Document:

EXECUTION COPY
                                                                  --------------

                            INDEMNIFICATION AGREEMENT
                            -------------------------

           THIS INDEMNIFICATION  AGREEMENT (this "AGREEMENT") is entered into as
of the 28th day of March 2005, by and among Atlantic Realty Trust ("Seller") and
Kimco Realty Corporation ("Buyer").

                                    RECITALS

           A.   Buyer  and  Seller  have  entered  into   exclusive  good  faith
negotiations of a Purchase and Sale Agreement  ("Purchase and Sale  Agreement"),
in connection with that certain property  commonly known as Hylan Plaza Shopping
Center  located  in  Staten  Island,  New York  (collectively  with the land and
improvements thereon, the "Property").

           B.   Buyer  desires to conduct  the  Property  Diligence  (as defined
below) on the terms and conditions provided herein.

           C.   Seller is willing to permit Buyer to do the  Property  Diligence
on the terms and conditions provided herein.

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

                                    AGREEMENT

                  PROPERTY DILIGENCE. Seller hereby agrees to permit Buyer and
its representatives to enter onto the Property to conduct due diligence on the
Property including, without limitation, inspecting and performing tests upon the
Property (including, without limitation, environmental, including "Phase II"
environmental testing, structural, engineering and other tests) (collectively,
the "Property Diligence"). Buyer shall be exclusively responsible for all of its
and its representative's costs and fees associated with its investigation and
review of the Property. Buyer shall conduct and shall cause its representatives
to conduct any inspections and reviews in a commercially reasonable, prudent and
professional manner and in compliance with all applicable laws. A representative
of Seller may, at its option, be present during any inspections or reviews of
the property. Buyer agrees to repair promptly any damage or disturbance Buyer or
its representatives shall cause to the Property. Nothing in this Agreement shall
preclude Buyer or its representatives from complying with any express legal
obligation to report environmental violations or other circumstances existing at
the Property to any governmental authority (to the extent that Buyer can prove
that such an obligation exists) and such compliance alone shall not be the basis
for any liability to Buyer hereunder.

                  BUYER'S INDEMNIFICATION OF SELLER. Buyer shall indemnify,
defend and hold Seller harmless from any and all claims, damages, costs and
liability resulting directly from Buyer or its representatives conducting the
Property Diligence in a manner that does not comply with the requirements of
Section 1 above, except to the extent the same is caused by Seller's gross
negligence or willful misconduct; provided, that in no event shall Buyer be
liable for consequential, punitive, or special damages. Buyer shall exercise
commercially reasonable efforts to minimize disruption to the tenants of the
Property in connection with the Property Diligence and

<PAGE>

Buyer's or its representative's activities. No consent by Seller to any such
activity shall be deemed to constitute a waiver by Seller or the assumption of
liability or risk by Seller.

                  NO LIENS CREATED BY BUYER. Buyer shall not permit any
mechanic's or materialman's liens or any other liens to attach to the Property
by reason of the performance of the Property Diligence or the purchase of any
materials by Buyer or Buyer's representatives in connection with the Property
Diligence.

                  CONFIDENTIALITY. Buyer agrees to treat any information
concerning the Property furnished by the Seller or obtained by the Buyer in the
course of its diligence activities pursuant to Section 1 (the "Confidential
Material") strictly confidential. Except as required by law, neither Buyer nor
any of it employees, officers, directors, agents, advisors or representatives
("Representatives") shall disclose any Confidential Material to any other
person. The term "Confidential Material" does not include information which (i)
is already in Buyer's possession, provided that such information is not subject
to another confidentiality agreement with or other obligation of secrecy to the
Seller, (ii) becomes generally available to the public other than as a result of
a disclosure, directly or indirectly, by Buyer or its Representatives, or (iii)
becomes available to Buyer on a non-confidential basis from a source other than
the Seller or its Representatives, provided that such source is not bound by a
confidentiality agreement with or other obligation of secrecy to the Seller.

                  NOTICES. All notices, demands, requests and other
communications required pursuant to the provisions of this Agreement ("Notice")
shall be in writing and shall be delivered to the addresses set forth on the
signature pages hereto.

                  EXCLUSIVE NEGOTIATIONS. During the period commencing on the
date hereof and ending forty five days after the date hereof (such period, the
"Exclusivity Period"), Seller will not, directly or through its officers,
directors, employees, affiliates, brokers, investment bankers, attorneys and
other agents and representatives (collectively, "Representatives"), solicit,
encourage, engage in negotiations or discussions with, or furnish any
confidential information or data to, any third party (other than Buyer) relating
to a potential or actual proposal to acquire any of the capital stock or assets
of the Seller, including the Property (an "Acquisition Proposal") and will cease
and instruct its Representatives to immediately cease any such activities.
Seller will promptly provide Buyer with any written Acquisition Proposals, and
promptly inform Buyer of the material terms of any oral Acquisition Proposals,
received by Seller or its Representatives during the Exclusivity Period.

                  BINDING EFFECT; NO OBLIGATION. This Agreement shall be binding
upon and inure to the benefit of Seller and Buyer, and their respective heirs,
personal representatives, successors and permitted assigns. Neither the
execution of this Agreement nor any of the terms or conditions set forth herein
shall create any obligation for Buyer to do any or all of the Property
Diligence. Unless and until a definitive agreement between Seller and Buyer
concerning the purchase and sale of the Property, Buyer will not be under any
legal obligation of any kind whatsoever with respect to such a transaction by
virtue of this or any written or oral expression with respect to such a
transaction by any of its directors, officers, employees, agents or any other
representatives or its advisors, and has no obligation to continue to pursue
such a transaction.

