Document:

Exhibit 4.1

    Exhibit
      4.1

     

    

     

    

     

    

     

    

     

    

     

    BOARDWALK
      PIPELINES, LP,

     

    as
      Issuer

     

    BOARDWALK
      PIPELINE PARTNERS, LP,

     

    as
      Guarantor

     

    $250,000,000

     

    5.875%
      NOTES DUE 2016

     

    INDENTURE

     

    Dated
      as of November 21, 2006

     

    THE
      BANK OF NEW YORK TRUST COMPANY, N.A.,

     

    as
      Trustee

     

    

    CROSS-REFERENCE
      TABLE

     

    
      	
               TIA
                Section 

            	
              Indenture
                Section

            
	
              310
                

            	
              (a)
                

            	
              5.8

            
	 	
              (b)
                

            	
              5.8

            
	 	
              (c)

            	
              N.A.

            
	
              311
                

            	
              (a)
                

            	
              5.13

            
	 	
              (b)
                

            	
              5.13

            
	 	
              (c)

            	
              N.A.

            
	
              312

            	
              (a)
                

            	
              3.7

            
	 	
              (b)

            	
              3.7

            
	 	
              (c)

            	
              3.7

            
	
              313
                

            	
              (a)

            	
              3.9

            
	 	
              (b)

            	
              3.9

            
	 	
              (c)

            	
              10.4

            
	 	
              (d)

            	
              3.9

            
	
              314

            	
              (a)

            	
              3.8

            
	 	
              (b)

            	
              N.A.

            
	 	
              (c)(1)

            	
              10.5

            
	 	
              (c)(2)

            	
              10.5

            
	 	
              (c)(3)

            	
              N.A.

            
	 	
              (d)

            	
              N.A.

            
	 	
              (e)

            	
              10.5

            
	 	
              (f)

            	
              N.A.

            
	
              315

            	
              (a)

            	
              5.1

            
	 	
              (b)
                

            	
              4.11
                & 10.4

            
	 	
              (c)
                

            	
              5.1

            
	 	
              (d)
                

            	
              5.1

            
	 	
              (e)

            	
              4.12

            
	
              316

            	
              (a)(last
                sentence)

            	
              1.1

            
	 	
              (a)(1)(A)

            	
              4.9
                & 4.10

            
	 	
              (a)(1)(B)

            	
              4.9
                & 4.10

            
	 	
              (a)(2)

            	
              7.1(f)

            
	 	
              (b)

            	
              4.6

            
	 	
              (c)

            	
              2.14

            
	
              317
                

            	
              (a)(1)

            	
              5.2

            
	 	
              (a)(2)

            	
              5.2

            
	 	
              (b)

            	
              2.3

            
	
              318

            	
              (a)

            	
              10.7

            

    

    

     

    N.A.
      means Not Applicable

     

    NOTE:
      This Cross-Reference table shall not, for any purpose, be deemed part of this
      Indenture.

     

    

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    TABLE
      OF CONTENTS

     

     

    ARTICLE
      ONE
      DEFINITIONS AND INCORPORATION BY REFERENCE 

     

    
      	 	
               Section
                1.1

            	
              Definitions.

            	 

    

     

    Section
      1.2 Other
      Definitions.

     

    Section
      1.3 Incorporation
      by Reference of Trust Indenture Act.

     

    Section
      1.4 Rules
      of Construction.

     

    ARTICLE
      TWO
      NOTES 

     

    
      	 	
               Section
                2.1

            	
              Form
                and Dating.

            	 

    

     

    Section
      2.2 Execution
      and Authentication.

     

    Section
      2.3 Registrar
      and Paying Agent.

     

    Section
      2.4 Paying
      Agent to Hold Money in Trust.

     

    Section
      2.5 Holder
      Lists.

     

    Section
      2.6 Transfer
      and Exchange.

     

    Section
      2.7 Replacement
      Notes.

     

    Section
      2.8 Outstanding
      Notes.

     

    Section
      2.9 Treasury
      Notes.

     

    Section
      2.10 Temporary
      Notes.

     

    Section
      2.11 Cancellation.

     

    Section
      2.12 Defaulted
      Interest.

     

    Section
      2.13 CUSIP
      or ISIN Numbers.

     

    Section
      2.14 Issuance
      of Additional Notes.

     

    Section
      2.15 Record
      Date.

     

     ARTICLE
      THREE
      COVENANTS OF THE ISSUER 

     

    
      	 	
               Section
                3.1

            	
              Payment
                of Principal and Interest

            	 

    

     

    Section
      3.2 Appointment
      to Fill a Vacancy in Office of Trustee.

     

    Section
      3.3 Written
      Statement to Trustee.

     

    Section
      3.4 Limitations
      upon Liens.

     

    Section
      3.5 Limitation
      on Sale and Leaseback Transactions.

     

    Section
      3.6 [Reserved].

     

    Section
      3.7 Holders
      Lists.

     

    Section
      3.8 Reports
      by the Issuer.

     

    Section
      3.9 Reports
      by the Trustee.

     

    ARTICLE
      FOUR
      DEFAULTS
      ADD REMEDIES 

     

    
      	 	
               Section
                4.1

            	
              Event
                of Default Defined, Acceleration of Maturity, Waiver of
                Default.

            	 

    

     

    Section
      4.2 Collection
      of Indebtedness by Trustee; Trustee May Prove Debt.

     

    Section
      4.3 Application
      of Proceeds.

     

    Section
      4.4 Suits
      for Enforcement.

     

    Section
      4.5 Restoration
      of Rights on Abandonment of Proceedings.

     

    Section
      4.6 Limitations
      on Suits by Holders.

     

    Section
      4.7 Unconditional
      Right of Holders to Institute Certain Suits.

     

    Section
      4.8 Powers
      and Remedies Cumulative; Delay or Omission Not Waiver of
      Default.

     

    Section
      4.9 Control
      by Holders of Notes.

     

    Section
      4.10 Waiver
      of Past Defaults.

     

    Section
      4.11 Trustee
      to Give Notice of Default, But May Withhold in Certain
      Circumstances.

     

    Section
      4.12 Right
      of Court to Require Filing of Undertaking to Pay Costs.

     

     ARTICLE
      FIVE
      CONCERNING THE TRUSTEE 

     

    
      	 	
               Section
                5.1

            	
              Duties
                and Responsibilities of the Trustee; During Default; Prior to
                Default.

            	 

    

     

    Section
      5.2 Certain
      Rights of Trustee.

     

    Section
      5.3 Trustee
      Not Responsible for Recitals Disposition of Notes or Applications of Proceeds
      Thereof.

     

    Section
      5.4 Trustee
      and Agents May Hold Notes; Collections etc.

     

    Section
      5.5 Moneys
      Held by Trustee.

     

    Section
      5.6 Compensation
      and Indemnification of Trustee and Its Prior Claim.

     

    Section
      5.7 Right
      of Trustee to Rely on Officers’ Certificate.

     

    Section
      5.8 Persons
      Eligible for Appointment as Trustee.

     

    Section
      5.9 Resignation
      and Removal; Appointment of Successor Trustee

     

    Section
      5.10 Acceptance
      and Appointment of Successor Trustee.

     

    Section
      5.11 Merger,
      Conversion, Consolidation or Succession to Business of
      Trustee.

     

    Section
      5.12 Appointment
      of Authenticating Agent.

     

    Section
      5.13 Preferential
      Collection of Claims Against Issuer.

     

     ARTICLE
      SIX
      CONCERNING THE HOLDERS 

     

    
      	 	
               Section
                6.1

            	
              Evidence
                of Action Taken by Holders.

            	 

    

     

    Section
      6.2 Proof
      of Execution of Instruments and of Holding of Notes.

     

    Section
      6.3 Holders
      to be Treated as Owners.

     

    Section
      6.4 Notes
      Owned by Issuer Deemed Not Outstanding.

     

    Section
      6.5 Right
      of Revocation of Action Taken.

     

     ARTICLE
      SEVEN
      AMENDMENTS 

     

    
      	 	
               Section
                7.1

            	
              Amendments
                and Supplements Without Consent of Holders.

            	 

    

     

    Section
      7.2 Amendments
      and Supplements With Consent of Holders

     

    Section
      7.3 Effect
      of Amendment and Supplement to this Indenture.

     

    Section
      7.4 Documents
      to Be Given to Trustee.

     

    Section
      7.5 Notation
      on Notes in Respect of Amendments and Supplements.

     

    ARTICLE
      EIGHT
      SUCCESSORS 

     

    
      	 	
               Section
                8.1

            	
              Merger,
                Consolidation or Sale of Assets of the Issuer.

            	 

    

     

    Section
      8.2 Successor
      Person Substituted.

     

     ARTICLE
      NINE
      SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS 

     

    
      	 	
               Section
                9.1

            	
              Satisfaction
                and Discharge of Indenture.

            	 

    

     

    Section
      9.2 Application
      by Trustee of Funds Deposited for Payment of Notes.

     

    Section
      9.3 Repayment
      of Moneys Held by Paying Agent.

     

    Section
      9.4 Return
      of Moneys Held by Trustee and Paving Agent Unclaimed for Two
      Years.

     

    Section
      9.5 Indemnity
      for U.S. Government Obligations.

     

    Section
      9.6 Excess
      Funds.

     

    ARTICLE
      TEN
      MISCELLANEOUS PROVISIONS 

     

    
      	 	
               Section
                10.1

            	
              Incorporators,
                Stockholders, Officers and Directors of Issuer Exempt from Individual
                Liability.

            	 

    

     

    Section
      10.2 Provisions
      of Indenture for the Sole Benefit of Parties and Holders of
      Notes.

     

    Section
      10.3 Successors
      and Assigns of Issuer Bound by Indenture.

     

    Section
      10.4 Notices
      and Demands on Issuer, Guarantor, Trustee and Holders of
      Notes.

     

    Section
      10.5 Officers’
      Certificates and Opinions of Counsel; Statements to Be Contained
      Therein

     

    Section
      10.6 Payments
      Due on Saturdays, Sundays and Holidays.

     

    Section
      10.7 Conflict
      of Any Provision of Indenture with Trust Indenture Act of
      1939

     

    Section
      10.8 New
      York Law to Govern.

     

    Section
      10.9 Counterparts.

     

    Section
      10.10 Effect
      of Headings.

     

    Section
      10.11 Qualification
      of this Indenture.

     

    Section
      10.12 Waiver
      of Jury Trial.

     

    Section
      10.13 Force
      Majeure.

     

     ARTICLE
      ELEVEN
      REDEMPTION AND PREPAYMENT 

     

    
      	 	
               Section
                11.1

            	
              Notices
                to Trustee.

            	 

    

     

    Section
      11.2 Selection
      of Notes to Be Redeemed.

     

    Section
      11.3 Notice
      of Redemption.

     

    Section
      11.4 Effect
      of Notice of Redemption.

     

    Section
      11.5 Deposit
      of Redemption Price.

     

    Section
      11.6 Notes
      Redeemed in Part.

     

    Section
      11.7 Optional
      Redemption.

     

    Section
      11.8 Mandatory
      Redemption.

     

     ARTICLE
      TWELVE 

     

    
      	 	
               Section
                12.1

            	
              Unconditional
                Guarantee.

            	 

    

     

    Section
      12.2 Execution
      and Delivery of Guarantee.

     

    Section
      12.3 Limitation
      on Liability of the Guarantor.

     

    Section
      12.4 Release
      of Guarantor from Guarantee.

     

    

    

     

    This
      INDENTURE, dated as of November 21, 2006, is entered into among Boardwalk
      Pipelines, LP, a Delaware limited partnership (the “Issuer”), Boardwalk Pipeline
      Partners, L.P., a Delaware limited partnership (the “Guarantor”) and The Bank of
      New York Trust Company, N.A., a national banking association, as Trustee (the
      “Trustee”).

     

    The
      Issuer, the Guarantor and the Trustee agree as follows for the benefit of each
      other and for the equal and ratable benefit of the Holders of the 5.875% Notes
      due 2016:

     

                                                    ARTICLE
      ONE  

     

    DEFINITIONS
      AND INCORPORATION BY REFERENCE

     

    
      	Section
              1.1  	
              Definitions.

            

    

     

    For
      all
      purposes of this Indenture, except as otherwise expressly provided or unless
      the
      context otherwise requires:

     

    “Additional
      Notes”
means
      any Notes (other than Notes issued under Sections 2.6, 2.7 and 2.10) issued
      under this Indenture in accordance with Sections 2.2 and 2.14, as part of the
      same series as the Notes issued on the date hereof.

     

    “Affiliate”
of
      any
      specified Person means any other Person directly or indirectly controlling,
      controlled by or under direct or indirect common control with the specified
      Person. For purposes of this definition, “control,” including, with correlative
      meanings, the terms “controlling,” “controlled by” and “under common control
      with,” as used with respect to any Person, shall mean the possession, directly
      or indirectly, of the power to direct or cause the direction of the management
      or policies of the Person, whether through the ownership of voting securities,
      by agreement or otherwise.

     

    “Agent”
means
      any Registrar, co-registrar, Paying Agent or additional paying
      agent.

     

    “Applicable
      Procedures”
means,
      with respect to any transfer, redemption or exchange of or for beneficial
      interests in any Global Note, the rules and procedures of the Depositary,
      Euroclear and Clearstream that apply to such transfer, redemption or
      exchange.

     

    “Attributable
      Debt”
means,
      with respect to any sale and lease-back transaction as of any particular time,
      the present value discounted at a rate of interest implicit in the terms of
      the
      lease of the obligations of the lessee under such lease for net rental payments
      during the remaining term of the lease (including any period for which such
      lease has been extended or may, at the option of the lessee, be
      extended).

