Document:

Exhibit 4.2

FIRST AMENDMENT dated as of April 26, 2007 (this “Amendment”) to the Second Lien Credit
Agreement dated as of December 8, 2006 (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”),
among FOREST ALASKA OPERATING LLC, a limited liability company organized under
the laws of the State of Delaware (the “Borrower”),
FOREST ALASKA HOLDING LLC, a limited liability company organized under the laws
of the State of Delaware (“Holdings”),
the LENDERS from time to time party thereto and CREDIT SUISSE, as
administrative agent for the Lenders and collateral agent for the Secured
Parties (in such capacities, the “Agent”).

WHEREAS Holdings, the Borrower, the Agent and the
Required Lenders have agreed, on the terms and subject to the conditions set
forth herein, to amend the Credit Agreement in the manner set forth herein.

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

SECTION  1.          Defined Terms.  Each capitalized term used and not defined
herein shall have the meaning assigned to it in the Credit Agreement (as
amended hereby).

SECTION  2.          Amendment to the Credit Agreement.  Effective as of the First Amendment Effective
Date (as defined below), the Credit Agreement is hereby amended as follows:

(a)           the definitions of “4Q06 Consolidated EBITDAX”,
“4Q06 Consolidated
Interest Expense”, “Change in Control”, “Consolidated EBITDAX”
and “Consolidated
Interest Expense” in Section 1.01 of the Credit Agreement are
deleted in their entirety and replaced with the following definitions:

“4Q06 Consolidated EBITDAX”
shall mean $9,420,000.

“4Q06 Consolidated Interest
Expense” shall mean the amount equal to the product of (a)
Consolidated Interest Expense for the period from and including the Closing
Date through and including December 31, 2006 and (b) 3.833.

A “Change in Control”
shall be deemed to have occurred if (a) at any time the Parent shall not
beneficially own, directly or indirectly, at least 85% of the issued and
outstanding Equity Interests in Holdings, (b) at any time Holdings shall fail
to directly own, beneficially and of record, 100% of the issued and outstanding
Equity Interests in the Borrower or (c) any change in control (or similar
event, however 

denominated) with respect to Holdings, the Borrower or
any Subsidiary shall occur under and as defined in any indenture or agreement
in respect of Material Indebtedness to which Holdings, the Borrower or any
Subsidiary is a party.

“Consolidated EBITDAX”
shall mean, for any period, (a) Consolidated Net Income of Holdings and its
subsidiaries for such period plus (b) the sum of Consolidated Interest
Expense, depreciation, depletion expense, amortization expense, income taxes,
exploration expense and other non-cash charges and expenses (except those
excluded in determining Consolidated Net Income) incurred by Holdings and its
subsidiaries during such period plus (c) to the extent deducted in
determining Consolidated Net Income, fees and expenses paid in connection with
the First Amendment to the First Lien Credit Agreement and the First Amendment
to this Agreement; provided, however, that, except for purposes of determining Excess
Cash Flow, Consolidated EBITDAX for any period shall be calculated on a pro  forma basis for
any divestitures or acquisitions consummated during such period and, if any
such acquisition or divestiture has a fair market value in excess of
$5,000,000, as if such acquisition or divestiture had occurred on the first day
of such period).  Notwithstanding any
other provision in this Agreement, “Consolidated EBITDAX”
for the fiscal quarter ended on June 30, 2006, September 30, 2006 and December
31, 2006 shall be deemed to be $23,733,000, $18,106,000 and 4Q06 Consolidated
EBITDAX.

“Consolidated Interest
Expense” shall mean, for any period, (a) the interest expense
(including imputed interest expense in respect of Capital Lease Obligations and
Synthetic Lease Obligations) of Holdings and its subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP plus (b) any
interest accrued during such period in respect of Indebtedness of Holdings or
any of its subsidiaries that is required to be capitalized rather than included
in consolidated interest expense for such period in accordance with GAAP plus
(c) the amount of dividends paid to any person (other than Holdings or any of
its subsidiaries) during such period on preferred stock in Holdings or any of its
subsidiaries minus (d) to the extent otherwise included in Consolidated
Interest Expense, pay-in-kind interest expense or other noncash interest
expense (including as a result of the effects of purchase accounting) of
Holdings or any of its subsidiaries, determined on a consolidated basis in
accordance with GAAP minus (e) to the extent otherwise included in
Consolidated Interest Expense, the amortization of any financing fees paid by,
or on behalf of, Holdings or any of its subsidiaries (including such fees paid
in connection with the Transactions) during such period, determined on a
consolidated basis in accordance with GAAP. 
For purposes of the foregoing, interest expense shall be determined
after giving effect to any net payments made or received by Holdings or any of
its subsidiaries with respect to interest rate Hedging Agreements.  Notwithstanding any other provision in this
Agreement, “Consolidated Interest Expense”
for any period of four fiscal quarters ended on or prior to September 30, 2007
shall be deemed to be Annualized Consolidated Interest Expense.

(b)           the reference to “6.000 to 1.00” set
forth under the caption “Ratio” and opposite the date March 31, 2007 in the
table set forth in Section 6.11 of the Credit Agreement is replaced with a reference
to “6.500 to 1.00”.

 2
 

SECTION  3.          Representations and Warranties.  Each of Holdings and the Borrower hereby
represents and warrants to the Agent and the Lenders that as of the First
Amendment Effective Date and after giving effect hereto:

(a)           This Amendment has been duly
authorized, executed and delivered by Holdings and the Borrower, and each of
this Amendment and the Credit Agreement (as amended hereby) constitutes Holdings’
and the Borrower’s legal, valid and binding obligation, enforceable against each
of them in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.

(b)           All representations and warranties of
each Loan Party contained in the Loan Documents (as amended hereby) are true
and correct in all material respects on and as of the First Amendment Effective
Date (except with respect to representations and warranties expressly made only
as of an earlier date, in which case such representations and warranties were
true and correct in all material respects as of such earlier date).

(c)           No Default or Event of Default has
occurred and is continuing.

(d)           This Amendment and the transactions
contemplated hereby (a) do not require any consent or approval of, registration
or filing with, or any other action by, any Governmental Authority, (b) will
not (i) violate (A) in any material respect any provision of any material
law, statute, rule or regulation, or of the certificate or articles of
incorporation or other constitutive documents or by-laws of Holdings, the
Borrower or any Subsidiary, (B) in any material respect any material order of
any Governmental Authority or (C) any provision of any material indenture,
agreement or other instrument to which the Parent, its subsidiaries, Holdings,
the Borrower or any Subsidiary is a party or by which any of them or any of
their property is or may be bound, (ii) be in conflict with, result in a
breach of or constitute (alone or with notice or lapse of time or both) a
default under, or give rise to any right to accelerate or to require the
prepayment, repurchase or redemption of any obligation under, any such indenture,
agreement or other instrument or (iii) result in the creation or
imposition of any Lien upon or with respect to any property or assets now owned
or hereafter acquired by Holdings, the Borrower or any Subsidiary.

SECTION  4.          Effectiveness.  The amendments contemplated by Section 2
shall become effective as of the first date (the “First Amendment Effective Date”) on
which:

(a)           The Agent shall have received counterparts
hereof duly executed and delivered by Holdings, the Borrower and the Required Lenders.

(b)           The Borrower shall have paid to the
Agent in immediately available 

 3
 

funds, for the account of each of the Lenders
entitled thereto, the Amendment Fee referred to in Section 5.

(c)           The Agent shall have received payment
of all reasonable fees and out-of-pocket expenses, to the extent invoiced, to
be paid or reimbursed to it by the Borrower pursuant to the Credit Agreement,
including those referred to in Section 7.

The Agent shall notify Holdings,
the Borrower and the Lenders of the First Amendment Effective Date and such
notice shall be conclusive and binding.

SECTION  5.          Amendment Fee.  The Borrower agrees to pay to the Agent, for
the account of each Lender that delivers (including by facsimile or other
electronic imagining means) an executed counterpart of this Amendment prior to
5:00 p.m., New York City time, on April 26, 2007, an amendment fee (the “Amendment Fee”) in an
amount equal to 0.15% of the aggregate principal amount of such Lender’s
outstanding Loans.

SECTION  6.          Effect of Amendment.  (a)  Except as expressly set forth
herein, this Amendment shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of the
Agent or the Lenders under the Credit Agreement or any other Loan Document, and
shall not alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect.  Nothing herein shall be deemed to entitle any
Loan Party to a consent to, or a waiver, amendment, modification or other
change of, any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other Loan Document in similar or
different circumstances.  This Amendment
shall apply and be effective only with respect to the provisions of the Credit
Agreement specifically referred to herein. 
This Amendment shall constitute a Loan Document.

(b)           On and after the First
Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each
reference to the Credit Agreement in any other Loan Document, shall be deemed a
reference to the Credit Agreement (as amended hereby).

SECTION  7.          Expenses. 
The Borrower agrees to reimburse the Agent for its reasonable
out-of-pocket expenses in connection with this Amendment, including the
reasonable fees, charges and disbursements of counsel for the Agent.

SECTION  8.          Governing Law; Counterparts.  (a)This Amendment shall be governed by, and
construed and interpreted in accordance with, the laws of the State of
New York.

(b)           This Amendment may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, and all such counterparts together shall constitute one
and the same instrument.  Delivery of any
executed counterpart of a 

 4
 

signature page to this Amendment by facsimile transmission
or other electronic imaging means shall be as effective as delivery of a
manually executed counterpart hereof.

SECTION  9.          Headings. 
The headings of this Amendment are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof.

 5
 

IN WITNESS WHEREOF, the parties hereto have caused
this First Amendment to be duly executed and delivered by their duly authorized
officers as of the day and year first above written.

	
  

  	
  FOREST ALASKA
  OPERATING LLC,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  by

  	
  /s/ Michael N.
  Kennedy

  
	
   

  	
   

  	
  Name:

  	
  Michael N.
  Kennedy

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FOREST ALASKA
  HOLDING LLC,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  by

  	
  /s/ Cyrus D.
  Marter IV

  
	
   

  	
   

  	
  Name: 

  	
  Cyrus D. Marter
  IV

  
	
   

  	
   

  	
  Title:

  	
  Vice President
  & Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE,
  Cayman Islands branch, as Agent,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  by

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 6
 

 

Lender Signature page to

the First Amendment

to the Forest Alaska Operating LLC

Second Lien Credit 

	
  To approve the First
  Amendment:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name of Lender:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  by

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  For any Lender
  requiring a second signature line:

  	
   

  
	
   

  	
   

  
	
  by

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

 7Exhibit 4.1

K-SEA
TRANSPORTATION PARTNERS L.P.

K-SEA
TRANSPORTATION FINANCE CORPORATION

as
Issuers

and

ANY SUBSIDIARY GUARANTORS
PARTY HERETO

and

[                                                ]

as
Trustee

 

 

Indenture

Dated as of
                                  

 

Debt Securities

   
 

 

K-SEA
TRANSPORTATION PARTNERS L.P.