                                      -2-

<PAGE>

                  GOVERNING LAW AND VENUE. The laws of the state of New York
shall govern the validity, construction, enforcement, and interpretation of this
Agreement with respect to the Property, except for the conflict of law
provisions thereof which would result in the application of the laws of another
jurisdiction. All claims, disputes and other matters in question with respect to
the Property arising out of or relating to this Agreement, or the breach
thereof, shall be decided by proceedings instituted and litigated in a state or
federal court for the district in which the Property is situated, and the
parties hereto expressly consent to the venue and jurisdiction of such court.

                  MULTIPLE COUNTERPARTS. This Agreement may be executed in a
number of identical counterparts. If so executed, each of such counterparts is
to be deemed an original for all purposes and all such counterparts shall,
collectively, constitute one Agreement. In making proof of this Agreement, it
shall not be necessary to produce or account for more than one such
counterparts.

                  CONSTRUCTION. No provision of this Agreement shall be
construed in favor of, or against, any particular party by reason of any
presumption with respect to the drafting of this Agreement; both parties, being
represented by counsel, having fully participated in the negotiation of this
instrument.

                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                      -3-

<PAGE>

            NOW WHEREFORE, the parties hereto have executed this Agreement as of
the date first set forth above.

                                      SELLER:
                                      -------
                                      ATLANTIC REALTY TRUST

                                      By:  /s/ Edwin R. Frankel
                                         --------------------
                                         Name:  Edwin R. Frankel
                                         Title: Chief Financial Officer

                                         Address for notices:

                                         Atlantic Realty Trust
                                         747 3rd Avenue
                                         New York, New York 10017
                                         Attention: Joel Pashcow

                                         With a copy to (which shall not consti-
                                         tute notice):

                                         Proskauer Rose LLP
                                         1585 Broadway
                                         New York, New York 10036-8200
                                         Attention: Peter M. Fass, Esq.

                 [Signature Page to Indemnification Agreement]

<PAGE>

                                      BUYER:
                                      -----

                                      KIMCO REALTY CORPORATION

                                      By: /s/ Bruce M. Kauderer
                                         ----------------------
                                      Name:  BRUCE M. KAUDERER
                                      Title:  VICE PRESIDENT

                                      Address for notices:

                                      Kimco Realty Corporation
                                      3333 New Hyde Park Road
                                      New Hyde Park, New York 11042-0020
                                      Attention: General Counsel

                                      With a copy to (which shall not consti-
                                      tute notice):

                                      Wachtell, Lipton, Rosen & Katz
                                      51 West 52nd Street
                                      New York, NY 10019
                                      Attention: Adam O. Emmerich, Esq.

                 [Signature Page to Indemnification Agreement]15% SUBORDINATED NOTE

      THE SECURITY  REPRESENTED  HEREBY WAS ORIGINALLY ISSUED AS OF FEBRUARY 11,
      2005, HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE  "ACT"),  AND MAY NOT BE SOLD OR  TRANSFERRED  IN THE  ABSENCE  OF AN
      EFFECTIVE  REGISTRATION  STATEMENT  UNDER  THE  ACT OR AN  EXEMPTION  FROM
      REGISTRATION  THEREUNDER.  THE SECURITY REPRESENTED HEREBY IS ALSO SUBJECT
      TO THE  CONDITIONS  SPECIFIED  IN THE AMENDED AND RESTATED  NOTE  PURCHASE
      AGREEMENT  AMONG THE COMPANY AND THE  ORIGINAL  HOLDER  HEREOF AND CERTAIN
      INVESTORS,  DATED AS OF FEBRUARY  11, 2005 AND THE  COMPANY  RESERVES  THE
      RIGHT TO REFUSE THE TRANSFER OF THIS SECURITY UNTIL THE CONDITIONS THEREIN
      HAVE BEEN  FULFILLED  WITH RESPECT TO SUCH  TRANSFER.  A COPY OF SUCH NOTE
      PURCHASE  AGREEMENT  MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY'S
      PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.

      THIS INSTRUMENT AND THE OBLIGATIONS  EVIDENCED  HEREBY ARE SUBORDINATED TO
      THE PRIOR PAYMENT IN FULL OF THE SUPERIOR DEBT (AS DEFINED HEREINAFTER).

                               JUNIOR SUBORDINATED
                                 PROMISSORY NOTE
                                 ---------------

February 11, 2005                                                     $5,000,000

      Quest Cherokee, LLC, a Delaware limited liability company (the "Company"),
hereby  promises to pay to the order of Cherokee Energy Partners LLC, a Delaware
limited  liability  company,  the principal  amount of $5,000,000  together with
interest  thereon  calculated  from the date hereof (the "Date of  Issuance") in
accordance with the provisions of this Junior Subordinated  Promissory Note (the
"Note").

      This Note was issued  pursuant to an Amended and  Restated  Note  Purchase
Agreement,  dated as of February  11, 2005 (such  agreement to which the initial
holder is a party,  as amended and  modified  from time to time,  the  "Purchase
Agreement"),  by and among the Company and the initial  holder of this Note. For
purposes of this Note,  "Junior Notes" means this Note, the note issued pursuant
to the Purchase Agreement on December 22, 2003 and all other notes issued on the
date hereof or at any time  hereafter  in  substantially  the same form  whether
issued pursuant to the Purchase Agreement or otherwise  (including any PIK Notes
(as  defined  in Section 6  hereof)).  The  Purchase  Agreement  contains  terms
governing  the  rights of the  holder of this Note,  and all  provisions  of the
Purchase Agreement are hereby incorporated herein by reference.

