the definition of “Change of
Control.”

 

“Real Estate Leases”
means the Existing Real Estate Leases and all future lease agreements pursuant to which any
stationary Service Location is leased from third parties and any lease of real
property used in the Bulk Gases Business.

 

“Record Date” means,
with respect to each Payment Date or any date on which payments are permitted
to be made as provided for in the Indenture, the close of business of the last
day of the immediately preceding calendar month.

 

“Registrar” shall
have the meaning set forth in Section 2.5(a) of the Base
Indenture.

 

“Related Documents”
means the Indenture Documents, the Collateral Transaction Documents, the
Account Agreements, any Enhancement Agreement, any Interest Rate Hedge
Agreement and any other agreements entered into, or certificates or
powers-of-attorney delivered, pursuant to the foregoing documents.

 

“Replacement Management
Agreement” means the Replacement Management Agreement, dated as of May 28,
2008 by and among the NuCO2, the Co-Issuers, the Employee Company, the Replacement Manager, the
Administrative Agent and the Trustee.

 

“Replacement Manager”
means Alvarez & Marsal North America, LLC, a Delaware limited
liability company, in its capacity as Replacement Manager pursuant to the
Replacement Management Agreement, and any successor Replacement Manager.

 

“Required Amortization
Amount” means (i) with respect to the Series 2008-1 Notes, the Series 2008-1
Class A-2 Required Amortization Amounts and the Series 2008-1 Class A-3
Required Amortization Amounts, and (ii) with respect to all other Series of
Notes, such amounts as shall be identified in the applicable Series Supplement
as constituting a “Required Amortization Amount.”

 

“Required Rating”
means (i) not less than two of the following short-term certificate of
deposit ratings: “P-1” by Moody’s, “A-1” by S&P, and “A-1” by Fitch, and (ii) not
less than two of the following long-term unsecured debt ratings: “Aa3” by Moody’s,
“AA-” by S&P, and “AA-” by Fitch.

 

“Required Senior
Noteholders”
shall have the meaning given under the definition of “Control Party” in
this Base Indenture Definitions List.

 

44

 

“Required Subordinated
Noteholders”
shall have the meaning given under the definition of “Control Party” in
this Base Indenture Definitions List.

 

“Requirements of Law”
means, with respect to any Person or any of its property, the certificate of
incorporation or articles of association and by-laws, limited liability company
agreement, partnership agreement or other organizational or governing documents
of such Person or any of its property, and any order, law, statute, treaty, rule or
regulation, or determination of any arbitrator or Governmental Authority, in
each case applicable to or binding upon such Person or any of its property or
to which such Person or any of its property is subject, whether federal, state,
local or foreign (including, without limitation, usury laws, the Federal Truth
in Lending Act and retail installment sales acts).

 

“Restoration Proceeds”
means all Insurance Proceeds deposited in the Insurance Proceeds Reserve
Account and which the Transaction Manager elects to use for purposes of
investment or reinvestment in the restoration or replacement of the property
for which insurance and condemnation proceeds have been received by or on
behalf of the Securitization Entities or for the purpose of purchasing assets
useful in the Bulk Gases Business; provided that if such Insurance
Proceeds have not been so invested or reinvested within 360 days from the time
the Securitization Entities (or the Transaction Manager on behalf of the
Securitization Entities) received such Insurance Proceeds, then upon the
expiration of such 360-day period, such Insurance Proceeds shall be deemed “Insurance
Proceeds Amounts” and deposited by the Transaction Manager to the Collection
Account on the last day of each Monthly Collection Period as Insurance Proceeds
Amounts to be used to pay down principal of the Notes in accordance with the
Priority of Payments.

 

“Rule 144A”
means Rule 144A under the 1933 Act.

 

“S&P” or “Standard &
Poor’s” means Standard & Poor’s Ratings Services, a division of
The McGraw-Hill Companies, Inc., or any successor thereto.

 

“Sales Tax Reimbursements”
means, on any Weekly Allocation Date, any amounts owed to the Equipment Holder
by the Contract Holder for sales taxes advanced by the Equipment Holder on
behalf of the Customers during the preceding Weekly Collection Period.

 

“Second Tier Contribution
Agreements” means the contribution agreements between the Master Issuer and
each of the other Securitization Entities, as amended, supplemented or
otherwise modified from time to time.

 

“Secured Parties”
means the Noteholders and the Trustee in its individual capacity and in its
capacity as trustee for the Noteholders, together with their respective
successors and assigns.

 

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

 

45

 

“Securities Intermediary”
shall have the meaning set forth in Section 5.10 of the Base
Indenture.

 

“Securitization Entities”
means, collectively, the Master Issuer, the Issuer Subsidiaries and any
Additional Securitization Entity.

 

“Securitization Entities
Indemnities” means all indemnification obligations that the Securitization
Entities have to their officers, directors or managers under their Charter
Documents.

 

“Securitization Entity
Account” means each of the Concentration Account, the Equipment Holder
Master Account, the Equipment Holder Operating Account, the Equipment Holder
CAPEX Account, the Insurance Proceeds Reserve Account, and the Tax Reserve
Account.

 

“Securitization IP” means all of the right, title and interest of NuCO2 (and following the transactions contemplated
by the Contribution Agreements, one or more
Securitization Entities) in and to all (i) Existing Securitization IP and (ii) After-Acquired
IP Assets, including, in each case, the right to bring an action at law or in equity for any misappropriation,
infringement, dilution, or violation of, and to collect all damages, settlement
and proceeds relating to, any of the foregoing.

 

“Securitization IP License Agreement” means the
Securitization IP License Agreement, dated as of the Closing Date, between the
IP Holder, as the licensor, and the Contract Holder, as the licensee.

 

“Senior Debt” means
the issuance of Indebtedness under the Indenture by the Co-Issuers that by its
terms (through its alphabetical designation as “Class A” pursuant to the Series Supplement
applicable to such Indebtedness) is senior in the right to receive
interest and principal on such Indebtedness to the right to receive interest
and principal on any Subordinated Debt.

 

“Senior Note Aggregate Contingent Additional
Interest Shortfall Amount” means with respect to any Payment Date, the
excess, if any, of (a) the Senior Note Contingent Additional Interest
Amount accrued on all prior Payment Dates for each Class of Senior Notes
over (b) the aggregate amount of funds that was allocated by the
Co-Issuers for payment of such Senior Note Contingent Additional Interest
Amounts on such prior Payment Dates.

 

“Senior Note Available
Reserve Account Amount” means, as of any date of determination,
collectively, the amount on deposit in the Senior Note Interest Reserve Account
and the amount on deposit in the Cash Trap Reserve Account.

 

“Senior Note Contingent
Additional Interest Account” shall have the meaning set forth in Section 5.9(a)(vii) of
the Base Indenture.

 

46

 

“Senior Note Contingent
Additional Interest Amount” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Class A-1 Contingent Additional Interest,
the Series 2008-1 Class A-2 Contingent Additional Interest and the Series 2008-1
Class A-3 Contingent Additional Interest, each as defined in the Series 2008-1
Supplement, and (ii) with respect to the Senior Notes of each other Series of
Notes, the contingent additional interest specified in the applicable Series Supplement.

 

“Senior Note Interest
Account” shall have the meaning set forth in Section 5.9(a)(i) of
the Base Indenture.

 

“Senior Note Interest
Amount” means with respect to each Payment Date and any Class of
Senior Notes, the aggregate amount of interest due and payable, with respect to
such Interest Period, on such Senior Notes as described in the related Series Supplement;
provided, that any amount identified as a contingent additional interest
amount, an administrative expense or a commitment fee in any Series Supplement
shall under no circumstances be deemed to constitute part of the “Senior Note
Interest Amount.”

 

“Senior Note Interest
Reserve Account” shall have the meaning set forth in Section 5.3 of
the Base Indenture.

 

“Senior Note Interest
Reserve Account Deficit Amount” means, with respect to each Payment Date
for any Class of Senior Notes, the amount, if any, by which (a) the
Senior Note Interest Reserve Account Required Amount exceeds (b) the
amount on deposit in the Senior Note Interest Reserve Account on such date
(after giving effect to any withdrawals therefrom on such Payment Date); provided,
that with respect to any Payment Date that occurs during the Monthly Collection
Period immediately preceding the Series 2008-1 Legal Final Maturity Date,
the Senior Note Interest Reserve Account Deficit Amount shall be zero.

 

“Senior Note Interest
Reserve Account Required Amount” means the aggregate amount of funds
identified in the applicable Series Supplements as constituting a “Senior
Note Interest Reserve Account Required Amount” and required to be maintained on
deposit in the Senior Note Interest Reserve Account pursuant to the terms of
the Indenture.

 

“Senior Note Interest Shortfall Amount” means
with respect to any Payment Date, the excess, if any, of (a) the Senior
Note Interest Amount accrued on all prior Payment Dates for each Class of
Senior Notes over (b) the aggregate amount of funds that was allocated by
the Co-Issuers for payment of such Senior Note Interest Amounts on such prior
Payment Dates.

 

“Senior Note Principal
Payments Account” shall have the meaning set forth in Section 5.9(a)(iv) of
the Base Indenture.

 

“Senior Noteholder”
means any Holder of Senior Notes of any Series.

 

47

 

“Senior Notes” means
any Series or Class of any Series of Notes issued that are
designated as “Class A” and identified as “Senior Notes” in the applicable
Series Supplement that constitute Senior Debt.

 

“Series 2008-1 Notes”
means the Series 2008-1 Class A Notes together with the Series 2008-1
Class B-1 Notes (each as defined in the Series 2008-1 Supplement).

 

“Series 2008-1
Supplement” means the Series 2008-1 Supplement, dated as of the
Closing Date, by and among the Co-Issuers and U.S. Bank National Association,
as Trustee, Administrative Agent and Securities Intermediary, as amended,
supplemented or otherwise modified from time to time.

 

“Series 2008-1 Term
Note Purchase Agreement” means the Purchase Agreement, dated as of the May 22,
2008, among the Co-Issuers, NuCO2, the
Employee Company and the Initial Purchaser.

 

“Series Account”
means any account or accounts established pursuant to a Series Supplement
for the benefit of a Series of Notes (or any Class thereof).

 

“Series Adjusted
Repayment Date” means, with respect to the Series 2008-1 Notes, the Series 2008-1
Adjusted Repayment Date, and with respect to any other Series of Notes,
the “Adjusted Repayment Date” as set forth in the related Series Supplement.

 

“Series Closing Date”
means, with respect to any Series of Notes, the date of issuance of such Series of
Notes, as specified in the applicable Series Supplement.

 

“Series Distribution
Account” means, with respect to any Series of Notes or any Class of
any Series of Notes, an account established to receive distributions to be
paid to the Noteholders of such Class or such Series of Notes
pursuant to the applicable Series Supplement.

 

“Series Hedge
Payment Amount” means all net amounts payable by the Master Issuer under
Permitted Hedges with respect to a Series of Notes, including any
termination payment thereon payable by the Master Issuer.

 

“Series Legal Final
Maturity Date” means (i) with respect to the Series 2008-1 Notes,
the Series 2008-1 Legal Final Maturity Date (as defined in the Series 2008-1
Supplement), and (ii) with respect to any other Series of Notes, the
legal final maturity date set forth in the related Series Supplement and
identified as a “Series Legal Final Maturity Date.”

 

“Series of Notes”
or “Series” means each series of Notes issued and authenticated pursuant
to the Base Indenture and the applicable Series Supplement.

 

48

 

“Series Scheduled
Maturity Date” means, with respect to any Series of Notes, the “Scheduled
Maturity Date” set forth in the related Series Supplement.

 

“Series Supplement”
or “Supplement” means (i) with respect to the Series 2008-1
Notes, the Series 2008-1 Supplement, and (ii) with respect to any
other Series of Notes, a supplement to the Base Indenture executed in
conjunction with the issuance of a new Series of Notes and complying (to
the extent applicable) with the terms of Section 2.3 of the
Base Indenture.

 

“Service Location Equipment” means for any
Service Location the large storage tank that is used to receive Bulk
CO2 from large capacity tanker trucks and from
which the Delivery Trucks are filled with Bulk CO2 to complete
the Delivery Services as well as other related equipment and fixtures.

 

“Service Locations” means (i) the
Master Manager’s and the Securitization Entities’ corporate headquarters, (ii) the
refurbishment center, (iii) the disaster recovery center, (iv) the
Call Center and (v) any stationary service locations (from which, inter
alia, Delivery Trucks are dispatched and refilled) or mobile service locations
(including, without limitation, “man-and-truck” Delivery Trucks).

 

“Software” means computer programs, including
in both source code and object code therefor, together with all utilities,
routines, data, databases, firmware, related documentation and explanatory
materials, including any Copyrights, Patents and Know-How contained in any of
the foregoing.

 

“SPE Operating Expenses”
means collectively all expenses incurred by the Securitization Entities and
payable to third parties in connection with the maintenance and operation of
the Securitization Entities (including, without limitation, the Securitization
Entity Accounts) and the transactions contemplated by the Related Documents to
which they are a party, including but not limited to (i) accrued and
unpaid government taxes (other than federal, state and local income taxes),
filing fees and registration fees payable by the Securitization Entities to any
federal, state or local government entities; (ii) the indemnities, if any,
and fees and expenses payable to (A) the Trustee, (B) the Replacement
Manager, (C) the Administrative Agent, the Class A-2 Administrative
Agent and the Class A-3 Administrative Agent, (D) the Rating Agencies
and (E) any independent certified public accountants or external legal
counsel; (iii) Securitization Entities Indemnities; (iv) any
reimbursable expenses owed to the Transaction Manager under the Transaction
Management Agreement and to the Master Manager under the Master Management
Agreement; and (v) fees incurred by the Co-Issuers in connection with the
replacement of the Master Manager or Transaction Manager following any
resignation or removal of the Master Manager or Transaction Manager, as
applicable.

 

“SPE Operating Expenses
Cap” means SPE Operating Expenses of up to $500,000 per year; provided
that the SPE Operating Expenses Cap shall not apply to the payment of the Warm
Services Replacement Manager Fees (during the Warm 

 

49

 

Replacement Manager Phase)
and the payment of the Hot Services Replacement Manager Fees (during the Hot
Replacement Manager Phase).

 

“Specified Bankruptcy
Opinion Provisions” means the provisions contained in the legal opinions
delivered in connection with the issuance of each Series of Notes relating
to the non-substantive consolidation of the Securitization Entities with either
NuCO2 or the Employee Company.

 

“Subclass” means,
with respect to any Class of any Series of Notes, any one of the
subclasses of Notes of such Class as specified in the applicable Series Supplement.

 

“Subordinated Debt”
means any issuance of Indebtedness under the Indenture by the Co-Issuers that
by its terms (through its alphabetical designation as “Class B” through “Class Z”
pursuant to the Series Supplement applicable to such
Indebtedness) subordinates the right to receive interest and principal on
such Indebtedness to the right to receive interest and principal on any Senior
Notes.

 

“Subordinated Note
Contingent Additional Interest Amount” means for any Interest Period, with
respect to all Subordinated Notes Outstanding, the aggregate amount of
Subordinated Notes Contingent Additional Interest accrued on all such
Subordinated Notes with respect to such Interest Period.

 

“Subordinated Note
Contingent Additional Interest Account” shall have the meaning set forth in
Section 5.9(a)(viii) of the Base Indenture.

 

“Subordinated Note
Interest Account” shall have the meaning set forth Section 5.9(a)(v) of
the Base Indenture.

 

“Subordinated Note
Principal Payments Account” shall have the meaning set forth in Section 5.9(a)(vi) of
the Base Indenture.

 

“Subordinated Notes”
means any Series or Class of any Series of Notes that are
identified as “Subordinated Notes” in the applicable Series Supplement
that constitute Subordinated Debt.

 

“Subordinated Notes
Interest Amount” means with respect to each Payment Date, the aggregate
amount of interest due and payable, with respect to such Interest Period, on
the Subordinated Notes Outstanding (other than the related Contingent
Additional Interest Amount, if any).

 

“Subordinated Note Interest Shortfall Amount”
means with respect to any Payment Date, the excess, if any, of (a) the
Subordinated Note Interest Amount accrued on all prior Payment Dates for each Class of
Subordinated Notes over (b) the aggregate amount of funds that was
allocated by the Co-Issuers for payment of such Subordinated Note Interest
Amounts on such prior Payment Dates.

 

50

 

“Subsidiary” means,
with respect to any Person (herein referred to as the ‘‘parent’’), any
corporation, partnership, limited liability company, association or other
business entity (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary
voting power or more than 50% of the general partnership interests are, at the
time any determination is being made, owned, controlled or held by the parent
or (b) that is, at the time any determination is being made, otherwise
controlled, by the parent or one or more Subsidiaries of the parent or by the
parent and one or more Subsidiaries of the parent.

 

“Supplement” means a
supplement to the Base Indenture complying (to the extent applicable) with
the terms of Section 2.3 of the Base Indenture.

 

“Supply Contracts”
means the Existing Supply Contracts together with all other contracts providing for
the supply to the Securitization Entities of gas, equipment or other property
related to the Bulk Gases Business entered into after the Closing Date.

 

“Surplus Account”
means the deposit account established by the Transaction Manager on behalf of
the Master Issuer designated as the “Surplus Account” maintained at Bank of
America, N.A., or another financial institution satisfying the criteria applicable
to the Trustee.

 

“Surplus Amount”
means 100% of the funds available in the Collection Account after payment of clauses
first through twenty-second of the Priority of Payments.

 

“Tax” means (i) any
federal, state, local or foreign income, gross receipts, license, payroll,
employment, excise, severance, stamp, occupation, premium, environmental,
customs duties, capital stock, profits, documentary, property, franchise,
withholding, social security (or similar), unemployment, disability, real
property, personal property, sales, use, transfer, registration, value added,
alternative or add-on minimum, or other tax of any kind whatsoever, including
any interest, penalty, fine, assessment or addition thereto and (ii) any
transferee liability in respect of any items described in clause (i) above.

 

“Tax Opinion” means
an opinion of tax counsel of nationally recognized standing in the United
States experienced in such matters to be delivered in connection with the
issuance of each new Series of Notes to the effect that, for United States
federal income tax purposes, (a) the issuance of such new Series of
Notes will not affect adversely the United States federal income tax
characterization as debt of any Series of Notes Outstanding or Class thereof
that was (based upon an Opinion of Counsel) treated as debt at the time of
their issuance, (b) except with respect to any Additional Securitization
Entity (including Additional Securitization Entities organized with the consent
of the Control Party pursuant to the Base Indenture) that the Master Manager
will treat as a corporation for United States federal income tax purposes, each
of the Co-Issuers (i) has been at all times since formation and will as of
the date of issuance be treated as a disregarded entity and (ii) has not
been at any time since formation and will not as of the date of issuance be
classified as a corporation or as an association taxable as 

 

51

 

a corporation or publicly
traded partnership taxable as a corporation and (c) such new Series of
Notes will as of the date of issuance be treated as debt.

 

“Tax Payment Deficiency”
means any tax liability of NuCO2 (including
Taxes imposed under Treasury regulation Section 1.1502-6 (or any similar
provision of state, local or foreign law)) attributable to the operations of
the Securitization Entities or their direct or indirect Subsidiaries that
cannot be satisfied by NuCO2 from its available funds.

 

“Tax Reserve Account”
shall have the meaning set forth in Section 5.2(e) of the Base
Indenture.

 

“Tax Reserve Amount”
means for any Payment Date an amount as reasonably determined by the Master
Manager, equal to the portion of the estimated Pro Forma Tax Amount
attributable to the period to which such Payment Date relates. Such Tax Reserve
Amount may be, as reasonably determined by the Master Manager, adjusted to take
into account any differences between the Pro Forma Tax Amount determined on
such Payment Date and the Pro Forma Tax Amount determined on any prior Payment Dates.

 

“Termination Amount
Reserve Account” shall have the meaning set forth in Section 5.6 of
the Base Indenture.

 

“Termination
Amounts” shall have the meaning set forth in the definition of “Customer
Collections” in this Base Indenture Definitions List.

 

“Termination Amounts
Shortfall” shall have the meaning set forth in Section 5.14(l)(i) of
the Base Indenture.

 

“Term Note Purchase
Agreement” means, (i) with respect to the Series 2008-1 Notes,
the Series 2008-1 Class A-1/B-1 Note Purchase Agreement (as defined
in the Series 2008-1 Supplement), as amended, modified or supplemented
from time to time, and (ii) with respect to each other Series of
Notes, such other note purchase agreements similar to the agreements described
in the foregoing clause (i), as the applicable parties shall enter into
from time to time.

 

“Third Party IP License Agreements” means all
licenses, sublicenses, covenants not to sue or permissions, including, the
right to receive royalties or any other consideration, under which any Securitization
Entity licenses from or to any Person the use of any Intellectual Property; provided,
however, that Third Party IP License Agreements do not include the
Securitization IP License Agreement.

 

“Third-Party Matching
Expenses” means any amounts (i) collected by the Master Issuer or any
of its direct or indirect Subsidiaries where such amounts are being collected
by such entity on behalf of a third party (other than any other NuCO2 Entity) or (ii) collected by the Master
Issuer or any of its direct or indirect Subsidiaries which are matched to a
payable due to a third party (other than any other NuCO2 Entity).

 

52

 

“Three-Month DSCR”
means, with respect to each Payment Date, on or after the third Payment Date
following the Closing Date, the ratio calculated by dividing (i) the
Net Cash Flow received over the related Monthly Collection Period and the two
immediately preceding Monthly Collection Periods by (ii) the Debt
Service due on such Payment Date and on the immediately preceding two Payment
Dates; provided that (A) with respect to the first Payment Date
following the Closing Date, ‘‘Three-Month DSCR’’ shall mean the ratio
calculated by dividing (i) the Net Cash Flow received over the
related Monthly Collection Period by (ii) the Debt Service due on
such Payment Date, and (B) with respect to the second Payment Date
following the Closing Date, ‘‘Three-Month DSCR’’ shall mean the ratio
calculated by dividing (i) the Net Cash Flow received over the
related Monthly Collection Period and the immediately preceding Monthly
Collection Period by (ii) the Debt Service due on such Payment Date
and on the immediately preceding Payment Date.

 

“Trademarks” means
all United States and state trademarks, service marks, trade names, trade
dress, designs, logos, slogans, domain names, and other indicia of source or
origin, whether registered or unregistered, pending registrations and
applications to register the foregoing, and all goodwill of any business
associated or connected therewith or symbolized thereby.

 

“Transaction Management
Agreement” means the Transaction Management Agreement, dated as of  May 28, 2008, by and among the Employee
Company and the Securitization Entities, as amended, supplemented or otherwise
modified from time to time.

 

“Transaction Management
Fee” means, with respect to each Payment Date, an amount equal to the sum
of (a) a management fee of $874,000 per annum and (b) a servicing fee
of $50,000 per annum. The management fee component and the servicing fee
component of the Transaction Management Fee will each be adjusted annually
based on the CPI.

 

“Transaction Management
Standard” shall have the meaning set forth in the Transaction Management
Agreement.

 

“Transaction Manager
Default” means any of the events set forth in Section 7.1 of
the Transaction Management Agreement.

 

“Trust Officer” means
any officer within the corporate trust department of the Trustee, including any
Vice President, Assistant Vice President or Assistant Treasurer of the
Corporate Trust Office, or any trust officer, or any officer customarily
performing functions similar to those performed by the person who at the time
shall be such officers, in each case having direct responsibility for the
administration of this Indenture.

 

“Trustee” means the
party named as such in the Indenture until a successor replaces it in
accordance with the applicable provisions of the Indenture and thereafter means
the successor serving thereunder.  As of
the Closing Date, the Trustee shall be U.S. Bank National Association.

 

53

 

“U.S. Government
Obligations” means direct obligations of the United States of America, or
any agency or instrumentality thereof for the payment of which the full faith
and credit of the United States of America is pledged as to full and timely
payment of such obligations.

 

“UCC” means the
Uniform Commercial Code as in effect from time to time in the specified
jurisdiction or any applicable jurisdiction, as the case may be.

 

“United States” or “U.S.”
means the United States of America, its fifty states and the District of
Columbia.

 

“Use and Occupancy
License” means any license by NuCO2 in favor of
the Equipment Holder permitting the Equipment Holder to use and occupy a
Service Location for which the related Real Estate Lease has not been assigned
to the Equipment Holder.

 

“Variable Funding
Administrative Agent” means the Person identified as the “Class A-2
Note Administrative Agent” or the “Class A-3 Note Administrative Agent,”
or by such equivalent title, in the applicable Variable Funding Note Purchase
Agreement.

 

“Variable Funding
Administrative Fee Expenses” means, for any Payment Date, the aggregate
amount of any fees owing to the applicable Variable Funding Administrative
Agent pursuant to the applicable Variable Funding Note Purchase Agreement (and
any fee letter entered into in connection therewith) and any amendment expenses
specified in such Variable Funding Note Purchase Agreement) then due and
payable and not previously paid.

 

“Variable Funding Note
Purchase Agreement” means, (i) with respect to the Series 2008-1
Notes (as defined in the Series 2008-1 Supplement), (a) the Series 2008-1
Class A-2 Note Purchase Agreement (as defined in the Series 2008-1
Supplement) and (b) the Series 2008-1 Class A-3 Note Purchase
Agreement (as defined in the Series 2008-1 Supplement), in each case, as
amended, modified or supplemented from time to time, and (ii) with respect
to each other Series of Notes, such other note purchase agreements similar
to the agreements described in the foregoing clause (i), as the
applicable parties shall enter into from time to time.

 

“Variable Funding Senior
Notes” means the Series 2008-1 Class A-2 Notes and the Series 2008-1
Class A-3 Notes and any other “Variable Funding Senior Notes” pursuant to
any Series Supplement applicable to such class of Notes.

 

“Variable Funding
Subfacilities” shall have the meaning specified in the applicable Variable
Funding Note Purchase Agreement.

 

“VFN Fee Letter”
shall refer to the fee letter entered into in connection with each applicable
Variable Funding Note Purchase Agreement which, among other

 

54

 

things, sets forth certain
fees payable to the applicable Variable Funding Administrative Agent.

 

“Warm Back-Up Services
Effective Date” means the date of the receipt by the Replacement Manager of
written notice from the Administrative Agent (acting at the direction of the
Control Party) to the Replacement Manager to the effect that an Early
Amortization Event, Master Manager Default, Transaction Manager Default or
Employee Manager Default has occurred.

 

“Warm Back-Up Services
Termination Date” means the date that the Replacement Manager receives
written notice from the Administrative Agent (acting at the direction of the
Control Party) that the applicable Early Amortization Event, Master Manager
Default, Transaction Manager Default or Employee Manager Default is no longer
continuing as of a specified date or the Hot Back-Up Services Effective Date
has occurred.

 

“Warm Replacement Manager
Phase” means the period during the term of the Replacement Management
Agreement between (i) a “Warm Back-Up Services Effective Date” and (ii) a
“Warm Back-Up Services Termination Date” or “Hot Back-Up Services Effective
Date” in accordance with the terms thereof.

 

“Warm Services
Replacement Manager Fees” with respect to any Payment Date, refers to the
fees, if any, payable to the Replacement Manager for rendering certain “Warm
Back-Up Services” pursuant to the Replacement Management Agreement and that
certain fee letter entered in connection therewith.

 

“Weekly Allocation Date”
means the first Business Day of each Weekly Collection Period, on which date
the Transaction Manager will make all withdrawals and deposits pursuant to the
Base Indenture relating to the applicable Collections in respect of the
preceding Weekly Collection Period.

 

“Weekly Collection Period”
means the period from and including each Monday and ending on and including the
next succeeding Sunday; provided that the first Weekly Collection Period
will commence on the Cut-Off Date and end on June 8, 2008.

 

“Weekly Reporting Date”
means the second Business Day following the last day of each Weekly Collection
Period, commencing on June 10, 2008.

 

“Weekly Manager’s
Certificate” shall have the meaning specified in Section 4.1(a) of
the Base Indenture.

 

“Welfare Plan” means
a “welfare plan” as such term is defined in Section 3(l) of ERISA.

 

“written” or “in
writing” means any form of written communication, including, without
limitation, by means of facsimile or electronic mail.

 

55

 

Exhibit A

 

WEEKLY MANAGER’S CERTIFICATE

[Attached]

 

The Weekly
Manager’s Certificate shall  be delivered
together with the following statement by the Transaction Manager:

 

This certificate is being delivered pursuant to Section 4.1(a) of
the Base Indenture, dated as of May 28, 2008, by and among NuCO2 Funding
LLC, NuCO2 LLC, NuCO2 Supply LLC, NuCO2 IP LLC and U.S. Bank National
Association, as Trustee, Administrative Agent and Securities Intermediary, as
amended, supplemented, or otherwise modified from time to time by supplements
thereto in accordance with its terms (the “Base Indenture”).  Capitalized terms not otherwise defined
herein, shall have the meaning ascribed to them in the Base Indenture.  The undersigned officer of the Transaction
Manager hereby certifies that (i) to the knowledge of the undersigned the
historical information contained herein is true and correct in all material
respects, and (ii) the forward looking information contained herein has
been prepared in good faith based on information in the undersigned’s
possession and/or reasonably available to the undersigned on the date hereof.

 

	
  NUCO2 MANAGEMENT LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
			

 

 

NuCO2 Funding LLC (“Master Issuer”)

Weekly Manager’s Certificate

 

	
   

  	
   

  	
  Weekly Allocation

  	
   

  	
  Monthly

  	
   

  
	
   

  	
   

  	
  Date

  	
   

  	
  Record Date

  	
   

  
	
  For the Collection Period Ended:

  	
   

  	
  6/2/08

  	
   

  	
  6/30/08

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
  Cumulative

  	
   

  
	
   

  	
   

  	
  Weekly

  	
   

  	
  Monthly

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  I. 

  	
  NuCO2 LLC (“Contract Holder”)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  A. 

  	
  Concentration Account

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i)

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  Add:
  Customer Collections (excluding Termination Amounts & Customer
  Deposits

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iii)

  	
  Add:
  Termination Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iv)

  	
  Add:
  Customer Deposits

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  v)

  	
  Add:
  Customer Location Equipment Resale Revenues

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  vi)

  	
  Add:
  Investment Income

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vii)

  	
  Less:
  Delivery & Customer Services Fee

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  viii)

  	
  Less:
  Customer Location Equipment Costs

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  ix)

  	
  Less:
  Sales Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  x)

  	
  Less:
  Property Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xi)

  	
  Less:
  Monthly Sweep to Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xii) 

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xiii) 

  	
  Customer Collections

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xiv) 

  	
  Adjusted Customer Collections

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xv) 

  	
  Delivery & Customer Services Fee

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Cumulative

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Weekly

  	
   

  	
  Monthly

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  II. 

  	
  NuCO2 Supply (“Equipment Holder”)

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B. 

  	
  Equipment Holder Master Account

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i)

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  Add:
  Delivery & Customer Services Fee

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iii)

  	
  Add:
  Customer Location Equipment Costs

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iv)

  	
  Add:
  Sales Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  v)

  	
  Add:
  Property Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  vi)

  	
  Add:
  Investment Income

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vii)

  	
  Less:
  Equipment Holder Operating Expense Fees (up to Cap)

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  viii)

  	
  Less:
  Product & Lease Expenses

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  ix)

  	
  Less:
  Sales Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  x)

  	
  Less:
  Property Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xi)

  	
  Less:
  Monthly Sweep to Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xii)

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xiii)

  	
  Equipment Holder Operating Expense Fees

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xiv)

  	
  Equipment Holder Operating Expense Fees Cap

  	
   

  	
  $

  	
  231,000.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  C.

  	
  Equipment Holder Operating Account

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i)

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  Add:
  Equipment Holder Operating Expense Fees (up to Cap)

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iii)

  	
  Add:
  Product & Lease Expenses

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iv)

  	
  Add:
  Sales Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  v)

  	
  Add:
  Property Tax Reimbursements

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  vi)

  	
  Add:
  Draw under Class A-2 Notes

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  vii)

  	
  Add:
  Draw under Class A-3 Notes

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  viii)

  	
  Add:
  Transfer from Surplus Account or any other account

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  ix)

  	
  Add:
  Investment Income

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  x)

  	
  Less:
  Equipment Holder CAPEX Fees

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xi)

  	
  Less:
  Employee Services Fee

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xii)

  	
  Less:
  Payments to suppliers and other third parties

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xiii)

  	
  Less:
  Principal payments on Class A-2 and Class A-3 Notes, if applicable

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xiv)

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  D.

  	
  Equipment Holder CAPEX Account

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i)

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  Add:
  Equipment Holder CAPEX Fees

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iii)

  	
  Less:
  Payment to employee co. and other third parties

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv)

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  	
  $

  	
  0.00

  	
   

  

 

 

Exhibit B

 

MONTHLY MANAGER’S CERTIFICATE

[Attached]

 

The
Monthly Manager’s Certificate shall be delivered together with the following
statement by the Transaction Manager:

 

This certificate is being delivered pursuant to Section 4.1(b) of
the Base Indenture, dated as of May 28, 2008, by and among NuCO2 Funding
LLC, NuCO2 LLC, NuCO2 Supply LLC, NuCO2 IP LLC and U.S. Bank National
Association, as Trustee, Administrative Agent and Securities Intermediary, as
amended, supplemented, or otherwise modified from time to time by supplements
thereto in accordance with its terms (the “Base Indenture”).  Capitalized terms not otherwise defined
herein, shall have the meaning ascribed to them in the Base Indenture.  The undersigned officer of the Transaction
Manager hereby certifies that (i) to the knowledge of the undersigned the
historical information contained herein is true and correct in all material
respects, and (ii) the forward looking information contained herein has
been prepared in good faith based on information in the undersigned’s
possession and/or reasonably available to the undersigned on the date hereof.

 

	
  NUCO2 MANAGEMENT LLC

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  
			

 

 

NuCO2 Funding LLC (“Master Issuer”)

Class A-1 7.25% Asset Backed Notes

Class A-2 1mL+4.50% Variable Funding Asset Backed Notes

Class A-3 1mL+4.50% Variable Funding Asset Backed Notes

Class B-1 9.75% Asset Backed Notes

 

Monthly Manager’s Certificate

 

	
  Monthly Period Beginning:

  	
   

  	
  05/28/2008

  	
   

  
	
  Monthly Period Ending:

  	
   

  	
  06/30/2008

  	
   

  
	
  Prev. Distribution/Close Date:

  	
   

  	
  05/28/2008

  	
   

  
	
  Distribution Date:

  	
   

  	
  07/25/2008

  	
   

  
	
  Days of Interest for Period:

  	
   

  	
  57

  	
   

  
	
  Days in Collection Period:

  	
   

  	
  32

  	
   

  
	
  Months Since Closing:

  	
   

  	
  1/1

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  For the collection period
  Ended:

  	
   

  	
  6/30/08

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
  Monthly

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  I.

  	
  NuCO2 LLC (“Master Issuer”)

  	
   

  	
   

  	
   

  
	
  A.

  	
  Collection Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i)

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  Add: Releases from Conentration Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iii)

  	
  Add: Releases from Equipment Holder Master Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iv)

  	
  Add: Investment Income from SPE Accounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  v)

  	
  Add: Additional Prepayment Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  vi)

  	
  Add: Equity Contributions from NuCO2 Inc.

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  vii)

  	
  Add: Amounts received from Preferred Equity Interests
  in the Employee Company

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  viii)

  	
  Add: Amounts received from Hedge Counterparties

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  ix)

  	
  Add: Senior Note Interest Reserve Release Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  x)

  	
  Add: Releases from Cash Trap Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xi)

  	
  Add: Releases from Contribution Reserve Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xii)

  	
  Add: Releases from Termination Reserve Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xiii)

  	
  Less: Trustee Fee

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xiv)

  	
  Less: Transaction Management Fees

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xv)

  	
  Less: SPE Operating Expenses

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xvi)

  	
  Less: Senior Note Interest Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xvii)

  	
  Less: Class A-2 Commitment Fees

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xviii)

  	
  Less: Class A-3 Commitment Fees

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xix)

  	
  Less: Enhancement Account Fee

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xx)

  	
  Less: Payments to Permitted Hedges

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxi)

  	
  Less: Senior Note Interest Reserve Refill Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxii)

  	
  Less: Tax Reserve Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxiii)

  	
  Less: Required Amortization Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxiv)

  	
  Less: Senior Note Principal Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxv)

  	
  Less: Senior Note Make-Whole Premium Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxvi)

  	
  Less: Cash Trapping Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxvii)

  	
  Less: Termination Amount Reserve Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxviii)

  	
  Less: Subordinated Note Interest Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxix)

  	
  Less: Subordinated Note Principal Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxx)

  	
  Less: Subordinated Note Make-Whole Premium Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxxi)

  	
  Less: Senior Note Contingent Interest Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxxii)

  	
  Less: Subordinated Note Contingent Interest Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  xxxiii)

  	
  Less: Contribution Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Less: Surplus Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xxiv)

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Investment Income Schedule

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Investment Income in Collection Account including
  Administrative Accounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Investment Income in Cash Trap Reserve Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Investment Income in Senior Note Interest Reserve
  Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Investment Income in Contributions Reserve Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Investment Income in Termination Amount Reserve
  Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Investment Income in Hedge Payment Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Investment Income in Enhancement Payment Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Investment Income From SPE Accounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Additional Prepayment Amounts
  Schedule

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Asset Disposition Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Indemnification Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Insurance Proceeds Amounts remaining in Insurance
  Proceeds Reserve Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Excess CAPEX Amounts

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  Additional Prepayment Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  B.

  	
  Cash Trap Reserve Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i)

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  Add: Cash Trapping Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iii)

  	
  Add: Investment Income

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv)

  	
  Less: Releases to Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  v)

  	
  Less: Investment Income to Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  vi)

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cash Trapping Percentage

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  C.

  	
  Senior Note Interest Reserve
  Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  i)

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ii)

  	
  Add: Investment Income

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  ii)

  	
  Add: From Class A-2 or Class A-3 draws

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  iii)

  	
  Add: Senior Note Interest Reserve Refill Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  iv)

  	
  Less: Senior Note Interest Reserve Release Amount

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
  v)

  	
  Less: Investment Income to Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  xii)

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Note Interest Reserve Required Amount

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Senior Note Interest Reserve Deficit Amount

  	
   

  	
   

  	
   

  

 

 

	
  D.

  	
   

  	
  Contributions Reserve Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  i)

  	
   

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ii)

  	
   

  	
  Add: Investment Income

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  iii)

  	
   

  	
  Add: From Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  iv)

  	
   

  	
  Less: Investment Income to the Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  v)

  	
   

  	
  Less: Releases to Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  xii)

  	
   

  	
  Ending Balance  

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Contribution Amount for Month 3

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Contribution Amount for Month 2

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Contribution Amount for Month 1

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Contribution Amount Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  E.

  	
   

  	
  Terminations Amount Reserve Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  i)

  	
   

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ii)

  	
   

  	
  Add: Investment Income

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  iii)

  	
   

  	
  Add: From Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  iv)

  	
   

  	
  Less: Investment Income to the Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  v)

  	
   

  	
  Less: Releases to Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  xii)

  	
   

  	
  Ending Balance  

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Termination Amount for Month 3

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Termination Amount for Month 2

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Termination Amount for Month 1

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Termination Amount Shortfall

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  E.

  	
   

  	
  Hedge Payment Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  i)

  	
   

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ii)

  	
   

  	
  Add: From Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  iii)

  	
   

  	
  Add: Payments from Hedge Counterparties

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  iv)

  	
   

  	
  Less: To Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  v)

  	
   

  	
  Less: Payments to Hedge Counterparties

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  xii)

  	
   

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  F.

  	
   

  	
  Enhancement Payment Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  i)

  	
   

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ii)

  	
   

  	
  Add: From Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  iii)

  	
   

  	
  Add: Any payments received from the Enhancer

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  iv)

  	
   

  	
  Add: To Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  v)

  	
   

  	
  Add: Any payments received to the Enhancer

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  xii)

  	
   

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  G.

  	
   

  	
  Surplus Account

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  i)

  	
   

  	
  Beginning Balance

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ii)

  	
   

  	
  Add: From Collection Account

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  iii)

  	
   

  	
  Add: Any deposits from NuCO2 Inc

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  iv)

  	
   

  	
  Add: Payments to Operating Account or others

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
  v)

  	
   

  	
  Add: Any dividends to NuCO2 Inc

  	
   

  	
  $

  	
  0.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  xii)

  	
   

  	
  Ending Balance

  	
   

  	
  $

  	
  0.00

  	
   

  

 

H. Others

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
  Monthly

  	
   

  	
   

  	
   

  	
  Unpaid Amounts

  	
   

  	
  Unpaid Amounts

  	
   

  
	
   

  	
  Expense Type

  	
   

  	
  Accrued

  	
   

  	
  Amount

  	
   

  	
  Paid Amounts

  	
   

  	
  (Beg of Month)

  	
   

  	
  (End of Month)

  	
   

  
	
   

  	
  Trustee
  Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Administrative
  Agent Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Replacement
  Manager Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class A-2
  Administrative Agent Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class A-3
  Administrative Agent Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Transaction
  Management Fee

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
  SPE
  Operating Expenses

  	
   

  	
  Monthly

  	
   

  	
  Annual

  	
   

  
	
   

  	
  Accrued and Unpaid Government taxes, filling fees,
  registration fees

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Trustee
  Expense Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Replacement
  Manager Expense Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Administrative
  Agent Expense Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class
  A-2 Administrative Agent Expense Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Class
  A-3 Administrative Agent Expense Paid

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Rating
  Agency Monitoring Fees

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Independent
  Certified Public Accountants or External Legal Counsel

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Securitization
  Entities Indemnities

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Others

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Total
  SPE Operating Expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SPE
  Operating Expenses Cap

  	
   

  	
   

  	
   

  	
  500,000

  	
   

  

 

 

I. Notes

 

Noteholders’
Interest Distributable Amount

 

	
   

  	
   

  	
  Beginning

  	
   

  	
  Unpaid

  	
   

  	
  Weighted Average

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Accrued

  	
   

  	
  Paid

  	
   

  
	
  Class

  	
   

  	
  Note Balance

  	
   

  	
  Interest

  	
   

  	
  Interest Rate

  	
   

  	
  Days

  	
   

  	
  Days Basis

  	
   

  	
  Interest

  	
   

  	
  Interest

  	
   

  
	
  Series 2008-1 Class A-1 Notes 

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-2 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-3 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class B-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Noteholders’
Interest Distributable Amount

 

	
   

  	
   

  	
  VFN Commitment

  	
   

  	
  Unpaid

  	
   

  	
  Commitment

  	
   

  	
  Accrued

  	
   

  	
  Paid

  	
   

  
	
  Class

  	
   

  	
  Amount

  	
   

  	
  Commitment Fee

  	
   

  	
  Fee Rate

  	
   

  	
  Commitment Fee

  	
   

  	
  Commitment Fees

  	
   

  
	
  Series 2008-1 Class A-1 Notes

  	
   

  	
  NA

  	
   

  	
   

  	
   

  	
  NA

  	
   

  	
  NA

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-2 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-3 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class B-1 Notes

  	
   

  	
  NA

  	
   

  	
   

  	
   

  	
  NA

  	
   

  	
  NA

  	
   

  	
   

  	
   

  

 

Noteholders’ Interest Distributable Amount

 

	
   

  	
   

  	
  Unpaid

  	
   

  	
  Weighted Average

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Accrued Contingent

  	
   

  	
  Paid Contingent

  	
   

  	
  Note Make Whole

  	
   

  
	
  Class

  	
   

  	
  Contingent Interest

  	
   

  	
  Contingent Interest

  	
   

  	
  Days

  	
   

  	
  Days Basis

  	
   

  	
  Additional Interest

  	
   

  	
  Additional Interest

  	
   

  	
  Preimum Amount

  	
   

  
	
  Series 2008-1
  Class A-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1
  Class A-2 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1
  Class A-3 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1
  Class B-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Noteholders’
Principal Distributable Amount

 

	
  Class

  	
   

  	
  Beginning

  Note Balance

  	
   

  	
  Draws

  	
   

  	
  Required

  Amortization

  	
   

  	
  Principal

  Distributable

  	
   

  	
  Total

  Principal Paid

  	
   

  	
  Ending

  Note Balance

  	
   

  
	
  Series 2008-1 Class A-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-2 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-3 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class B-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Noteholder’s
Distributable Amounts (per 1000 of Notes)

 

	
  Class

  	
   

  	
  Beginning

  Note Balance

  	
   

  	
  Interest Paid

  (per $1000)

  	
   

  	
  Principal Paid

  (per $1000)

  	
   

  
	
  Series 2008-1 Class A-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-2 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class A-3 VFN

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Series 2008-1 Class B-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

J. Triggers

 

	
   

  	
   

  	
  Month []

  	
   

  	
  Month []

  	
   

  	
  Month []

  	
   

  	
  Total

  	
   

  
	
  Net Cash Flow

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Cash Flow (excluding Contribution Amounts)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Debt Service

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Three Month DSCR

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Three Month DSCR (excluding Contribution Amounts)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  One Year DSCR

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  One Year DSCR (excluding Contribution Amounts)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

[INSERT CHART for last 12 months net cash flow, debt
service, three month DSCR and one-year DSCR]

 

Adjusted Customer Collections

Equipment Holder Operating Expenses

Equipment Holder Operating Expense Cap

Product and Lease Expenses

Number of Tank Customer Locations

Number of Fill-Only Customer Locations

Number of HP Cylinder Customer Locations and Other Customer Locations

 

[INSERT CHART for last 12 months statistics for the
above]

 

H. Pro-Forma DSCR

 

Bulk CO2 Tank or Nitrogen Generators Related
Information

Total Number of Tanks

Number of New Tanks with Eligible Contracts

Average Age of New Tanks with Eligible Contracts

 

Total Number of Nitrogen Generators

Number of New Nitrogen Generators with Eligible Contracts

Average Age of New Nitrogen Generators with Eligible Contracts

 

Aggregate Borrowing Base Amount

 

	
   

  	
   

  	
  Month []

  	
   

  	
  Month []

  	
   

  	
  Month []

  	
   

  	
  Total

  	
   

  
	
  Customer Collections from all customer locations
  other than new customer locations

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Sales Tax Reimbursements from all customer locations
  other than new customer locations

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Property Tax Reimbursements from all customer
  locations other than new customer locations

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Customer Deposits

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Termination Amounts from all customer locations
  other than new customer locations

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Customer Collections from new customer locations

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Sales Tax Reimbursements from new customer
  locations

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Property Tax Reimbursements from new customer
  locations

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Termination Amounts from new customer locations

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Customer Location Equipment Disposition Amounts

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Transaction Management Fee

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Any reimbursements to the Transaction Manager

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Eqp Holder Operating Expense Fee for all customer
  locations other than new customer locations

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Eqp Holder Operating Expense Fee for new customer
  locations

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Pro Forma eqp holder operating expense cap

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Product & Lease Expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Pro Forma Net Cash Flow

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  
	
  Debt Service for the last three months

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Debt Service for the new debt drawn

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  	
  —

  	
   

  
	
  Proforma Debt Service

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  
	
  Proforma DSCR

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  —

  	
   

  

 

Class A-2 Maximum Draw Amount

Class A-2 Draws

Class A-2 End of Period Balance Including Draws

 

I.                 Notice
is hereby provided [to renew] [not to renew] the terms of the following
agreements:* ooo

 

1.     [Master Management Agreement,
pursuant to Article III thereof]

2.     [Transaction
Management Agreement, pursuant to Article III thereof]

3.     [Delivery
and Customer Services Agreement, pursuant to Article VI thereof]

4.     [Employee
Services Agreement, pursuant to Article V thereof]

5.     [Other]

 

* remove brackets or delete bracketed language, as appropriate

 

 

Exhibit C-1

 

FORM OF GRANT OF
SECURITY INTEREST IN TRADEMARKS

 

GRANT OF SECURITY INTEREST IN TRADEMARKS (the “Grant”),
dated as of
                ,
2008, made by NuCO2 IP
LLC, a Delaware limited liability company (the “Grantor”)
in favor of U.S BANK NATIONAL ASSOCIATION, as trustee (“Secured Party”).

 

WHEREAS, the Grantor is the owner of the United States
trademarks and service marks set forth in Schedule 1 attached
hereto, including the associated registrations and applications for
registration set forth in Schedule 1 attached hereto (collectively,
the “Trademarks”) and all goodwill of any business associated and
connected therewith or symbolized thereby; and

 

WHEREAS, pursuant to the Base Indenture, dated as of
                ,
2008, by and among the Grantor, NuCO2 Funding LLC, a Delaware limited liability
company, NuCO2 LLC, a Delaware limited liability company, NuCO2 Supply LLC, a
Delaware limited liability company and the Secured Party (the “Agreement”),
the Grantor granted, assigned and conveyed to Secured Party a continuing
security interest in, and lien on, certain intellectual property, including the
Trademarks and the goodwill of the business symbolized by the Trademarks and
all products and proceeds of the foregoing (collectively the “Trademark Collateral”);
and

 

WHEREAS, pursuant to Section 8.25(c) of
the Agreement, the Grantor agreed to execute and deliver to Secured Party this
Grant for purposes of filing the same with the United States Patent and
Trademark Office (the “PTO”) to confirm, evidence and perfect the
security interest in the Trademark Collateral granted pursuant to the
Agreement;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and subject to
all applicable terms and conditions of the Agreement, which are incorporated by
reference as if fully set forth herein, the Grantor hereby pledges, assigns,
conveys, delivers, transfers and sets over to Secured Party, and hereby grants
to Secured Party, a security interest in the Grantor’s right, title and
interest in all of the Trademark Collateral to the extent now owned or at any
time hereafter acquired by the Grantor, provided that the grant of security
interest shall not include and no grant of security interest shall be deemed
granted hereunder in any Trademark Collateral that would be invalidated,
canceled, voided or abandoned due to the grant and/or enforcement of such
security interest, including, all such United States and foreign Trademark
applications that are based on an intent-to-use such Trademark in commerce,
provided that at such time the grant and/or enforcement of the security
interest will not cause such Trademark Collateral to be invalidated, canceled,
voided or abandoned, then such grant and/or enforcement of the security
interest shall be deemed effective under this Grant.

 

 

1.             The Grantor intends that this Grant is
for recordation purposes only and its terms shall not modify the applicable
terms and conditions of the Agreement, which govern the Secured Party’s
interest in the Trademark Collateral. 
The Grantor hereby acknowledges the sufficiency and completeness of this
Grant to create the security interest in the Trademark Collateral for the
Secured Party, and the Grantor hereby requests the PTO to file and record the
same together with the annexed Schedule 1.

 

2.             The Grantor and Secured Party hereby
acknowledge and agree that the security interest in the Trademark Collateral
may be terminated only in accordance with the terms of the Agreement.

 

IN
WITNESS WHEREOF, the undersigned has caused this Grant to be duly executed and
delivered as of the date first above written.

 

 

	
   

  	
  NuCO2 IP LLC, as Grantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

STATE
OF
[                ]    )

: ss:

COUNTY
OF
[                  ])

 

On the [    ]th
day of
                        ,
before me, the
undersigned, a Notary Public in and for the State of
[                      ],
duly commissioned and sworn, personally appeared
[                            ],
to me known to be the [                            ]
of NuCO2 IP
LLC, the limited liability
company that executed the within and foregoing instrument, and acknowledged
said instrument to be free and voluntary deed of said limited liability company
for the uses and the purposes therein mentioned, and on oath stated that he was
authorized to execute said instrument.

 

 

	
   

  	
   

  
	
   

  	
  (Signature
  of Notary)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Legibly
  Print or Stamp Name of Notary)

  
	
   

  	
   

  
	
   

  	
  Notary public in and
  for the State of
  [                ],

  
	
   

  	
   

  
	
   

  	
  residing at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  My appointment expires

  	
   

  
				

 

 

Schedule 1 to Exhibit C-1
— Trademarks

 

 

Exhibit C-2

 

FORM OF GRANT OF SECURITY INTEREST IN PATENTS

 

GRANT OF SECURITY INTEREST IN PATENTS (the “Grant”),
dated as of
                ,
2008, made by NuCO2 IP
LLC, a Delaware limited liability company (the “Grantor”)
in favor of U.S BANK NATIONAL ASSOCIATION, as trustee (“Secured Party”).

 

WHEREAS, the Grantor is the owner of the United States
patents and patent applications set forth in Schedule 1 attached
hereto (collectively, the “Patents”); and

 

WHEREAS, pursuant to the Base Indenture, dated as of
                ,
2008, by and among the Grantor, NuCO2 Funding LLC, a Delaware limited liability
company, NuCO2 LLC, a Delaware limited liability company, NuCO2 Supply LLC, a
Delaware limited liability company and the Secured Party (the “Agreement”),
the Grantor granted, assigned and conveyed to Secured Party a continuing
security interest in, and lien on, certain intellectual property, including the
Patents and all products and proceeds of the foregoing (collectively, the “Patent
Collateral”); and

 

WHEREAS, pursuant to Section 8.25(c) of
the Agreement, the Grantor agreed to execute and deliver to Secured Party this
Grant for purposes of filing the same with the United States Patent and
Trademark Office (the “PTO”) to confirm, evidence and perfect the
security interest in the Patent Collateral granted pursuant to the Agreement;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and subject to
all applicable terms and conditions of the Agreement, which are incorporated by
reference as if fully set forth herein, the Grantor hereby pledges, assigns,
conveys, delivers, transfers and sets over to Secured Party, and hereby grants
to Secured Party, a security interest in the Grantor’s right, title and
interest in all of the Patent Collateral to the extent now owned or at any time
hereafter acquired by the Grantor.

 

1.             The parties intend that this Grant is for
recordation purposes only and its terms shall not modify the applicable terms
and conditions of the Agreement, which govern the Secured Party’s interest in
the Patent Collateral. The Grantor hereby acknowledges the sufficiency and
completeness of this Grant to create the security interest in the Patent
Collateral for the Secured Party, and the Grantor hereby requests the PTO to
file and record the same together with the annexed Schedule 1.

 

2.             The
Grantor and Secured Party hereby acknowledge and agree that the security
interest in the Patent Collateral may be terminated only in accordance with the
terms of the Agreement.

 

 

IN WITNESS WHEREOF, the undersigned has caused this
Grant to be duly executed and delivered as of the date first above written.

 

 

	
   

  	
  NuCO2 IP LLC, as Grantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

STATE
OF
[                ]    )

: ss:

COUNTY
OF
[                  ])

 

On the
[    ]th day of
                        ,
before me, the
undersigned, a Notary Public in and for the State of
[                      ],
duly commissioned and sworn, personally appeared [                            ],
to me known to be the
[                            ]
of NuCO2 IP
LLC, the limited liability
company that executed the within and foregoing instrument, and acknowledged
said instrument to be free and voluntary deed of said limited liability company
for the uses and the purposes therein mentioned, and on oath stated that he was
authorized to execute said instrument.

 

	
   

  	
   

  
	
   

  	
  (Signature
  of Notary)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Legibly
  Print or Stamp Name of Notary)

  
	
   

  	
   

  
	
   

  	
  Notary public in and
  for the State of
  [                ],

  
	
   

  	
   

  
	
   

  	
  residing at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  My appointment expires

  	
   

  
				

 

 

Schedule 1 to Exhibit C-2
— Patent Collateral

 

 

Exhibit C-3

 

FORM OF GRANT OF SECURITY INTEREST IN
COPYRIGHTS

 

GRANT OF SECURITY INTEREST IN COPYRIGHTS (the “Grant”),
dated as of
                ,
2008, made by NuCO2 IP
LLC, a Delaware limited liability company (the “Grantor”),
in favor of U.S BANK NATIONAL ASSOCIATION, as trustee (“Secured Party”).

 

WHEREAS, the Grantor is the owner of the United States
copyrights (including the associated registrations and applications for
registration) set forth in Schedule 1 attached hereto
(collectively, the “Copyrights”); and

 

WHEREAS, pursuant to the Base Indenture, dated as of
                ,
2008, by and among the Grantor, NuCO2 Funding LLC, a Delaware limited liability
company, NuCO2 LLC, a Delaware limited liability company, NuCO2 Supply LLC, a
Delaware limited liability company and the Secured Party (the “Agreement”),
the Grantor granted, assigned and conveyed to Secured Party a continuing
security interest in, and lien on, certain intellectual property, including the
Copyrights and all products and proceeds of the foregoing (collectively, the “Copyright
Collateral”); and

 

WHEREAS, pursuant to Section 8.25(c) of
the Agreement, the Grantor agreed to execute and deliver to Secured Party this
Grant for purposes of filing the same with the United States Copyright Office
(the “Copyright Office”) to confirm, evidence and perfect the security
interest in the Copyright Collateral granted pursuant to the Agreement;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and subject to
all applicable terms and conditions of the Agreement, which are incorporated by
reference as if fully set forth herein, the Grantor hereby pledges, assigns,
conveys, delivers, transfers and sets over to Secured Party, and hereby grants
to Secured Party, a security interest in the Grantor’s right, title and
interest in all of the Copyright Collateral to the extent now owned or at any
time hereafter acquired by the Grantor.

 

1.             The parties intend that this Grant is for
recordation purposes only and its terms shall not modify the applicable terms
and conditions of the Agreement, which govern the Secured Party’s interest in
the Copyright Collateral. The Grantor hereby acknowledges the sufficiency and
completeness of this Grant to create the security interest in the Copyright
Collateral and to grant the same to the Secured Party, and the Grantor hereby
requests the Copyright Office to file and record the same together with the
annexed Schedule 1.

 

 

2.             The Grantor and Secured Party hereby
acknowledge and agree that the security interest in the Copyright Collateral
may be terminated only in accordance with the terms of the Agreement.

 

IN
WITNESS WHEREOF, the undersigned has caused this Grant to be duly executed and
delivered as of the date first above written.

 

 

	
   

  	
  NuCO2 IP LLC, as Grantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

STATE
OF
[                ]    )

: ss:

COUNTY
OF
[                  ])

 

On the
[    ]th day of
                        ,
before me, the
undersigned, a Notary Public in and for the State of
[                      ],
duly commissioned and sworn, personally appeared [                            ],
to me known to be the [                            ]
of NuCO2 IP
LLC, the limited liability
company that executed the within and foregoing instrument, and acknowledged
said instrument to be free and voluntary deed of said limited liability company
for the uses and the purposes therein mentioned, and on oath stated that he was
authorized to execute said instrument.

 

 

	
   

  	
   

  
	
   

  	
  (Signature
  of Notary)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Legibly
  Print or Stamp Name of Notary)

  
	
   

  	
   

  
	
   

  	
  Notary public in and
  for the State of
  [                ],

  
	
   

  	
   

  
	
   

  	
  residing at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  My appointment expires

  	
   

  
				

 

 

Schedule 1
to Exhibit C-3 — Copyright Collateral

 

 

Exhibit D-1

 

FORM OF SUPPLEMENTAL
GRANT OF SECURITY INTEREST IN TRADEMARKS

 

GRANT OF SUPPLEMENTAL SECURITY INTEREST IN TRADEMARKS
(the “Grant”), dated as of
                        ,
made by [NuCO2 IP
LLC, a Delaware limited liability company] [insert name of Additional IP
Holder] (the “Grantor”) in favor of
U.S. BANK NATIONAL ASSOCIATION, as trustee (“Secured Party”).

 

WHEREAS, the Grantor is the owner of the United States
trademarks and service marks set forth in Schedule 1 attached
hereto, including the associated registrations and applications for
registration set forth in Schedule 1 attached hereto (collectively,
the “Trademarks”) and all goodwill of any business associated and
connected therewith or symbolized thereby; and

 

WHEREAS, pursuant to the Base Indenture, dated as of
                ,
2008, by and among the Grantor, NuCO2 Funding LLC, a Delaware limited liability
company, NuCO2 LLC, a Delaware limited liability company, NuCO2 Supply LLC, a
Delaware limited liability company and the Secured Party (the “Agreement”),
the Grantor granted, assigned and conveyed to Secured Party a continuing
security interest in, and lien on, certain intellectual property, including the
Trademarks and the goodwill of the business symbolized by the Trademarks and
all products and proceeds of the foregoing (collectively the “Trademark
Collateral”); and

 

WHEREAS, pursuant to Section 8.25(d) 
of the Agreement, the Grantor agreed to execute and deliver to Secured Party
this Grant for purposes of filing the same with the United States Patent and
Trademark Office (the “PTO”) to confirm, evidence and perfect the
security interest in the Trademark Collateral granted pursuant to the
Agreement;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and subject to
all applicable terms and conditions of the Agreement, which are incorporated by
reference as if fully set forth herein, the Grantor hereby pledges, assigns,
conveys, delivers, transfers and sets over to Secured Party, and hereby grants
to Secured Party, a security interest in the Grantor’s right, title and
interest in all of the Trademark Collateral to the extent now owned or at any
time hereafter acquired by the Grantor, provided that the grant of security
interest shall not include and no grant of security interest shall be deemed
granted hereunder in any Trademark Collateral that would be invalidated,
canceled, voided or abandoned due to the grant and/or enforcement of such
security interest, including, all such United States and foreign Trademark
applications that are based on an intent-to-use such Trademark in commerce. At
such time that the grant and/or enforcement of the security interest will not
cause such Trademark Collateral to be invalidated, canceled, voided or
abandoned, then

 

 

such grant and/or enforcement of the security interest
shall be deemed effective under this Grant.

 

1.             The Grantor intends that this Grant is
for recordation purposes only and its terms shall not modify the applicable
terms and conditions of the Agreement, which govern the Secured Party’s
interest in the Trademark Collateral. 
The Grantor hereby acknowledges the sufficiency and completeness of this
Grant to create the security interest in the Trademark Collateral for the
Secured Party, and the Grantor hereby requests the PTO to file and record the
same together with the annexed Schedule 1.

 

2.             The Grantor and Secured Party hereby
acknowledge and agree that the security interest in the Trademark Collateral
may be terminated only in accordance with the terms of the Agreement.

 

IN
WITNESS WHEREOF, the undersigned has caused this Grant to be duly executed and
delivered as of the date first above written.

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

STATE
OF
[                ]    )

: ss:

COUNTY
OF
[                  ])

 

On the
[    ]th day of
                        ,
before me, the
undersigned, a Notary Public in and for the State of
[                      ],
duly commissioned and sworn, personally appeared [                            ],
to me known to be the
[                            ]
of
[                            ], the limited liability company that
executed the within and foregoing instrument, and acknowledged said instrument
to be free and voluntary deed of said limited liability company for the uses
and the purposes therein mentioned, and on oath stated that he was authorized
to execute said instrument.

 

 

	
   

  	
   

  
	
   

  	
  (Signature
  of Notary)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Legibly
  Print or Stamp Name of Notary)

  
	
   

  	
   

  
	
   

  	
  Notary public in and
  for the State of
  [                ],

  
	
   

  	
   

  
	
   

  	
  residing at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  My appointment expires

  	
   

  
				

 

 

Schedule 1
to Exhibit D-1

After-Acquired Trademarks

 

 

Exhibit D-2

 

FORM OF GRANT OF SUPPLEMENTAL SECURITY
INTEREST IN PATENTS

 

GRANT OF SUPPLEMENTAL SECURITY INTEREST IN PATENTS
(the “Grant”), dated as of
                        ,
made by [NuCO2 IP
LLC, a Delaware limited liability company] [insert name of Additional IP
Holder] (the “Grantor”) in favor of
U.S. BANK NATIONAL ASSOCIATION, as trustee (“Secured Party”).

 

WHEREAS, the Grantor is the owner of the United States
patents and patent applications set forth in Schedule 1 attached
hereto (collectively, the “Patents”); and

 

WHEREAS, pursuant to the Base Indenture, dated as of
                ,
2008, by and among the Grantor, NuCO2 Funding LLC, a Delaware limited liability
company, NuCO2 LLC, a Delaware limited liability company, NuCO2 Supply LLC, a
Delaware limited liability company and the Secured Party (the “Agreement”),
the Grantor granted,  assigned and
conveyed to Secured Party a continuing security interest in, and lien on,
certain intellectual property, including the Patents and all products and proceeds
of the foregoing (collectively, the “Patent Collateral”); and

 

WHEREAS, pursuant to Section 8.25(d) of
the Agreement, the Grantor agreed to execute and deliver to Secured Party this
Grant for purposes of filing the same with the United States Patent and
Trademark Office (the “PTO”) to confirm, evidence and perfect the
security interest in the Patent Collateral granted pursuant to the Agreement;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and subject to
all applicable terms and conditions of the Agreement, which are incorporated by
reference as if fully set forth herein, the Grantor hereby pledges, assigns,
conveys, delivers, transfers and sets over to Secured Party, and hereby grants
to Secured Party, a security interest in the Grantor’s right, title and
interest in all of the Patent Collateral to the extent now owned or at any time
hereafter acquired by the Grantor.

 

1.             The parties intend that this Grant is for
recordation purposes only and its terms shall not modify the applicable terms
and conditions of the Agreement, which govern the Secured Party’s interest in
the Patent Collateral. The Grantor hereby acknowledges the sufficiency and
completeness of this Grant to create the security interest in the Patent
Collateral for the Secured Party, and the Grantor hereby requests the PTO to
file and record the same together with the annexed Schedule 1.

 

2.             The Grantor and Secured Party hereby
acknowledge and agree that the security interest in the Patent Collateral may
be terminated only in accordance with the terms of the Agreement.

 

 

IN WITNESS WHEREOF, the undersigned has caused this
Grant to be duly executed and delivered as of the date first above written.

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

STATE
OF
[                ]    )

: ss:

COUNTY
OF
[                  ])

 

On the
[    ]th day of
                        ,
before me, the
undersigned, a Notary Public in and for the State of
[                      ],
duly commissioned and sworn, personally appeared
[                            ],
to me known to be the [                            ]
of
[                            ], the limited liability company that
executed the within and foregoing instrument, and acknowledged said instrument
to be free and voluntary deed of said limited liability company for the uses
and the purposes therein mentioned, and on oath stated that he was authorized
to execute said instrument.

 

 

	
   

  	
   

  
	
   

  	
  (Signature
  of Notary)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Legibly
  Print or Stamp Name of Notary)

  
	
   

  	
   

  
	
   

  	
  Notary public in and
  for the State of
  [                ],

  
	
   

  	
   

  
	
   

  	
  residing at

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  My appointment expires

  	
   

  
				

 

 

	
   

  	
  Schedule 1 to Exhibit D-2

  
	
   

  	
  After-Acquired Patent Collateral

  

 

 

Exhibit D-3

 

FORM OF GRANT OF SUPPLEMENTAL SECURITY
INTEREST IN COPYRIGHTS

 

GRANT OF SUPPLEMENTAL SECURITY INTEREST IN COPYRIGHTS
(the “Grant”), dated as of
                        ,
made by [NuCO2 IP
LLC, a Delaware limited liability company] [insert name of Additional IP
Holder] (the “Grantor”) in favor of
U.S. BANK NATIONAL ASSOCIATION, as trustee (“Secured Party”).

 

WHEREAS, the Grantor is the owner of the United States
copyrights (including the associated registrations and applications for
registration) set forth in Schedule 1 attached hereto
(collectively, the “Copyrights”); and

 

WHEREAS, pursuant to the Base Indenture, dated as of
                ,
2008, by and among the Grantor, NuCO2 Funding LLC, a Delaware limited liability
company, NuCO2 LLC, a Delaware limited liability company, NuCO2 Supply LLC, a
Delaware limited liability company and the Secured Party (the “Agreement”),
the Grantor granted, assigned and conveyed to Secured Party a continuing
security interest in, and lien on, certain intellectual property, including the
Copyrights and all products and proceeds of the foregoing (collectively, the “Copyright
Collateral”); and

 

WHEREAS, pursuant to Section 8.25(d) of
the Agreement, the Grantor agreed to execute and deliver to Secured Party this
Grant for purposes of filing the same with the United States Copyright Office
(the “Copyright Office”) to confirm, evidence and perfect the security
interest in the Copyright Collateral granted pursuant to the Agreement;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and subject to
all applicable terms and conditions of the Agreement, which are incorporated by
reference as if fully set forth herein, the Grantor hereby pledges, assigns,
conveys, delivers, transfers and sets over to Secured Party, and hereby grants
to Secured Party, a security interest in the Grantor’s right, title and
interest in all of the Copyright Collateral to the extent now owned or at any
time hereafter acquired by the Grantor.