Reconciliation
and tie between Trust Indenture Act of 1939

and Indenture, dated as of                  
 

	
  Section of

  	
   

  	
   

  
	
  Trust Indenture

  	
   

  	
  Section(s) of

  
	
  Act of 1939

  	
   

  	
  Indenture

  
	
   

  	
   

  	
   

  
	
  § 310

  	
  (a)(1)

  	
  7.10

  
	
   

  	
  (a)(2)

  	
  7.10

  
	
   

  	
  (a)(3)

  	
  Not Applicable

  
	
   

  	
  (a)(4)

  	
  Not Applicable

  
	
   

  	
  (a)(5)

  	
  7.10

  
	
   

  	
  (b)

  	
  7.08, 7.10

  
	
  § 311

  	
  (a)

  	
  7.11

  
	
   

  	
  (b)

  	
  7.11

  
	
   

  	
  (c)

  	
  Not Applicable

  
	
  § 312

  	
  (a)

  	
  2.07

  
	
   

  	
  (b)

  	
  11.03

  
	
   

  	
  (c)

  	
  11.03

  
	
  § 313

  	
  (a)

  	
  7.06

  
	
   

  	
  (b)

  	
  7.06

  
	
   

  	
  (c)

  	
  7.06

  
	
   

  	
  (d)

  	
  7.06

  
	
  § 314

  	
  (a)

  	
  4.03, 4.04

  
	
   

  	
  (b)

  	
  Not Applicable

  
	
   

  	
  (c)(1)

  	
  11.04

  
	
   

  	
  (c)(2)

  	
  11.04

  
	
   

  	
  (c)(3)

  	
  Not Applicable

  
	
   

  	
  (d)

  	
  Not Applicable

  
	
   

  	
  (e)

  	
  11.05

  
	
  § 315

  	
  (a)

  	
  7.01(b)

  
	
   

  	
  (b)

  	
  7.05

  
	
   

  	
  (c)

  	
  7.01(a)

  
	
   

  	
  (d)

  	
  7.01(c)

  
	
   

  	
  (d)(1)

  	
  7.01(c)(1)

  
	
   

  	
  (d)(2)

  	
  7.01(c)(2)

  
	
   

  	
  (d)(3)

  	
  7.01(c)(3)

  
	
   

  	
  (e)

  	
  6.11

  
	
  § 316

  	
  (a)(1)(A)

  	
  6.05

  
	
   

  	
  (a)(1)(B)

  	
  6.04

  
	
   

  	
  (a)(2)

  	
  Not Applicable

  
	
   

  	
  (a)(last sentence)

  	
  2.11

  
	
   

  	
  (b)

  	
  6.07

  
	
  § 317

  	
  (a)(1)

  	
  6.08

  
	
   

  	
  (a)(2)

  	
  6.09

  
	
   

  	
  (b)

  	
  2.06

  
	
  § 318

  	
  (a)

  	
  11.01

  

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

 i
 

 

TABLE OF
CONTENTS

	
  

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE  

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01

  	
  Definitions

  	
  1

  
	
  SECTION 1.02

  	
  Other Definitions

  	
  7

  
	
  SECTION 1.03

  	
  Incorporation by Reference of Trust Indenture Act

  	
  7

  
	
  SECTION 1.04

  	
  Rules of Construction

  	
  8

  
	
   

  	
   

  
	
  ARTICLE II THE SECURITIES

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01

  	
  Amount Unlimited; Issuable in Series

  	
  8

  
	
  SECTION 2.02

  	
  Denominations

  	
  11

  
	
  SECTION 2.03

  	
  Forms Generally

  	
  11

  
	
  SECTION 2.04

  	
  Execution, Authentication, Delivery and Dating

  	
  12

  
	
  SECTION 2.05

  	
  Registrar and Paying Agent

  	
  13

  
	
  SECTION 2.06

  	
  Paying Agent to Hold Money in Trust

  	
  14

  
	
  SECTION 2.07

  	
  Holder Lists

  	
  14

  
	
  SECTION 2.08

  	
  Transfer and Exchange

  	
  15

  
	
  SECTION 2.09

  	
  Replacement Securities

  	
  15

  
	
  SECTION 2.10

  	
  Outstanding Securities

  	
  16

  
	
  SECTION 2.11

  	
  Original Issue Discount and Treasury Securities

  	
  16

  
	
  SECTION 2.12

  	
  Temporary Securities

  	
  16

  
	
  SECTION 2.13

  	
  Cancellation

  	
  17

  
	
  SECTION 2.14

  	
  Payments; Defaulted Interest

  	
  17

  
	
  SECTION 2.15

  	
  Persons Deemed Owners

  	
  17

  
	
  SECTION 2.16

  	
  Computation of Interest

  	
  18

  
	
  SECTION 2.17

  	
  Global Securities; Book-Entry Provisions

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE III REDEMPTION

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01

  	
  Applicability of Article

  	
  20

  
	
  SECTION 3.02

  	
  Notice to the Trustee

  	
  20

  
	
  SECTION 3.03

  	
  Selection of Securities To Be Redeemed

  	
  21

  
	
  SECTION 3.04

  	
  Notice of Redemption

  	
  21

  
	
  SECTION 3.05

  	
  Effect of Notice of Redemption

  	
  22

  
	
  SECTION 3.06

  	
  Deposit of Redemption Price

  	
  22

  
	
  SECTION 3.07

  	
  Securities Redeemed in Part

  	
  23

  
	
  SECTION 3.08

  	
  Purchase of Securities

  	
  23

  
	
  SECTION 3.09

  	
  Mandatory and Optional Sinking Funds

  	
  23

  
	
  SECTION 3.10

  	
  Satisfaction of Sinking Fund Payments with Securities

  	
  23

  
	
  SECTION 3.11

  	
  Redemption of Securities for Sinking Fund

  	
  24

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
  24

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01

  	
  Payment of Securities

  	
  24

  
	
  SECTION 4.02

  	
  Maintenance of Office or Agency

  	
  25

  

 

 ii
 

 

	
  SECTION 4.03

  	
  SEC Reports; Financial Statements

  	
  25

  
	
  SECTION 4.04

  	
  Compliance Certificate

  	
  26

  
	
  SECTION 4.05

  	
  Existence

  	
  26

  
	
  SECTION 4.06

  	
  Waiver of Stay, Extension or Usury Laws

  	
  26

  
	
  SECTION 4.07

  	
  Additional Amounts

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE V SUCCESSORS

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01

  	
  Limitations on Mergers and Consolidations

  	
  27

  
	
  SECTION 5.02

  	
  Successor Person Substituted

  	
  28

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI DEFAULTS AND REMEDIES

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 6.01

  	
  Events of Default

  	
  28

  
	
  SECTION 6.02

  	
  Acceleration

  	
  30

  
	
  SECTION 6.03

  	
  Other Remedies

  	
  31

  
	
  SECTION 6.04

  	
  Waiver of Defaults

  	
  31

  
	
  SECTION 6.05

  	
  Control by Majority

  	
  31

  
	
  SECTION 6.06

  	
  Limitations on Suits

  	
  32

  
	
  SECTION 6.07

  	
  Rights of Holders to Receive Payment

  	
  32

  
	
  SECTION 6.08

  	
  Collection Suit by Trustee

  	
  32

  
	
  SECTION 6.09

  	
  Trustee May File Proofs of Claim

  	
  33

  
	
  SECTION 6.10

  	
  Priorities

  	
  33

  
	
  SECTION 6.11

  	
  Undertaking for Costs

  	
  34

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII TRUSTEE

  	
  34

  
	
   

  	
   

  	
   

  
	
  SECTION 7.01

  	
  Duties of Trustee

  	
  34

  
	
  SECTION 7.02

  	
  Rights of Trustee

  	
  35

  
	
  SECTION 7.03

  	
  May Hold Securities

  	
  36

  
	
  SECTION 7.04

  	
  Trustee’s Disclaimer

  	
  36

  
	
  SECTION 7.05

  	
  Notice of Defaults

  	
  36

  
	
  SECTION 7.06

  	
  Reports by Trustee to Holders

  	
  37

  
	
  SECTION 7.07

  	
  Compensation and Indemnity

  	
  37

  
	
  SECTION 7.08

  	
  Replacement of Trustee

  	
  38

  
	
  SECTION 7.09

  	
  Successor Trustee by Merger, etc.

  	
  39

  
	
  SECTION 7.10

  	
  Eligibility; Disqualification

  	
  40

  
	
  SECTION 7.11

  	
  Preferential Collection of Claims Against the Issuers
  or a Subsidiary Guarantor

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII DISCHARGE OF INDENTURE

  	
  40

  
	
   

  	
   

  	
   

  
	
  SECTION 8.01

  	
  Termination of the Issuers’ and the Subsidiary
  Guarantors’ Obligations

  	
  40

  
	
  SECTION 8.02

  	
  Application of Trust Money

  	
  44

  
	
  SECTION 8.03

  	
  Repayment to Issuers or Subsidiary Guarantor

  	
  44

  
	
  SECTION 8.04

  	
  Reinstatement

  	
  44

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX SUPPLEMENTAL INDENTURES AND AMENDMENTS

  	
  45

  
	
   

  	
   

  	
   

  
	
  SECTION 9.01

  	
  Without Consent of Holders

  	
  45

  

 

 iii
 

 

	
  SECTION 9.02

  	
  With Consent of Holders

  	
  46

  
	
  SECTION 9.03

  	
  Compliance with the Trust Indenture Act

  	
  48

  
	
  SECTION 9.04

  	
  Revocation and Effect of Consents

  	
  48

  
	
  SECTION 9.05

  	
  Notation on or Exchange of Securities

  	
  49

  
	
  SECTION 9.06

  	
  Trustee to Sign Amendments, etc.

  	
  49

  
	
   

  	
   

  	
   

  
	
  ARTICLE X GUARANTEE

  	
  49

  
	
   

  	
   

  	
   

  
	
  SECTION 10.01

  	
  Guarantee

  	
  49

  
	
  SECTION 10.02

  	
  Execution and Delivery of Guarantees

  	
  51

  
	
  SECTION 10.03

  	
  Limitation on Liability of the Subsidiary Guarantors

  	
  52

  
	
  SECTION 10.04

  	
  Release of Subsidiary Guarantors from Guarantee

  	
  52

  
	
  SECTION 10.05

  	
  Contribution

  	
  53

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI MISCELLANEOUS

  	
  53

  
	
   

  	
   

  	
   

  
	
  SECTION 11.01

  	
  Trust Indenture Act Controls

  	
  53

  
	
  SECTION 11.02

  	
  Notices

  	
  53

  
	
  SECTION 11.03

  	
  Communication by Holders with Other Holders

  	
  54

  
	
  SECTION 11.04

  	
  Certificate and Opinion as to Conditions Precedent

  	
  54

  
	
  SECTION 11.05

  	
  Statements Required in Certificate or Opinion

  	
  55

  
	
  SECTION 11.06

  	
  Rules by Trustee and Agents

  	
  55

  
	
  SECTION 11.07

  	
  Legal Holidays

  	
  55

  
	
  SECTION 11.08

  	
  No Recourse Against Others

  	
  55

  
	
  SECTION 11.09

  	
  Governing Law

  	
  56

  
	
  SECTION 11.10

  	
  No Adverse Interpretation of Other Agreements

  	
  56

  
	
  SECTION 11.11

  	
  Successors

  	
  56

  
	
  SECTION 11.12

  	
  Severability

  	
  56

  
	
  SECTION 11.13

  	
  Counterpart Originals

  	
  56

  
	
  SECTION 11.14

  	
  Table of Contents, Headings, etc.