      1.  Payment  of  Interest.  Interest  shall  accrue at the rate of fifteen
percent (15%) per annum on the unpaid principal amount of this Note from time to
time  outstanding.  Interest  shall be computed on the basis of a 365 or 366-day
year (as applicable) and the actual number of days elapsed, and shall be payable
on each Interest Payment Date (as defined in the Purchase  Agreement);  provided
that, except to the extent same is permitted to be paid in cash under the

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<PAGE>

Senior  Credit  Agreement  (as  defined in  Section 6 hereof)  on each  Interest
Payment Date, the Company shall pay interest in kind by either (i) issuing a PIK
Note to the  holder  hereof  in  principal  amount  equal to the  amount  of the
interest due on such Interest Payment Date or (ii) deferring the interest due on
such Interest Payment Date and all interest so deferred  pursuant to this clause
(ii) shall be added to and become a part of the principal of this Note as of the
Interest  Payment Date upon which it was  deferred,  and shall  thereafter  earn
interest as  provided  herein.  Except as provided in the last  sentence of this
Section 1, in all events an amount of accrued and unpaid interest (including any
interest  represented by a PIK Note or otherwise  previously added to principal)
shall be paid by the Company in cash,  on each Interest  Payment Date  occurring
after  December 22,  2008,  equal to the least amount of such accrued and unpaid
interest  such that the Note  shall not have at any time  "significant  original
issue discount" within the meaning of section  163(i)(2) of the Internal Revenue
Code of 1986. Any accrued interest which for any reason has not theretofore been
paid shall be paid in full on the date on which the final  principal  payment on
this Note is made.  Except for  interest  paid by the  issuance of a PIK Note or
deferred and paid-in-kind in accordance with the terms hereof, interest shall be
paid  only if such  payment  is  permitted  by the  terms of the  Senior  Credit
Agreement  and  only to the  extent  therefor  pursuant  to  Section  5.4 of the
Company's Amended and Restated Limited Liability Company Agreement.

      2.  Payment of Principal on Note.

          (a)  Maturity. The Company shall pay the principal amount  outstanding
under this Note (including  interest  deferred and added to the principal amount
of this Note as  provided  in Section 1 above)  together  with all  accrued  and
unpaid  interest  on such  principal  amount,  to the holder of this Note on the
Final  Maturity  Date (as defined in the Purchase  Agreement as in effect on the
date hereof).

          (b)  Prepayments.

               (i) Upon notice given as provided in subsection  (ii) below,  the
          Company  may at any  time  and  from  time to time  prepay  all or any
          proportion  of the  outstanding  principal  amount of the  Note,  plus
          accrued  interest  on the  outstanding  principal  amount  of the Note
          through the date of prepayment;  provided that (A) such  prepayment is
          permitted  by  the  terms  of the Senior Credit Agreement and (B) such
          prepayment  shall  be  made  pro  rata among the holders of the Junior
          Notes on the basis of the outstanding  principal  amount of the Junior
          Note held by each holder.

               (ii) The Company  shall send  written  notice of its  election to
          make a  prepayment  on the Junior  Notes to the holder of this Note by
          registered or certified mail, return receipt requested, at least three
          (3) Business Days prior to the date of  prepayment.  Such notice shall
          specify the date fixed for prepayment,  the aggregate principal amount
          outstanding,   the  aggregate   amount  of  interest  accrued  on  the
          outstanding  principal  amount  of  this  Note  through  the  date  of
          prepayment specified in the Company's notice.

          (c)  Time of Payment. If any payment of principal, interest or premium
shall become due on a day which is not a Business Day (as defined  below),  such
payment shall be

                                     Page 2
<PAGE>

made on the next  succeeding  Business  Day and such  extension of time shall in
such case be included in computing interest in connection with such payment. The
term  "Business  Day" as used herein means any day other than Saturday or Sunday
or public  holiday under the laws of the State of New York or other day on which
banking  institutions  are  authorized  or obligated to close in the City of New
York in the State of New York.

          (d)  Form of Payment.  Unless  otherwise indicated herein, any payment
to be made  hereunder  shall be made at the  direction  of the holder  hereof by
cashier's  or  certified  check to or upon the  order of the  holder  or by wire
transfer of immediately available funds to an account designated by the holder.

      3.  Subordination: Restrictions on Payment.

          Anything  in  this  Note or the  Purchase  Agreement  to the  contrary
notwithstanding,  the  obligations  of the Company in respect of the  principal,
interest, fees and charges on this Note shall be subordinate and junior in right
of payment,  to the extent and in the manner hereinafter set forth, to the prior
payment in full in cash of all Superior  Debt.  By its  acceptance  hereof,  the
payee and each other present and future holder of this Note and beneficial owner
of any  interest  in this Note or any  other  Subordinated  Debt  (collectively,
including the payee, the "holders" of Subordinated  Debt) irrevocably agree, for
the directly intended and enforceable  benefit of each present and future holder
of Superior  Debt,  that the  Subordinated  Debt is hereby  subordinated  to the
Superior Debt on the following terms:

          (a) In the event that the Company makes a general  assignment  for the
benefit of creditors;  or an order,  judgment or decree is entered  adjudicating
the Company  bankrupt or insolvent;  or any order for relief with respect to the
Company is entered under the Federal  Bankruptcy Code; or the Company  petitions
or applies to any tribunal for the appointment of a custodian, trustee, receiver
or  liquidator  of the Company or of any  substantial  part of the assets of the
Company,  or  commences  any  proceeding  relating  to  the  Company  under  any
bankruptcy,  reorganization,  arrangement,  insolvency,  readjustment  of  debt,
dissolution  or  liquidation  law of any  jurisdiction;  or any such petition or
application is filed, or any such  proceeding is commenced,  against the Company
(collectively referred to as an "Insolvency Event"), or upon any acceleration of
Superior Debt, then:

               (i) the  holders of  Superior  Debt shall be  entitled to receive
          payment in full in cash of all  principal,  premium,  interest,  fees,
          charges and other  amounts  then due on all Superior  Debt  (including
          interest,  fees,  charges and other amounts accruing thereon after the
          commencement of any such Insolvency  Event at the rate provided in the
          documentation  for such  Superior Debt  (irrespective  of whether such
          interest,  fees,  charges or other  amounts  are allowed as a claim in
          such  proceedings))  before  the  holder of this Note is  entitled  to
          receive any payment of any kind or character on account of  principal,
          interest or other  amounts  due (or past due) upon this Note,  and the
          holders of Superior Debt shall be entitled to receive for  application
          in payment  thereof  all  payments  and  distributions  of any kind or
          character,  whether in cash,  property or  securities or by set-off or
          otherwise, which may be payable or deliverable in any such proceedings
          in respect of this Note; and

                                     Page 3
<PAGE>

               (ii) any payment or distribution of assets of the Company, of any
          kind or character,  whether in cash, property or securities,  to which
          the holder of this Note would be entitled except for the provisions of
          this  Section  3(a) shall be paid or  delivered by the Company (or any
          receiver or trustee in such proceedings)  directly to the Senior Agent
          for the  benefit of the holders of Superior  Debt for  application  of
          such payment or  distribution  among the holders of the Superior  Debt
          according to the  priorities  of such debt,  until all  Superior  Debt
          (including  interest,  fees, charges and other amounts accrued thereon
          after  the  date of  commencement  of  such  proceedings  at the  rate
          provided in the documentation for such Superior Debt  (irrespective of
          whether such interest, fees, charges or other amounts are allowed as a
          claim in such proceedings)) shall have been paid in full in cash.

          (b) In any  proceedings  with respect to any Insolvency  Event, or the
application of the assets of the Company to the payment or liquidation  thereof,
or upon the  dissolution  or other  winding up of the business of the Company or
upon the sale of all or  substantially  all of the assets of the Company,  then,
and in any such event, (A) each holder of the Superior Debt shall be entitled to
receive full and  indefeasible  payment and satisfaction in cash of the Superior
Debt  prior to the  payment of all or any part of the  Subordinated  Debt by the
Company, other than a distribution of Reorganization  Subordinated Securities if
the  Senior  Agent and the  holder of this Note  shall  have  entered  into such
amendments  to this Note as the Senior Agent may  reasonably  request to reflect
the continued subordination of the Reorganization Subordinated Securities to the
Superior Debt, and (B) any payment or distribution of any kind or character from
the Company of its assets, whether in cash, securities or other property,  which
shall  be  payable  or  deliverable  upon or with  respect  to any or all of the
Subordinated  Debt,  other than a distribution  of  Reorganization  Subordinated
Securities  if the Senior  Agent and the holder of this Note shall have  entered
into such amendments to this Note as the Senior Agent may reasonably  request to
reflect  the  continued   subordination  of  the   Reorganization   Subordinated
Securities  to the Superior  Debt,  shall be paid or  delivered  directly to the
Senior Agent for the benefit of the holders of the Superior Debt for application
to the Superior Debt in accordance with the priorities thereof,  due or not due,
until such  Superior Debt shall have first been fully and  indefeasibly  paid in
cash and satisfied and all financing arrangements terminated. The holder of this
Note  irrevocably  authorizes,  empowers  and directs all  receivers,  trustees,
liquidators,  custodians,  conservators  and  others  having  authority  in  the
premises to effect all such payments and  distributions,  and the holder of this
Note also  irrevocably  authorizes,  empowers  and directs  the Senior  Agent to
demand,  sue for, collect and receive every such payment or distribution for the
benefit of the Senior Lenders.  Any amounts  collected or received by the Senior
Agent  pursuant to the  authority  granted  hereby,  shall be paid or  delivered
directly to holders of the Superior Debt for application to the Superior Debt in
accordance with the priorities thereof, due or not due, until such Superior Debt
shall have first been fully and indefeasibly  paid in cash and satisfied and all
financing arrangements terminated. The holder of this Note agrees to execute and
deliver to the Senior Agent or its representative  all such further  instruments
confirming the authorization  referred to in the foregoing clause and agrees not
to initiate or prosecute or encourage  any other person to initiate or prosecute
any claim,  action or other  proceeding  challenging the  enforceability  of the
Superior Debt or any liens and security  interests  securing the Superior  Debt.
The holder of this Note agrees to execute,  verify,  deliver and file any proofs
of claim in respect of the Subordinated Debt requested by the