     

    “Authenticating
      Agent”
shall
      have the meaning set forth in Section 5.12.

     

    “Authorized
      Newspaper”
means
      a
      newspaper (which, in the case of The City of New York, will, if practicable,
      be
      The Wall Street Journal (Eastern Edition), in the case of the United Kingdom,
      will, if practicable, be the Financial Times (London Edition) and, in the case
      of Luxembourg, will, if practicable, be the Luxemburger Wort) published in
      an
      official language of the country of publication and customarily published at
      least once a day for at least five days in each calendar week and of general
      circulation in The City of New York, the United Kingdom or in Luxembourg, as
      applicable. If it shall be impractical in the opinion of the Trustee to make
      any
      publication of any notice required hereby in an Authorized Newspaper, any
      publication or other notice in lieu thereof which is made or given with the
      approval of the Trustee shall constitute a sufficient publication of such
      notice.

     

    “Bankruptcy
      Law”
means
      Title 11, U.S. Code or any similar federal or state law for the relief of
      debtors, or the law of any other jurisdiction relating to bankruptcy,
      insolvency, winding up, liquidation, reorganization or relief of
      debtors.

     

    “Board
      of Directors”
means
      either the Board of Directors of Boardwalk GP or any committee of such Board
      duly authorized to act on its behalf.

     

    “Board
      Resolution”
means
      a
      copy of one or more resolutions, certified by the secretary or an assistant
      secretary of Boardwalk GP to have been duly adopted or consented to by the
      Board
      of Directors and to be in full force and effect, and delivered to the
      Trustee.

     

    “Boardwalk
      GP”
means
      Boardwalk GP, LLC, a Delaware limited liability company and the general partner
      of Boardwalk GP, LP, the general partner of the Guarantor.

     

    “Business
      Day”
means,
      with respect to any Note, a day that in the city (or in any of the cities,
      if
      more than one) in which amounts are payable, as specified in the form of such
      Note, is not a day on which banking institutions are authorized or required
      by
      law or regulation to close.

     

    “Capital
      Lease Obligation”
means,
      at the time any determination of the obligation is to be made, the amount of
      the
      liability in respect of a capital lease that would at the time be so required
      to
      be capitalized on the balance sheet in accordance with GAAP.

     

    “Clearstream”
means
      Clearstream Banking S.A. and any successor thereto.

     

    “Code”
means
      the U.S. Internal Revenue Code of 1986, as amended.

     

    “Commission”
means
      the Securities and Exchange Commission, as from time to time constituted,
      created under the Securities Exchange Act of 1934, as amended, or if at any
      time
      after the execution and delivery of this Indenture such Commission is not
      existing and performing the duties now assigned to it under the Trust Indenture
      Act, then the body performing such duties on such date.

     

    “Comparable
      Treasury Issue”
means
      the United States Treasury security selected by an Independent Investment Banker
      as having a maturity comparable to the remaining term of the Notes to be
      redeemed that would be utilized, at the time of selection and in accordance
      with
      customary financial practice, in pricing new issues of corporate debt securities
      of comparable maturity to the remaining term of such Notes. “Independent
      Investment Banker” means one of the Reference Treasury Dealers appointed by the
      Issuer.

     

    “Comparable
      Treasury Price”
means,
      with respect to any redemption date, (i) the average of the bid and asked prices
      for the Comparable Treasury Issue (expressed in each case as a percentage of
      its
      principal amount) on the third business day preceding such redemption date,
      as
      set forth in the daily statistical release (or any successor release) published
      by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m.
      Quotations for U. S. Government Securities” or (ii) if such release (or any
      successor release) is not published or does not contain such prices on such
      business day, (A) the average of the Reference Treasury Dealer Quotations for
      such redemption date, after excluding the highest and lowest such Reference
      Treasury Dealer Quotations, or (B) if the Issuer obtains fewer than four such
      Reference Treasury Dealer Quotations, the average of all such Quotations.
“Reference Treasury Dealer Quotations” means, with respect to each Reference
      Treasury Dealer and any redemption date, the average, as determined by the
      Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed
      in each case as a percentage of its principal amount) quoted in writing to
      the
      Issuer by such Reference Treasury Dealer at 5:00 p.m. on the third business
      day
      preceding such redemption date.

     

    “Consolidated
      Funded Indebtedness”
means
      the aggregate of all Outstanding Funded Indebtedness of the Issuer and its
      consolidated Subsidiaries, determined on a consolidated basis in accordance
      with
      generally accepted accounting principles.

     

    “Consolidated
      Net Tangible Assets”
means
      the total assets appearing on a consolidated balance sheet of a Person and
      its
      consolidated Subsidiaries less, in general: (1) intangible assets; (2) current
      and accrued liabilities (other than Consolidated Funded Indebtedness and
      capitalized rentals or leases), deferred credits, deferred gains and deferred
      income; and (3) reserves.

     

    “Corporate
      Trust Office of the Trustee”
means
      the office of the Trustee at which the corporate trust business of the Trustee
      shall, at any particular time, be principally administered, which office is,
      at
      the date as of which this Indenture is dated, located at 101 Barclay Street,
      Floor 8W, NY, NY 10286, Attn: Corporate Trust Administration.

     

    “Custodian”
means,
      with respect to the Notes issuable or issued in whole or in part in global
      form,
      the Person specified in Section 2.3(c) hereof as Custodian with respect to
      the
      Notes, and any and all successors thereto appointed as custodian hereunder
      and
      having become such pursuant to the applicable provisions of this
      Indenture.

     

    “Default”
means
      with respect to the Notes, any event that is, or with the passage of time or
      the
      giving of notice or both would be, an Event of Default with respect to the
      Notes.

     

    “Definitive
      Note”
means
      a
      certificated Note registered in the name of the Holder thereof and issued in
      accordance with Section 2.6 or 2.10 hereof, in substantially the form of Exhibit
      A hereto except that such Note shall not bear the Global Note Legend and shall
      not have the “Schedule of Exchanges of Interests in the Global Note” attached
      thereto.

     

    “Depositary”
means,
      with respect to the Notes issuable or issued in whole or in part in global
      form,
      the Person specified in Section 2.3(b) hereof as the Depositary with respect
      to
      the Notes, and any and all successors thereto appointed as depositary hereunder
      and having become such pursuant to the applicable provisions of this
      Indenture.

     

    “Dollar”
means
      the coin or currency of the United States of America as at the time of payment
      is legal tender for the payment of public and private debts.

     

    “Euroclear”
means
      Euroclear Bank, S.A./N.V., as operator of the Euroclear systems, and any
      successors thereto.

     

    “ECU”
means
      the European Currency Unit as defined and revised from time to time by the
      Council of European Communities.

     

    “Event
      of Default”
means
      any event or condition specified as such in Section 4.1.

     

    “Exchange
      Act”
means
      the U. S. Securities Exchange Act of 1934, as amended, and the rules and
      regulations thereunder, including any successor legislation and rules and
      regulations.

     

    “Funded
      Indebtedness”
means
      any Indebtedness that matures more than one year after the date as of which
      Funded Indebtedness is being determined less any such Indebtedness as will
      be
      retired through or by means of any deposit or payment required to be made within
      one year from such date under any prepayment provision, sinking fund, purchase
      fund, or otherwise.

     

    “GAAP”
means
      generally accepted accounting principles 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 other statements by another entity as have
      been
      approved by a significant segment of the accounting profession, as in effect
      from time to time; provided, however, that any change in GAAP that would cause
      the Issuer to record an existing item as a liability upon its balance sheet,
      which item was not previously required by GAAP to be so recorded, shall not
      constitute an incurrence of Indebtedness for purposes hereof.

     

    “Global
      Note Legend”
means
      the legend set forth in Section 2.6(d) hereof, which is required to be placed
      on
      all Global Notes issued under this Indenture.

     

    “Global
      Notes”
means
      the global Notes in the form of Exhibit A hereto issued in accordance with
      Article Two hereof.

     

    “Government
      Notes”
means
      direct obligations of, or obligations guaranteed by, the United States of
      America for the payment of which obligations or guarantee the full faith and
      credit of the United States of America is pledged.

     

    “Guarantor”
      means
      the
      Person named as the “Guarantor” 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 “Guarantor” shall mean such successor
      Person.

     

    “Holder”
means,
      in general, a Person in whose name the Notes are registered, or, if not
      registered, the bearer thereof.

     

    “Indebtedness”
means
      indebtedness which is for money borrowed from others.

     

    “Indenture”
means
      this instrument as originally executed and delivered or, if amended or
      supplemented as herein provided, as so amended or supplemented or both, and
      shall include the forms and terms of the Notes established as contemplated
      hereunder.

     

    “Indirect
      Participant”
means
      a
      Person who holds a beneficial interest in a Global Note through a
      Participant.

     

    “Interest
      Payment Dates”
shall
      have the meaning set forth in paragraph 1 of each Note.

     

    “Issue
      Date”
means
      November 21, 2006.

     

    “Issuer
      Order”
means
      a
      written statement, request or order on behalf of the Issuer signed in its name
      by the Chairman of the Board, the President or Vice President, a Secretary
      or a
      Treasurer of Boardwalk GP.

     

    “Lien”
means,
      with respect to any asset, or income or profits therefrom, any mortgage, lien,
      pledge, charge, security interest or encumbrance of any kind in respect of
      the
      asset, whether or not filed, recorded or otherwise perfected under applicable
      law, including any conditional sale or other title retention agreement, any
      lease in the nature of a conditional sale or title retention agreement, any
      option or other agreement to sell or give a security interest in and any filing
      of or agreement to give any financing statement under the Uniform Commercial
      Code (or equivalent statutes) of any jurisdiction.

     

    “Notes”
means
      (i) $250.0 million aggregate principal amount of Notes issued under this
      Indenture on the date hereof and (ii) any Additional Notes.

     

    “Obligations”
means
      any principal, interest, penalties, fees, indemnifications, reimbursements,
      damages and other liabilities payable under the documentation governing any
      Indebtedness.

     

    “Officer”
means
      with respect to the Issuer or the Guarantor, the Chief Executive Officer, the
      President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer,
      the Secretary or any Vice President of Boardwalk GP.

     

    “Officers’
      Certificate”
means
      a
      certificate signed by the Chairman of the Board, the President or a Vice
      President, and by the Chief Financial Officer, Controller, Treasurer, an
      Assistant Treasurer, the Secretary or an Assistant Secretary of Boardwalk GP
      and
      delivered to the Trustee. Each such certificate shall comply with §314 of the
      Trust Indenture Act of 1939 and include the statements provided for in Section
      10.5, if applicable.

     

    “Opinion
      of Counsel”
means
      an opinion in writing signed by legal counsel who may be an employee of or
      counsel to the Issuer. Each such opinion shall comply with §314 of the Trust
      Indenture Act of 1939 and include the statements provided for in Section 10.5,
      if applicable.

     

    “Outstanding”
when
      used with reference to Notes, shall, subject to the provisions of Section 6.4,
      mean, as of any particular time, all Notes authenticated and delivered by the
      Trustee under this Indenture, except

     

    (a)  Notes
      theretofore cancelled by the Trustee or delivered to the Trustee for
      cancellation;

     

    (b)  Notes,
      or
      portions thereof, for the payment or redemption of which moneys or U. S.
      Government Obligations (as provided for in Section 9.1) in the necessary amount
      shall have been deposited in trust with the Trustee or with any paying agent
      (other than the Issuer) or shall have been set aside, segregated and held in
      trust by the Issuer for the Holders of such Notes (if the Issuer shall act
      as
      its own paying agent), provided that if such Notes, or portions thereof, are
      to
      be redeemed prior to the maturity thereof, notice of such redemption shall
      have
      been given as herein provided, or provision satisfactory to the Trustee shall
      have been made for giving such notice; and

     

    (c)  Notes
      which shall have been paid or in substitution for which other Notes shall have
      been authenticated and delivered pursuant to the terms of Section 2.7 (except
      with respect to any such Note as to which proof satisfactory to the Trustee
      is
      presented that such Note is held by a Person in whose hands such Note is a
      legal, valid and binding obligation of the Issuer).

     

    “Participant”
means,
      with respect to the Depositary, Euroclear or Clearstream, a Person who has
      an
      account with the Depositary, Euroclear or Clearstream, respectively, and, with
      respect to DTC, shall include Euroclear and Clearstream.

     

    “Person”
means
      any individual, corporation, company (including any limited liability company),
      association, partnership, joint venture, trust, unincorporated organization,
      government or any agency or political subdivision thereof or any other
      entity.

     

    “Predecessor
      Note”
of
      any
      particular Note means every previous Note evidencing all or a portion of the
      same Indebtedness as that evidenced by such particular Note; and any Note
      authenticated and delivered under Section 2.07 in lieu of a lost, destroyed
      or
      stolen Note shall be deemed to evidence the same Indebtedness as the lost,
      destroyed or stolen Note.

     

    “Principal
      Property”
means
      any natural gas pipeline, gathering or storage property or facility, or natural
      gas processing plant located in the United States, except any such property
      that
      in the opinion of the Board of Directors is not of material importance to the
      total business conducted by the Issuer and its consolidated Subsidiaries;
      provided, however, that “Principal Property” shall not include production and
      proceeds from production from gas processing plants or oil or natural gas or
      petroleum products in any pipeline or storage field.

     

    “Reference
      Treasury Dealer”
means
      Merrill Lynch, Pierce Fenner & Smith, Incorporated, J.P. Morgan Securities
      Inc. and Deutsche Bank Securities Inc., and their respective successors and,
      at
      the option of the Issuer, additional Primary Treasury Dealers; provided,
      however,
      that if
      any of the foregoing shall cease to be a primary U.S. Government securities
      dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall
      substitute therefor another Primary Treasury Dealer.