 

1.             The
parties intend that this Grant is for recordation purposes only and its terms
shall not modify the applicable terms and conditions of the Agreement, which
govern the Secured Party’s interest in the Copyright Collateral. The Grantor
hereby acknowledges the sufficiency and completeness of this Grant to create
the security interest in the Copyright Collateral and to grant the same to the
Secured Party, and the Grantor hereby requests the Copyright Office to file and
record the same together with the annexed Schedule 1.

 

 

2.             The
Grantor and Secured Party hereby acknowledge and agree that the security
interest in the Copyright Collateral may be terminated only in accordance with the
terms of the Agreement.

 

IN
WITNESS WHEREOF, the undersigned has caused this Grant to be duly executed and
delivered as of the date first above written.

 

 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

STATE
OF
[                ]    )

: ss:

COUNTY
OF
[                  ])

 

On the
[    ]th day of
                        ,
before me, the
undersigned, a Notary Public in and for the State of
[                      ],
duly commissioned and sworn, personally appeared [                            ],
to me known to be the [                            ]
of [                            ], the limited liability company that
executed the within and foregoing instrument, and acknowledged said instrument
to be free and voluntary deed of said limited liability company for the uses
and the purposes therein mentioned, and on oath stated that he was authorized
to execute said instrument.

 

 

	
   

  	
   

  
	
   

  	
  (Signature
  of Notary)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Legibly
  Print or Stamp Name of Notary)

  
	
   

  	
   

  
	
   

  	
  Notary public in and
  for the State of
  [                ],

  
	
   

  	
   

  
	
   

  	
  residing at

  	
   

  
	
   

  	
   

  
	
   

  	
  My appointment expires

  	
   

  
				

 

 

Schedule 1
to Exhibit D-3

After-Acquired
Copyright Collateral

 

 

Exhibit E

 

FORM OF
COMPLIANCE CERTIFICATE

 

[CO-ISSUERS
LETTERHEAD]

 

Reference is hereby made to the Base Indenture and the
Series 2008-1 Supplement, each dated as of May 28, 2008 (together,
with all series supplements thereto, as amended, supplemented, or otherwise
modified from time to time by supplements thereto in accordance with its terms,
the “Indenture”), among NuCO2 Funding LLC, NuCO2 LLC, NuCO2 Supply LLC, NuCO2 IP LLC and U.S. Bank National Association, as
Trustee, Administrative Agent and Securities Intermediary.  Capitalized terms used herein but not
otherwise defined herein have the respective meanings ascribed to them in the
Indenture.  This certificate is issued
pursuant to Section 4.1(d) of the Base Indenture.

 

The undersigned officer of each of the Co-Issuers
hereby certifies that [, except as has been provided in a notice delivered
pursuant to Section 8.8 of the Base Indenture,] no Early Amortization
Event or Event of Default has occurred and is continuing.

 

[REMAINDER OF PAGE
LEFT INTENTIONALLY BLANK]

 

 

IN WITNESS WHEREOF, each of the undersigned has signed this certificate
on behalf of and with respect to the applicable Co-Issuer indicated beneath his
or her signature below on the [·] day of [·], [·].

 

 

	
   

  	
  NUCO2 FUNDING LLC,
  as a Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NUCO2 LLC, as a
  Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NUCO2 SUPPLY LLC,
  as a Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NUCO2 IP LLC, as a
  Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

Exhibit F

 

FORM OF
INFORMATION REQUEST CERTIFICATION

 

U.S.
Bank National Association

60
Livingston Avenue

EP-MN-WS3D

St.
Paul, MN 55107

Attn:
Structured Finance / NuCo2

Facsimile:
866-831-7910

 

[NuCO2

Address

Facsimile]

 

Re:
NuCo2 Fixed Rate Series 2008-1, Senior and/or Subordinated Notes, Class

 

Ladies
and Gentlemen:

 

Prior
to obtaining access to any such reports or certificates located on the Trustee’s
website, I hereby confirm I am one of the following:

 

o            I am a current beneficial Note
Owner.

 

o            I am a [Person] [prospective purchaser of Notes]
requesting information solely for use in evaluating an investment in [the Series 2008-1
Notes] [and/or any other Series of Notes] and will otherwise keep such
information confidential.

 

	
   

  	
  Cusip:

  	
   

  	
   

  	
   

  
	
   

  	
  Class:

  	
   

  	
   

  	
   

  
	
   

  	
  Principal
  Amount:

  	
   

  	
   

  	
   

  
						

 

Requesting Party (Purchaser/Prospective
Note Owner):

 

	
  Name: 

  	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
   

  
	
  City, State, Zip:

  	
   

  	
   

  	
   

  
	
  Contact Name:

  	
   

  	
   

  	
   

  
	
  Phone Number:

  	
   

  	
   

  	
   

  
	
  Facsimile:

  	
   

  	
   

  	
   

  
	
  DTC Participant Number:

  	
   

  	
   

  	
   

  
	
  DTC Participant Name (Nominee):

  	
   

  	
   

  
							

 

 

Selling Party (Seller):

 

	
  Name:

  	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
   

  
	
  City, State, Zip:

  	
   

  	
   

  	
   

  
	
  Contact Name:

  	
   

  	
   

  	
   

  
	
  Phone Number:

  	
   

  	
   

  	
   

  
	
  Facsimile:

  	
   

  	
   

  	
   

  
	
  DTC Participant Number:

  	
   

  	
   

  	
   

  
	
  DTC Participant Name (Nominee):

  	
   

  	
   

  	
   

  
								

 

 

	
  Trade Date:

  	
   

  	
   

  

 

 

	
  Signature
  (Purchaser/Prospective Note Owner):

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
					

 

 

	
  Signature (Seller):

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
				

 

Capitalized terms used in
and not otherwise defined herein shall have the meaning assigned to them in the
Indenture.

 

 

Exhibit G

 

FORM OF QUARTERLY CUSTOMER CONTRACTS REPORT

[Attached]

 

The Quarterly Customer
Contracts Report shall be delivered together with the following statement by
the Master Issuer (or by the Transaction Manager on its behalf):

 

This certificate is being delivered pursuant to Section 4.1(h) of
the Base Indenture, dated as of May 28, 2008, by and among NuCO2 Funding
LLC, NuCO2 LLC, NuCO2 Supply LLC, NuCO2 IP LLC and U.S. Bank National
Association, as Trustee, Administrative Agent and Securities Intermediary, as
amended, supplemented, or otherwise modified from time to time by supplements
thereto in accordance with its terms (the “Base Indenture”).  Capitalized terms not otherwise defined
herein, shall have the meaning ascribed to them in the Base Indenture.  The undersigned officer of the [Master
Issuer] [Transaction Manager] hereby certifies that (i) to the knowledge
of the undersigned the historical information contained herein is true and
correct in all material respects, and (ii) the forward looking information
contained herein has been prepared in good faith based on information in the
undersigned’s possession and/or reasonably available to the undersigned on the
date hereof.

 

[NUCO2 FUNDING LLC] [NUCO2 MANAGEMENT LLC]

 

	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  

 

 

NuCO2

 

Customer
Activations and Attrition

FY04 to
FY07

 

	
   

  	
   

  	
  FY04

  	
   

  	
  FY05

  	
   

  	
  FY06

  	
   

  	
  FY07

  	
   

  
	
   

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  	
  Q1

  	
   

  	
  Q2

  	
   

  	
  Q3

  	
   

  	
  Q4

  	
   

  
	
  Gross Activations, Bulk

  	
   

  	
  2,630

  	
   

  	
  2,938

  	
   

  	
  2,720

  	
   

  	
  3,526

  	
   

  	
  2,556

  	
   

  	
  3,196

  	
   

  	
  3,595

  	
   

  	
  3,451

  	
   

  	
  2,954

  	
   

  	
  3,303

  	
   

  	
  4,041

  	
   

  	
  2,980

  	
   

  	
  2,858

  	
   

  	
  3,034

  	
   

  	
  2,474

  	
   

  	
  2,450

  	
   

  
	
  Acquisition

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  9,397

  	
   

  	
  (361

  	
  )

  	
  1,132

  	
   

  	
  2,485

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  3,087

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HP Change

  	
   

  	
  (65

  	
  )

  	
  (69

  	
  )

  	
  (62

  	
  )

  	
  (35

  	
  )

  	
  (23

  	
  )

  	
  (26

  	
  )

  	
  (48

  	
  )

  	
  (19

  	
  )

  	
  21

  	
   

  	
  501

  	
   

  	
  98

  	
   

  	
  48

  	
   

  	
  51

  	
   

  	
  (39

  	
  )

  	
  (107

  	
  )

  	
  (191

  	
  )

  
	
  Gross Attrition, Bulk

  	
   

  	
  (1,239

  	
  )

  	
  (1,374

  	
  )

  	
  (1,423

  	
  )

  	
  (809

  	
  )

  	
  (1,202

  	
  )

  	
  (1,122

  	
  )

  	
  (1,451

  	
  )

  	
  (1,140

  	
  )

  	
  (1,553

  	
  )

  	
  (1,340

  	
  )

  	
  (1,710

  	
  )

  	
  (1,640

  	
  )

  	
  (1,318

  	
  )

  	
  (1,431

  	
  )

  	
  (2,210

  	
  )

  	
  (2,766

  	
  )

  
	
  All Customers

  	
   

  	
  76,117

  	
   

  	
  77,612

  	
   

  	
  78,847

  	
   

  	
  81,529

  	
   

  	
  82,860

  	
   

  	
  94,305

  	
   

  	
  96,040

  	
   

  	
  99,464

  	
   

  	
  103,371

  	
   

  	
  105,835

  	
   

  	
  108,264

  	
   

  	
  112,739

  	
   

  	
  114,330

  	
   

  	
  115,894

  	
   

  	
  116,051

  	
   

  	
  115,544

  	
   

  

 

	
   

  	
   

  	
  FY04
  Total

  	
   

  	
  FY05
  Total

  	
   

  	
  FY06
  Total

  	
   

  	
  FY07
  Total

  	
   

  
	
  Gross Activations, Bulk

  	
   

  	
  11,814

  	
   

  	
  12,798

  	
   

  	
  13,278

  	
   

  	
  10,816

  	
   

  
	
  Acquisition

  	
   

  	
  —

  	
   

  	
  10,168

  	
   

  	
  5,572

  	
   

  	
  —

  	
   

  
	
  HP Change

  	
   

  	
  (231

  	
  )

  	
  (116

  	
  )

  	
  668

  	
   

  	
  (286

  	
  )

  
	
  Gross Attrition, Bulk

  	
   

  	
  (4,845

  	
  )

  	
  (4,915

  	
  )

  	
  (6,243

  	
  )

  	
  (7,725

  	
  )

  
	
  All Customers

  	
   

  	
  81,529

  	
   

  	
  99,464

  	
   

  	
  112,739

  	
   

  	
  115,544

  	
   

  

 

 

Schedule
7.3

 

CONSENTS

 

None.

 

 

Schedule
7.6

 

PLANS

 

None.

 

 

Schedule
7.7

 

PROPOSED
TAX ASSESSMENTS

 

None.

 

 

Schedule
7.13(a)

 

NON-PERFECTED
LIENS

 

Liens in respect of motor vehicles owned by any of the
Co-Issuers have not been perfected.

 

 

Schedule
7.19

 

INSURANCE

 

	
  Policy

  	
   

  	
  Primary Insured

  	
   

  	
  Co-Insureds

  
	
  Auto

  	
   

  	
  NuCO2 Supply LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Workers Compensation

  	
   

  	
  NuCO2 Management LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  General Liability

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Umbrella

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Excess Liability

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Punitive
  Damages Wrap

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Property

  	
   

  	
  NuCO2 Supply LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Crime

  	
   

  	
  NuCO2 Management LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Employment Practices

  	
   

  	
  NuCO2 Management LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  D&O (no transfer)

  	
   

  	
  NuCO2 Inc.

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC

  

 

 

Schedule
8.11

 

LIENS

 

Unless otherwise requested by the Trustee or the
Administrative Agent, no further action shall be undertaken to perfect any
Liens with respect to motor vehicles owned by the Co-Issuers.

 

 

Schedule
8.29

 

INSURANCE
POLICIES HELD BY CO-ISSUERS, TRANSACTION MANAGER AND NUCO2 AS OF THE CLOSING DATE

 

	
  Policy

  	
   

  	
  Primary Insured

  	
   

  	
  Co-Insureds

  
	
  Auto

  	
   

  	
  NuCO2 Supply LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Workers Compensation

  	
   

  	
  NuCO2 Management LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  General Liability

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Umbrella

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Excess Liability

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Punitive
  Damages Wrap

  	
   

  	
  NuCO2 LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLP, NuCO2 Inc.

  
	
  Property

  	
   

  	
  NuCO2 Supply LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Crime

  	
   

  	
  NuCO2 Management LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  Employment Practices

  	
   

  	
  NuCO2 Management LLC

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC, NuCO2 Inc.

  
	
  D&O (no transfer)

  	
   

  	
  NuCO2 Inc.

  	
   

  	
  NuCO2 Funding LLC,
  NuCO2 Management LLC, NuCO2 Supply LLC, NuCO2 IP LLC, NuCO2 LLC

  

 

 

Schedule 10.1(a)

 

ADMINISTRATIVE
AGENT CALCULATIONS

 

Monthly
Manager’s Certificate (and Noteholders’ Statement)

Releases from
Concentration Account

Releases from
Equipment Holder Master Account

Investment Income
from different accounts

Additional Senior
Note Principal Payment Amount

Additional
Subordinated Note Principal Payment Amount

Payments to and
from hedge counterparties

Transaction
Management Fee

Senior Note
Interest Reserve Required Amount

Senior Note
Interest Reserve Release Amount

Senior Note Interest
Reserve Refill Amount

Contributions
Account Release Amount

Termination
Amounts Release Amount

Senior Note
Interest Accrued and Unpaid

Subordinate Note
Interest Accrued and Unpaid

Class A-2 and
Class A-3 VFN commitment fees

Required
Amortization Amount

Note Make Whole
Premium Amounts

Senior Note
Contingent Additional Interest Accrued and Unpaid

Subordinated Note
Contingent Additional Interest Accrued and Unpaid

SPE Operating
Expenses subject to SPE Operating Expenses Cap

Interest and
Principal distribution amounts per $1000 of Notes

Calculation of Net
Cash Flow from Weekly Servicer Reports

Calculation of Net
Cash Flow from Weekly Servicer Reports (excluding Contributions)

Calculation of
Debt Service

Three Month DSCR

Three Month DSCR
(excluding contributions)

One-Year DSCR

One-Year DSCR
(excluding contributions)

Pro Forma Net Cash
Flow

Pro Forma Debt
Service

Pro Format DSCR

Class A-2
Maximum Draw Amount

Compliance with
different triggers based on Three-Month DSCR and One-Year DSCR levels

 

Weekly
Manager’s Certificate

Adjusted Customer
Collections

Delivery and Customer
Services Fee

Equipment Holder
Operating Expense Fees Cap

Equipment Holder CAPEX
Fees

Employee Services FeeExhibit
4.3

 

 

NUCO2 FUNDING LLC,

NUCO2 LLC,

NUCO2 IP LLC and

NUCO2 SUPPLY LLC

each as Co-Issuer,

 

 

and

 

 

U.S. Bank National Association,

as Trustee, Administrative Agent and Securities Intermediary

 

 

SERIES 2008-1
SUPPLEMENT 

 

dated as of May 28,
2008

 

to

 

BASE INDENTURE

 

dated as of May 28,
2008

 

 

$280,000,000 7.25% Fixed Rate Series 2008-1
Senior Notes, Class A-1

$30,000,000 Series 2008-1 Variable Funding Senior
Notes, Class A-2

$20,000,000 Series 2008-1 Variable Funding Senior
Notes, Class A-3

$75,000,000 9.75% Fixed Rate Series 2008-1
Subordinated Notes, Class B-1

 

 

 

 

Table of Contents

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  PRELIMINARY STATEMENT

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  DESIGNATION

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE I DEFINITIONS

  	
   

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II INITIAL ISSUANCE, INCREASES AND DECREASES
  OF THE SERIES 2008-1 CLASS A-2 OUTSTANDING PRINCIPAL AMOUNT AND THE
  SERIES 2008-1 CLASS A-3 OUTSTANDING PRINCIPAL AMOUNT

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Procedures for
  Issuing and Increasing the Series 2008-1 Class A-2 Outstanding
  Principal Amount and the Series 2008-1 Class A-3 Outstanding
  Principal Amount

  	
   

  	
  2

  
	
  Section 2.2

  	
  Procedures for
  Decreasing the Series 2008-1 Class A-2 Outstanding Principal Amount
  and the Series 2008-1 Class A-3 Outstanding Principal Amount

  	
   

  	
  3

  
	
  Section 2.3

  	
  Instructions to
  Trustee in the Event of a Series 2008-1 Class A-2 Decrease or a Series 2008-1
  Class A-3 Decrease

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III ALLOCATIONS; PAYMENTS

  	
   

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 3.1

  	
  Application of
  Certain Amounts on the Series 2008-1 Closing Date

  	
   

  	
  6

  
	
  Section 3.2

  	
  Application of
  Collections on Payment Dates to the Series 2008-1 Notes

  	
   

  	
  6

  
	
  Section 3.3

  	
  Certain
  Distributions from Collection Account

  	
   

  	
  7

  
	
  Section 3.4

  	
  Series 2008-1
  Class A-1 Interest

  	
   

  	
  9

  
	
  Section 3.5

  	
  Series 2008-1
  Class A-2 Interest and Certain Fees

  	
   

  	
  10

  
	
  Section 3.6

  	
  Series 2008-1
  Class A-3 Interest and Certain Fees

  	
   

  	
  12

  
	
  Section 3.7

  	
  Series 2008-1
  Class B-1 Interest

  	
   

  	
  14

  
	
  Section 3.8

  	
  Payment of
  Series 2008-1 Note Principal

  	
   

  	
  15

  
	
  Section 3.9

  	
  Transaction
  Manager

  	
   

  	
  24

  
	
  Section 3.10

  	
  Master Manager

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV FORM OF SERIES 2008-1 NOTES

  	
   

  	
  24

  
	
   

  	
   

  	
   

  
	
  Section 4.1

  	
  Issuance of
  Series 2008-1 Class A-1 Notes

  	
   

  	
  24

  
	
  Section 4.2

  	
  Issuance of
  Series 2008-1 Class A-2 Notes

  	
   

  	
  26

  
	
  Section 4.3

  	
  Issuance of
  Series 2008-1 Class A-3 Notes

  	
   

  	
  26

  
	
  Section 4.4

  	
  Issuance of
  Series 2008-1 Class B-1 Notes

  	
   

  	
  27

  
	
  Section 4.5

  	
  Transfer
  Restrictions of Series 2008-1 Class A-1 Notes

  	
   

  	
  29

  
	
  Section 4.6

  	
  Transfer
  Restrictions of Series 2008-1 Class A-2 Notes

  	
   

  	
  37

  
	
  Section 4.7

  	
  Transfer
  Restrictions of Series 2008-1 Class A-3 Notes

  	
   

  	
  38

  
	
  Section 4.8

  	
  Transfer Restrictions
  of Series 2008-1 Class B-1 Notes

  	
   

  	
  39

  

 

i

 

	
  Section 4.9

  	
  Section 3(c)(7) Procedures

  	
  47

  
	
  Section 4.10

  	
  Note Owner
  Representations and Warranties

  	
  51

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  57

  
	
   

  	
   

  	
   

  
	
  GENERAL

  	
   

  	
  57

  
	
   

  	
   

  	
   

  
	
  Section 5.1

  	
  Information

  	
  57

  
	
  Section 5.2

  	
  Exhibits

  	
  58

  
	
  Section 5.3

  	
  Ratification of
  Base Indenture

  	
  58

  
	
  Section 5.4

  	
  Certain Notices
  to the Rating Agencies

  	
  58

  
	
  Section 5.5

  	
  Counterparts

  	
  58

  
	
  Section 5.6

  	
  Governing Law

  	
  58

  
	
  Section 5.7

  	
  Amendments

  	
  58

  
	
  Section 5.8

  	
  Termination of
  Series 2008-1 Supplement

  	
  58

  
	
  Section 5.9

  	
  Discharge of Indenture

  	
  59

  
	
  Section 5.10

  	
  Fiscal Year End

  	
  59

  
	
   

  	
   

  	
   

  
	
  ANNEXES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Annex A

  	
  Series 2008-1 Supplemental Definitions List

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
  Exhibit A-1-1:

  	
  Form of Restricted Rule 144A
  Class A-1 Global Note

  	
   

  
	
  Exhibit A-1-2:

  	
  Form of Restricted Regulation S Class A-1
  Global Note

  	
   

  
	
  Exhibit A-2:

  	
  Form of Series 2008-1 Class A-2 Note

  	
   

  
	
  Exhibit A-3:

  	
  Form of Series 2008-1 Class A-3 Note

  	
   

  
	
  Exhibit B-1-1:

  	
  Form of Restricted Rule 144A
  Class B-1 Global Note

  	
   

  
	
  Exhibit B-1-2:

  	
  Form of Restricted Regulation S Class B-1
  Global Note

  	
   

  
	
  Exhibit C-1:

  	
  Form of Transferee Certificate

  	
   

  
	
  Exhibit C-2:

  	
  Form of Transferee Certificate

  	
   

  
	
  Exhibit C-3:

  	
  Form of Transferee Certificate

  	
   

  
	
  Exhibit C-4:

  	
  Form of Transferee Certificate

  	
   

  
	
  Exhibit D:

  	
  Form of Noteholders’ Statement

  	
   

  
	
  Exhibit E:

  	
  Form of Important
  Section 3(c)(7) Notice

  	
   

  

 

ii

 

SERIES 2008-1 SUPPLEMENT,
dated as of May 28, 2008 (this “Series 2008-1 Supplement”), by
and among NUCO2 FUNDING LLC, a Delaware limited liability company (the “Master
Issuer”), NUCO2 LLC, a Delaware limited liability company
(the “Contract Holder”), NUCO2 IP LLC, a Delaware limited liability company (the “IP
Holder”), NUCO2 SUPPLY LLC, a Delaware limited liability company
(the “Equipment Holder” and, together with the Master Issuer, the
Contract Holder and the IP Holder, collectively, the “Co-Issuers” and
each, a “Co-Issuer) and U.S. Bank National Association, a national
banking association, as trustee (in such capacity, the “Trustee”),
administrative agent (in such capacity, the “Administrative Agent”) and
as securities intermediary to the Base Indenture, dated as of the date hereof,
by and among the Co-Issuers and the Trustee (as amended, modified or
supplemented from time to time, exclusive of this Series 2008-1
Supplement, the “Base Indenture”).

 

PRELIMINARY STATEMENT

 

WHEREAS, Sections 2.3  and  12.1 of
the Base Indenture provide, among other things, that the Co-Issuers and the
Trustee may at any time and from time to time enter into a Series Supplement
to the Base Indenture for the purpose of authorizing the issuance of one or
more Series of Notes (as defined in Annex A of the Base Indenture)
upon satisfaction of the conditions set forth therein; and

 

WHEREAS, all such
conditions have been met for the issuance of the Series of Notes
authorized hereunder.

 

NOW, THEREFORE, the
parties hereto agree as follows:

 

DESIGNATION

 

There is hereby created a
Series of Notes to be issued pursuant to the Base Indenture and this Series 2008-1
Supplement, and such Series of Notes shall be designated as Series 2008-1
Notes.  On the Series 2008-1 Closing
Date, four Classes of Notes of such Series shall be issued:  (a) 7.25% Fixed Rate Series 2008-1
Senior Notes, Class A-1 (as referred to herein, the “Series 2008-1
Class A-1 Notes”), (b) Series 2008-1 Variable Funding Senior
Notes, Class A-2 (as referred to herein, the “Series 2008-1 Class A-2
Notes”), (c) Series 2008-1 Variable Funding Senior Notes, Class A-3
(as referred to herein, the “Series 2008-1 Class A-3 Notes”)
and (d) 9.75% Fixed Rate Series 2008-1 Subordinated Notes, Class B-1
(as referred to herein, the “Series 2008-1 Class B-1 Notes”).  For purposes of the Indenture, the Series 2008-1
Class A-1 Notes, the Series 2008-1 Class A-2 Notes and the Series 2008-1
Class A-3 Notes shall be deemed to be “Senior Notes” that are “Class A
Senior Notes,” and the Series 2008-1 Class B-1 Notes shall be deemed
to be “Subordinated Notes.”

 

1

 

ARTICLE I

 

DEFINITIONS

 

All capitalized terms
used herein (including in the preamble and the recitals hereto) shall have the
meanings assigned to such terms in the Series 2008-1 Supplemental
Definitions List attached hereto as Annex A (the “Series 2008-1
Supplemental Definitions List”) as such Series 2008-1 Supplemental
Definitions List may be amended, supplemented or otherwise modified from time
to time in accordance with the terms hereof. 
All
capitalized terms not otherwise defined therein shall have the meanings
assigned thereto in the Base Indenture Definitions List attached
to the Base Indenture as Annex A thereto, as such Base Indenture
Definitions List may be amended, supplemented or otherwise modified from time
to time in accordance with the terms of the Base Indenture.  Unless otherwise specified herein, all
Article, Exhibit, Section or Subsection references herein shall refer
to Articles, Exhibits, Sections or Subsections of the Base Indenture or
this Series 2008-1 Supplement (as indicated herein).  Unless otherwise stated herein, as the
context otherwise requires or if such term is otherwise defined in the Base
Indenture, each capitalized term used or defined herein shall relate only to
the Series 2008-1 Notes and not to any other Series of Notes issued
by the Co-Issuers.

 

ARTICLE II

 

INITIAL
ISSUANCE, INCREASES AND DECREASES OF

THE SERIES 2008-1 CLASS A-2 OUTSTANDING PRINCIPAL
AMOUNT AND THE SERIES 2008-1 CLASS A-3 OUTSTANDING PRINCIPAL AMOUNT

 

Section 2.1             Procedures for Issuing and
Increasing the Series 2008-1 Class A-2 Outstanding Principal Amount
and the Series 2008-1 Class A-3 Outstanding Principal Amount.

 

(a)           Subject to satisfaction of the
conditions precedent to the making of Series 2008-1 Class A-2
Advances set forth in the Series 2008-1 Class A-2 Note Purchase
Agreement, on any Payment Date during the Commitment Term with respect to the Series 2008-1
Class A-2 Notes, the Co-Issuers may increase the Series 2008-1 Class A-2
Outstanding Principal Amount (such increase referred to as a “Series 2008-1
Class A-2 Increase”), by drawing ratably, at par, principal amounts of
the Series 2008-1 Class A-2 Notes corresponding to the aggregate
amount of the Series 2008-1 Class A-2 Advances made on such Payment
Date; provided that at no time shall a Series 2008-1 Class A-2
Increase be made if, after giving effect thereto, the Series 2008-1 Class A-2
Outstanding Principal Amount would exceed the Series 2008-1 Class A-2
Note Maximum Aggregate Advanced Amount. 
Each Series 2008-1 Class A-2 Increase shall be made in
accordance with the provisions of Sections 2.02 and 2.03 of
the Series 2008-1 Class A-2 Note Purchase Agreement and shall be
ratably allocated among the Series 2008-1 Class A-2 Noteholders as
provided therein.  Proceeds from the Series 2008-1
Class A-2 Advances shall be paid as directed by the Co-Issuers in the
applicable Series 2008-1 Class A-2 Advance Request or as otherwise
set forth in the Series 2008-1 Class 

 

2

 

A-2 Note Purchase Agreement.  Upon receipt of written notice from the
Co-Issuers or the Series 2008-1 Class A-2 Note Administrative Agent
of any Series 2008-1 Class A-2 Advance, the Trustee shall indicate in
its books and records the amount of such Series 2008-1 Class A-2
Increase.

 

(b)           Subject to satisfaction of the
conditions precedent to the making of Series 2008-1 Class A-3
Advances set forth in the Series 2008-1 Class A-3 Note Purchase
Agreement, on any Business Day during the Commitment Term with respect to the Series 2008-1
Class A-3 Notes, the Co-Issuers may increase the Series 2008-1 Class A-3
Outstanding Principal Amount (such increase referred to as a “Series 2008-1
Class A-3 Increase”), by drawing ratably, at par, principal amounts of
the Series 2008-1 Class A-3 Notes corresponding to the aggregate
amount of the Series 2008-1 Class A-3 Advances made on such Business
Day; provided that at no time may the Series 2008-1 Class A-3
Outstanding Principal Amount exceed the Series 2008-1 Class A-3
Maximum Principal Amount.  Each Series 2008-1
Class A-3 Advance shall be made in accordance with the provisions of Sections 2.02
and 2.03 of the Series 2008-1 Class A-3 Note Purchase
Agreement and shall be ratably allocated among the Series 2008-1 Class A-3
Noteholders as provided therein. 
Proceeds from the Series 2008-1 Class A-3 Advances shall be
paid as directed by the Co-Issuers in the applicable Series 2008-1 Class A-3
Advance Request or as otherwise set forth in the Series 2008-1 Class A-3
Note Purchase Agreement.  Upon receipt of
written notice from the Co-Issuers or the Series 2008-1 Class A-3
Note Administrative Agent of any Series 2008-1 Class A-3 Advance, the
Trustee shall indicate in its books and records the amount of such Series 2008-1
Class A-3 Increase.

 

Section 2.2             Procedures for Decreasing the Series 2008-1
Class A-2 Outstanding Principal Amount and the Series 2008-1 Class A-3
Outstanding Principal Amount.

 

(a)           Required Amortization.

 

(i)            Whenever a Series 2008-1
Class A-2 Excess Principal Event shall have occurred, then, on the Payment
Date immediately following discovery by the Transaction Manager, any Co-Issuer,
the Trustee, any Series 2008-1 Class A-2 Investor, or any applicable
Holder of Series 2008-1 Class A-2 Notes of such Series 2008-1 Class A-2
Excess Principal Event, the Co-Issuers shall deposit to the Collection Account
for allocation (in accordance with clause eighth of the Priority of
Payments) to the Senior Note Principal Payments Account of the amount of funds
referred to in subclause (1) of the next sentence, and to the Senior Note
Interest Account of the amount of funds referred to in subclause (2) of
the next sentence, and shall direct the Trustee in writing to distribute such
funds in accordance with Sections 5.13, 5.14 and 6.1 of
the Base Indenture.  Such written
direction of the Co-Issuers shall provide for the distribution of (1) funds
sufficient to decrease the Series 2008-1 Class A-2 Outstanding
Principal Amount by the excess of (A) an amount equal to the Series 2008-1
Class A-2 Outstanding Principal Amount as of 

 

3

 

such Payment Date over
(B) the Series 2008-1 Class A-2 Note Maximum Aggregate Advanced
Amount for such Payment Date (the “Series 2008-1 Class A-2
Required Amortization Amounts”) (each decrease of the Series 2008-1 Class A-2
Outstanding Principal Amount pursuant to this Section 2.2(a)(i), or
any other required payment of principal in respect of the Series 2008-1 Class A-2
Notes pursuant to Section 3.8 of this Series 2008-1
Supplement, a “Series 2008-1 Class A-2 Required Amortization”),
plus (2) any associated Series 2008-1 Class A-2 Breakage
Amounts incurred as a result of such decrease (calculated in accordance with
the Series 2008-1 Class A-2 Note Purchase Agreement).  Such Series 2008-1 Class A-2
Required Amortization shall be allocated among the Series 2008-1 Class A-2
Noteholders in accordance with the order of distribution of principal payments
set forth in Sections 5.13, 5.14 and 6.1 of the Base
Indenture and in Section 4.02 of the Series 2008-1 Class A-2
Note Purchase Agreement.  Upon discovery
of such a Series 2008-1 Class A-2 Excess Principal Event, the
Co-Issuers promptly, but in any event within one (1) Business Day, shall
deliver written notice (by facsimile with original to follow by mail) of the
need for the distribution of any such Series 2008-1 Class A-2
Required Amortizations to the Trustee and the Series 2008-1 Class A-2
Note Administrative Agent.

 

(ii)           Whenever a Series 2008-1
Class A-3 Excess Principal Event shall have occurred, then, on the Payment
Date immediately following discovery by the Transaction Manager, any Co-Issuer,
the Trustee, any Series 2008-1 Class A-3 Investor, or any applicable
Holder of Series 2008-1 Class A-3 Notes of such Series 2008-1 Class A-3
Excess Principal Event, the Co-Issuers shall deposit to the Collection Account
for allocation (in accordance with clause eighth of the Priority of
Payments) to the Senior Note Principal Payments Account of the amount of funds
referred to in subclause (1) of the next sentence, and to the Senior Note
Interest Account of the amount of funds referred to in subclause (2) of
the next sentence, and shall direct the Trustee in writing to distribute such
funds in accordance with Sections 5.13, 5.14 and 6.1 of
the Base Indenture.  Such written
direction of the Co-Issuers shall provide for the distribution of (1) funds
sufficient to decrease the Series 2008-1 Class A-3 Outstanding
Principal Amount by the excess of (A) an amount equal to the Series 2008-1
Class A-3 Outstanding Principal Amount as of such Payment Date over (B) the
Series 2008-1 Class A-3 Maximum Principal Amount for such Payment
Date (each decrease of the Series 2008-1 Class A-3 Outstanding
Principal Amount pursuant to this Section 2.2(a)(ii), or any other
required payment of principal in respect of the Series 2008-1 Class A-3
Notes pursuant to Section 3.8 of this Series 2008-1
Supplement, a “Series 2008-1 Class A-3 Required Amortization”),
plus (2) any associated Series 2008-1 Class A-3 Breakage
Amounts incurred as a result of such decrease (calculated in accordance with
the Series 2008-1 Class A-3 Note Purchase Agreement).  Such Series 2008-1 Class A-3
Required Amortization shall be allocated among the Series 

 

4

 

2008-1 Class A-3
Noteholders in accordance with the order of distribution of principal payments
set forth in Sections 5.13, 5.14 and 6.1 of the Base
Indenture and in Section 4.02 of the Series 2008-1 Class A-3
Note Purchase Agreement.  Upon discovery
of such a Series 2008-1 Class A-3 Excess Principal Event, the
Co-Issuers promptly, but in any event within one (1) Business Day, shall
deliver written notice (by facsimile with original to follow by mail) of the
need for the distribution of any such Series 2008-1 Class A-3
Required Amortizations to the Trustee and the Series 2008-1 Class A-3
Note Administrative Agent.

 

(b)           Voluntary Decrease.

 

(i)            On any Payment
Date, upon at least three (3) Business Day’s prior written notice to each Series 2008-1
Class A-2 Investor, the Series 2008-1 Class A-2 Note
Administrative Agent and the Trustee, the Co-Issuers may decrease the Series 2008-1
Class A-2 Outstanding Principal Amount (each such decrease of the Series 2008-1
Class A-2 Outstanding Principal Amount pursuant to this Section 2.2(b)(i),
a “Series 2008-1 Class A-2 Voluntary Decrease”) by depositing
to the Senior Note Principal Payments Account the amount of funds referred to
in subclause (1) of the next sentence, and to the Senior Note Interest
Account the amount of funds referred to in subclause (2) of the next
sentence on such Payment Date, and providing a written report to the Trustee
directing the Trustee to distribute such funds to the Holders of the Series 2008-1
Class A-2 Notes on a pro rata basis according to the
amounts owed on such Series 2008-1 Class A-2 Notes in accordance with
Section 6.1(a) of the Base Indenture.  Such written direction of the Co-Issuers
shall provide for the distribution of (1) an amount (subject to the last
sentence of this Section 2.2(b)(i)) equal to the amount of such Series 2008-1
Class A-2 Voluntary Decrease, plus (2) any associated Series 2008-1
Class A-2 Breakage Amounts incurred as a result of such decrease
(calculated in accordance with the Series 2008-1 Class A-2 Note
Purchase Agreement).  Each such Series 2008-1
Class A-2 Voluntary Decrease shall be in a minimum principal amount as
provided in the Series 2008-1 Class A-2 Note Purchase Agreement.

 

(ii)           On any Payment
Date, upon at least three (3) Business Day’s prior written notice to each Series 2008-1
Class A-3 Investor, the Series 2008-1 Class A-3 Note Administrative
Agent and the Trustee, the Co-Issuers may decrease the Series 2008-1 Class A-3
Outstanding Principal Amount (each such decrease of the Series 2008-1 Class A-3
Outstanding Principal Amount pursuant to this Section 2.2(b)(i), a “Series 2008-1
Class A-3 Voluntary Decrease”) by depositing to the Senior Note
Principal Payments Account the amount of funds referred to in subclause (1) of
the next sentence, and to the Senior Note Interest Account the amount of funds
referred to in subclause (2) of the next sentence on such Payment Date,
and providing a written report to 

 

5

 

the Trustee
directing the Trustee to distribute such funds to the Holders of the Series 2008-1
Class A-3 Notes on a pro rata basis according to the
amounts owed on such Series 2008-1 Class A-3 Notes in accordance with
Section 6.1(a) of the Base Indenture.  Such written direction of the Co-Issuers
shall provide for the distribution of (1) an amount (subject to the last
sentence of this Section 2.2(b)(ii)) equal to the amount of such Series 2008-1
Class A-3 Voluntary Decrease, plus (2) any associated Series 2008-1
Class A-3 Breakage Amounts incurred as a result of such decrease
(calculated in accordance with the Series 2008-1 Class A-3 Note
Purchase Agreement).  Each such Series 2008-1
Class A-3 Voluntary Decrease shall be in a minimum principal amount as
provided in the Series 2008-1 Class A-3 Note Purchase Agreement.

 

Section 2.3             Instructions
to Trustee in the Event of a Series 2008-1 Class A-2 Decrease or a Series 2008-1
Class A-3 Decrease.

 

(a)           upon distribution to the Series 2008-1
Class A-2 Noteholders of principal of the Series 2008-1 Class A-2
Notes in connection with each Series 2008-1 Class A-2 Decrease, the
Trustee shall indicate in its books and records such Series 2008-1 Class A-2
Decrease, and

 

(b)           upon distribution to the Series 2008-1
Class A-3 Noteholders of principal of the Series 2008-1 Class A-3
Notes in connection with each Series 2008-1 Class A-3 Decrease, the
Trustee shall indicate in its books and records such Series 2008-1 Class A-3
Decrease.

 

ARTICLE III

 

ALLOCATIONS; PAYMENTS

 

With respect to the Series 2008-1
Notes only, the following shall apply:

 

Section 3.1             Application of Certain Amounts
on the Series 2008-1 Closing Date. 
On the Series 2008-1 Closing Date:

 

(a)           a portion of the net proceeds from
the initial sale of the Series 2008-1 Notes in an amount equal to  $1,461,806 shall be deposited into the
Senior Note Interest Reserve Account;

 

(b)           a portion of the proceeds from the
initial sale of the Series 2008-1 Notes in an amount equal to $1,969,618
shall be deposited into the Collection Account; and

 

(c)           the remainder of the net proceeds
from the sale of the Series 2008-1 Notes will be paid to, or at the
direction of, the Co-Issuers.

 

Section 3.2             Application of Collections on
Payment Dates to the Series 2008-1 Notes.  On each Payment Date:

 

6

 

(a)           the Series 2008-1 Class A-1
Notes, the Series 2008-1 Class A-2 Notes and the Series 2008-1 Class A-3
Notes shall be entitled to all amounts allocated to such Notes, to the extent
that funds are available therefor, in accordance with the provisions of the
Priority of Payments and the other terms of the Base Indenture, including the
Senior Note Interest Amount, the Senior Note Contingent Additional Interest
Amount, the Series 2008-1 Note Make Whole Premium, the Series 2008-1 Class A-2
Senior Note Commitment Fee Amount, the Series 2008-1 Class A-3 Senior
Note Commitment Fee Amount, the Series 2008-1 Class A-2 Other Amounts, the Series 2008-1
Class A-3 Other Amounts, the Series 2008-1 Class A-2 Breakage
Amounts and the Series 2008-1 Class A-3 Breakage Amounts allocable to
such Notes, all amounts payable in respect of the principal of such Notes and
other amounts payable in respect of such Notes; and

 

(b)           the Series 2008-1 Class B-1
Notes shall be entitled to all amounts allocated to such Notes, to the extent
that funds are available therefor, in accordance with the provisions of the
Priority of Payments and the other terms of the Base Indenture, including the
Subordinated Notes Interest Amount, the Subordinated Note Contingent Additional
Interest Amount, the Series 2008-1 Note Make Whole Premium allocable to
such Notes, all amounts payable in respect of the principal of such Notes and
other amounts payable in respect of such Notes.

 

The Trustee is hereby
authorized (but shall not be obligated) to cause the payments contemplated in
this Section 3.2 to the extent that the Master Issuer, or the
Transaction Manager on its behalf, has not timely instructed the Trustee to so
make such payments, all in accordance with the Base Indenture.

 

Section 3.3             Certain Distributions from
Collection Account.  On each Payment
Date, based solely upon the most recent Monthly Manager’s Certificate, the
Trustee shall, in accordance with Sections 5.13 and 5.14 of the Base
Indenture remit:

 

(a)           to the Series 2008-1 Class A-1
Noteholders from the Senior Note Interest Account the amount allocated thereto
for the payment of interest and any Note Make Whole Premium in respect of the Series 2008-1
Class A-1 Notes,

 

(b)           to the Series 2008-1 Class A-1
Noteholders from the Senior Note Principal Payments Account the amount
allocated thereto for the payment of principal in respect of the Series 2008-1
Class A-1 Notes,

 

(c)           to the Series 2008-1 Class A-1
Noteholders from the Senior Note Contingent Additional Interest Account the
amount deposited thereto for the payment of Series 2008-1 Class A-1
Contingent Additional Interest,

 

(d)           to the Series 2008-1 Class A-2
Noteholders from the Senior Note Interest Account the amount allocated thereto
for the payment of interest and any Class A-2 Breakage Amount in respect
of the Series 2008-1 Class A-2 Notes,

 

7

 

(e)           to
the Series 2008-1 Class A-2 Noteholders from the Senior Note
Principal Payments Account the amount allocated thereto for the payment of
principal in respect of the Series 2008-1 Class A-2 Notes,

 

(f)            to
the Series 2008-1 Class A-2 Noteholders from the Senior Note
Contingent Additional Interest Account the amount deposited thereto for the
payment of Series 2008-1 Class A-2 Contingent Additional Interest,

 

(g)           to
the Series 2008-1 Class A-2 Noteholders from the Class A-2 Notes
Commitment Fees Account the amount deposited thereto for the payment of the Series 2008-1
Class A-2 Senior Note Commitment Fee Amount,

 

(h)           to
the Series 2008-1 Class A-2 Note Administrative Agent on behalf of
itself or on behalf of the Holders of the Series 2008-1 Class A-2
Notes, as applicable, from the Collection Account the amount deposited thereto
for the payment of the Series 2008-1 Class A-2 Other Amounts,

 

(i)            to
the Series 2008-1 Class A-3 Noteholders from the Senior Note Interest
Account the amount allocated thereto for the payment of interest and any Series 2008-1
Class A-3 Breakage Amount,

 

(j)            to
the Series 2008-1 Class A-3 Noteholders from the Senior Note
Principal Payments Account the amount allocated thereto for the payment of
principal in respect of the Series 2008-1 Class A-3 Notes,

 

(k)           to
the Series 2008-1 Class A-3 Noteholders from the Senior Note
Contingent Additional Interest Account the amount deposited thereto for the
payment of Series 2008-1 Class A-3 Contingent Additional Interest,

 

(l)            to
the Series 2008-1 Class A-3 Noteholders from the Class A-3 Notes
Commitment Fees Account the amount deposited thereto for the payment of the Series 2008-1
Class A-3 Senior Note Commitment Fee Amount,

 

(m)          to
the Series 2008-1 Class A-3 Note Administrative Agent on behalf of
itself or on behalf of the Holders of the Series 2008-1 Class A-3
Notes, as applicable, from the Collection Account the amount deposited thereto
for the payment of the Series 2008-1 Class A-3 Other Amounts,

 

(n)           to
the Series 2008-1 Class B-1 Noteholders from the Subordinated Note
Interest Account the amount allocated thereto for the payment of interest and
any Note Make Whole Premium in respect of the Series 2008-1 Class B-1
Notes,

 

(o)           to
the Series 2008-1 Class B-1 Noteholders from the Subordinated  Note Principal Payments Account the amount
allocated thereto for the payment of principal in respect of the Series 2008-1
Class B-1 Notes, and

 

(p)           to
the Series 2008-1 Class B-1 Noteholders from the Subordinated Note
Contingent Additional Interest Account the amount allocated thereto for the 

 

8

 

payment of Subordinated Note Contingent Additional Interest in respect
of the Series 2008-1 Class B-1 Notes.

 

For purposes of the Base Indenture, the Series 2008-1
Senior Note Interest Reserve Account Required Amount shall be a “Senior Note
Interest Reserve Account Required Amount” and shall be required to be
maintained on deposit in the Senior Note Interest Reserve Account.

 

Section 3.4             Series 2008-1 Class A-1
Interest.

 

(a)           Series 2008-1
Class A-1 Note Interest Amount. 
From and after the Series 2008-1 Closing Date and until the Series 2008-1
Final Payment has been made, interest on the Series 2008-1 Class A-1
Notes will accrue at a fixed rate of 7.25% per annum (the “Series 2008-1
Class A-1 Note Interest Rate”) and will be due and payable in arrears
and distributed to the Series 2008-1 Class A-1 Noteholders on each
Payment Date, commencing on the Payment Date occurring in July 2008.  The amount of interest to be paid on such
Payment Date to the Series 2008-1 Class A-1 Noteholders (the “Series 2008-1
Class A-1 Interest”) will be an amount equal to the sum of (a) the
accrued interest at the Series 2008-1 Class A-1 Note Interest Rate on
the Series 2008-1 Class A-1 Outstanding Principal Amount (as of the
first day of the related Interest Period after giving effect to all payments of
principal made to such Noteholders as of such day), calculated based on a year
of twelve 30-day months, and (b) the amount of any Senior Note Interest
Shortfall Amount with respect to the Series 2008-1 Class A-1 Notes
for the immediately preceding Interest Period, together with any interest
thereon.  The Series 2008-1 Class A-1
Interest constitutes part of the “Senior Note Interest Amount” for purposes of clause
fourth of the Priority of Payments. 
Failure to pay, in full, any portion of any Series 2008-1 Class A-1
Interest that is due and payable on any Payment Date will be an Event of
Default, and to the extent any portion of any Series 2008-1 Class A-1
Interest is not paid, in full, when due, such unpaid amount shall accrue
interest at the Series 2008-1 Class A-1 Note Interest Rate until paid
in full; provided that in any event all accrued but unpaid Series 2008-1
Class A-1 Interest shall be due and payable on the Series 2008-1
Legal Final Maturity Date, on any Series 2008-1 Prepayment Date with
respect to a prepayment in full of the Series 2008-1 Class A-1 Notes
or on any other day on which all of the Series 2008-1 Class A-1
Outstanding Principal Amount is required to be paid in full.  The Series 2008-1 Class A-1
Interest is not guaranteed by any Person.

 

(b)           Series 2008-1
Class A-1 Contingent Additional Interest.  If the Series 2008-1 Final Payment has
not been made on the Series 2008-1 Scheduled Maturity Date, then for each
Interest Period following the Series 2008-1 Scheduled Maturity Date
(including without limitation for each Interest Period during any Series 2008-1
Extension Period and for each Interest Period thereafter), if (a) the sum of
(i) One-Month LIBOR plus (ii) 5.00%
per annum plus (iii) 2.00%
(such aggregate amount in this clause (a), the “Series 2008-1 Class A-1
Stepped-Up Interest Rate”) is greater than (b) the product of (x) the
Series 2008-1 Class A-1 Note Interest Rate and (y) the ratio
achieved by dividing (I) 30 by (II) the number of days in each such
Interest Period (such excess, if any, the “Series 2008-1 Class A-1
Contingent Additional Interest Rate”), contingent additional interest shall
accrue on the Series 2008-1 Class A-1 Outstanding Principal Amount 

 

9

 

during each such Interest Period at an annual interest rate equal to
the Series 2008-1 Class A-1 Contingent Additional Interest Rate,
calculated based on a 360-day year and the actual number of days elapsed during
each such Interest Period (such contingent additional interest, the “Series 2008-1
Class A-1 Contingent Additional Interest”).

 

(c)           Payment
of Series 2008-1 Class A-1 Contingent Additional Interest.  All accrued but unpaid Series 2008-1 Class A-1
Contingent Additional Interest shall be due and payable in full on any Payment
Date only as and when amounts are made available for payment thereof in
accordance with the Priority of Payments. 
The Series 2008-1 Class A-1 Contingent Additional Interest
constitutes part of the “Senior Note Contingent Additional Interest Amount” for
purposes of clause seventeenth of the Priority of Payments.  Failure to pay any portion of any Series 2008-1
Class A-1 Contingent Additional Interest on any Payment Date will not be
an Event of Default, but interest shall accrue on such unpaid portion of such Series 2008-1
Contingent Additional Interest at the Series 2008-1 Class A-1
Stepped-Up Interest Rate; provided that in any event all accrued but
unpaid Series 2008-1 Class A-1 Contingent Additional Interest shall
be due and payable in full on the Series 2008-1 Legal Final Maturity Date,
on any Series 2008-1 Prepayment Date with respect to a prepayment in full
of the Series 2008-1 Class A-1 Notes or on any other day on which all
of the Series 2008-1 Class A-1 Outstanding Principal Amount is
required to be paid in full.  The Series 2008-1
Class A-1 Contingent Additional Interest is not guaranteed by any Person.

 

(d)           Series 2008-1
Class A-1 Initial Interest Period. 
The initial Interest Period for the Series 2008-1 Class A-1
Notes shall be from and including the Series 2008-1 Closing Date to but
excluding the Payment Date occurring in July 2008.

 

Section 3.5             Series 2008-1 Class A-2
Interest and Certain Fees.

 

(a)           Series 2008-1
Class A-2 Note Interest Amount. 
From and after the Series 2008-1 Closing Date, the Series 2008-1
Class A-2 Outstanding Principal Amount will accrue interest at the Series 2008-1
Class A-2 Note Interest Rate which will be due and payable in arrears and
distributed to the Series 2008-1 Class A-2 Noteholders on each
Payment Date, commencing on the Payment Date occurring in July 2008.  The amount of interest to be paid on such
Payment Date to the Series 2008-1 Class A-2 Noteholders (the “Series 2008-1
Class A-2 Interest”) will be, with respect to any Series 2008-1 Class A-2
Notes for each Interest Period, an amount equal to the sum of (a) the
aggregate of the Series 2008-1 Class A-2 Daily Interest Amounts for
each day during the related Interest Period and (b) the amount of any
Senior Note Interest Shortfall Amount with respect to the Series 2008-1 Class A-2
Notes for the immediately preceding Interest Period, together with any interest
thereon. The Series 2008-1 Class A-2 Interest constitutes part of the
“Senior Note Interest Amount” for purposes of clause fourth of the
Priority of Payments.  Failure to pay, in
full, any portion of any Series 2008-1 Class A-2 Interest that is due
and payable on any Payment Date will be an Event of Default, and, to the extent
any portion of any Series 2008-1 Class A-2 Interest is not paid, in
full, when due, such unpaid amount shall accrue interest at the Series 2008-1
Class A-2 Note Interest Rate until paid in full; provided that in
any event all accrued but unpaid Series 2008-1 Class A-2 Interest
shall be payable on the Series 2008-1 Legal Final Maturity Date, or any 

 

10

 

Series 2008-1 Prepayment Date with respect to a prepayment in full
of the Series 2008-1 Class A-2 Notes, or any day when the Series 2008-1
Class A-2 Commitments are terminated in full, or on any other day on which
all of the Series 2008-1 Class A-2 Outstanding Principal Amount is
required to be paid in full.  The Series 2008-1
Class A-2 Interest is not guaranteed by any Person.

 

(b)           Series 2008-1 Class A-2 Senior Note
Commitment Fee Amount.  From
and after the Series 2008-1 Closing Date, the Series 2008-1 Class A-2
Noteholders will be due an amount equal to the Series 2008-1 Class A-2 Senior Note Commitment Fee Amount,
and such amount will be due and payable in arrears and distributed to the Series 2008-1
Class A-2 Noteholders on each Payment Date, commencing on the Payment Date
occurring in July 2008.  The Series 2008-1 Class A-2 Senior Note
Commitment Fee Amount constitutes part of the “Class A-2 Senior
Note Commitment Fee Amount” for purposes of clause fifth of the Priority
of Payments. Failure to pay, in full, any portion of any Series 2008-1 Class A-2
Senior Note Commitment Fee Amount that is due and payable on any Payment Date
will be an Event of Default, and, to the extent any portion of any Series 2008-1
Class A-2 Senior Note Commitment Fee Amount is not paid, in full, when
due, such unpaid amount shall accrue interest at the Series 2008-1 Class A-2
Note Interest Rate until paid in full; provided that in any event all
accrued but unpaid Series 2008-1 Class A-2 Senior Note Commitment Fee
Amounts shall be payable on the Series 2008-1 Legal Final Maturity Date,
or any Series 2008-1 Prepayment Date with respect to a prepayment in full
of the Series 2008-1 Class A-2 Notes, or any day when the Series 2008-1
Class A-2 Commitments are terminated in full, or on any other day on which
all of the Series 2008-1 Class A-2 Outstanding Principal Amount is
required to be paid in full.  The Series 2008-1 Class A-2 Senior Note
Commitment Fee Amount is not guaranteed by any Person.

 

(c)           Series 2008-1
Class A-2 Contingent Additional Interest.  If the Series 2008-1 Final Payment has
not been made on the Series 2008-1 Scheduled Maturity Date, then for each
Interest Period following the Series 2008-1 Scheduled Maturity Date
(including without limitation for each Interest Period during any Series 2008-1
Extension Period and for each Interest Period thereafter), contingent
additional interest shall accrue on the Series 2008-1 Class A-2
Outstanding Principal Amount during each such Interest Period at an annual
interest rate equal to the Series 2008-1 Class A-2 Contingent
Additional Interest Rate, calculated based on a 360-day year and the actual
number of days elapsed during each such Interest Period.

 

(d)           Payment
of Series 2008-1 Class A-2 Contingent Additional Interest.  All accrued but unpaid Series 2008-1 Class A-2
Contingent Additional Interest shall be due and payable in full on any Payment
Date only as and when amounts are made available for payment thereof in
accordance with the Priority of Payments. 
The Series 2008-1 Class A-2 Contingent Additional Interest
constitutes part of the “Senior Note Contingent Additional Interest Amount” for
purposes of clause seventeenth of the Priority of Payments.  Failure to pay any portion of any Series 2008-1
Class A-2 Contingent Additional Interest on any Payment Date will not be
an Event of Default, but interest shall accrue on such unpaid portion of such Series 2008-1
Class A-2 Contingent Additional Interest at the Series 2008-1 Class A-2
Contingent Additional Interest Rate; 

 

11

 

provided
that in any event all accrued but unpaid Series 2008-1 Class A-2
Contingent Additional Interest shall be payable on the Series 2008-1 Legal
Final Maturity Date, or any Series 2008-1 Prepayment Date with respect to
a prepayment in full of the Series 2008-1 Class A-2 Notes, or any day
when the Class A-2 Commitments are terminated in full, or on any other day
on which all of the Series 2008-1 Class A-2 Outstanding Principal
Amount is required to be paid in full. 
The Series 2008-1 Class A-2 Contingent Additional Interest is
not guaranteed by any Person.

 

(e)           Series 2008-1
Class A-2 Other Amounts.  From
and after the Series 2008-1 Closing Date, the Series 2008-1 Class A-2
Other Amounts, if any, will be due and payable in arrears and distributed to
the Series 2008-1 Class A-2 Note Administrative Agent on each Payment
Date, commencing on the Payment Date occurring in July 2008.  The Series 2008-1 Class A-2 Note
Administrative Agent shall distribute such funds in accordance with Section 4.02
of the Series 2008-1 Class A-2 Note Purchase Agreement. The Series 2008-1 Class A-2 Other Amounts
constitute part of the “Class A-2 Other Amounts” for purposes of clause
nineteenth of the Priority of Payments. 
Failure to pay, in full, any portion of any Series 2008-1 Class A-2
Other Amounts that is due and payable on any Payment Date will be an Event of
Default.

 

(f)            Series 2008-1
Class A-2 Initial Interest Period. 
The initial Interest Period for the Series 2008-1 Class A-2
Notes shall be from and including the Series 2008-1 Closing Date to but
excluding the Payment Date occurring in July 2008.

 

Section 3.6             Series 2008-1 Class A-3
Interest and Certain Fees.

 

(a)           Series 2008-1
Class A-3 Note Interest Amount. 
From and after the Series 2008-1 Closing Date, the Series 2008-1
Class A-3 Outstanding Principal Amount will accrue interest at the Series 2008-1
Class A-3 Note Interest Rate which will be due and payable in arrears and
distributed to the Series 2008-1 Class A-3 Noteholders on each
Payment Date, commencing on the Payment Date occurring in July 2008.  The amount of interest to be paid on such
Payment Date to the Series 2008-1 Class A-3 Noteholders (the “Series 2008-1
Class A-3 Interest”) will be, with respect to any Series 2008-1 Class A-3
Notes for each Interest Period, an amount equal to the sum of (a) the aggregate
of the Series 2008-1 Class A-3 Daily Interest Amounts for each day
during the related Interest  Period and (b) the
amount of any Senior Note Interest Shortfall Amount with respect to the Series 2008-1
Class A-3 Notes for the immediately preceding Interest Period, together
with any interest thereon. The Series 2008-1 Class A-3 Interest
constitutes part of the “Senior Note Interest Amount” for purposes of clause
fourth of the Priority of Payments. 
Failure to pay, in full, any portion of any Series 2008-1 Class A-3
Interest that is due and payable on any Payment Date will be an Event of
Default, and, to the extent any portion of any Series 2008-1 Class A-3
Interest is not paid, in full, when due, such unpaid amount shall accrue
interest at the Series 2008-1 Class A-3 Note Interest Rate until paid
in full; provided that in any event all accrued but unpaid Series 2008-1
Class A-3 Interest shall be payable on the Series 2008-1 Legal Final
Maturity Date, or any Series 2008-1 Prepayment Date with respect to a
prepayment in full of the Series 2008-1 Class A-3 Notes, or any day
when the Series 2008-1 Class A-3 Commitments are terminated in full,
or on any other day on which all of the Series 2008-1 Class A-3 

 

12

 

Outstanding Principal Amount is required to be paid in full.  The Series 2008-1 Class A-3
Interest is not guaranteed by any Person.

 

(b)           Series 2008-1 Class A-3 Senior Note
Commitment Fee Amount.  From
and after the Series 2008-1 Closing Date, the Series 2008-1 Class A-3
Noteholders will be due an amount equal to the Series 2008-1 Class A-3 Senior Note Commitment Fee Amount,
and such amount will be due and payable in arrears and distributed to the Series 2008-1
Class A-3 Noteholders on each Payment Date, commencing on the Payment Date
occurring in July 2008.  The Series 2008-1 Class A-3 Senior Note
Commitment Fee Amount constitutes part of the “Class A-3 Senior
Note Commitment Fee Amount” for purposes of clause fifth of the Priority
of Payments. Failure to pay, in full, any portion of any Series 2008-1 Class A-3
Senior Note Commitment Fee Amount that is due and payable on any Payment Date
will be an Event of Default, and, to the extent any portion of any Series 2008-1
Class A-3 Senior Note Commitment Fee Amount is not paid, in full, when
due, such unpaid amount shall accrue interest at the Series 2008-1 Class A-3
Note Interest Rate until paid in full; provided that in any event all
accrued but unpaid Series 2008-1 Class A-3 Senior Note Commitment Fee
Amounts shall be payable on the Series 2008-1 Legal Final Maturity Date,
or any Series 2008-1 Prepayment Date with respect to a prepayment in full
of the Series 2008-1 Class A-3 Notes, or any day when the Series 2008-1
Class A-3 Commitments are terminated in full, or on any other day on which
all of the Series 2008-1 Class A-3 Outstanding Principal Amount is
required to be paid in full.  The Series 2008-1 Class A-3 Senior Note
Commitment Fee Amount is not guaranteed by any Person.

 

(c)           Series 2008-1
Class A-3 Contingent Additional Interest.  If the Series 2008-1 Final Payment has
not been made on the Series 2008-1 Scheduled Maturity Date, then for each
Interest Period following the Series 2008-1 Scheduled Maturity Date
(including without limitation for each Interest Period during any Series 2008-1
Extension Period and for each Interest Period thereafter), contingent
additional interest shall accrue on the Series 2008-1 Class A-3
Outstanding Principal Amount during each such Interest Period at an annual
interest rate equal to the  Series 2008-1
Class A-3 Contingent Additional Interest Rate, calculated based on a
360-day year and the actual number of days elapsed during each such Interest
Period.

 

(d)           Payment
of Series 2008-1 Class A-3 Contingent Additional Interest.  All accrued but unpaid Series 2008-1 Class A-3
Contingent Additional Interest shall be due and payable in full on any Payment
Date only as and when amounts are made available for payment thereof in
accordance with the Priority of Payments. 
The Series 2008-1 Class A-3 Contingent Additional Interest
constitutes part of the “Senior Note Contingent Additional Interest Amount” for
purposes of clause seventeenth of the Priority of Payments.  Failure to pay any portion of any Series 2008-1
Class A-3 Contingent Additional Interest on any Payment Date will not be
an Event of Default, but interest shall accrue on such unpaid portion of such Series 2008-1
Class A-3 Contingent Additional Interest at the Series 2008-1 Class A-3
Contingent Additional Interest Rate; provided that in any event all
accrued but unpaid Series 2008-1 Class A-3 Contingent Additional
Interest shall be payable on the Series 2008-1 Legal Final Maturity Date,
or any Series 2008-1 Prepayment Date with respect to a prepayment in full
of the 

 

13

 

Series 2008-1 Class A-3 Notes, or any day when the Class A-3
Commitments are terminated in full, or on any other day on which all of the Series 2008-1
Class A-3 Outstanding Principal Amount is required to be paid in
full.  The Series 2008-1 Class A-3
Contingent Additional Interest is not guaranteed by any Person.

 

(e)           Series 2008-1
Class A-3 Other Amounts.  From
and after the Series 2008-1 Closing Date, the Series 2008-1 Class A-3
Other Amounts, if any, will be due and payable in arrears and distributed to
the Series 2008-1 Class A-3 Note Administrative Agent on each Payment
Date, commencing on the Payment Date occurring in July 2008.  The Series 2008-1 Class A-3 Note
Administrative Agent shall distribute such funds in accordance with Section 4.02
of the Series 2008-1 Class A-3 Note Purchase Agreement. The Series 2008-1 Class A-3 Other Amounts
constitute part of the “Class A-3 Other Amounts” for purposes of clause
nineteenth of the Priority of Payments. 
Failure to pay, in full, any portion of any Series 2008-1 Class A-3
Other Amounts that is due and payable on any Payment Date will be an Event of
Default.

 

(f)            Series 2008-1 Class A-3
Initial Interest Period.  The initial
Interest Period for the Series 2008-1 Class A-3 Notes shall be from
and including the Series 2008-1 Closing Date to but excluding the Payment
Date occurring in July 2008.

 

Section 3.7             Series 2008-1
Class B-1 Interest

 

(a)           Series 2008-1
Class B-1 Note Interest.  From
and after the Series 2008-1 Closing Date and until the Series 2008-1
Final Payment is made, interest on the Series 2008-1 Class B-1 Notes
will accrue at a fixed rate of 9.75% per annum (the “Series 2008-1 Class B-1
Note Interest Rate”) and will be due and payable in arrears and distributed
to the Series 2008-1 Class B-1 Noteholders on each Payment Date,
commencing on the Payment Date occurring in July 2008, but (subject to the
fourth and fifth sentences of this Section 3.7(a)) only to the extent that
amounts are made available for payment thereof in accordance with the Priority
of Payments.  The amount of interest to
be paid on such Payment Date to the Series 2008-1 Class B-1
Noteholders (the “Series 2008-1 Class B-1 Interest”) will be an
amount equal to the sum of (a) the accrued interest at the Series 2008-1
Class B-1 Note Interest Rate on the Series 2008-1 Class B-1
Outstanding Principal Amount (as of the first day of the related Interest
Period after giving effect to all payments of principal made to such
Noteholders as of such day), calculated based on a year of twelve 30-day
months, and (b) the amount of any Subordinated Notes Interest Shortfall
Amount with respect to the Series 2008-1 Class B-1 Notes for the
immediately preceding Interest Period, together with any interest thereon.  The Series 2008-1 Class B-1
Interest constitutes part of the “Subordinated Notes Interest Amount” for
purposes of clause fourteenth of the Priority of Payments.  Failure to pay, in full, any portion of any Series 2008-1
Class B-1 Interest that is due and payable on any Payment Date will not be
an Event of Default prior to the payment in full of all Outstanding Series 2008-1
Senior Notes, but will be an Event of Default thereafter.  In any event, to the extent any portion of
any Series 2008-1 Class B-1 Interest is not paid, in full, on any
Payment Date, such unpaid portion shall accrue interest at the Series 2008-1
Class B-1 Note Interest Rate until paid in full; provided that in any
event all accrued but unpaid Series 2008-1 Class B-1 Interest shall
be due and payable on the Series 2008-1 

 

14

 

Legal Final Maturity Date, on any Series 2008-1 Prepayment Date
with respect to a prepayment in full of the Series 2008-1 Class B-1
Notes or on any other day on which all of the Series 2008-1 Class B-1
Outstanding Principal Amount is required to be paid in full.  The Series 2008-1 Class B-1
Interest is not guaranteed by any Person.

 

(b)           Series 2008-1
Class B-1 Contingent Additional Interest.  If the Series 2008-1 Final Payment has
not been made on the Series 2008-1 Scheduled Maturity Date, then for each
Interest Period following the Series 2008-1 Scheduled Maturity Date
(including without limitation for each Interest Period during any Series 2008-1
Extension Period and for each Interest Period thereafter), if (a) the sum
of (i) One-Month LIBOR plus  (ii) 9.00%
per annum plus (iii) 2.00%
(such aggregate amount in this clause (a), the “Series 2008-1
Class B-1 Stepped-Up Interest Rate”) is greater than (b) the
product of (x) the Series 2008-1 Class B-1 Note Interest Rate
and (y) the ratio achieved by dividing (I) 30 by (II) the number
of days in each such Interest Period (such excess, if any, the “Series 2008-1
Class B-1 Contingent Additional
Interest Rate”), contingent additional interest shall accrue on the Series 2008-1
Class B-1 Outstanding Principal Amount during each such Interest Period at
an annual interest rate equal to the Series 2008-1 Class B-1
Contingent Additional Interest Rate, calculated based on a 360-day year and the
actual number of days elapsed during each such Interest Period (such contingent
additional interest, the “Series 2008-1 Class B-1 Contingent
Additional Interest”).

 

(c)           Payment
of Series 2008-1 Class B-1 Contingent Additional Interest.  All accrued but unpaid Series 2008-1 Class B-1
Contingent Additional Interest shall be due and payable in full on any Payment
Date only as and when amounts are made available for payment thereof in
accordance with the Priority of Payments. 
The Series 2008-1 Class B-1 Contingent Additional Interest
constitutes part of the “Subordinated Note Contingent Additional Interest
Amount” for purposes of clause eighteenth of the Priority of
Payments.  Failure to pay any portion of
any Series 2008-1 Class B-1 Contingent Additional Interest on any
Payment Date will not be an Event of Default, but interest shall accrue on such
unpaid portion of such Series 2008-1 Contingent Additional Interest at the
Series 2008-1 Class B-1 Stepped-Up Interest Rate; provided
that in any event all accrued but unpaid Series 2008-1 Class B-1
Contingent Additional Interest shall be due and payable in full on the Series 2008-1
Legal Final Maturity Date, on any Series 2008-1 Prepayment Date with
respect to a prepayment in full of the Series 2008-1 Class B-1 Notes
or on any other day on which all of the Series 2008-1 Class B-1
Outstanding Principal Amount is required to be paid in full.  The Series 2008-1 Class B-1
Contingent Additional Interest is not guaranteed by any Person.