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<PAGE>

Senior  Agent in  connection  with any such  proceeding  and hereby  irrevocably
authorizes,   empowers   and   appoints   the   Senior   Agent   its  agent  and
attorney-in-fact to (i) execute,  verify,  deliver and file such proofs of claim
upon the  failure  of the  holder of this Note  promptly  to do so (and,  in any
event,  prior  to 30 days  before  the  expiration  of the time to file any such
proof) and (ii) vote such claim in any such  proceeding  upon the failure of the
holder of this Note to do so prior to 15 days before the  expiration of the time
to vote any such  claim;  provided  that the  Senior  Agent  shall  not have any
obligation  to  execute,  verify,  deliver,  file  and/or vote any such proof of
claim. In the event that the Senior Agent votes any claim in accordance with the
authority granted hereby, no holder shall be entitled to change or withdraw such
vote.  The Superior  Debt shall  continue to be treated as Superior Debt and the
provisions  of this  Note  shall  continue  to cover  the  relative  rights  and
priorities of the Senior Lenders,  on the one hand, and the holder of this Note,
on the other  hand,  even if all or part of the  Superior  Debt or the  security
interests  securing the Superior Debt are  subordinated,  set aside,  avoided or
disallowed  in  connection  with any such  proceeding  and  this  Note  shall be
reinstated  if at any time any payment of any of the Superior  Debt is rescinded
or  must   otherwise  be  returned  by  any  holder  of  Superior  Debt  or  any
representative of such holder.

          (c) Except for  payments  of  interest  in kind,  and the  issuance of
Reorganization  Subordinated Securities expressly permitted herein, no holder of
the  Subordinated  Debt will,  except as otherwise agreed to by the Senior Agent
and the  Required  Lenders  (as  defined  in  Section 6 hereof) or to the extent
permitted  under the Senior  Credit  Agreement,  ask,  demand,  sue for, take or
receive from the Company,  by set off or in any other  manner,  the whole or any
part of the  Subordinated  Debt  (whether  such amounts  represent  principal or
interest,  or obligations  which are due or not due,  including costs,  fees and
expenses  with  respect to the Junior  Notes,  direct or  indirect,  absolute or
contingent),  including,  without  limitation,  the  taking  of  any  negotiable
instruments   evidencing  such  Subordinated  Debt  nor  any  security  for  any
Subordinated  Debt, unless and until all Superior Debt,  whether now existing or
hereafter  arising  directly  between the Company and any holder of the Superior
Debt, or acquired outright, conditionally or as collateral security from another
by any holder the Superior Debt, shall have been fully and indefeasibly  paid in
full in cash  and  satisfied  and all  financing  arrangements  and  commitments
between the Company and all holders of the Superior Debt have been terminated.

          (d) Any  amendment or  modification  of the terms of Section 3 of this
Note shall not be effective against any Person who was a holder of Superior Debt
prior to or at the time of such amendment or modification  unless such holder of
Superior Debt so consents in writing.

          (e)  The  holders  of  Superior  Debt  may,  at  any  time,  in  their
discretion,  renew, amend,  extend,  increase,  restate,  refinance or otherwise
modify the terms and  provisions  of the  Superior  Debt so held or  exercise or
release  any  of  their  rights  under  the  Superior  Debt  including,  without
limitation,  the waiver of defaults  thereunder  and the amendment of any of the
terms or provisions  thereof (or any notice evidencing or creating the same), or
the release of collateral  securing the Superior  Debt, all without notice to or
assent  from the  holder of this Note.  No  compromise,  alteration,  amendment,
renewal,  restatement,  refinancing  or other  change of, or waiver,  consent or
other action in respect of any liability or  obligation  under or in respect of,
any terms,  covenants  or  conditions  of the Superior  Debt (or any  instrument
evidencing or creating the

                                     Page 5
<PAGE>

same),  whether or not such release is in accordance  with the provisions of the
Superior Debt (or any instrument  evidencing or creating the same), shall in any
way alter or affect the  enforceability of the subordination  provisions of this
Note against the holder hereof.

          (f) If,  notwithstanding the provisions of Section 3 of this Note, any
payment or distribution of any kind or character (whether in cash, securities or
other  property) or any security shall be received by the holder of this Note in
contravention of this Section 3 and before all the Superior Debt shall have been
paid in full in cash,  such payment,  distribution  or security shall be held in
trust for the benefit of, and shall be  immediately  paid over or  delivered  or
transferred  to the Senior Agent for the benefit of the holders of Superior Debt
or their duly appointed agents for application of such payment,  distribution or
security  among the  holders of each class of  Superior  Debt  according  to the
priorities of such Superior  Debt.  Any such payments  received by the holder of
this Note and  delivered  to the Senior  Agent for the benefit of the holders of
the  Superior  Debt  shall be deemed  not to be a  payment  on this Note for any
reason  whatsoever and the indebtedness  under this Note shall remain as if such
erroneous  payment  had never been paid by the Company or received by the holder
of this Note.  In the event of the failure of any holder of this Note to endorse
or assign any such payment, distribution or security, the Senior Agent is hereby
irrevocably authorized to endorse or assign the same.

          (g) No present or future  holder of Superior  Debt shall be prejudiced
in its right to enforce the  provisions  of Section 3 of this Note by any act or
failure to act on the part of the Company or such holder or any other  holder of
Superior Debt.

          (h) The holder of this Note shall not take or continue any action,  or
exercise or continue to exercise any rights,  remedies or powers under the terms
of this Note,  or exercise or continue to exercise  any other right or remedy at
law or equity that such holder might  otherwise  possess,  to collect any amount
due and  payable in respect of this Note,  including,  without  limitation,  the
acceleration of this Note, the  commencement of any foreclosure on any Lien, the
filing of any  petition  in  bankruptcy  or the  taking  advantage  of any other
insolvency law of any jurisdiction.