     

    “Reference
      Treasury Dealer Quotations”
means,
      with respect to each Reference Treasury Dealer and any redemption date, the
      average, as determined by the Issuer, of the bid and ask prices for the
      Comparable Treasury Issue (expressed in each case as a percentage of its
      principal amount) quoted in writing to the Issuer by such Reference Treasury
      Dealer at 5:00 p.m. on the third business day preceding such redemption
      date.

     

    “Reporting
      Failure”
      means
      the failure of the Issuer or the Guarantor, as applicable, to file with the
      Trustee, within 15 days after the Issuer or the Guarantor is required to file
      the same with the Commission within the time periods specified in the Exchange
      Act or in the relevant forms thereunder (after giving effect to any grace period
      specified under Rule 12b-25 under the Exchange Act), the annual reports,
      information, documents or other reports that the Issuer or the Guarantor is
      required to file with the commission pursuant to Section 13 or Section 15(d)
      of
      the Exchange Act.

     

    “Regular
      Record Date”
for
      the
      interest payable on any Interest Payment Date means the applicable date
      specified as a “Record Date” on the face of the Note.

     

    “Responsible
      Officer,”
when
      used with respect to the Trustee, means any officer within the Corporate Trust
      Department of the Trustee (or any successor group of the Trustee) with direct
      responsibility for the administration of this Indenture and also means, with
      respect to a particular corporate trust matter, any other officer to whom such
      matter is referred because of his or her knowledge of and familiarity with
      the
      particular subject.

     

    “Securities
      Act”
means
      the U. S. Securities Act of 1933, as amended, and the rules and regulations
      thereunder, including any successor legislation and rules and
      regulations.

     

    “Significant
      Subsidiary”
means
      any Subsidiary that would be a “significant subsidiary” of the Issuer within the
      meaning of Rule 1-02 under Regulation S-X promulgated by the
      Commission.

     

    “Stated
      Maturity”
means,
      with respect to any installment of interest or principal on any series of
      Indebtedness, the date on which such payment of interest or principal was
      scheduled to be paid in the original documentation governing such Indebtedness,
      and shall not include any contingent obligations to repay, redeem or repurchase
      any such interest or principal prior to the date originally scheduled for the
      payment thereof.

     

    “Subsidiary”
means,
      in respect of any Person, any corporation, company (including any limited
      liability company), association, partnership, joint venture or other business
      entity of which at least a majority of the outstanding equity interests having
      ordinary voting power is at the time owned or controlled, directly or
      indirectly, by: (a) such Person; (b) such Person and one or more Subsidiaries
      of
      such Person, or (c) one or more Subsidiaries of such Person.

     

    “Tax”
means
      any tax, duty, levy, impost, assessment or other governmental charge (including
      penalties, interest and any other liabilities related thereto).

     

    “Trust
      Indenture Act of 1939”
means
      the U. S. Trust Indenture Act of 1939, as amended, and the rules and regulations
      thereunder, including any successor legislation and rules and
      regulations.

     

    “Treasury
      Rate”
means,
      with respect to any redemption date, the rate per annum equal to the semiannual
      equivalent Yield to Maturity of the Comparable Treasury Issue, assuming a price
      for the Comparable Treasury Issue (expressed as a percentage of its principal
      amount) equal to the Comparable Treasury Price for such redemption
      date.

     

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

     

    “U.S.
      Government Obligations”
shall
      have the meaning set forth in Section 9.1(a).

     

    “Yield
      to Maturity”
means
      the yield to maturity on the Notes, calculated at the time of issuance or,
      if
      applicable, at the most recent determination of interest, and calculated in
      accordance with accepted financial practice.

     

    
      	Section
              1.2  	
              Other
                Definitions.

            

    

     

    
      	
              Term

            	
              Defined
                in Section

            
	 	 
	
              “Authentication
                Order”

            	
              2.2(d)

            
	
              “Issuer”

            	
              Preamble

            
	
              “covenant
                defeasance”

            	
              9.1

            
	
              “DTC”

            	
              2.3(b)

            
	
              “Event
                of Default”

            	
              4.1

            
	
              “Paying
                Agent”

            	
              2.3(a)

            
	
              “Registrar”

            	
              2.3(a)

            
	
              “Security
                Register”

            	
              11.3

            

    

    

     

    
      	Section
              1.3  	
              Incorporation
                by Reference of Trust Indenture
                Act.

            

    

     

    (a)  Whenever
      this Indenture refers to a provision of the Trust Indenture Act of 1939, the
      provision is incorporated by reference in and made a part of this
      Indenture.

     

    (b)  The
      following Trust Indenture Act of 1939 terms used in this Indenture have the
      following meanings:

     

    “indenture
      securities”
means
      the Notes;

     

    “indenture
      security holder”
means
      a
      Holder of a Note;

     

    “indenture
      to be qualified”
means
      this Indenture;

     

    “indenture
      trustee”
or
      “institutional
      trustee”
means
      the Trustee; and

     

    “obligor”
on
      the
      Notes means the Issuer and any successor obligor upon the Notes.

     

    (c)  All
      other
      terms used in this Indenture that are defined by the Trust Indenture Act of
      1939, defined by Trust Indenture Act of 1939 reference to another statute or
      defined by Commission rule under the Trust Indenture Act of 1939 and not
      otherwise defined herein have the meanings so assigned to them either in the
      Trust Indenture Act of 1939, by another statute or Commission rule, as
      applicable.

     

    
      	Section
              1.4  	
              Rules
                of Construction.

            

    

     

    (a)  Unless
      the context otherwise requires:

     

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

     

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

     

    (iii)  “or”
is
      not exclusive;

     

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

     

    (v)  all
      references in this instrument to “Articles,” “Sections” and other subdivisions
      are to the designated Articles, Sections and subdivisions of this instrument
      as
      originally executed;

     

    (vi)  the
      words
“herein,” “hereof’ and “hereunder” and other words of similar import refer to
      this Indenture as a whole and not to any particular Article, Section or other
      subdivision.

     

    (vii)  “including”
      means “including without limitation;”

     

    (viii)  provisions
      apply to successive events and transactions; and

     

    (ix)  references
      to sections of or rules under the Securities Act, the Exchange Act or the Trust
      Indenture Act of 1939 shall be deemed to include substitute, replacement or
      successor sections or rules adopted by the Commission from time to time
      thereunder.

     

                                                    ARTICLE
      TWO  

     

    NOTES

     

    
      	Section
              2.1  	
              Form
                and Dating.

            

    

     

    (a)  General.
      The
      Notes and the Trustee’s certificate of authentication shall be substantially in
      the form included in Exhibit A hereto, which is hereby incorporated in and
      expressly made part of this Indenture. The Notes may have notations, legends
      or
      endorsements required by law, exchange rule or usage in addition to those set
      forth on Exhibit A. Each Note shall be dated the date of its authentication.
      The
      Notes shall be in denominations of $1,000 and integral multiples thereof. The
      terms and provisions contained in the Notes shall constitute a part of this
      Indenture, and the Issuer, the Guarantor and the Trustee, by their execution
      and
      delivery of this Indenture, expressly agree to such terms and provisions and
      to
      be bound thereby. To the extent any provision of any Note conflicts with the
      express provisions of this Indenture, the provisions of this Indenture shall
      govern and be controlling.

     

    (b)  Form
      of Notes.
      Notes
      shall be issued initially in global form and shall be substantially in the
      form
      of Exhibit A attached hereto (including the Global Note Legend thereon and
      the
“Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
      issued in definitive form shall be substantially in the form of Exhibit A
      attached hereto (but without the Global Note Legend thereon and without the
      “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each
      Global Note shall represent such aggregate principal amount of the Outstanding
      Notes as shall be specified therein and each shall provide that it shall
      represent the aggregate principal amount of Outstanding Notes from time to
      time
      endorsed thereon and that the aggregate principal amount of Outstanding Notes
      represented thereby may from time to time be reduced or increased, as
      appropriate, to reflect exchanges and redemptions and transfers of interests
      therein. Any endorsement of a Global Note to reflect the amount of any increase
      or decrease in the aggregate principal amount of Outstanding Notes represented
      thereby shall be made by the Trustee or the Custodian, at the direction of
      the
      Trustee, in accordance with instructions given by the Holder thereof as required
      by Section 2.6 hereof.

     

    (c)  Book-Entry
      Provisions.
      This
      Section 2.1(c) shall apply only to Global Notes deposited with the Trustee,
      as
      custodian for the Depositary. Notwithstanding the foregoing, nothing herein
      shall prevent the Issuer, the Guarantor or the Trustee or any agent of the
      Issuer, the Guarantor, or the Trustee from giving effect to any written
      certification, proxy or other authorization furnished by the Depositary or
      impair, as between the Depositary and its Participants or Indirect Participants,
      the Applicable Procedures or the operation of customary practices of the
      Depositary governing the exercise of the rights of a holder of a beneficial
      interest in any Global Note.

     

    (d)  Euroclear
      and Clearstream Procedures Applicable.
      The
      provisions of the “Operating Procedures of the Euroclear System” and “Terms and
      Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
      Clearstream” and “Customer Handbook” of Clearstream shall be applicable to
      transfers of beneficial interests in Global Notes that are held by Participants
      through Euroclear or Clearstream.

     

    
      	Section
              2.2  	
              Execution
                and Authentication.

            

    

     

    (a)  One
      Officer shall execute the Notes on behalf of the Issuer by manual or facsimile
      signature.

     

    (b)  If
      an
      Officer whose signature is on a Note no longer holds that office at the time
      a
      Note is authenticated by the Trustee, the Note shall nevertheless be
      valid.

     

    (c)  A
      Note
      shall not be valid until authenticated by the manual signature of the Trustee.
      The signature shall be conclusive evidence that the Note has been authenticated
      under this Indenture. The form of Trustee’s certificate of authentication to be
      borne by the Note shall be substantially as set forth in Exhibit A
      hereto.

     

    (d)  The
      Trustee shall, upon a written order of the Issuer signed by an Officer (an
      “Authentication Order”) authenticate Notes for original issue.

     

    
      	Section
              2.3  	
              Registrar
                and Paying Agent.

            

    

     

    (a)  The
      Issuer shall maintain an office or agency where Notes may be presented for
      registration of transfer or for exchange (“Registrar”) and an office or agency
      where Notes may be presented for payment (“Paying Agent”). The Registrar shall
      keep a register of the Notes and of their transfer and exchange. The Issuer
      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 Issuer may enter into an appropriate agency
      agreement with any Agent not party to this Indenture, which may incorporate
      the
      provisions of the Trust Indenture Act of 1939. Such Agreement shall implement
      the provisions of this Indenture that relate to such Agent. The Issuer may
      change any Paying Agent or Registrar without notice to any Holder. The Issuer
      shall notify the Trustee in writing of the name and address of any Agent not
      a
      party to this Indenture. If the Issuer fails to appoint or maintain another
      entity as Registrar or Paying Agent, the Trustee shall act as such and shall
      be
      entitled to appropriate compensation in accordance with Section 5.6. The Issuer
      or any of its Subsidiaries may act as Paying Agent or Registrar.

     

    (b)  The
      Issuer initially appoints The Depository Trust Company (“DTC”) to act as
      Depositary with respect to the Global Notes.

     

    (c)  The
      Issuer initially appoints the Trustee to act as Registrar and Paying Agent,
      agent for service of notices and demands in connection with the Global Note
      and
      to act as Custodian with respect to the Global Notes, and the Trustee hereby
      agrees so to initially act.

     

    
      	Section
              2.4  	
              Paying
                Agent to Hold Money in
                Trust.

            

    

     

    The
      Issuer shall require each Paying Agent other than the Trustee to agree in
      writing that the Paying Agent shall hold in trust for the benefit of Holders
      or
      the Trustee all money held by the Paying Agent for the payment of principal,
      premium, if any, or interest on the Notes, and shall notify the Trustee of
      any
      Default by the Issuer in making any such payment. While any such Default
      continues, the Trustee may require a Paying Agent to pay all funds held by
      it
      relating to the Notes to the Trustee. The Issuer at any time may require a
      Paying Agent to pay all funds held by it relating to the Notes to the Trustee.
      Upon payment over to the Trustee, the Paying Agent (if other than the Issuer)
      shall have no further liability for such funds. If the Issuer or a Subsidiary
      acts as Paying Agent, it shall segregate and hold in a separate trust fund
      for
      the benefit of the Holders all funds held by it as Paying Agent. Upon any Event
      of Default under Sections 4.1(d) and (e) hereof relating to the Issuer, the
      Trustee shall serve as Paying Agent for the Notes.

     

    
      	Section
              2.5  	
              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 all Holders
      and
      shall otherwise comply with Trust Indenture Act of 1939 §312(a). If the Trustee
      is not the Registrar, the Issuer shall furnish or cause to be furnished to
      the
      Trustee at least seven Business Days before each Interest Payment Date and
      at
      such other times as the Trustee may request in writing, a list in such form
      and
      as of such date or such shorter time as the Trustee may allow, as the Trustee
      may reasonably require of the names and addresses of the Holders and the Issuer
      shall otherwise comply with Trust Indenture Act of 1939 §312(a).

     

    
      	Section
              2.6  	
              Transfer
                and Exchange.