  	
  56

  

 

 iv

INDENTURE (this “Indenture”)
dated as of
                    
among K-Sea Transportation Partners L.P., a Delaware limited partnership
(the “Partnership”), K-Sea Transportation Finance Corporation, a Delaware
corporation (“Finance Corp.” and, together with the Partnership, the “Issuers”),
any Subsidiary Guarantors (as defined herein) party hereto and
[                 ],
a
                ,
as trustee (the “Trustee”).

The Issuers and
any Subsidiary Guarantors have duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of the Issuers’
debentures, notes, bonds or other evidences of indebtedness to be issued in one
or more series unlimited as to principal amount (herein called the “Securities”),
and the related Guarantees (as hereinafter defined), if any, as provided in
this Indenture.

The Issuers and
any Subsidiary Guarantors are members of the same consolidated group of
companies. The Subsidiary Guarantors will derive direct and indirect economic
benefit from the issuance of the Securities. Accordingly, each Subsidiary
Guarantor has duly authorized the execution and delivery of this Indenture in
light of the possibility that such Subsidiary Guarantor will provide its full
and unconditional guarantee of a series of the Securities to the extent
provided in this Indenture.

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

NOW, THEREFORE,
THIS INDENTURE WITNESSETH:

For and in
consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and ratable
benefit of all Holders of the Securities or of any series thereof, as follows:

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.0                                                         Definitions.

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

“Affiliate” of any
specified Person means any other Person directly or indirectly controlling or
controlled by, or under direct or indirect common control with, such specified
Person.  For purposes of this definition,
“control” of a Person shall mean the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise, and the terms “controlling” and
“controlled” shall have meanings correlative to the foregoing.

“Agent” means any
Registrar or Paying Agent.

 1
 

 

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

“Board of
Directors” means, (i) with respect to Finance Corp., the board of directors of
the corporation or any committee thereof duly authorized to act on behalf of
such board or any directors and/or officers of Finance Corp. to whom such Board
of Directors or such committee shall have duly delegated its authority to act
hereunder, (ii) with respect to the Partnership, the Board of Directors of the
General Partner or any authorized committee of the Board of Directors of the
General Partner or any directors and/or officers of the General Partner to whom
such Board of Directors or such committee shall have duly delegated its
authority to act hereunder, and (iii) with respect to a Subsidiary Guarantor,
the board of directors or managers, any authorized committee thereof and any
directors and/or officers thereof to whom such board of directors or managers
or such committee shall have duly delegated its authority to act hereunder and,
if such Subsidiary Guarantor is a limited partnership, the references to the
Board of Directors shall mean the Board of Directors of the general partner of
the Subsidiary Guarantor.  If the
Partnership shall change its form of entity to other than a limited
partnership, the references to the Board of Directors of the General Partner
shall mean the Board of Directors (or other comparable governing body) of the
Partnership.

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

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

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

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

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

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

“Depositary”
means, with respect to the Securities of any series issuable or issued in whole
or in part in global form, the Person specified pursuant to Section 2.01 hereof
as the initial Depositary with respect to the Securities of such series, until
a successor shall have been appointed and become such pursuant to the
applicable provision of this Indenture, and thereafter “Depositary” shall mean
or include such successor.

 2
 

 

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

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

“Finance Corp.”
means the Person named as “Finance Corp.” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the
applicable terms of this Indenture, and thereafter “Finance Corp.” shall mean
such successor Person.

“GAAP” means
generally accepted accounting principles in the United States set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting
profession of the United States, as in effect from time to time.

“General Partner”
means K-Sea General Partner L.P., a Delaware limited partnership, and its
successors and permitted assigns.

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

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

“Guarantee” means
the guarantee of the Issuers’ obligations under the Securities of a series by a
Subsidiary Guarantor (specified with respect to such series as contemplated by
Section 2.01(9)) as provided in Article X.

“Holder” means a
Person in whose name a Security is registered.

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

 3
 

 

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

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

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

“Issuers” means
the Partnership and Finance Corp.

“Issuer Order”
means a written request or order signed on behalf of each of the Issuers by one
of its Officers and delivered to the Trustee.

“K-Sea GP”
means K-Sea General Partner GP LLC, a Delaware limited liability company
and the general partner of the General Partner, and its successors and
permitted assigns as the general partner of the General Partner.

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

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

“Officer” means
the Chief Executive Officer, the President, the Chief Operating Officer, any
Vice President, the Chief Financial Officer, the Treasurer, any Assistant
Treasurer, the Controller, the Secretary or any Assistant Secretary of a
Person.

“Officers’
Certificate” means a certificate signed on behalf of each Issuer by any two of
its Officers.

“Opinion of
Counsel” means a written opinion from legal counsel who is acceptable to the
Trustee.  Such counsel may be an employee
of or counsel to the Issuers, the General Partner, K-Sea GP, a Subsidiary
Guarantor or the Trustee.

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

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

 4
 

 

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

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

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

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

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

“Responsible
Officer” means any officer within the corporate trust department of the Trustee
having direct responsibility for the administration of this Indenture or any
other officer to whom any corporate trust matter is referred because of such
person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

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

“SEC” means the
Securities and Exchange Commission.

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

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

“Significant
Subsidiary” means a Subsidiary of the Partnership that is a “significant
subsidiary” of the Partnership as such term is defined in Rule 1-02(w) of
Regulation S-X as in effect on the date hereof.

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

 5
 

 

“Subsidiary”
of any Person means:

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

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

“Subsidiary
Guarantors” means, with respect to any series of Securities, the Person or
Persons, if any, named in accordance with Section 2.01(9) as the “Subsidiary
Guarantors” (i) in or pursuant to a Board Resolution, and set forth, or
determined in the manner provided, in an Officers’ Certificate or in an Issuer
Order, or (ii) in an indenture supplemental hereto establishing the terms of
such series of Securities until a successor Person or Persons shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Subsidiary
Guarantors” with respect to such series of Securities shall mean such successor
Person or Persons, and any other Subsidiary of the Partnership who may execute
this Indenture, or a supplement thereto, for the purpose of providing a
Guarantee for such series of Securities pursuant to this Indenture.  If a series of Securities does not have any
Subsidiary Guarantors, all references in this Indenture to Subsidiary
Guarantors shall be ignored with respect to such series of Securities.

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

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

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

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

 6
 

 

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

SECTION 1.02                                                   Other Definitions.

	
  Term

  	
   

  	
   

  	
  Defined

  in Section

  	
   

  
	
  “Agent Members”

  	
   

  	
   

  	
  2.17

  	
   

  	
   

  
	
  “Bankruptcy
  Custodian”

  	
   

  	
   

  	
  6.01

  	
   

  	
   

  
	
  “covenant
  defeasance”

  	
   

  	
   

  	
  8.01

  	
   

  	
   

  
	
  “Event of
  Default”

  	
   

  	
   

  	
  6.01

  	
   

  	
   

  
	
  “Funding
  Guarantor”

  	
   

  	
   

  	
  10.05

  	
   

  	
   

  
	
  “Judgment
  Currency”

  	
   

  	
   

  	
  6.10

  	
   

  	
   

  
	
  “legal
  defeasance”

  	
   

  	
   

  	
  8.01

  	
   

  	
   

  
	
  “mandatory
  sinking fund payment”

  	
   

  	
   

  	
  3.09

  	
   

  	
   

  
	
  “Notation of
  Guarantee”

  	
   

  	
   

  	
  10.02

  	
   

  	
   

  
	
  “optional
  sinking fund payment”

  	
   

  	
   

  	
  3.09

  	
   

  	
   

  
	
  “Paying Agent”

  	
   

  	
   

  	
  2.05

  	
   

  	
   

  
	
  “Registrar”

  	
   

  	
   

  	
  2.05

  	
   

  	
   

  
	
  “Required
  Currency”

  	
   

  	
   

  	
  6.10

  	
   

  	
   

  
	
  “Successor”

  	
   

  	
   

  	
  5.01

  	
   

  	
   

  

 

SECTION 1.03                                                   Incorporation by Reference of Trust Indenture Act.

Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture (and if the Indenture is not
qualified under the TIA at the time, as if it were so qualified unless
otherwise provided).  The following TIA
terms used in this Indenture have the following meanings:

“Commission” means
the SEC.

“indenture
securities” means the Securities.

“indenture
security holder” means a Holder.

“indenture to be
qualified” means this Indenture.

“indenture trustee”
or “institutional trustee” means the Trustee.

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

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

 7
 

 

SECTION 1.04                                                   Rules of Construction.

Unless
the context otherwise requires:

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

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

(3)                                  “or”
is not exclusive;

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

(5)                                  provisions
apply to successive events and transactions;

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

(7)                                  for
so long as the General Partner is a limited partnership, all references in this
instrument to directors, officers and employees of the General Partner shall
mean the directors, officers and employees of K Sea GP (and its successors and
permitted assigns) acting for or on behalf of the General Partner.

ARTICLE II

THE SECURITIES

SECTION 2.01                                                   Amount Unlimited; Issuable in Series.

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

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

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

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

 8
 

aggregate
principal amount of such series may be increased before or after the issuance
of any Securities of the series by a Board Resolution (or action pursuant to a
Board Resolution) to such effect;

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

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

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

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

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

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

(9)           whether Securities of the series are
entitled to the benefits of any Guarantee of any Subsidiary Guarantor pursuant
to this Indenture, the identity of any such Subsidiary Guarantors and any terms
of such Guarantee with respect to the Securities of the series in addition to
those set forth in Article X, or any exceptions to or changes to those set
forth in Article X;

(10)         the obligation, if any, of the Issuers
to redeem, purchase or repay Securities of the series pursuant to any sinking
fund or analogous provisions or at the option of a Holder thereof and the
period or periods within which, the price or prices (whether denominated in
cash, securities or otherwise) at which and the terms and 

 9
 

conditions
upon which Securities of the series shall be redeemed, purchased or repaid in
whole or in part pursuant to such obligation;

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

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

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

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

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

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

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

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

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

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

 10

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

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

SECTION 2.02                 Denominations.