          (i)  Subject  to the  indefeasible  payment  in  full  in  cash of all
Superior Debt and the  termination of all lending  commitments  under the Senior
Credit  Agreement,  the holder of this Note shall be subrogated to the rights of
the Senior Agent and Senior Lenders to receive payments and  distributions  with
respect to the Superior Debt until this Note is paid in full. The holder of this
Note  agrees  that in the  event  that all or any part of a  payment  made  with
respect to the Superior Debt is recovered  from the holders of the Superior Debt
in a proceeding with respect to an Insolvency Event or otherwise, any payment or
distribution  received  by the holder of this Note with  respect to this Note at
any time after the date of the payment that is so recovered, whether pursuant to
the right of subrogation provided for in this Note or otherwise, shall be deemed
to have been  received  by the holder of this Note in trust as  property  of the
holders of the Superior Debt and the holder of this Note shall forthwith deliver
the  same to the  Senior  Agent  for  the  benefit  of the  Senior  Lenders  for
application  to the  Superior  Debt until the  Superior  Debt is paid in full. A
payment or  distribution  made pursuant to this Section 3(i) to the Senior Agent
or any Senior Lender which  otherwise would have been paid to or retained by the
holder of this Note is not,  as between the Company and the holder of this Note,
a payment by the Company to or on account of the Superior Debt.

                                     Page 6
<PAGE>

          (j) The  provisions  of this  Section 3 are solely for the  purpose of
defining the relative  rights of the holders of Superior  Debt, on the one hand,
and the holder of this Note on the other,  against  the  Company and its assets,
and nothing  herein is intended to or shall  impair,  as between the Company and
the holder of this Note, the  obligations of this Company which are absolute and
unconditional,  to pay to the holder of this Note the  principal and interest on
this Note as and when they  become  due and  payable  in  accordance  with their
terms,  or is intended to or will  affect the  relative  rights of the holder of
this Note and  creditors  of the Company  other than the holders of the Superior
Debt, nor, except as provided in this Section 3, will anything herein or therein
prevent the holder of this Note from exercising all remedies otherwise permitted
by applicable  law upon default  under this Note subject to the rights,  if any,
under  this  Section 3 of the  holders  of  Superior  Debt in  respect  of cash,
property or  securities  of the Company  received  upon the exercise of any such
remedy and subject to this Section 3.

          (k) Each holder of the Subordinated Debt has purchased or acquired the
Subordinated Debt held by it with the express understanding that:

               (i) the Subordinated Debt constitutes the liability solely of the
          Company;

               (ii) no member of the  Company  has  guaranteed  or is  otherwise
          liable for any Subordinated Debt;

               (iii) the Subordinated Debt is not secured by any mortgage, lien,
          pledge, charge, financing statement, security interest,  hypothecation
          or  other  security  device  of any  type  (a  "Lien"),  nor  is  such
          Subordinated  Debt  supported  directly or indirectly by any direct or
          indirect guaranty of any Person; and

               (iv) such  holder of  Subordinated  Debt will never ask,  demand,
          accept,  receive or retain any guarantee of any Subordinated  Debt, or
          any collateral  security for the payment of any Subordinated  Debt, or
          any other form of payment assurance as to any Subordinated  Debt, from
          any member or  Subsidiary  of the  Company,  and will not  initiate or
          prosecute,  or encourage any other Person to initiate or prosecute any
          claim or other proceeding.

          (l) Except for the payment of interest in kind in accordance  with the
terms of this Note,  if by the terms of this Note any  payment  becomes  due and
payable on account of the  principal of or interest on this Note at any time and
payment  hereon is not  permitted  under the Senior Credit  Agreement,  then the
holder of this Note hereby agrees that,  notwithstanding the terms of this Note,
the date on which such payment  would  otherwise be due shall  automatically  be
deferred,  extended and  postponed  until the date (the  "Extension  Date") such
payment is permitted  pursuant to the terms of said Senior Credit Agreement,  as
fully  as if by the  terms of this  Note  such  payment  was not due  until  the
Extension  Date.  The Company  shall not be in any respect in default under this
Note by reason of any such deferral, extension and postponement to the Extension
Date, and such deferral,  extension and postponement shall not otherwise subject
the  Company to any claim of default or any  enforcement  remedy.  The holder of
this Note,  in its capacity as a creditor,  and by its  acceptance of this Note,
covenants  and  agrees  that it will  not,  and will  not  encourage  any  other
individual or entity to, at any time, contest the validity,

                                     Page 7
<PAGE>

perfection,  priority or  enforceability of any Superior Debt and the promissory
notes  issued  pursuant  thereto or any  guarantees  thereof or any of the other
Superior  Loan  Documents  (as  defined in  Section 6 hereof)  (or the liens and
security  interests  granted to the  Collateral  Agent (as  defined in Section 6
hereof) pursuant thereto.

          (m) Any and all  payments  and  distributions  on account of this Note
that are received by the Senior  Agent or any Senior  Lender as a result of this
Section 3 shall be  distributed to the holders of the Superior Debt according to
the priorities of such Superior Debt.

      4.  Transfer  of  Note.  This  Note  may  be  transferred  subject  to the
restrictions set forth in the Purchase  Agreement.  Upon any such transfer,  the
holder shall send written notice to the Company specifying the new holder's name
and address.  The term "Note" as used herein includes this Note and any notes or
other  evidences  of  indebtedness  issued in exchange for or in respect of this
Note or any portion hereof.