            

    

     

    (a)  Transfer
      and Exchange of Global Notes.
      A
      Global Note may not be transferred as a whole except by the Depositary to a
      nominee of the Depositary, by a nominee of the Depositary to the Depositary
      or
      to another nominee of the Depositary, or by the Depositary or any such nominee
      to a successor Depositary or a nominee of such successor Depositary. The Issuer
      shall exchange Global Notes for Definitive Notes if: (1) the Issuer delivers
      to
      the Trustee a notice from the Depositary that the Depositary is unwilling or
      unable to continue to act as Depositary for the Global Notes or that it has
      ceased to be a clearing agency registered under the Exchange Act and, in either
      case, a successor Depositary is not appointed by the Issuer within 120 days
      after the date of such notice from the Depositary; (2) the Issuer at its option
      determines that the Global Notes shall be exchanged for Definitive Notes and
      delivers a written notice to such effect to the Trustee; or (3) a Default or
      Event of Default shall have occurred and be continuing. Upon the occurrence
      of
      any of the preceding events in clauses (1), (2) or (3) above, Definitive Notes
      shall be issued in denominations of $1,000 or integral multiples thereof and
      in
      such names as the Depositary shall instruct the Trustee in writing. Global
      Notes
      also may be exchanged or replaced, in whole or in part, as provided in Sections
      2.7 and 2.10 hereof. Except as provided above, every Note authenticated and
      delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
      pursuant to this Section 2.6 or Section 2.7 or 2.10 hereof, shall be
      authenticated and delivered in the form of, and shall be, a Global Note. A
      Global Note may not be exchanged for another Note other than as provided in
      this
      Section 2.6(a), and beneficial interests in a Global Note may not be transferred
      and exchanged other than as provided in Section 2.6(b), (c), (d), (e) or (h)
      hereof.

     

    (b)  Transfer
      and Exchange of Beneficial Interests in the Global Notes.
      The
      transfer and exchange of beneficial interests in the Global Notes shall be
      effected through the Depositary in accordance with the provisions of this
      Indenture and the Applicable Procedures. Beneficial interests in any Global
      Note
      may be transferred to Persons who take delivery thereof in the form of a
      beneficial interest in a Global Note. Except as may be required by any
      Applicable Procedures, no written orders or instructions shall be required
      to be
      delivered to the Registrar to effect the transfers described in this Section
      2.6(b).

     

    (c)  Transfer
      and Exchange of Beneficial Interests for Definitive Notes. Subject
      to Section 2.6(a) hereof, if any holder of a beneficial interest in a Global
      Note proposes to exchange such beneficial interest for a Definitive Note or
      to
      transfer such beneficial interest to a Person who takes delivery thereof in
      the
      form of a Definitive Note, then, the Trustee shall reduce or cause to be reduced
      in a corresponding amount pursuant to Section 2.6(g) hereof the aggregate
      principal amount of the applicable Global Note, and the Issuer shall execute
      and, upon receipt of an Authentication Order in accordance with Section 2.2
      hereof, the Trustee shall authenticate and deliver a Definitive Note in the
      appropriate principal amount to the Person designated by the holder of such
      beneficial interest in instructions delivered to the Registrar by the Depositary
      and the applicable Participant or Indirect Participant on behalf of such holder.
      Any Definitive Note issued in exchange for a beneficial interest pursuant to
      this Section 2.6(c) shall be registered in such name or names and in such
      authorized denomination or denominations as the holder of such beneficial
      interest shall designate in such instructions. The Trustee shall deliver such
      Definitive Notes to the Persons in whose names such Notes are
      registered.

     

    (d)  Transfer
      and Exchange of Definitive Notes for Beneficial Interests. A
      holder
      of a Definitive Note may exchange such Note for a beneficial interest in a
      Global Note or transfer such Definitive Note to a Person who takes delivery
      thereof in the form of a beneficial interest in a Global Note at any time.
      Upon
      receipt of a request for such an exchange or transfer in form satisfactory
      to
      the Registrar, the Trustee shall cancel the applicable Definitive Note and
      increase or cause to be increased in a corresponding amount pursuant to Section
      2.6(g) hereof the aggregate principal amount of one of the Global
      Notes.

     

    (e)  Transfer
      and Exchange of Definitive Notes for Definitive Notes.
      Upon
      request by a holder of Definitive Notes and such holder’s compliance with the
      provisions of this Section 2.6(e), the Registrar shall register the transfer
      or
      exchange of Definitive Notes. Prior to such registration of transfer or
      exchange, the requesting holder shall present or surrender to the Registrar
      the
      Definitive Notes duly endorsed or accompanied by a written instruction of
      transfer in form satisfactory to the Registrar duly executed by such holder.
      

     

    (f)  Legends.
      The
      following legends shall appear on the face of all Global Notes and Definitive
      Notes issued under this Indenture unless specifically stated otherwise in the
      applicable provisions of this Indenture.

     

    (i)  Global
      Note Legend.
      Each
      Global Note shall bear a legend in substantially the following
      form:

     

    “THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
      THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
      HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
      THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
      TO SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
      WHOLE
      BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III)THIS GLOBAL
      NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11
      OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
      DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

    UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
      THIS
      NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
      OF
      THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
      NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
      SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY UNLESS THIS
      NOTE
      IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
      (55
      WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.”

     

    (g)  Cancellation
      and/or Adjustment of Global Notes.
      At such
      time as all beneficial interests in a particular Global Note have been exchanged
      for Definitive Notes or a particular Global Note has been redeemed, repurchased
      or cancelled in whole and not in part, each such Global Note shall be returned
      to or retained and cancelled by the Trustee in accordance with Section 2.11
      hereof. At any time prior to such cancellation, if any beneficial interest
      in a
      Global Note is exchanged for or transferred to a Person who shall take delivery
      thereof in the form of a beneficial interest in another Global Note or for
      Definitive Notes, the principal amount of Notes represented by such Global
      Note
      shall be reduced accordingly and an endorsement shall be made on such Global
      Note by the Trustee or by the Depositary at the direction of the Trustee to
      reflect such reduction; and if the beneficial interest is being exchanged for
      or
      transferred to a Person who shall take delivery thereof in the form of a
      beneficial interest in another Global Note, such other Global Note shall be
      increased accordingly and an endorsement shall be made on such Global Note
      by
      the Trustee or by the Depositary at the direction of the Trustee to reflect
      such
      increase.

     

    (h)  General
      Provisions Relating to Transfers and Exchanges.

     

    (i)  No
      service charge shall be made to a Holder of a beneficial interest in a Global
      Note or to a Holder of a Definitive Note for any registration of transfer or
      exchange, but the Issuer may require payment of a sum sufficient to cover any
      transfer tax or similar governmental charge payable in connection therewith
      (other than any such transfer taxes or similar governmental charge payable
      upon
      exchange or transfer pursuant to Sections 2.10, 4.12 and 9.5
      hereof).

     

    (ii)  All
      Global Notes and Definitive Notes issued upon any registration of transfer
      or
      exchange of Global Notes or Definitive Notes shall be the valid obligations
      of
      the Issuer, evidencing the same Indebtedness, as the Global Notes or Definitive
      Notes surrendered upon such registration of transfer or exchange and shall
      be
      entitled to all of the benefits of this Indenture equally and proportionately
      with all other Notes duly issued hereunder.

     

    (iii)  Neither
      the Registrar nor the Issuer shall be required (A) to issue, to register the
      transfer of or to exchange any Notes during a period beginning at the opening
      of
      business 15 days before the day of any selection of Notes for redemption under
      Section 11.2 hereof and ending at the close of business on the date of
      selection, (B) to register the transfer of or to exchange any Note so selected
      for redemption in whole or in part, except the unredeemed portion of any Note
      being redeemed in part or (C) to register the transfer of or to exchange a
      Note
      between a record date (including a Regular Record Date) and the next succeeding
      Interest Payment Date.

     

    (iv)  Prior
      to
      due presentment for the registration of a transfer of any Note, the Trustee,
      any
      Agent and the Issuer may deem and treat the Person in whose name any Note is
      registered as the absolute owner of such Note for the purpose of receiving
      payment of principal of and interest on such Note and for all other purposes,
      in
      each case regardless of any notice to the contrary.

     

    (v)  All
      certifications, certificates and Opinions of Counsel required to be submitted
      to
      the Registrar pursuant to this Section 2.6 to effect a registration of transfer
      or exchange may be submitted by facsimile.

     

    (vi)  The
      Trustee is hereby authorized and directed to enter into a letter of
      representation with the Depositary in the form provided by the Issuer and to
      act
      in accordance with such letter.

     

    (vii)  To
      permit
      registrations of transfers and exchanges, the Issuer shall execute, and the
      Trustee shall authenticate, Global Notes and Definitive Notes upon the Issuer’s
      order or at the Registrar’s request.

     

    (viii)  The
      Registrar shall not be required to register the transfer of or exchange any
      Note
      selected for redemption in whole or in part, except the unredeemed portion
      of
      any Note being redeemed in part.

     

    (ix)  The
      Trustee shall authenticate Global Notes and Definitive Notes in accordance
      with
      the provisions of Section 2.2.

     

    
      	Section
              2.7  	
              Replacement
                Notes.

            

    

     

    If
      any
      mutilated Note is surrendered to the Trustee or the Issuer and the Trustee
      receives evidence to its satisfaction of the destruction, loss or theft of
      any
      Note, the Issuer shall issue and the Trustee, upon receipt of an Authentication
      Order in accordance with Section 2.2 hereof, shall authenticate a replacement
      Note. If required by the Trustee or the Issuer, the Holder of such Note shall
      provide indemnity sufficient, in the judgment of the Trustee or the Issuer,
      as
      applicable, to protect the Issuer, the Trustee, any Agent and any Authenticating
      Agent from any loss that any of them may suffer in connection with such
      replacement. If required by the Issuer, such Holder shall reimburse the Issuer
      for its reasonable expenses in connection with such replacement.

     

    Every
      replacement Note issued in accordance with this Section 2.7 shall be the valid
      obligation of the Issuer evidencing the same Indebtedness as the destroyed,
      lost
      or stolen Note and shall be entitled to all of the benefits of this Indenture
      equally and proportionately with all other Notes duly issued
      hereunder.

     

    
      	Section
              2.8  	
              Outstanding
                Notes.

            

    

     

    (a)  The
      Notes
      Outstanding at any time shall be the entire principal amount of Notes
      represented by all the Global Notes and Definitive Notes authenticated by the
      Trustee except for those cancelled by it, those delivered to it for
      cancellation, those subject to reductions in beneficial interests effected
      by
      the Trustee in accordance with Section 2.6 hereof, and those described in this
      Section 2.8 as not Outstanding. Except as set forth in Section 2.9 hereof,
      a
      Note shall not cease to be Outstanding because the Issuer or an Affiliate of
      the
      Issuer holds the Note; provided, however, that Notes held by the Issuer or
      a
      Subsidiary of the Issuer shall be deemed not to be outstanding for purposes
      of
      Section 3.7 hereof.

     

    (b)  If
      a Note
      is replaced pursuant to Section 2.7 hereof, it shall cease to be Outstanding
      unless the Trustee receives proof satisfactory to it that the replaced Note
      is
      held by a bona fide purchaser.

     

    (c)  If
      the
      principal amount of any Note is considered paid under Section 3.1 hereof, it
      shall cease to be Outstanding and interest on it shall cease to
      accrue.

     

    (d)  If
      the
      Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any
      thereof) holds, on a redemption date, a Purchase Date or maturity date, funds
      sufficient to pay Notes payable on that date, then on and after that date such
      Notes shall be deemed to be no longer Outstanding and shall cease to accrue
      interest.

     

    
      	Section
              2.9  	
              Treasury
                Notes.

            

    

     

    In
      determining whether the Holders of the required principal amount of Notes have
      concurred in any direction, waiver or consent, Notes owned by the Issuer or
      by
      any Affiliate of the Issuer shall be considered as though not Outstanding,
      except that for the purposes of determining whether the Trustee shall be
      protected in relying on any such direction, waiver or consent, only Notes that
      the Trustee knows are so owned shall be so disregarded.

     

    
      	Section
              2.10  	
              Temporary
                Notes.

            

    

     

    Until
      certificates representing Notes are ready for delivery, the Issuer may prepare
      and the Trustee, upon receipt of an Authentication Order in accordance with
      Section 2.2 hereof, shall authenticate temporary Notes. Temporary Notes shall
      be
      substantially in the form of Definitive Notes but may have variations that
      the
      Issuer considers appropriate for temporary Notes and as shall be reasonably
      acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare
      and the Trustee shall authenticate Global Notes or Definitive Notes in exchange
      for temporary Notes, as applicable.

     

    Holders
      of temporary Notes shall be entitled to all of the benefits of this Indenture
      equally and proportionately with all other Notes duly issued
      hereunder.

     

    
      	Section
              2.11  	
              Cancellation.

            

    

     

    The
      Issuer at any time may deliver Notes to the Trustee for cancellation. The
      Registrar and Paying Agent shall forward to the Trustee any Notes surrendered
      to
      them for registration of transfer, exchange or payment. Upon sole direction
      of
      the Issuer, the Trustee and no one else shall cancel all Notes surrendered
      for
      registration of transfer, exchange, payment, replacement or cancellation and
      shall dispose of such cancelled Notes in accordance with its customary
      procedures (subject to the record retention requirements of the Exchange Act
      or
      other applicable laws) unless the Issuer directs them to be returned to them.
      The Issuer may not issue new Notes to replace Notes that it has paid or that
      have been delivered to the Trustee for cancellation.

     

    
      	Section
              2.12  	
              Defaulted
                Interest.