 

(d)           Series 2008-1
Class B-1 Initial Interest Period. 
The initial Interest Period for the Series 2008-1 Class B-1
Notes shall be from and including the Series 2008-1 Closing Date to but
excluding the Payment Date occurring in July 2008.

 

Section 3.8             Payment of Series 2008-1
Note Principal.

 

(a)           Series 2008-1
Notes Principal Payment at Legal Maturity. 
The Series 2008-1 Aggregate Outstanding Principal Amount shall be
due and payable on the Series 2008-1 Legal Final Maturity Date.  The Series 2008-1 Aggregate Outstanding 

 

15

 

Principal Amount is not prepayable, in whole or in part, except
pursuant to this Section 3.8 and, in respect of the Series 2008-1
Class A-2 Outstanding Principal Amount and the Series 2008-1 Class A-3
Outstanding Principal Amount, Section 2.2 of this Series 2008-1
Supplement.

 

(b)           Series 2008-1
Scheduled Maturity.  The Series 2008-1
Final Payment is anticipated to occur on the Payment Date occurring in June 2013
(such date, the “Series 2008-1 Scheduled Maturity Date”).  The “Series 2008-1 Adjusted Repayment
Date” with respect to the Series 2008-1 Notes, will be (i) unless
the Series 2008-1 First Extension Election becomes effective, the Series 2008-1
Scheduled Maturity Date; (ii) from and after the date that the Series 2008-1
First Extension Election becomes effective and unless the Series 2008-1
Second Extension Election becomes effective, the Series 2008-1 First
Extended Scheduled Maturity Date; and (iii) from and after the date that
the Series 2008-1 Second Extension Election becomes effective, the Series 2008-1
Second Extended Scheduled Maturity Date.

 

(i)            First Extension Election.  Subject to the conditions set forth in Section 3.8(b)(iii),
the Co-Issuers, shall have the option at least 30 days (but no more than 60
days) prior to the Payment Date occurring in June 2013, to elect (the “Series 2008-1
First Extension Election”) to extend the Series 2008-1 Adjusted
Repayment Date to the Payment Date occurring in June 2014 (the “Series 2008-1
First Extended Scheduled Maturity Date”) by delivering written notice to
the Trustee, the Administrative Agent, the Series 2008-1 Class A-2
Note Administrative Agent, the Series 2008-1 Class A-3 Note
Administrative Agent and the Series 2008-1 Noteholders; provided
that upon such extension, the Payment Date occurring in June 2014 shall
become the Series 2008-1 Adjusted Repayment Date for all of the Series 2008-1
Notes.

 

(ii)           Second Extension Election.  Subject to the conditions set forth in Section 3.8(b)(iii),
if the Series 2008-1 First Extension Election has been made and become
effective, the Co-Issuers, shall have the option at least 30 days (but no more
than 60 days) prior to the Payment Date occurring in June 2014 to elect
(the “Series 2008-1 Second Extension Election” and, together with
the Series 2008-1 First Extension Election, the “Series 2008-1
Extension Elections”) to extend the Series 2008-1 Adjusted Repayment
Date to the Payment Date occurring in June 2015 (the “Series 2008-1
Second Extended Scheduled Maturity Date”) by delivering written notice to
the Trustee, the Administrative Agent, the Series 2008-1 Class A-2
Note Administrative Agent, the Series 2008-1 Class A-3 Note
Administrative Agent and the Noteholders; provided that upon such
extension, the Payment Date occurring in June 2015 shall become the Series 2008-1
Adjusted Repayment Date for all of the Series 2008-1 Notes.

 

(iii)          Conditions Precedent to Extension
Elections.  It shall be a condition to the effectiveness
of the Series 2008-1 Extension 

 

16

 

Elections that, (A) in
the case of the Series 2008-1 First Extension Election, on the
Determination Date occurring in May 2013, (1) either (x) the
One-Year DSCR (without giving credit for any Contributions) is greater than or
equal to 2.50 times as of such date or (y) the One-Year DSCR (without
giving credit for any Contributions) is less than 2.50 times as of such date
and the Trustee has received the consent of the Control Party to such Series 2008-1
Extension Election, (B) in the case of the Series 2008-1 Second
Extension Election, on the Determination Date occurring in May 2014, (1) either
(x) the One-Year DSCR (without giving credit for any Contributions) is
greater than or equal to 2.75 times as of such date or (y) the One-Year
DSCR (without giving credit for any Contributions) is less than 2.75 times as
of such date and the Trustee has received the consent of the Control Party to
such Series 2008-1 Extension Election and (C) in the case of both the
Series 2008-1 First Extension Election and the Series 2008-1 Second
Extension Election, no Early Amortization Event, Default or Event of Default
has occurred and is continuing or would occur as a consequence of such Series 2008-1
Extension Election.  Any notice given
pursuant to Section 3.8(b)(i) or (ii) shall be
irrevocable; provided that if the conditions set forth in this Section 3.8(b)(iii) are
not met as of the applicable extension date, the 2008-1 Extension Election set
forth in such notice shall automatically be deemed ineffective.

 

(c)           Series 2008-1 Notes Mandatory
Payments of Principal.

 

(i)            Change of Control.  If a Change of Control to which the Control
Party has not provided its prior written consent occurs, the Co-Issuers shall
prepay all the Series 2008-1 Notes in full by (A) transferring to the
Trustee within ten Business Days after the date such Change of Control occurs
an amount equal to the aggregate Outstanding Principal Amount of all Series 2008-1
Notes and all other amounts that are or will be due and payable with respect to
the Series 2008-1 Notes under the Indenture, the Series 2008-1 Class A-1/B-1
Note Purchase Agreement,
the Series 2008-1 Class A-2 Note Purchase Agreement or the Series 2008-1
Class A-3 Note Purchase Agreement as of the Series 2008-1
Prepayment Date (including all interest and fees accrued to such date and any Series 2008-1
Note Make Whole Premium required to be paid in connection therewith pursuant to
Section 3.8(d), any
associated Series 2008-1 Class A-2 Breakage Amounts or Series 2008-1
Class A-3 Breakage Amounts incurred as a result of such prepayment
(calculated in accordance with the Series 2008-1 Class A-2 Note
Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable), (B) delivering the applicable prepayment
notices pursuant to Section 3.8(f) and (C) directing the
Trustee to distribute such amount to the applicable Series 2008-1
Noteholders on the applicable Series 2008-1 Prepayment Date.

 

17

 

(ii)           Indemnification Amounts.  On any Payment Date, any Additional Senior
Note Prepayment Amount arising from any Indemnification Amounts allocated to
the Senior Note Principal Payments Account or, if no Senior Notes are then
Outstanding (or the amounts on deposit in the Senior Note Principal Payments
Account equals the aggregate Outstanding Principal Amount of the Senior Notes
Outstanding after giving effect to any deposit to such account on or prior to
the applicable Payment Date), to the Subordinated Note Principal Payments
Account, pursuant to clause tenth and clause fifteenth, as
applicable, of the Priority of Payments shall, in accordance with Sections
5.13 and 5.14 of the Base Indenture, be used to prepay principal on the
applicable Classes of Series 2008-1 Notes (and of any other applicable Series of
Notes) in the order of priority described in Section 6.1 of the
Base Indenture on the related Payment Date. In connection with any payment made
pursuant to this Section 3.8(c)(ii), the Co-Issuers shall be
obligated to pay to the applicable Noteholders from such Indemnification
Amounts the Series 2008-1 Note Make Whole Premium required to be paid in
connection therewith pursuant to Section 3.8(d) below, any
associated Series 2008-1 Class A-2 Breakage Amounts or Series 2008-1
Class A-3 Breakage Amounts incurred as a result of such prepayment
(calculated in accordance with the Series 2008-1 Class A-2 Note
Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable).

 

(iii)          Asset Disposition Amounts.  On any Payment Date, any Additional Senior
Note Prepayment Amount arising from any Asset Disposition Amounts allocated to
the Senior Note Principal Payments Account or, if no Senior Notes are then
Outstanding (or the amounts on deposit in the Senior Note Principal Payments
Account equals the aggregate Outstanding Principal Amount of the Senior Notes
Outstanding after giving effect to any deposit to such account on or prior to
the applicable Payment Date), to the Subordinated Note Principal Payments
Account, pursuant to clause tenth and clause fifteenth, as
applicable, of the Priority of Payments shall, in accordance with Sections
5.13 and 5.14 of the Base Indenture, be used to prepay principal on the
applicable Classes of Series 2008-1 Notes (and of any other applicable Series of
Notes) in the order of priority described in Section 6.1 of the
Base Indenture on the related Payment Date. In connection with any payment made
pursuant to this Section 3.8(c)(iii), the Co-Issuers shall be
obligated to pay to the applicable Noteholders from such Asset Disposition
Amounts the Series 2008-1 Note Make Whole Premium required to be paid in
connection therewith pursuant to Section 3.8(d) below, any
associated Series 2008-1 Class A-2 Breakage Amounts or Series 2008-1
Class A-3 Breakage Amounts incurred as a result of such prepayment
(calculated in accordance with the Series 2008-1 Class A-2 Note
Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable).

 

18

 

(iv)          Insurance Proceeds.  On any Payment Date, any Additional Senior
Note Prepayment Amount arising from any Insurance Proceeds Amounts allocated to
the Senior Note Principal Payments Account or, if no Senior Notes are then
Outstanding (or the amounts on deposit in the Senior Note Principal Payments
Account equals the aggregate Outstanding Principal Amount of the Senior Notes
Outstanding after giving effect to any deposit to such account on or prior to
the applicable Payment Date), to the Subordinated Note Principal Payment
Account, pursuant to clause tenth and clause fifteenth, as
applicable, of the Priority of Payments shall, in accordance with Sections
5.13 and 5.14 of the Base Indenture, be used to prepay principal on the
applicable Classes of Series 2008-1 Notes (and of any other applicable Series of
Notes) in the order of priority described in Section 6.1 of the
Base Indenture on the related Payment Date. 
In connection with any payment made pursuant to this Section 3.8(c)(iv),
the Co-Issuers shall be obligated to pay to the applicable Noteholders from
such Insurance Proceeds Amounts the Series 2008-1 Note Make Whole Premium
required to be paid in connection therewith pursuant to Section 3.8(d) below,
any associated Series 2008-1 Class A-2 Breakage Amounts or Series 2008-1
Class A-3 Breakage Amounts incurred as a result of such prepayment
(calculated in accordance with the Series 2008-1 Class A-2 Note
Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase Agreement,
as applicable).

 

(v)           Excess Capex Amounts.  On any Payment Date, any Additional Senior
Prepayment Amount arising from any Excess CAPEX Amounts allocated to the Senior
Note Principal Payments Account or, if no Senior Notes are then Outstanding (or
the amounts on deposit in the Senior Note Principal Payments Account equals the
aggregate Outstanding Principal Amount of the Senior Notes Outstanding after
giving effect to any deposit to such account on or prior to the applicable
Payment Date), to the Subordinated Note Principal Payment Account, pursuant to clause
tenth and clause fifteenth, as applicable, of the Priority of
Payments shall, in accordance with Sections 5.13 and 5.14 of the Base
Indenture, be used to prepay principal on the applicable Classes of Series 2008-1
Notes (and of any other applicable Series of Notes) in the order of
priority described in Section 6.1 of the Base Indenture on the
related Payment Date.  In connection with
any payment made pursuant to this Section 3.8(c)(vi), the Co-Issuers
shall be obligated to pay to the applicable Noteholders from such Excess CAPEX
Amounts the Series 2008-1 Note Make Whole Premium required to be paid in
connection therewith pursuant to Section 3.8(d) below, any
associated Series 2008-1 Class A-2 Breakage Amounts or Series 2008-1
Class A-3 Breakage Amounts incurred as a result of such prepayment
(calculated in accordance with the Series 2008-1 Class A-2 Note
Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable).

 

19

 

(vi)          AHYDO.  On the first Payment Date occurring after the
fifth anniversary of the Series 2008-1 Closing Date and on each subsequent
Payment Date (or, if earlier, before the close of any ‘‘accrual period’’ (as
defined in Section 1272(a)(5) of the Code) ending five years from the
Series 2008-1 Closing Date), if any Series 2008-1 Class B-1
Notes are Outstanding, the Co-Issuers shall be required to redeem a portion of
the Series 2008-1 Class B-1 Notes (each such redemption, an “AHYDO
Prepayment”) to the extent required to prevent such Notes from being
treated as an ‘‘applicable high yield discount obligation’’ within the meaning
of Section 163(i)(1) of the Code and such that each such Note shall
be treated as not having ‘‘significant original issue discount’’ within the
meaning of Section 163(i)(2) of the Code.  This provision shall be interpreted in a
manner consistent with the position that none of the Series 2008-1 Class B-1
Notes will be an “applicable high yield discount obligation” and that each Series 2008-1
Class B-1 Note will be treated as not having “significant original issue
discount” as such terms are defined under the Code.  Any such AHYDO Prepayment will be paid solely
from funds in the Surplus Account or otherwise payable pursuant to Section 5.13
of the Base Indenture to the Surplus Account.

 

(vii)         Early Amortization.  On any Payment Date following the occurrence
of an Early Amortization Event, any amounts (x) allocated to the Senior
Note Principal Payments Account or to the Subordinated Note Principal Payments
Account, as applicable, pursuant to clause twelfth and clause
sixteenth, respectively, of the Priority of Payments, or (y) on
deposit in the Cash Trap Reserve Account, shall, in accordance with Sections
5.13 and 5.14 of the Base Indenture, be used to prepay principal on the
applicable Classes of Series 2008-1 Notes (and of any other applicable Series of
Notes) in the order of priority described in Section 6.1 of the
Base Indenture on the related Payment Date.

 

(d)           Series 2008-1
Note Make Whole Premium.  In
connection with (i) any mandatory prepayment of any Class of Series 2008-1
Notes pursuant to Sections 3.8(c)(i) through 3.8(c)(v), or (ii) any
optional prepayment of the Series 2008-1 Class A-1 Notes and the Series 2008-1
Class B-1 Notes pursuant to Section 3.8(e), the Co-Issuers
shall pay the applicable Series 2008-1 Note Make Whole Premium related to
the applicable Series 2008-1 Prepayment Amount; provided that no
such Series 2008-1 Note Make Whole Premium shall be payable in connection
with any payment that occurs (A) on or after the Payment Date occurring
immediately prior to the Series 2008-1 Scheduled Maturity Date or (B) after
an Early Amortization Period commences.  The Series 2008-1 Note Make Whole Premium is not guaranteed by any
Person.

 

(e)           Optional Prepayment of Series 2008-1 Class A-1
Notes and Class B-1 Notes.  Subject to Sections 3.8(d) and
3.8(f), the Co-Issuers shall have the option to prepay the Series 2008-1
Class A-1 Notes and/or the Series 2008-1 Class B-1 Notes in
whole but not in part on the applicable Series 2008-1 Prepayment Date
specified in the applicable Prepayment Notices, at a price equal to the unpaid Series 2008-1
Class A-1 

 

20

 

Outstanding Principal Amount or the unpaid Series 2008-1 Class B-1
Outstanding Principal Amount being prepaid, as applicable, plus accrued and
unpaid interest thereon through such Series 2008-1 Prepayment Date
together with any applicable Series 2008-1 Note Make Whole Premium, to the
extent required to be paid in connection therewith as provided herein plus all
other accrued and unpaid amounts owing to the applicable Noteholders; provided
that no such optional prepayment of the Series 2008-1 Class B-1 Notes
shall be made at any time following the Series 2008-1 Adjusted Repayment
Date unless all Senior Notes have been paid in full and all Series 2008-1 Class A-2
Commitments and Series 2008-1 Class A-3 Commitments have been
terminated.

 

(f)            Notices
of Series 2008-1 Prepayments. 
The Co-Issuers shall give prior written notice (each, a “Prepayment
Notice”) at least ten (10) Business Days but not more than twenty (20)
Business Days prior to any prepayment pursuant to Section 3.8(c)(vi) and
Section 3.8(e), or at least five (5) Business Days prior to
any prepayment pursuant to Section 3.8(c)(i), to each Series 2008-1
Noteholder affected by such Series 2008-1 Prepayment (or to the Trustee or
Administrative Agent for delivery to such Series 2008-1 Noteholders), each
of the Rating Agencies and the Trustee. 
In connection with any such Prepayment Notice, the Co-Issuers shall
provide a written report to the Trustee directing the Trustee to distribute
such prepayment amounts in accordance with the applicable provisions of Section 3.8(h).  With respect to each such prepayment, the
related Prepayment Notice shall, in each case, specify (A) the date on
which such prepayment will be made, which in all cases shall be a Business Day
and, in the case of a mandatory prepayment upon a Change of Control, shall be
no more than ten (10) Business Days after the occurrence of such Change of
Control, and, in the case of any prepayment pursuant to Section 3.8(c)(vi) or
Section 3.8(e), shall be the next Payment Date following the related
Prepayment Notice, (B) the aggregate principal amount of the applicable Class of
Notes to be prepaid on such date, and (C) the date on which the applicable
Series 2008-1 Note Make Whole Premium, if any, to be paid in connection
therewith will be calculated, which calculation date shall be no earlier than
the fifth Business Day before the prepayment date set forth in such Prepayment
Notice (the “Series 2008-1 Note Make Whole Premium Calculation Date”).  The Co-Issuers shall have the option, by
written notice to the Trustee, the Rating Agencies and the affected
Noteholders, to withdraw, or amend the date on which such prepayment will be
made, as set forth in, (x) any Prepayment Notice relating to any
prepayment pursuant to Section 3.8(c)(vi) or Section 3.8(e) at
any time up to the fifth Business Day before the prepayment date set forth in
such Prepayment Notice and (y) subject to the requirements of the
preceding sentence, any Prepayment Notice relating to mandatory prepayment upon
a Change of Control at any time up to the earlier of (I) the occurrence of
such event and (II) the fifth Business Day before the prepayment date set
forth in such Prepayment Notice; provided that in no event shall any
prepayment date be amended to a date earlier than the fifth Business Day after
such amended notice is given.  Any
Prepayment Notice shall become irrevocable on the day on which it can no longer
be withdrawn in accordance with the preceding sentence.

 

(g)           Series 2008-1 Prepayments. 
On any date on which a payment of principal of the Series 2008-1
Notes will be made prior to (x) the Payment Date occurring immediately
before the Series 2008-1 Scheduled Maturity Date or (y) the
commencement 

 

21

 

of an Early Amortization Period (each such date, a “Series 2008-1
Prepayment Date”), including, without limitation, with respect to any
prepayment of any such Notes pursuant to Sections 3.8(c)(i) through
3.8(c)(v) and Section 3.8(e) (each, a “Series 2008-1
Prepayment”), (i) the aggregate principal amount of such
Notes to be prepaid on such date (such amount, together with all accrued and
unpaid interest thereon to such date, a “Series 2008-1 Prepayment
Amount”) and (ii) the applicable Series 2008-1 Note Make Whole
Premium, if any, the
associated Series 2008-1 Class A-2 Breakage Amounts, if any, and the
associated Series 2008-1 Class A-3 Breakage Amounts, if any, shall be due
and payable.  The Co-Issuers shall pay the Series 2008-1
Prepayment Amount together with the applicable Series 2008-1 Note Make
Whole Premium, if any, the associated Series 2008-1 Class A-2
Breakage Amounts, if any, and the associated Series 2008-1 Class A-3
Breakage Amounts, if any, with respect to such Series 2008-1 Prepayment
Amount, to the applicable Noteholders entitled thereto on or prior to the
related Series 2008-1 Prepayment Date, which amounts shall be distributed
in accordance with Section 3.8(h) of this Series 2008-1
Supplement.  In the
event of any Series 2008-1 Prepayment in whole, all Series 2008-1 Class A-2
Commitments and Series 2008-1 Class A-3 Commitments shall be
terminated.

 

(h)           Series 2008-1 Prepayment
Distributions.

 

(i)            On the Series 2008-1 Prepayment
Date for each Series 2008-1 Prepayment to be made pursuant to this Section 3.8
in respect of the Series 2008-1 Class A-1 Notes, the Trustee shall,
in accordance with Section 6.1 of the Base Indenture, wire transfer
to the Series 2008-1 Class A-1 Noteholders of record on the preceding
Prepayment Record Date on a pro rata basis, based on their
respective portion of the Series 2008-1 Class A-1 Outstanding
Principal Amount, the amounts allocated to the Series 2008-1 Class A-1
Noteholders pursuant to this Section 3.8 and Sections 5.13 and
5.14 of the Base Indenture, if any, in order to repay the applicable
portion of the Series 2008-1 Class A-1 Outstanding Principal Amount
and pay all accrued and unpaid interest thereon up to such Series 2008-1
Prepayment Date and any Series 2008-1 Class A-1 Note Make Whole
Premium due to the Series 2008-1 Class A-1 Noteholders, if any,
payable on such date.

 

(ii)           On the Series 2008-1 Prepayment
Date for each Series 2008-1 Prepayment to be made pursuant to this Section 3.8
in respect of the Series 2008-1 Class A-2 Notes, the Trustee shall,
in accordance with Section 6.1 of the Base Indenture, wire transfer
to the Series 2008-1 Class A-2 Noteholders of record on the preceding
Prepayment Record Date on a pro rata basis, based on their
respective portion of the Series 2008-1 Class A-2 Outstanding
Principal Amount, the amounts allocated to the Series 2008-1 Class A-2
Noteholders pursuant to this Section 3.8 and Sections 5.13 and
5.14 of the Base Indenture, if any, in order to repay the applicable
portion of the Series 2008-1 Class A-2 Outstanding Principal Amount
and pay all accrued and unpaid interest 

 

22

 

thereon up to such Series 2008-1
Prepayment Date and any Series 2008-1 Class A-2 Breakage Amounts
incurred as a result of such payment.

 

(iii)          On the Series 2008-1 Prepayment Date
for each Series 2008-1 Prepayment to be made pursuant to this Section 3.8
in respect of the Series 2008-1 Class A-3 Notes, the Trustee shall,
in accordance with Section 6.1 of the Base Indenture, wire transfer
to the Series 2008-1 Class A-3 Noteholders of record on the preceding
Prepayment Record Date on a pro rata basis, based on their
respective portion of the Series 2008-1 Class A-3 Outstanding
Principal Amount, the amounts allocated to the Series 2008-1 Class A-3
Noteholders pursuant to this Section 3.8 and Sections 5.13 and
5.14 of the Base Indenture, if any, in order to repay the applicable
portion of the Series 2008-1 Class A-3 Outstanding Principal Amount
and pay all accrued and unpaid interest thereon up to such Series 2008-1
Prepayment Date and any Series 2008-1 Class A-2 Breakage Amounts
incurred as a result of such payment.

 

(iv)          On the Series 2008-1 Prepayment
Date for each Series 2008-1 Prepayment to be made pursuant to this Section 3.8
in respect of the Series 2008-1 Class B-1 Notes, the Trustee shall,
in accordance with Section 6.1 of the Base Indenture, wire transfer
to the Series 2008-1 Class B-1 Noteholders of record on the preceding
Prepayment Record Date on a pro rata basis, based on their
respective portion of the Series 2008-1 Class B-1 Outstanding
Principal Amount, the amounts allocated to the Series 2008-1 Class B-1
Noteholders pursuant to this Section 3.8 and Sections 5.13 and
5.14 of the Base Indenture, if any, in order to repay the applicable
portion of the Series 2008-1 Class B-1 Outstanding Principal Amount
and pay all accrued and unpaid interest thereon up to such Series 2008-1
Prepayment Date and any Series 2008-1 Class B-1 Note Make Whole
Premium due to the Series 2008-1 Class B-1 Noteholders, if any,
payable on such date.

 

(i)            Series 2008-1
Notices of Series 2008-1 Final Payment.  The Co-Issuers shall notify the Trustee and
each of the Rating Agencies on or before the Record Date preceding any Payment
Date that will be the Series 2008-1 Final Payment Date; provided, however,
that with respect to any Series 2008-1 Final Payment that is made in
connection with any mandatory or optional prepayment in full, the Co-Issuers
shall not be obligated to provide any additional notice to the Trustee or the
Rating Agencies of such Series 2008-1 Final Payment beyond the notice
required to be given in connection with such prepayment pursuant to Section 3.8(f).  In addition, the Trustee shall provide any
written notice required under this Section 3.8(i) to each
Person in whose name a Series 2008-1 Note is registered at the close of
business on the Record Date with respect to the Payment Date that will be the Series 2008-1
Final Payment Date.  Such written notice
to be sent to the Series 2008-1 Noteholders shall be made at the expense
of the Co-Issuers and shall be mailed by the Trustee within five (5) Business
Days of receipt of notice from the Co-Issuers indicating that the Series 2008-1
Final Payment will be made and shall specify that such Series 2008-1 Final
Payment will be payable only upon presentation 

 

23

 

and surrender of the Series 2008-1 Notes and shall specify the
place where the Series 2008-1 Notes may be presented and surrendered for
such Series 2008-1 Final Payment.

 

Section 3.9             Transaction Manager.  Pursuant to the Transaction Management
Agreement, the Transaction Manager has agreed to provide certain reports,
notices, instructions and other services on behalf of the Master Issuer and the
other Co-Issuers.  The Series 2008-1
Class A-1 Noteholders and the Series 2008-1 Class B-1
Noteholders by their acceptance of the relevant Notes consent to the provision
of such reports and notices to the Trustee by the Transaction Manager in lieu
of the Master Issuer or any other Co-Issuer. 
Any such reports and notices that are required to be delivered to the Series 2008-1
Class A-1 Noteholders and the Series 2008-1 Class B-1
Noteholders hereunder will be made available on the Trustee’s website in the
manner set forth in Section 4.4 of the Base Indenture.

 

Section 3.10           Master Manager.  Pursuant to the Master Management Agreement,
the Master Manager has agreed to cause the Transaction Manager and the
Co-Issuers to perform their obligations under the Related Documents.  The Series 2008-1 Class A-1 Noteholders
and the Series 2008-1 Class B-1 Noteholders by their acceptance of
the relevant Notes consent to the taking of actions by the Master Manager in
furtherance thereof, including the provision of such reports and notices to the
Trustee by the Master Manager in lieu of the Master Issuer or any other
Co-Issuer.  Any such reports and notices
that are required to be delivered to the Series 2008-1 Class A-1
Noteholders and the Series 2008-1 Class B-1 Noteholders hereunder
will be made available on the Trustee’s website in the manner set forth in Section 4.4
of the Base Indenture.

 

ARTICLE IV

 

FORM OF
SERIES 2008-1 NOTES

 

Section 4.1             Issuance of Series 2008-1 Class A-1
Notes.  The Series 2008-1 Class A-1
Notes in the aggregate may be offered and sold in the Series 2008-1 Class A-1
Initial Principal Amount on the Series 2008-1 Closing Date by the
Co-Issuers pursuant to the Series 2008-1 Class A-1/B-1 Note Purchase
Agreement.  The Series 2008-1 Class A-1
Notes will be resold initially only (A) in the United States, to Persons
who are both QIBs and QPs in reliance on Rule 144A and (B) outside
the United States, to QPs who are neither a U.S. Person (as defined in
Regulation S) (a “U.S. Person”) nor a U.S. resident (within the meaning
of the Investment Company Act) (a “U.S. Resident”) in reliance on
Regulation S.  The Series 2008-1 Class A-1
Notes may thereafter be transferred in reliance on Rule 144A and/or
Regulation S and in accordance with the procedure described herein.  The Series 2008-1 Class A-1 Notes
will be Book-Entry Notes and DTC will be the Depository for the Series 2008-1
Class A-1 Notes.  The provisions of
the rules and procedures of DTC, the “Operating Procedures of the
Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Banking” and “Customer Handbook”
of Clearstream (as in effect from time to time, the “Applicable Procedures”)
shall be applicable to transfers of beneficial interests in the Series 2008-1
Class A-1 Notes.  The 

 

24

 

Series 2008-1 Class A-1
Notes shall be issued in minimum denominations of $100,000 and integral
multiples of $1,000 in excess thereof.

 

(a)           Restricted
144A Class A-1 Global Notes. 
The Series 2008-1 Class A-1 Notes offered and sold in their
initial distribution in reliance upon Rule 144A will be issued in the form
of one or more global notes in fully registered form, without coupons,
substantially in the form set forth in Exhibit A-1-1 hereto,
registered in the name of Cede, as nominee of DTC, and deposited with the
Trustee, as custodian for DTC (collectively, for purposes of this Section 4.1
and Section 4.5, the “Restricted Rule 144A Class A-1
Global Notes”).  The aggregate
initial principal amount of the Restricted 144A Class A-1 Global Notes may
from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for DTC, in connection with a corresponding
decrease or increase in the aggregate initial principal amount of the
corresponding Class of the Restricted Regulation S Class A-1
Global Notes or the Unrestricted Class A-1 Global Notes, as hereinafter
provided.

 

(b)           Restricted
Regulation S Class A-1 Global Notes.  Any Series 2008-1 Class A-1 Notes
offered and sold on the Series 2008-1 Closing Date in reliance upon
Regulation S will be issued in the form of one or more global notes in fully
registered form, without coupons, substantially in the form set forth in Exhibit A-1-2
hereto, registered in the name of Cede, as nominee of DTC, and deposited with
the Trustee, as custodian for DTC, for credit to the respective accounts at DTC
of the designated agents holding on behalf of Euroclear or Clearstream
(collectively, for purposes of this Section 4.1 and Section 4.5,
the “Restricted Regulation S Class A-1 Global Notes,” and together
with the Restricted Rule 144A Class A-1 Global Notes, the “Restricted
Class A-1 Global Notes”).  Until
such time as the Distribution Compliance Period shall have terminated with
respect to the Restricted Regulation S Class A-1 Global Notes,
interests in such Restricted Regulation S Class A-1 Global Notes may be
held only through Clearing Agency Participants acting for and on behalf of
Euroclear and Clearstream.  After such
time as the Distribution Compliance Period shall have terminated with respect
to the Restricted Regulation S Class A-1 Global Notes, interests in such
Restricted Regulation S Class A-1 Global Notes may be held through
Clearing Agency Participants acting for and on behalf of DTC in addition to
Euroclear and Clearstream.  The aggregate
principal amount of the Restricted Regulation S Class A-1 Global
Notes may from time to time be increased or decreased by adjustments made on
the records of the Trustee, as custodian for DTC, in connection with a
corresponding decrease or increase of aggregate principal amount of the
corresponding Class of Restricted Rule 144A Class A-1 Global
Notes or Unrestricted Class A-1 Global Notes, as hereinafter provided.

 

(c)           Unrestricted
Class A-1 Global Note. 
Beneficial interests in the Restricted 144A Class A-1 Global Notes
may be exchanged for beneficial interests in one or more global notes that do
not bear the legend set forth in Section 4.5(h) (the “Unrestricted
Class A-1 Global Notes,” and together with the Restricted Class A-1
Global Notes, the “Series 2008-1 Class A-1 Global Notes”) as
provided in Section 4.5(d). 
Beneficial interests in the Restricted Regulation S Class A-1
Global Notes may be 

 

25

 

exchanged for beneficial interests in one or more Unrestricted Class A-1
Global Notes as provided in Section 4.5(g).

 

(d)           Definitive
Notes.  The Class A-1 Series 2008-1
Global Notes shall be exchangeable in their entirety for one or more definitive
notes in registered form, without interest coupons (collectively, for purposes
of this Section 4.1 and Section 4.5, the “Definitive
Notes”) pursuant to Section 2.13 of the Base Indenture and this
Section 4.1(d) in accordance with their terms and, upon
complete exchange thereof, such Series 2008-1 Class A-1 Global Notes
shall be surrendered for cancellation to the Trustee at the applicable
Corporate Trust Office.

 

Section 4.2             Issuance of Series 2008-1 Class A-2
Notes.  (a)  The Series 2008-1
Class A-2 Notes will be issued in the form of definitive notes in fully
registered form without interest coupons, substantially in the form set forth
in Exhibit A-2 hereto, shall be issued to the Series 2008-1 Class A-2
Noteholders pursuant to and in accordance with the Series 2008-1 Class A-2
Note Purchase Agreement and shall be duly executed by the Co-Issuers and
authenticated by the Trustee in the manner set forth in Section 2.8
of the Base Indenture.  Other than in
accordance with this Series 2008-1 Supplement and the Series 2008-1 Class A-2
Note Purchase Agreement, the Series 2008-1 Class A-2 Notes will not
be permitted to be transferred, assigned, exchanged or otherwise pledged or
conveyed by such Series 2008-1 Class A-2 Noteholders.  The Series 2008-1 Class A-2 Notes
shall bear a face amount equal in the aggregate to up to the Series 2008-1
Class A-2 Maximum Principal Amount as of the Series 2008-1 Closing
Date, and shall be initially issued in an aggregate outstanding principal
amount equal $0.  The Trustee shall
record any Series 2008-1 Class A-2 Increases or Series 2008-1 Class A-2
Decreases of which it has received notice or with respect to which a Authorized
Officer has Actual Knowledge such that the principal amount of the Series 2008-1
Class A-2 Notes that are Outstanding accurately reflects all such Series 2008-1
Class A-2 Increases and Series 2008-1 Class A-2 Decreases.

 

(b)           The
Series 2008-1 Class A-2 Notes may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may
be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the Authorized Officers executing such Series 2008-1
Class A-2 Notes, as evidenced by their execution of the Series 2008-1
Class A-2 Notes.  The Series 2008-1
Class A-2 Notes may be produced in any manner, all as determined by the
Authorized Officers executing such Series 2008-1 Class A-2 Notes, as
evidenced by their execution of such Series 2008-1 Class A-2
Notes.  The initial sale of the Series 2008-1
Class A-2 Notes shall be limited to Persons who have executed the Series 2008-1
Class A-2 Note Purchase Agreement. 
The Series 2008-1 Class A-2 Notes may be resold only to
Persons who are QPs in compliance with the terms of the Series 2008-1 Class A-2
Note Purchase Agreement.

 

Section 4.3             Issuance of Series 2008-1 Class A-3
Notes.  (a)  The Series 2008-1
Class A-3 Notes will be issued in the form of definitive notes in fully
registered form without interest coupons, substantially in the form set forth
in Exhibit A-3 hereto, shall be issued to the Series 2008-1 Class A-3
Noteholders  pursuant to and in
accordance 

 

26

 

with the Series 2008-1
Class A-3 Note Purchase Agreement and shall be duly executed by the
Co-Issuers and authenticated by the Trustee in the manner set forth in Section 2.8
of the Base Indenture.  Other than in
accordance with this Series 2008-1 Supplement and the Series 2008-1 Class A-3
Note Purchase Agreement, the Series 2008-1 Class A-3 Notes will not
be permitted to be transferred, assigned, exchanged or otherwise pledged or
conveyed by such Series 2008-1 Class A-3 Noteholders.  The Series 2008-1 Class A-3 Notes
shall bear a face amount equal in the aggregate to up to the Series 2008-1
Class A-3 Maximum Principal Amount as of the Series 2008-1 Closing
Date, and shall be initially issued in an aggregate outstanding principal
amount equal to $0.  The Trustee shall
record any Series 2008-1 Class A-3 Increases or Series 2008-1 Class A-3
Decreases of which it has received notice or with respect to which a Authorized
Officer of the Trustee has Actual Knowledge such that the principal amount of
the Series 2008-1 Class A-3 Notes that are Outstanding accurately
reflects all such Series 2008-1 Class A-3 Increases and Series 2008-1
Class A-3 Decreases.

 

(b)           The
Series 2008-1 Class A-3 Notes may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may
be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the Authorized Officers executing such Series 2008-1
Class A-3 Notes, as evidenced by their execution of the Series 2008-1
Class A-3 Notes.  The Series 2008-1
Class A-3 Notes may be produced in any manner, all as determined by the
Authorized Officers executing such Series 2008-1 Class A-3 Notes, as
evidenced by their execution of such Series 2008-1 Class A-3
Notes.  The initial sale of the Series 2008-1
Class A-3 Notes shall be limited to Persons who have executed the Series 2008-1
Class A-3 Note Purchase Agreement. 
The Series 2008-1 Class A-3 Notes may be resold only to
Persons who are QPs in compliance with the terms of the Series 2008-1 Class A-3
Note Purchase Agreement.

 

Section 4.4             Issuance of Series 2008-1 Class B-1
Notes.  The Series 2008-1 Class B-1
Notes in the aggregate may be offered and sold in the Series 2008-1 Class B-1
Initial Principal Amount on the Series 2008-1 Closing Date by the
Co-Issuers pursuant to the Series 2008-1 Class A-1/B-1 Note Purchase
Agreement.  The Series 2008-1 Class B-1
Notes will be resold initially only (A) in the United States, to Persons
who are both QIBs and QPs in reliance on Rule 144A and (B) outside
the United States, to QPs who are neither a U.S. Person nor a U.S. Resident in
reliance on Regulation S.  The Series 2008-1
Class B-1 Notes may thereafter be transferred in reliance on Rule 144A
and/or Regulation S and in accordance with the procedure described herein.  The Series 2008-1 Class B-1 Notes
will be Book-Entry Notes and DTC will be the Depository for the Series 2008-1
Class B-1 Notes.  The Applicable
Procedures shall be applicable to transfers of beneficial interests in the Series 2008-1
Class B-1 Notes.  The Series 2008-1
Class B-1 Notes shall be issued in minimum denominations of $100,000 and
integral multiples of $1,000 in excess thereof.

 

(a)           Restricted
Rule 144A Class B-1 Global Notes. 
The Series 2008-1 Class B-1 Notes offered and sold in their
initial distribution in reliance upon Rule 144A will be issued in the form
of one or more global notes in fully registered form, without 

 

27

 

coupons, substantially in the form set forth in Exhibit B-1-1
hereto, registered in the name of Cede, as nominee of DTC, and deposited with
the Trustee, as custodian for DTC (collectively, for purposes of this Section 4.4
and Section 4.8, the “Restricted Rule 144A Class B-1
Global Notes”).  The aggregate
initial principal amount of the Restricted Rule 144A Class B-1 Global
Notes may from time to time be increased or decreased by adjustments made on
the records of the Trustee, as custodian for DTC, in connection with a
corresponding decrease or increase in the aggregate initial principal amount of
the corresponding Class of Restricted Regulation S Class B-1
Global Notes or the Unrestricted Class B-1 Global Notes, as hereinafter
provided.

 

(b)           Restricted
Regulation S Class B-1 Global Notes.  Any Series 2008-1 Class B-1 Notes
offered and sold on the Series 2008-1 Closing Date in reliance upon
Regulation S will be issued in the form of one or more global notes in fully
registered form, without coupons, substantially in the form set forth in Exhibit B-1-2
hereto, registered in the name of Cede, as nominee of DTC, and deposited
with the Trustee, as custodian for DTC, for credit to the respective accounts
at DTC of the designated agents holding on behalf of Euroclear or Clearstream
(collectively, for purposes of Section 4.4 and Section 4.8,
the “Restricted Regulation S Class B-1 Global Notes,” and together
with the Restricted 144A Class B-1 Global Notes, the “Restricted Class B-1
Global Notes.”).  Until such time as the
Distribution Compliance Period shall have terminated with respect to the Restricted
Regulation S Class B-1 Global Notes, interests in the Restricted
Regulation S Class B-1 Global Notes may be held only through Clearing
Agency Participants acting for and on behalf of Euroclear and Clearstream.  After such time as the Distribution
Compliance Period shall have terminated with respect to the Restricted
Regulation S Class B-1 Global Notes, interests in the Restricted
Regulation S Class B-1 Global Notes may be held through Clearing Agency
Participants acting for and on behalf of DTC in addition to Euroclear and
Clearstream.  The aggregate principal
amount of the Restricted Regulation S Class B-1 Global Notes may from
time to time be increased or decreased by adjustments made on the records of
the Trustee, as custodian for DTC, in connection with a corresponding decrease
or increase of aggregate principal amount of the corresponding Class of
the Restricted Rule 144A Class A-1 Global Notes or Unrestricted Class B-1
Global Notes, as hereinafter provided.

 

(c)           Unrestricted
Class B-1 Global Note. 
Beneficial interests in the Restricted 144A Class B-1 Global Notes
may be exchanged for beneficial interests in one or more global notes that do
not bear the legend set forth in Section 4.8(h) (the “Unrestricted
Class B-1 Global Notes,” and together with the Restricted Class B-1
Global Notes, the “Series 2008-1 Class B-1 Global Notes”) as
provided in Section 4.8(d). 
Beneficial interests in the Restricted Regulation S Class B-1
Global Notes may be exchanged for beneficial interests in one or more
Unrestricted Class B-1 Global Notes as provided in Section 4.8(g).

 

(d)           Definitive
Class B-1 Notes.  The Series 2008-1
Class B-1 Global Notes shall be exchangeable in their entirety for one or
more definitive notes in registered form, without interest coupons
(collectively, for purposes of this Section 4.4 and Section 4.8,
the “Definitive Notes”) pursuant to Section 2.13(c) of
the Base Indenture and this Section 4.4(d) in accordance with
their terms and, upon complete exchange thereof, 

 

28

 

such Series 2008-1 Class B-1 Global Notes shall be
surrendered for cancellation to the Trustee at the applicable Corporate Trust
Office.

 

Section 4.5             Transfer
Restrictions of Series 2008-1 Class A-1 Notes.

 

(a)           A Series 2008-1
Class A-1 Global Note may not be transferred, in whole or in part, to any
Person other than DTC or a nominee thereof, or to a successor Depository or to
a nominee of a successor Depository, and no such transfer to any such other
Person may be registered; provided, however, that this Section 4.5(a) shall
not prohibit any transfer of a Series 2008-1 Class A-1 Note that is
issued in exchange for a Series 2008-1 Class A-1 Global Note in
accordance with Section 2.8 or Section 2.13 of the Base
Indenture and shall not prohibit any transfer of a beneficial interest in a Series 2008-1
Class A-1 Global Note effected in accordance with the other provisions of
this Section 4.5.

 

(b)           The
transfer by a Series 2008-1 Class A-1 Noteholder holding a beneficial
interest in a Restricted Rule 144A Class A-1 Global Note to a Person
who wishes to take delivery thereof in the form of a beneficial interest in
such Restricted Rule 144A Class A-1 Global Note shall be made only
upon the representation of the transferee that it is purchasing for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB, a QP, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Co-Issuers as such
transferee has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

 

(c)           If
a Series 2008-1 Class A-1 Noteholder holding a beneficial interest in
a Restricted 144A Class A-1 Global Note wishes at any time to exchange its
interest in such Restricted 144A Class A-1 Global Note for an interest in
the Restricted Regulation S Class A-1 Global Note, or to transfer
such interest to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the Restricted Regulation S Class A-1 Global
Note, such exchange or transfer may be effected, subject to the Applicable
Procedures, only in accordance with the provisions of this Section 4.5(c);
provided that the remaining beneficial interest in such Restricted 144A Class A-1
Global Note held by such Series 2008-1 Class A-1 Noteholder shall
either equal zero or meet the authorized minimum denominations.  Upon receipt by the Trustee, as Registrar, at
the applicable Corporate Trust Office, and the Co-Issuers of (i) written
instructions given in accordance with the Applicable Procedures from a Clearing
Agency Participant directing the Trustee to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Restricted Regulation S Class A-1 Global Note, in a principal amount
equal to that of the beneficial interest in such Restricted 144A Class A-1
Global Note to be so exchanged or transferred, but not less than the authorized
minimum denominations, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the
Clearing Agency Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Clearing Agency
Participant to be debited for, such 

 

29

 

beneficial interest and (iii) a certificate in substantially the
form set forth in Exhibit C-1 hereto given by the Series 2008-1
Class A-1 Noteholder holding such beneficial interest in such Restricted
144A Class A-1 Global Note, the Trustee, as Registrar, shall instruct DTC
to reduce the principal amount of the Restricted 144A Class A-1 Global
Note, and to increase the principal amount of the Restricted Regulation S Class A-1
Global Note, by the principal amount of the beneficial interest in such
Restricted 144A Class A-1 Global Note to be so exchanged or transferred,
and to credit or cause to be credited to the account of the Person specified in
such instructions (which shall be the Clearing Agency Participant for Euroclear
or Clearstream or both, as the case may be) a beneficial interest in the
Restricted Regulation S Class A-1 Global Note having a principal
amount equal to the amount by which the principal amount of such Restricted
144A Class A-1 Global Note was reduced upon such exchange or transfer.

 

(d)           If
a Series 2008-1 Class A-1 Noteholder holding a beneficial interest in
a Restricted 144A Class A-1 Global Note wishes at any time to exchange its
interest in such Restricted 144A Class A-1 Global Note for an interest in
the Unrestricted Class A-1 Global Note, or to transfer such interest to a
Person who wishes to take delivery thereof in the form of a beneficial interest
in the Unrestricted Class A-1 Global Note, such exchange or transfer may
be effected, subject to the Applicable Procedures, only in accordance with the
provisions of this Section 4.5(d); provided that the
remaining beneficial interest in such Restricted 144A Class A-1 Global
Note held by such Series 2008-1 Class A-1 Noteholder shall either
equal zero or meet the authorized minimum denominations.  Upon receipt by the Trustee, as Registrar, at
the applicable Corporate Trust Office, of (i) written instructions given
in accordance with the Applicable Procedures from a Clearing Agency Participant
directing the Trustee to credit or cause to be credited to a specified Clearing
Agency Participant’s account a beneficial interest in the Unrestricted Class A-1
Global Note in a principal amount equal to that of the beneficial interest in
such Restricted 144A Class A-1 Global Note to be so exchanged or
transferred, but not less than the authorized minimum denominations, (ii) a
written order given in accordance with the Applicable Procedures containing
information regarding the account of the Clearing Agency Participant to be
credited with, and the account of the Clearing Agency Participant to be debited
for, such beneficial interest and (iii) a certificate in substantially the
form of Exhibit C-2 hereto given by the Series 2008-1 Class A-1
Noteholder holding such beneficial interest in such Restricted 144A Class A-1
Global Note, the Trustee, as Registrar, shall instruct DTC to reduce the
principal amount of such Restricted 144A Class A-1 Global Note, and to
increase the principal amount of the Unrestricted Class A-1 Global Note,
by the principal amount of the beneficial interest in such Restricted 144A Class A-1
Global Note to be so exchanged or transferred, and to credit or cause to be
credited to the account of the Person specified in such instructions (which
shall be the Clearing Agency Participant) a beneficial interest in the
Unrestricted Class A-1 Global Note having a principal amount equal to the
amount by which the principal amount of such Restricted 144A Class A-1
Global Note was reduced upon such exchange or transfer.  If the Trustee so requests or if the
Applicable Procedures so require, the transferor shall deliver an Opinion of
Counsel in form reasonably acceptable to the Trustee to the effect that such
exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained in this 

 

30

 

Series 2008-1 Supplement and described in Section 4.5(h) are
no longer required in order to maintain compliance with the Securities Act.

 

(e)           The
transfer by a Series 2008 1 Class A-1 Noteholder holding a beneficial
interest in a Restricted Regulation S Class A-1 Global Note to a Person
who wishes to take delivery thereof in the form of a beneficial interest in
such Restricted Regulation S Class A-1 Global Note shall be made only upon
the representation of the transferee that it is purchasing for its own account
or an account with respect to which it exercises sole investment discretion and
that it and any such account is a QP that is neither a “U.S. Person” as defined
in Regulation S nor a “U.S. Resident” for purposes of the Investment Company
Act and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Regulation S.

 

(f)            If
a Series 2008-1 Class A-1 Noteholder holding a beneficial interest in
a Restricted Regulation S Class A-1 Global Note wishes at any time to
exchange its interest in such Restricted Regulation S Class A-1
Global Note for an interest in the Restricted 144A Class A-1 Global Note,
or to transfer such interest to a Person who wishes to take delivery thereof in
the form of a beneficial interest in the Restricted 144A Class A-1 Global
Note, such exchange or transfer may be effected, subject to the Applicable
Procedures, only in accordance with the provisions of this Section 4.5(f); provided
that the remaining beneficial interest in such Restricted Regulation S Class A-1
Global Note held by such Series 2008-1 Class A-1 Noteholder shall
either equal zero or meet the authorized minimum denominations.  Upon receipt by the Trustee, as Registrar, at
the applicable Corporate Trust Office, of (i) written instructions given in
accordance with the Applicable Procedures from a Clearing Agency Participant
directing the Trustee to credit or cause to be credited to a specified Clearing
Agency Participant’s account a beneficial interest in the Restricted 144A Class A-1
Global Note in a principal amount equal to that of the beneficial interest in
such Restricted Regulation S Class A-1 Global Note to be so exchanged
or transferred, but not less than the authorized minimum denominations, (ii) a
written order given in accordance with the Applicable Procedures containing
information regarding the account of the Clearing Agency Participant (and the
Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Clearing Agency Participant to be debited for, such
beneficial interest and (iii) a certificate in substantially the form set
forth in Exhibit C-3 hereto given by such Series 2008-1 Class A-1
Noteholder holding such beneficial interest in such Restricted
Regulation S Class A-1 Global Note, Euroclear or Clearstream or the
Trustee, as Registrar, shall instruct DTC to reduce the principal amount of
such Restricted Regulation S Class A-1 Global Note and to increase
the principal amount of the Restricted 144A Class A-1 Global Note, by the
principal amount of the beneficial interest in such Restricted
Regulation S Class A-1 Global Note to be so exchanged or transferred,
and to credit or cause to be credited to the account of the Person specified in
such instructions (which shall be the Clearing Agency Participant for DTC) a
beneficial interest in the Restricted 144A Class A-1 Global Note having a
principal amount equal to the amount by which the principal amount of such
Restricted Regulation S Class A-1 Global Note was reduced upon such
exchange or transfer.

 

31

 

(g)           If
a Series 2008-1 Class A-1 Noteholder holding a beneficial interest in
a Restricted Regulation S Class A-1 Global Note wishes at any time to
exchange its interest in such Restricted Regulation S Class A-1 Global
Note for an interest in the Unrestricted Class A-1 Global Note, or to
transfer such interest to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Unrestricted Class A-1 Global Note,
such exchange or transfer may be effected, subject to the Applicable
Procedures, only in accordance with the provisions of this Section 4.5(g); provided
that the remaining beneficial interest in such Restricted Regulation S Class A-1
Global Note held by such Series 2008-1 Class A-1 Noteholder shall
either equal zero or meet the authorized minimum denominations.  Upon receipt by the Trustee, as Registrar, at
the applicable Corporate Trust Office, and the Co-Issuers of (i) written
instructions given in accordance with the Applicable Procedures from a Clearing
Agency Participant directing the Trustee to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Unrestricted Class A-1 Global Note in a principal amount equal to that of
the beneficial interest in such Restricted Regulation S Class A-1 Global
Note to be so exchanged or transferred, but not less than the authorized
minimum denominations, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the
Clearing Agency Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Clearing Agency
Participant to be debited for, such beneficial interest and (iii) a
certificate in substantially the form of Exhibit C-2 hereto given
by the Series 2008-1 Class A-1 Noteholder holding such beneficial
interest in such Restricted Regulation S Class A-1 Global Note, Euroclear,
Clearstream or the Trustee, as Registrar shall instruct DTC to reduce the
principal amount of such Restricted Regulation S Class A-1 Global Note,
and to increase the principal amount of the Unrestricted Class A-1 Global
Note, by the principal amount of the beneficial interest in such Restricted Regulation
S Class A-1 Global Note to be so exchanged or transferred, and to credit
or cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant for DTC) a
beneficial interest in the Unrestricted Class A-1 Global Note having a
principal amount equal to the amount by which the principal amount of such
Restricted Regulation S Class A-1 Global Note was reduced upon such
exchange or transfer.  If the Trustee so
requests or if the Applicable Procedures so require, the transferor shall
deliver an Opinion of Counsel in form reasonably acceptable to the Trustee to
the effect that such exchange or transfer is in compliance with the Securities
Act and that the restrictions on transfer contained in this Series 2008-1
Supplement and described in Section 4.5(h) are no longer
required in order to maintain compliance with the Securities Act.

 

(h)           The Restricted Class A-1 Global
Notes shall bear the following legend:

 

THIS
SERIES 2008-1 CLASS A-1 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT
JURISDICTION, AND NONE OF NUCO2 FUNDING LLC, NUCO2 LLC, NUCO2 SUPPLY LLC AND NUCO2 IP LLC (THE “CO-

 

32

 

ISSUERS”)
HAS BEEN REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940
ACT”).  THIS NOTE OR ANY INTEREST HEREIN MAY BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) IN THE UNITED
STATES TO EITHER THE INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS BOTH A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE 1940
ACT), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH
SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT
DISCRETION, EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED
PURCHASER, AND NONE OF WHICH IS (1) A DEALER OF THE
TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND
INVESTS ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN SECURITIES OF
ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) A PARTICIPANT-DIRECTED EMPLOYEE
PLAN, SUCH AS A 401(k) PLAN, OR ANY OTHER TYPE OF PLAN REFERRED TO IN
PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A, OR A TRUST FUND
REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS
OF SUCH A PLAN, UNLESS INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE
SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF SUCH PLAN, (3) FORMED OR
CAPITALIZED FOR THE SPECIFIC PURPOSE OF INVESTING IN THE CO-ISSUERS (EXCEPT
WHERE EACH BENEFICIAL OWNER IS A QUALIFIED PURCHASER), (4) A CORPORATION,
PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN
IN WHICH THE SHAREHOLDERS, EQUITY OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL
OWNERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR
INVESTMENTS TO BE MADE, (5) IF FORMED ON OR BEFORE APRIL 30, 1996, AN
INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF ‘‘INVESTMENT
COMPANY’’ PROVIDED BY SECTION 3(c)(7) OF THE 1940 ACT (OR A FOREIGN
INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF RELYING ON SECTION 3(c)(7) WITH
RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO
ITS TREATMENT AS A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF
THE 1940 ACT AND THE RULES AND REGULATIONS THEREUNDER, RECEIVED THE CONSENT OF
ITS BENEFICIAL OWNERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30,
1996, (6) AN ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER
ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED MORE THAN
40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER
SECURITIES OF THE ISSUER (UNLESS ALL OF THE 

 

33

 

BENEFICIAL OWNERS OF SUCH ENTITY’S SECURITIES ARE
QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT
REGISTRATION PROVIDED BY RULE 144A OR (7) (I) (i) AN EMPLOYEE BENEFIT PLAN
DESCRIBED IN SECTION 3(3) OF ERISA BUT NOT SUBJECT TO ERISA OR AN
ENTITY THE ASSETS OF WHICH CONSTITUTE ASSETS OF SUCH A PLAN, (ii) AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF ERISA, (iii) A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975
OF THE CODE OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT UNDER U.S. DEPARTMENT OF LABOR
REGULATIONS, AS MODIFIED (EACH, A “PLAN”), AND SUCH ENTITY IS NOT ACQUIRING OR
HOLDING THIS NOTE FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY PLAN OR (II) A
PURCHASER THAT IS UNABLE TO REPRESENT AND WARRANT THAT THE PURCHASE AND HOLDING
OF THIS NOTE DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
(OR, IN THE CASE OF A GOVERNMENTAL OR OTHER PLAN, ANY APPLICABLE SIMILAR LAW),
OR (B) OUTSIDE THE UNITED STATES TO THE INITIAL PURCHASER OR A SUBSEQUENT
TRANSFEREE WHO IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” AS DEFINED
IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) NOR A “U.S.
RESIDENT” AS DEFINED FOR PURPOSES OF THE 1940 ACT, ACTING FOR ITS OWN ACCOUNT
OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR
SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A
QUALIFIED PURCHASER, AND NONE OF WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN
OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE
INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR
THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.  THE INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL MAKE
THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE
INDENTURE.  THE INITIAL PURCHASER AND
EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS
NOTE IN THE FORM OF AN INTEREST IN A RESTRICTED REGULATION S GLOBAL
NOTE OR A RESTRICTED RULE 144A GLOBAL NOTE WILL BE REQUIRED TO DELIVER A
TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE INDENTURE AND 

 

34

 

WILL
BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO
IN THE INDENTURE.

 

THE
CO-ISSUERS MAY REQUIRE ANY HOLDER OF THIS NOTE WHO IS DETERMINED NOT TO
HAVE BEEN (I) IF THIS NOTE IS ACQUIRED IN THE UNITED STATES, BOTH A
QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER OR (II) IF THIS
NOTE WAS ACQUIRED OUTSIDE OF THE UNITED STATES, BOTH A QUALIFIED PURCHASER AND
NEITHER A U.S. PERSON NOR A U.S. RESIDENT AT THE TIME OF ACQUISITION OF THIS
NOTE TO SELL THIS NOTE TO A PERSON WHO IS (I) BOTH A QUALIFIED
INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, OR (II) A QUALIFIED PURCHASER AND NEITHER A
U.S. PERSON NOR A U.S. RESIDENT IN A TRANSACTION MEETING THE REQUIREMENTS OF
REGULATION S.

 

ANY
TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT
AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE
INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO
THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

 

(i)            The Restricted Regulation S Class A-1
Global Notes shall also bear the following legend:

 

UNTIL
40 DAYS AFTER THE INITIAL PURCHASER NOTIFIES THE CO-ISSUERS THAT THE RESALE OF
THE SERIES 2008-1 CLASS A-1 NOTES HAS BEEN COMPLETED (THE “DISTRIBUTION COMPLIANCE PERIOD”) IN
CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF
THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO
CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR
OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS A QUALIFIED
PURCHASER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE
TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A QUALIFIED
PURCHASER AND IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE
OFFER AND SALE OF SECURITIES.

 

35

 

(j)            The Series 2008-1 Class A-1
Global Notes issued in connection with the Series 2008-1 Class A-1
Notes shall bear the following legend:

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW
YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE
THEREOF.  THIS NOTE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO
THE CO-ISSUERS OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST
HEREIN.

 

(k)           The
required legends set forth above shall not be removed from the applicable Series 2008-1
Class A-1 Notes except as provided herein. 
The legend required for a Restricted Class A-1 Global Note may be
removed from such Restricted Class A-1 Global Note if there is delivered
to the Co-Issuers and the Trustee such satisfactory evidence, which may include
an Opinion of Counsel as may be reasonably required by the Co-Issuers that
neither such legend nor the restrictions on transfer set forth therein are
required to ensure that transfers of such Restricted Class A-1 Global Note
will not violate the registration requirements of the Securities Act.  Upon provision of such satisfactory evidence,
the Trustee at the direction of the Master Issuer, on behalf of the Co-Issuers,
shall authenticate and deliver in exchange for such Restricted Class A-1
Global Note a an Unrestricted Class A-1 Global Note or Unrestricted Class A-1
Global Notes having an equal aggregate principal amount that does not bear such
legend.  If such a legend required for a
Restricted Class A-1 Global Note has been removed from a Series 2008-1
Class A-1 Note as provided above, no other Series 2008-1 Class A-1
Note issued in exchange for all or any part of such Series 2008-1 Class A-1
Note shall bear such legend, unless the Co-Issuers have reasonable cause to
believe that such other Series 2008-1 Class A-1 Note is a “restricted
security” within the meaning of Rule 144 under the Securities Act and
instructs the Trustee to cause a legend to appear thereon.

 

(l)            The
Co-Issuers have the right hereunder to compel any non-permitted holder of an
interest in the Series 2008-1 Class A-1 Notes to sell its interest in
such Series 2008-1 Class A-1 Notes or may sell such interest in such Series 2008-1
Class A-1 Notes on behalf of such owner. In connection therewith, (a) if
the Holder acquired its interest in the Series 2008-1 Class A-1 Notes
in the form of an interest in a Global Note, 

 

36

 

the Co-Issuers are permitted hereunder to require that the Holder of (i) any
interest in a Restricted 144A Global Note held by a Holder that is a U.S.
Person or a Holder who was sold such interest in the United States who is
determined not to have been both a QIB and a QP at the time of acquisition of
such interest in a Restricted 144A Global Note or (ii) any interest in a
Restricted Regulation S Global Note held by a Holder that is a U.S. Person or a
Person who was sold such interest in the United States, in each case at the
time of the acquisition of such interest, sell such interest to a transferee
that is permitted hereunder and, if the Holder does not comply with such demand
within 30 days thereof, the Co-Issuers, acting at the direction of the Master
Manager, may sell such Holder’s interest in the applicable Global Note on such
terms as the Co-Issuers may choose.

 

Section 4.6             Transfer
Restrictions of Series 2008-1 Class A-2 Notes.

 

(a)           Subject
to the terms of the Indenture and the Series 2008-1 Class A-2 Note
Purchase Agreement, the Holder of any Series 2008-1 Class A-2 Note
may transfer the same in whole or in part, in an amount equivalent to an
authorized denomination, by surrendering such Series 2008-1 Class A-2
Note at the applicable Corporate Trust Office, with the form of transfer
endorsed on it duly completed and executed by, or accompanied by a written
instrument of transfer in form satisfactory to the Co-Issuers and the Registrar
by, the Holder thereof or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the
Registrar in addition to, or in substitution for, STAMP, and accompanied by a
certificate substantially in the form of Exhibit C-4 hereto; provided
that if the Holder of any Series 2008-1 Class A-2 Note transfers, in
whole or in part, its interest in any Series 2008-1 Class A-2 Note
pursuant to (i) an Assignment and Assumption Agreement substantially in
the form of Exhibit B to the Series 2008-1 Class A-2 Note
Purchase Agreement or (ii) an Investor Group Supplement substantially in
the form of Exhibit C to the Series 2008-1 Class A-2 Note
Purchase Agreement, then such Series 2008-1 Class A-2 Noteholder will
not be required to submit a certificate substantially in the form of Exhibit C-4
hereto upon transfer of its interest in such Series 2008-1 Class A-2
Note.  In exchange for any Series 2008-1
Class A-2 Note properly presented for transfer, the Co-Issuers shall
execute and the Trustee shall promptly authenticate and deliver or cause to be
authenticated and delivered in compliance with applicable law, to the
transferee at such office, or send by mail (at the risk of the transferee) to
such address as the transferee may request, Series 2008-1 Class A-2
Notes for the same aggregate principal amount as was transferred.  In the case of the transfer of any Series 2008-1
Class A-2 Note in part, the Co-Issuers shall execute and the Trustee shall
promptly authenticate and deliver or cause to be authenticated and delivered to
the transferor at such office, or send by mail (at the risk of the transferor)
to such address as the transferor may request, Series 2008-1 Class A-2
Notes for the aggregate principal amount that was not transferred.  No transfer of any Series 2008-1 Class A-2
Note shall be made unless the request for such transfer is made by the Series 2008-1
Class A-2 Noteholder at such office. 
Neither the Co-Issuers nor the Trustee shall be liable for any delay in
delivery of transfer instructions and each may conclusively rely on, and shall
be protected in relying on, such instructions. 
Upon the issuance of transferred

 

37

 

Series 2008-1 Class A-2 Notes, the Trustee shall recognize
the holders of such Series 2008-1 Class A-2 Note as Series 2008-1
Class A-2 Noteholders.

 

(b)           Each
Series 2008-1 Class A-2 Note shall bear the following legend:

 

THIS SERIES 2008-1 CLASS A-2 NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR WITH
ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT
JURISDICTION, AND NONE OF THE CO-ISSUERS HAS BEEN REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF 1940, AS AMENDED.  THIS
NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-2 NOTE
PURCHASE AGREEMENT, DATED AS OF MAY 28, 2008 BY AND AMONG THE CO-ISSUERS,
THE MASTER MANAGER, THE TRANSACTION MANAGER, CERTAIN SERIES 2008-1 CLASS A-2
CONDUIT INVESTORS, THE SERIES 2008-1 CLASS A-2 COMMITTED NOTE PURCHASERS,
CERTAIN FUNDING AGENTS AND THE SERIES 2008-1 CLASS A-2 NOTE ADMINISTRATIVE
AGENT, AS AMENDED FROM TIME TO TIME.

 

The required legend set forth above shall not be
removed from the Series 2008-1 Class A-2 Notes except as provided
herein.

 

Section 4.7             Transfer
Restrictions of Series 2008-1 Class A-3 Notes.

 

(a)           Subject
to the terms of the Indenture and the Series 2008-1 Class A-3 Note
Purchase Agreement, the Holder of any Series 2008-1 Class A-3 Note
may transfer the same in whole or in part, in an amount equivalent to an
authorized denomination, by surrendering such Series 2008-1 Class A-3
Note at the applicable Corporate Trust Office, with the form of transfer
endorsed on it duly completed and executed by, or accompanied by a written
instrument of transfer in form satisfactory to the Co-Issuers and the Registrar
by, the Holder thereof or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or
participation in the STAMP or such other “signature guarantee program” as may
be determined by the Registrar in addition to, or in substitution for, STAMP,
and accompanied by a certificate substantially in the form of Exhibit C-4
hereto; provided that if the Holder of any Series 2008-1 Class A-3
Note transfers, in whole or in part, its interest in any Series 2008-1 Class A-3
Note pursuant to (i) an Assignment and Assumption Agreement substantially
in the form of Exhibit B to the Series 2008-1 Class A-3 Note
Purchase Agreement or (ii) an Investor Group Supplement substantially in
the form of Exhibit C to the Series 2008-1 Class A-3 Note
Purchase Agreement, then such Series 2008-1 Class A-3 Noteholder will
not be required to submit a certificate substantially in the form of Exhibit C-4
hereto upon transfer of its interest in such Series 2008-1 Class A-3
Note.  In exchange for any Series 2008-1
Class A-3 Note properly presented for transfer, the 

 

38

 

Co-Issuers shall execute and the Trustee shall promptly authenticate
and deliver or cause to be authenticated and delivered in compliance with
applicable law, to the transferee at such office, or send by mail (at the risk
of the transferee) to such address as the transferee may request, Series 2008-1
Class A-3 Notes for the same aggregate principal amount as was
transferred.  In the case of the transfer
of any Series 2008-1 Class A-3 Note in part, the Co-Issuers shall
execute and the Trustee shall promptly authenticate and deliver or cause to be
authenticated and delivered to the transferor at such office, or send by mail
(at the risk of the transferor) to such address as the transferor may request, Series 2008-1
Class A-3 Notes for the aggregate principal amount that was not
transferred.  No transfer of any Series 2008-1
Class A-3 Note shall be made unless the request for such transfer is made
by the Series 2008-1 Class A-3 Noteholder at such office.  Neither the Co-Issuers nor the Trustee shall
be liable for any delay in delivery of transfer instructions and each may
conclusively rely on, and shall be protected in relying on, such
instructions.  Upon the issuance of
transferred Series 2008-1 Class A-3 Notes, the Trustee shall
recognize the holders of such Series 2008-1 Class A-3 Note as Series 2008-1
Class A-3 Noteholders.

 

(b)           Each
Series 2008-1 Class A-3 Note shall bear the following legend:

 

THIS SERIES 2008-1 CLASS A-3 NOTE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR WITH
ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT
JURISDICTION, AND NONE OF THE CO-ISSUERS HAS BEEN REGISTERED UNDER THE
INVESTMENT COMPANY ACT OF 1940, AS AMENDED. 
THIS NOTE AND ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE CLASS A-3
NOTE PURCHASE AGREEMENT, DATED AS OF MAY 28, 2008 BY AND AMONG THE
CO-ISSUERS, THE MASTER MANAGER, THE TRANSACTION MANAGER, CERTAIN SERIES 2008-1 CLASS A-3
CONDUIT INVESTORS, THE SERIES 2008-1 CLASS A-3 COMMITTED NOTE PURCHASERS,
CERTAIN FUNDING AGENTS AND THE SERIES 2008-1 CLASS A-3 NOTE ADMINISTRATIVE
AGENT, AS AMENDED FROM TIME TO TIME.

 

The required legend set forth above shall not be
removed from the Series 2008-1 Class A-3 Notes except as provided
herein.

 

Section 4.8             Transfer
Restrictions of Series 2008-1 Class B-1 Notes.

 

(a)           A Series 2008-1
Class B-1 Global Note may not be transferred, in whole or in part, to any
Person other than DTC or a nominee thereof, or to a successor Depository or to
a nominee of a successor Depository, and no such transfer to any such other
Person may be registered; provided, however, that this Section 4.8(a) shall
not prohibit any transfer of a Series 2008-1 Class B-1 Note that is
issued in exchange for a Series 2008-1 Class B-1 Global Note in
accordance with Section 2.8 of the Base Indenture and shall not
prohibit any transfer of a beneficial interest in a Series 2008-1 

 

39

 

Class B-1 Global Note effected in accordance with the other
provisions of this Section 4.8.