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

SECTION 2.03                 Forms
Generally.

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

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

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

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

	
  

  	
   

  	
  [                              ], as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized Officer”.

  
					

 

 11
 

 

SECTION 2.04                 Execution,
Authentication, Delivery and Dating.

Two Officers of each of the Issuers shall sign the
Securities on behalf of the each Issuer and, with respect to any related
Guarantees, an Officer of each Subsidiary Guarantor shall sign the Notation of
Guarantee on behalf of such Subsidiary Guarantor, in each case by manual or
facsimile signature.

If an Officer of the Issuers or a Subsidiary Guarantor
whose signature is on a Security no longer holds that office at the time the
Security or the Notation of Guarantee, as the case may be, is authenticated,
the Security shall be valid nevertheless.

A Security shall not be entitled to any benefit under
this Indenture or the related Guarantees, if any, or be valid or obligatory for
any purpose until authenticated by the manual signature of an authorized
signatory of the Trustee, which signature shall be conclusive evidence that the
Security has been authenticated under this Indenture.  Notwithstanding the foregoing, if any
Security has been authenticated and delivered hereunder but never issued and
sold by the Issuers, and the Issuers deliver such Security to the Trustee for
cancellation as provided in Section 2.13, together with a written statement
(which need not comply with Section 11.05 and need not be accompanied by an
Opinion of Counsel) stating that such Security has never been issued and sold
by the Issuers, for all purposes of this Indenture such Security shall be
deemed never to have been authenticated and delivered hereunder and shall never
be entitled to the benefits of this Indenture or the related Guarantees, if
any.

At any time and from time to time after the execution
and delivery of this Indenture, the Issuers may deliver Securities of any
series executed by the Issuers (and if applicable, the Notation of Guarantee
for such series executed by each Subsidiary Guarantor with respect to such
series) to the Trustee for authentication, and the Trustee shall authenticate
and deliver such Securities for original issue upon an Issuer Order for the
authentication and delivery of such Securities or pursuant to such procedures
acceptable to the Trustee as may be specified from time to time by Issuer
Order.  Such order shall specify the
amount of the Securities to be authenticated, the date on which the original
issue of Securities is to be authenticated, the name or names of the initial
Holder or Holders and any other terms of the Securities of such series not
otherwise determined.  If provided for in
such procedures, such Issuer Order may authorize (1) authentication and
delivery of Securities of such series for original issue from time to time,
with certain terms (including, without limitation, the Maturity dates or dates,
original issue date or dates and interest rate or rates) that differ from
Security to Security and (2) may authorize authentication and delivery pursuant
to oral or electronic instructions from the Issuers or their duly authorized
agent, which instructions shall be promptly confirmed in writing.

If the form or terms of the Securities of the series
have been established in or pursuant to one or more Board Resolutions as
permitted by Section 2.01, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be entitled to receive (in addition to the Issuer
Order referred to above and the other documents required by Section 11.04), and
(subject to Section 7.01) shall be fully protected in relying upon:

 12
 

 

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

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

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

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

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

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

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

The Trustee may appoint an authenticating agent
acceptable to the Issuers to authenticate Securities.  Unless limited by the terms of such
appointment, an authenticating agent may authenticate Securities whenever the
Trustee may do so.  Each reference in
this Indenture to authentication by the Trustee includes authentication by such
agent.  An authenticating agent has the
same rights as an Agent to deal with the Issuers, any Subsidiary Guarantor or
an Affiliate of the Issuers or any Subsidiary Guarantor.

Each Security shall be dated the date of its
authentication.

SECTION 2.05                 Registrar
and Paying Agent.

The Issuers shall maintain an office or agency for
each series of Securities where Securities of such series may be presented for
registration of transfer or exchange (“Registrar”) and an office or agency
where Securities of such series may be presented for payment (“Paying 

 13
 

Agent”).  The Registrar shall keep a register of the
Securities of such series and of their transfer and exchange.  The Issuers may appoint one or more
co-registrars and one or more additional paying agents.  The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent.

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

The Issuers initially appoint the Trustee as Registrar
and Paying Agent.

SECTION 2.06                 Paying Agent
to Hold Money in Trust.

The Issuers shall require each Paying Agent other than
the Trustee to agree in writing that the Paying Agent will hold in trust for
the benefit of Holders or the Trustee all money held by the Paying Agent for
the payment of principal of, premium, if any, or interest on or any Additional
Amounts with respect to Securities and will notify the Trustee of any default
by the Issuers in making any such payment. 
While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee and to account for any funds
disbursed.  The Issuers at any time may
require a Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed.  Upon
payment over to the Trustee and upon accounting for any funds disbursed, the
Paying Agent (if other than the Issuers, a Subsidiary Guarantor or another
Subsidiary of the Issuers) shall have no further liability for the money.  If the Issuers, a Subsidiary Guarantor or
another Subsidiary of the Issuers acts as Paying Agent, it shall segregate and
hold in a separate trust fund for the benefit of the Holders all money held by
it as Paying Agent.  Each Paying Agent
shall otherwise comply with TIA § 317(b).

SECTION 2.07                 Holder Lists.

The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of Holders and shall otherwise comply with TIA § 312(a).  If the Trustee is not the Registrar with
respect to a series of Securities, the Issuers shall furnish to the Trustee at
least five Business Days before each Interest Payment Date with respect to such
series of Securities, and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably
require of the names and addresses of Holders of such series, and the Issuers
shall otherwise comply with TIA § 312(a).

 14
 

 

SECTION 2.08                 Transfer and
Exchange.

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

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

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

SECTION 2.09                 Replacement
Securities.

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

 15
 

 

SECTION 2.10                 Outstanding
Securities.

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

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

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

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

SECTION 2.11                 Original
Issue Discount and Treasury Securities.

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

SECTION 2.12                 Temporary
Securities.

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

 16
 

 

SECTION 2.13                 Cancellation.

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

SECTION 2.14                 Payments;
Defaulted Interest.

Unless otherwise provided as contemplated by Section 2.01,
interest (except defaulted interest) on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Persons who are registered Holders of that Security at the close of
business on the record date next preceding such Interest Payment Date, even if
such Securities are canceled after such record date and on or before such
Interest Payment Date.  The Holder must
surrender a Security to a Paying Agent to collect principal payments.  Unless otherwise provided with respect to the
Securities of any series, the Issuers will pay the principal of, premium (if
any) and interest on and any Additional Amounts with respect to the Securities
in Dollars.  Such amounts shall be
payable at the offices of the Trustee or any Paying Agent, provided
that at the option of the Issuers, the Issuers may pay such amounts (1) by wire
transfer with respect to Global Securities or (2) by check payable in such
money mailed to a Holder’s registered address with respect to any Securities.

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

SECTION 2.15                 Persons
Deemed Owners.

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

 17
 

 

SECTION 2.16                 Computation
of Interest.

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

SECTION 2.17                 Global
Securities; Book-Entry Provisions.

If Securities of a series are issuable in global form
as a Global Security, as contemplated by Section 2.01, then,
notwithstanding clause (11) of Section 2.01 and the provisions of
Section 2.02, any such Global Security shall represent such of the
outstanding Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of outstanding Securities
from time to time endorsed thereon and that the aggregate amount of outstanding
Securities represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges, transfers or redemptions.  Any endorsement of a Global Security to
reflect the amount, or any increase or decrease in the amount, of outstanding
Securities represented thereby shall be made by the Trustee (i) in such manner
and upon instructions given by such Person or Persons as shall be specified in
such Security or in an Issuer Order to be delivered to the Trustee pursuant to
Section 2.04 or (ii) otherwise in accordance with written instructions or
such other written form of instructions as is customary for the Depositary for
such Security, from such Depositary or its nominee on behalf of any Person
having a beneficial interest in such Global Security.  Subject to the provisions of Section 2.04
and, if applicable, Section 2.12, the Trustee shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions given by
the Person or Persons specified in such Security or in the applicable Issuer
Order.  With respect to the Securities of
any series that are represented by a Global Security, the Issuers and the
Subsidiary Guarantors authorize the execution and delivery by the Trustee of a
letter of representations or other similar agreement or instrument in the form
customarily provided for by the Depositary appointed with respect to such Global
Security.  Any Global Security may be
deposited with the Depositary or its nominee, or may remain in the custody of
the Trustee or the Security Custodian therefor pursuant to a FAST Balance
Certificate Agreement or similar agreement between the Trustee and the
Depositary.  If an Issuer Order has been,
or simultaneously is, delivered, any instructions by the Issuers with respect
to endorsement or delivery or redelivery of a Security in global form shall be
in writing but need not comply with Section 11.05 and need not be accompanied
by an Opinion of Counsel.

Members of, or participants in, the Depositary (“Agent
Members”) shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depositary, or the Trustee or the Security
Custodian as its custodian, or under such Global Security, and the Depositary
may be treated by the Issuers, any Subsidiary Guarantor, the Trustee or the
Security Custodian and any agent of the Issuers, any Subsidiary Guarantor, the
Trustee or the Security Custodian as the absolute owner of such Global Security
for all purposes whatsoever. 
Notwithstanding the foregoing, (i) the registered holder of a Global
Security of a series may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent
Members, to take any action that a Holder of Securities of such series is
entitled to take under this Indenture or the Securities of such series and (ii)
nothing herein shall prevent the Issuers, any Subsidiary Guarantor, the Trustee
or the 

 18
 

Security Custodian, or
any agent of the Issuers, any Subsidiary Guarantor, the Trustee or the Security
Custodian, from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or shall impair, as between the
Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a beneficial owner of any Security.

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

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

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

None of the Issuers, any Subsidiary Guarantor or the
Trustee will have any responsibility or liability for any aspect of the records
relating to, or payments made on account of, Securities by the Depositary, or
for maintaining, supervising or reviewing any records of the Depositary
relating to such Securities.  None of the
Issuers, any Subsidiary Guarantor or the Trustee shall be liable for any delay
by the Holder of the Global Security or the Depositary in identifying the
beneficial owners, and each such Person may conclusively rely on, and shall be
protected in relying on, instructions from such Holder of the Global Security
or the Depositary for all purposes (including with respect to the registration
and delivery, and the respective principal amounts, of the Securities to be
issued).

 19
 

 

The provisions of the last sentence of the third
paragraph of Section 2.04 shall apply to any Global Security if such Global
Security was never issued and sold by the Issuers and the Issuers or a
Subsidiary Guarantor delivers to the Trustee the Global Security together with
written instructions (which need not comply with Section 11.05 and need not be
accompanied by an Opinion of Counsel) with regard to the cancellation or
reduction in the principal amount of Securities represented thereby, together
with the written statement contemplated by the last sentence of the third
paragraph of Section 2.04.