            

    

     

    If
      the
      Issuer defaults in a payment of interest on the Notes, it shall pay the
      defaulted interest in any lawful manner plus, to the extent lawful, interest
      payable on the defaulted interest, to the Persons who are Holders on a
      subsequent special record date, in each case at the rate provided in the Notes
      and in Section 3.1 hereof. The Issuer shall notify the Trustee in writing of
      the
      amount of defaulted interest proposed to be paid on each Note and the date
      of
      the proposed payment. The Issuer shall fix or cause to be fixed each such
      special record date and payment date, provided that no such special record
      date
      shall be less than 10 days prior to the related payment date for such defaulted
      interest. At least 15 days before the special record date, the Issuer (or,
      upon
      the written request of the Issuer, the Trustee in the name and at the expense
      of
      the Issuer) shall mail or cause to be mailed to Holders a notice that states
      the
      special record date, the related payment date and the amount of such interest
      to
      be paid.

     

    
      	Section
              2.13  	
              CUSIP
                or ISIN Numbers.

            

    

     

    The
      Issuer in issuing the Notes may use “CUSIP” and/or “ISIN” numbers (if then
      generally in use), and, if so, the Trustee shall use “CUSIP” and/or “ISIN”
numbers in notices of redemption as a convenience to Holders; provided, however,
      that any such notice may state that no representation is made as to the
      correctness of such numbers either as printed on the Notes or as contained
      in
      any notice of a redemption or notice of an offer to purchase and that reliance
      may be placed only on the other identification numbers printed on the Notes,
      and
      any such redemption or offer to purchase shall not be affected by any defect
      in
      or omission of such numbers. The Issuer shall promptly notify the Trustee of
      any
      change in the “CUSIP” and/or “ISIN” numbers.

     

    
      	Section
              2.14  	
              Issuance
                of Additional Notes.

            

    

     

    The
      Issuer shall be entitled, subject to its compliance with Sections 3.4 and 3.5
      hereof, to issue Additional Notes under this Indenture which shall have
      identical terms as the Notes issued on the date hereof, other than with respect
      to the date of issuance, issue price and, if applicable, the first payment
      of
      interest thereon. The Notes issued on the date hereof and any Additional Notes
      shall be treated as a single class for all purposes under this Indenture,
      including, without limitation, waivers, consents, directions, declarations,
      amendments, redemptions and offers to purchase.

     

    With
      respect to any Additional Notes, the Issuer shall set forth in Board Resolution
      and an Officers’ Certificate, a copy of each of which shall be delivered to the
      Trustee, the following information:

     

    (1) the
      aggregate principal amount of such Additional Notes to be authenticated and
      delivered pursuant to this Indenture; and

     

    (2) the
      issue
      price and the issue date; provided,
      however, that
      no
      Additional Notes may be issued at a price that would cause such Additional
      Notes
      to have “original issue discount” within the meaning of Section 1273 of the
      Code.

     

    
      	Section
              2.15  	
              Record
                Date.

            

    

     

    The
      record date for purposes of determining the identity of Holders of Notes
      entitled to vote or consent to any action by vote or consent authorized or
      permitted under this Indenture shall be determined as provided for in Trust
      Indenture Act of 1939 §316(c).

     

                                                    ARTICLE
      THREE  

     

    COVENANTS
      OF THE ISSUER

     

    
      	Section
              3.1  	
              Payment
                of Principal and
                Interest

            

    

     

    The
      Issuer covenants and agrees for the benefit of the Holder that it will duly
      and
      punctually pay or cause to be paid the principal of, and interest on, each
      of
      the Notes (together with any additional amounts payable pursuant to the terms
      of
      such Notes) at the place or places, at the respective times and in the manner
      provided in such Notes and in this Indenture. If any temporary Note provides
      that interest thereon may be paid while such Note is in temporary form, the
      interest on any such temporary Note (together with any additional amounts
      payable pursuant to the terms of such Note) shall be paid only upon presentation
      of such Notes for notation thereon of the payment of such interest, in each
      case
      subject to any restrictions that may be established pursuant to Article Two.
      The
      interest on Notes (together with any additional amounts payable pursuant to
      the
      terms of such Notes) shall be payable only to or upon the written order of the
      Holders thereof entitled thereto and, at the option of the Issuer, may be paid
      by wire transfer or by mailing checks for such interest payable to or upon
      the
      written order of such Holders at their last addresses as they appear on the
      registry books of the Issuer.

     

    
      	Section
              3.2  	
              Appointment
                to Fill a Vacancy in Office of
                Trustee.

            

    

     

    The
      Issuer, whenever necessary to avoid or fill a vacancy in the office of Trustee,
      will appoint, in the manner provided in Section 5.9, a Trustee, so that there
      shall at all times be a Trustee with respect the Notes.

     

    
      	Section
              3.3  	
              Written
                Statement to Trustee.

            

    

     

    The
      Issuer will furnish to the Trustee on or before January 31 in each year
      (beginning with January 31, 2007) a brief certificate (which need not comply
      with Section 10.5) from the principal executive, financial or accounting officer
      of Boardwalk GP as to his or her knowledge of the Issuer’s compliance with all
      conditions and covenants under the Indenture (such compliance to be determined
      without regard to any period of grace or requirement of notice provided under
      the Indenture).

     

    
      	Section
              3.4  	
              Limitations
                upon Liens.

            

    

     

    After
      the
      date hereof and so long as any Notes are Outstanding, the Issuer will not,
      and
      will not permit any Subsidiary to, issue, assume or guarantee any Indebtedness
      secured by a mortgage, pledge, lien, security interest or encumbrance (any
      mortgage, pledge, lien, security interest or encumbrance being hereinafter
      in
      this Article Three referred to as a “mortgage” or “mortgages” or as a “lien” or
“liens”) of, or upon, any property of the Issuer or of any Subsidiary, without
      effectively providing that the Notes shall be equally and ratably secured with
      such Indebtedness; provided, however, that the foregoing restriction shall
      not
      apply to:

     

    (a)  Any
      purchase money mortgage created by the Issuer or a Subsidiary to secure all
      or
      part of the purchase price of any property (or to secure a loan made to enable
      the Issuer or a Subsidiary to acquire the property described in such mortgage),
      provided that the principal amount of the Indebtedness secured by any such
      mortgage, together with all other Indebtedness secured by a mortgage on such
      property, shall not exceed the purchase price of the property
      acquired;

     

    (b)  Any
      mortgage existing on any property at the time of the acquisition thereof by
      the
      Issuer or a Subsidiary whether or not assumed by the Issuer or a Subsidiary,
      and
      any mortgage on any property acquired or constructed by the Issuer or a
      Subsidiary and created not later than 12 months after (i) completion of such
      acquisition or construction or (ii) commencement of full operation of such
      property, whichever is later; provided, however, that, if assumed or created
      by
      the Issuer or a Subsidiary, the principal amount of the Indebtedness secured
      by
      such mortgage, together with all other Indebtedness secured by a mortgage on
      such property, shall not exceed the purchase price of the property, acquired
      and/or the cost of the property constructed;

     

    (c)  Any
      mortgage created or assumed by the Issuer or a Subsidiary on any contract for
      the sale of any product or service or any rights thereunder or any proceeds
      therefrom, including accounts and other receivables, related to the operation
      or
      use of any property acquired or constructed by the Issuer or a Subsidiary and
      created not later than 12 months after (i) such acquisition or completion of
      such construction or (ii) commencement of full operation of such property,
      whichever is later;

     

    (d)  Any
      mortgage existing on any property of a Subsidiary at the time it becomes a
      Subsidiary and any mortgage on property existing at the time of acquisition
      thereof,

     

    (e)  Any
      refunding or extension of maturity, in whole or in part, of any mortgage created
      or assumed in accordance with the provisions of subdivision (a), (b), (c) or
      (d)
      above or (o), (p), or (y) below, provided that the principal amount of the
      Indebtedness secured by such refunding mortgage or extended mortgage shall
      not
      exceed the principal amount of the Indebtedness secured by the mortgage to
      be
      refunded or extended outstanding at the time of such refunding or extension
      and
      that such refunding mortgage or extended mortgage shall be limited in lien
      to
      the same property that secured the mortgage so refunded or
      extended;

     

    (f)  Any
      mortgage created or assumed by the Issuer or a Subsidiary to secure loans to
      the
      Issuer or a Subsidiary maturing within 12 months of the date of creation thereof
      and not renewable or extendible by the terms thereof at the option of the
      obligor beyond such 12 months, and made in the ordinary course of
      business;

     

    (g)  Mechanics’
      or materialmen’s liens or any lien or charge arising by reason of pledges or
      deposits to secure payment of workmen’s compensation or other insurance, good
      faith deposits in connection with tenders or leases of real estate, bids or
      contracts (other than contracts for the payment of money), deposits to secure
      public or statutory obligations, deposits to secure or in lieu of surety, stay
      or appeal bonds and deposits as security for the payment of taxes or assessments
      or other similar charges;

     

    (h)  Any
      mortgage arising by reason of deposits with or the giving of any form of
      security to any governmental agency or any body created or approved by law
      or
      governmental regulation for any purpose at any time as required by law or
      governmental regulation as a condition to the transaction of any business or
      the
      exercise of any privilege or license, or to enable the Issuer or a Subsidiary
      to
      maintain self-insurance or to participate in any fund for liability on any
      insurance risks or in connection with workmen’s compensation, unemployment
      insurance, old age pensions or other social security or to share in the
      privileges or benefits required for companies participating in such
      arrangements;

     

    (i)  Mortgages
      upon rights-of-way;

     

    (j)  Undetermined
      mortgages and charges incidental to construction or maintenance;

     

    (k)  The
      right
      reserved to, or vested in, any municipality or governmental or other public
      authority or railroad by the terms of any right, power, franchise, grant,
      license, permit or by any provision of law, to terminate or to require annual
      or
      other periodic payments as a condition to the continuance of such right, power,
      franchise, grant, license or permit;

     

    (l)  The
      lien
      of taxes and assessments which are not at the time delinquent;

     

    (m)  The
      lien
      of specified taxes and assessments which are delinquent but the validity of
      which is being contested in good faith at the time by the Issuer or a
      Subsidiary;

     

    (n)  The
      lien
      reserved in leases for rent and for compliance with the terms of the lease
      in
      the case of leasehold estates;

     

    (o)  Defects
      and irregularities in the titles to any property (including rights-of-way and
      easements) which are not material to the business of the Issuer and its
      Subsidiaries considered as a whole;

     

    (p)  Any
      mortgages securing Indebtedness neither assumed nor guaranteed by the Issuer
      or
      a Subsidiary nor on which it customarily pays interest, existing upon real
      estate or rights in or relating to real estate (including rights-of-way and
      easements) acquired by the Issuer or a Subsidiary, which mortgages do not
      materially impair the use of such property for the purposes for which it is
      held
      by the Issuer or such Subsidiary;

     

    (q)  Easements,
      exceptions or reservations in any property of the Issuer or a Subsidiary granted
      or reserved for the purpose of pipelines, roads, telecommunication equipment
      and
      cable, streets, alleys, highways, railroad purposes, the removal of oil, gas,
      coal or other minerals or timber, and other like purposes, or for the joint
      or
      common use of real property, facilities and equipment, which do not materially
      impair the use of such property for the purposes for which it is held by the
      Issuer or such Subsidiary;

     

    (r)  Rights
      reserved to or vested in any municipality or public authority to control or
      regulate any property of the Issuer or a Subsidiary, or to use such property
      in
      any manner which does not materially impair the use of such property for the
      purposes for which it is held by the Issuer or such Subsidiary;

     

    (s)  Any
      obligations or duties, affecting the property of the Issuer or a Subsidiary,
      to
      any municipality or public authority with respect to any franchise, grant,
      license or permit;

     

    (t)  The
      liens
      of any judgments in an aggregate amount not in excess of $2,000,000 or the
      lien
      of any judgment the execution of which has been stayed or which has been
      appealed and secured, if necessary, by the filing of an appeal
      bond;

     

    (u)  Zoning
      laws and ordinances;

     

    (v)  Any
      mortgage existing on any office equipment, data processing equipment (including
      computer and computer peripheral equipment) or transportation equipment
      (including motor vehicles, aircraft and marine vessels);

     

    (w)  Leases
      now or hereafter existing and any renewals or extensions thereof;

     

    (x)  Any
      lien
      on inventory and receivables incurred in the ordinary course of business to
      secure Indebtedness incurred for working capital purposes including liens
      incurred in connection with a sale of receivables; and

     

    (y)  Any
      mortgage not permitted by clauses (a) through (x) above if at the time of,
      and
      after giving effect to, the creation or assumption of any such mortgage, the
      aggregate of all Indebtedness of the Issuer and its Subsidiaries secured by
      all
      such mortgages not so permitted by clauses (a) through (x) above do not exceed
      10% of Consolidated Net Tangible Assets.

     

    In
      the
      event that the Issuer or a Subsidiary shall hereafter secure the Notes equally
      and ratably with any other obligation or Indebtedness pursuant to the provisions
      of this Section 3.6, the Trustee is hereby authorized to enter into an indenture
      supplemental hereto and to take such action, if any, as it may deem advisable
      to
      enable it to enforce effectively the rights of the Holders of the Notes so
      secured, equally and ratably with such other obligation or
      Indebtedness.

     

    Trustee,
      at its request, shall be provided with an Opinion of Counsel as conclusive
      evidence that any such supplemental indenture or steps taken to secure the
      Notes
      equally and ratably comply with the provisions of this Section.

     

    
      	Section
              3.5  	
              Limitation
                on Sale and Leaseback
                Transactions.