 

(b)           The
transfer by a Series 2008-1 Class B-1 Noteholder holding a beneficial
interest in a Restricted Rule 144A Class B-1 Global Note to a Person
who wishes to take delivery thereof in the form of a beneficial interest in
such Restricted Rule 144A Class B-1 Global Note shall be made only
upon the representation of the transferee that it is purchasing for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a QIB, a QP, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Co-Issuers as such
transferee has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying
upon its foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

 

(c)           If
a Series 2008-1 Class B-1 Noteholder holding a beneficial interest in
a Restricted Rule 144A Class B-1 Global Note wishes at any time to
exchange its interest in such Restricted Rule 144A Class B-1 Global
Note for an interest in the Restricted Regulation S Class B-1 Global Note,
or to transfer such interest to a Person who wishes to take delivery thereof in
the form of a beneficial interest in the Restricted Regulation S Class B-1
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section 4.8(c).  Upon receipt by the Trustee, as Registrar, at
the applicable Corporate Trust Office, and the Co-Issuers of (i) written
instructions given in accordance with the Applicable Procedures from a Clearing
Agency Participant directing the Trustee to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Restricted Regulation S Class B-1 Global Note, in a principal amount equal
to that of the beneficial interest in such Restricted Rule 144A Class B-1
Global Note to be so exchanged or transferred, but not less than the authorized
minimum denominations, (ii) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the
Clearing Agency Participant (and the Euroclear or Clearstream account, as the
case may be) to be credited with, and the account of the Clearing Agency
Participant to be debited for, such beneficial interest and (iii) a
certificate in substantially the form set forth in Exhibit C-1
hereto given by the Series 2008-1 Class B-1 Noteholder holding such
beneficial interest in such Restricted Rule 144A Class B-1 Global
Note, the Trustee, as Registrar, shall instruct DTC to reduce the principal
amount of the Restricted Rule 144A Class B-1 Global Note, and to
increase the principal amount of the Restricted Regulation S Class B-1
Global Note, by the principal amount of the beneficial interest in such
Restricted Rule 144A Class B-1 Global Note to be so exchanged or
transferred, and to credit or cause to be credited to the account of the Person
specified in such instructions (which shall be the Clearing Agency Participant
for Euroclear or Clearstream or both, as the case may be) a beneficial interest
in the Restricted Regulation S Class B-1 Global Note having a principal
amount equal to the amount by which the principal amount of such Restricted Rule 144A
Class B-1 Global Note was reduced upon such exchange or transfer.

 

40

 

(d)           If
a Series 2008-1 Class B-1 Noteholder holding a beneficial interest in
a Restricted Rule 144A Class B-1 Global Note wishes at any time to
exchange its interest in such Restricted Rule 144A Class B-1 Global
Note for an interest in the Unrestricted Class B-1 Global Note, or to
transfer such interest to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Unrestricted Class B-1 Global Note,
such exchange or transfer may be effected, subject to the Applicable
Procedures, only in accordance with the provisions of this Section 4.8(d);
provided that the remaining beneficial interest in such Restricted Rule 144A
Class B-1 Global Note held by such Series 2008-1 Class B-1
Noteholder shall either equal zero or meet the authorized minimum
denominations.  Upon receipt by the
Trustee, as Registrar, at the applicable Corporate Trust Office, and the
Co-Issuers of (i) written instructions given in accordance with the
Applicable Procedures from a Clearing Agency Participant directing the Trustee
to credit or cause to be credited to a specified Clearing Agency Participant’s
account a beneficial interest in the Unrestricted Class B-1 Global Note in
a principal amount equal to that of the beneficial interest in such Restricted Rule 144A
Class B-1 Global Note to be so exchanged or transferred, but not less than
the authorized minimum denominations, (ii) a written order given in
accordance with the Applicable Procedures containing information regarding the
account of the Clearing Agency Participant to be credited with, and the account
of the Clearing Agency Participant to be debited for, such beneficial interest
and (iii) a certificate in substantially the form of Exhibit C-2
hereto given by the Series 2008-1 Class B-1 Noteholder holding such
beneficial interest in such Restricted Rule 144A Class B-1 Global
Note, the Trustee, as Registrar, shall instruct DTC to reduce the principal
amount of such Restricted Rule 144A Class B-1 Global Note, and to
increase the principal amount of the Unrestricted Class B-1 Global Note,
by the principal amount of the beneficial interest in such Restricted Rule 144A
Class B-1 Global Note to be so exchanged or transferred, and to credit or
cause to be credited to the account of the Person specified in such
instructions (which shall be the Clearing Agency Participant) a beneficial
interest in the Unrestricted Class B-1 Global Note having a principal
amount equal to the amount by which the principal amount of such Restricted Rule 144A
Class B-1 Global Note was reduced upon such exchange or transfer.  If the Trustee so requests or if the
Applicable Procedures so require, the transferor shall deliver an Opinion of
Counsel in form reasonably acceptable to the Trustee to the effect that such
exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained in this Series 2008-1 Supplement and
described in Section 4.8(h) are no longer required in order to
maintain compliance with the Securities Act.

 

(e)           The
transfer by a Series 2008 1 Class B-1 Noteholder holding a beneficial
interest in a Restricted Regulation S Class B-1 Global Note to a Person
who wishes to take delivery thereof in the form of a beneficial interest in
such Restricted Regulation S Class B-1 Global Note shall be made only upon
the representation of the transferee that it is purchasing for its own account
or an account with respect to which it exercises sole investment discretion and
that it and any such account is a QP that is neither a “U.S. Person” as defined
in Regulation S nor a “U.S. Resident” for purposes of the Investment Company
Act and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Regulation S.

 

41

 

(f)            If
a Series 2008-1 Class B-1 Noteholder holding a beneficial interest in
a Restricted Regulation S Class B-1 Global Note wishes at any time to
exchange its interest in such Restricted Regulation S Class B-1 Global
Note for an interest in the Restricted Rule 144A Class B-1 Global
Note, or to transfer such interest to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the Restricted Rule 144A Class B-1
Global Note, such exchange or transfer may be effected, subject to the
Applicable Procedures, only in accordance with the provisions of this Section 4.8(f); provided
that the remaining beneficial interest in such Restricted Regulation S Class B-1
Global Note held by such Series 2008-1 Class B-1 Noteholder shall
either equal zero or meet the authorized minimum denominations. 
Upon receipt by the Registrar, at the applicable Corporate Trust Office,
and the Co-Issuers of (i) written instructions given in accordance with
the Applicable Procedures from a Clearing Agency Participant directing the Trustee
to credit or cause to be credited to a specified Clearing Agency Participant’s
account a beneficial interest in the Restricted Rule 144A Class B-1
Global Note in a principal amount equal to that of the beneficial interest in
such Restricted Regulation S Class B-1 Global Note to be so exchanged or
transferred, but not less than the authorized minimum denominations, (ii) a
written order given in accordance with the Applicable Procedures containing
information regarding the account of the Clearing Agency Participant (and the
Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Clearing Agency Participant to be debited for, such
beneficial interest and (iii)  a certificate in substantially the form set
forth in Exhibit C-3 hereto given by such Series 2008-1 Class B-1
Noteholder holding such beneficial interest in such Restricted Regulation S Class B-1
Global Note, Euroclear or Clearstream or the Trustee, as Registrar, shall
instruct DTC to reduce the principal amount of such Restricted Regulation S Class B-1
Global Note and to increase the principal amount of the Restricted Rule 144A
Class B-1 Global Note, by the principal amount of the beneficial interest
in such Restricted Regulation S Class B-1 Global Note to be so exchanged
or transferred, and to credit or cause to be credited to the account of the
Person specified in such instructions (which shall be the Clearing Agency
Participant for DTC) a beneficial interest in the Restricted Rule 144A Class B-1
Global Note having a principal amount equal to the amount by which the
principal amount of such Restricted Regulation S Class B-1 Global Note was
reduced upon such exchange or transfer.

 

(g)           If
a Series 2008-1 Class B-1 Noteholder holding a beneficial interest in
a Restricted Regulation S Class B-1 Global Note wishes at any time to
exchange its interest in such Restricted Regulation S Class B-1 Global
Note for an interest in the Unrestricted Class B-1 Global Note, or to
transfer such interest to a Person who wishes to take delivery thereof in the
form of a beneficial interest in the Unrestricted Class B-1 Global Note,
such exchange or transfer may be effected, subject to the Applicable
Procedures, only in accordance with the provisions of this Section 4.8(g); provided
that the remaining beneficial interest in such Restricted Regulation S Class B-1
Global Note held by such Series 2008-1 Class B-1 Noteholder shall
either equal zero or meet the authorized minimum denominations.  Upon receipt by the Trustee, as Registrar, at
the applicable Corporate Trust Office, and the Co-Issuers of (i) written
instructions given in accordance with the Applicable Procedures from a Clearing
Agency Participant directing the Trustee to credit or cause to be credited to a
specified Clearing Agency Participant’s account a beneficial interest in the
Unrestricted Class B-1 Global Note in a 

 

42

 

principal amount equal to that of the beneficial interest in such
Restricted Regulation S Class B-1 Global Note to be so exchanged or
transferred, but not less than the authorized minimum denominations, (ii) a
written order given in accordance with the Applicable Procedures containing
information regarding the account of the Clearing Agency Participant (and the
Euroclear or Clearstream account, as the case may be) to be credited with, and
the account of the Clearing Agency Participant to be debited for, such
beneficial interest and (iii) a certificate in substantially the form of Exhibit C-2
hereto given by the Series 2008-1 Class B-1 Noteholder holding such
beneficial interest in such Restricted Regulation S Class B-1 Global Note,
Euroclear, Clearstream or the Trustee, as Registrar shall instruct DTC to
reduce the principal amount of such Restricted Regulation S Class B-1
Global Note, and to increase the principal amount of the Unrestricted Class B-1
Global Note, by the principal amount of the beneficial interest in such
Restricted Regulation S Class B-1 Global Note to be so exchanged or
transferred, and to credit or cause to be credited to the account of the Person
specified in such instructions (which shall be the Clearing Agency Participant
for DTC) a beneficial interest in the Unrestricted Class B-1 Global Note
having a principal amount equal to the amount by which the principal amount of
such Restricted Regulation S Class B-1 Global Note was reduced upon such
exchange or transfer.  If the Trustee so
requests or if the Applicable Procedures so require, the transferor shall
deliver an Opinion of Counsel in form reasonably acceptable to the Trustee to
the effect that such exchange or transfer is in compliance with the Securities
Act and that the restrictions on transfer contained in this Series 2008-1
Supplement and described in Section 4.8(h) are no longer
required in order to maintain compliance with the Securities Act.

 

(h)           The
Restricted Class B-1 Global Notes shall bear the following legend:

 

THIS SERIES 2008-1 CLASS B-1 NOTE HAS NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF
ANY STATE OR OTHER RELEVANT JURISDICTION, AND NONE OF NUCO2 FUNDING LLC,  NUCO2 LLC, NUCO2 SUPPLY LLC AND NUCO2 IP LLC (THE “CO-ISSUERS”) HAS BEEN REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).  THIS NOTE OR ANY INTEREST HEREIN MAY BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) IN THE UNITED
STATES TO THE INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS BOTH A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) AND A “QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE 1940 ACT), ACTING
FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL
PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH
OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND
NONE OF WHICH IS (1) A DEALER OF THE TYPE DESCRIBED IN PARAGRAPH
(a)(1)(ii) OF RULE 144A UNLESS IT OWNS 

 

43

 

AND INVESTS ON A
DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN SECURITIES OF ISSUERS THAT ARE
NOT AFFILIATED TO IT, (2) A PARTICIPANT-DIRECTED EMPLOYEE PLAN, SUCH AS A
401(k) PLAN, OR ANY OTHER TYPE OF PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR
(a)(1)(i)(E) OF RULE 144A, OR A TRUST FUND REFERRED TO IN PARAGRAPH
(a)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A PLAN, UNLESS
INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE SOLELY BY THE FIDUCIARY,
TRUSTEE OR SPONSOR OF SUCH PLAN, (3) FORMED OR CAPITALIZED FOR THE
SPECIFIC PURPOSE OF INVESTING IN THE CO-ISSUERS (EXCEPT WHERE EACH BENEFICIAL
OWNER IS A QUALIFIED PURCHASER), (4) A CORPORATION, PARTNERSHIP, COMMON
TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE
SHAREHOLDERS, EQUITY OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL OWNERS OR
PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO
BE MADE, (5) IF FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY
THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF  ‘‘INVESTMENT COMPANY’’ PROVIDED BY SECTION 3(c)(7) OF
THE 1940 ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT
ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS A QUALIFIED
PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF
THE 1940 ACT AND THE RULES AND REGULATIONS THEREUNDER, RECEIVED THE CONSENT OF
ITS BENEFICIAL OWNERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30,
1996, (6) AN ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER
ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED MORE THAN
40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES
OF THE ISSUER (UNLESS ALL OF THE BENEFICIAL OWNERS OF SUCH ENTITY’S SECURITIES
ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR
OTHER TRANSFER IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT
REGISTRATION PROVIDED BY RULE 144A OR (7) (I) (i) AN EMPLOYEE BENEFIT PLAN
DESCRIBED IN SECTION 3(3) OF ERISA BUT NOT SUBJECT TO ERISA OR AN
ENTITY THE ASSETS OF WHICH CONSTITUTE ASSETS OF SUCH A PLAN, (ii) AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF ERISA, (iii) A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975
OF THE CODE OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT UNDER U.S. DEPARTMENT OF LABOR
REGULATIONS, AS MODIFIED (EACH, A “PLAN”), AND SUCH ENTITY 

 

44

 

IS NOT ACQUIRING OR HOLDING THIS NOTE FOR OR ON BEHALF
OF OR WITH THE ASSETS OF ANY PLAN OR (II) A PURCHASER THAT IS UNABLE TO
REPRESENT AND WARRANT THAT THE PURCHASE AND HOLDING OF THIS NOTE DOES NOT AND
WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406
OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR
OTHER PLAN, ANY APPLICABLE SIMILAR LAW), OR (B) OUTSIDE THE UNITED STATES
TO THE INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS A QUALIFIED
PURCHASER AND NEITHER A “U.S. PERSON” AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT (“REGULATION S”) NOR A “U.S. RESIDENT” AS DEFINED FOR PURPOSES
OF THE 1940 ACT, ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH
RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE
INVESTMENT DISCRETION, EACH OF WHICH IS A QUALIFIED PURCHASER, AND NONE OF
WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN OFFSHORE TRANSACTIONS IN
RELIANCE ON REGULATION S, AND, IN EACH CASE, IN COMPLIANCE WITH THE
CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE INDENTURE REFERRED TO
HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR THE UNITED STATES AND
ANY OTHER RELEVANT JURISDICTION. THE INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL MAKE
THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE INDENTURE.  THE INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE IN THE FORM OF
AN INTEREST IN A RESTRICTED REGULATION S GLOBAL NOTE OR A RESTRICTED RULE 144A
GLOBAL NOTE WILL BE REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED
BY THE INDENTURE AND WILL BE REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS
AND AGREEMENTS REFERRED TO IN THE INDENTURE.

 

THE CO-ISSUERS MAY REQUIRE ANY HOLDER OF THIS
NOTE WHO IS DETERMINED NOT TO HAVE BEEN (I) IF THIS NOTE IS ACQUIRED IN
THE UNITED STATES, BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED
PURCHASER OR (II) IF THIS NOTE WAS ACQUIRED OUTSIDE OF THE UNITED STATES,
BOTH A QUALIFIED PURCHASER AND NEITHER A U.S. PERSON NOR A U.S. RESIDENT AT THE
TIME OF ACQUISITION OF THIS NOTE TO SELL THIS NOTE TO A PERSON WHO IS (I) BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, OR (II) A QUALIFIED PURCHASER AND
NEITHER A U.S. PERSON NOR A U.S. RESIDENT IN A TRANSACTION MEETING THE
REQUIREMENTS OF REGULATION S.

 

45

 

ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL
NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT
TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS,
THE TRUSTEE OR ANY INTERMEDIARY.

 

(i)            The
Restricted Regulation S Class B-1 Global Notes shall also bear the
following legend:

 

UNTIL 40 DAYS AFTER THE
INITIAL PURCHASER NOTIFIES THE CO-ISSUERS THAT THE RESALE OF THE SERIES 2008-1 CLASS B-1
NOTES HAS BEEN COMPLETED (THE “DISTRIBUTION
COMPLIANCE PERIOD”) IN CONNECTION WITH THE OFFERING OF THE NOTES IN THE
UNITED STATES FROM OUTSIDE OF THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER
OF THIS NOTE IS SUBJECT TO CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER
HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH
HOLDER IS A QUALIFIED PURCHASER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS
NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO
A QUALIFIED PURCHASER AND IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES
GOVERNING THE OFFER AND SALE OF SECURITIES.

 

(j)            The
Series 2008-1 Class B-1 Global Notes issued in connection with the Series 2008-1
Class B-1 Notes shall bear the following legend:

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY (“DTC”), A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK
10004, OR A NOMINEE THEREOF.  THIS NOTE MAY NOT
BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE
NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO
THE CO-ISSUERS OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY 

 

46

 

TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER, CEDE & CO., HAS
AN INTEREST HEREIN.

 

(k)           The
required legends set forth above shall not be removed from the applicable Series 2008-1
Class B-1 Notes except as provided herein. 
The legend required for a Restricted Class B-1 Global Note may be
removed from such Restricted Class B-1 Global Note if there is delivered
to the Co-Issuers and the Trustee such satisfactory evidence, which may include
an Opinion of Counsel as may be reasonably required by the Co-Issuers that
neither such legend nor the restrictions on transfer set forth therein are
required to ensure that transfers of such Restricted Class B-1 Global Note
will not violate the registration requirements of the Securities Act.  Upon provision of such satisfactory evidence,
the Trustee at the direction of the Master Issuer, on behalf of the Co-Issuers,
shall authenticate and deliver in exchange for such Restricted Class B-1
Global Note a Series 2008-1 Class B-1 Note or Series 2008-1 Class B-1
Notes having an equal aggregate principal amount that does not bear such
legend.  If such a legend required for a Series 2008-1
Class B-1 Restricted Global Note has been removed from a Series 2008-1
Class B-1 Note as provided above, no other Series 2008-1 Class B-1
Note issued in exchange for all or any part of such Series 2008-1 Class B-1
Note shall bear such legend, unless the Co-Issuers have reasonable cause to
believe that such other Series 2008-1 Class B-1 Note is a “restricted
security” within the meaning of Rule 144 under the Securities Act and
instructs the Trustee to cause a legend to appear thereon.

 

(l)            The
Co-Issuers have the right hereunder to compel any non-permitted holder of an
interest in the Series 2008-1 Class B-1 Notes to sell its interest in
such Series 2008-1 Class B-1 Notes or may sell such interest in such Series 2008-1
Class B-1 Notes on behalf of such owner. In connection therewith, (a) if
the Holder acquired its interest in the Series 2008-1 Class B-1 Notes
in the form of an interest in a Global Note, the Co-Issuers are permitted
hereunder to require that the Holder of (i) any interest in a Restricted
144A Global Note held by a Holder that is a U.S. Person or a Holder who was
sold such interest in the United States who is determined not to have been both
a QIB and a QP at the time of acquisition of such interest in a Restricted 144A
Global Note or (ii) any interest in a Restricted Regulation S Global Note
held by a Holder that is a U.S. Person or a Person who was sold such interest
in the United States, in each case at the time of the acquisition of such
interest, sell such interest to a transferee that is permitted hereunder and,
if the Holder does not comply with such demand within 30 days thereof, the
Co-Issuers, acting at the direction of the Master Manager, may sell such Holder’s
interest in the applicable Global Note on such terms as the Co-Issuers may
choose.

 

Section 4.9             Section 3(c)(7) Procedures.

 

(a)           The
Co-Issuers shall, upon two (2) Business Days’ prior written notice, cause
the Trustee to send, and the Trustee hereby agrees to send on at least an
annual basis a notice from the Co-Issuers to DTC in substantially the form of Exhibit E
hereto (the “Important Section 3(c)(7) Notice”), with a
request that DTC forward each such notice to the relevant DTC participants for
further delivery to the Series 2008-1 Note Owners.  If DTC notifies the Co-Issuers or the Trustee
that it will not forward such 

 

47

 

notices, the Co-Issuers will request DTC to deliver to the Co-Issuers a
list of all DTC participants holding an interest in the Series 2008-1
Notes and the Trustee and Paying Agent will send the Important Section 3(c)(7) Notice
directly to such participants.

 

(b)           The
Co-Issuers will take the following steps in connection with the Series 2008-1
Notes:

 

(i)            The Co-Issuers will direct DTC to
include the “3c7” marker in the DTC 20-character security descriptor and the
48-character additional descriptor for the Restricted Rule 144A Global
Note in order to indicate that sales are limited to QIB/QPs.

 

(ii)           The Co-Issuers will direct DTC to
cause each physical DTC delivery order ticket delivered by DTC to purchasers to
contain the DTC 20-character security descriptor; and will direct DTC to cause
each DTC delivery order ticket delivered by DTC to purchasers in electronic
form to contain the “3c7” indicator and a related user manual for participants,
which will contain a description of the relevant restrictions.

 

(iii)          The Co-Issuers will instruct DTC to
send an Important Section 3(c)(7) Notice to all DTC participants in
connection with the initial offering of the Series of Series 2008-1
Notes.

 

(iv)          The Co-Issuers will advise DTC that
they are Section 3(c)(7) issuers and will request DTC to include the
Restricted Rule 144A Global Note in DTC’s “Reference Directory” of Section 3(c)(7) offerings
and provide such participants with an Important Section 3(c)(7) Notice.

 

(v)           The Co-Issuers will from time to time
request DTC to deliver to the Co-Issuers a list of all DTC participants holding
an interest in the Restricted Rule 144A Global Note and provide such
participants with an Important Section 3(c)(7) Notice.

 

(vi)          The Co-Issuers will direct Euroclear
to include the “144A/3(c)(7)” marker in the name for the Restricted Rule 144A
Global Note included in the Euroclear securities database in order to indicate
that sales are limited to QIB/QPs.

 

(vii)         The Co-Issuers will direct Euroclear to
cause each daily securities balance report and each daily securities
transaction report delivered to Euroclear participants to contain the indicator
“144A/3(c)(7)” in the name for the Restricted 144A Global Note.

 

(viii)        The Co-Issuers will direct Euroclear to
include a description of the Section 3(c)(7) restrictions for the
Restricted 144A Global Note in its New Issues Acceptance Guide.

 

48

 

(ix)           The Co-Issuers will instruct
Euroclear to send an Important Section 3(c)(7) Notice to all
Euroclear participants holding positions in the Restricted Rule 144A
Global Note at least once every calendar year, substantially in the form of Exhibit E
hereto.

 

(x)            The Co-Issuers will request
Euroclear to include a “3(c)(7)” marker in the name of the Restricted Rule 144A
Global Note included in the list of securities accepted in the Euroclear
securities database made available to Euroclear participants.

 

(xi)           The Co-Issuers will from time to time
request Euroclear to deliver to the Co-Issuers a list of all Euroclear
participants holding an interest in the Restricted Rule 144A Global Note
and at least once every calendar year provide such participants with notification
substantially in the form of Exhibit E hereto.

 

(xii)          The Co-Issuers will direct Clearstream
to include the “144A/3(c)(7)” marker in the name for the Restricted Rule 144A
Global Note included in the Clearstream securities database in order to indicate
that sales are limited to QIB/QPs.

 

(xiii)         The Co-Issuers will direct Clearstream
to cause each daily portfolio report and each daily settlement report delivered
to Clearstream participants to contain the indicator “144A/3(c)(7)” in the name
for the Restricted Rule 144A Global Note.

 

(xiv)        The Co-Issuers will direct Clearstream
to include a description of the Section 3(c)(7) restrictions in its
Customer Handbook.

 

(xv)         The Co-Issuers will instruct
Clearstream to send an Important Section 3(c)(7) Notice to all
Clearstream participants holding positions in the Restricted Rule 144A
Global Note at least once every calendar year, substantially in the form of Exhibit E
hereto.

 

(xvi)        The Co-Issuers will from time to time
request Clearstream to deliver to the Co-Issuers a list of all Clearstream
participants holding an interest in any Restricted Rule 144A Global Note
and at least once every calendar year provide such participants with
notification substantially in the form of Exhibit E hereto.

 

(xvii)       The Co-Issuers will request Clearstream
to include a “3(c)(7)” marker in the name for the Restricted Rule 144A
Global Note included in the list of securities accepted in the Clearstream
securities’ database made available to Clearstream participants.

 

(c)           The
Co-Issuers shall request third-party vendors which provide information on the Series 2008-1
Notes to include on screens maintained by such vendors 

 

49

 

appropriate legends regarding Rule 144A and Section 3(c)(7) restrictions.  Without limiting the foregoing:

 

(i)            the Co-Issuers will request
Bloomberg, L.P. to include the following on each Bloomberg screen containing
information about the Series 2008-1 Notes:

 

(A)                              The “Note Box” on the bottom of the “Security
Display” page describing the Series 2008-1 Notes should state:  “Iss’d Under 144A/3c7.”

 

(B)                                The “Security Display” page should
have a flashing red indicator stating “See Other Available Information.”

 

(C)                                Such indicator should link to an “Additional
Security Information” page, which should state that the Series 2008-1
Notes “are being offered in reliance on the exemption from registration under Rule 144A
to persons that are both (i) qualified institutional buyers (as defined in
Rule 144A under the Securities Act) and (ii) qualified purchasers (as
defined under Section 2(a)(51) under the Investment Company Act of 1940).”

 

(ii)           the Co-Issuers will request Reuters
Group plc to input the following information in its system with respect to the Series 2008-1
Notes:

 

(A)                              The security name field at the top of the
Reuters Instrument Code screen should include a “144A-3c7” notation.

 

(B)                                A <144A3c7Disclaimr> indicator
should appear on the right side of the Reuters Instrument Code screen.

 

(C)                                Such indicator should link to a
disclaimer screen on which the following language will appear: “These
securities may be sold or transferred only to persons who are both (i) qualified
institutional buyers (as defined in Rule 144A under the Securities Act),
and (ii) qualified purchasers (as defined under Section 2(a)(51)
under the U.S. Investment Company Act of 1940).”

 

50

 

(d)           The
Co-Issuers shall cause the “CUSIP” number obtained for the Series 2008-1
Notes to have an attached “fixed field” that contains “3c7” and “144A”
indicators.

 

Section 4.10           Note Owner Representations and
Warranties.  Each Person who becomes
a Note Owner of a beneficial interest in a Series 2008-1 Note pursuant to
the Offering Memorandum will represent, warrant and agree on the date such
Person acquires any interest in any Series 2008-1 Note as follows:

 

(a)           With
respect to any sale of Series 2008-1 Notes pursuant to Rule 144A:

 

(i)            It understands that the Series 2008-1
Notes have not been recommended by any United States federal or state
securities commission or regulatory authority. The foregoing authorities have
not confirmed the accuracy or determined the adequacy of any Offering
Memorandum. Any representation to the contrary is a criminal offense.

 

(ii)           It (A) is a QIB (who is also a
QP), (B) is aware that the sale to it is being made in reliance on Rule 144A,
(C) is acquiring such Series 2008-1 Notes for its own account or for
the account of a QIB (who is also a QP) over which it exercises sole investment
discretion, (D) is not (and any such account is not) a pension,
profit-sharing or other retirement trust fund or plan in which the partners,
beneficiaries or participants, as applicable, may designate the particular
investments to be made, (E) is not a broker dealer of the type described
in paragraph (a)(1)(ii) of Rule 144A unless it owns and invests
on a discretionary basis not less than U.S. $25,000,000 in securities of
issuers that are not affiliated with it, (b) a participant-directed
employee plan, such as a 401(k) plan, or any other type of plan referred
to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of Rule 144A,
or a trust fund referred to in paragraph (a)(1)(i)(F) of Rule 144A
that holds the assets of such a plan, unless investment decisions with respect
to the plan are made solely by the fiduciary, trustee or sponsor of such plan, (F) was
not formed or capitalized for the specific purpose of investing in the
Co-Issuers (except where each beneficial owner is both a QIB and a QP), (G) is
not a (w) corporation, (x) partnership, (y) common trust fund or
(z) special trust, pension fund or retirement plan in which the
shareholders, equity owners, partners, beneficiaries, beneficial owners or
participants, as applicable, may designate the particular investments to be
made, (H) if formed on or before April 30, 1996, is not an investment
company that relies on the exclusion from the definition of “investment company”
provided by Section 3(c)(7) of the Investment Company Act (or a
foreign investment company under Section 7(d) thereof relying on Section 3(c)(7) with
respect to those of its holders that are U.S. Persons), unless, with respect to
its treatment as a QP, it has, in the manner required by Section 2(a)(51)(C) of
the Investment Company Act and the rules and 

 

51

 

regulations thereunder,
received the consent of its beneficial owners that acquired their interests on
or before April 30, 1996, and (I) is not an entity that, immediately
subsequent to its purchase or other acquisition of a beneficial interest in the
Series 2008-1 Notes, will have invested more than 40% of its assets in
beneficial interests in the Series 2008-1 Notes and/or in other securities
of the Co-Issuers (unless all of the beneficial owners of such entity’s
securities are QPs).

 

(iii)          It understands that the Series 2008-1
Notes are being offered in a transaction not involving any public offering in
the United States within the meaning of the Securities Act, that the Series 2008-1
Notes have not been and will not be registered under the Securities Act and
that if in the future it decides to offer, resell, pledge or otherwise transfer
any of the Series 2008-1 Notes, such Series 2008-1 Notes may be
offered, resold, pledged or otherwise transferred only (i) to QIBs (who
are also QPs) pursuant to Rule 144A or (ii) to a QP in an offshore
transaction complying with Rule 903 or Rule 904 of Regulation S,
and in accordance with the applicable legends.

 

(iv)          It acknowledges that none of the
Co-Issuers has been registered under the Investment Company Act.

 

(v)           It acknowledges that none of the
Co-Issuers, the Initial Purchaser, the Trustee, NuCO2,
their respective Affiliates or any Person representing the Co-Issuers, the
Initial Purchaser, the Trustee, NuCO2,
or their respective Affiliates has made any representation to it with respect
to the Co-Issuers, NuCO2, or their respective Affiliates or the
offering or sale of the Series 2008-1 Notes, other than the information
contained in the Offering Memorandum and any representations expressly set
forth in a written agreement with such parties. None of the Co-Issuers, the
Initial Purchaser, the Trustee, NuCO2 or their respective Affiliates is acting as a
fiduciary or financial or investment advisor for it and it is not relying (for
purposes of making an investment decision) on any written or oral advice or
counsel of the Co-Issuers, the Initial Purchaser, the Trustee, NuCO2 or their
respective Affiliates, other than the information contained in the Offering
Memorandum and any representations expressly set forth in a written agreement
with such parties. It has consulted with its own legal, regulatory, tax,
business, investment, financial and accounting advisors to the extent it has
deemed necessary, and has made its own investment decisions (including
decisions regarding the suitability of any transactions pursuant to the
Indenture) based upon its own judgment and upon any advice from such advisors
as it has deemed necessary and not upon any view expressed by the Co-Issuers, the
Initial Purchaser, the Trustee, NuCO2 or their respective Affiliates. It has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment in the Series 2008-1
Notes, and it, and any accounts for which it is acting, are each able to bear
the economic 

 

52

 

risk of the investment.
It is purchasing the Series 2008-1 Notes for its own account, or for one
or more investor accounts for which it is acting as a fiduciary or agent, in
each case for investment, and not with a view to, or for offer or sale in
connection with, any distribution thereof in violation of the Securities Act,
subject to any requirements of law that the disposition of its property or the
property of such investor account be at all times within its or their control
and subject to its or their ability to resell such Series 2008-1 Notes
pursuant to Rule 144A. It understands that an investment in the Series 2008-1
Notes involves certain risks, including the risk of loss of a substantial part
of its investment under certain circumstances. It has had access to such
financial and other information concerning the Series 2008-1 Notes, the
Co-Issuers and the Employee Company as it deemed necessary or appropriate in
order to make an informed investment decision with respect to its purchase of
the Series 2008-1 Notes, including an opportunity to ask questions of, and
request information from, the Co-Issuers. None of the Co-Issuers, the Initial
Purchaser, the Trustee, NuCO2 or their respective Affiliates have given to
it (directly or indirectly through any other person) any assurance, guarantee
or representation whatsoever as to the expected or projected success,
profitability, return, performance, result, effect, consequence or benefit
(including legal, regulatory, tax, financial, accounting or otherwise) of the
Indenture, the Series 2008-1 Notes or the other documentation for the Series 2008-1
Notes. It has determined that the rates, prices or amounts and other terms of
the purchase and sale of the Series 2008-1 Notes reflect those in the
relevant market for similar transactions and it is purchasing the Series 2008-1
Notes with a full understanding of all of the terms, conditions and risks
thereof (economic or otherwise) and it is capable of assuming and willing to
assume (financially and otherwise) those risks. It is a sophisticated investor.

 

(vi)          It understands that the Series 2008-1
Notes will, unless otherwise agreed by the Co-Issuers and the holder thereof in
compliance with applicable law, bear one or more legends substantially as set
forth in Sections 4.5(h), 4.5(i), 4.5(j), 4.8(h), 4.8(i) or
4.8(j), as applicable.

 

(vii)         It understands that the Series 2008-1
Notes offered in reliance on Rule 144A will be represented by one or more
Restricted 144A Global Notes. Before any interest in a Restricted Rule 144A
Global Note may be offered, resold, pledged or otherwise transferred to a
person who takes delivery in the form of an interest in a Restricted
Regulation S Global Note or Unrestricted Global Note, the transferor will
be required to provide the Trustee with a written certification as to
compliance with transfer restrictions as set forth in Sections 4.5(c),
4.5(d), 4.8(c) or 4.8(d), as applicable.

 

53

 

(viii)        It will not, at any time, offer to buy
or offer to sell the Series 2008-1 Notes by any form of general
solicitation or advertising, including, but not limited to, any advertisement, article,
notice or other communication published in any newspaper, magazine or similar
medium or broadcast over television or radio or seminar or meeting whose
attendees have been invited by general solicitations or advertising.

 

(ix)           It understands that the Co-Issuers
will require certification reasonably acceptable to the Co-Issuers (i) as
a condition to the payment of principal of and interest on any Series 2008-1
Note without, or at a reduced rate of, U.S. withholding or backup withholding
tax, and (ii) to enable it to determine its duties and liabilities with
respect to any taxes or other charges that it, the Trustee or any paying agent
may be required to pay, deduct or withhold from payments in respect of such Series 2008-1
Notes made to the holder of such Series 2008-1 Notes under any present or
future law or regulation of the United States or any present or future law or
regulation of any political subdivision thereof or taxing authority therein or
to comply with any reporting or other requirements under any such law or
regulation. Such certification may include U.S. Federal income tax forms (such
as IRS Form W-8BEN (Certification of Foreign Status of Beneficial Owner), Form W-8IMY
(Certification of Foreign Intermediary Status), IRS Form W-9 (Request for
Taxpayer Identification Number and Certification), or IRS Form W-8ECI
(Certification of Foreign Person’s Claim for Exemption from Withholding on
Income Effectively Connected with Conduct of a U.S. Trade or Business) or any
successors to such IRS forms). It agrees to provide any certification requested
pursuant to this paragraph within a reasonable time period after such request
is initially made and to update or replace such form or certification in
accordance with its terms or its subsequent amendments.

 

(x)            It understands that the Series 2008-1
Notes represent the obligation of the Co-Issuers only and other than payments
that may arise under certain representations and warranties made by certain of
their Affiliates, payments on the Series 2008-1 Notes are not the
obligations of any of their Affiliates.

 

(xi)           It understands that the Co-Issuers
have the right hereunder to compel any non-permitted holder of an interest in
the Series 2008-1 Notes to sell its interest in the Series 2008-1
Notes or may sell such interest in the Series 2008-1 Notes on behalf of
such owner. In connection therewith, (a) if it is acquiring its interest
in the Series 2008-1 Notes in the form of an interest in a Global Note, it
understands that the Co-Issuers are permitted hereunder to require that the
Holder of (i) any interest in a Restricted 144A Global Note held by a
Holder that is a U.S. Person or a Holder who was sold such interest in the
United States who is determined not to have been both a QIB and a QP at the
time of 

 

54

 

acquisition of such
interest in a Restricted 144A Global Note or (ii) any interest in a
Restricted Regulation S Global Note held by a Holder that is a U.S. Person
or a Person who was sold such interest in the United States, in each case at
the time of the acquisition of such interest, sell such interest to a
transferee that is permitted hereunder and, if the Holder does not comply with
such demand within 30 days thereof, the Co-Issuers, acting at the direction
of the Master Manager, may sell such Holder’s interest in the applicable Global
Note on such terms as the Co-Issuers may choose.

 

(xii)          It understands that the Co-Issuers,
the Employee Company, the Initial Purchaser, the Trustee, NuCO2, their respective Affiliates and their respective
counsel will rely upon the accuracy and truth of the foregoing representations,
and it hereby consents to such reliance.

 

(b)           With
respect to any sale of Series 2008-1 Notes pursuant to Regulation S, in
addition to representing, warranting an agreeing as to all the matters set
forth in (a) above under (i), (iii), (iv), (v), (vi) and (viii) through
(xii):

 

(i)            In connection with the purchase of
the Series 2008-1 Notes: (a) the beneficial owner is not a U.S.
Person and is acquiring the Series 2008-1 Notes in reliance on the
exemption from registration provided by Regulation S thereunder, (b) such
beneficial owner is a QP and (c) such beneficial owner is not acquiring
any Series 2008-1 Note as part of a plan to reduce, avoid or evade U.S.
Federal income taxes owed, owing or potentially owed or owing.

 

(ii)           It and each beneficial owner is aware
that the sale of such Series 2008-1 Notes to it is being made in reliance
on the exemption from registration provided by Regulation S and are being
offered only in a transaction not involving any public offering in the United
States within the meaning of the Securities Act. Such Person further
understands that the Series 2008-1 Notes offered in reliance on
Regulation S will be represented by one or more Restricted Regulation S
Global Notes. It and each beneficial owner of the Series 2008-1 Notes is a
QP and is not and will not be a U.S. Person, and its purchase of the Series 2008-1
Notes will comply with all applicable laws in any jurisdiction in which it
resides or is located. Before any interest in a Restricted Regulation S
Global Note may be offered, resold, pledged or otherwise transferred, the
transferor will be required to provide the Trustee with a written certification
as to compliance with the transfer restrictions as set forth Sections 4.5(f) or
4.5(f), as applicable. Such beneficial owner acknowledges that no
representation has been made as to the availability of any exemption under the
Securities Act or any state or foreign securities laws for resale of the Series 2008-1
Notes.

 

55

 

(iii)          It is aware that, except as otherwise
provided herein, the Series 2008-1 Notes being sold to it will be
represented (a) initially by one or more Restricted Regulation S
Global Notes and (b)  that during the Distribution Compliance Period,
beneficial interests therein may be held only through Euroclear or Clearstream
and after the last day of the Distribution Compliance Period, beneficial
interests therein may be held only through Euroclear, Clearstream or DTC.

 

(iv)          It understands that, prior to the
first Business Day following the Distribution Compliance Period, any resale or
other transfer of beneficial interests in a Restricted Regulation S Global
Note in the United States or to U.S. Persons will not be permitted.

 

(v)           On each day that it holds the Series 2008-1
Notes, it is deemed to represent, and any account on behalf of which it is
purchasing the Series 2008-1 Notes is deemed to represent, that either (A) it
is not and is not acting on behalf of (i) an employee benefit plan subject
to Part 4 of Title I of ERISA, (ii) a plan subject to Section 4975
of the Code, (iii) an entity, the assets of which are considered to
include assets of a plan described in (i) or (ii) or (iv) a
governmental plan, a church plan or a foreign plan subject to provisions under
any Similar Laws, and is not using the assets of any of the foregoing in
purchasing an interest in the Series 2008-1 Notes, or (B) its
purchase and holding of an interest in the Series 2008-1 Note does not and
will not result in a non-exempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code (or, in the case of a governmental or
other plan, a non-exempt violation of any applicable Similar Law).

 

(c)           As
a Holder of the Series 2008-1 Notes, it will have access to certain highly
confidential, non-public and proprietary information regarding the Co-Issuers
and the Collateral including the periodic reports, certificates, statements,
agreements and other information to be made available to it through the
internet website maintained by the Trustee (all such information, as well as
internal materials prepared by it containing or based, in whole or in part, on
any such information, for purposes of this Section 4.10 is referred
to as “Confidential Information”).
In consideration for and as a condition to the Co-Issuers providing such
Confidential Information to it, it acknowledges and agrees that the
Confidential Information will only be disclosed to (1) those personnel
employed by it who need to know such information, (2) its attorneys and
outside auditors, and that it and each such person will maintain the
Confidential Information in absolute confidence and trust and in a manner at
least as favorable as that with which it maintains its own confidential and
proprietary information or (3) one or more prospective eligible
transferees in whole or in part of its interest in the Series 2008-1
Notes. It agrees not to disclose such Confidential Information to any other
person or entity, whether or not affiliated with it unless such disclosure is
required to be made (i) to a regulatory or self-regulatory authority
pursuant to applicable law or regulation or (ii) by judicial process; provided  that it may disclose to
any and all persons (A) information relating to the U.S. Federal and state
tax treatment and tax structure of the transaction and 

 

56

 

(B) all materials of any kind (including opinions or other tax
analyses) that are provided to it relating to the U.S. Federal and state tax
treatment and tax structure. Moreover, it agrees that it will provide the
Master Manager with prompt written notice following any disclosure permitted
pursuant to the preceding sentence.

 

ARTICLE
V

 

GENERAL

 

Section 5.1             Information.  On or before each Determination Date, the
Co-Issuers shall furnish a Noteholders’ Statement with respect to the Series 2008-1
Notes to the Trustee and the applicable Rating Agencies substantially in the
form of Exhibit D hereto, setting forth, inter  alia,
the following information with respect to the next Payment Date:

 

(i)            the total amount available to be
distributed to Series 2008-1 Noteholders on such Payment Date;

 

(ii)           the amount of such distribution
allocable to the payment of principal of each Class of the Series 2008-1
Notes;

 

(iii)          the amount of such distribution
allocable to the payment of interest on each Class of the Series 2008-1
Notes;

 

(iv)          the amount of such distribution
allocable to the payment of the Series 2008-1 Note Make Whole Premium, if
any, on the Series 2008-1 Class A-1 Notes or Series 2008-1 Class B-1
Notes, as applicable;

 

(v)           the amount of such distribution
allocable to the payment of any fees or other amounts due to the Series 2008-1
Class A-1 Noteholders, the Series 2008-1 Class A-2 Noteholders
or the Series 2008-1 Class A-3 Noteholders, as applicable;

 

(vi)          whether, to the knowledge of the
Co-Issuers, any Early Amortization Event, Default, Event of Default or Master
Manager Default has occurred as of such Determination Date;

 

(vii)         the Debt Service
Coverage Ratios for such Payment Date; and

 

(viii)        the amount on deposit in the
Senior Note Interest Reserve Account, and the amount on deposit, if any, in (i) the
Cash Trap Reserve Account, (ii) the Contributions Reserve Account, (iii) the
Termination Amount Reserve Account, and (iv) the Tax Reserve Account, 

 

57

 

in
each case, as of the close of business on the last Business Day of the Monthly
Collection Period relating to such Payment Date.

 

Any Series 2008-1 Noteholder may obtain copies of
each Noteholders’ Statement in accordance with the procedures set forth in Section 4.4
of the Base Indenture.

 

Section 5.2             Exhibits.  The annexes, exhibits and schedules attached
hereto and listed on the table of contents hereto supplement the annexes,
exhibits and schedules included in the Base Indenture.

 

Section 5.3             Ratification of Base Indenture.  As supplemented by this Series 2008-1
Supplement , the Base Indenture is in all respects ratified and confirmed and
the Base Indenture as so supplemented by this Series 2008-1 Supplement
shall be read, taken and construed as one and the same instrument.

 

Section 5.4             Certain Notices to the Rating
Agencies.  The Co-Issuers shall
provide to each Rating Agency a copy of each Opinion of Counsel and Officer’s
Certificate delivered to the Trustee pursuant to this Series 2008-1
Supplement or any other Related Document.

 

Section 5.5             Counterparts.  This Series 2008-1 Supplement may be
executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all of such counterparts shall together
constitute but one and the same instrument.

 

Section 5.6             Governing Law.  THIS SERIES 2008-1 SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK.

 

Section 5.7             Amendments.  This Series 2008-1 Supplement may not be
modified or amended except in accordance with the terms of the Base Indenture.

 

Section 5.8             Termination of Series 2008-1
Supplement.  This Series 2008-1
Supplement  shall cease to be of further
effect when (i) all Outstanding Series 2008-1 Notes theretofore
authenticated and issued have been delivered (other than destroyed, lost, or
stolen Series 2008-1 Notes which have been replaced or paid) to the
Trustee for cancellation, (ii) all fees and expenses and other amounts
under the Series 2008-1 Class A-2 Note Purchase Agreement and the Series 2008-1
Class A-3 Note Purchase Agreement have been paid in full, all Series 2008-1
Class A-2 Commitments and all Series 2008-1 Class A-3 Commitments
have been terminated and (iii) the Co-Issuers have paid all sums payable
hereunder.

 

58

 

Section 5.9             Discharge of Indenture.  Notwithstanding anything to the contrary
contained in the Base Indenture, so long as this Series 2008-1 Supplement
shall be in effect in accordance with this Section 5.9, no
discharge of the Indenture pursuant to Section 11.1 of the Base
Indenture shall be effective as to the Series 2008-1 Notes without the
written consent of the Series 2008-1 Noteholders holding more than 50% of
the sum of (i) the Series 2008-1 Aggregate Outstanding Principal
Amount and (ii) the portion, if any, of the Series 2008-1 Class A-2
Commitments and the Series 2008-1 Class A-3 Commitments that has not
been drawn to make Series 2008-1 Class A-2 Advances or Series 2008-1
Class A-3 Advances, respectively (excluding any Series 2008-1
Aggregate Outstanding Principal Amount, Series 2008-1 Class A-2
Commitments, Series 2008-1 Class A-3 Commitments or Notes held by any
Securitization Entity or any Affiliate of any Securitization Entity).

 

Section 5.10           Fiscal Year End.  The Co-Issuers shall not change their fiscal
year end from June 30 to any other date.

 

[Signature
Pages Follow]

 

59

 

IN WITNESS WHEREOF, each of the Co-Issuers and the
Trustee has caused this Series 2008-1 Supplement to be duly executed by
its respective duly authorized signatory as of the day and year first written
above.

 

	
   

  	
  NuCO2 Funding LLC,
  as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
  Name:  Eric M. Wechsler

  
	
   

  	
   

  	
  Title:  General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NUCO2 LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By:
  NuCO2 Funding LLC, its Member

  
	
   

  	
   

  
	
   

  	
  By:
  NuCO2 Inc., its Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
  Name: Eric M. Wechsler

  
	
   

  	
   

  	
  Title: General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NUCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By:
  NuCO2 Funding LLC, its Member

  
	
   

  	
   

  
	
   

  	
  By:
  NuCO2 Inc., its Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
  Name: Eric M. Wechsler

  
	
   

  	
   

  	
  Title: General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 Supply LLC, as
  Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By:
  NuCO2 Funding LLC, its Member

  
	
   

  	
   

  
	
   

  	
  By:
  NuCO2 Inc., its Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric M. Wechsler

  
	
   

  	
   

  	
  Name: Eric M. Wechsler

  
	
   

  	
   

  	
  Title: General Counsel

  
					

 

 

	
   

  	
  U.S.
  Bank National Association, not in its individual capacity but solely in its capacity
  as Trustee, Administrative Agent and as Securities Intermediary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Edward F. Kachinski

  
	
   

  	
   

  	
  Name: Edward F.
  Kachinski

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

 

ANNEX A

 

SERIES
2008-1

 

SUPPLEMENTAL
DEFINITIONS LIST

 

All capitalized terms not otherwise defined herein
shall have the meanings assigned thereto in the Base Indenture Definitions List
attached to the Base Indenture as Annex A, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the
terms of the Base Indenture.

 

“Acquiring Committed Note Purchaser” (a) with
respect to the Series 2008-1 Class A-2 Notes, shall have the meaning
set forth in Section 9.17(a) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 9.17(a) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Acquiring Investor Group” (a) with
respect to the Series 2008-1 Class A-2 Notes, shall have the meaning
set forth in Section 9.17(d) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 9.17(d) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Affected Person” (a) with respect to the Series 2008-1
Class A-2 Notes, shall have the meaning set forth in Section 3.05
of the Series 2008-1 Class A-2 Note Purchase Agreement and (b) with
respect to the Series 2008-1 Class A-3 Notes, shall have the meaning
set forth in Section 3.05 of the Series 2008-1 Class A-3
Note Purchase Agreement.

 

“Agent Indemnified Liabilities” (a) with
respect to the Series 2008-1 Class A-2 Notes, shall have the meaning
set forth in Section 9.05(c)(i) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 9.05(c)(i) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Agent Indemnified Parties” (a) with
respect to the Series 2008-1 Class A-2 Notes, shall have the meaning
set forth in Section 9.05(c)(i) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 9.05(c)(i) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Aggregate Unpaids” (a) with respect to
the Series 2008-1 Class A-2 Notes, shall have the meaning set forth
in Section 5.01 of the Series 2008-1 Class A-2 Note
Purchase Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 5.01 of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Applicable Agent Indemnified Parties” (a) with
respect to the Series 2008-1 Class A-2 Notes, shall have the meaning
set forth in Section 9.05(c)(ii) of the 

 

1

 

Series 2008-1 Class A-2 Note Purchase
Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 9.05(c)(ii) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Applicable Procedures” shall have the meaning
set forth in Section 4.1 of the Series 2008-1 Supplement.

 

“Assignment and Assumption Agreement” (a) with
respect to the Series 2008-1 Class A-2 Notes, shall have the meaning
set forth in Section 9.17(a) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Class A-3 Notes,
shall have the meaning set forth in Section 9.17(a) of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Base Rate” means, on any day, a rate per annum
equal to the sum of (a) the greater of (i) the Prime Rate in effect
on such day and (ii) the Federal Funds Rate in effect on such day plus
(b) the Base Spread.  Any change in
the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall
be effective as of the opening of business on the effective day of such change
in the Prime Rate or the Federal Funds Rate, respectively.  Changes in any rate of interest calculated by
reference to the Base Rate will take effect simultaneously with each change in
the Base Rate.

 

“Base Spread” shall have the meaning set forth (a) with
respect to the Series 2008-1 Class A-2 Notes, in the Series 2008-1
Class A-2 VFN Fee Letter and (b) with respect to the Series 2008-1
Class A-3 Notes, in the Series 2008-1 Class A-3 VFN Fee Letter.

 

“Borrowing” (a) with respect to the Series 2008-1
Class A-2 Notes, shall have the meaning set forth in Section 2.02(d) of
the Series 2008-1 Class A-2 Note Purchase Agreement and (b) with
respect to the Series 2008-1 Class A-3 Notes, shall have the meaning
set forth in Section 2.02(d) of the Series 2008-1 Class A-3
Note Purchase Agreement.

 

“Change in Law” means (a) any law, rule or
regulation or any change therein or in the interpretation or application
thereof (whether or not having the force of law), in each case, adopted, issued
or occurring after the Series 2008-1 Closing Date or (b) any request,
guideline or directive (whether or not having the force of law) from any
government or political subdivision or agency, authority, bureau, central bank,
commission, department or instrumentality thereof, or any court, tribunal,
grand jury or arbitrator, or any accounting board or authority (whether or not
a Governmental Authority) which is responsible for the establishment or
interpretation of national or international accounting principles, in each
case, whether foreign or domestic (each, an “Official Body”) charged
with the administration, interpretation or application thereof, or the
compliance with any request or directive of any Official Body (whether or not
having the force of law) made, issued or occurring after the Series 2008-1
Closing Date.

 

“Class A-1 Interest Reserve Amount” means
as of any Payment Date (the “Class A-1 Note Reference Date”), an amount
equal to the aggregate amount of interest 

 

2

 

projected to be payable on the Series 2008-1 Class A-1
Notes on each of the subsequent six Payment Dates, assuming that the
outstanding principal amount of such Notes, and the interest rate on such Notes
on such Class A-1 Note Reference Date remains constant.

 

“Class A-1 Note Reference Date” shall have
the meaning given under the definition of “Class A-1 Interest Reserve
Amount” in this Series 2008-1 Supplemental Definitions List.

 

“Class A-2 Amendment Expenses” means all
amounts payable pursuant to clause (a)(ii) of Section 9.05
of the Series 2008-1 Class A-2 Note Purchase Agreement.

 

“Class A-2 Base Rate Advance” means a Series 2008-1
Class A-2 Advance which bears interest at a rate of interest determined by
reference to the Base Rate during such time as it bears interest at such rate,
as provided in the Series 2008-1 Class A-2 Note Purchase Agreement.

 

“Class A-2 Bulk CO2 Tank” means any Bulk CO2 Tank acquired
by the Co-Issuers following the Series 2008-1 Closing Date in respect of
which the applicable Co-Issuer shall have entered into a Class A-2
Customer Contract.

 

“Class A-2 Commitment Percentage” means,
on any date of determination, with respect to any Class A-2 Investor
Group, the ratio, expressed as a percentage, which such Class A-2 Investor
Group’s Maximum Class A-2 Investor Group Principal Amount bears to the Series 2008-1
Class A-2 Maximum Principal Amount on such date.

 

“Class A-2 Committed Note Purchaser Percentage”
means, on any date of determination, with respect to any Series 2008-1 Class A-2
Committed Note Purchaser in any Class A-2 Investor Group, the ratio,
expressed as a percentage, which the Series 2008-1 Class A-2
Commitment Amount of such Series 2008-1 Class A-2 Committed Note
Purchaser bears to such Class A-2 Investor Group’s Maximum Class A-2
Investor Group Principal Amount on such date.

 

“Class A-2 CP Advance” means a Series 2008-1
Class A-2 Advance that bears interest at a rate of interest determined by
reference to the CP Rate during such time as it bears interest at such rate, as
provided in the Series 2008-1 Class A-2 Note Purchase Agreement.

 

“Class A-2 Customer Contract” means any
Customer Contract relating to a Bulk CO2 Tank or Nitrogen Generator acquired or
originated by the Contract Holder following the Series 2008-1 Closing Date
that is an Eligible Contract.

 

“Class A-2 Eurodollar Advance” means a Series 2008-1
Class A-2 Advance that bears interest at a rate of interest determined by
reference to the Eurodollar Rate during such time as it bears interest at such
rate, as provided in the Series 2008-1 Class A-2 Note Purchase
Agreement.

 

3

 

“Class A-2 Eurodollar Tranche” means any
portion of the Series 2008-1 Class A-2 Outstanding Principal Amount
maintained with Class A-2 Eurodollar Advances.

 

“Class A-2 Indemnities” means all amounts
payable pursuant to Sections 9.05(b) and (c) of the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Class A-2 Interest Reserve Amount” means
as of any Payment Date or Draw Date (the “Class A-2 Note Reference Date”),
as applicable, after giving effect to any funds drawn pursuant to the Series 2008-1
Class A-2 Note Purchase Agreement on such date, an amount equal to the sum
of (A) the aggregate amount of interest projected to be payable on the Series 2008-1
Class A-2 Notes for the subsequent six Payment Dates, and (B) the
aggregate amount of commitment fees projected to be payable on the Series 2008-1
Class A-2 Notes for the subsequent six Payment Dates, assuming in each
case that the outstanding principal amount of, and the interest rate on, such
Notes on such Class A-2 Note Reference Date remains constant.

 

“Class A-2 Investor Group” means (i) for
each Series 2008-1 Class A-2 Conduit Investor, collectively, such Series 2008-1
Class A-2 Conduit Investor, any related Series 2008-1 Class A-2
Committed Note Purchaser set forth opposite the name of such Series 2008-1
Class A-2 Conduit Investor on Schedule I to the Series 2008-1
Class A-2 Note Purchase Agreement (or, if applicable, set forth for such Series 2008-1
Class A-2 Conduit Investor in the related Assignment and Assumption
Agreement or the Class A-2 Investor Group Supplement pursuant to which
such Series 2008-1 Class A-2 Conduit Investor or Series 2008-1 Class A-2
Committed Note Purchaser becomes a party thereto), any related Program Support
Provider and the related Funding Agent (which shall constitute the Series 2008-1
Class A-2 Noteholder for such Class A-2 Investor Group) and (ii) for
each other Series 2008-1 Class A-2 Committed Note Purchaser that is
not related to a Series 2008-1 Class A-2 Conduit Investor,
collectively, such Series 2008-1 Class A-2 Committed Note Purchaser,
any related Program Support Provider and the related Funding Agent (which shall
constitute the Series 2008-1 Class A-2 Noteholder for such Class A-2
Investor Group).

 

“Class A-2 Investor Group Increase Amount”
means, with respect to any Class A-2 Investor Group, for any Business Day,
such Class A-2 Investor Group’s Class A-2 Commitment Percentage of
the Series 2008-1 Class A-2 Increase, if any, on such Business Day.

 

“Class A-2 Investor Group Principal Amount”
means when used with respect to any date, an amount equal to (a) the Class A-2
Investor Group Increase Amount with respect to such Class A-2 Investor
Group on such date minus (b) the amount of principal payments made
to such Class A-2 Investor Group on the Series 2008-1 Class A-2
Notes on such date, if any.

 

“Class A-2 Investor Group Supplement”
shall have the meaning set forth in Section 9.17(d) of the Series 2008-1
Class A-2 Note Purchase Agreement.

 

4

 

“Class A-2 Nitrogen Generator” means any
Nitrogen Generator acquired by the Co-Issuers following the Series 2008-1
Closing Date in respect of which the Contract Holder shall have entered into a Class A-2
Customer Contract.

 

“Class A-2 Note Reference Date” shall have
the meaning given under the definition of “Class A-2 Interest Reserve
Amount” in this Series 2008-1 Supplemental Definitions List.

 

“Class A-2 Taxes” shall have the meaning
set forth in Section 3.08(a) of the Series 2008-1 Class A-2
Note Purchase Agreement.

 

“Class A-3 Amendment Expenses” means all
amounts payable pursuant to clause (a)(ii) of Section 9.05
of the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Class A-3 Base Rate Advance” means a Series 2008-1
Class A-3 Advance which bears interest at a rate of interest determined by
reference to the Base Rate during such time as it bears interest at such rate,
as provided in the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Class A-3 Commitment Percentage” means,
on any date of determination, with respect to any Class A-3 Investor
Group, the ratio, expressed as a percentage, which such Class A-3 Investor
Group’s Maximum Class A-3 Investor Group Principal Amount bears to the Series 2008-1
Class A-3 Maximum Principal Amount on such date.

 

“Class A-3 Committed Note Purchaser Percentage”
means, on any date of determination, with respect to any Series 2008-1 Class A-3
Committed Note Purchaser in any Class A-3 Investor Group, the ratio,
expressed as a percentage, which the Series 2008-1 Class A-2
Commitment Amount of such Series 2008-1 Class A-3 Committed Note
Purchaser bears to such Class A-3 Investor Group’s Maximum Class A-3
Investor Group Principal Amount on such date.

 

“Class A-3 CP Advance” means a Series 2008-1
Class A-3 Advance that bears interest at a rate of interest determined by
reference to the CP Rate during such time as it bears interest at such rate, as
provided in the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Class A-3 Eurodollar Advance” means a Series 2008-1
Class A-3 Advance that bears interest at a rate of interest determined by
reference to the Eurodollar Rate during such time as it bears interest at such
rate, as provided in the Series 2008-1 Class A-3 Note Purchase
Agreement.

 

“Class A-3  Eurodollar Tranche”
means any portion of the Series 2008-1 Class A-3 Outstanding
Principal Amount maintained with Class A-3 Eurodollar Advances.

 

5

 

“Class A-3 Indemnities” means all amounts
payable pursuant to Sections 9.05(b) and (c) of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Class A-3 Interest Reserve Amount” means
as of any Payment Date or Draw Date (the “Class A-3 Note Reference Date”),
as applicable, after giving effect to any funds drawn pursuant to the Series 2008-1
Class A-3 Note Purchase Agreement on such date, an amount equal to the sum
of (A) the aggregate amount of interest projected to be payable on the Series 2008-1
Class A-3 Notes for the subsequent six Payment Dates, and (B) the
aggregate amount of commitment fees projected to be payable on the Series 2008-1
Class A-3 Notes for the subsequent six Payment Dates, assuming in each
case that the outstanding principal amount of, and the interest rate on, such
Notes on such Class A-3 Note Reference Date remains constant.

 

“Class A-3 Investor Group” means (i) for
each Series 2008-1 Class A-3 Conduit Investor, collectively, such Series 2008-1
Class A-3 Conduit Investor, any related Series 2008-1 Class A-3
Committed Note Purchaser set forth opposite the name of such Series 2008-1
Class A-3 Conduit Investor on Schedule I to the Series 2008-1
Class A-3 Note Purchase Agreement (or, if applicable, set forth for such Series 2008-1
Class A-3 Conduit Investor in the related Assignment and Assumption
Agreement or related Class A-3 Investor Group Supplement pursuant to which
such Series 2008-1 Class A-3 Conduit Investor or Series 2008-1 Class A-3
Committed Note Purchaser becomes a party thereto), any related Program Support
Provider and the related Funding Agent (which shall constitute the Series 2008-1
Class A-3 Noteholder such Class A-3 Investor Group) and (ii) for
each other Series 2008-1 Class A-3 Committed Note Purchaser that is
not related to a Series 2008-1 Class A-3 Conduit Investor,
collectively, such Series 2008-1 Class A-3 Committed Note Purchaser,
any related Program Support Provider and the related Funding Agent (which shall
constitute the Series 2008-1 Class A-3 Noteholder for such Class A-3
Investor Group).

 

“Class A-3 Investor Group Increase Amount”
means, with respect to any Class A-3 Investor Group, for any Business Day,
such Class A-3 Investor Group’s Class A-3 Commitment Percentage of
the Series 2008-1 Class A-3 Increase, if any, on such Business Day.

 

“Class A-3 Investor Group Principal Amount”
means when used with respect to any date, an amount equal to (a) the Class A-3
Investor Group Increase Amount with respect to such Class A-3 Investor
Group on such date minus (b) the amount of principal payments made
to such Class A-3 Investor Group on the Series 2008-1 Class A-3
Notes on such date, if any.

 

“Class A-3 Investor Group Supplement” shall
have the meaning set forth in Section 9.17(d) of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Class A-3 Note Reference Date” shall have
the meaning given under the definition of “Class A-3 Interest Reserve
Amount” in this Series 2008-1 Supplemental Definitions List.

 

6

 

“Class A-3 Taxes” shall have the meaning
set forth in Section 3.08(a) of the Series 2008-1 Class A-3
Note Purchase Agreement.

 

“Commercial Paper” means, with respect to any Class A-2
Conduit Investor or Series 2008-1 Class A-3 Conduit Investor, the
commercial paper or other promissory notes issued by or for the benefit of such
Series 2008-1 Class A-2 Conduit Investor or Series 2008-1 Class A-3
Conduit Investor.

 

“Commitment Term” means, (a) with respect
to the Series 2008-1 Class A-2 Notes, the period from and including
the Series 2008-1 Closing Date to but excluding the earlier of (i) the
Commitment Termination Date and (b) the date on which the Series 2008-1
Class A-2 Commitments are terminated or reduced to zero in accordance with
the Series 2008-1 Class A-2 Note Purchase Agreement and (b) with
respect to the Series 2008-1 Class A-3 Notes, the period from and
including the Series 2008-1 Closing Date to but excluding the earlier of (i) the
Commitment Termination Date and (ii) the date on which the Series 2008-1
Class A-3 Commitments are terminated or reduced to zero in accordance with
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Commitment Termination Date” means the Series 2008-1
Adjusted Repayment Date.

 

“Conduit Assignee” means, with respect to any Series 2008-1
Class A-2 Conduit Investor,  any Series 2008-1
Class A-3 Conduit Investor, any Series 2008-1 Class A-2
Committed Note Purchaser, any Series 2008-1 Class A-3 Committed Note
Purchaser or any commercial paper conduit, whose Commercial Paper at such time
is rated by at least two of the Specified Rating Agencies and is rated at least
“A-1” from Standard & Poor’s, “P1” from Moody’s and/or “F1” from
Fitch, as applicable, that is administered by the Funding Agent with respect to
such Series 2008-1 Class A-2 Conduit Investor, such Series 2008-1
Class A-3 Conduit Investor, such Series 2008-1 Class A-2
Committed Note Purchaser or such Series 2008-1 Class A-3 Committed
Note Purchaser, respectively, or any Affiliate of such Funding Agent, in each
case, a Person designated by such Funding Agent to accept an assignment from
such Series 2008-1 Class A-2 Conduit Investor, such Series 2008-1
Class A-3 Conduit Investor, such Series 2008-1 Class A-2
Committed Note Purchaser or such Series 2008-1 Class A-3 Committed
Note Purchaser, of the Class A-2 Investor Group Principal Amount or Class A-3
Investor Group Principal Amount, or a portion thereof with respect to such Series 2008-1
Class A-2 Conduit Investor, such Series 2008-1 Class A-3 Conduit
Investor, such Series 2008-1 Class A-2 Committed Note Purchaser, or Series 2008-1
Class A-3 Committed Note Purchaser pursuant to Section 9.17(b) and
Section 9.17(c), respectively, of the Series 2008-1 Class A-2
Note Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable.

 

“Confidential Information” (a) for
purposes of the Series 2008-1 Class A-2 Note Purchase Agreement,
shall have the meaning set forth in Section 9.11 of the Series 2008-1
Class A-2 Note Purchase Agreement and (b) for purposes of the Series 

 

7

 

2008-1 Class A-3 Note Purchase Agreement, shall
have the meaning set forth in Section 9.11 of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“CP Funding Rate” means, with respect to each Series 2008-1
Class A-2 Conduit Investor and Series 2008-1 Class A-3 Conduit
Investor, for any day during any Interest Period, for any portion of the Series 2008-1
Class A-2 Advances or Series 2008-1 Class A-3 Advances, funded
or maintained through the issuance of Commercial Paper by such Series 2008-1
Class A-2 Conduit Investor and Series 2008-1 Class A-3 Conduit
Investor, the per annum  rate equivalent to the weighted
average cost (as determined by the related Funding Agent, and which shall
include (without duplication) the fees and commissions of placement agents and
dealers, incremental carrying costs incurred with respect to Commercial Paper
maturing on dates other than those on which corresponding funds are received by
such Series 2008-1 Class A-2 Conduit Investor or Series 2008-1 Class A-3
Conduit Investor, other borrowings by such Series 2008-1 Class A-2
Conduit Investor or Series 2008-1 Class A-3 Conduit Investor and any
other costs associated with the issuance of Commercial Paper) of or related to
the issuance of Commercial Paper that are allocated, in whole or in part, by
such Series 2008-1 Class A-2 Conduit Investor or Series 2008-1 Class A-3
Conduit Investor or its related Funding Agent to fund or maintain such Series 2008-1
Class A-2 Advances or Series 2008-1 Class A-3 Advances, for such
Interest Period (and which may also be allocated in part to the funding of
other assets of the Series 2008-1 Class A-2 Conduit Investor or Series 2008-1
Class A-3 Conduit Investor, respectively); provided, however,
that if any component of any such rate is a discount rate, in calculating the “CP
Funding Rate” for such Series 2008-1 Class A-2 Advances or Series 2008-1
Class A-3 Advances for such Interest Period, the related Funding Agent
shall, for such component, use the rate resulting from converting such discount
rate to an interest bearing equivalent rate per annum; provided  further, however, that
the “CP Funding Rate” shall not include any loss or expense (including
any loss or expense incurred by reason of the liquidation or reemployment of
deposits or other funds acquired by such Series 2008-1 Class A-2
Conduit Investor or Series 2008-1 Class A-3 Conduit Investor to fund
or maintain any portion of such Series 2008-1 Class A-2 Advances or Series 2008-1
Class A-3 Advances) as a result of any conversion, repayment, Series 2008-1
Class A-2 Decrease or Series 2008-1 Class A-3 Decrease, as
applicable, or other prepayment or redemption of the principal amount of any Class A-2
CP Advance or Class A-3 CP Advance on the date applicable thereto in
accordance with the terms of the Series 2008-1 Class A-2 Note
Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable, and the Indenture, but shall include any such loss or
expense as a result of (i) any conversion, repayment, Series 2008-1 Class A-2
Decrease or Series 2008-1 Class A-3 Decrease, as applicable, or other
prepayment or redemption of the principal amount of any Class A-2 CP
Advance or Class A-3 CP Advance on a date other than the date applicable
thereto in accordance with the terms of the Series 2008-1 Class A-2
Note Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable, or the Indenture, (ii) any Series 2008-1 Class A-2
Advance or Series 2008-1 Class A-3 Advance not being funded or
maintained as a Class A-2 CP Advance or Class A-3 CP Advance,
respectively, after a request therefor has been made, or (iii) any failure
of the Co-Issuers to make a Series 2008-1 Class A-2 Decrease or a Series 2008-1
Class A-3 Decrease, prepayment or 

 

8

 

redemption with respect to
any Class A-2 CP Advance or Class A-3 CP Advance after giving notice
thereof.