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

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

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

ARTICLE III

REDEMPTION

SECTION 3.01                 Applicability
of Article.

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

SECTION 3.02                 Notice to
the Trustee.

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

 20

SECTION 3.03                                                   Selection of Securities To Be Redeemed.

If less than all of the Securities of any series are
to be redeemed (unless all of the Securities of such series of a specified
tenor are to be redeemed), the particular Securities to be redeemed shall be
selected not more than 60 days prior to the Redemption Date by the Trustee from
the outstanding Securities of such series (and tenor) not previously called for
redemption, either pro rata, by lot or by such other method as the Trustee
shall deem appropriate in accordance with industry standards at the time of
such redemption and that may provide for the selection for redemption of
portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Securities
of such series of a denomination larger than the minimum authorized
denomination for Securities of that series or of the principal amount of Global
Securities of such series; provided that,
if at the time of redemption such Securities are registered as a Global
Security, the Depositary shall determine, in accordance with its procedures,
the principal amount of such Securities held by each beneficial owner of
Securities to be redeemed.

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

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

SECTION 3.04                                                   Notice of Redemption.

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

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

(1)           the Redemption Date;

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

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

(4)           if any Security is to be redeemed in
part, the portion of the principal amount thereof to be redeemed and that on
and after the Redemption Date, upon 

 21
 

surrender for
cancellation of such Security to the Paying Agent, a new Security or Securities
in the aggregate principal amount equal to the unredeemed portion thereof will
be issued without charge to the Holder;

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

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

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

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

SECTION 3.05                                                   Effect of Notice of Redemption.

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

SECTION 3.06                                                   Deposit of Redemption Price.

By 11:00 a.m., New York City time, on any Redemption
Date, the Issuers or a Subsidiary Guarantor shall deposit with the Trustee or
the Paying Agent (or, if either of the Issuers or such Subsidiary Guarantor is
acting as the Paying Agent, segregate and hold in trust as provided in Section
2.06) an amount of money in same day funds sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on and any Additional Amounts with respect to, the Securities
or portions thereof which are to be redeemed on that date, other than
Securities or portions thereof called for redemption on that date which have
been delivered by the Issuers or a Subsidiary Guarantor to the Trustee for
cancellation.

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

 22
 

SECTION 3.07                                                   Securities Redeemed in Part.

Upon surrender to the Paying Agent of a Security to be
redeemed in part, the Issuers shall execute, each Subsidiary Guarantor with
respect to such series shall execute the Notation of Guarantee relating to such
Security, if any, and the Trustee shall authenticate and deliver to the Holder
of such Security without service charge a new Security or Securities, of the
same series and of any authorized denomination as requested by such Holder in
aggregate principal amount equal to, and in exchange for, the unredeemed
portion of the principal of the Security so surrendered that is not redeemed.

SECTION 3.08                                                   Purchase of Securities.

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

SECTION 3.09                                                   Mandatory and Optional Sinking Funds.

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

SECTION 3.10                                                   Satisfaction of Sinking Fund Payments with Securities.

The Issuers or a Subsidiary Guarantor may deliver
outstanding Securities of a series (other than any previously called for
redemption) and may apply as a credit Securities of a series that have been
redeemed either at the election of the Issuers pursuant to the terms of such
Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, in each case in satisfaction
of all or any part of any sinking fund payment with respect to the Securities
of such series required to be made pursuant to the terms of such series of
Securities; provided that such Securities have not
been previously so credited.  Such
Securities shall be received and credited for such purpose by the Trustee at
the Redemption Price specified in such Securities for redemption through
operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

 23
 

SECTION 3.11                                                   Redemption of Securities for Sinking Fund.

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

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

ARTICLE IV

COVENANTS

SECTION 4.01                                                   Payment of Securities.

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

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

 24
 

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

SECTION 4.02                                                   Maintenance of Office or Agency.

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

The Issuers may also from time to time designate one
or more other offices or agencies where the Securities of one or more series
may be presented or surrendered for any or all such purposes and may from time
to time rescind such designations; provided, however,
that no such designation or rescission shall in any manner relieve the Issuers
of their obligation to maintain an office or agency in each Place of Payment
for Securities of any series for such purposes. 
The Issuers will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency.

SECTION 4.03                                                   SEC Reports; Financial Statements.

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

(b)           If
the Partnership is not subject to the requirements of Section 13 or 15(d) of
the Exchange Act, the Partnership shall furnish to all Holders of Rule 144A
Securities and prospective purchasers of Rule 144A Securities designated by the
Holders of Rule 144A Securities, promptly upon their request, the information
required to be delivered pursuant to Rule 144A(d)(4) promulgated under the
Securities Act of 1933, as amended.

(c)           The
Partnership intends to file the reports, information and documents referred to
in Section 4.03(a) hereof with the SEC in electronic form pursuant to
Regulation S-T promulgated by the SEC using the SEC’s Electronic Data
Gathering, Analysis and Retrieval 

 25
 

(“EDGAR”) system. 
The Partnership shall notify the Trustee in the manner prescribed herein
of each such filing.  The Trustee is
hereby authorized and directed to access the EDGAR system for purposes of
retrieving the reports so filed. 
Compliance with the foregoing shall constitute delivery by the
Partnership of such reports to the Trustee in compliance with the provisions of
TIA § 314(a).  The Trustee shall have no
duty to search for or obtain any electronic or other filings that the
Partnership makes with the SEC, regardless of whether such filings are
periodic, supplemental or otherwise. 
Delivery of the reports, information and documents to the Trustee
pursuant to this Section 4.03 shall be solely for the purposes of compliance
with this Section 4.03 and with TIA § 314(a). 
The Trustee’s receipt of such reports, information and documents shall
not constitute notice to it of the content thereof or of any matter
determinable from the content thereof, including the Issuers’ and any
Subsidiary Guarantor’s compliance with any of their covenants hereunder, as to
which the Trustee is entitled to rely upon Officers’ Certificates.

SECTION 4.04                                                   Compliance Certificate.

(a)           The
Partnership shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Partnership a statement signed by an Officer of the General
Partner, which need not constitute an Officers’ Certificate, complying with TIA
§ 314(a)(4) and stating that in the course of performance by the signing
Officer of his duties as such Officer of the General Partner, he would normally
obtain knowledge of the keeping, observing, performing and fulfilling by the
Issuers and any Subsidiary Guarantor of its obligations under this Indenture,
and further stating that to the best of his knowledge the Issuers and any
Subsidiary Guarantor has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions hereof (or, if a
Default or Event of Default shall have occurred, describing all such Defaults
or Events of Default of which such Officer may have knowledge and what action
the Issuers and any Subsidiary Guarantor is taking or proposes to take with
respect thereto).

(b)           The
Partnership shall, so long as Securities of any series are outstanding, deliver
to the Trustee, as soon as practicable, but in no event more than five Business
Days, after any Officer of the General Partner becoming aware of any Default or
Event of Default under this Indenture, an Officers’ Certificate specifying such
Default or Event of Default and what action the Issuers and any Subsidiary
Guarantor is taking or proposes to take with respect thereto.

SECTION 4.05                                                   Existence.

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

SECTION 4.06                                                   Waiver of Stay, Extension or Usury Laws.

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

 26
 

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

SECTION 4.07                                                   Additional Amounts.

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

ARTICLE V

SUCCESSORS

SECTION 5.01                                                   Limitations on Mergers and Consolidations.

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

(1)           either (a) the Issuers or such
Subsidiary Guarantor, as the case may be, shall be the continuing Person or (b)
the Person (if other than the Issuers or such Subsidiary Guarantor) formed by
such consolidation or into which the Issuers or such Subsidiary Guarantor is
merged, or to which such sale, lease, conveyance, assignment, transfer or other
disposition shall be made (collectively, the “Successor”), is organized and
validly existing under the laws of the United States of America, any political
subdivision thereof or any State thereof or the District of Columbia, and
expressly assumes by supplemental indenture, in the case of the Issuers, the
due and punctual payment of the principal of, premium (if any) and interest on
and any Additional Amounts with respect to all the Securities and the
performance of the Issuers’ covenants and obligations under this Indenture and
the Securities, or, in the case of such Subsidiary Guarantor, the performance
of the Guarantee and such Subsidiary Guarantor’s covenants and obligations
under this Indenture and the Securities;

 27
 

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

(3)           in the case of clause (1)(b) above,
the Successor delivers to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that the transaction and such supplemental indenture
comply with this Indenture.

SECTION 5.02                                                   Successor Person Substituted.

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

ARTICLE VI

DEFAULTS AND REMEDIES

SECTION 6.01                                                   Events of Default.

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

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

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

(3)           there is a default in the deposit of
any sinking fund payment with respect to any Securities of that series as and
when the same shall become due and payable, and such default continues for a
period of 30 days;

(4)           there is a failure on the part of the
Issuers, or if any series of Securities outstanding under this Indenture is
entitled to the benefits of a Guarantee, any 

 28
 

of the Subsidiary Guarantors, duly to observe or
perform any other of the covenants or agreements on the part of the Issuers, or
if applicable, any of the Subsidiary Guarantors, in the Securities of that
series, in any resolution of the Board of Directors authorizing the issuance of
that series of Securities, in this Indenture with respect to such series or in
any supplemental Indenture with respect to such series (other than a default in
the performance of a covenant which is specifically dealt with elsewhere in
this Section 6.01), continuing for a period of 60 days after the date on which
written notice specifying such failure and requiring the Issuers, or if
applicable, the Subsidiary Guarantors, to remedy the same shall have been
given, by registered or certified mail, to the Issuers, or if applicable, the
Subsidiary Guarantors, by the Trustee or to the Issuers, or if applicable, the
Subsidiary Guarantors, and the Trustee by the Holders of at least 25% in
aggregate principal amount of the Securities of that series at the time
outstanding;

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

(A)          commences a voluntary case,

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

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

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

(6)           a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that remains unstayed and in
effect for 90 days and that:

(A)          is for relief against either of the
Issuers or any Subsidiary Guarantor with respect to such series that is a
Significant Subsidiary as debtor in an involuntary case,

(B)           appoints a Bankruptcy Custodian of
either of the Issuers or any Subsidiary Guarantor with respect to such series
that is a Significant Subsidiary or a Bankruptcy Custodian for all or
substantially all of the property of the Issuers or any Subsidiary Guarantor
with respect to such series that is a Significant Subsidiary, or

(C)           orders the liquidation of either of
the Issuers or any Subsidiary Guarantor with respect to such series that is a
Significant Subsidiary;

(7)           that series of Securities is entitled
to the benefits of a Guarantee by the Subsidiary Guarantors, the Guarantee of
any of such Subsidiary Guarantors that is a Significant Subsidiary ceases to be
in full force and effect with respect to Securities of that series (except as
otherwise provided in this Indenture) or is declared null and void in 

 29
 

a judicial
proceeding, or any such Subsidiary Guarantor denies or disaffirms its
obligations under this Indenture or such Guarantee; or

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

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

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

When a Default or Event of Default is cured, it
ceases.