            

    

     

    The
      Issuer agrees that it will not, and will not permit any Subsidiary to, enter
      into any arrangement with any Person providing for the leasing by the Issuer
      or
      a Subsidiary of any Principal Property, acquired or placed into service more
      than 180 days prior to such arrangement (except for leases of three years or
      less), whereby such property has been or is to be sold or transferred by the
      Issuer or any Subsidiary to such Person (herein referred to as a “Sale and
      Lease-Back Transaction”), unless:

     

    (i)  the
      Issuer or any Subsidiary would, at the time of entering into a Sale and
      Lease-Back Transaction, be entitled to incur Indebtedness secured by a mortgage
      on such Principal Property to be leased in an amount at least equal to the
      Attributable Debt in respect of such transaction without equally and ratably
      securing the Notes pursuant to Section 3.4 hereof; or

     

    (ii)  the
      Issuer shall covenant that it will apply an amount equal to the net proceeds
      from the sale of the Principal Property so leased to the retirement (other
      than
      any mandatory retirement) of its Funded Indebtedness within 90 days of the
      effective date of any such Sale and Lease-Back Transaction, provided that the
      amount to be applied to the retirement of Funded Indebtedness of the Issuer
      shall be reduced by (i) the principal amount of any Notes delivered by the
      Issuer to the Trustee within 90 days after such Sale and Lease-Back Transaction
      for retirement and cancellation, and (ii) the principal amount of Funded
      Indebtedness, other than Notes, voluntarily retired by the Issuer within 90
      days
      following such Sale and Lease-Back Transaction, provided, further, that the
      covenant contained in this Section shall not apply to, and there shall be
      excluded from Attributable Debt in any computation under this Section,
      Attributable Debt with respect to any Sale and Lease-Back Transaction
      if:

     

    (A)  such
      Sale
      and Lease-Back Transaction is entered into in connection with transactions
      which
      are part of an industrial development or pollution control financing,
      or

     

    (B)  the
      only
      parties involved in such Sale and Lease-ack Transaction are the Issuer and
      any
      Subsidiary or any Subsidiaries.

     

    Notwithstanding
      these restrictions on Sale and Lease-Back Transaction, the Issuer and its
      Subsidiaries may enter into, create, assume and suffer to exist Sale and
      Lease-Back Transactions, not otherwise permitted hereby, if at the time of,
      and
      after giving effect to, such Sale and Lease-Back Transaction, the total
      consolidated Attributable Debt of the Issuer and its Subsidiaries does not
      exceed 10% of Consolidated Net Tangible Assets.

     

    
      	Section
              3.6  	
              [Reserved].

            

    

     

    
      	Section
              3.7  	
              Holders
                Lists.

            

    

     

    If
      and so
      long as the Trustee shall not be the Registrar for the Notes, the Issuer will
      furnish or cause to be furnished to the Trustee a list in such form as the
      Trustee may reasonably require of the names and addresses of the holders of
      the
      Notes pursuant to §312 of the Trust Indenture Act of 1939 (a) semi-annually not
      more than 15 days after each record date for the payment of interest on such
      Notes, as hereinabove specified, as of such record date and on dates to be
      determined pursuant to Section 2.5 for non-interest bearing securities in each
      year, and (b) at such other times as the Trustee may request in writing, within
      thirty days after receipt by the Issuer of any such request as of a date not
      more than 15 days prior to the time such information is furnished. Holders
      may
      communicate pursuant to §312(b) of the Trust Indenture Act of 1939 with other
      Holders with respect to their rights under this Indenture or the Notes. The
      Issuer, the Guarantor, the Trustee, the Registrar and anyone else shall have
      the
      protection of §312(c) of the Trust Indenture Act of 1939.

     

    
      	Section
              3.8  	
              Reports
                by the Issuer.

            

    

     

    The
      Issuer covenants to file with the Trustee, within 15 days after the Issuer
      is
      required to file the same with the Commission, copies of the annual reports
      and
      of the information, documents, and other reports which the Issuer may be
      required to file with the Commission pursuant to Section 13 or Section 15(d)
      of
      the Securities Exchange Act of 1934. Delivery
      of such reports, information and documents to the Trustee is for informational
      purposes only and the Trustee's receipt of such shall not constitute
      constructive notice of any information contained therein or determinable from
      information contained therein, including the Company's compliance with any
      of
      its covenants hereunder (as to which the Trustee is entitled to rely exclusively
      on Officers' Certificates).

     

    
      	Section
              3.9  	
              Reports
                by the Trustee.

            

    

     

    Any
      Trustee’s report required under §313(a) of the Trust Indenture Act of 1939 shall
      be transmitted on or before April 15 in each year following the date hereof,
      so
      long as any Notes are Outstanding hereunder, and shall be dated as of a date
      convenient to the Trustee no more than 60 nor less than 45 days prior thereto,
      provided that, if no event described in §313(a) of the Trust Indenture Act of
      1939 has occurred within the twelve months preceding the reporting date, no
      report need be transmitted. The Trustee shall also comply with §313(b) of the
      Trust Indenture Act.

     

                                                    ARTICLE
      FOUR  

     

    DEFAULTS
      ADD REMEDIES

     

    
      	Section
              4.1  	
              Event
                of Default Defined, Acceleration of Maturity, Waiver of
                Default.

            

    

     

    “Event
      of
      Default” with respect to the Notes wherever used herein, means each one of the
      following events which shall have occurred and be continuing (whatever the
      reason for such Event of Default and whether it shall be voluntary or
      involuntary or be effected by operation of law or pursuant to any judgment,
      decree or order of any court or any order, rule or regulation of any
      administrative or governmental body):

     

    (a)  default
      in the payment of any installment of interest upon any of the Notes as and
      when
      the same shall become due and payable, and continuance of such default for
      a
      period of 30 days; or

     

    (b)  default
      in the payment of all or any part of the principal on any of the Notes as and
      when the same shall become due and payable either at maturity, upon any
      redemption, by declaration or otherwise; or

     

    (c)  default
      in the performance, or breach, of any covenant or warranty of

     

    the
      Issuer or the Guarantor in respect of the Notes (other than a covenant or
      warranty in respect of the Notes a default in whose performance or whose breach
      is elsewhere in this Section specifically dealt with) and continuance of such
      default or breach for a period of 60 days (or
      180
      days in the case of a Reporting Failure) after there has been given, by
      registered or certified mail, to the Issuer and the Guarantor by the Trustee
      or
      to the Issuer, the Guarantor and the Trustee by the Holders of at least 25%
      in
      aggregate principal amount of the Outstanding Notes, a written notice specifying
      such default or breach and requiring it to be remedied and stating that such
      notice is a “Notice of Default” hereunder; or

     

    (d)  either
      (1) default in payment of any Indebtedness of the Issuer, the Guarantor or
      any
      Subsidiary of the Issuer within any applicable grace period after final maturity
      or (2) the acceleration of Indebtedness of the Issuer, the Guarantor or any
      Subsidiary of the Issuer by the holders thereof because of a default and, in
      either case, the total amount of the Indebtedness unpaid or accelerated exceeds
      $50.0 million; or

     

    (e)  the
      entry
      of a decree or order by a court having jurisdiction in the premises adjudging
      the Issuer, the Guarantor or any Significant Subsidiary as bankrupt or
      insolvent, or approving as properly filed a petition seeking reorganization,
      arrangement, adjustment or composition of or in respect of the Issuer, the
      Guarantor or any Significant Subsidiary under the federal bankruptcy law or
      any
      other applicable federal or state law, or appointing a receiver, liquidator,
      assignee, trustee, sequestrator (or other similar official) of the Issuer,
      the
      Guarantor or any Significant Subsidiary or for any substantial part of its
      property, or ordering the winding up or liquidation of the affairs of the
      Issuer, the Guarantor or any Significant Subsidiary, and the continuance of
      any
      such decree or order unstayed and in effect for a period of 60 consecutive
      days;
      or

     

    (f)  the
      institution by the Issuer, the Guarantor or any Significant Subsidiary of
      proceedings to be adjudicated as bankrupt or insolvent or the consent by the
      Issuer, the Guarantor or any Significant Subsidiary to the institution of
      bankruptcy or insolvency proceedings against it, or the filing by the Issuer,
      the Guarantor or any Significant Subsidiary of a petition or answer or consent
      seeking reorganization or relief under the federal bankruptcy law or any other
      applicable federal or state law, or the consent by the Issuer, the Guarantor
      or
      any Significant Subsidiary to the filing of any such petition or to the
      appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
      other
      similar official) of the Issuer, the Guarantor or any Significant Subsidiary
      or
      for any substantial part of its property, or the making by the Issuer, the
      Guarantor or any Significant Subsidiary of any general assignment for the
      benefit of creditors;

     

    provided,
      however,
      that the
      occurrence of any of the events described in the foregoing clause (c) shall
      not
      constitute an Event of Default if such occurrence is the result of changes
      in
      generally accepted accounting principles as recognized by the American Institute
      of Certified Public Accountants at the date as of which this Indenture is
      executed and a certificate to such effect is delivered to the Trustee by the
      Issuer’s independent public accountants.

     

    If
      an
      Event of Default described in clauses (a), (b), (c) or (d) above occurs and
      is
      continuing, then, and in each and every such case, unless the principal of
      all
      the Notes shall have already become due and payable, either the Trustee or
      the
      Holders of not less than 25% in aggregate principal amount of all the Notes
      then
      Outstanding hereunder, by notice in writing to the Issuer and the Guarantor
      (and
      to the Trustee if given by Noteholders), may declare the entire principal of
      all
      of the Notes then Outstanding, and interest accrued thereon, if any, to be
      due
      and payable immediately, and upon any such declaration the same shall become
      immediately due and payable. If an Event of Default described in clause (e)
      or
      (f) occurs and is continuing, then and in each and every such case, unless
      the
      principal of all the Notes shall have already become due and payable, the entire
      principal of all of the Notes then Outstanding, and interest accrued thereon,
      if
      any, will become immediately due and payable without any declaration of
      acceleration or other act on the part of the Trustee or any
      Holders.

     

    The
      foregoing provisions, however, are subject to the condition that if, at any
      time
      after the principal of the Notes shall have been so declared due and payable
      or
      become automatically due and payable, and before any judgment or decree for
      the
      payment of the moneys due shall have been obtained or entered as hereinafter
      provided, the Issuer shall pay or shall deposit with the Trustee a sum
      sufficient to pay all matured installments of interest upon all the Notes and
      the principal of any and all Notes which shall have become due otherwise than
      by
      acceleration (with interest upon such principal and, to the extent that payment
      of such interest is enforceable under applicable law, on overdue installments
      of
      interest, at the same rate as the rate of interest specified in the Notes and
      such amount as shall be sufficient to cover reasonable compensation to the
      Trustee and each predecessor Trustee and their agents, attorneys and counsel,
      and all other expenses and liabilities incurred, and all advances made, by
      the
      Trustee and each predecessor Trustee except as a result of negligence or bad
      faith, and if any and all Events of Default under this Indenture, other than
      the
      non-payment of the principal of Notes which shall have become due by
      acceleration, shall have been cured, waived or otherwise remedied as provided
      herein then and in every such case the Holders of a majority in aggregate
      principal amount of all the Notes then Outstanding, by written notice to the
      Issuer, the Guarantor and to the Trustee, may waive all defaults with respect
      to
      the Notes and rescind and annul such declaration and its consequences, but
      no
      such waiver or rescission and annulment shall extend to or shall affect any
      subsequent default or shall impair any right consequent thereon.

     

    
      	Section
              4.2  	
              Collection
                of Indebtedness by Trustee; Trustee May Prove
                Debt.

            

    

     

    The
      Issuer covenants that (a) in case default shall be made in the payment of any
      installment of interest on any of the Notes when such interest shall have become
      due and payable, and such default shall have continued for a period of 30 days
      or (b) in case default shall be made in the payment of all or any part of the
      principal of any of the Notes when the same shall have become due and payable,
      whether upon maturity of the Notes or upon any redemption or by declaration
      or
      otherwise, then upon demand of the Trustee, the Issuer will pay to the Trustee
      for the benefit of the Holders of the Notes the whole amount that then shall
      have become due and payable on all Notes for principal or interest, as the
      case
      may be (with interest to the date of such payment upon the overdue principal
      and, to the extent that payment of such interest is enforceable under applicable
      law, on overdue installments of interest at the same rate as the rate of
      interest specified in the Notes); and in addition thereto, such further amount
      as shall be sufficient to cover the costs and expenses of collection, including
      reasonable compensation to the Trustee and each predecessor Trustee, their
      respective agents, attorneys and counsel, and any expenses and liabilities
      incurred, and all advances made, by the Trustee and each predecessor Trustee
      except as a result of its negligence or bad faith.

     

    Until
      such demand is made by the Trustee, the Issuer may pay the principal of and
      interest on the Notes to the registered Holders, whether or not the principal
      of
      and interest on Notes be overdue.

     

    In
      case
      the Issuer shall fail forthwith to pay such amounts upon such demand, the
      Trustee, in its own name and as trustee of an express trust, shall be entitled
      and empowered to institute any action or proceedings at law or in equity for
      the
      collection of the sums so due and unpaid, and may prosecute any such action
      or
      proceedings to judgment or final decree, and may enforce any such judgment
      or
      final decree against the Issuer or other obligor upon the Notes and collect
      in
      the manner provided by law out of the property of the Issuer or other obligor
      upon the Notes, wherever situated, the moneys adjudged or decreed to be
      payable.