 

“CP Rate” means, on any day during any Interest
Period, an interest rate per annum equal to the sum of (i) the CP Funding
Rate for such Interest Period plus (ii) the CP Spread.

 

“CP Spread” shall have the meaning set forth (a) with
respect to the Series 2008-1 Class A-2 Notes, in the Series 2008-1
Class A-2 VFN Fee Letter and (b) with respect to the Series 2008-1
Class A-3 Notes, in the Series 2008-1 Class A-3 VFN Fee Letter.

 

“Definitive Notes” shall have the meaning set
forth in Section  4.1(d) and 4.4(d), as applicable, of
the Series 2008-1 Supplement.

 

“Distribution Compliance Period” means, with
respect to any Series 2008-1 Class A-1 Notes or Series 2008-1 Class B-1
Notes issued on the Series 2008-1 Closing Date and sold pursuant to
Regulation S, the period commencing on such Series 2008-1 Closing
Date and ending on the 40th day after the Initial Purchaser notifies the
Co-Issuers that the resale of such Series 2008-1 Class A-1 Notes or Series 2008-1
Class B-1 Notes has been completed.

 

“EDSF Rate” means, as of any date of
determination, the bond equivalent rate derived from the Eurodollar Synthetic
Forward Curve appearing on Bloomberg page EDSF (or any successor service),
adjusted for a 30/360 day count convention.

 

“Eligible Conduit
Investor” means, at any time, any Series 2008-1 Class A-2 Conduit
Investor or Series 2008-1 Class A-3 Conduit Investor whose Commercial
Paper at such time is
rated by at least two of the Specified Rating Agencies and is rated at least “A-1”
from Standard & Poor’s, “P1” from Moody’s and/or “F1” from Fitch, as
applicable.

 

“Eligible Contract” means, at any time and with respect to
any Customer Contract with respect to which a Class A-2 Bulk CO2 Tank or Class A-2
Nitrogen Generator will be leased to a Customer, a Customer Contract:

 

(a)           that provides for the lease of such Class A-2
Bulk CO2 Tank or Class A-2 Nitrogen Generator and
the sale of Bulk Gases by the Contract Holder in the ordinary course of
business, and represents an obligation of the Customer thereunder to pay the
amounts due thereunder;

 

(b)           that has a term of not less that one
year;

 

(c)           the Customer of which (i) is a
United States resident, (ii) is not an Affiliate of any of the parties
hereto, and (iii) is not a government or a governmental subdivision or
agency;

 

9

 

(d)           with respect to which the Customer is
not (i) designated as “inactive” by the Transaction Manager in accordance
with its policies or (ii) in default (other than a payment default) of any
material obligation thereunder or under any other Customer Contract to which
such Customer is a party;

 

(e)           with respect to which the payments
thereunder are denominated and payable only in United States dollars in the
United States;

 

(f)            that is in writing and executed by
all parties thereto and that is governed by the law of a State of the United
States;

 

(g)           that has been duly authorized and
that is in full force and effect and constitutes the legal, valid and binding
obligation of the Customer enforceable against such Customer in accordance with
its terms;

 

(h)           that (A) is not subject to (i) any
Lien or (ii) any dispute (with respect to any material amounts or
obligations thereunder), offset, counterclaim or defense whatsoever (except the
discharge in bankruptcy of the Customer) and (B) is not settled on a net
basis;

 

(i)            that does not contravene in any
material respect any laws, rules or regulations applicable thereto and
with respect to which no party to such Customer Contract is in violation of any
such law, rule or regulation in any material respect;

 

(j)            the Customer of which satisfies all
applicable requirements of the then effective credit and collection policy of
the Contract Holder at the time of origination; and

 

(k)           the Customer of which has been
directed by the Contract Holder to remit all future electronic payments thereof
directly to the Concentration Account.

 

“Eurodollar Business Day” means any Business
Day on which dealings are also carried on in the London interbank market and
banks are open for business in London.

 

“Eurodollar Funding Rate” means, for any
Eurodollar Interest Period, the rate per annum determined by the Series 2008-1
Class A-2 Note Administrative Agent or the Series 2008-1 Class A-3
Note Administrative Agent, as applicable, at approximately 11:00 a.m.
(London time) on the date that is two Eurodollar Business Days prior to the
beginning of such Eurodollar Interest Period by reference to the British
Bankers’ Association Interest Settlement Rates for deposits in Dollars
(appearing on page 3750 of the Telerate Service or any successor to or substitute
for such service selected by the Series 2008-1 Class A-2 Note
Administrative Agent or the Series 2008-1 Class A-3 Note 

 

10

 

Administrative Agent, as applicable, and which has
been nominated by the British Bankers’ Association as an authorized information
vendor for the purpose of displaying such rates) for a period equal to such
Eurodollar Interest Period; provided that, to the extent that an
interest rate is not ascertainable pursuant to the foregoing provisions of this
definition, the “Eurodollar Funding Rate” shall be the rate (rounded upward, if
necessary, to the nearest one hundred-thousandth of a percentage point),
determined by the Series 2008-1 Class A-2 Note Administrative Agent
or the Series 2008-1 Class A-3 Note Administrative Agent, as
applicable, to be the average of the offered rates for deposits in Dollars in
the amount of $1,000,000 for a period of time comparable to such Eurodollar
Interest Period which are offered by three leading banks in the London
interbank market at approximately 11:00 a.m. (London time) on the date
that is two Eurodollar Business Days prior to the beginning of such Eurodollar
Interest Period as selected by the Series 2008-1 Class A-2 Note
Administrative Agent or the Series 2008-1 Class A-3 Note
Administrative Agent, as applicable (unless the Series 2008-1 Class A-2
Note Administrative Agent or the  Series 2008-1
Class A-3 Note Administrative Agent, as applicable, is unable to obtain
such rates from such banks, it will be deemed that a Eurodollar Funding Rate
cannot be ascertained for purposes of Section 3.04 of the Series 2008-1
Class A-2 Note Purchase Agreement or the Series 2008-1 Class A-3
Note Purchase Agreement, as applicable). 
In respect of any Eurodollar Interest Period that is less than one month
in duration and if no Eurodollar Funding Rate is otherwise determinable with
respect thereto in accordance with the preceding sentence of this definition,
the Eurodollar Funding Rate shall be determined through the use of
straight-line interpolation by reference to two rates calculated in accordance
with the preceding sentence, one of which shall be determined as if the
maturity of the Dollar deposits referred to therein were the period of time for
which rates are available next shorter than the Eurodollar Interest Period and
the other of which shall be determined as if such maturity were the period of
time for which rates are available next longer than the Eurodollar Interest
Period.

 

“Eurodollar Funding Rate (Reserve Adjusted)”
means, for any Eurodollar Interest Period, an interest rate per annum (rounded
upward to the nearest 1/100th of 1%) determined pursuant to the following
formula:

 

	
  Eurodollar Funding Rate

  	
  =

  	
  Eurodollar
  Funding Rate

  	
   

  
	
  (Reserve Adjusted)

  	
   

  	
  1.00 – Eurodollar
  Reserve Percentage

  	
   

  

 

The
Eurodollar Funding Rate (Reserve Adjusted) for any Eurodollar Interest Period
will be determined by the Series 2008-1 Class A-2 Note Administrative
Agent or the Series 2008-1 Class A-3 Note Administrative Agent, as
applicable, on the basis of the Eurodollar Reserve Percentage in effect two
Eurodollar Business Days before the first day of such Eurodollar Interest
Period.

 

“Eurodollar Interest Period” means, with
respect to any Class A-2 Eurodollar Advance or Class A-3 Eurodollar
Advance, (x) initially, the period commencing on and including the
Eurodollar Business Day such Series 2008-1 Class A-2 Advance or Series 2008-1
Class A-3 Advance first becomes a Class A-2 Eurodollar 

 

11

 

Advance or Class A-3 Eurodollar Advance in
accordance with Section 3.01 of the Series 2008-1 Class A-2
Note Purchase Agreement or the Series 2008-1 Class A-3 Note Purchase
Agreement, as applicable, and ending on but excluding the Payment Date occurring
in July 2008, and (y) thereafter, each period commencing on a
Payment Date while such Series 2008-1 Class A-2 Advance or Series 2008-1 Class A-3
Advance is outstanding as a Class A-2 Eurodollar Advance or Class A-3 Eurodollar Advance,
respectively, and ending on but excluding the next succeeding
Payment Date;  provided,
however, that upon the occurrence and during the continuation of any
Early Amortization Period or any Event of Default, any Eurodollar Interest
Period with respect to the Class A-2 Eurodollar Advance or Class A-3
Eurodollar Advance of all Class A-2 Investor Groups and Class A-3
Investor Groups may be terminated at the end of the then-current Eurodollar
Interest Period (or, if the Series 2008-1 Class A-2 Notes and/or Series 2008-1
Class A-3 Notes have been accelerated in accordance with Section 9.2
of the Base Indenture, immediately, with respect to the Series 2008-1 Class A-2
Notes and/or the Series 2008-1 Class A-3 Notes, as the case may be),
at the election of the Series 2008-1 Class A-2 Note Administrative
Agent or Series 2008-1 Class A-3 Note Administrative Agent, as
applicable or Class A-2 Investor Groups or Class A-3 Investor Groups,
as applicable, holding in the aggregate more than 50% of the related Class A-2
Eurodollar Tranche or Class A-3 Eurodollar Tranche, by notice to the
Co-Issuers, the Master Manager, the Transaction Manager and the related Funding
Agents, and upon such election such Class A-2 Eurodollar Advances or Class A-3
Eurodollar Advances, in respect of which interest was calculated by reference
to such terminated Eurodollar Interest Period shall be converted to Class A-2
Base Rate Advances or Class A-3 Base Rate Advances, as applicable.

 

“Eurodollar Rate” means, on any day during any
Eurodollar Interest Period, an interest rate per annum equal to the sum of (a) the
Eurodollar Funding Rate (Reserve Adjusted) for such Eurodollar Interest Period plus
(b) the Eurodollar Spread.

 

“Eurodollar Reserve Percentage” means, for any
Eurodollar Interest Period, the reserve percentage (expressed as a decimal)
equal to the maximum aggregate reserve requirements (including all basic,
emergency, supplemental, marginal and other reserves and taking into account
any transitional adjustments or other scheduled changes in reserve requirements)
specified under regulations issued from time to time by the F.R.S. Board which
are required to be maintained by a member bank of the Federal Reserve System
with respect to liabilities or assets constituting “Eurocurrency Liabilities,”
as currently defined in Regulation D of the F.R.S. Board, having a term
approximately equal or comparable to such Eurodollar Interest Period.

 

“Eurodollar Spread” shall have the meaning set
forth in (a) with respect to the Series 2008-1 Class A-2 Notes,
the Series 2008-1 Class A-2 VFN Fee Letter and (b) with respect
to the Series 2008-1 Class A-3 Notes, the Series 2008-1 Class A-3
VFN Fee Letter.

 

“Federal Funds Rate” means, for any period, a
fluctuating interest rate per annum equal for each day during such period to
the weighted average of the overnight 

 

12

 

federal funds rates as published in Federal Reserve
Board Statistical Release H.15(519) or any successor or substitute publication
selected by the Series 2008-1 Class A-2 Administrative Agent or the Series 2008-1
Class A-3 Administrative Agent, as applicable (or, if such day is not a
Business Day, for the next preceding Business Day), or if, for any reason, such
rate is not available on any day, the rate determined, in the reasonable
opinion of the Series 2008-1 Class A-2 Administrative Agent or the Series 2008-1
Class A-3 Administrative Agent, as applicable, to be the rate at which
overnight federal funds are being offered in the national federal funds market
at 9:00 a.m. (New York time).

 

“Fitch” means Fitch, Inc., doing business
as Fitch Ratings, or any successor thereto.

 

“F.R.S. Board” means the Board of Governors of
the Federal Reserve System.

 

“Foreign Affective Person” (a) with
respect to the Series 2008-1 Class A-2 Notes, shall have the meaning
set forth in Section 3.08(a) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Series 2008-1 Class A-2
Notes, shall have the meaning set forth in Section 3.08(a) of  the Series 2008-1 Class A-2 Note
Purchase Agreement.

 

“Funding Agent” (a) with respect to the Series 2008-1 Class A-2
Notes, shall have the meaning set forth in the preamble to the Series 2008-1
Class A-2 Note Purchase Agreement and (b) with respect to the Series 2008-1
Class A-2 Notes, shall have the meaning set forth in the preamble to the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Indemnified Liabilities” (a) with respect
to the Series 2008-1 Class A-2 Notes, shall have the meaning set
forth in Section 9.05(b) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 9.05(b) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Indemnified Parties” (a) with respect to
the Series 2008-1 Class A-2 Notes, shall have the meaning set forth
in Section 9.05(b) of the Series 2008-1 Class A-2
Note Purchase Agreement and (b) with respect to the Series 2008-1 Class A-3
Notes, shall have the meaning set forth in Section 9.05(b) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Initial Purchaser” means UBS Securities LLC.

 

“Lender Party” (a) with respect to the Series 2008-1
Class A-2 Notes, means the Series 2008-1 Class A-2 Investors and
(b) with respect to the Series 2008-1 Class A-3 Notes, means the
Series 2008-1 Class A-3 Investors.

 

13

 

“Margin Stock” means “margin stock” as defined
in Regulation U of the F.R.S. Board, as amended from time to time.

 

“Maximum Class A-2 Investor Group Principal
Amount” means, as to each Class A-2 Investor Group existing on the Series 2008-1
Closing Date, the amount set forth on Schedule I to the Series 2008-1
Class A-2 Note Purchase Agreement as such Class A-2 Investor Group’s
Maximum Class A-2 Investor Group Principal or, in the case of any other Class A-2
Investor Group, the amount set forth as such Class A-2 Investor Group’s
Maximum Class A-2 Investor Group Principal Amount in the related
Assignment and Assumption Agreement or Class A-2 Investor Group
Supplement, by which the members of such Class A-2 Investor Group become
parties to the Series 2008-1 Class A-2 Note Purchase Agreement, in
each case, as such amount may be (i) reduced pursuant to Section 2.05
of the Series 2008-1 Class A-2 Note Purchase Agreement, (ii) reduced
pursuant to Section 2.2 of the Series 2008-1 Supplement or (iii) increased
or reduced by any related Assignment and Assumption Agreement or Class A-2
Investor Group Supplement, as applicable, entered into by the members of such Class A-2
Investor Group, in accordance with the terms of the Series 2008-1 Class A-2
Note Purchase Agreement.

 

“Maximum Class A-3 Investor Group Principal
Amount” means, as to each Class A-3 Investor Group existing on the Series 2008-1
Closing Date, the amount set forth on Schedule I to the Series 2008-1
Class A-3 Note Purchase Agreement as such Class A-3 Investor Group’s
Maximum Class A-3 Investor Group Principal or, in the case of any other Class A-3
Investor Group, the amount set forth as such Class A-3 Investor Group’s
Maximum Class A-3 Investor Group Principal Amount in the related
Assignment and Assumption Agreement or Class A-3 Investor Group
Supplement, by which the members of such Class A-3 Investor Group become
parties to the Series 2008-1 Class A-3 Note Purchase Agreement, in
each case, as such amount may be (i) reduced pursuant to Section 2.05
of the Series 2008-1 Class A-3 Note Purchase Agreement, (ii) reduced
pursuant to Section 2.2 of the Series 2008-1 Supplement or (iii) increased
or reduced by any related Assignment and Assumption Agreement or Class A-3
Investor Group Supplement, as applicable, entered into by the members of such Class A-3
Investor Group, in accordance with the terms of the Series 2008-1 Class A-3
Note Purchase Agreement.

 

“New Class A-2 Customer Contract” means,
with respect to any Payment Date, any Class A-2 Customer Contract entered
into during the related Monthly Collection Period.

 

“Non-Excluded Taxes” with respect to the Series 2008-1
Class A-2 Notes, shall have the meaning set forth in Section 3.08(a) of
the Series 2008-1 Class A-2 Note Purchase Agreement and with respect
to the Class A-3 Notes, shall have the meaning set forth in Section 3.08(a) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Offering Memorandum” means the offering
memorandum for the offering of the Series 2008-1 Class A-1 Notes and
the Series 2008-1 Class B-1 Notes, dated as of May 22, 2008,
prepared by the Co-Issuers.

 

14

 

“Official Body” shall have the meaning set
forth in the definition of “Change in Law.”

 

“Other Class A-2 Transaction Expenses”
means all amounts payable pursuant to Section 9.05 of the Series 2008-1
Class A-2 Note Purchase Agreement other than Class A-2 Amendment
Expenses.

 

“Other Class A-3 Transaction Expenses”
means all amounts payable pursuant to Section 9.05 of the Series 2008-1
Class A-3 Note Purchase Agreement other than Class A-3 Amendment
Expenses.

 

“Outstanding Series 2008-1 Class A-1
Notes” means with respect to the Series 2008-1 Class A-1 Notes,
all Series 2008-1 Class A-1 Notes theretofore authenticated and
delivered under the Indenture, except (a) Series 2008-1 Class A-1
Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2008-1
Class A-1 Notes that have not been presented for payment but funds for the
payment in full of which are on deposit in the Senior Note Principal Payments
Account and are available for payment of such Series 2008-1 Class A-1
Notes and (c) Series 2008-1 Class A-1 Notes in exchange for or
in lieu of other Series 2008-1 Class A-1 Notes that have been
authenticated and delivered pursuant to the Indenture unless proof satisfactory
to the Trustee is presented that any such Series 2008-1 Class A-1  Notes are held by a purchaser for value.

 

“Outstanding Series 2008-1 Class A-2
Notes” means with respect to the Series 2008-1 Class A-2 Notes,
all Series 2008-1 Class A-2 Notes theretofore authenticated and
delivered under the Indenture, except (a) Series 2008-1 Class A-2
Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2008-1
Class A-2 Notes that have not been presented for payment but funds for the
payment in full of which are on deposit in the Senior Note Principal Payments
Account and are available for payment of such Series 2008-1 Class A-2
Notes and the Series 2008-1 Class A-2 Commitments with respect to
which have terminated and (c) Series 2008-1 Class A-2 Notes in
exchange for or in lieu of other Series 2008-1 Class A-2 Notes that
have been authenticated and delivered pursuant to the Indenture unless proof
satisfactory to the Trustee is presented that any such Series 2008-1 Class A-2
Notes are held by a purchaser for value.

 

“Outstanding Series 2008-1 Class A-3
Notes” means with respect to the Series 2008-1 Class A-3 Notes,
all Series 2008-1 Class A-3 Notes theretofore authenticated and
delivered under the Indenture, except (a) Series 2008-1 Class A-3
Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2008-1
Class A-3 Notes that have not been presented for payment but funds for the
payment in full of which are on deposit in the Senior Note Principal Payments
Account and are available for payment of such Series 2008-1 Class A-3
Notes and the Series 2008-1 Class A-3 Commitments with respect to
which have terminated and (c) Series 2008-1 Class A-3 Notes in
exchange for or in lieu of other Series 2008-1 Class A-3 Notes that
have been authenticated and delivered pursuant to the Indenture unless proof 

 

15

 

satisfactory to the Trustee is presented that any such
Series 2008-1 Class A-3 Notes are held by a purchaser for value.

 

“Outstanding Series 2008-1 Class B-1
Notes” means with respect to the Series 2008-1 Class B-1 Notes,
all Series 2008-1 Class B-1 Notes theretofore authenticated and
delivered under the Indenture, except (a) Series 2008-1 Class B-1
Notes theretofore cancelled or delivered to the Registrar for cancellation, (b) Series 2008-1
Class B-1 Notes that have not been presented for payment in full but funds
for the payment of which are on deposit in the Subordinated Note Principal
Payment Account and are available for payment of such Series 2008-1 Class B-1
Notes and (c) Series 2008-1 Class B-1 Notes in exchange for or
in lieu of other Series 2008-1 Class B-1 Notes that have been
authenticated and delivered pursuant to the Indenture unless proof satisfactory
to the Trustee is presented that any such Series 2008-1 Class B-1
Notes are held by a purchaser for value.

 

“Outstanding Series 2008-1 Notes” means,
collectively, all Outstanding Series 2008-1 Class A-1 Notes, all
Outstanding Series 2008-1 Class A-2 Notes, all Outstanding Series 2008-1
Class A-3 Notes and all Outstanding Series 2008-1 Class B-1 Notes.

 

“Parent Companies” shall have the meaning set
forth in the Series 2008-1 Class A-1/B-1 Note Purchase Agreement.

 

“Prepayment Notice” shall have the meaning set
forth in Section 3.8(f) of the Series 2008-1 Supplement.

 

“Prepayment Record Date” means, with respect to
the date of any Series 2008-1 Prepayment, the last day of the calendar
month immediately preceding the date of such Series 2008-1 Prepayment
unless such last day is less than ten (10) Business Days prior to the date
of such Series 2008-1 Prepayment, in which case the “Prepayment Record
Date” will be the last day of the second calendar month immediately preceding
the date of such Series 2008-1 Prepayment.

 

“Prime Rate” means the rate quoted by Bloomberg
L.P. or any successor thereto from time to time as the prime rate in the United
States, such rate to change as and when the quoted rate changes.  The Prime Rate is not intended to be the
lowest rate of interest charged by such Person in connection with extensions of
credit to debtors.

 

“Program Support Agreement” means, with respect
to any Series 2008-1 Class A-2 Investor or Series 2008-1 Class A-3
Investor, any agreement entered into by any Program Support Provider in respect
of any Commercial Paper and/or Series 2008-1 Class A-2 Note or Series 2008-1
Class A-3 Note, as the case may be, of such Series 2008-1 Class A-2
Investor or Series 2008-1 Class A-3 Investor providing for the
issuance of one or more letters of credit for the account of such Series 2008-1
Class A-2 Investor or Series 2008-1 Class A-3 Investor, the
issuance of one or more insurance policies for which such Series 2008-1 Class A-2
Investor or Series 2008-1 Class A-3 Investor is obligated to
reimburse the applicable Program Support Provider for any drawings 

 

16

 

thereunder, the sale by such Series 2008-1 Class A-2
Investor or Series 2008-1 Class A-3 Investor to any Program Support
Provider of the Series 2008-1 Class A-2 Notes or Series 2008-1 Class A-3
Notes, as the case may be, (or portions thereof or interests therein) and/or
the making of loans and/or other extensions of credit to such Series 2008-1
Class A-2 Investor or Series 2008-1 Class A-3 Investor in
connection with such Series 2008-1 Class A-2 Investor’s or Series 2008-1
Class A-3 Investor’s securitization program, together with any letter of
credit, insurance policy or other instrument issued thereunder or guaranty
thereof (but excluding any discretionary advance facility provided by a Series 2008-1
Class A-2 Committed Note Purchaser or Series 2008-1 Class A-3
Committed Note Purchaser).

 

“Program Support Provider” means, with respect
to any Series 2008-1 Class A-2 Investor or Series 2008-1 Class A-3
Investor, any financial institutions and any other or additional Person now or
hereafter extending credit or having a commitment to extend credit to or for
the account of, and/or agreeing to make purchases from, such Series 2008-1
Class A-2 Investor or Series 2008-1 Class A-3 Investor in
respect of such Series 2008-1 Class A-2 Investor’s or such Series 2008-1
Class A-3 Investor’s Commercial Paper and/or Series 2008-1 Class A-2
Note or Series 2008 Class A-3 Note, as the case may be, and/or
agreeing to issue a letter of credit or insurance policy or other instrument to
support any obligations arising under or in connection with such Series 2008-1
Class A-2 Investor’s or Series 2008-1 Class A-3 Investor’s
securitization program as it relates to any Commercial Paper issued by such Series 2008-1
Class A-2 Investor or Series 2008-1 Class A-3 Investor, in each
case pursuant to a Program Support Agreement, and any guarantor of any such
Person.

 

“Qualified Institutional Buyer” or “QIB”
means a Person who is a “qualified institutional buyer” as defined in Rule 144A.

 

“Qualified Purchaser” or “QP” means a
Person who is (i) a “qualified purchaser” within the meaning of Section 3(c)(7) of
the Investment Company Act, (ii) a “knowledgeable employee” with respect
to the Co-Issuers within the meaning of Rule 3c-5 under the Investment
Company Act or (iii) a company owned by one or more “qualified purchasers”
and/or “knowledgeable employees” with respect to the Co-Issuers within the
meaning of Rule 3c-5 under the Investment Company Act.

 

“Rating Agencies” or “Rating Agency”
means, with respect to each Class of Series 2008-1 Senior Notes,
Moody’s and any other nationally recognized rating agency then rating any such Class of
Series 2008-1 Senior Notes at the request of the Co-Issuers and, with
respect to the Series 2008-1 Subordinated Notes, Fitch and any other
nationally recognized rating agency then rating such Series 2008-1
Subordinated Notes at the request of the Co-Issuers.

 

“Regulation S” means Regulation S
promulgated under the Securities Act.

 

“Restricted Class A-1 Global Notes”  shall have the meaning set forth in Section 4.1(b) of
the Series 2008-1 Supplement.

 

17

 

“Restricted Class B-1 Global Notes” shall
have the meaning set forth in Section 4.4(b) of the Series 2008-1
Supplement.

 

“Restricted Global Notes” means, collectively,
the Restricted Class A-1 Global Notes and the Restricted Glass B-1 Global
Notes.

 

“Restricted Regulation S Class A-1 Global
Notes” shall have the meaning set forth in Sections 4.1(b) of
the Series 2008-1 Supplement.

 

“Restricted Regulation S Class B-1 Global
Notes” shall have the meaning set forth in Section 4.4(b) of
the Series 2008-1 Supplement.

 

“Restricted Regulation S Global Notes” means,
collectively, the Restricted Regulation S Class A-1 Global Notes and the
Restricted Regulation S Class B-1 Global Notes.

 

“Restricted Rule 144A
Class A-1 Global Notes” shall have the meaning set forth in Section 4.1(a) of
the Series 2008-1 Supplement.

 

“Restricted Rule 144A
Class B-1 Global Notes” shall have the meaning set forth in Section 4.4(a) of
the Series 2008-1 Supplement.

 

“Restricted Rule 144A
Global Notes” means, collectively, the Restricted Rule 144A Class A-1
Global Notes and the Restricted Rule 144A Class B-1 Global Notes.

 

“Rule 144A” means Rule 144A
promulgated under the Securities Act.

 

“Series 2008-1 Adjusted Repayment Date”
means the date established as the Series 2008-1 Adjusted Repayment Date in
accordance with Section 3.8(b) of the Series 2008-1
Supplement.

 

“Series 2008-1 Aggregate Outstanding Principal
Amount” means, with respect to any date, the sum of the Series 2008-1 Class A-2
Outstanding Principal Amount, plus the Series 2008-1 Class A-3
Outstanding Principal Amount, plus the Series 2008-1 Class A-1
Outstanding Principal Amount, plus the Series 2008-1 Class B-1
Outstanding Principal Amount.

 

“Series 2008-1 Cash Trapping Amount”
means, for each Payment Date while a Series 2008-1 Cash Trapping Period is
in effect, an amount of funds to be deposited in the Series 2008-1 Cash
Trap Reserve Account with respect to the Series 2008-1 Notes in an amount
equal to the product of (a) the Series 2008-1 Cash Trapping
Percentage applicable to such Payment Date, multiplied by (b) an
amount equal to the total funds available in the Collection Account on such
Payment Date after payment of clauses first through tenth of the
Priority of Payments.  For purposes of
the Base Indenture, the “Series 2008-1 Cash Trapping Amount” shall be
deemed to be a “Cash Trapping Amount.”

 

18

 

“Series 2008-1 Cash Trapping Percentage”
means, for each Payment Date while a Series 2008-1 Cash Trapping Period is
in effect, with respect to any Payment Date (i) on which the Three-Month
DSCR is less than 1.8 times but greater than or equal to 1.6 times, 25%, and (ii) on
which the Three-Month DSCR is less than 1.6 times, 50%.

 

“Series 2008-1 Cash Trapping Period” means
each period beginning on any Payment Date on which the Three-Month DSCR is less
than 1.8 times and ending on the earlier of (i) any subsequent Payment
Date on which the Three-Month DSCR determined on such Payment Date and the two
immediately preceding Payment Dates is greater than 1.85 times (provided
that on such subsequent Payment Dates, all Contributions shall be excluded from
calculation of such final Three-Month DSCR determination) and (ii) the
occurrence of an Event of Default or an Early Amortization Event.

 

“Series 2008-1 Cash Trapping Release Event”
means a payment date on which the Three-Month DSCR determined (a) as of
such Payment Date and (b) the two immediately preceding Payment Dates is
greater than 1.85 times (in the case of (b), without giving effect to
Contributions as of such Payment Dates); provided that no Early Amortization Period is
in effect during such Series 2008-1 Cash Trapping Period or on such
Payment Date.

 

“Series 2008-1 Class A Notes” refers
collectively to the Series 2008-1 Class A-1 Notes, Series 2008-1
Class A-2 Notes, and Series 2008-1 Class A-3 Notes.

 

“Series 2008-1 Class A-1 Contingent
Additional Interest” shall have the meaning set forth in Section 3.4(b) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-1 Contingent
Additional Interest Rate” shall have the meaning set forth in Section 3.4(b) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-1 Global Notes”
shall have the meaning set forth in Section 4.1(c) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class A-1 Initial
Principal Amount” means the aggregate initial outstanding principal amount
of the Series 2008-1 Class A-1 Notes, which is $280,000,000.

 

“Series 2008-1 Class A-1 Interest”
shall have the meaning set forth in Section 3.4(a) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class A-1 Note Interest
Rate” shall have the meaning set forth in Section 3.4(a) of
the Series 2008-1 Supplement.

 

“Series 2008-1
Class A-1 Note Make Whole Mandatory Prepayment Premium” means an
amount equal to (x) Series 2008-1 Class A-1 Note Make Whole Mandatory
Prepayment Rate, multiplied by (y) the Additional Senior Note
Prepayment 

 

19

 

Amount (as
defined in the Base Indenture) applicable to the Series 2008-1 Class A-1
Notes.

 

“Series 2008-1
Class A-1 Note Make Whole Mandatory Prepayment Rate” means with
respect to any prepayments of principal of the Series 2008-1 Class A-1
Notes pursuant to Sections 3.8(c)(i), 3.8(c)(ii), 3.8(c)(iii), 3.8(c)(iv) and
3.8(c)(v) of the Series 2008-1 Supplement on any date of
determination, the excess, if any, of (A) the quotient of (x) the
discounted present value as of the related Series 2008-1 Note Make Whole
Premium Calculation Date of all future installments of interest on and
principal of such Series 2008-1 Class A-1 Notes that the Co-Issuers
would otherwise be required to pay with respect to US $1 of principal on such Series 2008-1
Class A-1 Notes from the date of such prepayment to and including the Series 2008-1
Scheduled Maturity Date, determined by discounting monthly at a discount rate
equal to the applicable Treasury Rate, plus 50 basis points; divided by
(y) US $1 over (B) 1.00.

 

“Series 2008-1
Class A-1 Note Make Whole Optional Prepayment Premium” means with
respect to any prepayment of principal of the Series 2008-1 Class A-1
Notes pursuant to Section 3.8(e) of the Series 2008-1
Supplement on any date of determination, the excess, if any, of (x) the
discounted present value as of the related Series 2008-1 Note Make Whole
Premium Calculation Date of all future installments of interest on and
principal of such Series 2008-1 Class A-1 Notes that the Co-Issuers
would otherwise be required to pay on such Series 2008-1 Class A-1
Notes (or such portion thereof to be prepaid) from the date of such prepayment
to and including the Series 2008-1 Scheduled Maturity Date assuming the
entire unpaid principal amount (or such portion thereof to be prepaid) is
required to be paid on the date of such prepayment, determined by discounting
monthly at a discount rate equal to the applicable Treasury Rate, plus
50 basis points; over (y) the aggregate amount of the principal being so
prepaid.

 

“Series 2008-1 Class A-1 Note Make Whole
Premium” means (i) with respect to any optional prepayment of
principal of the Series 2008-1 Class A-1 Notes pursuant to Section 3.8(e) of the Series 2008-1 Supplement, the Series 2008-1
Class A-1 Note Make Whole Optional Prepayment Premium, and (ii) with
respect to all other prepayments of principal of the Series 2008-1 Class A-1
Notes pursuant to Sections 3.8(c)(i), 3.8(c)(ii),
3.8(c)(iii), 3.8(c)(iv) and 3.8(c)(v) of the Series 2008-1 Supplement, the
Series 2008-1 Class A-1 Note Make Whole Mandatory Prepayment Premium.

 

“Series 2008-1 Class A-1 Noteholder”
means the Person in whose name a Series 2008-1 Class A-1 Note is
registered in the Note Register.

 

“Series 2008-1 Class A-1 Notes” shall
have the meaning specified in “Designation” of the Series 2008-1
Supplement.

 

“Series 2008-1 Class A-1
Outstanding Principal Amount” means, when used with respect to any date, an
amount equal to (a) the Initial Principal Amount of the Series 2008-1
Class A-1 Notes, minus (b) the aggregate amount of principal
payments (whether pursuant to a prepayment, a redemption or otherwise) made to Series 2008-1

 

20

 

Class A-1 Noteholders
with respect to Series 2008-1 Class A-1 Notes on or prior to such
date.  For purposes of the Base Indenture, the “Series 2008-1
Class A-1 Outstanding Principal Amount” shall be deemed to be an “Outstanding
Principal Amount.”

 

“Series 2008-1 Class A-1 Stepped-Up
Interest Rate” shall have the meaning specified in Section 3.4(b) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-1/B-1 Note
Purchase Agreement” means the Purchase Agreement, dated as of the Series 2008-1
Closing Date, by and among the Co-Issuers, NuCO2, the
Employee Company and the Initial Purchaser, as amended, supplemented
or otherwise modified from time to time.

 

“Series 2008-1 Class A-2 Advance”
shall have the meaning set forth in the recitals to the Series 2008-1 Class A-2
Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Advance Request”
shall have the meaning set forth in Section 7.03(d) of the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Aggregate
Borrowing Base Amount” as of any date, means the aggregate sum of the Series 2008-1
Class A-2 Borrowing Base Amount for all Class A-2 Bulk CO2 Tanks and Class A-2
Nitrogen Generators existing as of such date.

 

“Series 2008-1 Class A-2 Borrowing Base
Amount” means an amount equal to the product of (i) 75%, (ii) (a) for
new Class A-2 Bulk CO2 Tanks and new Class A-2 Nitrogen
Generators, the invoice cost of such Class A-2 Bulk CO2 Tank or Class A-2
Nitrogen Generator, as applicable, at the time of purchase, net of allowances,
rebates and volume purchase adjustments or, (b) for used Class A-2
Bulk CO2 Tanks and used Class A-2 Nitrogen
Generators, acquired after the Series 2008-1 Closing Date, the lower of (x) the
depreciated book value of such Class A-2 Bulk CO2 Tank or Class A-2
Nitrogen Generator, as applicable, at the time of acquisition, if such
depreciated book value can then be reasonably determined, and (y) the
invoice cost of such Class A-2 Bulk CO2 Tank or Class A-2 Nitrogen Generator (or, if such invoice cost is
not then available, the market price for purchase of such equipment if then
purchased new, as estimated by the Transaction Manager on behalf of
Co-Issuers), reduced at the applicable depreciation percentage described in the
immediately following clause (iii), for the period from the date of purchase to
the date of acquisition, as estimated by the Transaction Manager on behalf of
the Co-Issuers), and (iii) the applicable 
depreciation per the related depreciation schedule, which shall be
calculated at a rate of (x) 7.5% per annum over thirteen years, and 2.5%
per annum over the fourteenth year, for Class A-2 Bulk CO2 Tanks, and (y) approximately 14.3% per annum over
seven years for Class A-2 Nitrogen Generators.

 

“Series 2008-1 Class A-2 Breakage Amount”
shall have the meaning set forth in Section 3.06 of the Series 2008-1
Class A-2 Note Purchase Agreement.

 

21

 

“Series 2008-1 Class A-2 Commitment
Amount” means, as to each Series 2008-1 Class A-2 Committed Note
Purchaser, the amount set forth on Schedule I to the Series 2008-1
Class A-2 Note Purchase Agreement opposite such Series 2008-1 Class A-2
Committed Note Purchaser’s name as its Series 2008-1 Class A-2
Commitment Amount or, in the case of a Series 2008-1 Class A-2
Committed Note Purchaser that becomes a party to the Series 2008-1 Class A-2
Note Purchase Agreement pursuant to a related Assignment and Assumption
Agreement or Class A-2 Investor Group Supplement, the amount set forth
therein as such Series 2008-1 Class A-2 Committed Note Purchaser’s Series 2008-1
Class A-2 Commitment Amount, in each case, as such amount may be (i) reduced
pursuant to Section 2.05 of the Series 2008-1 Class A-2
Note Purchase Agreement, or (ii) increased or reduced by any related
Assignment and Assumption Agreement or Class A-2 Investor Group Supplement
entered into by such Series 2008-1 Class A-2 Committed Note Purchaser
in accordance with the terms of the Series 2008-1 Class A-2 Note
Purchase Agreement as the case may be.

 

“Series 2008-1 Class A-2 Commitment Fee
Rate” has the meaning set forth in the Series 2008-1 Class A-2 VFN
Fee Letter.

 

“Series 2008-1 Class A-2 Commitments”
means the obligation of each Series 2008-1 Class A-2 Committed Note
Purchaser included in each Series 2008-1 Class A-2 Investor Group to
fund Series 2008-1 Class A-2 Advances pursuant to Section 2.02(a) of
the Series 2008-1 Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Committed Note
Purchaser” shall have the meaning set forth in the preamble to the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Conduit
Investors” shall have the meaning set forth in the preamble to the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Contingent
Additional Interest” means as of any Determination Date, for each Interest
Period following the Series 2008-1 Scheduled Maturity Date (including
without limitation for each Interest Period during any Series 2008-1
Extension Period and for each Interest Period thereafter) the sum of (i) the
Series 2008-1 Class A-2 Daily Contingent Interest Amounts for each
day during such Interest Period, plus (ii) the amount of any Senior
Notes Aggregate Contingent Additional Interest Shortfall Amount with respect to
the Series 2008-1 Class A-2 Notes for such Interest Period.  For purposes of the Indenture, the “Series 2008-1
Class A-2 Contingent Additional Interest” shall be deemed to constitute
the “Senior Notes Contingent Additional Interest Amount.”

 

“Series 2008-1 Class A-2 Contingent
Additional Interest Rate” means for any day during a Series 2008-1
Extension Period, 2.00% per annum.

 

“Series 2008-1 Class A-2
Daily Commitment Fee Amounts” means with respect to the Series 2008-1 Class A-2
Notes for any day during any Interest Period 

 

22

 

occurring during the Commitment Term, the quotient of (a) the
product of (x) the Series 2008-1 Class A-2 Commitment Fee Rate,
if any, multiplied by (y) an amount equal to the related Class A-2
Investor Group’s Class A-2 Commitment Percentage multiplied by the excess,
on each day, of (1) the Series 2008-1 Class A-2 Maximum
Principal Amount over (2) the Series 2008-1 Class A-2
Outstanding Principal Amount as of the close of business on such day divided by
(b) 360.

 

“Series 2008-1 Class A-2 Daily Contingent
Interest Amount” means with respect to the Series 2008-1 Class A-2
Notes for any day during any Interest Period occurring during any Series 2008-1
Extension Period, the sum of (i) with respect to any Class A-2 CP
Advance outstanding on such day, the result of (a) the product of (x) the
Series 2008-1 Class A-2 Contingent Additional Interest Rate
multiplied by (y) the Series 2008-1 Class A-2 Outstanding
Principal Amount (excluding any Class A-2 Base Rate Advances included
therein) as of the close of business on such day divided by (b) 360 and (ii) with
respect to any Class A-2 Base Rate Advance outstanding on such day, the
result of (a) the product of (x) the Series 2008-1 Class A-2
Contingent Additional Interest Rate and (y) any Class A-2 Base Rate
Advances included in the Series 2008-1 Class A-2 Outstanding
Principal Amount as of the close of business on such day divided by (b) 365
or 366, as applicable.

 

“Series 2008-1 Class A-2 Daily Interest
Amount” means with respect to the Series 2008-1 Class A-2 Notes
for any day during any Interest Period, the sum of (i) with respect to any
Class A-2 CP Advance outstanding on such day, the result of (a) the
product of (x) the CP Rate in effect for such day and (y) the
principal amount of such Class A-2  CP Advance
outstanding as of the close of business on such day, divided by (b) 360, (ii) with
respect to any Class A-2  Base Rate
Advance outstanding on such day, the result of (a) the product of (x) the
Base Rate in effect for such day and (y) the principal amount of Class A-2
Base Rate Advance outstanding as of the close of business on such day divided
by (b) 365 or 366, as applicable and (iii) with respect to any Class A-2
Eurodollar Advance outstanding on such day, the result of (a) the product
of (x) the Eurodollar Rate in effect for such Interest Period and (y) the
principal amount of such Class A-2 Eurodollar Advance outstanding as of
the close of business on such day divided by (b) 360.

 

“Series 2008-1 Class A-2 Decrease”
means a Series 2008-1 Class A-2 Required Amortization or a Series 2008-1
Class A-2 Voluntary Decrease, as applicable.

 

“Series 2008-1 Class A-2 Excess Principal
Event” shall be deemed to have occurred if, on any Payment Date, the Series 2008-1
Class A-2 Outstanding Principal Amount exceeds the Series 2008-1 Class A-2
Note Maximum Aggregate Advanced Amount on such Payment Date.

 

“Series 2008-1  Class A-2 Increase”
shall have the meaning set forth in Section 2.1(a) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class A-2 Increased
Capital Costs” shall have the meaning set forth in Section 3.07
of the Series 2008-1 Class A-2 Note Purchase Agreement.

 

23

 

“Series 2008-1 Class A-2 Increased Costs”
with respect to the Series 2008-1 Class A-2 Notes, shall have the
meaning set forth in Section 3.05 of the Series 2008-1 Class A-2
Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Increased Tax
Costs” shall have the meaning set forth in Section 3.08 of the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Interest”
shall have the meaning set forth in Section 3.5(a) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class A-2 Investor”
means any one of the Series 2008-1 Class A-2 Conduit Investors and
the Series 2008-1 Class A-2 Committed Note Purchasers and “Series 2008-1
Class A-2 Investors” means the Series 2008-1 Class A-2
Conduit Investors and the Series 2008-1 Class A-2 Committed Note
Purchasers collectively.

 

“Series 2008-1 Class A-2 Lenders”
means the purchasers of the Series 2008-1 Class A-2 Notes as lenders
under the Series 2008-1 Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Maximum
Principal Amount” means $30,000,000, as such amount may be reduced pursuant
to Section 2.05 of the Series 2008-1 Class A-3 Note
Purchase Agreement.

 

“Series 2008-1 Class A-2 Note Administrative
Agent” shall have the meaning set forth in the preamble to the Series 2008-1
Class A-2 Note Purchase Agreement. 
For purposes of the Base Indenture, the “Series 2008-1 Class A-2
Note Administrative Agent” shall be deemed to be a “Class A-2 Note Administrative
Agent.”

 

“Series 2008-1 Class A-2 Note
Administrative Agent Fees” shall have the meaning set forth in Section 3.02(a) of
the Series 2008-1 Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-2 Note
Administrative Expenses” means, for any Payment Date, Series 2008-1 Class A-2
Note Administrative Agent Fees  and
Class A-2 Amendment Expenses then due and payable and not previously paid.
For purposes of the Base Indenture, the “Series 2008-1 Class A-2 Note
Administrative Expenses” shall be deemed to be “Class A-2 Note
Administrative Expenses.”

 

“Series 2008-1 Class A-2 Note Interest
Rate” means, for any day, (a) with respect to that portion of the Series 2008-1
Class A-2 Outstanding Principal Amount resulting from Series 2008-1 Class A-2
Advances that bear interest on such day at the CP Rate in accordance with Section 3.01
of the Series 2008-1 Class A-2 Note Purchase Agreement, the CP Rate
in effect for such day; (b) with respect to that portion of the Series 2008-1
Class A-2 Outstanding Principal Amount resulting from Series 2008-1 Class A-2
Advances that bear interest on such day at the Eurodollar Rate in accordance
with Section 3.01 of the Series 2008-1 Class A-2 Note
Purchase Agreement, the 

 

24

 

Eurodollar Rate in effect for the Eurodollar Interest
Period that includes such day; (c) with respect to that portion of the Series 2008-1
Class A-2 Outstanding Principal Amount resulting from Series 2008-1 Class A-2
Advances that bear interest on such day at the Base Rate in accordance with Section 3.01
of the Series 2008-1 Class A-2 Note Purchase Agreement, the Base Rate
in effect for such day; and (d) with respect to any other amounts that any
Related Document provides is to bear interest by reference to the Series 2008-1
Class A-2 Note Interest Rate, the Base Rate in effect for such day; in
each case, computed on the basis of a year of 360 (or, in the case of the Base
Rate, 365 or 366, as applicable) days and the actual number of days elapsed; provided,
however, that the Series 2008-1 Class A-2 Note Interest Rate
will in no event be higher than the maximum rate permitted by applicable law.

 

“Series 2008-1 Class A-2 Note Maximum
Aggregate Advanced Amount” shall equal, as of any Payment Date, the lesser
of (a) the Series 2008-1 Class A-2 Aggregate Borrowing Base
Amount and (b) whichever of the following is applicable: (i) if the
Pro Forma DSCR on such Payment Date is less than 2.35 times but greater than or
equal to 2.10 times, $10,000,000, (ii) if the Pro Forma DSCR on such
Payment Date is less than 2.45 times but greater than or equal to 2.35 times,
$20,000,000, and (iii) if the Pro Forma DSCR on such Payment Date is
greater than or equal to 2.45 times, $30,000,000.

 

“Series 2008-1 Class A-2 Note Purchase Agreement”
means the Purchase Agreement, dated as of May 28, 2008 by and among the
Co-Issuers, the Master Manager, the Transaction Manager, certain Series 2008-1
Class A-2 Conduit Investors, the Series 2008-1 Class A-2
Committed Note Purchasers, certain Funding Agents and the Series 2008-1 Class A-2
Note Administrative Agent, as amended, supplemented or otherwise modified from
time to time.

 

“Series 2008-1 Class A-2 Noteholder”
means the Person in whose name a Series 2008-1 Class A-2 Note is
registered in the Note Register.

 

“Series 2008-1 Class A-2 Notes” shall
have the meaning set forth in “Designation” in the Series 2008-1
Supplement.

 

“Series 2008-1  Class A-2 Other
Amounts” means for any Payment Date, the aggregate amount of any Series 2008-1
Class A-2 Breakage Amount, Class A-2 Indemnities, Series 2008-1 Class A-2
Increased Capital Costs, Series 2008-1 Class A-2 Increased Costs, Series 2008-1
Class A-2 Increased Tax Costs, Other Class A-2 Transaction Expenses
and any other accrued and unpaid amounts due under the Series 2008-1 Class A-2
Note Purchase Agreement then due and payable.

 

“Series 2008-1 Class A-2 Outstanding
Principal Amount” means, when used with respect to any date, an amount
equal to (a) the aggregate amount of all Series 2008-1 Class A-2
Increases in the Series 2008-1 Class A-2 Outstanding Principal Amount
pursuant to Section 2.1 of the Series 2008-1 Supplement
resulting from Series 2008-1 Class A-2 Advances made on or prior to
such date and after the Series 2008-1 Closing Date, minus (b) the
amount of principal payments (whether pursuant to a Series 

 

25

 

2008-1 Class A-2 Decrease, a prepayment, a
redemption or otherwise) made on the Series 2008-1 Class A-2 Notes on
or prior to such date; provided that, at no time may the Series 2008-1
Class A-2 Outstanding Principal Amount exceed the Series 2008-1 Class A-2
Note Maximum Aggregate Advance Amount. 
For purposes of the Base Indenture, the “Series 2008-1 Class A-2
Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal
Amount.”

 

“Series 2008-1 Class A-2 Required
Amortization” shall have the meaning set forth in Section 2.2(a)(i) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-2 Required
Amortization Amounts” shall have the meaning set forth in Section 2.2(a)(i) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-2 Senior Note
Commitment Fee Amount” means as of any Determination Date for any Interest
Period, an amount equal to the aggregate
of the Series 2008-1 Class A-2 Daily Commitment Fee Amounts for each
day in such Interest Period. For purposes of the Indenture, the “Series 2008-1
Class A-2 Senior Note Commitment Fee Amount” shall be deemed to be “Class A-2
Senior Note Commitment Fee Amount.”

 

“Series 2008-1 Class A-2 VFN Fee Letter”
means the Fee Letter related to the Series 2008-1 Class A-2 Notes,
dated as of the Series 2008-1 Closing Date, by and among the Co-Issuers,
the related Funding Agents and the Series 2008-1 Class A-2 Note
Administrative Agent, as the same may be amended, supplemented or otherwise
modified from time to time pursuant to the terms thereof.  For purposes of the Base Indenture, the “Series 2008-1
Class A-2 VFN Fee Letter” shall be deemed to be a “VFN Fee Letter.”

 

“Series 2008-1 Class A-2 Voluntary
Decrease” shall have the meaning set forth in Section 2.2(b)(i) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-2 Voluntary
Decrease Request”  shall have the
meaning set forth in Section 2.02(f) of the Series 2008-1
Class A-2 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Advance”
shall have the meaning set forth in the recitals to the Series 2008-1 Class A-3
Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Advance Request”
shall have the meaning set forth in Section 7.03(d) of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Breakage Amount”
shall have the meaning set forth in Section 3.06 of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Commitment
Amount” means, as to each Series 2008-1 Class A-3 Committed Note
Purchaser, the amount set forth on Schedule I to the Series 2008-1
Class A-3 Note Purchase Agreement opposite such Series 2008-1 Class A-3
Committed Note Purchaser’s name as its Series 2008-1 Class A-3 

 

26

 

Commitment Amount or, in the case of a Series 2008-1
Class A-3 Committed Note Purchaser that becomes a party to the Series 2008-1
Class A-3 Note Purchase Agreement pursuant to a related Assignment and
Assumption Agreement or Class A-3 Investor Group Supplement, the amount
set forth therein as such Series 2008-1 Class A-3 Committed Note
Purchaser’s Series 2008-1 Class A-3 Commitment Amount, in each case,
as such amount may be (i) reduced pursuant to Section 2.05 of
the Series 2008-1 Class A-3 Note Purchase Agreement, or (ii) increased
or reduced by any related Assignment and Assumption Agreement or Class A-3
Investor Group Supplement entered into by such Series 2008-1 Class A-3
Committed Note Purchaser in accordance with the terms of the Series 2008-1
Class A-3 Note Purchase Agreement as the case may be.

 

“Series 2008-1 Class A-3 Commitment Fee
Rate” has the meaning set forth in the Series 2008-1 Class A-3
VFN Fee Letter.

 

“Series 2008-1 Class A-3 Commitments”
means the obligation of each Series 2008-1 Class A-3 Committed Note
Purchaser included in each Class A-3 Investor Group to fund Series 2008-1
Class A-3 Advances pursuant to Section 2.02(a) of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Committed Note
Purchaser” shall have the meaning set forth in the preamble to the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Conduit
Investors” shall have the meaning set forth in the preamble to the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Contingent
Additional Interest” means as of any Determination Date, for each Interest
Period following the Series 2008-1 Scheduled Maturity Date (including
without limitation for each Interest Period during any Series 2008-1
Extension Period and for each Interest Period thereafter) the sum of (i) the
Series 2008-1 Class A-3 Daily Contingent Interest Amounts for each
day during such Interest Period, plus (ii) the amount of any Senior
Notes Aggregate Contingent Additional Interest Shortfall Amount with respect to
the Series 2008-1 Class A-3 Notes for such Interest Period.  For purposes of the Indenture, the “Series 2008-1
Class A-3 Contingent Interest” shall be deemed to constitute the “Senior
Note Contingent Additional Interest Amount.”

 

“Series 2008-1 Class A-3 Contingent
Additional Interest Rate” means for any day during a Series 2008-1
Extension Period, 2.00% per annum.

 

“Series 2008-1 Class A-3
Daily Commitment Fee Amounts” means with respect to the Series 2008-1 Class A-3
Notes for any day during any Interest Period occurring during the Commitment
Term, the quotient of (a) the product of (x) the Series 2008-1 Class A-3
Commitment Fee Rate, if any, multiplied by (y) an amount equal to
the related Class A-3 Investor Group’s Class A-3 Commitment
Percentage multiplied by the excess, on each day, of (1) the Series 2008-1
Class A-3 Maximum Principal Amount over  

 

27

 

(2) the Series 2008-1 Class A-3
Outstanding Principal Amount as of the close of business on such day divided by
(b) 360.

 

“Series 2008-1 Class A-3 Daily Contingent
Interest Amount” means with respect to the Series 2008-1 Class A-3
Notes for any day during any Interest Period occurring during any Series 2008-1
Extension Period, the sum of (i) with respect to any Class A-3 CP
Advance outstanding on such day, the quotient of (a) the product of (x) the
Series 2008-1 Class A-3 Contingent Additional Interest Rate
multiplied by (y) the Series 2008-1 Class A-3 Outstanding
Principal Amount (excluding any Class A-3 Base Rate Advances included
therein) as of the close of business on such day divided by (b) 360 and (ii) with
respect to any Class A-3 Base Rate Advance outstanding on such day, the
quotient of (a) the product of (x) the Series 2008-1 Class A-3
Contingent Additional Interest Rate and (y) any Class A-3 Base Rate
Advances included in the Series 2008-1 Class A-3 Outstanding
Principal Amount as of the close of business on such day divided by (b) 365
or 366, as applicable.

 

“Series 2008-1 Class A-3 Daily Interest
Amount” means with respect to the Series 2008-1 Class A-3 Notes
for any day during any Interest Period, the sum of (i) with respect to any
Class A-3 CP Advance outstanding on such day, the quotient of (a) the
product of (x) the CP Rate in effect for such day and (y) the
principal amount of such Class A-3  CP Advance
outstanding as of the close of business on such day divided by (b) 360, (ii) with
respect to any Class A-3  Base Rate
Advance outstanding on such day, the quotient of (a) the product of (x) the
Base Rate in effect for such day and (y) the principal amount of Class A-3
Base Rate Advance outstanding as of the close of business on such day divided
by (b) 365 or 366, as applicable and (iii) with respect to any Class A-3
Eurodollar Advance outstanding on such day, the quotient of (a) the
product of (x) the Eurodollar Rate in effect for such Interest Period and (y) the
principal amount of such Class A-3 Eurodollar Advance outstanding as of
the close of business on such day divided by (b) 360.

 

“Series 2008-1 Class A-3 Decrease”
means a Series 2008-1 Class A-3 Required Amortization or a Series 2008-1
Class A-3 Voluntary Decrease, as applicable.

 

“Series 2008-1 Class A-3 Excess Principal
Event” shall be deemed to have occurred if, on any Payment Date, the Series 2008-1
Class A-3 Outstanding Principal Amount exceeds the Series 2008-1 Class A-3
Maximum Principal Amount on such Payment Date.

 

“Series 2008-1  Class A-3 Increase”
shall have the meaning set forth in Section 2.1(b) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class A-3 Increased
Capital Costs” shall have the meaning set forth in Section 3.07
of the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Increased Costs”
with respect to the Series 2008-1 Class A-3 Notes, shall have the
meaning set forth in Section 3.05 of the Series 2008-1 Class A-3
Note Purchase Agreement.

 

28

 

“Series 2008-1 Class A-3 Increased Tax
Costs” shall have the meaning set forth in Section 3.08 of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Interest”
shall have the meaning set forth in Section 3.6(a) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class A-3 Investor”
means any one of the Series 2008-1 Class A-3 Conduit Investors and
the Series 2008-1 Class A-3 Committed Note Purchasers and “Series 2008-1
Class A-3 Investors” means the Series 2008-1 Class A-3
Conduit Investors and the Series 2008-1 Class A-3 Committed Note
Purchasers collectively.

 

“Series 2008-1 Class A-3 Lenders”
means the purchasers of the Series 2008-1 Class A-3 Notes as lenders
under the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3 Maximum
Principal Amount” means $20,000,000, as such amount may be reduced pursuant
to Section 2.05 of the Series 2008-1 Class A-3 Note
Purchase Agreement.

 

“Series 2008-1 Class A-3 Note
Administrative Agent” shall have the meaning set forth in the preamble to
the Series 2008-1 Class A-3 Note Purchase Agreement.  For purposes of the Base Indenture, the “Series 2008-1
Class A-3 Note Administrative Agent” shall be deemed to be a “Class A-3
Note Administrative Agent.”

 

“Series 2008-1 Class A-3 Note
Administrative Agent Fees” shall have the meaning set forth in Section 3.02(a) of
the Series 2008-1 Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class A-3
Note Administrative Expenses” means, for any Payment Date, Series 2008-1
Class A-3 Note Administrative Agent Fees  and Class A-3 Amendment
Expenses then due and payable and not previously paid. For purposes of the Base
Indenture, the “Series 2008-1 Class A-3 Note Administrative Expenses”
shall be deemed to be “Class A-3 Note Administrative Expenses.”

 

“Series 2008-1 Class A-3 Note Interest
Rate” means, for any day, (a) with respect to that portion of the Series 2008-1
Class A-3 Outstanding Principal Amount resulting from Series 2008-1 Class A-3
Advances that bear interest on such day at the CP Rate in accordance with Section 3.01
of the Series 2008-1 Class A-3 Note Purchase Agreement, the CP Rate
in effect for such day; (b) with respect to that portion of the Series 2008-1
Class A-3 Outstanding Principal Amount resulting from Series 2008-1 Class A-3
Advances that bear interest on such day at the Eurodollar Rate in accordance
with Section 3.01 of the Series 2008-1 Class A-3 Note
Purchase Agreement, the Eurodollar Rate in effect for the Eurodollar Interest
Period that includes such day; (c) with respect to that portion of the Series 2008-1
Class A-3 Outstanding Principal Amount resulting from Series 2008-1 Class A-3
Advances that bear interest on such day at the Base Rate in accordance with Section 3.01
of the Series 2008-1 Class A-3 Note 

 

29

 

Purchase Agreement, the Base Rate in effect for such
day; and (d) with respect to any other amounts that any Related Document
provides is to bear interest by reference to the Series 2008-1 Class A-3
Note Interest Rate, the Base Rate in effect for such day; in each case,
computed on the basis of a year of 360 (or, in the case of the Base Rate, 365
or 366, as applicable) days and the actual number of days elapsed; provided,
however, that the Series 2008-1 Class A-3 Note Interest Rate
will in no event be higher than the maximum rate permitted by applicable law.

 

“Series 2008-1 Class A-3 Note Purchase
Agreement” means the Purchase Agreement, dated as of May 28, 2008 by
and among the Co-Issuers, the Master Manager, the Transaction Manager, certain Series 2008-1
Class A-3 Conduit Investors, the Series 2008-1 Class A-3
Committed Note Purchasers, certain Funding Agents and the Series 2008-1 Class A-3
Note Administrative Agent, as amended, supplemented or otherwise modified from
time to time.

 

“Series 2008-1 Class A-3 Noteholder”
means the Person in whose name a Series 2008-1 Class A-3 Note is
registered in the Note Register.

 

“Series 2008-1 Class A-3 Notes” shall
have the meaning set forth in “Designation” in the Series 2008-1
Supplement.

 

“Series 2008-1  Class A-3 Other
Amounts” means for any Payment Date, the aggregate amount of any Series 2008-1
Class A-3 Breakage Amount, Class A-3 Indemnities, Series 2008-1 Class A-3
Increased Capital Costs, Series 2008-1 Class A-3 Increased Costs, Series 2008-1
Class A-3 Increased Tax Costs, Other Class A-3 Transaction Expenses
and any other accrued and unpaid amounts due under the Series 2008-1 Class A-3
Note Purchase Agreement then due and payable.

 

“Series 2008-1 Class A-3 Outstanding Principal
Amount” means, when used with respect to any date, an amount equal to (a) the
aggregate amount of all Series 2008-1 Class A-3 Increases in the Series 2008-1
Class A-3 Outstanding Principal Amount pursuant to Section 2.1
of the Series 2008-1 Supplement resulting from Series 2008-1 Class A-3
Advances made on or prior to such date and after the Series 2008-1 Closing
Date, minus (b) the amount of principal payments (whether pursuant
to a Series 2008-1 Class A-3 Decrease, a prepayment, a redemption or
otherwise) made on the Series 2008-1 Class A-3 Notes on or prior to
such date; provided that, at no time may the Series 2008-1 Class A-3
Outstanding Principal Amount exceed the Series 2008-1 Class A-3 Note
Maximum Aggregate Advance Amount.  For
purposes of the Base Indenture, the “Series 2008-1 Class A-3
Outstanding Principal Amount” shall be deemed to be an “Outstanding Principal
Amount.”

 

“Series 2008-1 Class A-3 Required
Amortization” shall have the meaning set forth in Section 2.2(a)(ii) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-3 Senior Note
Commitment Fee Amount” means as of any Determination Date for any Interest
Period, an amount equal to the aggregate
of the Series 2008-1 Class A-3 Daily Commitment Fee Amounts for each
day in such 

 

30

 

Interest Period.  For purposes of the Indenture, the “Series 2008-1
Class A-3 Senior Note Commitment Fee Amount” shall be deemed to be “Class A-3
Senior Note Commitment Fee Amount.”

 

“Series 2008-1 Class A-3 VFN Fee Letter”
means the Fee Letter related to the Series 2008-1 Class A-3 Notes,
dated as of the Series 2008-1 Closing Date, by and among the Co-Issuers,
the related Funding Agents and the Series 2008-1 Class A-3 Note
Administrative Agent, as the same may be amended, supplemented or otherwise
modified from time to time pursuant to the terms thereof.  For purposes of the Base Indenture, the “Series 2008-1
Class A-3 VFN Fee Letter” shall be deemed to be a “VFN Fee Letter.”

 

“Series 2008-1 Class A-3 Voluntary
Decrease” shall have the meaning set forth in Section 2.2(b)(ii) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class A-3 Voluntary
Decrease Request”  shall have the
meaning set forth in Section 2.02(f) of the Series 2008-1
Class A-3 Note Purchase Agreement.

 

“Series 2008-1 Class B-1 Contingent
Additional Interest” shall have the meaning set forth in Section 3.7(b) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class B-1 Contingent
Additional Interest Rate” shall have the meaning set forth in Section 3.7(b) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Class B-1 Global Notes”
shall have the meaning set forth in the Section 4.4(c) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class B-1 Initial
Principal Amount” means the aggregate initial outstanding principal amount
of the Series 2008-1 Class B-1 Notes, which is $75,000,000.

 

“Series 2008-1 Class B-1 Interest”
shall have the meaning set forth in Section 3.7(a) of the Series 2008-1
Supplement.

 

“Series 2008-1 Class B-1 Note Interest
Rate” shall have the meaning set forth in Section 3.7(a) of
the Series 2008-1 Supplement.

 

“Series 2008-1
Class B-1 Note Make Whole Mandatory Prepayment Premium” means an
amount equal to (x) Series 2008-1 Class B-1 Note Make Whole
Mandatory Prepayment Rate, multiplied by (y) the Additional
Subordinated Note Prepayment Amount (as defined in the Base Indenture).

 

“Series 2008-1
Class B-1 Note Make Whole Mandatory Prepayment Rate” means with
respect to any prepayments of principal of the Series 2008-1 Class B-1
Notes pursuant to Sections 3.8(c)(i), 3.8(c)(ii), 3.8(c)(iii), 3.8(c)(iv) and
3.8(c)(v) of the Series 2008-1 Supplement on any date of
determination, the excess, if any, of (A) the quotient of (x) the
discounted present value as of the related Series 2008-1 Note Make Whole 

 

31

 

Premium
Calculation Date of all future installments of interest on and principal of
such Series 2008-1 Class B-1 Notes that the Co-Issuers would
otherwise be required to pay with respect to US $1 of principal on such Series 2008-1
Class B-1 Notes from the date of such prepayment to and including the Series 2008-1
Scheduled Maturity Date, determined by discounting monthly at a discount rate
equal to the applicable Treasury Rate, plus 50 basis points; divided
by (y) US $1 over (B) 1.00.

 

“Series 2008-1
Class B-1 Note Make Whole Optional Prepayment Premium” means with
respect to any prepayment of principal of the Series 2008-1 Class B-1
Notes pursuant to Section 3.8(e) of the Series 2008-1
Supplement on any date of determination, the excess, if any, of (x) the
discounted present value as of the related Series 2008-1 Note Make Whole
Premium Calculation Date of all future installments of interest on and
principal of such Series 2008-1 Class B-1 Notes that the Co-Issuers
would otherwise be required to pay on such Series 2008-1 Class B-1
Notes (or such portion thereof to be prepaid) from the date of such prepayment
to and including the Series 2008-1 Scheduled Maturity Date assuming the
entire unpaid principal amount (or such portion thereof to be prepaid) is
required to be paid on the date of such prepayment, determined by discounting
monthly at a discount rate equal to the applicable Treasury Rate, plus
50 basis points; over (y) the aggregate amount of the principal being so
prepaid.

 

“Series 2008-1 Class B-1 Note Make Whole
Premium” means (i) with respect to any
optional prepayment of principal of the Series 2008-1 Class B-1 Notes
pursuant to Section 3.8(e) of the Series 2008-1
Supplement, the Series 2008-1 Class B-1 Note Make Whole Optional
Prepayment Premium, and (ii) with respect to all other prepayments of
principal of the Series 2008-1 Class B-1 Notes pursuant to Sections
3.8(c)(i), 3.8(c)(ii), 3.8(c)(iii), 3.8(c)(iv) and 3.8(c)(v) of
the Series 2008-1 Supplement, the Series 2008-1 Class B-1 Note
Make Whole Mandatory Prepayment Premium.

 

“Series 2008-1 Class B-1
Noteholder” means the Person in whose name a Series 2008-1 Class B-1
Note is registered in the Note Register.

 

“Series 2008-1 Class B-1
Notes” shall have the meaning specified in “Designation” of the Series 2008-1
Supplement.

 

“Series 2008-1 Class B-1
Outstanding Principal Amount” means, when used with respect to any date, an
amount equal to (a) the Series 2008-1 Class B-1 Initial
Principal Amount, minus (b) the aggregate amount of principal
payments (whether pursuant to a prepayment, a redemption or otherwise) made to Series 2008-1
Class B-1 Noteholders with respect to Series 2008-1 Class B-1
Notes on or prior to such date.  For
purposes of the Base Indenture, the “Series 2008-1 Class B-1
Outstanding Principal Amount” shall be deemed to be an “Outstanding
Principal Amount.”

 

“Series 2008-1 Class B-1 Stepped-Up
Interest Rate” shall have the meaning specified in Section 3.7(b) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Closing Date” means May 28,
2008.