A Default under clause (4) or (8) of this Section 6.01
is not an Event of Default until the Trustee notifies the Issuers and the Subsidiary
Guarantors, or the Holders of at least 25% in principal amount of the then
outstanding Securities of the series affected by such Default (or, in the case
of a Default under clause (4) of this Section 6.01, if outstanding Securities
of other series are affected by such Default, then at least 25% in principal
amount of the then outstanding Securities so affected) notify the Issuers, the
Subsidiary Guarantors and the Trustee, of the Default, and the Issuers or the
applicable Subsidiary Guarantor, as the case may be, fails to cure the Default
within 60 days after receipt of the notice. 
The notice must specify the Default, demand that it be remedied and
state that the notice is a “Notice of Default.”

SECTION 6.02                                                   Acceleration.

If an Event of Default with
respect to any Securities of any series at the time outstanding (other than an
Event of Default specified in clause (5) or (6) of Section 6.01) occurs and is
continuing, the Trustee by notice to the Issuers and the Subsidiary Guarantors,
or the Holders of at least 25% in principal amount of the then outstanding
Securities of the series affected by such Event of Default (or, in the case of
an Event of Default described in clause (4) of Section 6.01, if
outstanding Securities of other series are affected by such Event of Default,
then at least 25% in principal amount of the then outstanding Securities so
affected) by notice to the Issuers, the Subsidiary Guarantors and the Trustee,
may declare the principal of (or, if any such Securities are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the
terms of that series) and all accrued and unpaid interest on all then
outstanding Securities of such series or of all series, as the case may be, to
be due and payable.  Upon any such
declaration, the amounts due and payable on the Securities shall be due and
payable immediately.  If an Event of
Default specified in clause (5) or (6) of Section 6.01 hereof occurs, such
amounts shall ipso facto become and be
immediately due and payable without any declaration, notice or other act on the
part of the Trustee or any Holder.  The
Holders of a majority in principal amount of the then outstanding Securities of
the series affected by such Event of Default or all series so affected, as the
case may be, by written notice to the Trustee may rescind an acceleration and
its consequences (other than nonpayment of principal of or

 30

premium or interest on or
any Additional Amounts with respect to the Securities) if (i) the rescission
would not conflict with any judgment or decree, (ii) all existing Events of
Default with respect to Securities of that series (or of all series, as the case
may be) have been cured or waived, except nonpayment of principal, premium,
interest or any Additional Amounts that has become due solely because of the
acceleration and (iii) the Trustee has been paid any amounts due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section
7.07.

SECTION 6.03                                                   Other Remedies.

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

The Trustee may maintain a proceeding even if it does
not possess any of the Securities or does not produce any of them in the
proceeding.  A delay or omission by the
Trustee or any Holder in exercising any right or remedy accruing upon an Event
of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. 
All remedies are cumulative to the extent permitted by law.

SECTION 6.04                                                   Waiver of Defaults.

Subject to Sections 6.07 and 9.02, the Holders of a
majority in principal amount of the then outstanding Securities of any series
or of all series affected thereby (acting as one class) by notice to the
Trustee may waive an existing or past Default or Event of Default with respect
to such series or all series so affected, as the case may be, and its
consequences (including waivers obtained in connection with a tender offer or
exchange offer for Securities of such series or all series so affected or a
solicitation of consents in respect of Securities of such series or all series
so affected, provided that in each case such
offer or solicitation is made to all Holders of then outstanding Securities of
such series or all series so affected (but the terms of such offer or
solicitation may vary from series to series)), except (1) a continuing
Default or Event of Default in the payment of the principal of, or premium, if
any, or interest on or any Additional Amounts with respect to any Security or
(2) a continued Default in respect of a provision that under
Section 9.02 cannot be amended or supplemented without the consent of each
Holder affected.  Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon.

SECTION 6.05                                                   Control by Majority.

With respect to Securities of any series, the Holders
of a majority in principal amount of the then outstanding Securities of such
series may direct in writing the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on it relating to or arising under an Event of Default
described in clause (1), (2), (3) or (8) of Section 6.01, and with
respect to all Securities, the Holders of a majority in principal amount of all
the then outstanding Securities affected may direct in writing 

 31
 

the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on it not relating to or arising under such an Event of
Default.  However, the Trustee may refuse
to follow any direction that conflicts with applicable law or this Indenture,
that the Trustee determines may be unduly prejudicial to the rights of other
Holders, or that may involve the Trustee in personal liability; provided, however, that the Trustee may take any other
action deemed proper by the Trustee that is not inconsistent with such
direction.  Prior to taking any action
hereunder, the Trustee shall be entitled to indemnification satisfactory to it
in its sole discretion from Holders directing the Trustee against all losses
and expenses caused by taking or not taking such action.

SECTION 6.06                                                   Limitations on Suits.

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

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

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

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

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

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

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

SECTION 6.07                                                   Rights of Holders to Receive Payment.

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

SECTION 6.08                                                   Collection Suit by Trustee.

If an Event of Default specified in clause (1) or (2)
of Section 6.01 hereof occurs and is continuing, the Trustee is authorized to
recover judgment in its own name and as trustee of 

 32
 

an express trust against the Issuers or a Subsidiary
Guarantor for the amount of principal, premium (if any), interest and any
Additional Amounts remaining unpaid on the Securities of the series affected by
the Event of Default, and interest on overdue principal and premium, if any,
and, to the extent lawful, interest on overdue interest, and such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel.

SECTION 6.09                                                   Trustee May File Proofs of Claim.

The Trustee is authorized to file such proofs of claim
and other papers or documents and to take such actions, including participating
as a member, voting or otherwise, of any committee of creditors, as may be
necessary or advisable to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial
proceedings relative to the Issuers or a Subsidiary Guarantor or their
respective creditors or properties and shall be entitled and empowered to
collect, receive and distribute any money or other property payable or
deliverable on any such claims and any Bankruptcy Custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee, and in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee
under Section 7.07. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due the Trustee under Section 7.07 out of the estate in
any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties which the Holders of the
Securities may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise.  Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

SECTION 6.10                                                   Priorities.

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

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

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

Third:  to the Issuers.

 33
 

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

To the fullest extent allowed under applicable law, if
for the purpose of obtaining a judgment against the Issuers or a Subsidiary
Guarantor in any court it is necessary to convert the sum due in respect of the
principal of, premium (if any) or interest on or Additional Amounts with
respect to the Securities of any series (the “Required Currency”) into a
currency in which a judgment will be rendered (the “Judgment Currency”), the
rate of exchange used for purposes of rendering the judgment shall be the rate
at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency
on the Business Day in The City of New York next preceding that on which final
judgment is given.  None of the Issuers,
any Subsidiary Guarantor or the Trustee shall be liable for any shortfall nor
shall it benefit from any windfall in payments to Holders of Securities under
this Section 6.10 caused by a change in exchange rates between the time the
amount of a judgment against it is calculated as above and the time the Trustee
converts the Judgment Currency into the Required Currency to make payments
under this Section 6.10 to Holders of Securities, but payment of such judgment
shall discharge all amounts owed by the Issuers and the Subsidiary Guarantors
on the claim or claims underlying such judgment.

SECTION 6.11                                                   Undertaking for Costs.

In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys’ fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant.  This Section 6.11 does not
apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or
a suit by a Holder or Holders of more than 10% in principal amount of the then
outstanding Securities of any series.

ARTICLE VII

TRUSTEE

SECTION 7.01                                                   Duties of Trustee.

(a)           If
an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in such exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs.

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

(1)           the Trustee need perform only those
duties that are specifically set forth in this Indenture and no others, and no
implied covenants or obligations shall be read into this Indenture against the
Trustee; and

 34
 

(2)           in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture.  However, the Trustee shall
examine such certificates and opinions to determine whether, on their face,
they appear to conform to the requirements of this Indenture.

(c)           The
Trustee may not be relieved from liabilities for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

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

(2)           the Trustee shall not be liable for
any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and

(3)           the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05.

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

(e)           No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or incur any liability.  The
Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity satisfactory to it against any loss, liability or expense.

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

SECTION 7.02                                                   Rights of Trustee.

(a)           The
Trustee may conclusively rely on any document believed by it to be genuine and
to have been signed or presented by the proper Person.  The Trustee need not investigate any fact or
matter stated in the document.

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

 35
 

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

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers
conferred upon it by this Indenture.

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

(f)            The
Trustee shall not be charged with knowledge of any Default or Event of Default
with respect to the Securities, unless either (1) a Responsible Officer shall
have actual knowledge of such Default or Event of Default or (2) written notice
of such Default or Event of Default shall have been given to the Trustee by the
Issuers, any Subsidiary Guarantor or by any Holder of the Securities, and such
notice references the Securities and this Indenture.

(g)           The
permissive rights of the Trustee enumerated herein shall not be construed as
duties.

SECTION 7.03                                                   May Hold Securities.

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

SECTION 7.04                                                   Trustee’s Disclaimer.

The Trustee makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable
for the Issuers’ use of the proceeds from the Securities or any money paid to
the Issuers or any Subsidiary Guarantor or upon the Issuers’ or such Subsidiary
Guarantor’s direction under any provision hereof, it shall not be responsible
for the use or application of any money received by any Paying Agent other than
the Trustee and it shall not be responsible for any statement or recital herein
or any statement in the Securities other than its certificate of
authentication.

SECTION 7.05                                                   Notice of Defaults.

If a Default or Event of Default with respect to the
Securities of any series occurs and is continuing and it is known to the Trustee,
the Trustee shall mail to Holders of Securities of such series a notice of the
Default or Event of Default within 90 days after it occurs.  Except in the case of a Default or Event of
Default in payment of principal of, premium (if any) and interest on and
Additional Amounts or any sinking fund installment with respect to the
Securities of such series, the Trustee may withhold the notice if and so long
as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Holders of Securities of such
series.

 36
 

SECTION 7.06                                                   Reports by Trustee to Holders.

Within 60 days after each June 15 of each year after
the execution of this Indenture, the Trustee shall mail to Holders of a series,
the Subsidiary Guarantors and the Issuers a brief report dated as of such
reporting date that complies with TIA § 313(a); provided,
however, that if no event described in TIA § 313(a) has
occurred within the twelve months preceding the reporting date with respect to
a series, no report need be transmitted to Holders of such series.  The Trustee also shall comply with TIA
§ 313(b).  The Trustee shall also
transmit by mail all reports if and as required by TIA §§ 313(c) and
313(d).

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

SECTION 7.07                                                   Compensation and Indemnity.