     

    In
      case
      there shall be pending proceedings relative to the Issuer, the Guarantor or
      any
      other obligor upon the Notes under Title 11 of the United States Code or any
      other applicable federal or state bankruptcy, insolvency or other similar law,
      or in case a receiver, assignee or trustee in bankruptcy or reorganization,
      liquidator, sequestrator or similar official shall have been appointed for
      or
      taken possession of the Issuer, the Guarantor or their property or such other
      obligor, or in case of any other comparable judicial proceedings relative to
      the
      Issuer, the Guarantor or other obligor upon the Notes, or to the creditors
      or
      property of the Issuer, the Guarantor or such other obligor, the Trustee,
      irrespective of whether the principal of the Notes shall then be due and payable
      as therein expressed or by declaration or otherwise and irrespective of whether
      the Trustee shall have made any demand pursuant to the provisions of this
      Section, shall be entitled and empowered, by intervention in such proceedings
      or
      otherwise:

     

    (a)  to
      file
      and prove a claim or claims for the whole amount of principal and interest
      owing
      and unpaid in respect of the Notes, and to file such other papers or documents
      as may be necessary or advisable in order to have the claims of the Trustee
      (including any claim for reasonable compensation to the Trustee and each
      predecessor Trustee, and their respective agents, attorneys and counsel, and
      for
      reimbursement of all expenses and liabilities incurred, and all advances made,
      by the Trustee and each predecessor Trustee, except as a result of negligence
      or
      bad faith) and of the Holders allowed in any judicial proceedings relative
      to
      the Issuer or other obligor upon the Notes, or to the creditors or property
      of
      the Issuer or such other obligor,

     

    (b)  unless
      prohibited by applicable law and regulations, to vote on behalf of the Holders
      of the Notes in any election of a trustee or a standby trustee in arrangement,
      reorganization, liquidation or other bankruptcy or insolvency proceedings or
      Person performing similar functions in comparable proceedings, and

     

    (c)  to
      collect and receive any moneys or other property payable or deliverable on
      any
      such claims, and to distribute all amounts received with respect to the claims
      of the Holders and of the Trustee on their behalf, and any trustee, receiver, or
      liquidator, custodian or other similar official is hereby authorized by each
      of
      the Holders to make payments to the Trustee, and, in the event that the Trustee
      shall consent to the making of payments directly to the Holders, to pay to
      the
      Trustee such amounts as shall be sufficient to cover reasonable compensation
      to
      the Trustee, each predecessor Trustee and their respective agents, attorneys
      and
      counsel, and all other expenses and liabilities incurred, and all advances
      made,
      by the Trustee and each predecessor Trustee except as a result of negligence
      or
      bad faith.

     

    Nothing
      herein contained shall be deemed to authorize the Trustee to authorize or
      consent to or vote for or accept or adopt on behalf of any Holder any plan
      of
      reorganization, arrangement, adjustment or composition affecting the Notes
      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 except, as aforesaid, to
      vote
      for the election of a trustee in bankruptcy or similar Person.

     

    All
      rights of action and of asserting claims under this Indenture, or under any
      of
      the Notes, may be enforced by the Trustee without the possession of any of
      the
      Notes or the production thereof in any trial or other proceedings relative
      thereto, and any such action or proceedings instituted by the Trustee shall
      be
      brought in its own name as trustee of an express trust, and any recovery of
      judgment, subject to the payment of the expenses, disbursements and compensation
      of the Trustee, each predecessor Trustee and their respective agents and
      attorneys, shall be for the ratable benefit of the Holders of the Notes in
      respect of which such action was taken.

     

    In
      any
      proceedings brought by the Trustee (and also any proceedings involving the
      interpretation of any provision of this Indenture to which the Trustee shall
      be
      a party) the Trustee shall be held to represent all the Holders of the Notes
      in
      respect to which such action was taken, and it shall not be necessary to make
      any Holders of the Notes parties to any such proceedings.

     

    
      	Section
              4.3  	
              Application
                of Proceeds.

            

    

     

    Any
      moneys collected by the Trustee pursuant to this Article Four shall be applied
      in the following order at the date or dates fixed by the Trustee and, in case
      of
      the distribution of such moneys on account of principal or interest, upon
      presentation of the several Notes in respect of which monies have been collected
      and stamping (or otherwise noting) thereon the payment, or issuing Notes in
      reduced principal amounts in exchange for the presented Notes, if only partially
      paid, or upon surrender thereof if fully paid:

     

    FIRST:
      To
      the payment of costs and expenses applicable to the Notes in respect of which
      monies have been collected, including reasonable compensation to the Trustee
      and
      each predecessor Trustee and their respective agents and attorneys and of all
      expenses and liabilities incurred, and all advances made, by the Trustee and
      each predecessor Trustee except as a result of negligence or bad
      faith;

     

    SECOND:
      In case the principal of the Notes in respect of which moneys have been
      collected shall not have become and be then due and payable, to the payment
      of
      interest on the Notes in default in the order of the maturity of the
      installments of such interest, with interest (to the extent that such interest
      has been collected by the Trustee) upon the overdue installments of interest
      at
      the same rate as the rate of interest specified in such Notes, such payments
      to
      be made ratably to the Persons entitled thereto, without discrimination or
      preference;

     

    THIRD:
      In
      case the principal of the Notes in respect of which moneys have been collected
      shall have become and shall be then due and payable, to the payment of the
      whole
      amount then owing and unpaid upon all the Notes for principal and interest,
      with
      interest upon the overdue principal, and (to the extent that such interest
      has
      been collected by the Trustee) upon overdue installments of interest at the
      same
      rate as the rate of interest specified in the Notes; and in case such moneys
      shall be insufficient to pay in full the whole amount so due and unpaid upon
      the
      Notes, then to the payment of such principal and interest, without preference
      or
      priority of principal over interest, or of interest over principal, or of any
      installment of interest over any other installment of interest, ratably to
      the
      aggregate of such principal and accrued and unpaid interest; and

     

    FOURTH:
      To the payment of the remainder, if any, to the Issuer. 

     

    
      	Section
              4.4  	
              Suits
                for Enforcement.

            

    

     

    In
      case
      an Event of Default has occurred, has not been waived and is continuing, the
      Trustee may in its discretion proceed to protect and enforce the rights vested
      in it by this Indenture by such appropriate judicial proceedings as the Trustee
      shall deem most effectual to protect and enforce any of such rights, either
      at
      law or in equity or in bankruptcy or otherwise, whether for the specific
      enforcement of any covenant or agreement contained in this Indenture or in
      aid
      of the exercise of any power granted in this Indenture or to enforce any other
      legal or equitable right vested in the Trustee by this Indenture or by
      law.

     

    
      	Section
              4.5  	
              Restoration
                of Rights on Abandonment of
                Proceedings.

            

    

     

    In
      case
      the Trustee shall have proceeded to enforce any right under this Indenture
      and
      such proceedings shall have been discontinued or abandoned for any reason,
      or
      shall have been determined adversely to the Trustee, then and in every such
      case
      the Issuer, the Guarantor and the Trustee shall be restored respectively to
      their former positions and rights hereunder, and all rights, remedies and powers
      of the Issuer, the Guarantor, the Trustee and the Holders shall continue as
      though no such proceedings had been taken.

     

    
      	Section
              4.6  	
              Limitations
                on Suits by Holders.

            

    

     

    No
      Holder
      of any Note shall have any right by virtue or by availing of any provision
      of
      this Indenture to institute any action or proceeding at law or in equity or
      in
      bankruptcy or otherwise upon or under or with respect to this Indenture, or
      for
      the appointment of a trustee, receiver, liquidator, custodian or other similar
      official or for any other remedy hereunder, unless such Holder previously shall
      have given to the Trustee written notice of default and of the continuance
      thereof, as herein before provided, and unless also the Holders of not less
      than
      25% in aggregate principal amount of the Notes shall have made written request
      upon the Trustee to institute such action or proceedings in its own name as
      Trustee hereunder and shall have offered to the Trustee such indemnity
      reasonably satisfactory to it against the costs, expenses and liabilities to
      be
      incurred therein or thereby and the Trustee for 60 days after its receipt of
      such notice, request and offer of indemnity shall have failed to institute
      any
      such action or proceeding and no direction inconsistent with such written
      request shall have been given to the Trustee pursuant to Section 4.9; it being
      understood and intended, and being expressly covenanted by the taker and Holder
      of every Note with every other taker and Holder and the Trustee, that no one
      or
      more Holders of Notes shall have any right in any manner whatever by virtue
      or
      by availing of any provision of this Indenture to affect, disturb or prejudice
      the rights of any other such Holder of Notes, or to obtain or seek to obtain
      priority over or preference to any other such Holder or to enforce any right
      under this Indenture, except in the manner herein provided and for the equal,
      ratable and common benefit of all Holders of Notes. For the protection and
      enforcement of the provisions of this Section, each and every Holder and the
      Trustee shall be entitled to such relief as can be given either at law or in
      equity.

     

    
      	Section
              4.7  	
              Unconditional
                Right of Holders to Institute Certain
                Suits.

            

    

     

    Notwithstanding
      any other provision in this Indenture and any provision of any Note, the right
      of any Holder of any Note to receive payment of the principal of and interest
      on
      such Note on or after the respective due dates expressed or provided for in
      such
      Note, or to institute suit for the enforcement of any such payment on or after
      such respective dates, shall not be impaired or affected without the consent
      of
      such Holder.

     

    
      	Section
              4.8  	
              Powers
                and Remedies Cumulative; Delay or Omission Not Waiver of
                Default.

            

    

     

    Except
      as
      provided in Section 4.6, no right or remedy herein conferred upon or reserved
      to
      the Trustee or to the Holders of Notes is intended to be exclusive of any other
      right or remedy, and every right and remedy shall, to the extent permitted
      by
      law, be cumulative and in addition to every other right and remedy given
      hereunder or now or hereafter existing at law or in equity or otherwise. The
      assertion or employment of any right or remedy hereunder, or otherwise, shall
      not prevent the concurrent assertion or employment of any other appropriate
      right or remedy.

     

    No
      delay
      or omission of the Trustee or of any Holder of Notes to exercise any right
      or
      power accruing upon any Event of Default occurring and continuing as aforesaid
      shall impair any such right or power or shall be construed to be a waiver of
      any
      such Event of Default or an acquiescence therein; and, subject to Section 4.6,
      every power and remedy given by this Indenture or by law to the Trustee or
      to
      the Holders of Notes may be exercised from time to time, and as often as shall
      be deemed expedient, by the Trustee or by the Holders of Notes.

     

    
      	Section
              4.9  	
              Control
                by Holders of Notes.

            

    

     

    The
      Holders of a majority in aggregate principal amount of the Notes at the time
      Outstanding shall have the right to direct the time, method, and place of
      conducting any proceeding for any remedy available to the Trustee, or exercising
      any trust or power conferred on the Trustee with respect to the Notes by this
      Indenture; provided that such direction shall not be otherwise than in
      accordance with law and the provisions of this Indenture and provided further
      that (subject to the provisions of Section 5.1) the Trustee shall have the
      right
      to decline to follow any such direction if the Trustee, being advised by
      counsel, shall determine that the action or proceeding so directed may not
      lawfully be taken or if the Trustee in good faith by its board of directors,
      the
      executive committee, or a trust committee of directors or Responsible Officers
      of the Trustee shall determine that the action or proceedings so directed would
      involve the Trustee in personal liability or if the Trustee in good faith shall
      so determine that the actions or forebearances specified in or pursuant to
      such
      direction would be unduly prejudicial to the interests of Holders of the Notes
      not joining in the giving of said direction, it being understood that (subject
      to Section 5.1) the Trustee shall have no duty to ascertain whether or not
      such
      actions or forebearances are unduly prejudicial to such Holders.

     

    Nothing
      in this Indenture shall impair the right of the Trustee in its discretion to
      take any action deemed proper by the Trustee and which is not inconsistent
      with
      such direction or directions by Holders.

     

    
      	Section
              4.10  	
              Waiver
                of Past Defaults.

            

    

     

    Prior
      to
      the acceleration of the maturity of any Notes as provided in Section 4. 1,
      the
      Holders of a majority in aggregate principal amount of the Notes at the time
      Outstanding with respect to which an Event of Default shall have occurred and
      be
      continuing may on behalf of the Holders of all such Notes waive any past default
      or Event of Default described in Section 4.1 and its consequences, except a
      default in respect of a covenant or provision hereof which cannot be modified
      or
      amended without the consent of the Holder of each Note affected. In the case
      of
      any such waiver, the Issuer, the Guarantor, the Trustee and the Holders of
      all
      such Notes shall be restored to their former positions and rights hereunder,
      respectively; but no such waiver shall extend to any subsequent or other default
      or impair any right consequent thereon.

     

    Upon
      any
      such waiver, such default shall cease to exist and be deemed to have been cured
      and not to have occurred, and any Event of Default arising therefrom shall
      be
      deemed to have been cured, and not to have occurred for every purpose of this
      Indenture; but no such waiver shall extend to any subsequent or other default
      or
      Event of Default or impair any right consequent thereon.

     

    
      	Section
              4.11  	
              Trustee
                to Give Notice of Default, But May Withhold in Certain
                Circumstances.

            

    

     

    The
      Trustee shall, within 90 days after the occurrence of a Default with respect
      to
      the Notes, give notice of all Defaults known to the Trustee (i) if any Notes
      are
      then Outstanding, to the Holders thereof, by publication at least once in an
      Authorized Newspaper in the Borough of Manhattan, The City of New York and
      at
      least once in an Authorized Newspaper in London (and, if required by Section
      3.8, at least once in an Authorized Newspaper in Luxembourg) and (ii) to all
      Holders of Notes in the manner and to the extent provided in §313(c) of the
      Trust Indenture Act of 1939, unless in each case such Defaults shall have been
      cured before the mailing or publication of such notice; provided that, except
      in
      the case of default in the payment of the principal of or interest on any of
      the
      Notes, the Trustee shall be protected in withholding such notice if and so
      long
      as the board of directors, the executive committee, or a trust committee of
      directors or trustees and/or Responsible Officers of the Trustee in good faith
      determines that the withholding of such notice is in the interests of the
      Holders.