 

32

 

“Series 2008-1 Extension Election Period”
means (i) the period from the Series 2008-1 Scheduled Maturity Date
to the Series 2008-1 First Extended Scheduled Maturity Date and (ii) the
period from the Series 2008-1 First Extended Scheduled Maturity Date to
the Series 2008-1 Second Extended Scheduled Maturity Date, as applicable.

 

“Series 2008-1 Extension Elections” shall
have the meaning specified in Section 3.8(b)(ii) of the Series 2008-1
Supplement.

 

“Series 2008-1 Extension Periods” means,
collectively, the Series 2008-1 First Extension Period and the Series 2008-1
Second Extension Period.  For purposes of
the Base Indenture, each of the Series 2008-1 Extension Periods shall be
deemed to be an “Extension Period.”

 

“Series 2008-1 Final
Payment” means the payment of all accrued and unpaid interest on, and
principal of, all Outstanding Series 2008-1 Notes, the payment of all fees
and expenses and other amounts then due and payable under the Series 2008-1
Class A-2 Note Purchase Agreement and the Series 2008-1 Class A-3
Note Purchase Agreement and the termination in full of all Series 2008-1 Class A-2
Commitments and Series 2008-1 Class A-3 Commitments.

 

“Series 2008-1 Final Payment Date” means
the date on which the Series 2008-1 Final Payment is made.

 

“Series 2008-1 First Extended Scheduled
Maturity Date” shall have the meaning set forth in Section 3.8(b)(i) of
the Series 2008-1 Supplement.

 

“Series 2008-1 First Extension Election”
shall have the meaning set forth in Section 3.8(b)(i) of the Series 2008-1
Supplement.

 

“Series 2008-1 First Extension Period”
means, if the Series 2008-1 First Extension Election has been made
and become effective, the period from the Series 2008-1 Scheduled Maturity
Date to the Series 2008-1 First Extended Scheduled Maturity Date.

 

“Series 2008-1 Legal Final Maturity Date”
means the Payment Date occurring in June 2038.  For purposes of the Base Indenture, the “Series 2008-1
Legal Final Maturity Date” shall be deemed to be a “Series Legal Final
Maturity Date.”

 

“Series 2008-1 Lenders” means the Series 2008-1
Class A-2 Lenders together with the Series 2008-1 Class A-3
Lenders.

 

“Series 2008-1 Note Make Whole Premium”
means the Series 2008-1 Class A-1 Note Make Whole Premium or the Series 2008-1
Class B-1 Note Make Whole Premium, as applicable.

 

33

 

“Series 2008-1 Note Make Whole Premium
Calculation Date” shall have the meaning set forth in Section 3.8(f) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Note Owner” means, with
respect to a Series 2008-1 Note that is a Book-Entry Note, the Person who
is the beneficial owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency that holds such Book-Entry Note, or on the books of a
Person maintaining an account with such Clearing Agency (directly or as an
indirect participant, in accordance with the rules of such Clearing
Agency).

 

“Series 2008-1 Noteholders” means, collectively,
the Series 2008-1 Senior Noteholders and the Series 2008-1
Subordinated Noteholders.

 

“Series 2008-1 Noteholders’ Statement”
means, with respect to the Series 2008-1 Notes, a statement substantially
in the form of Exhibit D to the Series 2008-1 Supplement.

 

“Series 2008-1 Notes” means, collectively,
the Series 2008-1 Senior Notes and the Series 2008-1 Subordinated
Notes.

 

“Series 2008-1 Outstanding Principal Amount”
means, with respect to any date, the sum of the Series 2008-1 Class A-1
Outstanding Principal Amount, plus the Series 2008-1 Class A-2
Outstanding Principal Amount, plus the Series 2008-1 Class A-3
Outstanding Principal Amount, plus the Series 2008-1 Class B-1
Outstanding Principal Amount.

 

“Series 2008-1 Prepayment” shall have the meaning
set forth in Section 3.8(g) of the Series 2008-1
Supplement.

 

“Series 2008-1
Prepayment Amount” shall have the meaning set forth in Section 3.8(g) of
the Series 2008-1 Supplement.

 

“Series 2008-1
Prepayment Date” shall have the meaning set forth in Section 3.8(g) of
the Series 2008-1 Supplement.

 

“Series 2008-1 Scheduled Maturity Date”
shall have the meaning set forth in Section 3.8(b) of the Series 2008-1
Supplement.

 

“Series 2008-1 Second Extended Scheduled
Maturity Date” shall have the meaning set forth in Section 3.8(b)(ii)of
the Series 2008-1 Supplement.

 

“Series 2008-1 Second Extension Election”
shall have the meaning set forth in Section 3.8(b)(ii) of the Series 2008-1
Supplement.

 

“Series 2008-1 Second Extension Period”
means, if the Series 2008-1 Second Extension Election has been made and
become effective, the period from the Series 2008-1 First Extended
Scheduled Maturity Date to the Series 2008-1 Second  Extended
Scheduled Maturity Date.

 

34

 

“Series 2008-1 Senior Note Interest Amount”
means collectively, the Series 2008-1 Class A-1 Interest, the Series 2008-1
Class A-2 Interest and the Series 2008-1 Class A-3 Interest. For purposes of the Base Indenture, the Series 2008-1
Senior Note Interest Amount shall be
deemed to be the “Senior Note Interest Amount.”

 

“Series 2008-1
Senior Note Interest Reserve Account Required Amount” means:

 

(a)           with
respect to any Payment Date on which (A) the Three-Month DSCR for such
Payment Date and the two (2) immediately preceding Payment Dates is
greater than or equal to 2.75 times and (B) no Event of Default or Early
Amortization Event shall have occurred and be continuing, an amount equal to (x) the
sum of (i) the Class A-1 Interest Reserve Amount as of such Payment
Date, plus (ii) the Class A-2 Interest Reserve Amount as of
such Payment Date, plus (iii) the Class A-3 Interest Reserve
Amount as of such Payment Date, divided by (y) two (2);

 

(b)           with
respect to any other Payment Date, an amount equal to the sum of (i) the Class A-1
Interest Reserve Amount as of such Payment Date, plus (ii) the Class A-2
Interest Reserve Amount as of such Payment Date, plus (iii) the Class A-3
Interest Reserve Amount as of such Payment Date; and

 

(c)           with
respect to any Class A-3 Draw Date that is not a Payment Date, an amount
equal to the sum of (i) the Class A-1 Interest Reserve Amount as of
the immediately preceding Payment Date, plus (ii) the Class A-2
Interest Reserve Amount as of the immediately preceding Payment Date, plus
(iii) the Class A-3 Interest Reserve Amount as of such Class A-3
Draw Date; provided that such amount shall be divided by two (2),
if subclauses (A) and (B) of clause (a) of this definition are
true as of the prior Payment Date.

 

“Series 2008-1 Senior Noteholders” means,
collectively, the Series 2008-1 Class A-1 Noteholders, the Series 2008-1
Class A-2 Noteholders and the Series 2008-1 Class A-3
Noteholders.

 

“Series 2008-1 Senior Notes” means,
collectively, the Series 2008-1 Class A-1 Notes, the Series 2008-1
Class A-2 Notes and the Series 2008-1 Class A-3 Notes.

 

“Series 2008-1 Subordinated Noteholders”
means the Series 2008-1 Class B-1 Noteholders.

 

“Series 2008-1 Subordinated Notes” means
the Series 2008-1 Class B-1 Notes.

 

“Series 2008-1
Supplement” means the Series 2008-1 Supplement, dated as of the Series 2008-1
Closing Date by and among the Co-Issuers and the Trustee, as amended,
supplemented or otherwise modified from time to time.

 

35

 

“Series 2008-1 Supplemental Definitions List”
shall have the meaning set forth in Article I of the Series 2008-1
Supplement.

 

“Similar Law” means any federal, state, local,
non-U.S. or other laws or regulations governing the investment of governmental
plans, certain church plans, and foreign plans, not subject to ERISA or the
provisions of Section 4975 of the Code, and the conduct of the fiduciaries
of such plans.

 

“Specified Rating Agencies” means any of
Standard & Poor’s, Moody’s or Fitch, as applicable.

 

“STAMP” has the meaning set forth in Section 4.6(a) of
the Series 2008-1 Supplement.

 

“Treasury Rate” means with respect to any date,
the yield to maturity (converted to a monthly equivalent rate) as of such date
of a United States Treasury security (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) that has become publicly
available at least two Business Days prior to such date (or, if such
statistical release is no longer published, any publicly available source of
similar market data)) having a term nearly as nearly as possible equal to the Series 2008-1
Scheduled Maturity Date and determined, if necessary, by interpolating linearly
between yields reported for various maturities if no maturity corresponds to
the Series 2008-1 Scheduled Maturity Date.

 

“Trust Indenture Act”  means the United States Trust Indenture Act
of 1939, as amended.

 

“U.S. Person” shall have the meaning set forth
in Section 4.1(a) of the Series 2008-1 Supplement.

 

“U.S. Resident” shall have the meaning set
forth in Section 4.1(a) of the Series 2008-1 Supplement.

 

“Unrestricted Class A-1 Global Notes”
shall have the meaning set forth in Sections 4.1(c) of the Series 2008-1
Supplement.

 

“Unrestricted Class B-1 Global Notes”
shall have the meaning set forth in Sections 4.4(c) of the Series 2008-1
Supplement.

 

“Unrestricted Global
Notes” means, collectively, the Unrestricted Class A-1 Global Notes
and the Unrestricted Class B-1 Global Notes.

 

36

 

EXHIBIT A-1-1

 

FORM OF SERIES 2008-1 RESTRICTED RULE
144A CLASS A-1 GLOBAL NOTE

 

THIS FIXED RATE SERIES 2008-1 SENIOR NOTE, CLASS A-1
DUE 2038 (THIS “NOTE”) HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT
JURISDICTION, AND NONE OF NUCO2 FUNDING LLC, NUCO2 LLC, NUCO2 SUPPLY LLC AND NUCO2 IP LLC (THE “CO-ISSUERS”) HAS BEEN
REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).  THIS NOTE OR ANY INTEREST HEREIN MAY BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) IN THE UNITED
STATES TO EITHER THE INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE WHO IS BOTH A
“QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT (“RULE
144A”) AND A “QUALIFIED PURCHASER” (WITHIN THE MEANING OF THE
1940 ACT), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE ACCOUNTS WITH RESPECT TO
WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT
DISCRETION, EACH OF WHICH IS BOTH A QUALIFIED INSTITUTIONAL BUYER AND A
QUALIFIED PURCHASER, AND NONE OF WHICH IS (1) A DEALER OF THE TYPE
DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS IT OWNS AND INVESTS
ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN SECURITIES OF ISSUERS
THAT ARE NOT AFFILIATED TO IT, (2) A PARTICIPANT-DIRECTED EMPLOYEE PLAN,
SUCH AS A 401(k) PLAN, OR ANY OTHER TYPE OF PLAN REFERRED TO IN PARAGRAPH
(a)(1)(i)(D) OR (a)(1)(i)(E) OF RULE 144A, OR A TRUST FUND REFERRED TO
IN PARAGRAPH (a)(1)(i)(F) OF RULE 144A THAT HOLDS THE ASSETS OF SUCH A
PLAN, UNLESS INVESTMENT DECISIONS WITH RESPECT TO THE PLAN ARE MADE SOLELY BY
THE FIDUCIARY, TRUSTEE OR SPONSOR OF SUCH PLAN, (3) FORMED OR CAPITALIZED
FOR THE SPECIFIC PURPOSE OF INVESTING IN THE CO-ISSUERS (EXCEPT WHERE EACH
BENEFICIAL OWNER IS A QUALIFIED PURCHASER), (4) A CORPORATION,
PARTNERSHIP, COMMON TRUST FUND, SPECIAL TRUST, PENSION FUND OR RETIREMENT PLAN
IN WHICH THE SHAREHOLDERS, EQUITY OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL
OWNERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE THE PARTICULAR
INVESTMENTS TO BE MADE, (5) IF FORMED ON OR BEFORE APRIL 30, 1996, AN
INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE DEFINITION OF “INVESTMENT
COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE 1940 ACT (OR A FOREIGN
INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF RELYING ON SECTION 3(c)(7) WITH
RESPECT TO THOSE OF ITS HOLDERS THAT ARE U.S. PERSONS), UNLESS, WITH RESPECT TO
ITS TREATMENT AS A QUALIFIED PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF
THE 1940 ACT AND THE RULES AND REGULATIONS THEREUNDER, RECEIVED THE CONSENT OF
ITS BENEFICIAL OWNERS THAT ACQUIRED THEIR INTERESTS ON

 

 

OR BEFORE APRIL 30, 1996, (6) AN ENTITY THAT,
IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A BENEFICIAL
INTEREST IN THIS NOTE, WILL HAVE INVESTED MORE THAN 40% OF ITS ASSETS IN
BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE CO-ISSUERS
(UNLESS ALL OF THE BENEFICIAL OWNERS OF SUCH ENTITY’S SECURITIES ARE QUALIFIED
PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT REGISTRATION
PROVIDED BY RULE 144A OR (7) (I) (i) AN EMPLOYEE BENEFIT PLAN
DESCRIBED IN SECTION 3(3) OF ERISA BUT NOT SUBJECT TO ERISA OR AN
ENTITY THE ASSETS OF WHICH CONSTITUTE ASSETS OF SUCH A PLAN, (ii) AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF ERISA, (iii) A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975
OF THE CODE OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT UNDER U.S. DEPARTMENT OF LABOR
REGULATIONS, AS MODIFIED (EACH, A “PLAN”), AND SUCH ENTITY IS NOT
ACQUIRING OR HOLDING THIS NOTE FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY
PLAN OR (II) A PURCHASER THAT IS UNABLE TO REPRESENT AND WARRANT THAT THE
PURCHASE AND HOLDING OF THIS NOTE DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR OTHER PLAN, ANY APPLICABLE
SIMILAR LAW), OR (B) OUTSIDE THE UNITED STATES TO THE INITIAL PURCHASER OR
A SUBSEQUENT TRANSFEREE WHO IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON”
AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) NOR A “U.S.
RESIDENT” AS DEFINED FOR PURPOSES OF THE 1940 ACT, ACTING FOR ITS OWN ACCOUNT
OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR
SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A
QUALIFIED PURCHASER, AND NONE OF WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN
OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE
INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR
THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION. THE INITIAL PURCHASER
AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS
NOTE WILL MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE
INDENTURE.  THE INITIAL PURCHASER AND
EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS
NOTE IN THE FORM OF AN INTEREST IN A RESTRICTED REGULATION S CLASS A-1
GLOBAL NOTE OR A RESTRICTED RULE 144A CLASS A-1 GLOBAL NOTE WILL BE
REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE
INDENTURE AND WILL BE DEEMED OR REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS
AND AGREEMENTS REFERRED TO IN THE INDENTURE.

 

2

 

THE CO-ISSUERS MAY REQUIRE
ANY HOLDER OF THIS NOTE WHO IS DETERMINED NOT TO HAVE BEEN (I) IF THIS
NOTE IS ACQUIRED IN THE UNITED STATES, BOTH A QUALIFIED INSTITUTIONAL BUYER AND
A QUALIFIED PURCHASER OR (II) IF THIS NOTE WAS ACQUIRED OUTSIDE OF THE
UNITED STATES, BOTH A QUALIFIED PURCHASER AND NEITHER A U.S. PERSON NOR A U.S.
RESIDENT AT THE TIME OF ACQUISITION OF THIS NOTE TO SELL THIS NOTE TO A PERSON
WHO IS (A) BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR (B) A QUALIFIED
PURCHASER AND NEITHER A U.S. PERSON NOR A U.S. RESIDENT IN A TRANSACTION
MEETING THE REQUIREMENTS OF REGULATION S.

 

ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL
NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT
TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS,
THE TRUSTEE OR ANY INTERMEDIARY.

 

[THIS NOTE HAS BEEN
ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL
INCOME TAX PURPOSES.  THE ISSUE PRICE,
AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THIS NOTE MAY BE
OBTAINED BY WRITING TO THE MASTER MANAGER AT ITS ADDRESS SET FORTH IN THE
INDENTURE.](1)

 

THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”),
A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE
THEREOF.  THIS NOTE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.  UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC TO THE CO-ISSUERS OR THE REGISTRAR, AND ANY
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED
OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

(1) Insert as applicable.

 

3

 

SERIES 2008-1 RESTRICTED RULE 144A 

CLASS A-1 GLOBAL NOTE

 

	
  No. [    ]

  	
   

  	
  $[                    ]

  

 

SEE REVERSE FOR CERTAIN CONDITIONS

 

CUSIP Number: 67035U AA9

ISIN Number: US67035UAA97

 

NUCO2 FUNDING LLC

NUCO2 LLC

NUCO2 SUPPLY LLC

NUCO2 IP LLC

 

[  ]%
FIXED RATE SERIES 2008-1 SENIOR NOTE, CLASS A-1

 

NUCO2 FUNDING LLC, a limited liability company
formed under the laws of the State of Delaware, NUCO2 LLC, a
limited liability company formed under the laws of the State of Delaware, NUCO2 SUPPLY LLC, a limited liability company formed
under the laws of the State of Delaware, and NUCO2 IP LLC, a
limited liability company formed under the laws of the State of Delaware (herein
referred to, collectively, as the “Co-Issuers”), for value received,
hereby jointly and severally promise to pay to CEDE & CO. or
registered assigns, the principal sum of
[                              ]
($[                    ])
as provided below and in the Indenture (defined on reverse).  Payments of principal shall be payable in the
amounts and at the times set forth in the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due on the
Payment Date (as defined below) occurring in June 2038 (the “Series 2008-1
Legal Final Maturity Date”). The Co-Issuers shall pay interest on this
Fixed Rate Series 2008-1 Senior Note, Class A-1 (this “Note”),
at the Series 2008-1 Class A-1 Note Interest Rate, as such rate may
be adjusted in accordance with the terms of the Indenture, for each Interest
Period in accordance with the terms of the Indenture. Such interest will be
payable in arrears on the 25th day of each month or, if such day is not a
Business Day, the next succeeding Business Day (each, a “Payment Date”),
commencing on July 25, 2008.  Such
amounts due on this Note will accrue for each Payment Date with respect to (i) initially,
the period from and including the Series 2008-1 Closing Date to but
excluding the Payment Date occurring in July 2008 (which shall be July 25,
2008) and (ii) thereafter, the period commencing on and including the
immediately preceding Payment Date and ending on but excluding such Payment
Date (each, an “Interest Period”), subject to the terms set forth in the
Indenture. Such amounts due on this Note with respect to the Note (and interest
on any defaulted payments of amounts due on this Note at the same rate or at
such other rate specified in the Indenture) will be computed in accordance with
the Indenture. In addition, under the circumstances set forth in the Indenture,
the Co-Issuers shall also pay contingent additional interest on this Note in
the form of the Series 2008-1 Class A-1 Contingent Additional
Interest, which shall be computed and shall be payable in the amounts and at
the times set forth in the Indenture.

 

4

 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Co-Issuers with respect to this Note
shall be applied as provided in the Indenture.

 

This Note is subject to mandatory and
optional principal prepayments, as set forth in the Indenture.

 

Interests in this Note are exchangeable or
transferable in whole or in part for interests in a Restricted Regulation S Class A-1
Global Note or an Unrestricted Class A-1 Global Note; provided that
such transfer or exchange complies with the applicable provisions of the
Indenture relating to the transfer of the Notes. Interests in this Note in
certain circumstances may also be exchangeable or transferable in whole but not
in part for duly executed and issued registered Definitive Notes; provided
that such transfer or exchange complies with Article II of the Base
Indenture and Article IV of the Series 2008-1 Supplement.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.
Although a summary of certain provisions of the Indenture is set forth herein
and on the reverse hereof and made a part hereof, this Note does not purport to
summarize the Indenture and reference is made to the Indenture for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of the
Co-Issuers and the Trustee. A copy of the Indenture may be requested from the
Trustee by writing to the Trustee at: U.S. Bank National Association,
EP-MN-WS3D, 60 Livingston Avenue, St. Paul, MN 55107, Attn: Structured
Finance/NuCO2, Facsimile:
(866) 831-7910.

 

Subject to the immediately
following paragraph, the Co-Issuers hereby certify and declare that all acts,
conditions and things required to be done and performed and to have happened
prior to the creation of this Note and to constitute it as the valid obligation
of the Co-Issuers, enforceable in accordance with its terms, have been done and
performed and have happened in due compliance with all applicable laws and in
accordance with the terms of the Indenture.

 

Unless the certificate of
authentication hereon has been executed by the Trustee whose name appears below
by manual or facsimile signature, this Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

5

 

IN WITNESS WHEREOF, each of the Co-Issuers has caused
this Series 2008-1 Restricted Rule 144A Class A-1 Global Note to
be duly executed by its respective duly authorized signatory or signatories, as
applicable, as of the day and year written below.

 

Dated:    
[                    ]

 

	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 SUPPLY LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
					

 

6

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Series 2008-1 Notes issued under the
within-mentioned Indenture.

 

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, not in its individual capacity but solely in its
  capacity as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

7

 

[REVERSE OF NOTE]

 

This Note is one of a duly
authorized issue of Fixed Rate Series 2008-1 Senior Notes, Class A-1
of the Co-Issuers designated as their Fixed Rate Series 2008-1 Senior
Notes, Class A-1 (herein called the “Series 2008-1 Notes”),
all issued under (i) a Base Indenture, dated as of May 28, 2008 (such
Base Indenture, as amended, supplemented or modified, is herein called the “Base
Indenture”), by and among the Co-Issuers and U.S. Bank National Association, a national banking association, as
trustee (in such capacity, the “Trustee”, which term includes any
successor Trustee under the Base Indenture), administrative agent and as
securities intermediary, and (ii) a Series 2008-1 Supplement to
the Base Indenture, dated as of May 28, 2008 (such Series 2008-1
Supplement, as amended, supplemented or modified from time to time, is herein
called the “Series 2008-1 Supplement”), among the Co-Issuers and
the Trustee.  The Base Indenture,
together with all Series Supplements, as amended, supplemented or
otherwise modified from time to time by Supplements thereto in accordance with
its terms are referred to herein as the “Indenture”.  The Series 2008-1 Notes are subject to
all terms of the Indenture.  To the
extent not defined herein, all capitalized terms used in this Note shall have
the meanings assigned to them in or pursuant to the Indenture, as supplemented,
modified or amended.

 

The Series 2008-1 Notes
are and will be secured by the Collateral pledged as security therefor as
provided in the Indenture and in the Pledge Agreement.

 

The Notes will be issued in
minimum denominations of $100,000 and integral multiples of $ 1,000 in excess
thereof.

 

As provided for in the
Indenture, subject to certain specified conditions, the Series 2008-1
Notes may be prepaid, in whole but not in part, at the option of the
Co-Issuers. In addition, the Series 2008-1 Notes are subject to mandatory
principal prepayment provisions as provided for in the Indenture. With certain
exceptions, the Co-Issuers will be obligated to pay the Series 2008-1 Note
Make-Whole Premium relating to any Series 2008-1 Notes on any prepayment
of principal of any Series 2008-1 Notes on or prior to the Series 2008-1
Prepayment Date as described in the Indenture. As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Series 2008-1
Legal Final Maturity Date. All payments of principal relating to any Class of
Series 2008-1 Notes will be made pro rata to the
Holders of such Class of Series 2008-1 Notes.

 

The Person in whose name this Note is registered at
the close of business on any Record Date with respect to a Payment Date or any
date on which payments are permitted to be made as provided for in the
Indenture, shall be entitled to receive the principal, premium, if any, and
interest payable on such date notwithstanding the cancellation of this Note
upon any registration of transfer, exchange or substitution of this Note
subsequent to such Record Date, subject to any exceptions provided for in the
Indenture.

 

Interest and contingent
additional interest, if any, will each accrue on the Series 2008-1 Notes
at the rates set forth in the Indenture. The interest and contingent additional
interest, if any, will be computed on the basis set forth in the Indenture. The
amount of interest 

 

8

 

payable
on the Series 2008-1 Notes on each Payment Date will be calculated as set
forth in the Indenture.

 

Payments of principal of and interest on this Note
are subordinated to the payment of certain other amounts in accordance with the
Priority of Payments in the Indenture.

 

If an Event of Default shall
occur and be continuing, this Note may become or be declared due and payable in
the manner and with the effect provided in the Indenture.

 

Amounts payable in respect of this Note shall be made
by wire transfer in immediately available funds to an account maintained by the
Noteholder or its nominee, subject to the terms of the Indenture and any
exceptions therein.

 

Subject to the terms of the Indenture and any
exceptions therein, this Note may not be transferred, in whole or in part, to
any Person other than DTC or a nominee thereof, or to a successor Depository or
to a nominee of a successor Depository, and no such transfer to any such other
Person may be registered, in each case, except in the limited circumstances described
in the Indenture; provided, however, that (i) any transfer
of this Note that is issued in exchange for a Series 2008-1 Class A-1
Global Note or (ii) any transfer of a beneficial interest in a Series 2008-1
Class A-1 Global Note, in each case 
effected in accordance with the provisions of the Indenture, shall not
be prohibited.

 

As provided more fully in
the Indenture, each Holder of Series 2008-1 Notes, by acceptance of a Series 2008-1
Note, covenants and agrees that by accepting the benefits of the Indenture that
prior to the date that is one year and one day after the payment in full of all
amounts due to all Noteholders, such Series 2008-1 Noteholder will not
institute against, or join with any other Person in instituting against, any
Securitization Entity any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings, under any federal or state
bankruptcy or similar law; provided, however, that nothing herein
shall constitute a waiver of any right to indemnification, reimbursement or
other payment from the Securitization Entities pursuant to the Indenture or any
other Related Document.

 

It is the intent of the
Co-Issuers and each Holder of Series 2008-1 Notes that, under applicable
tax law, the Series 2008-1 Notes will evidence indebtedness of the
Co-Issuers or, if any of the Co-Issuers is disregarded as an entity separate
from its owner, such owner, secured by the Collateral. Each Holder of Series 2008-1
Notes, by the acceptance of this Note, hereby agrees to treat this Note (or
beneficial interests herein) for all purposes of federal, state, local and
foreign income or franchise Taxes and any other Tax imposed on or measured by
income, as indebtedness of the Co-Issuers or, if any Co-Issuer is disregarded as
an entity separate from its owner, such owner.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Co-Issuers and the rights of
the Holders of Series 2008-1 Notes under the Indenture at any time by the
Co-Issuers with the consent of the Control Party and without the consent of any
Holders of Series 2008-1 Notes. The Indenture also contains provisions
permitting the Control Party to waive compliance by the Co-Issuers with certain
provisions of the Indenture without the consent of any Holders of Series 2008-1
Notes. Any such consent or waiver of this Note (or any one or more predecessor 

 

9

 

Notes) shall be conclusive and binding upon the Holder of this Note and
all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note.

 

The term “Co-Issuer” as used
in this Note includes any successor to the Co-Issuers under the Indenture.

 

The Series 2008-1 Notes
are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations set forth therein.

 

THIS NOTE
AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Co-Issuers, which is absolute and unconditional,
to pay the principal of and interest and premium, if any, on this Note at the
times, place and rate, and in the coin or currency herein prescribed.

 

To the extent that any Co-Issuer is or is deemed to be
a guarantor or surety of another Co-Issuer under the Indenture, this Note or
under any Related Document (in such capacity, a “Guarantor”), the
liability of each Co-Issuer as a Guarantor under the Indenture, this Note or
under any Related Document shall be irrevocable, absolute and unconditional
irrespective of, and each Co-Issuer hereby irrevocably waives any defenses it
may now have or hereafter acquire in any way relating to, any or all of the
following: (a) any lack of validity or enforceability of any Related
Document or any agreement or instrument relating thereto; (b) any change
in the time, manner or place of payment of, or in any other term of, all or any
of the Obligations of such other Co-Issuer (“Guaranteed Obligations”) or
any other Obligations of any other Co-Issuer under or in respect of the Related
Documents, or any other amendment or waiver of or any consent to departure from
any Related Document, including, without limitation, any increase in the
Guaranteed Obligations resulting from the extension of additional credit to any
other Co-Issuer or any of its Subsidiaries or otherwise; (c) any taking,
exchange, release or non-perfection of any Collateral or any other collateral,
or any taking, release or amendment or waiver of, or consent to departure from,
any other guaranty, for all or any of the Guaranteed Obligations; (d) any
manner of application of Collateral or any other collateral, or proceeds
thereof, to all or any of the Guaranteed Obligations, or any manner of sale or
other disposition of any Collateral or any other collateral for all or any of
the Guaranteed Obligations or any other Obligations of any other Co-Issuer
under the Related Documents or any other assets of any other Co-Issuer or any
of its Subsidiaries; (e) any change, restructuring or termination of the
corporate structure or existence of any other Co-Issuer or any of its
Subsidiaries; (f) any failure of any Secured Party to disclose to any Co-Issuer
any information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Co-Issuer now or
hereafter known to such Secured Party (and any duty on the part of the Secured
Parties to disclose such information is hereby waived); (g) the failure of
any other Person to execute or deliver any Related 

 

10

 

Document or any
other guaranty or agreement or the release or reduction of liability of any
Guarantor or other guarantor or surety with respect to the Guaranteed
Obligations; or (h) any other circumstance (including, without limitation,
any statute of limitations) or any existence of or reliance on any
representation by any Secured Party that might otherwise constitute a defense
available to, or a discharge of, any other Co-Issuer or any other guarantor or
surety.

 

The provisions of the foregoing paragraph shall
continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by any Secured Party or any other Person upon the insolvency,
bankruptcy or reorganization of any Co-Issuer or otherwise, all as though such
payment had not been made.

 

Each Co-Issuer in its capacity as a Guarantor (to the
extent applicable) hereby unconditionally and irrevocably waives: (a) promptness,
diligence, notice of acceptance, presentment, demand for performance, notice of
nonperformance, default, acceleration, protest or dishonor and any other notice
with respect to any of the Guaranteed Obligations and any requirement that any
Secured Party protect, secure, perfect or insure any Lien or any property
subject thereto or exhaust any right or take any action against any other
Co-Issuer or any other Person or any Collateral; (b) any right to revoke
this guaranty and acknowledges that this guaranty is continuing in nature and
applies to all Guaranteed Obligations, whether existing now or in the future; (c) (x) any
defense arising by reason of any claim or defense based upon an election of
remedies by any Secured Party that in any manner impairs, reduces, releases or
otherwise adversely affects the subrogation, reimbursement, exoneration,
contribution or indemnification rights of such Guarantor or other rights of
such Guarantor to proceed against any of the other Co-Issuers, any other
guarantor or any other Person or any Collateral and (y) any defense based
on any right of set-off or counterclaim against or in respect of the
Obligations of such Guarantor pursuant to this Indenture and this Note; and (d) any
duty on the part of any Secured Party to disclose to such Guarantor any matter,
fact or thing relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Co-Issuer or any
of its Subsidiaries now or hereafter known by such Secured Party.

 

Each Co-Issuer in its capacity as a Guarantor acknowledges
that (x) the Trustee may, without notice to or demand upon such Guarantor
and without affecting the liability of such Guarantor under the Related
Documents, foreclose under any mortgage by nonjudicial sale, and each Guarantor
hereby waives any defense to the recovery by the Trustee and the other Secured
Parties against such Guarantor of any deficiency after such nonjudicial sale
and any defense or benefits that may be afforded by applicable law and (y) it
will receive substantial direct and indirect benefits from the financing
arrangements contemplated by the Related Documents and that the waivers set
forth in the foregoing three paragraphs are knowingly made in contemplation of
such benefits.

 

11

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee:                 

 

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto

 

 

 

(name and address of assignee)

 

The within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints
                              ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  (2)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  

 

(2) NOTE: The signature
to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note, without alteration, enlargement or any
change whatsoever.

 

12

 

SCHEDULE OF EXCHANGES IN RESTRICTED RULE 144A

CLASS A-1 GLOBAL NOTE

 

The initial principal balance of this Restricted Rule 144A Class A-1
Global Note is
$[                  ].  The following exchanges of an interest in
this Restricted Rule 144A Class A-1 Global Note for an interest in a
corresponding Restricted Regulation S Class A-1 Global Note or
Unrestricted Class A-1 Global Note have been made:

 

	
  Date

  	
   

  	
  Amount of Increase

  (or Decrease) in the

  Principal Amount of

  this Restricted

  Rule 144A Class A-1

  Global Note

  	
   

  	
  Remaining Principal

  Amount of this

  Restricted Rule 144A

  Class A-1 Global

  Note following the

  Increase or Decrease

  	
   

  	
  Signature of

  Authorized Officer

  of Trustee of

  Registrar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

13

 

EXHIBIT A-1-2

 

FORM OF SERIES 2008-1 RESTRICTED
REGULATION S CLASS A-1 GLOBAL NOTE

 

THIS FIXED RATE SERIES 2008-1 SENIOR NOTE, CLASS A-1
DUE 2038 (THIS “NOTE”) HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT
JURISDICTION, AND NONE OF NUCO2 FUNDING LLC, NUCO2 LLC, NUCO2 SUPPLY LLC AND NUCO2 IP LLC (THE “CO-ISSUERS”) HAS BEEN
REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).
THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY (A) IN THE

 

1

 

UNITED STATES TO EITHER THE  INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE
WHO IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER”
(WITHIN THE MEANING OF THE 1940 ACT), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE
ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH A QUALIFIED
INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH IS (1) A
DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS
IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN
SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) A
PARTICIPANT-DIRECTED EMPLOYEE PLAN, SUCH AS A 401(k) PLAN, OR ANY OTHER
TYPE OF PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF
RULE 144A, OR A TRUST FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE
144A THAT HOLDS THE ASSETS OF SUCH A PLAN, UNLESS INVESTMENT DECISIONS WITH
RESPECT TO THE PLAN ARE MADE SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF
SUCH PLAN, (3) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF INVESTING
IN THE CO-ISSUERS (EXCEPT WHERE EACH BENEFICIAL OWNER IS A QUALIFIED
PURCHASER), (4) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL
TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY
OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL OWNERS OR PARTICIPANTS, AS
APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO BE MADE, (5) IF
FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE
EXCLUSION FROM THE DEFINITION OF “INVESTMENT COMPANY” PROVIDED BY SECTION 3(c)(7) OF
THE 1940 ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT
ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS A QUALIFIED
PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF
THE 1940 ACT AND THE RULES AND REGULATIONS THEREUNDER, RECEIVED THE CONSENT OF
ITS BENEFICIAL OWNERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30,
1996, (6) AN ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER
ACQUISITION OF A BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED MORE THAN
40% OF ITS ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER
SECURITIES OF THE CO-ISSUERS (UNLESS ALL OF THE BENEFICIAL OWNERS OF SUCH
ENTITY’S SECURITIES ARE QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON THE EXEMPTION
FROM SECURITIES ACT REGISTRATION PROVIDED BY RULE 144A OR (7) (I) (i) AN
EMPLOYEE BENEFIT PLAN DESCRIBED IN SECTION 3(3) OF ERISA BUT NOT
SUBJECT TO ERISA OR AN ENTITY THE ASSETS OF WHICH CONSTITUTE ASSETS OF SUCH A
PLAN, (ii) AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF ERISA, (iii)
A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975
OF THE CODE OR AN 

 

2

 

ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO
INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT UNDER U.S.
DEPARTMENT OF LABOR REGULATIONS, AS MODIFIED (EACH, A “PLAN”), AND SUCH ENTITY
IS NOT ACQUIRING OR HOLDING THIS NOTE FOR OR ON BEHALF OF OR WITH THE ASSETS OF
ANY PLAN OR (II) A PURCHASER THAT IS UNABLE TO REPRESENT AND WARRANT THAT
THE PURCHASE AND HOLDING OF THIS NOTE DOES NOT AND WILL NOT RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR OTHER PLAN, ANY APPLICABLE
SIMILAR LAW), OR (B) OUTSIDE THE UNITED STATES TO THE INITIAL PURCHASER OR
A SUBSEQUENT TRANSFEREE WHO IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON”
AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) NOR A “U.S.
RESIDENT” AS DEFINED FOR PURPOSES OF THE 1940 ACT, ACTING FOR ITS OWN ACCOUNT
OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR
SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A
QUALIFIED PURCHASER, AND NONE OF WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN
OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE
INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR
THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.  THE INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL MAKE
THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE
INDENTURE.  THE INITIAL PURCHASER AND
EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS
NOTE IN THE FORM OF AN INTEREST IN A RESTRICTED REGULATION S CLASS A-1
GLOBAL NOTE OR A RESTRICTED RULE 144A CLASS A-1 GLOBAL NOTE WILL BE
REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE
INDENTURE AND WILL BE DEEMED OR REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS
AND AGREEMENTS REFERRED TO IN THE INDENTURE.

 

THE CO-ISSUERS MAY REQUIRE
ANY HOLDER OF THIS NOTE WHO IS DETERMINED NOT TO HAVE BEEN (I) IF THIS
NOTE IS ACQUIRED IN THE UNITED STATES, BOTH A QUALIFIED INSTITUTIONAL BUYER AND
A QUALIFIED PURCHASER OR (II) IF THIS NOTE WAS ACQUIRED OUTSIDE OF THE
UNITED STATES, BOTH A QUALIFIED PURCHASER AND NEITHER A U.S. PERSON NOR A U.S.
RESIDENT AT THE TIME OF ACQUISITION OF THIS NOTE TO SELL THIS NOTE TO A PERSON
WHO IS (A) BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR (B) A QUALIFIED
PURCHASER AND NEITHER A U.S. PERSON NOR A U.S. RESIDENT IN A TRANSACTION
MEETING THE REQUIREMENTS OF REGULATION S.

 

3

 

ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE
FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID AB INITIO AND WILL
NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER OR SUBSEQUENT
TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS,
THE TRUSTEE OR ANY INTERMEDIARY.

 

[THIS NOTE HAS BEEN
ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL
INCOME TAX PURPOSES.  THE ISSUE PRICE,
AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THIS NOTE MAY BE
OBTAINED BY WRITING TO THE MASTER MANAGER AT ITS ADDRESS SET FORTH IN THE
INDENTURE.](1)

 

UNTIL 40 DAYS AFTER THE
INITIAL PURCHASER NOTIFIES THE CO-ISSUERS THAT THE RESALE OF THIS NOTE HAS BEEN
COMPLETED (THE “DISTRIBUTION COMPLIANCE PERIOD”) IN
CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF
THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO
CERTAIN CONDITIONS AND RESTRICTIONS.  THE
HOLDER HEREOF, BY PURCHASING OR OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES
THAT SUCH HOLDER IS A QUALIFIED PURCHASER, AND THAT THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE
CO-ISSUERS THAT THIS NOTE MAY BE TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY TO A QUALIFIED PURCHASER AND IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS OF THE STATES, TERRITORIES AND POSSESSIONS OF THE
UNITED STATES GOVERNING THE OFFER AND SALE OF SECURITIES.

 

THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (“DTC”),
A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE
THEREOF.  THIS NOTE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO
THE CO-ISSUERS
OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE
THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

(1) Insert as
applicable.

 

4

 

SERIES 2008-1 RESTRICTED REGULATION S 

CLASS A-1 GLOBAL NOTE

 

	
  No. [    ]

  	
  $[                    ]

  

 

SEE REVERSE FOR CERTAIN CONDITIONS

 

CUSIP Number: U66983 AA2

ISIN Number: USU66983AA29

 

NUCO2 FUNDING LLC

NUCO2 LLC

NUCO2 SUPPLY LLC

NUCO2 IP LLC

 

[ ]% FIXED RATE SERIES 2008-1 SENIOR NOTE, CLASS A-1

 

NUCO2 FUNDING LLC, a limited liability company
formed under the laws of the State of Delaware, NUCO2 LLC, a
limited liability company formed under the laws of the State of Delaware, NUCO2 SUPPLY LLC, a limited liability company formed
under the laws of the State of Delaware, and NUCO2 IP LLC, a
limited liability company formed under the laws of the State of Delaware
(herein referred to, collectively, as the “Co-Issuers”), for value
received, hereby jointly and severally promise to pay to CEDE & CO. or
registered assigns, the principal sum of
[                          ]
($[                ])
as provided below and in the Indenture (defined on reverse). Payments of
principal shall be payable in the amounts and at the times set forth in the
Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due on the Payment Date (as defined below)
occurring in June 2038 (the “Series 2008-1 Legal Final Maturity Date”).
The Co-Issuers shall pay interest on this Fixed Rate Series 2008-1 Senior
Note, Class A-1 (this “Note”), at the Series 2008-1 Class A-1
Note Interest Rate, as such rate may be adjusted in accordance with the terms
of the Indenture, for each Interest Period in accordance with the terms of the
Indenture. Such interest will be payable in arrears on the 25th day of each
month or, if such day is not a Business Day, the next succeeding Business Day
(each, a “Payment Date”), commencing on July 25, 2008. Such amounts due
on this Note will accrue for each Payment Date with respect to (i) initially,
the period from and including the Series 2008-1 Closing Date to but
excluding the Payment Date occurring in July 2008 (which shall be July 25,
2008) and (ii) thereafter, the period commencing on and including the
immediately preceding Payment Date and ending on but excluding such Payment
Date (each, an “Interest Period”), subject to the terms set forth in the
Indenture. Such amounts due on this Note with respect to the Note (and interest
on any defaulted payments of amounts due on this Note at the same rate or at
such other rate specified in the Indenture) will be computed in accordance with
the Indenture. In addition, under the circumstances set forth in the Indenture,
the Co-Issuers shall also pay contingent additional interest on this Note in
the form of the Series 2008-1 Class A-

 

5

 

1
Contingent Additional Interest, which shall be computed and shall be payable in
the amounts and at the times set forth in the Indenture.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Co-Issuers with respect to this Note
shall be applied as provided in the Indenture.

 

This Note is subject to mandatory and
optional principal prepayments, as set forth in the Indenture.

 

Interests in this Note are exchangeable or
transferable in whole or in part for interests in a Restricted Rule 144A Class
A-1 Global Note or an Unrestricted Class A-1 Global Note; provided
that such transfer or exchange complies with the applicable provisions of the
Indenture relating to the transfer of the Notes. Interests in this Note in
certain circumstances may also be exchangeable or transferable in whole but not
in part for duly executed and issued registered Definitive Notes; provided
that such transfer or exchange complies with Article II of the Base
Indenture and Article IV of the Series 2008-1 Supplement.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.
Although a summary of certain provisions of the Indenture is set forth herein
and on the reverse hereof and made a part hereof, this Note does not purport to
summarize the Indenture and reference is made to the Indenture for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of the
Co-Issuers and the Trustee. A copy of the Indenture may be requested from the
Trustee by writing to the Trustee at: U.S. Bank National Association,
EP-MN-WS3D, 60 Livingston Avenue, St. Paul, MN 55107, Attn: Structured
Finance/NuCO2.  Facsimile: (866) 831-7910.

 

Subject to the immediately
following paragraph, the Co-Issuers hereby certify and declare that all acts,
conditions and things required to be done and performed and to have happened
prior to the creation of this Note and to constitute it as the valid obligation
of the Co-Issuers, enforceable in accordance with its terms, have been done and
performed and have happened in due compliance with all applicable laws and in
accordance with the terms of the Indenture.

 

Unless the certificate of
authentication hereon has been executed by the Trustee whose name appears below
by manual or facsimile signature, this Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

6

 

IN WITNESS
WHEREOF, each of the Co-Issuers has caused this Series 2008-1 Restricted
Regulation S Class A-1 Global Note to be duly executed by its respective
duly authorized signatory or signatories, as applicable, as of the day and year
written below.

Dated:    
[                    ]

 

 

	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC, its
  Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 SUPPLY LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

7

 

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Series 2008-1 Notes issued under the
within-mentioned Indenture.

 

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, not in its individual capacity but solely in its
  capacity as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

8

 

[REVERSE OF NOTE]

 

This Note is one of a duly
authorized issue of Fixed Rate Series 2008-1 Senior Notes, Class A-1
of the Co-Issuers designated as their Fixed Rate Series 2008-1 Senior
Notes, Class A-1 (herein called the “Series 2008-1 Notes”),
all issued under (i) a Base Indenture, dated as of May 28, 2008 (such
Base Indenture, as amended, supplemented or modified, is herein called the “Base
Indenture”), by and among the Co-Issuers and U.S. Bank National Association, a national banking association, as
trustee (in such capacity, the “Trustee”, which term includes any
successor Trustee under the Base Indenture), administrative agent and as
securities intermediary, and (ii) a Series 2008-1 Supplement to
the Base Indenture, dated as of May 28, 2008 (such Series 2008-1
Supplement, as amended, supplemented or modified from time to time, is herein
called the “Series 2008-1 Supplement”), among the Co-Issuers and
the Trustee.  The Base Indenture,
together with all Series Supplements, as amended, supplemented or
otherwise modified from time to time by Supplements thereto in accordance with
its terms are referred to herein as the “Indenture”.  The Series 2008-1 Notes are subject to
all terms of the Indenture. To the extent not defined herein, all capitalized
terms used in this Note shall have the meanings assigned to them in or pursuant
to the Indenture, as supplemented, modified or amended.

 

The Series 2008-1 Notes
are and will be secured by the Collateral pledged as security therefor as
provided in the Indenture and in the Pledge Agreement.

 

The Notes will be issued in
minimum denominations of $100,000 and integral multiples of $ 1,000 in excess
thereof.

 

As provided for in the
Indenture, subject to certain specified conditions, the Series 2008-1
Notes may be prepaid, in whole but not in part, at the option of the
Co-Issuers. In addition, the Series 2008-1 Notes are subject to mandatory
principal prepayment provisions as provided for in the Indenture. With certain
exceptions, the Co-Issuers will be obligated to pay the Series 2008-1 Note
Make-Whole Premium relating to any Series 2008-1 Notes on any prepayment
of principal of any Series 2008-1 Notes on or prior to the Series 2008-1
Prepayment Date as described in the Indenture. As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Series 2008-1
Legal Final Maturity Date. All payments of principal relating to any Class of
Series 2008-1 Notes will be made pro  rata to the Holders of such
Class of Series 2008-1 Notes.

 

The Person in whose name this Note is registered at
the close of business on any Record Date with respect to a Payment Date or any
date on which payments are permitted to be made as provided for in the
Indenture, shall be entitled to receive the principal, premium, if any, and
interest payable on such date notwithstanding the cancellation of this Note
upon any registration of transfer, exchange or substitution of this Note
subsequent to such Record Date, subject to any exceptions provided for in the
Indenture.

 

9

 

Interest and contingent
additional interest, if any, will each accrue on the Series 2008-1 Notes
at the rates set forth in the Indenture. The interest and contingent additional
interest, if any, will be computed on the basis set forth in the Indenture. The
amount of interest payable on the Series 2008-1 Notes on each Payment Date
will be calculated as set forth in the Indenture.

 

Payments of principal of and interest on this Note
are subordinated to the payment of certain other amounts in accordance with the
Priority of Payments in the Indenture.

 

If an Event of Default shall
occur and be continuing, this Note may become or be declared due and payable in
the manner and with the effect provided in the Indenture.

 

Amounts payable in respect of this Note shall be made
by wire transfer in immediately available funds to an account maintained by the
Noteholder or its nominee, subject to the terms of the Indenture and any exceptions
therein.

 

Subject to the terms of the Indenture and any
exceptions therein, this Note may not be transferred, in whole or in part, to
any Person other than DTC or a nominee thereof, or to a successor Depository or
to a nominee of a successor Depository, and no such transfer to any such other
Person may be registered, in each case, except in the limited circumstances
described in the Indenture; provided, however, that  (i) any transfer of this Note that is
issued in exchange for a Series 2008-1 Class A-1 Global Note or (ii) any
transfer of a beneficial interest in a Series 2008-1 Class A-1 Global
Note, in each case effected in accordance with the provisions of the Indenture,
shall not be prohibited.

 

As provided more fully in
the Indenture, each Holder of Series 2008-1 Notes, by acceptance of a Series 2008-1
Note, covenants and agrees that by accepting the benefits of the Indenture that
prior to the date that is one year and one day after the payment in full of all
amounts due to all Noteholders, such Series 2008-1 Noteholder will not
institute against, or join with any other Person in instituting against, any
Securitization Entity any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings, under any federal or state
bankruptcy or similar law; provided, however, that nothing herein
shall constitute a waiver of any right to indemnification, reimbursement or
other payment from the Securitization Entities pursuant to the Indenture or any
other Related Document.

 

It is the intent of the
Co-Issuers and each Holder of Series 2008-1 Notes that, under applicable
tax law, the Series 2008-1 Notes will evidence indebtedness of the Co-Issuers
or, if any of the Co-Issuers is disregarded as an entity separate from its
owner, such owner, secured by the Collateral. Each Holder of Series 2008-1
Notes, by the acceptance of this Note, hereby agrees to treat this Note (or
beneficial interests herein) for all purposes of federal, state, local and
foreign income or franchise Taxes and any other Tax imposed on or measured by
income, as indebtedness of the Co-Issuers or, if any Co-Issuer is disregarded
as an entity separate from its owner, such owner.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Co-Issuers and the rights of
the Holders of Series 2008-1 Notes under the Indenture at any time by the
Co-Issuers with the consent of the Control Party and without the consent of any
Holders of Series 2008-1 

 

10

 

Notes. The Indenture also contains provisions permitting the Control
Party to waive compliance by the Co-Issuers with certain provisions of the
Indenture without the consent of any Holders of Series 2008-1 Notes. Any
such consent or waiver of this Note (or any one or more predecessor Notes)
shall be conclusive and binding upon the Holder of this Note and all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

 

The term “Co-Issuer” as used
in this Note includes any successor to the Co-Issuers under the Indenture.

 

The Series 2008-1 Notes
are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations set forth therein.

 

THIS NOTE
AND THE INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Co-Issuers, which is absolute and unconditional, to pay the principal of and
interest and premium, if any, on this Note at the times, place and rate, and in
the coin or currency herein prescribed.

 

To the extent that any Co-Issuer is or is deemed to be
a guarantor or surety of another Co-Issuer under the Indenture, this Note or
under any Related Document (in such capacity, a “Guarantor”), the
liability of each Co-Issuer as a Guarantor under the Indenture, this Note or
under any Related Document shall be irrevocable, absolute and unconditional
irrespective of, and each Co-Issuer hereby irrevocably waives any defenses it
may now have or hereafter acquire in any way relating to, any or all of the
following: (a) any lack of validity or enforceability of any Related
Document or any agreement or instrument relating thereto; (b) any change
in the time, manner or place of payment of, or in any other term of, all or any
of the Obligations of such other Co-Issuer (“Guaranteed Obligations”) or
any other Obligations of any other Co-Issuer under or in respect of the Related
Documents, or any other amendment or waiver of or any consent to departure from
any Related Document, including, without limitation, any increase in the
Guaranteed Obligations resulting from the extension of additional credit to any
other Co-Issuer or any of its Subsidiaries or otherwise; (c) any taking,
exchange, release or non-perfection of any Collateral or any other collateral,
or any taking, release or amendment or waiver of, or consent to departure from,
any other guaranty, for all or any of the Guaranteed Obligations; (d) any
manner of application of Collateral or any other collateral, or proceeds
thereof, to all or any of the Guaranteed Obligations, or any manner of sale or
other disposition of any Collateral or any other collateral for all or any of
the Guaranteed Obligations or any other Obligations of any other Co-Issuer
under the Related Documents or any other assets of any other Co-Issuer or any
of its Subsidiaries; (e) any change, restructuring or termination of the
corporate structure or existence of any other Co-Issuer or any of its
Subsidiaries; (f) any failure of any Secured Party to disclose to any
Co-Issuer any information relating to the business, condition 

 

11

 

(financial or
otherwise), operations, performance, properties or prospects of any other
Co-Issuer now or hereafter known to such Secured Party (and any duty on the
part of the Secured Parties to disclose such information is hereby waived); (g) the
failure of any other Person to execute or deliver any Related Document or any
other guaranty or agreement or the release or reduction of liability of any
Guarantor or other guarantor or surety with respect to the Guaranteed
Obligations; or (h) any other circumstance (including, without limitation,
any statute of limitations) or any existence of or reliance on any
representation by any Secured Party that might otherwise constitute a defense
available to, or a discharge of, any other Co-Issuer or any other guarantor or
surety.

 

The provisions of the foregoing paragraph shall
continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by any Secured Party or any other Person upon the insolvency,
bankruptcy or reorganization of any Co-Issuer or otherwise, all as though such
payment had not been made.

 

Each Co-Issuer in its capacity as a Guarantor (to the
extent applicable) hereby unconditionally and irrevocably waives: (a) promptness,
diligence, notice of acceptance, presentment, demand for performance, notice of
nonperformance, default, acceleration, protest or dishonor and any other notice
with respect to any of the Guaranteed Obligations and any requirement that any
Secured Party protect, secure, perfect or insure any Lien or any property
subject thereto or exhaust any right or take any action against any other
Co-Issuer or any other Person or any Collateral; (b) any right to revoke
this guaranty and acknowledges that this guaranty is continuing in nature and
applies to all Guaranteed Obligations, whether existing now or in the future; (c) (x) any
defense arising by reason of any claim or defense based upon an election of
remedies by any Secured Party that in any manner impairs, reduces, releases or
otherwise adversely affects the subrogation, reimbursement, exoneration,
contribution or indemnification rights of such Guarantor or other rights of
such Guarantor to proceed against any of the other Co-Issuers, any other
guarantor or any other Person or any Collateral and (y) any defense based
on any right of set-off or counterclaim against or in respect of the
Obligations of such Guarantor pursuant to this Indenture and this Note; and (d) any
duty on the part of any Secured Party to disclose to such Guarantor any matter,
fact or thing relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Co-Issuer or any
of its Subsidiaries now or hereafter known by such Secured Party.

 

Each Co-Issuer in its capacity as a Guarantor
acknowledges that (x) the Trustee may, without notice to or demand upon
such Guarantor and without affecting the liability of such Guarantor under the
Related Documents, foreclose under any mortgage by nonjudicial sale, and each
Guarantor hereby waives any defense to the recovery by the Trustee and the
other Secured Parties against such Guarantor of any deficiency after such
nonjudicial sale and any defense or benefits that may be afforded by applicable
law and (y) it will receive substantial direct and indirect benefits from
the financing arrangements contemplated by the Related Documents and that the
waivers set forth in the foregoing three paragraphs are knowingly made in
contemplation of such benefits.

 

12

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee:       

 

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto

 

 

 

(name and address of assignee)

 

The within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints
                              ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  (1)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  
	
   

  	
   

  

 

(1) NOTE: The signature
to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note, without alteration, enlargement or any
change whatsoever.

 

13

 

SCHEDULE OF EXCHANGES IN RESTRICTED
REGULATION S

CLASS A-1 GLOBAL NOTE

 

The initial principal
balance of this Restricted Regulation S Class A-1 Global Note is
$[                  ].
The following exchanges of an interest in this Restricted Regulation S Class A-1
Global Note for an interest in a corresponding Restricted Rule 144A Class A-1
Global Note or Unrestricted Class A-1 Global Note have been made:

 

	
  Date

  	
   

  	
  Amount of Increase

  (or Decrease) in the

  Principal Amount of

  this Restricted

  Regulation S Class

  A-1 Global Note

  	
   

  	
  Remaining Principal

  Amount of this

  Restricted Regulation

  S Class A-1 Global

  Note following the

  Increase or Decrease

  	
   

  	
  Signature of

  Authorized Officer

  of Trustee of

  Registrar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

14

 

EXHIBIT A-2

 

FORM OF SERIES 2008-1 CLASS A-2 NOTE

 

THIS SERIES 2008-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-2 (THIS “NOTE”), WHICH IS A
SERIES 2008-1 CLASS A-2 NOTE, HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR WITH ANY
SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT JURISDICTION,
AND NONE OF NUCO2 FUNDING
LLC, NUCO2 LLC, NUCO2 SUPPLY LLC OR NUCO2 IP LLC (THE “CO-ISSUERS”) HAS BEEN
REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED.  THIS NOTE AND ANY INTEREST HEREIN MAY BE
TRANSFERRED, ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED ONLY IN
ACCORDANCE WITH (I) THE PROVISIONS OF THE CLASS A-2 NOTE PURCHASE
AGREEMENT, DATED AS OF MAY 28, 2008 BY AND AMONG THE CO-ISSUERS, NUCO2, INC., AS MASTER MANAGER, NUCO2 MANAGEMENT LLC,
AS TRANSACTION MANAGER, THE CONDUIT INVESTORS, THE COMMITTED NOTE PURCHASERS
AND THE FUNDING AGENTS NAMED THEREIN AND UBS SECURITIES LLC, AS SERIES 2008-1 CLASS A-2
NOTE ADMINISTRATIVE AGENT AND (II) THE SERIES 2008-1 SUPPLEMENT, DATED AS
OF MAY 28, 2008 BY AND AMONG THE CO-ISSUERS AND THE TRUSTEE, EACH AS AMENDED
FROM TIME TO TIME.

 

1

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN AND SUBJECT TO INCREASES AND DECREASES AS
SET FORTH HEREIN.  ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.  ANY
PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY
INQUIRY OF THE TRUSTEE.

 

REGISTERED

 

	
  No. [    ]

  	
  up to
  $30,000,000

  

 

SEE REVERSE FOR
CERTAIN CONDITIONS

 

NUCO2 FUNDING LLC

NUCO2 LLC

NUCO2 SUPPLY LLC

NUCO2 IP LLC

 

SERIES 2008-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-2

 

NUCO2 FUNDING LLC, a limited liability company formed under the laws of
the State of Delaware, NUCO2 LLC, a limited liability company formed
under the laws of the State of Delaware, NUCO2 SUPPLY LLC, a limited liability company formed under the laws of
the State of Delaware, and NUCO2 IP LLC, a limited liability company formed
under the laws of the State of Delaware (herein referred to, collectively, as
the “Co-Issuers”), for value received, hereby jointly and severally
promise to pay to [                              ], as Funding Agent, or registered assigns,
up to the principal sum of
[                            ]
($[              ])
or such lesser amount as shall equal the portion of the Series 2008-1 Class A-2
Outstanding Principal Amount evidenced by this Note as provided in the
Indenture and the Series 2008-1 Class A-2 Note Purchase
Agreement.  Payments of principal shall
be payable in the amounts and at the times set forth in the Indenture described
herein; provided, however, that the entire unpaid principal
amount of this Note shall be due on the Payment Date (as defined below)
occurring in June 2038 (the “Series 2008-1 Legal Final Maturity
Date”).  Pursuant to the Series 2008-1
Class A-2 Note Purchase Agreement and the Series 2008-1 Supplement,
the principal amount of this Note may be subject to increases or decreases on
any Business Day during the Commitment Term, and principal with respect to the Series 2008-1
Class A-2 Notes may be paid earlier than the Series 2008-1 Legal
Final Maturity Date as described in the Indenture.  The Co-Issuers shall pay interest on this Series 2008-1
Class A-2 Note (this “Note”) at the Series 2008-1 Class A-2
Note Interest Rate for each Interest Period in

 

2

 

accordance with the terms of the Indenture.  Such amounts due on this Note will
be payable in arrears on the 25th day of each month or, if such 25th day is not
a Business Day, the next succeeding Business Day (each, a “Payment Date”),
commencing on July 25, 2008.  Such amounts due on this Note will accrue for
each Payment Date with respect to (i) initially, the period from and
including the Series 2008-1 Closing Date to but excluding the Payment Date
occurring in July 2008 (which shall be July 25, 2008) and (ii) thereafter,
a period commencing
on and including the immediately preceding Payment Date and ending on but
excluding such Payment Date (each, an “Interest Period”), subject
to the terms set forth in the Indenture. 
Such amounts due on
this Note with
respect to the Note (and interest on any defaulted payments of amounts due on
this Note at the same
rate or at such other rate specified in the Indenture) will be computed in
accordance with the Indenture.  In
addition, under the circumstances set forth in the Indenture, the Co-Issuers
shall also pay contingent additional interest on this Note at the Series 2008-1
Class A-2 Contingent Additional Interest Rate, and such contingent
additional interest shall be computed and shall be payable in the amounts and
at the times set forth in the Indenture. 
In addition to and not in limitation of the foregoing and the provisions
of the Indenture  and the Series 2008-1
Class A-2 Note Purchase Agreement, the Co-Issuers further jointly and
severally agree to pay to the holder of this Note such holder’s portion of the Series 2008-1
Class A-2 Senior Note Commitment Fee Amount and other fees, costs and
expense reimbursements, indemnification amounts and other amounts due and
payable in accordance with the Indenture and the Series 2008-1 Class A-2
Note Purchase Agreement.

 

The holder of this Note
is authorized to endorse on the schedules annexed hereto and made a part hereof
or on a continuation thereof which shall be attached hereto and made a part
hereof the date and amount of each increase and decrease with respect thereto
and the Series 2008-1 Class A-2 Note Interest Rate applicable
thereto.  Each such endorsement shall
constitute prima  facie evidence of the accuracy of the
information endorsed.  The failure to
make any such endorsement or any error in any such endorsement shall not affect
the obligations of the Co-Issuers in respect of the Series 2008-1 Class A-2
Outstanding Principal Amount.

 

The amounts due on this
Note are payable in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.
All payments made by the Co-Issuers with respect to this Note shall be applied
as provided in the Indenture.

 

This Note is subject to
mandatory and optional prepayment, as set forth in the Indenture.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.
Although a summary of certain provisions of the Indenture is set forth herein
and on the reverse hereof and made a part hereof, this Note does not purport to
summarize the Indenture and reference is made to the Indenture for information
with respect to the interests, rights, benefits, obligations, proceeds and
duties evidenced hereby and the rights, duties and obligations of the
Co-Issuers and the Trustee. A copy of the Indenture may be requested from the Trustee
by writing to the Trustee at: U.S. Bank National
Association, EP-MN-

 

3

 

WS3D,
60 Livingston Avenue, St. Paul, MN 55107, Attn: Structured Finance/NuCO2, Facsimile: (866) 831-7910.

 

Subject to the immediately
following paragraph, the Co-Issuers hereby certify and declare that all acts,
conditions and things required to be done and performed and to have happened
prior to the creation of this Note and to constitute it as the valid obligation
of the Co-Issuers, enforceable in accordance with its terms, have been done and
performed and have happened in due compliance with all applicable laws and in
accordance with the terms of the Indenture.

 

Unless the certificate of
authentication hereon has been executed by the Trustee whose name appears below
by manual or facsimile signature, this Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

4

 

 

IN WITNESS WHEREOF, each of the Co-Issuers has caused
this Series 2008-1 Class A-2 Note to be duly executed by its
respective duly authorized signatory or signatories, as applicable, as of the
day and year written below.

 

Dated:   
[                    ]

	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 SUPPLY LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

5

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Series 2008-1 Notes issued under the
within-mentioned Indenture.

 

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, not in its individual capacity but solely in its
  capacity as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

6

 

[REVERSE OF NOTE]

 

This Note is one of a
duly authorized issue of Series 2008-1 Class A-2 Notes of the
Co-Issuers designated as their Series 2008-1 Variable Funding Senior Notes, Class A-2
(herein called the “Series 2008-1 Class A-2 Notes”), all
issued under (i) the Base Indenture, dated as of May 28, 2008 (such
Base Indenture, as amended, supplemented or modified, is herein called the “Base
Indenture”), by and among the Co-Issuers and U.S. Bank National
Association, a national banking association, as trustee (in such capacity, the “Trustee”,
which term includes any successor Trustee under the Base Indenture),
administrative agent and as securities intermediary and (ii) the Series 2008-1
Supplement to the Base Indenture, dated as of May 28, 2008 (as amended,
supplemented or modified from time to time, the “Series 2008-1
Supplement”), among the Co-Issuers and the Trustee.  The Base Indenture, together with all Series Supplements,
as amended, supplemented or otherwise modified from time to time by Supplements
thereto in accordance with its terms are referred to herein as the “Indenture”.  The Series 2008-1 Class A-2 Notes
are subject to all terms of the Indenture. To the extent not defined herein,
all capitalized terms in this Note shall have the meanings assigned to them in
or pursuant to the Indenture, as so supplemented, modified or amended.

 

The Series 2008-1 Class A-2
Notes are and will be secured by the Collateral pledged as security therefor as
provided in the Indenture.

 

As provided for in
the Indenture, the Series 2008-1 Class A-2 Notes may be prepaid, in
whole or in part, at the option of the Co-Issuers.  In addition, the Series 2008-1 Class A-2
Notes are subject to mandatory prepayment as provided for in the
Indenture.  As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Series 2008-1
Legal Final Maturity Date. All payments of principal of the Series 2008-1 Class A-2
Notes will be made pro  rata to the holders of Series 2008-1 Class A-2
Notes entitled thereto.

 

The Person in whose name
this Note is registered at the close of business on any Record Date with
respect to a Payment Date or any date on which payments are permitted to be
made as provided for in the Indenture, shall be entitled to receive the
principal, premium, if any, and interest payable on such date notwithstanding
the cancellation of this Note upon any registration of transfer, exchange or
substitution of this Note subsequent to such Record Date, subject to any
exceptions provided for in the Indenture.

 

Interest and fees and
contingent additional interest, if any, will each accrue on the Series 2008-1
Class A-2 Notes at the rates set forth in the Indenture.  Such amounts will be computed on the basis
set forth in the Indenture. Amounts payable on the Series 2008-1 Class A-2
Notes on each Payment Date will be calculated as set forth in the Indenture.

 

Payments of amounts due
on this Note are subordinated to the payment of certain other amounts in
accordance with the Priority of Payments.

 

7

 

If an Event of Default
shall occur and be continuing, this Note may become or be declared due and
payable in the manner and with the effect provided in the Indenture.

 

Amounts payable in
respect of this Note shall be made by wire transfer in immediately available
funds to an account maintained by the Noteholder or its nominee, subject to the
terms of the Indenture, the Series 2008-1 Class A-2 Note Purchase
Agreement and any exceptions therein.

 

Subject to the terms of
the Indenture, the Series 2008-1 Class A-2 Note Purchase Agreement
and any exceptions therein, this Note may be transferred in whole or in part,
in an amount equivalent to an authorized denomination, by surrendering this
Note at the applicable Corporate Trust Office, with the form of transfer
endorsed on it duly completed and executed by, or accompanied by a written
instrument of transfer in form satisfactory to the Co-Issuers and the Registrar
by, the Holder hereof or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the
Registrar in addition to, or in substitution for, STAMP, and accompanied by
such certificates and documentation set forth in the Indenture.  In exchange for the proper presentment for
transfer of this Note, the Co-Issuers shall execute and the Trustee shall
promptly authenticate and deliver or cause to be authenticated and delivered in
compliance with applicable law, to the transferee at such office, or send by
mail (at the risk of the transferee) to such address as the transferee may
request, Notes for the same aggregate principal amount as was transferred, all
as more fully described in the Indenture.

 

As provided more fully in
the Indenture, each Series 2008-1 Class A-2 Noteholder, by acceptance
of a Series 2008-1 Class A-2 Note, covenants and agrees that by accepting
the benefits of the Indenture that prior to the date that is one year and one
day after the payment in full of all amounts due to all Noteholders, such Series 2008-1
Class A-2 Noteholder will not institute against, or join with any other
Person in instituting against, any Securitization Entity any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings, under any federal or state bankruptcy or similar law; provided,
however, that nothing herein shall constitute a waiver of any right to
indemnification, reimbursement or other payment from the Securitization
Entities pursuant to the Indenture or any other Related Document.

 

It is the intent of the
Co-Issuers and each Series 2008-1 Class A-2 Noteholder that, under
applicable tax law, the Series 2008-1 Class A-2 Notes will evidence
indebtedness of the Co-Issuers or, if any of the Co-Issuers is disregarded as
an entity separate from its owner, such owner, secured by the Collateral.  Each Series 2008-1 Class A-2
Noteholder, by the acceptance of this Note, hereby agrees to treat this Note
(or beneficial interests herein in the case of a Note Owner) for purposes of
all federal, state, local and foreign income or franchise Taxes and any other
Tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if
any Co-Issuer is disregarded as an entity separate from its owner, such owner.