      5.  Events of Default.

          (a)  Definition.  For purposes of this Note, an Event of Default shall
be deemed to have occurred if:

               (i) the Company fails to pay (A) when due, the full amount of any
          principal  payment on any Junior  Note or (B) within  five days of the
          date when due,  the full amount of any  interest  then  accrued on any
          Junior Note; or

               (ii) the Company or any  subsidiary  makes an assignment  for the
          benefit of  creditors  or admits in writing its  inability  to pay its
          debts generally as they become due; or an order, judgment or decree is
          entered  adjudicating  the  Company  or  any  Subsidiary  bankrupt  or
          insolvent;  or any order for relief with respect to the company or any
          Subsidiary  is  entered  under the  Federal  Bankruptcy  Code;  or the
          Company or any Subsidiary petitions or applies to any tribunal for the
          appointment  of a custodian,  trustee,  receiver or  liquidator of the
          Company or any Subsidiary, or of any substantial part of the assets of
          the Company or any Subsidiary, or commences any proceeding (other than
          a proceeding  for the voluntary  liquidation  and  dissolution  of any
          Subsidiary)  relating  to the  Company  or any  Subsidiary  under  any
          bankruptcy,  reorganization,  arrangement, insolvency, readjustment of
          debt, dissolution or liquidation law of any jurisdiction;  or any such
          petition or application is filed, or any such proceeding is commenced,
          against  the Company or any  Subsidiary  and either (A) the Company or
          any such Subsidiary by any act indicates its approval thereof, consent
          thereto or acquiescence  therein or (B) such petition,  application or
          proceeding is not dismissed within 60 days.

          (b)  Consequences  of Events of Default.  Subject to the provisions of
Section 3 hereof,  if an Event of Default has  occurred and is  continuing,  the
holder or holders of the Junior Notes  representing  a majority of the aggregate
principal  amount of the Junior  Notes then  outstanding  may declare all or any
portion of the outstanding  principal amount of the Junior Notes due and payable
and demand immediate payment of all or any portion of the outstanding

                                     Page 8
<PAGE>

principal  amount of the  Junior  Notes  owned by such  holder or  holders.  The
Company shall give prompt written notice of any such demand to the other holders
of the Junior Notes,  each of which may demand  immediate  payment of all or any
portion of such holder's Note.

      6.  Definitions.  For  purposes  of  this  Note, the following capitalized
terms have the following meaning.

      "Collateral  Agent" has the meaning  assigned to such term in the Superior
Loan Documents.

      "paid in  full",  "paid in full in  cash",  "payment  in full" or  similar
phrases  mean with  respect to the  Superior  Debt,  the final and  indefeasible
payment  in  full  in cash of such  Superior  Debt  and the  termination  of all
commitments of the Senior Lenders (as applicable)  pursuant to the Senior Credit
Agreement.

      "Person" means an  individual,  a  partnership,  a corporation,  a limited
liability  company,  an  association,  a joint stock  company,  a trust, a joint
venture,  an  unincorporated  organization  and a  governmental  entity  or  any
department, agency or political subdivision thereof.

      "PIK Note" means a junior subordinated promissory note of the Company that
is  substantially  identical to this Note except for the stated principal amount
thereof.

      "Refinancing  Lender" means any Person which  provides  refinancing to the
Company  of all or a portion  of the  Superior  Debt  outstanding  prior to such
refinancing.

      "Reorganization  Subordinated  Securities" means (a) any equity securities
issued in substitution of all or any portion of the  Subordinated  Debt that are
subordinated  in right of  payment to the  Superior  Debt (or any notes or other
securities  issued in  substitution of all or any portion of the Superior Debt),
and (b) any notes or other debt securities  issued in substitution of all or any
portion of the Subordinated  Debt that are subordinated to the Superior Debt (or
any notes or other  securities  issued in  substitution of all or any portion of
the Superior Debt) to the same extent that the Subordinated Debt is subordinated
to the Superior Debt pursuant to the terms of this Note.

      "Required  Lenders"  means the  Required  Lenders as defined in the Senior
Credit Agreement.

      "Senior Agent" means UBS AG,  Stamford  Branch,  as  Administrative  Agent
under the Senior Credit Agreement, in its capacity as contractual representative
of the Senior  Lenders  pursuant to the Senior  Credit  Agreement and not in its
individual capacity as a Senior Lender, and any successor  Administrative  Agent
appointed  pursuant to the Senior Credit  Agreement  (including any  Refinancing
Lender or successor or replacement  administrative  agent under any successor or
new  credit   agreement   entered  into  in  connection  with  the  refinancing,
replacement or substitution in whole or in part of the Superior Debt).

      "Senior Credit  Agreement" means that certain Credit Agreement dated as of
July 22, 2004, by and among the Company,  as Borrower,  other  guarantors  party
thereto,  as  Guarantors,  the lenders  from time to time a party  thereto,  UBS
Securities LLC, as Arranger, Bookmanager,

                                     Page 9
<PAGE>

Documentation Agent and Syndication Agent, the Senior Agent, as Issuing Bank ,LC
Facility Issuing Bank,  Administrative  Agent and Collateral Agent, and UBS Loan
Finance LLC, as Swingline Lender, as amended, modified or supplemented from time
to time and any replacement,  successor or new credit agreement  entered into in
connection with the refinancing thereof.

      "Senior Lenders" means Lenders as defined in the Senior Credit Agreement.