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

The Issuers hereby indemnify the Trustee and any
predecessor Trustee against any and all loss, liability, damage, claim or
expense, including taxes (other than taxes based upon, measured by or
determined by the income of the Trustee), incurred by it arising out of or in
connection with the acceptance or administration of its duties under this
Indenture, except as set forth in the next following paragraph.  The Trustee shall notify the Issuers and the
Subsidiary Guarantors promptly of any claim for which it may seek
indemnity.  The Issuers shall defend the
claim and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel and the
Issuers shall pay the reasonable fees and expenses of such counsel.  The Issuers need not pay for any settlement
made without its consent.

The Issuers shall not be obligated to reimburse any
expense or indemnify against any loss or liability incurred by the Trustee
through the Trustee’s negligence, willful misconduct or bad faith.

To secure the payment obligations of the Issuers in
this Section 7.07, the Trustee shall have a lien prior to the Securities on all
money or property held or collected by the Trustee, except that held in trust
to pay principal of, premium (if any) and interest on and any Additional
Amounts with respect to Securities of any series.  Such lien and the Issuers’ obligations under
this Section 7.07 shall survive the resignation or removal of the Trustee and
the satisfaction and discharge of this Indenture.

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(5) or (6) occurs, the
expenses and the compensation for the services are intended to constitute
expenses of administration under any Bankruptcy Law.

 37
 

SECTION 7.08                                                   Replacement of Trustee.

A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08.

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

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

(2)           the Trustee is adjudged a bankrupt or
an insolvent or an order for relief is entered with respect to the Trustee
under any Bankruptcy Law;

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

(4)           the Trustee otherwise becomes
incapable of acting.

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

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

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

In case of the appointment of a successor Trustee with
respect to all Securities, each such successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee, to the Issuers and to
the Subsidiary Guarantors.  Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, 

 38
 

powers and duties of the retiring Trustee under this
Indenture.  The successor Trustee shall
mail a notice of its succession to Holders. 
The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee, subject to the lien provided for in Section
7.07.

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

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

SECTION 7.09                                                   Successor
Trustee by Merger, etc.

Subject to Section 7.10, if the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate
trust business to, another corporation, the successor corporation without any
further act shall be the successor Trustee; provided, however,
that in the case of a transfer of all or substantially all of its corporate
trust business to another corporation, the transferee corporation expressly
assumes all of the Trustee’s liabilities hereunder.

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

 39
 

full force which it is anywhere in the Securities or
in this Indenture provided that the certificate of the Trustee shall have.

SECTION 7.10                                                   Eligibility; Disqualification.

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

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

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

The Trustee is subject to and shall comply with the
provisions of TIA § 311(a), excluding any creditor relationship listed in
TIA § 311(b).  A Trustee who has
resigned or has been removed shall be subject to TIA § 311(a) to the
extent indicated therein.

ARTICLE VIII

DISCHARGE OF INDENTURE

SECTION 8.01                                                   Termination of the Issuers’ and the Subsidiary Guarantors’ Obligations.

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

(1)           either:

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

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

(i)                                     have
become due and payable, or

 40

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

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

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

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

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

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

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

(1)           the
Issuers or a Subsidiary Guarantor has irrevocably deposited or caused to be
irrevocably deposited with the Trustee as trust funds in trust for the purpose
of making the following payments, specifically pledged as security for and
dedicated solely to the benefit of the Holders of Securities of such series,
(i) money in the currency in which payment of the Securities of such
series is to be made in an amount, or (ii) Government Obligations with
respect to such series, maturing as to principal and interest at such times and
in such amounts as will ensure the availability of money in the currency in
which payment of the Securities of such series is to be made in an amount or

 41
 

 

(iii) a combination thereof, that is sufficient, in the opinion
(in the case of clauses (ii) and (iii)) of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay the principal of and premium (if any) and
interest on all Securities of such series on each date that such principal,
premium (if any) or interest is due and payable and (at the Stated Maturity
thereof or upon redemption as provided in Section 8.01(e)) to pay all other
sums payable by it hereunder; provided that
the Trustee shall have been irrevocably instructed to apply such money and/or
the proceeds of such Government Obligations to the payment of said principal,
premium (if any) and interest with respect to the Securities of such series as
the same shall become due;

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

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

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

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

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

In such event, this Indenture shall cease to be of
further effect (except as set forth in this paragraph), and the Trustee, on
demand of the Issuers, shall execute proper instruments acknowledging
satisfaction and discharge under this Indenture.  However, the Issuers’ and the Subsidiary
Guarantors’ respective obligations in Sections 2.05, 2.06, 2.07, 2.08, 2.09,
4.01, 4.02, 7.07, 7.08, 8.04 and 10.01, the Trustee’s and Paying Agent’s
obligations in Section 8.03 and the rights, powers, protections and
privileges accorded the Trustee under Article VII shall survive until all
Securities of such series are no longer outstanding.  Thereafter, only the Issuers’ obligations in
Section 7.07 and the Trustee’s and Paying Agent’s obligations in Section 8.03
shall survive with respect to Securities of such series.

After such irrevocable deposit made pursuant to this
Section 8.01(b) and satisfaction of the other conditions set forth herein, the
Trustee upon request shall acknowledge in writing the discharge of the Issuers’
and the Subsidiary Guarantors’ obligations under this

 42
 

 

Indenture with respect to
the Securities of such series except for those surviving obligations specified
above.

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

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

(1)           no
Default or Event of Default under clauses (5) and (6) of Section 6.01 hereof
shall have occurred at any time during the period ending on the 91st day after
the date of deposit contemplated by Section 8.01(b) (it being understood that
this condition shall not be deemed satisfied until the expiration of such
period);

(2)           unless
otherwise specified with respect to Securities of such series as contemplated
by Section 2.01, the Issuers have delivered to the Trustee an Opinion of
Counsel from a nationally recognized counsel acceptable to the Trustee to the
effect referred to in Section 8.01(b)(4) with respect to such legal defeasance,
which opinion is based on (i) a private letter ruling issued by the United
States Internal Revenue Service addressed to the Issuers, (ii) a published
ruling of the Internal Revenue Service pertaining to a comparable form of
transaction or (iii) a change in the applicable federal income tax law
(including regulations) after the date of this Indenture;

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

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

In such event, the Issuers and the Subsidiary
Guarantors will be discharged from their respective obligations under this
Indenture and the Securities of such series to pay principal of, premium (if
any) and interest on, and any Additional Amounts with respect to, Securities of
such series, the Issuers’ and the Subsidiary Guarantors’ respective obligations
under Sections 4.01, 4.02 and 10.01 shall terminate with respect to such
Securities, and the entire indebtedness of the Issuers evidenced by such
Securities and of the Subsidiary Guarantors evidenced by the related
Guarantees, if any, shall be deemed paid and discharged.

 43
 

 

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

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

SECTION 8.02                                                   Application of Trust Money.

 

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

SECTION 8.03                                                   Repayment to Issuers or Subsidiary Guarantor.

 

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

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

SECTION 8.04                 Reinstatement.

 

If the Trustee or the Paying Agent is unable to apply
any money or Government Obligations deposited with respect to Securities of any
series in accordance with Section 8.01 by reason of any legal proceeding or by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the
obligations of the Issuers and the Subsidiary Guarantors under this Indenture
with respect to the Securities of such series and under the Securities of such
series shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.01 until such time as the Trustee or the Paying
Agent is permitted to apply all such money or Government Obligations in
accordance

 44
 

 

with Section 8.01; provided, however, that if the Issuers or any Subsidiary
Guarantor has made any payment of principal of, premium (if any) or interest on
or any Additional Amounts with respect to any Securities because of the
reinstatement of their obligations, the Issuers or such Subsidiary Guarantor,
as the case may be, shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money or Government Obligations
held by the Trustee or the Paying Agent.

ARTICLE IX

SUPPLEMENTAL INDENTURES AND AMENDMENTS

SECTION 9.01                                                   Without Consent of Holders.

 

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

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

(2)           to
comply with Section 5.01;

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

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

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

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

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

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

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

 45
 

 

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

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

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

SECTION 9.02                                                   With Consent of Holders.

 

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

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

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

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

 46
 

 

outstanding Securities of
such series (but the terms of such offer or solicitation may vary from series
to series)).

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

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

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

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

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

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

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

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

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

(9)           modify
the provisions of this Indenture with respect to the subordination of any
Security and any related Guarantees in a manner materially adverse to the
Holders;

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

(11)         except
as provided in Section 10.04, release any Subsidiary Guarantor or modify the
related Guarantee in any manner materially adverse to the Holders.

A supplemental indenture that changes or eliminates
any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or

 47
 

 

more particular series of
Securities, or which modifies the rights of the Holders of Securities of such
series with respect to such covenant or other provision, shall be deemed not to
affect the rights under this Indenture of the Holders of Securities of any
other series.

The right of any Holder to participate in any consent
required or sought pursuant to any provision of this Indenture (and the
obligation of the Issuers or any Subsidiary Guarantor to obtain any such
consent otherwise required from such Holder) may be subject to the requirement
that such Holder shall have been the Holder of record of any Securities with
respect to which such consent is required or sought as of a date identified by
the Issuers or such Subsidiary Guarantor in a notice furnished to Holders in
accordance with the terms of this Indenture.

After an amendment, supplement or waiver under this Section
9.02 becomes effective, the Issuers shall mail to the Holders of each Security
affected thereby a notice briefly describing the amendment, supplement or
waiver.  Any failure of the Issuers to
mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any such amendment, supplement or waiver.

SECTION 9.03                                                   Compliance with the Trust Indenture Act.

 

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

SECTION 9.04                                                   Revocation and Effect of Consents.

 

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

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

 48
 

 

After an amendment, supplement or waiver becomes effective,
it shall bind every Holder, unless it is of the type described in any of
clauses (1) through (9) of Section 9.02 hereof. 
In such case, the amendment, supplement or waiver shall bind each Holder
who has consented to it and every subsequent Holder that evidences the same
debt as the consenting Holder’s Security.

SECTION 9.05                                                   Notation on or Exchange of Securities.

 

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

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

SECTION 9.06                                                   Trustee to Sign Amendments, etc.

 

The Trustee shall sign any amendment or supplement
authorized pursuant to this Article if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the
Trustee.  If it does, the Trustee may,
but need not, sign it.  In signing or
refusing to sign such amendment or supplement, the Trustee shall be entitled to
receive, in addition to the documents required by Section 11.04, and, subject
to Section 7.01 hereof, shall be fully protected in relying upon, an Opinion of
Counsel provided at the expense of the Issuers or a Subsidiary Guarantor to the
effect that such amendment or supplement is authorized or permitted by this
Indenture.

ARTICLE X

GUARANTEE

	
  SECTION 10.01

  	
  Guarantee.