 

8

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Co-Issuers and the rights of
the Series 2008-1 Class A-2 Noteholders under the Indenture at any
time by the Co-Issuers with the consent of the Control Party and without the
consent of any Series 2008-1 Class A-2 Noteholders.  The Indenture also contains provisions permitting
the Control Party to waive compliance by the Co-Issuers with certain provisions
of the Indenture and certain past defaults under the Indenture and their
consequences without the consent of any Series 2008-1 Class A-2
Noteholders. Any such consent or waiver of this Note (or any one or more
predecessor Notes) shall be conclusive and binding upon such Series 2008-1
Class A-2 Noteholders and upon all future Series 2008-1 Class A-2
Noteholders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

 

The term “Co-Issuer” as
used in this Note includes any successor to the Co-Issuers and any Additional
Co-Issuers under the Indenture.

 

The Series 2008-1 Class A-2
Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations set forth therein.

 

THIS NOTE AND THE INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Co-Issuers, which is absolute and unconditional,
to pay the amounts due on this Note at the times, place and rate, and in the
coin or currency herein prescribed.

 

To the extent that any
Co-Issuer is or is deemed to be a guarantor or surety of another Co-Issuer
under the Indenture, this Note or under any Related Document (in such capacity,
a “Guarantor”), the liability of each Co-Issuer as a Guarantor under the
Indenture, this Note or under any Related Document shall be irrevocable,
absolute and unconditional irrespective of, and each Co-Issuer hereby
irrevocably waives any defenses it may now have or hereafter acquire in any way
relating to, any or all of the following: (a) any lack of validity or
enforceability of any Related Document or any agreement or instrument relating
thereto; (b) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations of such other Co-Issuer (“Guaranteed
Obligations”) or any other Obligations of any other Co-Issuer under or in
respect of the Related Documents, or any other amendment or waiver of or any
consent to departure from any Related Document, including, without limitation,
any increase in the Guaranteed Obligations resulting from the extension of
additional credit to any other Co-Issuer or any of its Subsidiaries or
otherwise; (c) any taking, exchange, release or non-perfection of any
Collateral or any other collateral, or any taking, release or amendment or
waiver of, or consent to departure from, any other guaranty, for all or any of
the Guaranteed Obligations; (d) any manner of application of Collateral or
any other collateral, or proceeds thereof, to all or any of the Guaranteed 

 

9

 

Obligations, or any
manner of sale or other disposition of any Collateral or any other collateral
for all or any of the Guaranteed Obligations or any other Obligations of any
other Co-Issuer under the Related Documents or any other assets of any other
Co-Issuer or any of its Subsidiaries; (e) any change, restructuring or
termination of the corporate structure or existence of any other Co-Issuer or
any of its Subsidiaries; (f) any failure of any Secured Party to disclose
to any Co-Issuer any information relating to the business, condition (financial
or otherwise), operations, performance, properties or prospects of any other
Co-Issuer now or hereafter known to such Secured Party (and any duty on the
part of the Secured Parties to disclose such information is hereby waived); (g) the
failure of any other Person to execute or deliver any Related Document or any
other guaranty or agreement or the release or reduction of liability of any
Guarantor or other guarantor or surety with respect to the Guaranteed
Obligations; or (h) any other circumstance (including, without limitation,
any statute of limitations) or any existence of or reliance on any
representation by any Secured Party that might otherwise constitute a defense
available to, or a discharge of, any other Co-Issuer or any other guarantor or
surety.

 

The provisions of the
foregoing paragraph shall continue to be effective or be reinstated, as the
case may be, if at any time any payment of any of the Guaranteed Obligations is
rescinded or must otherwise be returned by any Secured Party or any other
Person upon the insolvency, bankruptcy or reorganization of any Co-Issuer or
otherwise, all as though such payment had not been made.

 

Each Co-Issuer in its
capacity as a Guarantor (to the extent applicable) hereby unconditionally and
irrevocably waives: (a) promptness, diligence, notice of acceptance,
presentment, demand for performance, notice of nonperformance, default,
acceleration, protest or dishonor and any other notice with respect to any of
the Guaranteed Obligations and any requirement that any Secured Party protect,
secure, perfect or insure any Lien or any property subject thereto or exhaust
any right or take any action against any other Co-Issuer or any other Person or
any Collateral; (b) any right to revoke this guaranty and acknowledges
that this guaranty is continuing in nature and applies to all Guaranteed
Obligations, whether existing now or in the future; (c) (x) any
defense arising by reason of any claim or defense based upon an election of
remedies by any Secured Party that in any manner impairs, reduces, releases or
otherwise adversely affects the subrogation, reimbursement, exoneration,
contribution or indemnification rights of such Guarantor or other rights of such
Guarantor to proceed against any of the other Co-Issuers, any other guarantor
or any other Person or any Collateral and (y) any defense based on any
right of set-off or counterclaim against or in respect of the Obligations of
such Guarantor pursuant to this Indenture and this Note; and (d) any duty
on the part of any Secured Party to disclose to such Guarantor any matter, fact
or thing relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Co-Issuer or any
of its Subsidiaries now or hereafter known by such Secured Party.

 

Each Co-Issuer in its
capacity as a Guarantor acknowledges that (x) the Trustee may, without
notice to or demand upon such Guarantor and without affecting the liability of
such Guarantor under the Related Documents, foreclose under any mortgage by
nonjudicial sale, and each Guarantor hereby waives any defense to the recovery
by the Trustee and the other Secured Parties against such Guarantor of any
deficiency after such 

 

10

 

nonjudicial sale and any
defense or benefits that may be afforded by applicable law and (y) it will
receive substantial direct and indirect benefits from the financing
arrangements contemplated by the Related Documents and that the waivers set
forth in the foregoing three paragraphs are knowingly made in contemplation of
such benefits.

 

[Remainder of page intentionally
left blank]

 

11

 

ASSIGNMENT

 

Social Security or
taxpayer I.D. or other identifying number of assignee:

 

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto

 

 

 

(name and address
of assignee)

 

the within  Note and all rights thereunder, and hereby
irrevocably constitutes and appoints
                                        ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  	
  (1)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

(1)                                  NOTE: 
The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note, without
alteration, enlargement or any change whatsoever.

 

12

 

 

INCREASES
AND DECREASES

 

	
  Date

  	
   

  	
  Unpaid

  Principal

  Amount

  	
   

  	
  Increase

  	
   

  	
  Decrease

  	
   

  	
  Total

  	
   

  	
  Series

  2008-1

  Class A-2

  Note

  Interest

  Rate

  	
   

  	
  Interest Period

  (if applicable)

  	
   

  	
  Notation

  Made By

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

13

 

EXHIBIT A-3

 

FORM OF SERIES 2008-1 CLASS A-3 NOTE

 

THIS  SERIES  2008-1  VARIABLE  FUNDING  SENIOR  NOTE,  CLASS  A-3  (THIS  “NOTE”),  WHICH  IS  A  SERIES  2008-1  CLASS  A-3  NOTE,  HAS  NOT  BEEN  AND  WILL  NOT  BE  REGISTERED  UNDER  THE  UNITED  STATES  SECURITIES  ACT  OF  1933,  AS  AMENDED,  OR  WITH  ANY  SECURITIES  REGULATORY  AUTHORITY  OF  ANY  STATE  OR  OTHER  RELEVANT  JURISDICTION,  AND  NONE  OF  NUCO2 FUNDING  LLC,  NUCO2 LLC,  NUCO2 SUPPLY  LLC  OR  NUCO2 IP  LLC  (THE  “CO-ISSUERS”)  HAS  BEEN  REGISTERED  UNDER  THE  INVESTMENT  COMPANY  ACT  OF  1940,  AS  AMENDED.  THIS  NOTE  AND  ANY  INTEREST  HEREIN  MAY  BE  TRANSFERRED,  ASSIGNED,  EXCHANGED  OR  OTHERWISE  PLEDGED  OR  CONVEYED  ONLY  IN  ACCORDANCE  WITH  (I)  THE  PROVISIONS  OF  THE  CLASS  A-3  NOTE  PURCHASE  AGREEMENT,  DATED  AS  OF  MAY  28,  2008  BY  AND  AMONG  THE  CO-ISSUERS,  NUCO2,  INC.,  AS  MASTER  MANAGER,  NUCO2 MANAGEMENT  LLC,  AS  TRANSACTION  MANAGER,  THE  CONDUIT  INVESTORS,  THE  COMMITTED  NOTE  PURCHASERS  AND  THE  FUNDING AGENTS NAMED THEREIN AND UBS SECURITIES LLC, AS
SERIES 2008-1 CLASS A-3 NOTE ADMINISTRATIVE AGENT AND (II) THE SERIES
2008-1 SUPPLEMENT, DATED AS OF MAY 28, 2008 BY AND AMONG THE CO-ISSUERS
AND THE TRUSTEE, EACH AS AMENDED FROM TIME TO TIME.

 

1

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN AND SUBJECT TO INCREASES AND DECREASES AS
SET FORTH HEREIN.  ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.  ANY
PERSON ACQUIRING THIS NOTE MAY ASCERTAIN ITS CURRENT PRINCIPAL AMOUNT BY
INQUIRY OF THE TRUSTEE.

 

REGISTERED

 

	
  No. [    ]

  	
  up to
  $20,000,000

  

 

SEE REVERSE FOR
CERTAIN CONDITIONS

 

NUCO2 FUNDING LLC

NUCO2 LLC

NUCO2 SUPPLY LLC

NUCO2 IP LLC

 

SERIES 2008-1
VARIABLE FUNDING SENIOR NOTE, CLASS A-3

 

NUCO2 FUNDING LLC, a limited liability company formed under the laws of
the State of Delaware, NUCO2 LLC, a limited liability company formed
under the laws of the State of Delaware, NUCO2 SUPPLY LLC, a limited liability company formed under the laws of
the State of Delaware, and NUCO2 IP LLC, a limited liability company formed
under the laws of the State of Delaware (herein referred to, collectively, as
the “Co-Issuers”), for value received, hereby jointly and severally
promise to pay to [                              ], as Funding Agent, or registered assigns,
up to the principal sum of
[                            ]
($[              ])
or such lesser amount as shall equal the portion of the Series 2008-1 Class A-3
Outstanding Principal Amount evidenced by this Note as provided in the
Indenture and the Series 2008-1 Class A-3 Note Purchase
Agreement.  Payments of principal shall
be payable in the amounts and at the times set forth in the Indenture described
herein; provided, however, that the entire unpaid principal
amount of this Note shall be due on the Payment Date (as defined below)
occurring in June 2038 (the “Series 2008-1 Legal Final Maturity
Date”).  Pursuant to the Series 2008-1
Class A-3 Note Purchase Agreement and the Series 2008-1 Supplement,
the principal amount of this Note may be subject to increases or decreases on
any Business Day during the Commitment Term, and principal with respect to the Series 2008-1
Class A-3 Notes may be paid earlier than the Series 2008-1 Legal
Final Maturity Date as described in the Indenture.  The Co-Issuers shall pay interest on this Series 2008-1
Class A-3 Note (this “Note”) at the Series 2008-1 Class A-3
Note Interest Rate for each Interest Period in

 

2

 

accordance with the terms of the Indenture.  Such amounts due on this Note will
be payable in arrears on the 25th day of each month or, if such 25th day is not
a Business Day, the next succeeding Business Day (each, a “Payment Date”),
commencing on July 25, 2008.  Such amounts due on this Note will accrue for
each Payment Date with respect to (i) initially, the period from and
including the Series 2008-1 Closing Date to but excluding the Payment Date
occurring in July 2008 (which shall be July 25, 2008) and (ii) thereafter,
a period commencing
on and including the immediately preceding Payment Date and ending on but
excluding such Payment Date (each, an “Interest Period”) subject
to the terms set forth in the Indenture. 
Such amounts due on
this Note with
respect to the Note (and interest on any defaulted payments of amounts due on
this Note at the same
rate or at such other rate specified in the Indenture) will be computed in
accordance with the Indenture.  In
addition, under the circumstances set forth in the Indenture, the Co-Issuers
shall also pay contingent additional interest on this Note at the Series 2008-1
Class A-3 Contingent Additional Interest Rate, and such contingent
additional interest shall be computed and shall be payable in the amounts and
at the times set forth in the Indenture. 
In addition to and not in limitation of the foregoing and the provisions
of the Indenture and the Series 2008-1 Class A-3 Note Purchase
Agreement, the Co-Issuers further jointly and severally agree to pay to the
holder of this Note such holder’s portion of the Series 2008-1 Class A-3
Senior Note Commitment Fee Amount and other fees, costs and expense
reimbursements, indemnification amounts and other amounts due and payable in
accordance with the Indenture and the Series 2008-1 Class A-3 Note
Purchase Agreement.

 

The holder of this Note
is authorized to endorse on the schedules annexed hereto and made a part hereof
or on a continuation thereof which shall be attached hereto and made a part
hereof the date and amount of each increase and decrease with respect thereto
and the Series 2008-1 Class A-3 Note Interest Rate applicable
thereto.  Each such endorsement shall
constitute prima facie evidence of the accuracy of the
information endorsed.  The failure to
make any such endorsement or any error in any such endorsement shall not affect
the obligations of the Co-Issuers in respect of the Series 2008-1 Class A-3
Outstanding Principal Amount.

 

The amounts due on this
Note are payable in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.
All payments made by the Co-Issuers with respect to this Note shall be applied
as provided in the Indenture.

 

This Note is subject to
mandatory and optional prepayment, as set forth in the Indenture.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall
have the same effect as though fully set forth on the face of this Note.
Although a summary of certain provisions of the Indenture is set forth herein
and on the reverse hereof and made a part hereof, this Note does not purport to
summarize the Indenture and reference is made to the Indenture for information
with respect to the interests, rights, benefits, obligations, proceeds and duties
evidenced hereby and the rights, duties and obligations of the Co-Issuers and
the Trustee. A copy of the Indenture may be requested from the Trustee by
writing to the Trustee at: U.S. Bank National Association, EP-MN-

 

3

 

WS3D, 60 Livingston Avenue, St. Paul, MN 55107, Attn: Structured
Finance/NuCO2, Facsimile:
(866) 831-7910.

 

Subject to the
immediately following paragraph, the Co-Issuers hereby certify and declare that
all acts, conditions and things required to be done and performed and to have
happened prior to the creation of this Note and to constitute it as the valid
obligation of the Co-Issuers, enforceable in accordance with its terms, have
been done and performed and have happened in due compliance with all applicable
laws and in accordance with the terms of the Indenture.

 

Unless the certificate of
authentication hereon has been executed by the Trustee whose name appears below
by manual or facsimile signature, this Note shall not be entitled to any
benefit under the Indenture referred to on the reverse hereof, or be valid or
obligatory for any purpose.

 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK]

 

4

 

IN WITNESS WHEREOF, each of the Co-Issuers has caused
this Series 2008-1 Class A-3 Note to be duly executed by its
respective duly authorized signatory or signatories, as applicable, as of the
day and year written below.

 

	
  Dated:
  [                    ]

  	
   

  
	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 SUPPLY LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  
	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
				

 

5

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Series 2008-1 Notes issued under the
within-mentioned Indenture.

 

 

	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION, not in its individual capacity but solely in its
  capacity as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

6

 

[REVERSE OF NOTE]

 

This Note is one of a
duly authorized issue of Series 2008-1 Class A-3 Notes of the
Co-Issuers designated as their Series 2008-1 Variable Funding Senior
Notes, Class A-3 (herein called the “Series 2008-1 Class A-3
Notes”), all issued under (i) the Base Indenture, dated as of May 28,
2008 (such Base Indenture, as amended, supplemented or modified, is herein
called the “Base Indenture”), by and among the Co-Issuers and U.S. Bank
National Association, a national banking association, as trustee (in such
capacity, the “Trustee”, which term includes any successor Trustee under
the Base Indenture), administrative agent and as securities intermediary and (ii) the
Series 2008-1 Supplement to the Base Indenture, dated as of May 28,
2008 (as amended, supplemented or modified from time to time, the “Series 2008-1
Supplement”), among the Co-Issuers and the Trustee.  The Base Indenture, together with all Series Supplements,
as amended, supplemented or otherwise modified from time to time by Supplements
thereto in accordance with its terms are referred to herein as the “Indenture”.  The Series 2008-1 Class A-3 Notes
are subject to all terms of the Indenture. 
To the extent not defined herein, all capitalized terms used in this
Note shall have the meanings assigned to them in or pursuant to the Indenture,
as so supplemented, modified or amended.

 

The Series 2008-1 Class A-3
Notes are and will be secured by the Collateral pledged as security therefor as
provided in the Indenture.

 

As provided for in
the Indenture, the Series 2008-1 Class A-3 Notes may be prepaid, in
whole or in part, at the option of the Co-Issuers.  In addition, the Series 2008-1 Class A-3
Notes are subject to mandatory prepayment as provided for in the
Indenture.  As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Series 2008-1
Legal Final Maturity Date. All payments of principal of the Series 2008-1 Class A-3
Notes will be made pro  rata to the holders of Series 2008-1 Class A-3
Notes entitled thereto.

 

The Person in whose name
this Note is registered at the close of business on any Record Date with
respect to a Payment Date or any date on which payments are permitted to be
made as provided for in the Indenture, shall be entitled to receive the
principal, premium, if any, and interest payable on such date notwithstanding
the cancellation of this Note upon any registration of transfer, exchange or
substitution of this Note subsequent to such Record Date, subject to any
exceptions provided for in the Indenture.

 

Interest and fees and
contingent additional interest, if any, will each accrue on the Series 2008-1
Class A-3 Notes at the rates set forth in the Indenture.  Such amounts will be computed on the basis
set forth in the Indenture. Amounts payable on the Series 2008-1 Class A-3
Notes on each Payment Date will be calculated as set forth in the Indenture.

 

Payments of amounts due
on this Note are subordinated to the payment of certain other amounts in
accordance with the Priority of Payments.

 

7

 

If an Event of Default
shall occur and be continuing, this Note may become or be declared due and
payable in the manner and with the effect provided in the Indenture.

 

Amounts payable in
respect of this Note shall be made by wire transfer in immediately available
funds to an account maintained by the Noteholder or its nominee, subject to the
terms of the Indenture, the Series 2008-1 Class A-3 Note Purchase
Agreement and any exceptions therein.

 

Subject to the terms of
the Indenture, the Series 2008-1 Class A-3 Note Purchase Agreement
and any exceptions therein, this Note may be transferred in whole or in part,
in an amount equivalent to an authorized denomination, by surrendering this
Note at the applicable Corporate Trust Office, with the form of transfer
endorsed on it duly completed and executed by, or accompanied by a written
instrument of transfer in form satisfactory to the Co-Issuers and the Registrar
by, the Holder hereof or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”)
or such other “signature guarantee program” as may be determined by the
Registrar in addition to, or in substitution for, STAMP, and accompanied by
such certificates and documentation set forth in the Indenture.  In exchange for the proper presentment for
transfer of this Note, the Co-Issuers shall execute and the Trustee shall
promptly authenticate and deliver or cause to be authenticated and delivered in
compliance with applicable law, to the transferee at such office, or send by
mail (at the risk of the transferee) to such address as the transferee may
request, Notes for the same aggregate principal amount as was transferred, all
as more fully described in the Indenture.

 

As provided more fully in
the Indenture, each Series 2008-1 Class A-3 Noteholder, by acceptance
of a Series 2008-1 Class A-3 Note, covenants and agrees that by
accepting the benefits of the Indenture that prior to the date that is one year
and one day after the payment in full of all amounts due to all Noteholders,
such Series 2008-1 Class A-3 Noteholder will not institute against,
or join with any other Person in instituting against, any Securitization Entity
any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings, under any federal or state bankruptcy or
similar law; provided, however, that nothing herein shall
constitute a waiver of any right to indemnification, reimbursement or other
payment from the Securitization Entities pursuant to the Indenture or any other
Related Document.

 

It is the intent of the
Co-Issuers and each Series 2008-1 Class A-3 Noteholder that, under
applicable tax law, the Series 2008-1 Class A-3 Notes will evidence
indebtedness of the Co-Issuers or, if any of the Co-Issuers is disregarded as
an entity separate from its owner, such owner, secured by the Collateral.  Each Series 2008-1 Class A-3
Noteholder, by the acceptance of this Note, hereby agrees to treat this Note
(or beneficial interests herein in the case of a Note Owner) for purposes of
all federal, state, local and foreign income or franchise Taxes and any other
Tax imposed on or measured by income, as indebtedness of the Co-Issuers or, if
any Co-Issuer is disregarded as an entity separate from its owner, such owner.

 

8

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Co-Issuers and the rights of the Series 2008-1 Class A-3
Noteholders under the Indenture at any time by the Co-Issuers with the consent
of the Control Party and without the consent of any Series 2008-1 Class A-3
Noteholders.  The Indenture also contains
provisions permitting the Control Party to waive compliance by the Co-Issuers
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences without the consent of any Series 2008-1 Class A-3
Noteholders. Any such consent or waiver of this Note (or any one or more
predecessor Notes) shall be conclusive and binding upon such Series 2008-1
Class A-3 Noteholders and upon all future Series 2008-1 Class A-3
Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Note.

 

The term “Co-Issuer” as used in this Note includes any
successor to the Co-Issuers and any Additional Co-Issuers under the Indenture.

 

The Series 2008-1 Class A-3 Notes are
issuable only in registered form in denominations as provided in the Indenture,
subject to certain limitations set forth therein.

 

THIS NOTE AND THE INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Co-Issuers, which is absolute and unconditional, to pay the amounts due on this
Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

To the extent that any Co-Issuer is or is deemed to be
a guarantor or surety of another Co-Issuer under the Indenture, this Note or
under any Related Document (in such capacity, a “Guarantor”), the
liability of each Co-Issuer as a Guarantor under the Indenture, this Note or
under any Related Document shall be irrevocable, absolute and unconditional
irrespective of, and each Co-Issuer hereby irrevocably waives any defenses it
may now have or hereafter acquire in any way relating to, any or all of the
following: (a) any lack of validity or enforceability of any Related
Document or any agreement or instrument relating thereto; (b) any change
in the time, manner or place of payment of, or in any other term of, all or any
of the Obligations of such other Co-Issuer (“Guaranteed Obligations”) or
any other Obligations of any other Co-Issuer under or in respect of the Related
Documents, or any other amendment or waiver of or any consent to departure from
any Related Document, including, without limitation, any increase in the
Guaranteed Obligations resulting from the extension of additional credit to any
other Co-Issuer or any of its Subsidiaries or otherwise; (c) any taking,
exchange, release or non-perfection of any Collateral or any other collateral,
or any taking, release or amendment or waiver of, or consent to departure from,
any other guaranty, for all or any of the Guaranteed Obligations; (d) any
manner of application of Collateral or any other collateral, or proceeds
thereof, to all or any of the Guaranteed 

 

9

 

Obligations, or any manner of sale or other disposition of any
Collateral or any other collateral for all or any of the Guaranteed Obligations
or any other Obligations of any other Co-Issuer under the Related Documents or
any other assets of any other Co-Issuer or any of its Subsidiaries; (e) any
change, restructuring or termination of the corporate structure or existence of
any other Co-Issuer or any of its Subsidiaries; (f) any failure of any
Secured Party to disclose to any Co-Issuer any information relating to the
business, condition (financial or otherwise), operations, performance,
properties or prospects of any other Co-Issuer now or hereafter known to such
Secured Party (and any duty on the part of the Secured Parties to disclose such
information is hereby waived); (g) the failure of any other Person to execute
or deliver any Related Document or any other guaranty or agreement or the
release or reduction of liability of any Guarantor or other guarantor or surety
with respect to the Guaranteed Obligations; or (h) any other circumstance
(including, without limitation, any statute of limitations) or any existence of
or reliance on any representation by any Secured Party that might otherwise
constitute a defense available to, or a discharge of, any other Co-Issuer or
any other guarantor or surety.

 

The provisions of the foregoing paragraph shall
continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Guaranteed Obligations is rescinded or must otherwise
be returned by any Secured Party or any other Person upon the insolvency,
bankruptcy or reorganization of any Co-Issuer or otherwise, all as though such
payment had not been made.

 

Each Co-Issuer in its capacity as a Guarantor (to the
extent applicable) hereby unconditionally and irrevocably waives: (a) promptness,
diligence, notice of acceptance, presentment, demand for performance, notice of
nonperformance, default, acceleration, protest or dishonor and any other notice
with respect to any of the Guaranteed Obligations and any requirement that any
Secured Party protect, secure, perfect or insure any Lien or any property
subject thereto or exhaust any right or take any action against any other
Co-Issuer or any other Person or any Collateral; (b) any right to revoke
this guaranty and acknowledges that this guaranty is continuing in nature and
applies to all Guaranteed Obligations, whether existing now or in the future; (c) (x) any
defense arising by reason of any claim or defense based upon an election of
remedies by any Secured Party that in any manner impairs, reduces, releases or
otherwise adversely affects the subrogation, reimbursement, exoneration,
contribution or indemnification rights of such Guarantor or other rights of
such Guarantor to proceed against any of the other Co-Issuers, any other
guarantor or any other Person or any Collateral and (y) any defense based
on any right of set-off or counterclaim against or in respect of the
Obligations of such Guarantor pursuant to this Indenture and this Note; and (d) any
duty on the part of any Secured Party to disclose to such Guarantor any matter,
fact or thing relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Co-Issuer or any
of its Subsidiaries now or hereafter known by such Secured Party.

 

Each Co-Issuer in its capacity as a Guarantor
acknowledges that (x) the Trustee may, without notice to or demand upon
such Guarantor and without affecting the liability of such Guarantor under the
Related Documents, foreclose under any mortgage by nonjudicial sale, and each
Guarantor hereby waives any defense to the recovery by the Trustee and the
other Secured Parties against such Guarantor of any deficiency after such 

 

10

 

nonjudicial sale and any defense or benefits that may be afforded by
applicable law and (y) it will receive substantial direct and indirect
benefits from the financing arrangements contemplated by the Related Documents
and that the waivers set forth in the foregoing three paragraphs are knowingly
made in contemplation of such benefits.

 

[Remainder of page intentionally
left blank]

 

11

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying number of
assignee:

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

 

 

(name and address of
assignee)

 

the within  Note and all rights
thereunder, and hereby irrevocably constitutes and appoints
                                        ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  	
  (1)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
							

 

(1)          NOTE: 
The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note, without
alteration, enlargement or any change whatsoever.

 

12

 

INCREASES AND
DECREASES

 

	
  Date

  	
   

  	
  Unpaid

  Principal

  Amount

  	
   

  	
  Increase

  	
   

  	
  Decrease

  	
   

  	
  Total

  	
   

  	
  Series

  2008-1

  Class A-3

  Note

  Interest

  Rate

  	
   

  	
  Interest Period

  (if applicable)

  	
   

  	
  Notation

  Made By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

13

 

EXHIBIT B-1-1

 

FORM OF SERIES 2008-1 RESTRICTED RULE 144A CLASS B-1 GLOBAL
NOTE

 

THIS FIXED RATE SERIES 2008-1 SUBORDINATED NOTE, CLASS B-1
DUE 2038 (THIS “NOTE”) HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT
JURISDICTION, AND NONE OF NUCO2 FUNDING LLC, NUCO2 LLC, NUCO2 SUPPLY LLC AND NUCO2 IP LLC (THE “CO-ISSUERS”) HAS BEEN
REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).  THIS NOTE OR ANY INTEREST HEREIN MAY BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) IN THE UNITED
STATES TO EITHER THE  INITIAL PURCHASER
OR A SUBSEQUENT TRANSFEREE WHO IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) AND A “QUALIFIED
PURCHASER” (WITHIN THE MEANING OF THE 1940 ACT), ACTING FOR ITS OWN ACCOUNT OR
ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT
TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH A
QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH IS (1) A
DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS
IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN
SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) A
PARTICIPANT-DIRECTED EMPLOYEE PLAN, SUCH AS A 401(k) PLAN, OR ANY OTHER
TYPE OF PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF
RULE 144A, OR A TRUST FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE
144A THAT HOLDS THE ASSETS OF SUCH A PLAN, UNLESS INVESTMENT DECISIONS WITH
RESPECT TO THE PLAN ARE MADE SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF
SUCH PLAN, (3) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF INVESTING
IN THE CO-ISSUERS (EXCEPT WHERE EACH BENEFICIAL OWNER IS A QUALIFIED
PURCHASER), (4) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL
TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY
OWNERS, PARTNERS, BENEFICIARIES, BENEFICIAL OWNERS OR PARTICIPANTS, AS
APPLICABLE, MAY DESIGNATE THE PARTICULAR INVESTMENTS TO BE MADE, (5) IF
FORMED ON OR BEFORE APRIL 30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE
EXCLUSION FROM THE DEFINITION OF “INVESTMENT COMPANY” PROVIDED BY SECTION 3(c)(7) OF
THE 1940 ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT
ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS A QUALIFIED
PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF
THE 1940 ACT AND THE RULES AND

 

1

 

REGULATIONS THEREUNDER, RECEIVED THE CONSENT OF ITS
BENEFICIAL OWNERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996, (6) AN
ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A
BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED MORE THAN 40% OF ITS
ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE
CO-ISSUERS (UNLESS ALL OF THE BENEFICIAL OWNERS OF SUCH ENTITY’S SECURITIES ARE
QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT
REGISTRATION PROVIDED BY RULE 144A OR (7) (I) (i) AN EMPLOYEE
BENEFIT PLAN DESCRIBED IN SECTION 3(3) OF ERISA BUT NOT SUBJECT TO
ERISA OR AN ENTITY THE ASSETS OF WHICH CONSTITUTE ASSETS OF SUCH A PLAN, (ii) AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF ERISA, (iii) A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975
OF THE CODE OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT UNDER U.S. DEPARTMENT OF LABOR
REGULATIONS, AS MODIFIED (EACH, A “PLAN”), AND SUCH ENTITY IS NOT ACQUIRING OR
HOLDING THIS NOTE FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY PLAN OR (II) A
PURCHASER THAT IS UNABLE TO REPRESENT AND WARRANT THAT THE PURCHASE AND HOLDING
OF THIS NOTE DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
(OR, IN THE CASE OF A GOVERNMENTAL OR OTHER PLAN, ANY APPLICABLE SIMILAR LAW),
OR (B) OUTSIDE THE UNITED STATES TO THE INITIAL PURCHASER OR A SUBSEQUENT
TRANSFEREE WHO IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” AS DEFINED
IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) NOR A “U.S.
RESIDENT” AS DEFINED FOR PURPOSES OF THE 1940 ACT, ACTING FOR ITS OWN ACCOUNT
OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR
SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A
QUALIFIED PURCHASER, AND NONE OF WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN
OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE
INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR
THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION. THE INITIAL PURCHASER
AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN
THIS NOTE WILL MAKE THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO
IN THE INDENTURE.  THE INITIAL PURCHASER
AND EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN
THIS NOTE IN THE FORM OF AN INTEREST IN A RESTRICTED REGULATION S CLASS B-1
GLOBAL NOTE OR A RESTRICTED RULE 144A CLASS B-1 GLOBAL NOTE WILL BE
REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE
INDENTURE AND WILL BE DEEMED OR 

 

2

 

REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND
AGREEMENTS REFERRED TO IN THE INDENTURE.

 

THE CO-ISSUERS MAY REQUIRE ANY HOLDER OF THIS
NOTE WHO IS DETERMINED NOT TO HAVE BEEN (I) IF THIS NOTE IS ACQUIRED IN
THE UNITED STATES, BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED
PURCHASER OR (II) IF THIS NOTE WAS ACQUIRED OUTSIDE OF THE UNITED STATES,
BOTH A QUALIFIED PURCHASER AND NEITHER A U.S. PERSON NOR A U.S. RESIDENT AT THE
TIME OF ACQUISITION OF THIS NOTE TO SELL THIS NOTE TO A PERSON WHO IS (A) BOTH
A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, OR (B) A QUALIFIED PURCHASER AND
NEITHER A U.S. PERSON NOR A U.S. RESIDENT IN A TRANSACTION MEETING THE
REQUIREMENTS OF REGULATION S.

 

ANY
TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND
EFFECT AND WILL BE VOID AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS
TO THE INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY
INSTRUCTIONS TO THE CONTRARY TO THE CO-ISSUERS, THE TRUSTEE OR ANY
INTERMEDIARY.

 

[THIS NOTE HAS BEEN
ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL
INCOME TAX PURPOSES.  THE ISSUE PRICE,
AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THIS NOTE MAY BE
OBTAINED BY WRITING TO THE MASTER MANAGER AT ITS ADDRESS SET FORTH IN THE
INDENTURE.](1)

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, 55
WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE
OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS NOTE IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE.  UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE CO-ISSUERS
OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE
THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

(1) Insert as applicable.

 

3

 

SERIES 2008-1 RESTRICTED RULE 144A CLASS B-1 GLOBAL NOTE

 

	
  No. [    ]

  	
  $[                      ]

  	
   

  

 

SEE REVERSE FOR CERTAIN CONDITIONS

 

CUSIP Number: 67035U AB7

ISIN Number: US67035UAB70

 

NUCO2 FUNDING LLC

NUCO2 LLC

NUCO2 SUPPLY LLC

NUCO2 IP LLC

 

[  ] % FIXED RATE SERIES 2008-1
SUBORDINATED NOTE, CLASS B-1

 

NUCO2 FUNDING LLC, a limited liability company
formed under the laws of the State of Delaware, NUCO2 LLC, a limited liability company formed under
the laws of the State of Delaware, NUCO2 SUPPLY LLC, a limited liability company formed
under the laws of the State of Delaware, and NUCO2 IP LLC, a limited liability company formed
under the laws of the State of Delaware (herein referred to, collectively, as
the “Co-Issuers”), for value received, hereby jointly and severally
promise to pay to CEDE & CO. or registered assigns, the principal sum
of [                              ]
($[                  ])
as provided below and in the Indenture (defined on reverse). Payments of
principal shall be payable in the amounts and at the times set forth in the
Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due on the Payment Date (as defined below)
occurring in June 2038 (the “Series 2008-1 Legal Final Maturity
Date”).  The Co-Issuers shall pay
interest on this Fixed Rate Series 2008-1 Subordinated Note, Class B-1
(this “Note”), at the Series 2008-1 Class B-1 Note Interest
Rate, as such rate may be adjusted in accordance with the terms of the
Indenture, for each Interest Period in accordance with the terms of the
Indenture.  Such interest will be payable
in arrears on the 25th day of each month or, if such day is not a Business Day,
the next succeeding Business Day (each, a “Payment Date”), commencing on
July 25, 2008. Such amounts due on this Note will accrue for each Payment
Date with respect to (i) initially, the period from and including the Series 2008-1
Closing Date to but excluding the Payment Date occurring in July 2008
(which shall be July 25, 2008) and (ii) thereafter, the period
commencing on and including the immediately preceding Payment Date and ending
on but excluding such Payment Date (each, an “Interest Period”), subject
to the terms set forth in the Indenture. Such amounts due on this Note with
respect to the Note (and interest on any defaulted payments of amounts due on
this Note at the same rate or at such other rate specified in the Indenture)
will be computed in accordance with the Indenture. In addition, under the
circumstances set forth in the Indenture, the Co-Issuers shall also pay
contingent additional interest on this Note in the form of the Series 2008-1

 

4

 

Class B-1 Contingent Additional Interest, which
shall be computed and shall be payable in the amounts and at the times set
forth in the Indenture.

 

The principal of and interest on this Note are
payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. All
payments made by the Co-Issuers with respect to this Note shall be applied as
provided in the Indenture.

 

This Note is subject to mandatory and optional principal prepayments,
as set forth in the Indenture.

 

Interests
in this Note are exchangeable or transferable in whole or in part for interests
in a Restricted Regulation S Class B-1 Global Note or an Unrestricted Class B-1
Global Note; provided that such transfer or exchange complies with the
applicable provisions of the Indenture relating to the transfer of the Notes.
Interests in this Note in certain circumstances may also be exchangeable or
transferable in whole but not in part for duly executed and issued registered
Definitive Notes; provided that such transfer or exchange complies with Article II
of the Base Indenture and Article IV of the Series 2008-1
Supplement.

 

Reference is made to the further provisions of this
Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note. Although a summary of certain
provisions of the Indenture is set forth herein and on the reverse hereof and
made a part hereof, this Note does not purport to summarize the Indenture and
reference is made to the Indenture for information with respect to the
interests, rights, benefits, obligations, proceeds and duties evidenced hereby
and the rights, duties and obligations of the Co-Issuers and the Trustee. A
copy of the Indenture may be requested from the Trustee by writing to the
Trustee at: U.S. Bank National Association, EP-MN-WS3D, 60 Livingston Avenue,
St. Paul, MN 55107, Attn: Structured Finance/NuCO2. Facsimile: (866) 831-7910.

 

Subject to the immediately following paragraph, the Co-Issuers hereby
certify and declare that all acts, conditions and things required to be done
and performed and to have happened prior to the creation of this Note and to
constitute it as the valid obligation of the Co-Issuers, enforceable in
accordance with its terms, have been done and performed and have happened in
due compliance with all applicable laws and in accordance with the terms of the
Indenture.

 

Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual or facsimile signature, this
Note shall not be entitled to any benefit under the Indenture referred to on
the reverse hereof, or be valid or obligatory for any purpose.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

5

 

IN WITNESS WHEREOF, each of the Co-Issuers has caused
this Series 2008-1 Restricted Rule 144A Class B-1 Global Note to
be duly executed by its respective duly authorized signatory or signatories, as
applicable, as of the day and year written below.

 

	
  Dated:   [                    ]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC, its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC, its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 SUPPLY LLC, as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
						

 

6

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the Series 2008-1 Notes issued under the within-mentioned Indenture.

 

 

	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION, not in its individual capacity but solely in its
  capacity as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

7

 

[REVERSE
OF NOTE]

 

This Note is one of a duly authorized issue of Fixed Rate Series 2008-1
Subordinated Notes, Class B-1 of the Co-Issuers designated as their Fixed
Rate Series 2008-1 Subordinated Notes, Class B-1 (herein called the “Series 2008-1
Notes”), all issued under (i) a Base Indenture, dated as of May 28,
2008 (such Base Indenture, as amended, supplemented or modified, is herein
called the “Base Indenture”), by and among the Co-Issuers and U.S. Bank
National Association,
a national banking association, as trustee (in such capacity, the “Trustee”,
which term includes any successor Trustee under the Base Indenture),
administrative agent and as securities intermediary, and (ii) a Series 2008-1
Supplement to the Base Indenture, dated as of May 28, 2008 (such Series 2008-1
Supplement, as amended, supplemented or modified from time to time, is herein
called the “Series 2008-1 Supplement”), among the Co-Issuers and
the Trustee.  The Base Indenture,
together with all Series Supplements, as amended, supplemented or
otherwise modified from time to time by Supplements thereto in accordance with
its terms are referred to herein as the “Indenture”.  The Series 2008-1 Notes are subject to
all terms of the Indenture.  To the
extent not defined herein, all capitalized terms used in this Note shall have
the meanings assigned to them in or pursuant to the Indenture, as supplemented,
modified or amended.

 

The Series 2008-1 Notes are and will be secured by the Collateral
pledged as security therefor as provided in the Indenture and in the Pledge
Agreement.

 

The Notes will be issued in minimum denominations of
$100,000 and integral multiples of $ 1,000 in excess thereof.

 

As provided for in the Indenture, subject to certain
specified conditions, the Series 2008-1 Notes may be prepaid, in whole but
not in part, at the option of the Co-Issuers. In addition, the Series 2008-1
Notes are subject to mandatory principal prepayment provisions as provided for
in the Indenture. With certain exceptions, the Co-Issuers will be obligated to
pay the Series 2008-1 Note Make-Whole Premium relating to any Series 2008-1
Notes on any prepayment of principal of any Series 2008-1 Notes on or
prior to the Series 2008-1 Prepayment Date as described in the Indenture.
As described above, the entire unpaid principal amount of this Note shall be
due and payable on the Series 2008-1 Legal Final Maturity Date. All
payments of principal relating to any Class of Series 2008-1 Notes
will be made pro  rata to the Holders of such Class of Series 2008-1
Notes.

 

The Person in whose name this Note is registered at the close of
business on any Record Date with respect to a Payment Date or any date on which
payments are permitted to be made as provided for in the Indenture, shall be
entitled to receive the principal, premium, if any, and interest payable on
such date notwithstanding the cancellation of this Note upon any registration
of transfer, exchange or substitution of this Note subsequent to such Record
Date, subject to any exceptions provided for in the Indenture.

 

Interest and contingent additional interest, if any, will each accrue
on the Series 2008-1 Notes at the rates set forth in the Indenture. The
interest and contingent additional interest, if any, will be computed on the
basis set forth in the Indenture. The amount of interest 

 

8

 

payable on the Series 2008-1
Notes on each Payment Date will be calculated as set forth in the Indenture.

 

Payments
of principal of and interest on this Note are subordinated to the payment of
certain other amounts in accordance with the Priority of Payments in the
Indenture.

 

If an Event of Default shall occur and be
continuing, this Note may become or be declared due and payable in the manner
and with the effect provided in the Indenture.

 

Amounts
payable in respect of this Note shall be made by wire transfer in immediately
available funds to an account maintained by the Noteholder or its nominee,
subject to the terms of the Indenture and any exceptions therein.

 

Subject to the
terms of the Indenture and any exceptions therein, this Note may not be
transferred, in whole or in part, to any Person other than DTC or a nominee
thereof, or to a successor Depository or to a nominee of a successor
Depository, and no such transfer to any such other Person may be registered, in
each case, except in the limited circumstances described in the Indenture; provided,
however, that (i) any transfer of this Note that is issued in
exchange for a Series 2008-1 Class B-1 Global Note or (ii) any
transfer of a beneficial interest in a Series 2008-1 Class B-1 Global
Note, in each case effected in accordance with the provisions of the Indenture,
shall not be prohibited.

 

As provided more fully in the Indenture, each Holder of Series 2008-1
Notes, by acceptance of a Series 2008-1 Note, covenants and agrees that by
accepting the benefits of the Indenture that prior to the date that is one year
and one day after the payment in full of all amounts due to all Noteholders,
such Series 2008-1 Noteholder will not institute against, or join with any
other Person in instituting against, any Securitization Entity any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings, under any federal or state bankruptcy or similar law; provided,
however, that nothing herein shall constitute a waiver of any right to
indemnification, reimbursement or other payment from the Securitization
Entities pursuant to the Indenture or any other Related Document.

 

It is the intent of the Co-Issuers and each Holder of Series 2008-1
Notes that, under applicable tax law, the Series 2008-1 Notes will
evidence indebtedness of the Co-Issuers or, if any of the Co-Issuers is
disregarded as an entity separate from its owner, such owner, secured by the
Collateral. Each Holder of Series 2008-1 Notes, by the acceptance of this
Note, hereby agrees to treat this Note (or beneficial interests herein) for all
purposes of federal, state, local and foreign income or franchise Taxes and any
other Tax imposed on or measured by income, as indebtedness of the Co-Issuers
or, if any Co-Issuer is disregarded as an entity separate from its owner, such
owner.

 

The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Co-Issuers and the rights of the Holders of Series 2008-1 Notes under the
Indenture at any time by the Co-Issuers with the consent of the Control Party
and without the consent of any Holders of Series 2008-1 Notes. The
Indenture also contains provisions permitting the Control Party to waive
compliance by the Co-Issuers with certain provisions of the Indenture without
the consent of any Holders of Series 2008-1 Notes. Any such consent or
waiver of this Note (or any one or more predecessor 

 

9

 

Notes)
shall be conclusive and binding upon the Holder of this Note and all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

 

The term “Co-Issuer” as used in this Note includes any successor to the
Co-Issuers under the Indenture.

 

The Series 2008-1 Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations set
forth therein.

 

THIS NOTE AND THE INDENTURE SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK).

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Co-Issuers, which is absolute and
unconditional, to pay the principal of and interest and premium, if any, on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

To the extent that
any Co-Issuer is or is deemed to be a guarantor or surety of another Co-Issuer
under the Indenture, this Note or under any Related Document (in such capacity,
a “Guarantor”), the liability of each Co-Issuer as a Guarantor under the
Indenture, this Note or under any Related Document shall be irrevocable,
absolute and unconditional irrespective of, and each Co-Issuer hereby
irrevocably waives any defenses it may now have or hereafter acquire in any way
relating to, any or all of the following: (a) any lack of validity or
enforceability of any Related Document or any agreement or instrument relating
thereto; (b) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations of such other Co-Issuer (“Guaranteed
Obligations”) or any other Obligations of any other Co-Issuer under or in
respect of the Related Documents, or any other amendment or waiver of or any
consent to departure from any Related Document, including, without limitation,
any increase in the Guaranteed Obligations resulting from the extension of
additional credit to any other Co-Issuer or any of its Subsidiaries or
otherwise; (c) any taking, exchange, release or non-perfection of any
Collateral or any other collateral, or any taking, release or amendment or
waiver of, or consent to departure from, any other guaranty, for all or any of
the Guaranteed Obligations; (d) any manner of application of Collateral or
any other collateral, or proceeds thereof, to all or any of the Guaranteed
Obligations, or any manner of sale or other disposition of any Collateral or
any other collateral for all or any of the Guaranteed Obligations or any other
Obligations of any other Co-Issuer under the Related Documents or any other
assets of any other Co-Issuer or any of its Subsidiaries; (e) any change,
restructuring or termination of the corporate structure or existence of any
other Co-Issuer or any of its Subsidiaries; (f) any failure of any Secured
Party to disclose to any Co-Issuer any information relating to the business,
condition (financial or otherwise), operations, performance, properties or
prospects of any other Co-Issuer now or hereafter known to such Secured Party
(and any duty on the part of the Secured Parties to disclose such information
is hereby waived); (g) the failure of any other 

 

10

 

Person to execute or deliver
any Related Document or any other guaranty or agreement or the release or
reduction of liability of any Guarantor or other guarantor or surety with
respect to the Guaranteed Obligations; or (h) any other circumstance
(including, without limitation, any statute of limitations) or any existence of
or reliance on any representation by any Secured Party that might otherwise
constitute a defense available to, or a discharge of, any other Co-Issuer or
any other guarantor or surety.

 

The provisions of
the foregoing paragraph shall continue to be effective or be reinstated, as the
case may be, if at any time any payment of any of the Guaranteed Obligations is
rescinded or must otherwise be returned by any Secured Party or any other
Person upon the insolvency, bankruptcy or reorganization of any Co-Issuer or
otherwise, all as though such payment had not been made.

 

Each Co-Issuer in
its capacity as a Guarantor (to the extent applicable) hereby unconditionally
and irrevocably waives: (a) promptness, diligence, notice of acceptance,
presentment, demand for performance, notice of nonperformance, default,
acceleration, protest or dishonor and any other notice with respect to any of
the Guaranteed Obligations and any requirement that any Secured Party protect,
secure, perfect or insure any Lien or any property subject thereto or exhaust
any right or take any action against any other Co-Issuer or any other Person or
any Collateral; (b) any right to revoke this guaranty and acknowledges
that this guaranty is continuing in nature and applies to all Guaranteed
Obligations, whether existing now or in the future; (c) (x) any
defense arising by reason of any claim or defense based upon an election of
remedies by any Secured Party that in any manner impairs, reduces, releases or otherwise
adversely affects the subrogation, reimbursement, exoneration, contribution or
indemnification rights of such Guarantor or other rights of such Guarantor to
proceed against any of the other Co-Issuers, any other guarantor or any other
Person or any Collateral and (y) any defense based on any right of set-off
or counterclaim against or in respect of the Obligations of such Guarantor
pursuant to this Indenture and this Note; and (d) any duty on the part of
any Secured Party to disclose to such Guarantor any matter, fact or thing
relating to the business, condition (financial or otherwise), operations,
performance, properties or prospects of any other Co-Issuer or any of its
Subsidiaries now or hereafter known by such Secured Party.

 

Each Co-Issuer in
its capacity as a Guarantor acknowledges that (x) the Trustee may, without
notice to or demand upon such Guarantor and without affecting the liability of
such Guarantor under the Related Documents, foreclose under any mortgage by
nonjudicial sale, and each Guarantor hereby waives any defense to the recovery
by the Trustee and the other Secured Parties against such Guarantor of any
deficiency after such nonjudicial sale and any defense or benefits that may be
afforded by applicable law and (y) it will receive substantial direct and
indirect benefits from the financing arrangements contemplated by the Related
Documents and that the waivers set forth in the foregoing three paragraphs are
knowingly made in contemplation of such benefits.

 

11

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying number of
assignee:

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto

 

 

(name and address of assignee)

 

 

The within Note and all rights thereunder, and
hereby irrevocably constitutes and appoints
                              ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  	
  (1)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

(1)        NOTE: The
signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note, without alteration,
enlargement or any change whatsoever.

 

12

 

SCHEDULE OF
EXCHANGES IN RESTRICTED RULE 144A CLASS B-1 GLOBAL NOTE

 

The
initial principal balance of this Restricted Rule 144A Class B-1
Global Note is
$[                  ].
The following exchanges of an interest in this Restricted Rule 144A Class B-1
Global Note for an interest in a corresponding Restricted Regulation S Class B-1
Global Note or Unrestricted Class B-1 Global Note have been made:

 

	
  Date

  	
   

  	
  Amount of Increase

  (or Decrease) in the

  Principal Amount of

  this Restricted Rule

  144A Class B-1

  Global Note

  	
   

  	
  Remaining Principal

  Amount of this

  Restricted Rule 144A

  Class B-1 Global

  Note following the

  Increase or Decrease

  	
   

  	
  Signature of

  Authorized Officer

  of Trustee of

  Registrar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

13

 

EXHIBIT B-1-2

 

FORM OF SERIES 2008-1 RESTRICTED
REGULATION S CLASS B-1 GLOBAL NOTE

 

THIS FIXED RATE SERIES 2008-1 SUBORDINATED NOTE, CLASS B-1
DUE 2038 (THIS “NOTE”) HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER RELEVANT
JURISDICTION, AND NONE OF NUCO2 FUNDING LLC, NUCO2 LLC, NUCO2 SUPPLY LLC AND NUCO2 IP LLC (THE “CO-ISSUERS”) HAS BEEN
REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “1940 ACT”).
THIS NOTE OR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED ONLY (A) IN THE UNITED STATES TO EITHER THE  INITIAL PURCHASER OR A SUBSEQUENT TRANSFEREE
WHO IS BOTH A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”) AND A “QUALIFIED PURCHASER”
(WITHIN THE MEANING OF THE 1940 ACT), ACTING FOR ITS OWN ACCOUNT OR ONE OR MORE
ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR SUBSEQUENT TRANSFEREE
EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS BOTH A QUALIFIED
INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER, AND NONE OF WHICH IS (1) A
DEALER OF THE TYPE DESCRIBED IN PARAGRAPH (a)(1)(ii) OF RULE 144A UNLESS
IT OWNS AND INVESTS ON A DISCRETIONARY BASIS NOT LESS THAN $25,000,000 IN
SECURITIES OF ISSUERS THAT ARE NOT AFFILIATED TO IT, (2) A
PARTICIPANT-DIRECTED EMPLOYEE PLAN, SUCH AS A 401(k) PLAN, OR ANY OTHER
TYPE OF PLAN REFERRED TO IN PARAGRAPH (a)(1)(i)(D) OR (a)(1)(i)(E) OF
RULE 144A, OR A TRUST FUND REFERRED TO IN PARAGRAPH (a)(1)(i)(F) OF RULE
144A THAT HOLDS THE ASSETS OF SUCH A PLAN, UNLESS INVESTMENT DECISIONS WITH
RESPECT TO THE PLAN ARE MADE SOLELY BY THE FIDUCIARY, TRUSTEE OR SPONSOR OF
SUCH PLAN, (3) FORMED OR CAPITALIZED FOR THE SPECIFIC PURPOSE OF INVESTING
IN THE CO-ISSUERS (EXCEPT WHERE EACH BENEFICIAL OWNER IS A QUALIFIED
PURCHASER), (4) A CORPORATION, PARTNERSHIP, COMMON TRUST FUND, SPECIAL
TRUST, PENSION FUND OR RETIREMENT PLAN IN WHICH THE SHAREHOLDERS, EQUITY OWNERS,
PARTNERS, BENEFICIARIES, BENEFICIAL OWNERS OR PARTICIPANTS, AS APPLICABLE, MAY DESIGNATE
THE PARTICULAR INVESTMENTS TO BE MADE, (5) IF FORMED ON OR BEFORE APRIL
30, 1996, AN INVESTMENT COMPANY THAT RELIES ON THE EXCLUSION FROM THE
DEFINITION OF “INVESTMENT COMPANY” PROVIDED BY SECTION 3(c)(7) OF THE
1940 ACT (OR A FOREIGN INVESTMENT COMPANY UNDER SECTION 7(d) THEREOF
RELYING ON SECTION 3(c)(7) WITH RESPECT TO THOSE OF ITS HOLDERS THAT
ARE U.S. PERSONS), UNLESS, WITH RESPECT TO ITS TREATMENT AS A QUALIFIED
PURCHASER, IT HAS, IN THE MANNER REQUIRED BY SECTION 2(a)(51)(C) OF
THE 1940 ACT AND THE RULES AND

 

1

 

REGULATIONS THEREUNDER, RECEIVED THE CONSENT OF ITS
BENEFICIAL OWNERS THAT ACQUIRED THEIR INTERESTS ON OR BEFORE APRIL 30, 1996, (6) AN
ENTITY THAT, IMMEDIATELY SUBSEQUENT TO ITS PURCHASE OR OTHER ACQUISITION OF A
BENEFICIAL INTEREST IN THIS NOTE, WILL HAVE INVESTED MORE THAN 40% OF ITS
ASSETS IN BENEFICIAL INTERESTS IN THIS NOTE AND/OR IN OTHER SECURITIES OF THE
CO-ISSUERS (UNLESS ALL OF THE BENEFICIAL OWNERS OF SUCH ENTITY’S SECURITIES ARE
QUALIFIED PURCHASERS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON THE EXEMPTION FROM SECURITIES ACT
REGISTRATION PROVIDED BY RULE 144A OR (7) (I) (i) AN EMPLOYEE
BENEFIT PLAN DESCRIBED IN SECTION 3(3) OF ERISA BUT NOT SUBJECT TO
ERISA OR AN ENTITY THE ASSETS OF WHICH CONSTITUTE ASSETS OF SUCH A PLAN, (ii) AN
EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF ERISA, (iii) A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975
OF THE CODE OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT UNDER U.S. DEPARTMENT OF LABOR
REGULATIONS, AS MODIFIED (EACH, A “PLAN”), AND SUCH ENTITY IS NOT ACQUIRING OR
HOLDING THIS NOTE FOR OR ON BEHALF OF OR WITH THE ASSETS OF ANY PLAN OR (II) A
PURCHASER THAT IS UNABLE TO REPRESENT AND WARRANT THAT THE PURCHASE AND HOLDING
OF THIS NOTE DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
(OR, IN THE CASE OF A GOVERNMENTAL OR OTHER PLAN, ANY APPLICABLE SIMILAR LAW),
OR (B) OUTSIDE THE UNITED STATES TO THE INITIAL PURCHASER OR A SUBSEQUENT
TRANSFEREE WHO IS A QUALIFIED PURCHASER AND NEITHER A “U.S. PERSON” AS DEFINED
IN REGULATION S UNDER THE SECURITIES ACT (“REGULATION S”) NOR A “U.S.
RESIDENT” AS DEFINED FOR PURPOSES OF THE 1940 ACT, ACTING FOR ITS OWN ACCOUNT
OR ONE OR MORE ACCOUNTS WITH RESPECT TO WHICH SUCH INITIAL PURCHASER OR
SUBSEQUENT TRANSFEREE EXERCISES SOLE INVESTMENT DISCRETION, EACH OF WHICH IS A
QUALIFIED PURCHASER, AND NONE OF WHICH ARE A U.S. PERSON OR A U.S. RESIDENT, IN
OFFSHORE TRANSACTIONS IN RELIANCE ON REGULATION S, AND, IN EACH CASE, IN
COMPLIANCE WITH THE CERTIFICATIONS AND OTHER REQUIREMENTS SPECIFIED IN THE
INDENTURE REFERRED TO HEREIN AND ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR
THE UNITED STATES AND ANY OTHER RELEVANT JURISDICTION.  THE INITIAL PURCHASER AND EACH SUBSEQUENT
TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS NOTE WILL MAKE
THE APPLICABLE REPRESENTATIONS AND AGREEMENTS REFERRED TO IN THE
INDENTURE.  THE INITIAL PURCHASER AND
EACH SUBSEQUENT TRANSFEREE TAKING DELIVERY OF THIS NOTE OR AN INTEREST IN THIS
NOTE IN THE FORM OF AN INTEREST IN A RESTRICTED REGULATION S CLASS B-1
GLOBAL NOTE OR A RESTRICTED RULE 144A CLASS B-1 GLOBAL NOTE WILL BE
REQUIRED TO DELIVER A TRANSFER CERTIFICATE IN THE FORM REQUIRED BY THE
INDENTURE AND WILL BE DEEMED OR 

 

2

 

REQUIRED TO MAKE THE APPLICABLE REPRESENTATIONS AND
AGREEMENTS REFERRED TO IN THE INDENTURE.

 

THE CO-ISSUERS MAY REQUIRE
ANY HOLDER OF THIS NOTE WHO IS DETERMINED NOT TO HAVE BEEN (I) IF THIS
NOTE IS ACQUIRED IN THE UNITED STATES, BOTH A QUALIFIED INSTITUTIONAL BUYER AND
A QUALIFIED PURCHASER OR (II) IF THIS NOTE WAS ACQUIRED OUTSIDE OF THE
UNITED STATES, BOTH A QUALIFIED PURCHASER AND NEITHER A U.S. PERSON NOR A U.S.
RESIDENT AT THE TIME OF ACQUISITION OF THIS NOTE TO SELL THIS NOTE TO A PERSON
WHO IS (A) BOTH A QUALIFIED INSTITUTIONAL BUYER AND A QUALIFIED PURCHASER
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR (B) A QUALIFIED
PURCHASER AND NEITHER A U.S. PERSON NOR A U.S. RESIDENT IN A TRANSACTION
MEETING THE REQUIREMENTS OF REGULATION S.

 

ANY TRANSFER OF THIS NOTE
IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT AND WILL BE VOID
AB INITIO AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE INITIAL PURCHASER
OR SUBSEQUENT TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO
THE CO-ISSUERS, THE TRUSTEE OR ANY INTERMEDIARY.

 

[THIS NOTE HAS BEEN
ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) FOR UNITED STATES FEDERAL
INCOME TAX PURPOSES.  THE ISSUE PRICE,
AMOUNT OF OID, ISSUE DATE AND YIELD TO MATURITY OF THIS NOTE MAY BE
OBTAINED BY WRITING TO THE MASTER MANAGER AT ITS ADDRESS SET FORTH IN THE
INDENTURE.](1)

 

UNTIL 40 DAYS AFTER THE
INITIAL PURCHASER NOTIFIES THE CO-ISSUERS THAT THE RESALE OF THIS NOTE HAS BEEN
COMPLETED (THE “DISTRIBUTION COMPLIANCE PERIOD”) IN
CONNECTION WITH THE OFFERING OF THE NOTES IN THE UNITED STATES FROM OUTSIDE OF
THE UNITED STATES, THE SALE, PLEDGE OR TRANSFER OF THIS NOTE IS SUBJECT TO
CERTAIN CONDITIONS AND RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING OR
OTHERWISE ACQUIRING THIS NOTE, ACKNOWLEDGES THAT SUCH HOLDER IS A QUALIFIED
PURCHASER, AND THAT THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
AND AGREES FOR THE BENEFIT OF THE CO-ISSUERS THAT THIS NOTE MAY BE
TRANSFERRED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY TO A QUALIFIED
PURCHASER AND IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS
OF THE STATES, TERRITORIES AND POSSESSIONS OF THE UNITED STATES GOVERNING THE
OFFER AND SALE OF SECURITIES.

 

THIS NOTE IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME 

 

(1) Insert as
applicable

 

3

 

OF THE DEPOSITORY TRUST
COMPANY (“DTC”),
A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK 10004, OR A NOMINEE
THEREOF.  THIS NOTE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF
ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO
THE CO-ISSUERS
OR THE REGISTRAR, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE
THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN.

 

4

 

SERIES 2008-1 RESTRICTED REGULATION S CLASS B-1
GLOBAL NOTE

 

	
  No. [    ]

  	
  $[                  ]

  

 

SEE REVERSE FOR CERTAIN CONDITIONS

 

CUSIP Number: U66983 AB0

ISIN Number: USU66983AB02

 

NUCO2 FUNDING LLC

NUCO2 LLC

NUCO2 SUPPLY LLC

NUCO2 IP LLC

 

[ ]% FIXED RATE SERIES 2008-1 SUBORDINATED
NOTE, CLASS B-1

 

NUCO2 FUNDING LLC, a limited liability company
formed under the laws of the State of Delaware, NUCO2 LLC, a
limited liability company formed under the laws of the State of Delaware, NUCO2 SUPPLY LLC, a limited liability company formed
under the laws of the State of Delaware, and NUCO2 IP LLC, a limited liability company formed
under the laws of the State of Delaware (herein referred to, collectively, as
the “Co-Issuers”), for value received, hereby jointly and severally
promise to pay to CEDE & CO. or registered assigns, the principal sum
of
[                              ]
($[                    ])
as provided below and in the Indenture (defined on reverse). Payments of
principal shall be payable in the amounts and at the times set forth in the
Indenture; provided, however, that the entire unpaid principal
amount of this Note shall be due on the Payment Date (as defined below)
occurring in June 2038 (the “Series 2008-1 Legal Final Maturity
Date”). The Co-Issuers shall pay interest on this Fixed Rate Series 2008-1
Subordinated Note, Class B-1 (this “Note”), at the Series 2008-1
Class B-1 Note Interest Rate, as such rate may be adjusted in accordance
with the terms of the Indenture, for each Interest Period in accordance with
the terms of the Indenture. Such interest will be payable in arrears on the
25th day of each month or, if such day is not a Business Day, the next
succeeding Business Day (each, a “Payment Date”), commencing on July 25,
2008. Such amounts due on this Note will accrue for each Payment Date with
respect to (i) initially, the period from and including the Series 2008-1
Closing Date to but excluding the Payment Date occurring in July 2008
(which shall be July 25, 2008) and (ii) thereafter, the period
commencing on and including the immediately preceding Payment Date and ending
on but excluding such Payment Date (each, an “Interest Period”), subject
to the terms set forth in the Indenture. Such amounts due on this Note with
respect to the Note (and interest on any defaulted payments of amounts due on
this Note at the same rate or at such other rate specified in the Indenture)
will be computed in accordance with the Indenture. In addition, under the
circumstances set forth in the Indenture, the Co-Issuers shall also pay
contingent additional interest on this Note in the form of the Series 2008-1
Class B-

 

5

 

1
Contingent Additional Interest, which shall be computed and shall be payable in
the amounts and at the times set forth in the Indenture.

 

The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the
Co-Issuers with respect to this Note shall be applied as provided in the
Indenture.

 

This Note is subject to mandatory and optional principal prepayments,
as set forth in the Indenture.

 

Interests in this Note are exchangeable or transferable in whole or in
part for interests in a Restricted Rule 144A Class B-1 Global Note or
an Unrestricted Class B-1 Global Note; provided that such transfer
or exchange complies with the applicable provisions of the Indenture relating
to the transfer of the Notes. Interests in this Note in certain circumstances
may also be exchangeable or transferable in whole but not in part for duly
executed and issued registered Definitive Notes; provided that such
transfer or exchange complies with Article II of the Base Indenture
and Article IV of the Series 2008-1 Supplement.

 

Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note. Although a summary of certain provisions of the
Indenture is set forth herein and on the reverse hereof and made a part hereof,
this Note does not purport to summarize the Indenture and reference is made to
the Indenture for information with respect to the interests, rights, benefits,
obligations, proceeds and duties evidenced hereby and the rights, duties and
obligations of the Co-Issuers and the Trustee. A copy of the Indenture may be
requested from the Trustee by writing to the Trustee at: U.S. Bank National
Association, EP-MN-WS3D, 60 Livingston Avenue, St. Paul, MN 55107, Attn:
Structured Finance/NuCO2. Facsimile:
(866) 831-7910.

 

Subject to the immediately following paragraph, the Co-Issuers hereby
certify and declare that all acts, conditions and things required to be done
and performed and to have happened prior to the creation of this Note and to
constitute it as the valid obligation of the Co-Issuers, enforceable in
accordance with its terms, have been done and performed and have happened in
due compliance with all applicable laws and in accordance with the terms of the
Indenture.

 

Unless the certificate of authentication hereon has been executed by
the Trustee whose name appears below by manual or facsimile signature, this
Note shall not be entitled to any benefit under the Indenture referred to on
the reverse hereof, or be valid or obligatory for any purpose.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

6

 

IN WITNESS WHEREOF, each of the Co-Issuers has caused
this Series 2008-1 Restricted Regulation S Class B-1 Global Note to
be duly executed by its respective duly authorized signatory or signatories, as
applicable, as of the day and year written below.

 

	
  Dated:    [                    ]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NuCO2 FUNDING LLC,
  as Co-Issuer

  
	
   

  	
   

  
	
   

  	
   

  	
  By:  NuCO2 Inc., its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 LLC, as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 IP LLC, as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NuCO2 SUPPLY LLC, as Co-Issuer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: NuCO2 Funding LLC,
  its Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: NuCO2 Inc., its
  Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  
							

 

7

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Series 2008-1 Notes issued under the
within-mentioned Indenture.

 

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, not in its individual capacity but solely in its
  capacity as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

8

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of Fixed Rate Series 2008-1
Subordinated Notes, Class B-1 of the Co-Issuers designated as their Fixed
Rate Series 2008-1 Subordinated Notes, Class B-1 (herein called the “Series 2008-1
Notes”), all issued under (i) a Base Indenture, dated as of May 28,
2008 (such Base Indenture, as amended, supplemented or modified, is herein
called the “Base Indenture”), by and among the Co-Issuers and U.S. Bank
National Association,
a national banking association, as trustee (in such capacity, the “Trustee”,
which term includes any successor Trustee under the Base Indenture),
administrative agent and as securities intermediary, and (ii) a Series 2008-1
Supplement to the Base Indenture, dated as of May 28, 2008 (such Series 2008-1
Supplement, as amended, supplemented or modified from time to time, is herein
called the “Series 2008-1 Supplement”), among the Co-Issuers and
the Trustee.  The Base Indenture,
together with all Series Supplements, as amended, supplemented or
otherwise modified from time to time by Supplements thereto in accordance with
its terms are referred to herein as the “Indenture”.  The Series 2008-1 Notes are subject to
all terms of the Indenture. To the extent not defined herein, all capitalized
terms used in this Note shall have the meanings assigned to them in or pursuant
to the Indenture, as supplemented, modified or amended.

 

The Series 2008-1 Notes are and will be secured by the Collateral
pledged as security therefor as provided in the Indenture and in the Pledge
Agreement.

 

The Notes will be issued in minimum denominations of $100,000 and
integral multiples of $ 1,000 in excess thereof.

 

As provided for in the Indenture, subject to certain specified
conditions, the Series 2008-1 Notes may be prepaid, in whole but not in
part, at the option of the Co-Issuers. In addition, the Series 2008-1
Notes are subject to mandatory principal prepayment provisions as provided for
in the Indenture. With certain exceptions, the Co-Issuers will be obligated to
pay the Series 2008-1 Note Make-Whole Premium relating to any Series 2008-1
Notes on any prepayment of principal of any Series 2008-1 Notes on or
prior to the Series 2008-1 Prepayment Date as described in the Indenture.
As described above, the entire unpaid principal amount of this Note shall be
due and payable on the Series 2008-1 Legal Final Maturity Date. All
payments of principal relating to any Class of Series 2008-1 Notes
will be made pro  rata to the Holders of such Class of Series 2008-1
Notes.

 

The Person in whose name this Note is registered at the close of
business on any Record Date with respect to a Payment Date or any date on which
payments are permitted to be made as provided for in the Indenture, shall be
entitled to receive the principal, premium, if any, and interest payable on
such date notwithstanding the cancellation of this Note upon any registration
of transfer, exchange or substitution of this Note subsequent to such Record
Date, subject to any exceptions provided for in the Indenture.