      "Subordinated  Debt"  means  (i)  indebtedness  under  the  Junior  Notes,
including,   without  limitation,   principal,   premium,   interest  and  other
liabilities  payable  from  time  to time  and  similar  obligations,  premiums,
penalties,  fees,  indemnities or expenses,  and regardless of whether direct or
indirect, now existing or hereafter arising, absolute or contingent,  secured or
unsecured,  or long or short term,  (ii)  obligations  arising under  guarantees
executed by the Company or any of its  Subsidiaries  of items  described  in (i)
above,  and (iii) renewals,  extensions,  refundings,  refinancings,  deferrals,
restructurings,  amendments  and  modifications  of the items  described  in (i)
and/or (ii) above.

      "Subsidiary"  means, with respect to any Person, any corporation,  limited
liability  company,  partnership,  association or other business entity of which
(i) if a  corporation,  a majority of the total  voting power of shares of stock
entitled  (without  regard to the occurrence of any  contingency) to vote in the
election of  directors,  managers  or  trustees  thereof is at the time owned or
controlled,  directly or indirectly,  by that Person or one or more of the other
Subsidiaries  of that  Person  or a  combination  thereof,  or (ii) if a limited
liability company, partnership, association or other business entity, a majority
of the partnership or other similar  ownership  interest  thereof is at the time
owned or  controlled,  directly  or  indirectly,  by any  Person  or one or more
Subsidiaries of that Person or a combination  thereof.  For purposes  hereof,  a
Person or Persons  shall be deemed to have a majority  ownership  interest  in a
limited liability company, partnership,  association or other business entity if
such  Person or  Persons  shall be  allocated  a majority  of limited  liability
company,  partnership,  association or other business  entity gains or losses or
shall be or control any  managing  director or general  partner of such  limited
liability company, partnership, association or other business entity.

      "Superior Debt" means (i) the Obligations (as defined in the Senior Credit
Agreement) and the promissory notes issued pursuant thereto, including,  without
limitation, principal, premium, interest and other liabilities payable from time
to time and similar obligations, interest accruing before and after any event of
insolvency  at the rate  provided  in the  documentation  with  respect  thereto
(irrespective of whether such principal,  premium, interest or other liabilities
are  allowed  as a claim in any such  proceeding),  premiums,  penalties,  fees,
indemnities  or expenses,  and  regardless  of whether  direct or indirect,  now
existing or hereafter arising, absolute or contingent,  secured or unsecured, or
long or short term, (ii) obligations  arising under  guarantees  executed by the
Company or any of its members or  Subsidiaries  of items described in (i) above,
and   (iii)   renewals,   extensions,   refundings,   refinancings,   deferrals,
restructurings,  amendments  and  modifications  of the items  described  in (i)
and/or (ii) above.

      "Superior  Loan  Documents"  means the "Loan  Documents" as defined in the
Senior Credit Agreement.

                                    Page 10
<PAGE>

      7.  Amendment and Waiver.  Except as otherwise expressly  provided herein,
the  provisions  of the Note may be amended  and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by
it, only if the Company has obtained  the written  consent of the holders of the
Junior Notes then outstanding and the Senior Agent and the Required Lenders with
respect to any Superior Debt then outstanding.

      8.   Cancellation.  After all principal and accrued interest  at  any time
owed on this  Note has been  paid in full, this  Note  shall be  surrendered  to
the Company for cancellation and shall not be reissued.

      9.   Remedies Cumulative.  No remedy  herein  conferred upon the holder of
this Note is intended to be  exclusive of any other  remedy,  and each and every
such remedy shall be  cumulative  and shall be in addition to every other remedy
given  hereunder or now or hereafter  existing at law or in equity or by statute
or otherwise.

      10.  Remedies not Waived. No course of dealing between the Company and the
holder of this Note or any delay on the part of the holder  hereof in exercising
any  rights  hereunder  shall  operate as a waiver of any right of the holder of
this Note.

      11.  Covenants   Bind   Successors   and   Assigns.   All  the  covenants,
stipulations,  promises and agreements in this Note contained by or on behalf of
the Company shall bind its successors and assigns, whether so expressed or not.

      12.  Governing  Law.  This Note  shall be  governed  by and  construed  in
accordance with the laws of the State of New York.

      13.  Heading.  The  headings  of the sections and subsections of this Note
are inserted for convenience only and do not constitute a part of this Note.

      14.  Third  Party  Beneficiary.  The  Company  and the holder of this Note
acknowledge  and agree that the Senior Agent and the Senior  Lenders and each of
their successors and assigns are third party  beneficiaries of the provisions of
Section 3 of this Note, and the provisions of Section 3 of this Note shall inure
to the benefit of and be  enforceable by the Senior Agent and the Senior Lenders
and their respective successors and assigns.

      15.  Acceptance and  Acknowledgment.  By accepting this Note and advancing
the proceeds of the Subordinated  Debt evidenced by this Note, the holder hereof
hereby agrees to, acknowledges and accepts,  each of the terms and provisions of
this Note.

                 [Remainder Of Page Intentionally Left Blank]

                                    Page 11
<PAGE>

      IN WITNESS  WHEREOF,  the Company has executed and delivered  this Note on
the Date of Issuance.

                               QUEST CHEROKEE, LLC

                               By: /s/ Jerry D. Cash
                                  ---------------------------------
                               Name:  Jerry D. Cash
                                      -------------------------------
                               Title: CEO
                                      -----------------------------

                                    Page 12

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