  
	
   

  	
   

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

  
	
   

  	
   

  
	
  (b)     For value received, each of the
  Subsidiary Guarantors hereby fully, unconditionally and absolutely guarantees
  (each, a “Guarantee”) to the Holders and to the Trustee the due and punctual
  payment of the principal of, and premium, if any, and interest on the
  Securities and all other amounts due and payable under this Indenture and the
  Securities by the Issuers, when and as such principal, premium, if any, and
  interest shall become due and payable, whether at the Stated Maturity or by
  declaration of acceleration, call for redemption or

  

 

 49
 

 

otherwise, according to the terms of the
Securities and this Indenture, subject to the limitations set forth in Section
10.03.

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

(d)           The obligations of each of the Subsidiary Guarantors under
this Article X shall be as aforesaid full, unconditional and absolute and shall
not be impaired, modified, released or limited by any occurrence or condition
whatsoever, including, without limitation, (i) any compromise, settlement,
release, waiver, renewal, extension, indulgence or modification of, or any
change in, any of the obligations and liabilities of the Issuers or any of the
Subsidiary Guarantors contained in the Securities or this Indenture, (ii) any
impairment, modification, release or limitation of the liability of the
Issuers, any of the Subsidiary Guarantors or any of their estates in
bankruptcy, or any remedy for the enforcement thereof, resulting from the
operation of any present or future provision of any applicable Bankruptcy Law,
as amended, or other statute or from the decision of any court, (iii) the
assertion or exercise by the Issuers, any of the Subsidiary Guarantors or the
Trustee of any rights or remedies under the Securities or this Indenture or
their delay in or failure to assert or exercise any such rights or remedies,
(iv) the assignment or the purported assignment of any property as security for
the Securities, including all or any part of the rights of the Issuers or any
of the Subsidiary Guarantors under this Indenture, (v) the extension of the
time for payment by the Issuers or any of the Subsidiary Guarantors of any
payments or other sums or any part thereof owing or payable under any of the
terms and provisions of the Securities or this Indenture or of the time for
performance by the Issuers or any of the Subsidiary Guarantors of any other
obligations under or arising out of any such terms and provisions or the
extension or the renewal of any thereof, (vi) the modification or amendment
(whether material or otherwise) of any duty, agreement or obligation of the
Issuers or any of the Subsidiary Guarantors set forth in this Indenture, (vii)
the voluntary or involuntary liquidation, dissolution, sale or other
disposition of all or substantially all of the assets, marshaling of assets and
liabilities, receivership, insolvency, bankruptcy, assignment for the

 50

benefit of creditors, reorganization, arrangement, composition or
readjustment of, or other similar proceeding affecting, the Issuers or any of
the Subsidiary Guarantors or any of their respective assets, or the
disaffirmance of the Securities, the Guarantee or this Indenture in any such
proceeding, (viii) the release or discharge of the Issuers or any of the
Subsidiary Guarantors from the performance or observance of any agreement,
covenant, term or condition contained in any of such instruments by operation
of law, (ix) the unenforceability of the Securities of such series, the related
Guarantees or this Indenture or (x) any other circumstances (other than payment
in full or discharge of all amounts guaranteed pursuant to the related
Guarantees) which might otherwise constitute a legal or equitable discharge of
a surety or guarantor.

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

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

SECTION 10.02                                             Execution and Delivery of Guarantees.

To further evidence its Guarantee set forth in Section
10.01, each of the Subsidiary Guarantors hereby agrees that a notation relating
to such Guarantee (the “Notation of Guarantee”), substantially in the form
attached hereto as Annex A, shall be endorsed on each Security of the series
entitled to the benefits of such Guarantee authenticated and delivered by the
Trustee, which notation of Guarantee shall be executed by either manual or
facsimile signature of an Officer of such Subsidiary Guarantor.  Each of the Subsidiary Guarantors hereby
agrees that its Guarantee set forth in Section 10.01 shall remain in full force
and effect notwithstanding any failure to endorse on each Security the Notation
of Guarantee relating to such Guarantee. 
If any Officer of such Subsidiary Guarantor, whose signature is on this
Indenture or the Notation of Guarantee no longer holds that office at the time
the Trustee authenticates such Security or at any time thereafter, the
Guarantee of such Security shall be valid nevertheless.  The delivery of any Security of a series
entitled to the benefits of a Guarantee 

 51
 

under this Article X by
the Trustee, after the authentication thereof hereunder, shall constitute due
delivery of the Guarantee set forth in this Indenture on behalf of each
Subsidiary Guarantor.

SECTION 10.03                                             Limitation on Liability of the Subsidiary Guarantors.

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

SECTION 10.04                                             Release of Subsidiary Guarantors from Guarantee.

(a)           Notwithstanding
any other provisions of this Indenture, the Guarantee of any Subsidiary
Guarantor may be released upon the terms and subject to the conditions set
forth in this Section 10.04.  Provided
that no Default shall have occurred and shall be continuing under this
Indenture, any Guarantee incurred by a Subsidiary Guarantor pursuant to this
Article X shall be unconditionally released and discharged (i) automatically
upon (A) any sale, exchange or transfer, whether by way of merger or otherwise,
to any Person that is not an Affiliate of the Issuers, of all of the Issuers’
direct or indirect equity interests in such Subsidiary Guarantor (provided such sale, exchange or transfer is not prohibited
by this Indenture) or (B) the merger of such Subsidiary Guarantor into the
Issuers or any other Subsidiary Guarantor or the liquidation and dissolution of
such Subsidiary Guarantor (in each case to the extent not prohibited by this
Indenture) or (ii) following delivery of a written notice of such release or
discharge by the Issuers to the Trustee, upon the release or discharge of all
guarantees by such Subsidiary Guarantor of any Debt of the Issuers other than
obligations arising under this Indenture and any Securities issued hereunder,
except a discharge or release by or as a result of payment under such
guarantees.

(b)           The
Trustee shall deliver an appropriate instrument evidencing any release of a
Subsidiary Guarantor from its Guarantee upon receipt of a written request of
the Issuers accompanied by an Officers’ Certificate and an Opinion of Counsel
that the Subsidiary Guarantor is entitled to such release in accordance with
the provisions of this Indenture. If the Subsidiary Guarantor is not so
released, it shall remain liable for the full amount of principal of (and
premium, if any, on) and interest on the Securities entitled to the benefits of
such Guarantee as provided in this Indenture, subject to the limitations of
Section 10.03.

 52
 

 

SECTION 10.05                                             Contribution.

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

ARTICLE XI

MISCELLANEOUS

SECTION 10.11                                             Trust Indenture Act Controls.

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

SECTION 10.11                                             Notices.

Any notice or communication by the Issuers, any
Subsidiary Guarantor or the Trustee to the others is duly given if in writing
and delivered in person or mailed by first-class mail (registered or certified,
return receipt requested), telex, facsimile or overnight air courier
guaranteeing next day delivery, to the other’s address:

If to the Issuers or any Subsidiary Guarantor:

K-Sea
Transportation Partners L.P.

One Tower Center Boulevard

East Brunswick, New Jersey 08816

Attn:  John J. Nicola

Telephone: (732) 339-6100

Facsimile: (732)                 

If to the Trustee:

Attn:   

Telephone:      

Facsimile:

 53
 

 

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

All notices and communications shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed;
when answered back, if telexed; when receipt acknowledged, if by facsimile; and
the next Business Day after timely delivery to the courier, if sent by
overnight air courier guaranteeing next day delivery.

Any notice or communication to a Holder shall be
mailed by first-class mail, postage prepaid, to the Holder’s address shown on
the register kept by the Registrar. 
Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders.

If a notice or communication is mailed in the manner
provided above within the time prescribed, it is duly given, whether or not the
addressee receives it, except in the case of notice to the Trustee, it is duly
given only when received.

If the Issuers or a Subsidiary Guarantor mails a
notice or communication to Holders, it shall mail a copy to the Issuers and the
other Subsidiary Guarantors, as the case may be, and to the Trustee and each Agent
at the same time.

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

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

SECTION 11.03                                             Communication by Holders with Other Holders.

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

SECTION 11.04                                             Certificate and Opinion as to Conditions Precedent.

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

(1)           an Officers’ Certificate (which shall
include the statements set forth in Section 11.05) stating that, in the
opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been
complied with; and

 54
 

 

(2)           an Opinion of Counsel (which shall
include the statements set forth in Section 11.05 hereof) stating that, in
the opinion of such counsel, all such conditions precedent and covenants have
been complied with.

SECTION 11.05                                             Statements Required in Certificate or Opinion.

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in
this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4))
shall comply with the provisions of TIA § 314(e) and shall include:

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

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

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

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

SECTION 11.06                                             Rules by Trustee and Agents.

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

SECTION 11.07                                             Legal Holidays.

If a payment date is a Legal Holiday at a Place of
Payment, payment may be made at that place on the next succeeding day that is
not a Legal Holiday, and no interest shall accrue for the intervening period.

SECTION 11.08                                             No Recourse Against Others.

Obligations of the Issuers and a Subsidiary Guarantor
under this Indenture, the Securities and the related Guarantees, if any, are
non-recourse to the General Partner, and its respective Affiliates (other than
the Issuers and such Subsidiary Guarantor), and payable only out of cash flow
and assets of the Issuers and such Subsidiary Guarantor.  The Trustee, and each Holder of a Security by
its acceptance thereof, will be deemed to have agreed in this Indenture that
(1) neither the General Partner nor its assets (nor any of its respective
Affiliates other than the Issuers and a Subsidiary Guarantor, nor its
respective assets) shall be liable for any of the obligations of the Issuers
and a Subsidiary Guarantor under this Indenture, such Securities or such
related Guarantees, and (2) no director, manager, officer, employee, partner or
unitholder, as such, of the Issuers, a Subsidiary Guarantor, the Trustee, the
General Partner, K-Sea GP or 

 55
 

any Affiliate of any of
the foregoing entities shall have any personal liability in respect of the
obligations of the Issuers and a Subsidiary Guarantor under this Indenture,
such Securities or such related Guarantees by reason of his, her or its
status.  Each Holder by accepting a
Security waives and releases all such liability.  The waiver and release shall be part of the
consideration for the issuance of Securities.

SECTION 11.09                                             Governing Law.

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

SECTION 11.10                                             No Adverse Interpretation of Other Agreements.

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

SECTION 11.11                                             Successors.

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

SECTION 11.12                                             Severability.

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

SECTION 11.13                                             Counterpart Originals.

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

SECTION 11.14                                             Table of Contents, Headings, etc.

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

 56

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

	
  

  	
  K-SEA TRANSPORTATION PARTNERS L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K-Sea General Partner L.P.,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K-Sea General Partner GP LLC,

  
	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  K-SEA TRANSPORTATION FINANCE CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [NAME(S) OF SUBSIDIARY GUARANTOR(S)]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [

  	
  ], AS TRUSTEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
												

 

 S-1

ANNEX A

NOTATION OF
GUARANTEE

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

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

	
  

  	
   

  	
  [NAME(S) OF SUBSIDIARY GUARANTOR(S)]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
						

 

 A-1

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