 

Interest and contingent additional interest, if any, will each accrue
on the Series 2008-1 Notes at the rates set forth in the Indenture. The
interest and contingent additional interest, if any, will be computed on the
basis set forth in the Indenture. The amount of interest 

 

9

 

payable
on the Series 2008-1 Notes on each Payment Date will be calculated as set
forth in the Indenture.

 

Payments of principal of and interest on this Note are subordinated to
the payment of certain other amounts in accordance with the Priority of
Payments in the Indenture.

 

If an Event of Default shall occur and be continuing, this Note may
become or be declared due and payable in the manner and with the effect
provided in the Indenture.

 

Amounts payable in
respect of this Note shall be made by wire transfer in immediately available
funds to an account maintained by the Noteholder or its nominee, subject to the
terms of the Indenture and any exceptions therein.

 

Subject to the
terms of the Indenture and any exceptions therein, this Note may not be
transferred, in whole or in part, to any Person other than DTC or a nominee
thereof, or to a successor Depository or to a nominee of a successor
Depository, and no such transfer to any such other Person may be registered, in
each case, except in the limited circumstances described in the Indenture; provided,
however, that (i) any transfer of this Note that is issued in
exchange for a Series 2008-1 Class B-1 Global Note or (ii) any
transfer of a beneficial interest in a Series 2008-1 Class B-1 Global
Note, in each case effected in accordance with the provisions of the Indenture,
shall not be prohibited.

 

As provided more fully in the Indenture, each Holder of Series 2008-1
Notes, by acceptance of a Series 2008-1 Note, covenants and agrees that by
accepting the benefits of the Indenture that prior to the date that is one year
and one day after the payment in full of all amounts due to all Noteholders,
such Series 2008-1 Noteholder will not institute against, or join with any
other Person in instituting against, any Securitization Entity any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings, under any federal or state bankruptcy or similar law; provided,
however, that nothing herein shall constitute a waiver of any right to
indemnification, reimbursement or other payment from the Securitization
Entities pursuant to the Indenture or any other Related Document.

 

It is the intent of the Co-Issuers and each Holder of Series 2008-1
Notes that, under applicable tax law, the Series 2008-1 Notes will
evidence indebtedness of the Co-Issuers or, if any of the Co-Issuers is
disregarded as an entity separate from its owner, such owner, secured by the
Collateral. Each Holder of Series 2008-1 Notes, by the acceptance of this
Note, hereby agrees to treat this Note (or beneficial interests herein) for all
purposes of federal, state, local and foreign income or franchise Taxes and any
other Tax imposed on or measured by income, as indebtedness of the Co-Issuers
or, if any Co-Issuer is disregarded as an entity separate from its owner, such
owner.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Co-Issuers and the rights of
the Holders of Series 2008-1 Notes under the Indenture at any time by the
Co-Issuers with the consent of the Control Party and without the consent of any
Holders of Series 2008-1 Notes. The Indenture also contains provisions
permitting the Control Party to waive compliance by the Co-Issuers with certain
provisions of the Indenture without the consent of any Holders of Series 2008-1
Notes. Any such consent or waiver of this Note (or any one or more predecessor 

 

10

 

Notes)
shall be conclusive and binding upon the Holder of this Note and all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.

 

The term “Co-Issuer” as used in this Note includes any successor to the
Co-Issuers under the Indenture.

 

The Series 2008-1 Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations set
forth therein.

 

THIS NOTE AND THE INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Co-Issuers, which is absolute and
unconditional, to pay the principal of and interest and premium, if any, on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

 

To the extent that
any Co-Issuer is or is deemed to be a guarantor or surety of another Co-Issuer
under the Indenture, this Note or under any Related Document (in such capacity,
a “Guarantor”), the liability of each Co-Issuer as a Guarantor under the
Indenture, this Note or under any Related Document shall be irrevocable,
absolute and unconditional irrespective of, and each Co-Issuer hereby
irrevocably waives any defenses it may now have or hereafter acquire in any way
relating to, any or all of the following: (a) any lack of validity or
enforceability of any Related Document or any agreement or instrument relating
thereto; (b) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations of such other Co-Issuer (“Guaranteed
Obligations”) or any other Obligations of any other Co-Issuer under or in
respect of the Related Documents, or any other amendment or waiver of or any
consent to departure from any Related Document, including, without limitation,
any increase in the Guaranteed Obligations resulting from the extension of
additional credit to any other Co-Issuer or any of its Subsidiaries or
otherwise; (c) any taking, exchange, release or non-perfection of any
Collateral or any other collateral, or any taking, release or amendment or
waiver of, or consent to departure from, any other guaranty, for all or any of
the Guaranteed Obligations; (d) any manner of application of Collateral or
any other collateral, or proceeds thereof, to all or any of the Guaranteed
Obligations, or any manner of sale or other disposition of any Collateral or
any other collateral for all or any of the Guaranteed Obligations or any other
Obligations of any other Co-Issuer under the Related Documents or any other
assets of any other Co-Issuer or any of its Subsidiaries; (e) any change,
restructuring or termination of the corporate structure or existence of any
other Co-Issuer or any of its Subsidiaries; (f) any failure of any Secured
Party to disclose to any Co-Issuer any information relating to the business,
condition (financial or otherwise), operations, performance, properties or
prospects of any other Co-Issuer now or hereafter known to such Secured Party
(and any duty on the part of the Secured Parties to disclose such information
is hereby waived); (g) the failure of any other 

 

11

 

Person to execute or
deliver any Related Document or any other guaranty or agreement or the release
or reduction of liability of any Guarantor or other guarantor or surety with
respect to the Guaranteed Obligations; or (h) any other circumstance
(including, without limitation, any statute of limitations) or any existence of
or reliance on any representation by any Secured Party that might otherwise
constitute a defense available to, or a discharge of, any other Co-Issuer or
any other guarantor or surety.

 

The provisions of
the foregoing paragraph shall continue to be effective or be reinstated, as the
case may be, if at any time any payment of any of the Guaranteed Obligations is
rescinded or must otherwise be returned by any Secured Party or any other
Person upon the insolvency, bankruptcy or reorganization of any Co-Issuer or
otherwise, all as though such payment had not been made.

 

Each Co-Issuer in
its capacity as a Guarantor (to the extent applicable) hereby unconditionally
and irrevocably waives: (a) promptness, diligence, notice of acceptance,
presentment, demand for performance, notice of nonperformance, default,
acceleration, protest or dishonor and any other notice with respect to any of
the Guaranteed Obligations and any requirement that any Secured Party protect,
secure, perfect or insure any Lien or any property subject thereto or exhaust
any right or take any action against any other Co-Issuer or any other Person or
any Collateral; (b) any right to revoke this guaranty and acknowledges
that this guaranty is continuing in nature and applies to all Guaranteed
Obligations, whether existing now or in the future; (c) (x) any
defense arising by reason of any claim or defense based upon an election of
remedies by any Secured Party that in any manner impairs, reduces, releases or
otherwise adversely affects the subrogation, reimbursement, exoneration,
contribution or indemnification rights of such Guarantor or other rights of
such Guarantor to proceed against any of the other Co-Issuers, any other
guarantor or any other Person or any Collateral and (y) any defense based
on any right of set-off or counterclaim against or in respect of the
Obligations of such Guarantor pursuant to this Indenture and this Note; and (d) any
duty on the part of any Secured Party to disclose to such Guarantor any matter,
fact or thing relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Co-Issuer or any
of its Subsidiaries now or hereafter known by such Secured Party.

 

Each Co-Issuer in
its capacity as a Guarantor acknowledges that (x) the Trustee may, without
notice to or demand upon such Guarantor and without affecting the liability of
such Guarantor under the Related Documents, foreclose under any mortgage by
nonjudicial sale, and each Guarantor hereby waives any defense to the recovery
by the Trustee and the other Secured Parties against such Guarantor of any
deficiency after such nonjudicial sale and any defense or benefits that may be
afforded by applicable law and (y) it will receive substantial direct and
indirect benefits from the financing arrangements contemplated by the Related
Documents and that the waivers set forth in the foregoing three paragraphs are
knowingly made in contemplation of such benefits.

 

12

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee:

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto

 

 

(name and address of assignee)

 

 

The within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints
                              ,
attorney, to transfer said Note on the books kept for registration thereof,
with full power of substitution in the premises.

 

 

	
  Dated:

  	
   

  	
   

  	
  By:

  	
                                                            

  	
  (1)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature
  Guaranteed:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

(1) NOTE: The signature
to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note, without alteration, enlargement or any
change whatsoever.

 

13

 

SCHEDULE OF EXCHANGES IN RESTRICTED
REGULATION S CLASS B-1 GLOBAL NOTE

 

The initial principal balance of this Restricted Regulation S Class B-1
Global Note is
$[                  ].
The following exchanges of an interest in this Restricted Regulation S Class B-1
Global Note for an interest in a corresponding Restricted Rule 144A Class B-1
Global Note or Unrestricted Class B-1 Global Note have been made:

 

	
  Date

  	
   

  	
  Amount of Increase

  (or Decrease) in the

  Principal Amount of

  this Restricted

  Regulation S Class B-

  1 Global Note

  	
   

  	
  Remaining Principal

  Amount of this

  Restricted Regulation

  S Class B-1 Global

  Note following the

  Increase or Decrease

  	
   

  	
  Signature of

  Authorized Officer

  of Trustee of

  Registrar

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

14

 

EXHIBIT C-1

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS OF INTERESTS IN
RESTRICTED RULE 144A GLOBAL NOTES TO PERSONS TAKING DELIVERY IN
THE FORM OF AN INTEREST IN RESTRICTED REGULATION S GLOBAL NOTES

 

U.S. Bank National
Association

EP-MN-WS3D

60 Livingston Avenue

St. Paul, MN 55107

Attention: Structured
Finance/NuCO2

 

Re:                               NuCO2 Funding LLC; NuCO2 LLC; NuCO2 Supply LLC; NuCO2 IP LLC

[$280,000,000]
[$75,000,000] [7.25] [9.75]% Fixed Rate Series 2008-1 [Senior Notes, Class A-1]
[Subordinated Notes, Class B-1] (the “Notes”)

 

Reference is hereby made to (i) the Base
Indenture, dated as of May 28, 2008 (the “Base Indenture”), among NuCO2 Funding LLC,
NuCO2 LLC, NuCO2 Supply LLC and NuCO2 IP LLC, as co-issuers (the “Co-Issuers”), and
U.S. Bank National Association, as trustee, administrative agent and securities
intermediary (the “Trustee”), and (ii) the Series 2008-1 Supplement
to the Base Indenture, dated as of May 28, 2008 (the “Supplement” and, together with the
Base Indenture, the “Indenture”). 
Capitalized terms used but not defined herein shall have the meanings
assigned to them pursuant to the Indenture.

 

This certificate relates to U.S.
$                              
aggregate principal amount of Notes which are held in the form of an interest
in a Restricted Rule 144A [Class A-1][Class B-1] Global Note
with DTC (CUSIP (CINS) No.                 )
in the name of
                                    
[insert name of transferor] (the “Transferor”), who wishes to effect the
transfer of such Notes in exchange for an equivalent beneficial interest in a
Restricted Regulation S [Class A-1][Class B-1] Global Note in the
name of
                                    
[insert name of transferee] (the “Transferee”).

 

In connection with such request, and in respect of
such Notes, the Transferee does hereby certify that such Notes are being
transferred (i) in accordance with the transfer restrictions set forth in
the Indenture and the Offering Memorandum dated May 22, 2008 (together
with any supplements or amendments thereto issued through the date hereof, the “Offering
Memorandum”),
relating to the Notes and (ii) pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the “Securities Act”), and in
accordance with any applicable securities laws of any state of the United
States or any other jurisdiction.

 

In addition, the Transferee hereby represents,
warrants and covenants for the benefit of the Co-Issuers, the Registrar
and the Trustee that:

 

1

 

1.     It
understands that the Notes have not been recommended by any United States
federal or state securities commission or regulatory authority, the foregoing
authorities have not confirmed the accuracy or determined the adequacy of any
Offering Memorandum and any representation to the contrary is a criminal
offense.

 

2.     It
understands that the Notes are being offered in a transaction not involving any
public offering in the United States within the meaning of the Securities Act,
that the Notes have not been and will not be registered under the Securities
Act and that if in the future it decides to offer, resell, pledge or otherwise
transfer any of the Notes, such Notes may be offered, resold, pledged or
otherwise transferred only (i) to “qualified institutional buyers” (or “QIBs”)
(as defined in Rule 144A of the Securities Act (“Rule 144A”)) (who
are also “qualified purchasers” (or “QPs”) within the meaning of Section 2(a)(51)
of the Investment Company Act of 1940, as amended (the “1940 Act”)) pursuant to
Rule 144A or (ii) to a QP in an offshore transaction complying with Rule 903
or Rule 904 of Regulation S of the Securities Act (“Regulation S”),
and in accordance with the applicable legends.

 

3.     It
acknowledges that none of the Co-Issuers has been registered under the 1940
Act.

 

4.     It
acknowledges that none of the Co-Issuers, the Initial Purchaser, the Trustee,
NuCO2, their respective Affiliates or any
Person representing the Co-Issuers, the Initial Purchaser, the Trustee, NuCO2, or their respective Affiliates has made any
representation to it with respect to the Co-Issuers, NuCO2, or their respective Affiliates or the offering or
sale of the Notes, other than the information contained in the Offering
Memorandum and any representations expressly set forth in a written agreement
with such parties.  None of the Co-Issuers,
the Initial Purchaser, the Trustee, NuCO2 or their respective Affiliates is acting as a
fiduciary or financial or investment advisor for it and it is not relying (for
purposes of making an investment decision) on any written or oral advice or
counsel of the Co-Issuers, the Initial Purchaser, the Trustee, NuCO2 or their
respective Affiliates, other than the information contained in the Offering
Memorandum and any representations expressly set forth in a written agreement
with such parties. It has consulted with its own legal, regulatory, tax, business,
investment, financial and accounting advisors to the extent it has deemed
necessary, and has made its own investment decisions (including decisions
regarding the suitability of any transactions pursuant to the Indenture) based
upon its own judgment and upon any advice from such advisors as it has deemed
necessary and not upon any view expressed by the Co-Issuers, the Initial
Purchaser, the Trustee, NuCO2 or their respective Affiliates. It has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment in the Notes, and it, and any
accounts for which it is acting, are each able to bear the economic risk of the
investment. It is investing in the Notes for its own account, or for one or
more investor accounts for which it is acting as a fiduciary or agent, in each
case for investment, and not with a view to, or for offer or sale in connection
with, any distribution thereof in violation of the Securities Act, subject to
any requirements of law that the disposition of its property or the property of
such investor account be at all times within its or their control and subject
to its or their 

 

2

 

ability to resell such
Notes pursuant to Rule 144A. It understands that an investment in the
Notes involves certain risks, including the risk of loss of a substantial part
of its investment under certain circumstances. It has had access to such
financial and other information concerning the Notes, the Co-Issuers and the
Employee Company as it deems necessary or appropriate in order to make an
informed investment decision with respect to its investment in the Notes,
including an opportunity to ask questions of, and request information from, the
Co-Issuers. None of the Co-Issuers, the Initial Purchaser, the Trustee, NuCO2 or their
respective Affiliates have given to it (directly or indirectly through any
other person) any assurance, guarantee or representation whatsoever as to the
expected or projected success, profitability, return, performance, result,
effect, consequence or benefit (including legal, regulatory, tax, financial,
accounting or otherwise) of the Indenture, the Notes or the other documentation
for the Notes. It has determined that the rates, prices or amounts and other
terms of the purchase and sale of the Notes reflect those in the relevant
market for similar transactions and it is investing in the Notes with a full
understanding of all of the terms, conditions and risks thereof (economic or
otherwise) and it is capable of assuming and willing to assume (financially and
otherwise) those risks. It is a sophisticated investor.

 

5.     It
understands that the Notes will, unless otherwise agreed by the Co-Issuers and
the holders thereof in compliance with applicable law, bear one or more legends
substantially similar to those set forth in [Sections 4.5(h), (i) and
(j)] [Sections 4.8(h), (i) and (j)] of the Supplement.

 

6.     It will
not, at any time, offer to buy or offer to sell the Notes by any form of
general solicitation or advertising, including, but not limited to, any
advertisement, article, notice or other communication published in any
newspaper, magazine or similar medium or broadcast over television or radio or
seminar or meeting whose attendees have been invited by general solicitations
or advertising.

 

7.     It
understands that the Co-Issuers will require certification reasonably
acceptable to the Co-Issuers (i) as a condition to the payment of
principal of and interest on any Note without, or at a reduced rate of, U.S.
withholding or backup withholding tax, and (ii) to enable it to determine
its duties and liabilities with respect to any taxes or other charges that it,
the Trustee or any paying agent may be required to pay, deduct or withhold from
payments in respect of such Notes made to the holder of such Notes under any
present or future law or regulation of the United States or any present or
future law or regulation of any political subdivision thereof or taxing
authority therein or to comply with any reporting or other requirements under
any such law or regulation. Such certification may include U.S. Federal income
tax forms (such as IRS Form W-8BEN (Certification of Foreign Status of
Beneficial Owner), Form W-8IMY (Certification of Foreign Intermediary
Status), IRS Form W-9 (Request for Taxpayer Identification Number and
Certification), or IRS Form W-8ECI (Certification of Foreign Person’s
Claim for Exemption from Withholding on Income Effectively Connected with
Conduct of a U.S. Trade or Business) or any successors to such IRS forms). It
agrees to provide any certification requested pursuant to this paragraph within
a reasonable time period 

 

3

 

after such request is
initially made and to update or replace such form or certification in
accordance with its terms or its subsequent amendments.

 

8.     It
understands that the Notes represent the obligation of the Co-Issuers only and
other than payments that may arise under certain representations and warranties
made by certain of their Affiliates, payments on the Notes are not the
obligations of any of their Affiliates.

 

9.     It
understands that the Co-Issuers have the right hereunder to compel any
non-permitted holder of an interest in the Notes to sell its interest in the
Notes or may sell such interest in the Notes on behalf of such owner. In
connection therewith, it understands that the Co-Issuers are permitted to
require that the Holder of any interest in a Restricted Regulation S
Global Note held by a Holder that is a U.S. Person or a Person who was sold
such interest in the United States, in each case at the time of the acquisition
of such interest, sell such interest to a transferee that is permitted under
the Indenture and, if the Holder does not comply with such demand within
30 days thereof, the Co-Issuers, acting at the direction of the Master
Manager, may sell such Holder’s interest in the applicable Global Note on such
terms as the Co-Issuers may choose.

 

10.   It is not a
“U.S. Person” (as defined in Regulation S) and is acquiring the Notes in
reliance on the exemption from registration provided by Regulation S, (b) it
is a QP and (c) it is not acquiring any Note as part of a plan to reduce,
avoid or evade U.S. Federal income taxes owed, owing or potentially owed or
owing.

 

11.   It is aware
that the sale of such Notes to it is being made in reliance on the exemption
from registration provided by Regulation S and are being offered only in a
transaction not involving any public offering in the United States within the
meaning of the Securities Act. Such Person further understands that the Notes
offered in reliance on Regulation S will be represented by one or more
Restricted Regulation S Global Notes. It is a QP and is not and will not be a
U.S. Person, and its investment in the Notes will comply with all applicable
laws in any jurisdiction in which it resides or is located. Before any interest
in a Restricted Regulation S Global Note may be offered, resold, pledged
or otherwise transferred, it will be required to provide the Trustee with a
written certification as to compliance with the transfer restrictions as set
forth in [Section 4.5(f)]  [Section 4.8(f)]
of the Supplement. It acknowledges that no representation has been made as to
the availability of any exemption under the Securities Act or any state or
foreign securities laws for resale of the Notes.

 

12.   It is aware
that the Notes being sold to it will be represented (a) initially by one
or more temporary Restricted Regulation S Global Notes and (b) that
during the Distribution Compliance Period, beneficial interests therein may be
held only through Euroclear or Clearstream and after the last day of the
Distribution Compliance Period, beneficial interests therein may be held only
through Euroclear, Clearstream or DTC.

 

13.   It
understands that, prior to the first Business Day following the Distribution
Compliance Period, any resale or other transfer of beneficial interests in the

 

4

 

temporary Restricted
Regulation S Global Note in the United States or to U.S. Persons will not
be permitted.

 

14.   On each day
that it holds the Notes, it is deemed to represent, and any account on behalf
of which it is purchasing the Notes is deemed to represent, that either (A) it
is not and is not acting on behalf of (i) an employee benefit plan subject
to Part 4 of Title I of ERISA, (ii) a plan subject to Section 4975
of the Code, (iii) an entity, the assets of which are considered to
include assets of a plan described in (i) or (ii) or (iv) a
governmental plan, a church plan or a foreign plan subject to provisions under
any Similar Laws, and is not using the assets of any of the foregoing in
purchasing an interest in the Notes, or (B) its purchase and holding of an
interest in the Series 2008-1 Note does not and will not result in a
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code (or, in the case of a governmental or other plan, a non-exempt
violation of any applicable Similar Law).

 

15.   As a Holder
of the Notes, it will have access to certain Confidential Information. In
consideration for and as a condition to the Co-Issuers providing such
Confidential Information to it, it acknowledges and agrees that the Confidential
Information will only be disclosed to (1) those personnel employed by it
who need to know such information, (2) its attorneys and outside auditors,
and that it and each such person will maintain the Confidential Information in
absolute confidence and trust and in a manner at least as favorable as that
with which it maintains its own confidential and proprietary information or (3) one
or more prospective eligible transferees in whole or in part of its interest in
the Notes. It agrees not to disclose such Confidential Information to any other
person or entity, whether or not affiliated with it unless such disclosure is
required to be made (i) to a regulatory or self-regulatory authority
pursuant to applicable law or regulation or (ii) by judicial process; provided  that it may disclose to
any and all persons (A) information relating to the U.S. Federal and state
tax treatment and tax structure of the transaction and (B) all materials
of any kind (including opinions or other tax analyses) that are provided to it
relating to the U.S. Federal and state tax treatment and tax structure.
Moreover, it agrees that it will provide the Master Manager with prompt written
notice following any disclosure permitted pursuant to the preceding sentence.

 

16.   It is not a
“United States person” within the meaning of Section 7701(a)(30) of the
Internal Revenue Code of 1986, as amended, and has properly completed and
signed Internal Revenue Service Form W-8 (or applicable successor form)
and such form is attached hereto.

 

The representations set forth above shall be deemed to
be made on each day from the date the Transferee acquires any interest in any
Note through and including the date on which such Transferee disposes of its
interest in the applicable Note.  The
Transferee agrees to provide prompt written notice to each of the Co-Issuers,
the Registrar and the Trustee of any change of the status of the Transferee
that would cause it to breach the representations made above.  The Transferee further agrees to indemnify
and hold harmless the Co-Issuers, the Trustee, the Registrar and the Initial
Purchaser and 

 

5

 

their respective affiliates from any cost, damage or
loss incurred by them as a result of the inaccuracy or breach of the foregoing
representations, warranties and agreements. 
Any purported transfer of the Notes (or interest therein) that does not
comply with the requirements above shall be null and void ab initio.

 

The Transferee understands that the Co-Issuers, the
Employee Company, the Initial Purchaser, the Trustee, NuCO2, their respective Affiliates and their respective
counsel will rely upon the accuracy and truth of the foregoing representations,
and are irrevocably authorized to produce this certificate or a copy thereof to
any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby, and the Transferee hereby
consents to such reliance and authorization.

 

	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:
                        
      ,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Taxpayer Identification
  Number:

  	
   

  	
  Address for Notices:

  
	
  Wire Instructions for
  Payments:

  	
   

  	
   

  
	
  Bank:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  Bank ABA #:

  	
   

  	
  Tel:

  
	
  Account No.:

  	
   

  	
  Fax:

  
	
  FAO:

  	
   

  	
  Attn.:

  
	
  Attention:

  	
   

  	
   

  

 

Registered Name (if
Nominee):

 

cc:                                 NuCO2 Funding LLC

NuCO2 LLC

NuCO2 Supply LLC

NuCO2 IP LLC

2800 S.E. Market Place

Stuart, FL 34997

 

6

 

EXHIBIT C-2

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS OF RESTRICTED GLOBAL
NOTES TO PERSONS TAKING DELIVERY IN THE FORM OF AN INTEREST IN A UNRESTRICTED GLOBAL NOTES

 

U.S. Bank National
Association

EP-MN-WS3D

60 Livingston Avenue

St. Paul, MN 55107

Attention: Structured
Finance/NuCO2

 

Re:                               NuCO2 Funding LLC; NuCO2 LLC; NuCO2 Supply LLC; NuCO2 IP LLC

[$280,000,000]
[$75,000,000] [7.25] [9.75]% Fixed Rate Series 2008-1 [Senior Notes, Class A-1]
[Subordinated Notes, Class B-1] (the “Notes”)

 

Reference is hereby made to (i) the Base
Indenture, dated as of May 28, 2008 (the “Base Indenture”), among NuCO2 Funding LLC,
NuCO2 LLC, NuCO2 Supply LLC and NuCO2 IP LLC, as co-issuers (the “Co-Issuers”), and
U.S. Bank National Association, as trustee, administrative agent and securities
intermediary (the “Trustee”), and (ii) the Series 2008-1 Supplement
to the Base Indenture, dated as of May 28, 2008 (the “Supplement” and, together with the
Base Indenture, the “Indenture”). 
Capitalized terms used but not defined herein shall have the meanings
assigned to them pursuant to the Indenture.

 

This certificate relates to U.S.
$                              
aggregate principal amount of Notes which are held in the form of an interest
in a Restricted [Rule 144A] [Regulation S] Global Note with [Euroclear]
[Clearstream] [DTC] (CUSIP (CINS) No.                 )
in the name of
                                    
[insert name of transferor] (the “Transferor”), who wishes to effect the
transfer of such Notes in exchange for Unrestricted [Rule 144A]
[Regulation S] Global Notes in an equivalent aggregate principal amount in the
name of
                                    
[insert name of transferee] (the “Transferee”).

 

In connection with such request, and in respect of
such Notes, the Transferor does hereby certify that such Notes are being
transferred (i) in accordance with the transfer restrictions set forth in
the Indenture and the Offering Memorandum dated May 22, 2008
(together with any supplements or amendments thereto issued through the date
hereof, the “Offering Memorandum”), relating to the Notes and (ii) pursuant to an
exemption from registration under the Securities Act of 1933, as amended (the “Securities
Act”), and in accordance with any applicable securities laws of any state of
the United States or any other jurisdiction.

 

1

 

In addition, the Transferee hereby represents,
warrants and covenants for the benefit of the Co-Issuers, the Trustee, the
Registrar and their respective counsel that:

 

1.     The
Transferee is both an “Institutional Accredited Investor” (as defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended)  and a “qualified purchaser” (or “QP”) within
the meaning of Section 2(a)(51) of the Investment Company Act of 1940, as
amended (the “1940 Act”), acquiring the Notes for its own account or one or
more accounts with respect to which the Transferee exercises sole investment
discretion, each of whom is both an Institutional Accredited Investor and a QP,
either (i) as certified by the transferor or the transferee, in a transfer
being made pursuant to Rule 144 under the Securities Act for investment
purposes and not with a view to the distribution thereof or (ii) pursuant
to a transaction that would otherwise not require registration under the
Securities Act (in which case the transferor or transferee has provided an
opinion of counsel to the Trustee, the Registrar and the Co-Issuers that such
transfer may be made pursuant to an exemption from registration under the
Securities Act).

 

2.     The
Transferee (a) has such knowledge and experience in financial and business
matters that the Transferee is capable of evaluating the merits and risks
(including for tax, legal, regulatory, accounting and other financial purposes)
of its prospective investment in the Notes and is financially able to bear such
risk, (b) in making such investment is not relying on the advice or
recommendations of the Initial Purchaser, the Co-Issuers or any of their
respective Affiliates (or any representative of any of the foregoing), and none
of such persons or their respective Affiliates is acting as a fiduciary or
financial or investment adviser for the Transferee, (c) has determined
that an investment in the Notes is suitable and appropriate for it, (d) has
received, and has had an adequate opportunity to review the contents of, the
Offering Memorandum and (e) has had access to such financial and other
information concerning the Co-Issuers and the Notes as it has deemed necessary
to make its own independent decision to purchase the Notes, including the
opportunity, at a reasonable time prior to its purchase of the Notes, to ask
questions and receive answers concerning the Co-Issuers and the terms and
conditions of the offering of the Notes.

 

3.     The
Transferee acknowledges that the Offering Memorandum is personal to such
Transferee and does not constitute an offer to any other person or to the
public generally to acquire the Notes other than pursuant to Section 4(2) under
the Securities Act.  Distribution of the
Offering Memorandum, or disclosure of any of its contents to any person other
than the Transferee and those persons, if any, retained to advise the
Transferee with respect thereto and other persons meeting the requirements of Section 4(2) is
unauthorized and any disclosure of any of its contents, without the prior
written consent of the Co-Issuers, is prohibited.

 

4.     The
Transferee understands that there is no market for the Notes and that no
assurance can be given as to the liquidity of or trading market for the Notes
and that it is unlikely that a trading market for the Notes will develop.  It further understands that, although the
Initial Purchaser may from time to time make a market in the Notes, the 

 

2

 

Initial Purchaser is
under no obligation to do so and, following the commencement of any
market-making, may discontinue the same at any time.  Accordingly, the Transferee must be prepared
to hold the Notes for an indefinite period of time or until the Legal Final
Maturity Date.

 

5.     The
Transferee agrees that no sale, pledge or other transfer of a Note (or any
interest therein) may be made in the United States unless such sale, pledge or
other transfer is made to a transferee who is a QP.  The Transferee further agrees that no sale,
pledge or other transfer of a Note (or any interest therein) may be made if
such transfer would have the effect of requiring any of the Co-Issuers or the
pool of assets owned by the Co-Issuers to register as an investment company
under the 1940 Act.

 

6.     The
Transferee understands that the Indenture permits the Co-Issuers to require any
holder of the Notes who is a “U.S. Person” (as defined in Regulation S under
the Securities Act (“Regulation S”) or a “U.S. Resident” (as defined for
purposes of the 1940 Act) who is determined not to have been both an
Institutional Accredited Investor and a QP to sell their acquired Notes
(provided, that either (1) the transferor or the transferee has certified
that the transfer is being made pursuant to Rule 144 under the Securities
Act or (2) the transferor or the transferee has provided an opinion of
counsel to each of the Trustee, the Registrar and the Co-Issuers that such
transfer may be made pursuant to an exemption from registration under the
Securities Act).

 

7.     On each
day that it holds the Notes, the Transferee is deemed to represent, and any
account on behalf of which it is purchasing the Notes is deemed to represent,
that either (A) it is not and is not acting on behalf of (i) an
employee benefit plan subject to Part 4 of Title I of ERISA, (ii) a plan
subject to Section 4975 of the Code, (iii) an entity, the assets of
which are considered to include assets of a plan described in (i) or (ii) or
(iv) a governmental plan, a church plan or a foreign plan subject to
provisions under any Similar Laws, and is not using the assets of any of the
foregoing in purchasing an interest in the Notes, or (B) its purchase and
holding of an interest in the Series 2008-1 Note does not and will not
result in a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code (or, in the case of a governmental or other
plan, a non-exempt violation of any applicable Similar Law).

 

8.     The
Transferee certifies that (1) the transfer is being made pursuant to Rule 144
under the Securities Act and (2) it has provided an opinion of counsel to
each of the Trustee, the Registrar and the Co-Issuers that such transfer may be
made pursuant to an exemption from registration under the Securities Act.

 

9.     If the
Transferee is not a natural person, the Transferee has the power and authority
to enter into each agreement required to be executed and delivered by or on
behalf of the Transferee in connection with its purchase of Notes, which will
include a note subscription agreement, and to perform its obligations thereunder
and consummate the transactions contemplated thereby, and the person signing
any such documents on behalf of the Transferee has been duly authorized to
execute and deliver such documents and each other document required to be
executed and delivered by the Transferee in connection with its purchase of
Notes.  If the Transferee is an
individual, the Transferee 

 

3

 

has all requisite legal
capacity to acquire and hold the Notes and to execute, deliver and comply with
the terms of each of the documents required to be executed and delivered by the
Transferee in connection with this subscription for Notes.  Such execution, delivery and compliance by
the Transferee does not conflict with, or constitute a default under, any
instruments governing the Transferee, any applicable law, regulation or order,
or any material agreement to which the Transferee is a party or by which the
Transferee is bound.

 

10.   If the
Transferee’s permanent address is located in the United States, the Transferee
was offered the Notes in the state of such Transferee’s permanent address and
intends that the securities law of that state govern the Transferee’s
subscription for the Notes.

 

11.   The
Transferee, if not a “United States person” (as defined in Section 7701(a)(30)
of the Code), either (a) is not a bank (within the meaning of Section 881(c)(3)(A) of
the Code) or an affiliate of a bank, (b) is a person (or a wholly owned
affiliate of a person) that is eligible for benefits under an income tax treaty
with the United States that eliminates U.S. federal income taxation of U.S.
source interest not attributable to a permanent establishment in the United
States, or (c) is not related to the Co-Issuers within the meaning of Section 1.881-3
of the Treasury Regulations.

 

[The Transferee is a “United
States person” within the meaning of Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, and has properly completed and signed
Internal Revenue Service Form W-9 (or applicable successor form) and such
form is attached hereto.]

 

[The Transferee is not a “United
States person” within the meaning of Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, and has properly completed and signed
Internal Revenue Service Form W-8 (or applicable successor form) and such
form is attached hereto.]

 

The representations set forth above shall be deemed to
be made on each day from the date the Transferee acquires any interest in any
Note through and including the date on which such Transferee disposes of its
interest in the applicable Note.  The
Transferee agrees to provide prompt written notice to each of the Co-Issuers,
the Registrar and the Trustee of any change of the status of the Transferee that
would cause it to breach the representations made above.  The Transferee further agrees to indemnify
and hold harmless the Co-Issuers, the Trustee, the Registrar and the Initial
Purchaser and their respective affiliates from any cost, damage or loss incurred
by them as a result of the inaccuracy or breach of the foregoing
representations, warranties and agreements. 
Any purported transfer of the Notes (or interest therein) that does not
comply with the requirements above shall be null and void ab initio.

 

The Transferee understands that the Co-Issuers, the
Employee Company, the Initial Purchaser, the Trustee, NuCO2, their respective Affiliates and their respective
counsel will rely upon the accuracy and truth of the foregoing representations,
and are irrevocably authorized to produce this certificate or a copy thereof to
any interested party 

 

4

 

in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby, and the Transferee hereby
consents to such reliance and authorization.

 

	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:
                        
      ,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Taxpayer Identification
  Number:

  	
   

  	
  Address for Notices:

  
	
  Wire Instructions for
  Payments:

  	
   

  	
   

  
	
  Bank:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  Bank ABA #:

  	
   

  	
  Tel:

  
	
  Account No.:

  	
   

  	
  Fax:

  
	
  FAO:

  	
   

  	
  Attn.:

  
	
  Attention:

  	
   

  	
   

  

 

Registered Name (if
Nominee):

 

cc:                                 NuCO2 Funding LLC

NuCO2 LLC

NuCO2 Supply LLC

NuCO2 IP LLC

2800 S.E. Market Place

Stuart, FL 34997

 

5

 

EXHIBIT C-3

 

FORM OF TRANSFER CERTIFICATE FOR
TRANSFERS OF INTERESTS IN RESTRICTED REGULATION S GLOBAL NOTES TO PERSONS
TAKING DELIVERY IN THE FORM OF AN INTEREST IN A RESTRICTED RULE 144A
GLOBAL NOTE

 

U.S. Bank National
Association

EP-MN-WS3D

60 Livingston Avenue

St. Paul, MN 55107

Attention: Structured
Finance/NuCO2

 

Re:                               NuCO2 Funding LLC; NuCO2 LLC; NuCO2 Supply LLC; NuCO2 IP LLC

[$280,000,000]
[$75,000,000] [7.25] [9.75]% Fixed Rate Series 2008-1 [Senior Notes, Class A-1]
[Subordinated Notes, Class B-1] (the “Notes”)

 

Reference is hereby made to (i) the Base
Indenture, dated as of May 28, 2008 (the “Base Indenture”), among NuCO2 Funding LLC,
NuCO2 LLC, NuCO2 Supply LLC and NuCO2 IP LLC, as co-issuers (the “Co-Issuers”), and
U.S. Bank National Association, as trustee, administrative agent and securities
intermediary (the “Trustee”), and (ii) the Series 2008-1 Supplement
to the Base Indenture, dated as of May 28, 2008 (the “Supplement” and, together with the
Base Indenture, the “Indenture”). 
Capitalized terms used but not defined herein shall have the meanings
assigned to them pursuant to the Indenture.

 

This certificate relates to U.S.
$                              
aggregate principal amount of Notes which are held in the form of an interest
in a Restricted Regulation S Global Note with [Euroclear] [Clearstream] [DTC]
(CUSIP (CINS) No.                 )
in the name of
                                    
[insert name of transferor] (the “Transferor”), who wishes to effect the
transfer of such Notes in exchange for an equivalent beneficial interest in a
Restricted Rule 144A Global Note in the name of
                                    
[insert name of transferee] (the “Transferee”).

 

In connection with such request, and in respect of
such Notes, the Transferee does hereby certify that such Notes are being
transferred (i) in accordance with the transfer restrictions set forth in
the Indenture and the Offering Memorandum dated May 22, 2008
(together with any supplements or amendments thereto issued through the date
hereof, the “Offering Memorandum”), relating to the Notes and (ii) pursuant to an
exemption from registration under the Securities Act of 1933, as amended (the “Securities
Act”), and in accordance with any applicable securities laws of any state of
the United States or any other jurisdiction.

 

In addition, the Transferee hereby represents,
warrants and covenants for the benefit of the Co-Issuers, the Registrar
and the Trustee that:

 

1

 

1.     It
understands that the Notes have not been recommended by any United States
federal or state securities commission or regulatory authority, the foregoing
authorities have not confirmed the accuracy or determined the adequacy of any
Offering Memorandum and any representation to the contrary is a criminal
offense.

 

2.     It (A) is
a “qualified institutional buyer” (or “QIB”) (as defined in Rule 144A of
the Securities Act (“Rule 144A”)) (who is also a “qualified purchaser” (or
“QP”) within the meaning of Section 2(a)(51) of the Investment Company Act
of 1940, as amended (the “1940 Act”)), (B) is aware that the sale to it is
being made in reliance on Rule 144A, (C) is acquiring such Notes for
its own account or for the account of a QIB (who is also a QP) over which it
exercises sole investment discretion, (D) is not (and any such account is
not) a pension, profit-sharing or other retirement trust fund or plan in which
the partners, beneficiaries or participants, as applicable, may designate the
particular investments to be made, (E) is not a broker dealer of the type
described in paragraph (a)(1)(ii) of Rule 144A unless it owns
and invests on a discretionary basis not less than U.S. $25,000,000 in
securities of issuers that are not affiliated with it, (b) a
participant-directed employee plan, such as a 401(k) plan, or any other
type of plan referred to in paragraph (a)(1)(i)(D) or (a)(1)(i)(E) of
Rule 144A, or a trust fund referred to in paragraph (a)(1)(i)(F) of
Rule 144A that holds the assets of such a plan, unless investment decisions
with respect to the plan are made solely by the fiduciary, trustee or sponsor
of such plan, (F) was not formed or capitalized for the specific purpose
of investing in the Co-Issuers (except where each beneficial owner is both a
QIB and a QP), (G) is not a (w) corporation, (x) partnership, (y) common
trust fund or (z) special trust, pension fund or retirement plan in which
the shareholders, equity owners, partners, beneficiaries, beneficial owners or
participants, as applicable, may designate the particular investments to be
made, (H) if formed on or before April 30, 1996, is not an investment
company that relies on the exclusion from the definition of “investment company”
provided by Section 3(c)(7) of the 1940 Act (or a foreign investment
company under Section 7(d) thereof relying on Section 3(c)(7) with
respect to those of its holders that are U.S. Persons), unless, with respect to
its treatment as a QP, it has, in the manner required by Section 2(a)(51)(C) of
the 1940 Act and the rules and regulations thereunder, received the
consent of its beneficial owners that acquired their interests on or before April 30,
1996, (I) is not an entity that, immediately subsequent to its purchase or
other acquisition of a beneficial interest in the Notes, will have invested
more than 40% of its assets in beneficial interests in the Notes and/or in
other securities of the Co-Issuers (unless all of the beneficial owners of such
entity’s securities are QPs) and (J) is not (I) (x) an employee
benefit plan described in Section 3(3) of ERISA but not subject to
ERISA or an entity the assets of which constitute assets of such a plan, (y) an
employee benefit plan that is subject to Title I of ERISA, (z) a plan,
individual retirement account or other arrangement subject to Section 4975
of the Code or an entity whose underlying assets are considered to include “plan
asset” of any such plan, account or arrangement under U.S. Department of Labor
regulations, as modified (each a “Plan”), and such entity is not acquiring or
holding the Notes for or on behalf of or with the assets of any Plan or (II) a
purchaser that is unable to represent and warrant that the purchase and holding
of the Notes does not and will not result in a non-exempt prohibited
transaction under 

 

2

 

Section 406 of ERISA
or Section 4975 of the Code (or, in the case of a governmental or other
Plan, any applicable Similar Law).

 

3.     It
understands that the Notes are being offered in a transaction not involving any
public offering in the United States within the meaning of the Securities Act,
that the Notes have not been and will not be registered under the Securities
Act and that if in the future it decides to offer, resell, pledge or otherwise
transfer any of the Notes, such Notes may be offered, resold, pledged or
otherwise transferred only (i) to QIBs (who are also QPs) pursuant to Rule 144A
or (ii) to a QP in an offshore transaction complying with Rule 903 or
Rule 904 of Regulation S of the Securities Act (“Regulation S”), and
in accordance with the applicable legends.

 

4.     It
acknowledges that none of the Co-Issuers has been registered under the 1940
Act.

 

5.     It
acknowledges that none of the Co-Issuers, the Initial Purchaser, the Trustee,
NuCO2, their respective Affiliates or any
Person representing the Co-Issuers, the Initial Purchaser, the Trustee, NuCO2, or their respective Affiliates has made any
representation to it with respect to the Co-Issuers, NuCO2, or their respective Affiliates or the offering or
sale of the Notes, other than the information contained in the Offering
Memorandum and any representations expressly set forth in a written agreement
with such parties.  None of the
Co-Issuers, the Initial Purchaser, the Trustee, NuCO2 or their respective Affiliates is acting as a
fiduciary or financial or investment advisor for it and it is not relying (for
purposes of making an investment decision) on any written or oral advice or
counsel of the Co-Issuers, the Initial Purchaser, the Trustee, NuCO2 or their
respective Affiliates, other than the information contained in the Offering
Memorandum and any representations expressly set forth in a written agreement
with such parties. It has consulted with its own legal, regulatory, tax,
business, investment, financial and accounting advisors to the extent it has
deemed necessary, and has made its own investment decisions (including
decisions regarding the suitability of any transactions pursuant to the
Indenture) based upon its own judgment and upon any advice from such advisors
as it has deemed necessary and not upon any view expressed by the Co-Issuers,
the Initial Purchaser, the Trustee, NuCO2 or their respective Affiliates. It has such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of its investment in the Notes, and it, and any
accounts for which it is acting, are each able to bear the economic risk of the
investment. It is investing in the Notes for its own account, or for one or
more investor accounts for which it is acting as a fiduciary or agent, in each
case for investment, and not with a view to, or for offer or sale in connection
with, any distribution thereof in violation of the Securities Act, subject to
any requirements of law that the disposition of its property or the property of
such investor account be at all times within its or their control and subject
to its or their ability to resell such Notes pursuant to Rule 144A. It
understands that an investment in the Notes involves certain risks, including
the risk of loss of a substantial part of its investment under certain
circumstances. It has had access to such financial and other information
concerning the Notes, the Co-Issuers and the Employee Company as it deems
necessary or appropriate in order to make an informed investment decision with 

 

3

 

respect to its investment
in the Notes, including an opportunity to ask questions of, and request
information from, the Co-Issuers. None of the Co-Issuers, the Initial
Purchaser, the Trustee, NuCO2 or their respective Affiliates have given to
it (directly or indirectly through any other person) any assurance, guarantee
or representation whatsoever as to the expected or projected success,
profitability, return, performance, result, effect, consequence or benefit
(including legal, regulatory, tax, financial, accounting or otherwise) of the
Indenture, the Notes or the other documentation for the Notes. It has
determined that the rates, prices or amounts and other terms of the purchase
and sale of the Notes reflect those in the relevant market for similar
transactions and it is investing in the Notes with a full understanding of all
of the terms, conditions and risks thereof (economic or otherwise) and it is
capable of assuming and willing to assume (financially and otherwise) those
risks. It is a sophisticated investor.

 

6.     It
understands that the Notes will, unless otherwise agreed by the Co-Issuers and
the holders thereof in compliance with applicable law, bear one or more legends
substantially similar to those set forth in [Sections 4.5(h) and (j)]
[Sections 4.8(h) and (j)].

 

7.     It
understands that the Notes will be represented by one or more Restricted 144A
Global Notes. Before any interest in a Restricted Rule 144A Global Note
may be offered, resold, pledged or otherwise transferred to a person who takes
delivery in the form of an interest in a Restricted Regulation S Global
Note or Unrestricted Global Note, the transferor will be required to provide
the Trustee with a written certification as to compliance with transfer
restrictions as set forth in [Sections 4.5(c) and (d)] [Sections
4.8(c) and (d)] of the Supplement.

 

8.     It
will not, at any time, offer to buy or offer to sell the Notes by any form of
general solicitation or advertising, including, but not limited to, any
advertisement, article, notice or other communication published in any
newspaper, magazine or similar medium or broadcast over television or radio or
seminar or meeting whose attendees have been invited by general solicitations
or advertising.

 

9.     It
understands that the Co-Issuers will require certification reasonably
acceptable to the Co-Issuers (i) as a condition to the payment of
principal of and interest on any Note without, or at a reduced rate of, U.S.
withholding or backup withholding tax, and (ii) to enable it to determine
its duties and liabilities with respect to any taxes or other charges that it,
the Trustee or any paying agent may be required to pay, deduct or withhold from
payments in respect of such Notes made to the holder of such Notes under any
present or future law or regulation of the United States or any present or
future law or regulation of any political subdivision thereof or taxing
authority therein or to comply with any reporting or other requirements under
any such law or regulation. Such certification may include U.S. Federal income
tax forms (such as IRS Form W-8BEN (Certification of Foreign Status of
Beneficial Owner), Form W-8IMY (Certification of Foreign Intermediary Status),
IRS Form W-9 (Request for Taxpayer Identification Number and
Certification), or IRS Form W-8ECI (Certification of Foreign Person’s
Claim for Exemption from Withholding on Income Effectively Connected with
Conduct 

 

4

 

of a U.S. Trade or
Business) or any successors to such IRS forms). It agrees to provide any
certification requested pursuant to this paragraph within a reasonable time
period after such request is initially made and to update or replace such form
or certification in accordance with its terms or its subsequent amendments.

 

10.   It
understands that the Notes represent the obligation of the Co-Issuers only and
other than payments that may arise under certain representations and warranties
made by certain of their Affiliates, payments on the Notes are not the
obligations of any of their Affiliates.

 

11.   It
understands that the Co-Issuers have the right hereunder to compel any
non-permitted holder of an interest in the Notes to sell its interest in the
Notes or may sell such interest in the Notes on behalf of such owner. In
connection therewith, it understands that the Co-Issuers are permitted
hereunder to require that the Holder of any interest in a Restricted 144A
Global Note held by a Holder that is a U.S. Person or a Holder who was sold
such interest in the United States who is determined not to have been both a
QIB and a QP at the time of acquisition of such interest in a Restricted 144A
Global Note, in each case at the time of the acquisition of such interest, sell
such interest to a transferee that is permitted hereunder and, if the Holder
does not comply with such demand within 30 days thereof, the Co-Issuers,
acting at the direction of the Master Manager, may sell such Holder’s interest
in the applicable Global Note on such terms as the Co-Issuers may choose.

 

[The Transferee is a “United
States person” within the meaning of Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, and has properly completed and signed
Internal Revenue Service Form W-9 (or applicable successor form) and such
form is attached hereto.]

 

[The Transferee is not a “United
States person” within the meaning of Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, and has properly completed and signed
Internal Revenue Service Form W-8 (or applicable successor form) and such
form is attached hereto.]

 

The representations set forth above shall be deemed to
be made on each day from the date the Transferee acquires any interest in any
Note through and including the date on which such Transferee disposes of its
interest in the applicable Note.  The
Transferee agrees to provide prompt written notice to each of the Co-Issuers,
the Registrar and the Trustee of any change of the status of the Transferee
that would cause it to breach the representations made above.  The Transferee further agrees to indemnify
and hold harmless the Co-Issuers, the Trustee, the Registrar and the Initial
Purchaser and their respective affiliates from any cost, damage or loss
incurred by them as a result of the inaccuracy or breach of the foregoing
representations, warranties and agreements. 
Any purported transfer of the Notes (or interest therein) that does not
comply with the requirements above shall be null and void ab initio.

 

The Transferee understands that the Co-Issuers, the
Employee Company, the Initial Purchaser, the Trustee, NuCO2, their respective Affiliates and their respective

 

5

 

counsel will rely upon the accuracy and truth of the
foregoing representations, and are irrevocably authorized to produce this
certificate or a copy thereof to any interested party in any administrative or
legal proceeding or official inquiry with respect to the matters covered
hereby, and the Transferee hereby consents to such reliance and authorization.

 

6

 

	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:
                        
      ,

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Taxpayer Identification
  Number:

  	
   

  	
  Address for Notices:

  
	
  Wire Instructions for
  Payments:

  	
   

  	
   

  
	
  Bank:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  Bank ABA #:

  	
   

  	
  Tel:

  
	
  Account No.:

  	
   

  	
  Fax:

  
	
  FAO:

  	
   

  	
  Attn.:

  
	
  Attention:

  	
   

  	
   

  

 

Registered Name (if
Nominee):

 

cc:                                 NuCO2 Funding LLC

NuCO2 LLC

NuCO2 Supply LLC

NuCO2 IP LLC

2800 S.E. Market Place

Stuart, FL 34997

 

7

 

EXHIBIT C-4

 

FORM OF TRANSFER CERTIFICATE FOR TRANSFERS OF SERIES 2008-1 CLASS A-2
NOTES AND SERIES 2008-1 CLASS A-3 NOTES

 

U.S. Bank National
Association

EP-MN-WS3D

60 Livingston Avenue

St. Paul, MN 55107

Attention: Structured
Finance/NuCO2

 

Re:                               NuCO2 Funding LLC; NuCO2 LLC; NuCO2 Supply LLC; NuCO2 IP LLC

[$30,000,000]
[$20,000,000] Series 2008-1 Variable Funding Rate Senior Notes [Class A-2] [Class A-3]
(the “Notes”)

 

Reference is hereby made to (i) the Base
Indenture, dated as of May 28, 2008 (the “Base Indenture”), among NuCO2 Funding LLC,
NuCO2 LLC, NuCO2 Supply LLC and NuCO2 IP LLC, as co-issuers (the “Co-Issuers”), and
U.S. Bank National Association, as trustee, administrative agent and securities
intermediary (the “Trustee”), and (ii) the Series 2008-1 Supplement
to the Base Indenture, dated as of May 28, 2008 (the “Supplement” and, together with the
Base Indenture, the “Indenture”). 
Capitalized terms used but not defined herein shall have the meanings
assigned to them pursuant to the Indenture or the Series 2008-1 [Class A-2]
[Class A-3] Note Purchase Agreement, as applicable.

 

This certificate relates to U.S.
$                              
aggregate principal amount of Notes registered in the name of
                                    
[insert name of transferor] (the “Transferor”), who wishes to effect the
transfer of such Notes in exchange for an equivalent principal amount of Notes
of the same subclass in the name of
                                    
[insert name of transferee] (the “Transferee”).

 

In connection with such request, and in respect of
such Notes, the Transferee does hereby certify that such Notes are being
transferred (i) in accordance with the transfer restrictions set forth in
the Indenture and the Series 2008-1 [Class A-2] [Class A-3] Note
Purchase Agreement and (ii) pursuant to an exemption from registration
under the Securities Act of 1933, as amended (the “Securities Act”), and in
accordance with any applicable securities laws of any state of the United
States or any other jurisdiction.

 

In addition, the Transferee hereby represents,
warrants and covenants for the benefit of the Co-Issuers and the Trustee that:

 

1.     The
Transferee is both an “Institutional Accredited Investor” (as defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended)  and a “qualified purchaser” (or “QP”) within
the meaning of Section 2(a)(51) of the 

 

 

Investment Company Act of
1940, as amended (the “1940 Act”), acquiring the Notes for its own account or
one or more accounts with respect to which the Transferee exercises sole
investment discretion, each of whom is both an Institutional Accredited
Investor and a QP, for investment purposes only and not with a view to
distribution, subject, nevertheless, to the understanding that the disposition
of its property shall at all times be and remain within its control, and
neither it nor its Affiliates has engaged in any general solicitation or
general advertising within the meaning of the Securities Act with respect to
the Series 2008-1 [Class A-2] [Class A-3] Notes.

 

2.     The
Transferee (a) has such knowledge and experience in financial and business
matters that the Transferee is capable of evaluating the merits and risks
(including for tax, legal, regulatory, accounting and other financial purposes)
of its prospective investment in the Notes and is financially able to bear such
risk, (b) in making such investment is not relying on the advice or
recommendations of the Initial Purchaser, the Co-Issuers or any of their
respective Affiliates (or any representative of any of the foregoing), and none
of such persons or their respective Affiliates is acting as a fiduciary or
financial or investment adviser for the Transferee, (c) has determined
that an investment in the Notes is suitable and appropriate for it and (d) has
had access to such financial and other information concerning the Co-Issuers
and the Notes as it has deemed necessary to make its own independent decision
to purchase the Notes, including the opportunity, at a reasonable time prior to
its purchase of the Notes, to ask questions and receive answers concerning the
Co-Issuers and the terms and conditions of the offering of the Notes.

 

3.     The
Transferee understands that (i) the Series 2008-1 [Class A-2] [Class A-3]
Notes have not been and will not be registered or qualified under the
Securities Act or any applicable state securities laws or the securities laws
of any other jurisdiction and are being offered only in a transaction not
involving any public offering within the meaning of the Securities Act and may
not be resold or otherwise transferred unless so registered or qualified or
unless an exemption from registration or qualification is available, (ii) the
Co-Issuers are not required to register the Series 2008-1 [Class A-2]
[Class A-3] Notes, (iii) any transferee must be a QP and (iv) any
transfer must comply with the applicable provisions of the Base Indenture, the
Supplement and the Series 2008-1 [Class A-2] [Class A-3] Note
Purchase Agreement.

 

4.     The
Transferee understands that the Series 2008-1 [Class A-2] [Class A-3]
Notes will bear the legend set out in the applicable form of the Series 2008-1
[Class A-2] [Class A-3] Notes attached to the Supplement and be
subject to the restrictions on transfer described in such legend.

 

5.     The
Transferee will obtain for the benefit of the Co-Issuers from any purchaser of
the Series 2008-1 [Class A-2] [Class A-3] Notes substantially
the same representations and warranties contained in the foregoing paragraphs.

 

6.     On each
day that it holds the Notes, it is deemed to represent, and any account on
behalf of which it is purchasing the Notes is deemed to represent, that either (A) it
is not and is not acting on behalf of (i) an employee benefit plan subject
to Part 4 of 

 

2

 

Title I of ERISA, (ii) a
plan subject to Section 4975 of the Code, (iii) an entity, the assets
of which are considered to include assets of a plan described in (i) or (ii) or
(iv) a governmental plan, a church plan or a foreign plan subject to
provisions under any Similar Laws, and is not using the assets of any of the
foregoing in purchasing an interest in the Notes, or (B) its purchase and
holding of an interest in the Series 2008-1 Note does not and will not
result in a non-exempt prohibited transaction under Section 406 of ERISA
or Section 4975 of the Code (or, in the case of a governmental or other
plan, a non-exempt violation of any applicable Similar Law).

 

[The Transferee is a “United
States person” within the meaning of Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, and has properly completed and signed
Internal Revenue Service Form W-9 (or applicable successor form) and such
form is attached hereto.]

 

[The Transferee is not a “United
States person” within the meaning of Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended, and has properly completed and signed
Internal Revenue Service Form W-8 (or applicable successor form) and such
form is attached hereto.]

 

The representations set forth above shall be deemed to
be made on each day from the date the Transferee acquires any interest in any
Note through and including the date on which such Transferee disposes of its
interest in the applicable Note.  The
Transferee agrees to provide prompt written notice to each of the Co-Issuers,
the Registrar and the Trustee of any change of the status of the Transferee
that would cause it to breach the representations made above.  The Transferee further agrees to indemnify
and hold harmless the Co-Issuers, the Trustee, the Registrar and the Initial
Purchaser and their respective affiliates from any cost, damage or loss
incurred by them as a result of the inaccuracy or breach of the foregoing
representations, warranties and agreements. 
Any purported transfer of the Notes (or interest therein) that does not
comply with the requirements above shall be null and void ab initio.

 

The Transferee understands that the Co-Issuers, the
Employee Company, the Initial Purchaser, the Trustee, NuCO2, their respective Affiliates and their respective
counsel will rely upon the accuracy and truth of the foregoing representations,
and are irrevocably authorized to produce this certificate or a copy thereof to
any interested party in any administrative or legal proceeding or official
inquiry with respect to the matters covered hereby, and the Transferee hereby
consents to such reliance and authorization.

 

	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:
                        
      ,

  	
   

  	
   

  

 

3

 

	
  Taxpayer Identification
  Number:

  	
   

  	
  Address for Notices:

  
	
  Wire Instructions for
  Payments:

  	
   

  	
   

  
	
  Bank:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  Bank ABA #:

  	
   

  	
  Tel:

  
	
  Account No.:

  	
   

  	
  Fax:

  
	
  FAO:

  	
   

  	
  Attn.:

  
	
  Attention:

  	
   

  	
   

  

 

Registered Name (if
Nominee):

 

cc:                                 NuCO2 Funding LLC

NuCO2 LLC

NuCO2 Supply LLC

NuCO2 IP LLC

2800 S.E. Market Place

Stuart, FL 34997

 

4

 

EXHIBIT D

 

FORM OF NOTEHOLDERS’ STATEMENT

 

[DATE]

Series 2008-1 Notes

Monthly Collection Period:  [MM/DD/YY] —
[MM/DD/YY]

Payment Date:  [MM/DD/YY]

 

Reference is hereby made
to the Base Indenture, dated as of May 28, 2008 (the “Base Indenture”), among NuCO2 Funding LLC,
NuCO2 LLC, NuCO2 Supply LLC and NuCO2 IP LLC, as co-issuers (the “Co-Issuers”), and
U.S. Bank National Association, as trustee (the “Trustee”), administrative
agent and securities intermediary, as supplemented by the Series 2008-1
Supplement to the Base Indenture, dated as of May 28, 2008 (the “Supplement” and, together with the
Base Indenture, the “Indenture”), and the Transaction Management Agreement,
dated as of May 28, 2008, between the Co-Issuers and NuCO2 Management LLC
(the “Transaction Management Agreement”)  .  Capitalized terms otherwise not defined
herein shall have the meaning assigned to them in the Indenture or the
Transaction Management Agreement.

 

This Noteholders’
Statement is delivered pursuant to Section 4.1(c) of the Base
Indenture, Section 5.1 of the Series 2008-1 Supplement, and Section 2.1(c)(iii) of
the Transaction Management Agreement. 
The undersigned, on behalf of the Transaction Manager and the Master
Issuer, hereby certifies as follows:

 

(A)          To the knowledge of the Transaction
Manager and the Master Issuer, the historical information contained herein is
true and correct in all material respects;

 

(B)           The forward looking information
contained herein has been prepared in good faith based on information in the
Transaction Manager’s and in the Master Issuer’s possession and/or reasonably
available to the Transaction Manager and the Master Issuer as of the date
hereof; and

 

(C)           Except as otherwise set forth herein,
each of the Transaction Manager has performed in all material respects its
obligations under each Related Document since the date of the previously
delivered Noteholders’ Statement.

 

	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  
	
  Title:

  	
   

  

 

[ATTACH MONTHLY
MANAGER’S CERTIFICATE]

 

 

EXHIBIT E

 

FORM OF IMPORTANT 3(C)(7) NOTICE

 

[INSERT NAME OF CLEARING AGENCY]

 

IMPORTANT

 

	
  B#:

  	
  [number]

  
	
   

  	
   

  
	
  DATE:

  	
  [date]

  
	
   

  	
   

  
	
  TO:

  	
  ALL
  PARTICIPANTS

  
	
   

  	
   

  
	
  FROM:

  	
  [name], [title], Underwriting Department

  
	
   

  	
   

  
	
  ATTENTION:

  	
  [Managing
  Partner/Officer; Cashier, Operations, Data Processing and Underwriting
  Managers]

  
	
   

  	
   

  
	
  SUBJECT:

  	
  Section 3(c)(7) restrictions
  for NUCO2 FUNDING LLC, NUCO2 LLC, NUCO2 SUPPLY LLC and NUCO2 IP LLC, each as Co-Issuer of [$280,000,000 7.25% Fixed Rate Series 2008-1 Senior
  Notes, Class A-1] [$75,000,000 9.75% Fixed Rate Series 2008-1
  Subordinated Notes, Class B-1]

  
	
   

  	
   

  
	
  (A) 
  CUSIP Numbers:

  	
   

  	
  [CUSIP
  Numbers for 7.25%
  Fixed Rate Series 2008-1 Senior Notes, Class A-1 — 144A, Reg.S]

   

  [CUSIP
  Numbers for 9.75%
  Fixed Rate Series 2008-1 Subordinated Notes, Class B-1 — 144A, Reg.
  S]

  
	
   

  	
   

  	
   

  
	
  (B) 
  Security Description:

  	
   

  	
  NUCO2 FUNDING LLC, NUCO2 LLC, NUCO2 SUPPLY LLC and NUCO2 IP LLC, each as Co-Issuer of [$280,000,000 7.25% Fixed Rate Series 2008-1 Senior
  Notes, Class A-1] [$75,000,000 9.75% Fixed Rate Series 2008-1
  Subordinated Notes, Class B-1]

  
	
   

  	
   

  	
   

  
	
  (C) 
  Offer Amount:

  	
   

  	
  [$280,000,000] [$75,000,000]

  
	
   

  	
   

  	
   

  
	
  (D) 
  Managing Underwriter:

  	
   

  	
  UBS
  Securities LLC

  
	
   

  	
   

  	
   

  
	
  (E) 
  Paying Agent:

  	
   

  	
  [Name
  of paying agent]

  
	
   

  	
   

  	
   

  
	
  (F) 
  Closing Date:

  	
   

  	
  May 28,
  2008

  

 

 

Special Instructions:

 

See Attached Important Instructions from the Co-Issuers.

 

2

 

[CO-ISSUERS LETTERHEAD]

 

[$280,000,000 7.25% Fixed Rate Series 2008-1 Senior
Notes, Class A-1]

[$75,000,000 9.75% Fixed Rate Series 2008-1
Subordinated Notes, Class B-1]

 

[CUSIP
Numbers for 7.25%
Fixed Rate Series 2008-1 Senior Notes, Class A-1 — 144A, Reg.S]

 

[CUSIP
Numbers for 9.75%
Fixed Rate Series 2008-1 Subordinated Notes, Class B-1 — 144A, Reg. S]

 

The
Co-Issuers and the Initial Purchaser are putting Participants on notice that
they are required to follow these purchase and transfer restrictions with
regard to the above-referenced security.

 

In
order to qualify for the exemption provided by Section 3(c)(7) under
the Investment Company Act of 1940, as amended (the “Investment Company Act”),
and the exemption provided by Rule 144A under the Securities Act of 1933,
as amended (the “Securities Act”), offers, sales and resales of the [$280,000,000 7.25% Fixed Rate Series 2008-1 Senior
Notes, Class A-1] [$75,000,000 9.75% Fixed Rate Series 2008-1
Subordinated Notes, Class B-1] (the “Securities”) may only
be made in minimum denominations of
$                    
to “qualified institutional buyers” (“QIBs”) within the meaning of Rule 144A
that are also “qualified purchasers” (“QPs”) within the meaning of Section 2(a)(51)(A) of
the Investment Company Act. Each purchaser of Securities (1) represents to
and agrees with the Co-Issuers and the Initial Purchaser that (i) the
purchaser is a QIB who is a QP (a “QIB/QP”); (ii) the purchaser is not a
broker-dealer who owns and invests on a discretionary basis less than $25
million in securities of unaffiliated issuers; (iii) the purchaser is not
a participant-directed employee plan, such as a 401(k) plan; (iv) the
QIB/QP is acting for its own account, or the account of another QIB/QP; (v) the
purchaser is not formed for the purpose of investing in the Co-Issuers; (vi) the
purchaser, and each account for which it is purchasing, will hold and transfer
at least the minimum denomination of Securities; (vii) the purchaser
understands that the Co-Issuers may receive a list of participants holding
positions in its securities from one or more book-entry depositaries; (viii) the
purchaser is not an entity in which the shareholders, equity owners, partners,
beneficiaries, beneficial owners or participants, as applicable, may designate
the particular investments to be made; (ix) the purchaser is not an entity
that, immediately subsequent to its purchase or other acquisition of a
beneficial interests in the Securities, will have invested more than 40% of its
assets in beneficial interests in the Securities and/or in other securities of
the Co-Issuers (unless all of the beneficial owners of such entity’s securities
are qualified purchasers) to whom notice is given that the resale, pledge or
other transfer is being made in reliance on the exemption from Securities Act
registration provided by Rule 144A; (x) the purchaser is not (A) an
employee benefit plan described in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), but not subject
to ERISA or an entity the assets of which constitute assets of such a plan, an
employee benefit plan that is subject to Title I of ERISA, (C) a plan,
individual retirement account or other arrangement subject to Section 4975
of the Internal Revenue Code of 1986, as amended, or an entity 

 

3

 

whose
underlying assets are considered to include “plan assets” of any such plan,
account or arrangement under U.S. Department of Labor Regulations, as modified
(each, a “Plan”), and such entity is not acquiring or holding the Securities
for or on behalf of or with the assets of any Plan, or (D) unable to
represent and warrant that the purchase and holding of the Securities does not
and will not result in a non-prohibited transaction under Section 306 of
ERISA or Section 4975 of the Code (or, in the case of a governmental or
other plan, any applicable similar law); and (xi) the purchaser will provide
notice of the transfer restrictions to any subsequent transferees; and (2) acknowledges
that the Co-Issuers have not been registered under Investment Company Act and
the Securities have not been registered under the Securities Act and represents
to and agrees with the Co-Issuers and the Initial Purchaser that, for so long
as securities are outstanding, it will not offer, resell, pledge or otherwise
transfer the Securities except to a QIB that is also a QP in a transaction
meeting the requirements of Rule 144A. Each purchaser further understands
that the Securities will bear a legend with respect to such transfer
restrictions. See “Transfer Restrictions” in the Offering
Memorandum.

 

The
charter, bylaws, organizational documents or securities issuance documents of
the Co-Issuers provide that the Co-Issuers will have the right to (i) require
any holder of Securities who is determined not to be both a QIB and a QP to
sell the Securities to a QIB that is also a QP or (ii) redeem any
Securities held by such a holder on specified terms. In addition, the
Co-Issuers have the right to refuse to register or otherwise honor a transfer
of Securities to a proposed transferee that is not both a QIB and a QP.

 

The
restrictions on transfer required by the Co-Issuers (outlined above) will be
reflected [under the notation “3c7” in DTC’s User Manuals and DTC’s Reference
Directory] [Annex 3(c)(7) of Euroclear’s New Issues Acceptance Guide] [Chapter
7 (“Custody Business Operations — New Issues”), Section 7.3 (“General
Procedure for the admission and distribution of new issues of syndicated
international instruments”) in Clearstream Banking’s Reference Directory].

 

Any
questions or comments regarding this subject may be directed to [Co-Issuers
contact person] (      )
      -

 

4

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