     

    
      	Section
              4.12  	
              Right
                of Court to Require Filing of Undertaking to Pay
                Costs.

            

    

     

    All
      parties to this Indenture agree, and each Holder of any Note by his acceptance
      thereof shall be deemed to have agreed, that any court may in its discretion
      require, 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, suffered
      or
      omitted by it as Trustee, the filing by any party litigant in such suit of
      an
      undertaking to pay the costs of such suit, and that such court may in its
      discretion assess reasonable costs, including reasonable attorneys’ fees,
      against any party litigant in such suit, having due regard to the merits and
      good faith of the claims or defenses made by such party litigant; but the
      provisions of this Section shall not apply to any suit instituted by the
      Trustee, to any suit instituted by any Holder or group of Holders holding in
      the
      aggregate more than 10% in aggregate principal amount of the Notes or, in the
      case of any suit relating to or arising under clause (c) or (f) of Section
      4.1
      or to any suit instituted by any Holder for the enforcement of the payment
      of
      the principal of or interest on any Note on or after the due date expressed
      in
      such Note or any date fixed for redemption.

     

                                                    ARTICLE
      FIVE  

     

    CONCERNING
      THE TRUSTEE

     

    
      	Section
              5.1  	
              Duties
                and Responsibilities of the Trustee; During Default; Prior to
                Default.

            

    

     

    With
      respect to the Holders of Notes issued hereunder, the Trustee, prior to the
      occurrence of an Event of Default with respect to the Notes and after the curing
      or waiving of all Events of Default which may have occurred, undertakes to
      perform such duties and only such duties as are specifically set forth in this
      Indenture. In case an Event of Default with respect to the Notes has occurred
      (which has not been cured or waived) the Trustee shall exercise with respect
      to
      the Notes such of the rights and powers vested in it by this Indenture, and
      use
      the same degree of care and skill in their exercise, as a prudent person would
      exercise or use under the circumstances in the conduct of such person’s own
      affairs.

     

    No
      provision of this Indenture shall be construed to relieve the Trustee from
      liability for its own negligent action, its own negligent failure to act or
      its
      own willful misconduct, except that

     

    (a)  prior
      to
      the occurrence of an Event of Default with respect to the Notes and after the
      curing or waiving of all such Events of Default with respect to which may have
      occurred:

     

    (i)  the
      duties and obligations of the Trustee with respect

     

    to
      the
      Notes shall be determined solely by the express provisions of this Indenture,
      and the Trustee shall not be liable except for the performance of such duties
      and obligations as are specifically set forth in this Indenture, and no implied
      covenants or obligations shall be read into this Indenture against the Trustee;
      and

     

    (ii)  in
      the
      absence of bad faith on the part of the Trustee,

     

    the
      Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any statements, certificates
      or opinions furnished to the Trustee and conforming to the requirements of
      this
      Indenture; but in the case of any such statements, certificates or opinions
      which by any provision hereof are specifically required to be furnished to
      the
      Trustee, the Trustee shall be under a duty to examine the same to determine
      whether or not they conform to the requirements of this Indenture
      (but
      need not confirm or investigate the accuracy or mathematical calculations or
      other facts stated therein);

     

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

     

    (c)  the
      Trustee shall not be liable with respect to any action taken or omitted to
      be
      taken by it in good faith in accordance with the direction of the Holders
      pursuant to Section 4.9 relating to the time, method and place of conducting
      any
      proceeding for any remedy available to the Trustee, or exercising any trust
      or
      power conferred upon the Trustee, under this Indenture.

     

    None
      of
      the provisions contained in this Indenture shall require the Trustee to expend
      or risk its own funds or otherwise incur personal financial liability in the
      performance of any of its duties or in the exercise of any of its rights or
      powers, if there shall be reasonable ground for believing that the repayment
      of
      such funds or adequate indemnity against such liability is not reasonably
      assured to it.

     

    The
      provisions of this Section 5.1 are in furtherance of and subject to Sections
      315
      and 316 of the Trust Indenture Act of 1939.

     

    
      	Section
              5.2  	
              Certain
                Rights of Trustee.

            

    

     

    In
      furtherance of and subject to the Trust Indenture Act of 1939, and subject
      to
      Section 5.1:

     

    (a)  the
      Trustee may conclusively rely and shall be protected in acting or refraining
      from acting upon any resolution, Officers’ Certificate or any other certificate,
      statement, instrument, opinion, report, notice, request, consent, order, bond,
      debenture, note, Note or other paper or document believed by it to be genuine
      and to have been signed or presented by the proper party or
      parties;

     

    (b)  any
      request, direction, order or demand of the Issuer mentioned herein shall be
      sufficiently evidenced by an Officers’ Certificate (unless other evidence in
      respect thereof be herein specifically prescribed); and any resolution of the
      Board of Directors may be evidenced to the Trustee by a copy thereof certified
      by the secretary or an assistant secretary of Boardwalk GP;

     

    (c)  the
      Trustee may consult with counsel of its selection and any advice or any Opinion
      of Counsel shall be full and complete authorization and protection in respect
      of
      any action taken, suffered or omitted to be taken by it hereunder in good faith
      and in reliance thereon in accordance with such advice or Opinion of
      Counsel;

     

    (d)  the
      Trustee shall be under no obligation to exercise any of the trusts or powers
      vested in it by this Indenture at the request, order or direction of any of
      the
      Holders pursuant to the provisions of this Indenture, unless such Holders shall
      have offered to the Trustee security or indemnity reasonably satisfactory to
      it
      against the costs, expenses and liabilities which might be incurred therein
      or
      thereby,

     

    (e)  the
      Trustee shall not be liable for any action taken or omitted by it in good faith
      and believed by it to be authorized or within the discretion, rights or powers
      conferred upon it by this Indenture;

     

    (f)  prior
      to
      the occurrence of an Event of Default hereunder and after the curing or waiving
      of all Events of Default, the Trustee shall not be bound to make any
      investigation into the facts or matters stated in any resolution, certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      approval, appraisal, bond, debenture, note, Note, or other paper or document
      unless requested in writing so to do by the Holders of not less than a majority
      in aggregate principal amount of the Notes then Outstanding; provided that,
      if
      the payment within a reasonable time to the Trustee of the costs, expenses
      or
      liabilities likely to be incurred by it in the making of such investigation
      is,
      in the opinion of the Trustee, not reasonably assured to the Trustee by the
      security afforded to it by the terms of this Indenture, the Trustee may require
      reasonable indemnity against such expenses or liabilities as a condition to
      proceeding; the reasonable expenses of every such investigation shall be paid
      by
      the Issuer or, if paid by the Trustee or any predecessor Trustee, shall be
      repaid by the Issuer upon demand; 

     

    (g)  the
      Trustee may execute any of the trusts or powers or perform any duties either
      directly or by or through agents or attorneys not regularly in its employ and
      the Trustee shall not be responsible for any misconduct or negligence on the
      part of any such agent or attorney appointed by it with due care;

     

    (h)  in
      no
      event shall the Trustee be responsible or liable for special, indirect, or
      consequential loss or damage of any kind whatsoever (including, but not limited
      to, loss of profit) irrespective of whether the Trustee has been advised of
      the
      likelihood of such loss or damage and regardless of the form of
      action;

     

    (i)  the
      Trustee shall not be deemed to 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 is received
      by the Trustee at the Corporate Trust Office of the Trustee, and such notice
      references the Notes and this Indenture;

     

    (j)  the
      rights, privileges, protections, immunities and benefits given to the Trustee,
      including, without limitation, its right to be indemnified, are extended to,
      and
      shall be enforceable by, the Trustee in each of its capacities hereunder, and
      each agent, custodian and other Person employed to act hereunder;
      and

     

    (k)  the
      Trustee may request that the Issuer deliver an Officers’ Certificate setting
      forth the names of individuals and/or titles of officers authorized at such
      time
      to take specified actions pursuant to this Indenture, which Officers’
Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such
      certificate previously delivered and not superseded.

     

    
      	Section
              5.3  	
              Trustee
                Not Responsible for Recitals Disposition of Notes or Applications
                of
                Proceeds Thereof.

            

    

     

    The
      recitals contained herein and in the Notes, except the Trustee’s certificates of
      authentication, shall be taken as the statements of the Issuer, and the Trustee
      assumes no responsibility for the correctness of the same. The Trustee makes
      no
      representation as to the validity or sufficiency of this Indenture or of the
      Notes, except that the Trustee represents that it is duly authorized to execute
      and deliver this Indenture, authenticate the Notes and perform all its
      obligations hereunder, and that the statements made by it in the Statement
      of
      Eligibility on Form T-1 supplied to the Issuer are true and accurate. The
      Trustee shall not be accountable for the use or application by the Issuer of
      any
      of the Notes or of the proceeds thereof.

     

    
      	Section
              5.4  	
              Trustee
                and Agents May Hold Notes; Collections
                etc.

            

    

     

    The
      Trustee or any agent of the Issuer or the Trustee, in its individual or any
      other capacity, may become the owner or pledgee of Notes with the same rights
      it
      would have if it were not the Trustee or such agent and may otherwise deal
      with
      the Issuer and receive, collect, hold and retain collections from the Issuer
      with the same rights it would have if it were not the Trustee or such agent,
      subject to the provisions of the Trust Indenture Act of 1939 relating to
      conflicts of interest and preferential claims.

     

    
      	Section
              5.5  	
              Moneys
                Held by Trustee.

            

    

     

    Subject
      to the provisions of Section 9.4 hereof, all moneys received by the Trustee
      shall, until used or applied as herein provided, be held in trust for the
      purposes for which they were received, but need not be segregated from other
      funds except to the extent required by mandatory provisions of law. Neither
      the
      Trustee nor any agent of the Issuer or the Trustee shall be under any liability
      for interest on any moneys received by it hereunder.

     

    
      	Section
              5.6  	
              Compensation
                and Indemnification of Trustee and Its Prior
                Claim.

            

    

     

    Each
      of
      the Issuer and the Guarantor covenants and agrees to pay to the Trustee from
      time to time, and the Trustee shall be entitled to, such compensation as shall
      be agreed upon in writing (which shall not be limited by any provision of law
      in
      regard to the compensation of a trustee of an express trust) and each of the
      Issuer and the Guarantor covenants and agrees to pay or reimburse the Trustee
      and each predecessor Trustee upon its request for all reasonable expenses,
      disbursements and advances incurred or made by or on behalf of it in accordance
      with any of the provisions of this Indenture (including the reasonable
      compensation and the expenses and disbursements of its counsel and of all agents
      and other persons not regularly in its employ) except any such expense,
      disbursement or advance as shall be determined to have been caused by its own
      negligence or willful misconduct. Each of the Issuer and the Guarantor also
      covenants to indemnify the Trustee and each predecessor Trustee for, and to
      hold
      it harmless against, any and all loss, liability claim, damage or expense,
      including taxes (other than those based on or measured by the income of the
      Trustee) incurred without negligence or willful misconduct faith on its part,
      arising out of or in connection with the acceptance or administration of this
      Indenture or the trusts hereunder and its duties hereunder, including the costs
      and expenses of defending itself against or investigating any claim of liability
      (whether asserted by the Issuer, any Holder or any other Person) in the
      premises. The obligations of the Issuer and the Guarantor under this Section
      to
      compensate and indemnify the Trustee and each predecessor Trustee and to pay
      or
      reimburse the Trustee and each predecessor Trustee for expenses, disbursements
      and advances shall constitute additional indebtedness hereunder and shall
      survive the satisfaction and discharge of this Indenture or the resignation
      or
      removal of the Trustee. Such additional indebtedness shall be a senior claim
      to
      that of the Notes upon all property and funds held or collected by the Trustee
      as such, except funds held in trust for the benefit of the Holders of particular
      Notes, and the Notes are hereby subordinated to such senior claim. When the
      Trustee incurs expenses or renders services in connection with an Event of
      Default specified in Section 4.1(d) or 4.1(e), the expenses (including the
      reasonable charges and expenses of its counsel) and the compensation for the
      services are intended to constitute expenses of administration under any
      applicable Federal or state bankruptcy, insolvency or other similar
      law.

     

    
      	Section
              5.7  	
              Right
                of Trustee to Rely on Officers’
                Certificate.

            

    

     

    Subject
      to Sections 5.1 and 5.2, whenever in the administration of the trusts of this
      Indenture the Trustee shall deem it necessary or desirable that a matter be
      proved or established prior to taking or suffering or omitting any action
      hereunder, such matter (unless other evidence in respect thereof be herein
      specifically prescribed) may, in the absence of negligence or bad faith on
      the
      part of the Trustee, be deemed to be conclusively proved and established by
      an
      Officers’ Certificate delivered to the Trustee, and such certificate, in the
      absence of negligence or bad faith on the part of the Trustee, shall be full
      warrant to the Trustee for any action taken, suffered or omitted by it under
      the
      provisions of this Indenture upon the faith thereof.

     

    
      	Section
              5.8  	
              Persons
                Eligible for Appointment as
                Trustee.

            

    

     

    The
      Trustee shall at all times be a corporation organized and doing business under
      the laws of the United States of America or of any state or the District of
      Columbia having a combined capital and surplus of at least $50,000,000, and
      which is eligible in accordance with the provisions of § 310(a) of the Trust
      Indenture Act of 1939. If such corporation publishes reports of condition at
      least annually, pursuant to law or to the requirements of a federal, state
      or
      District of Columbia supervising or examining authority, then for the purposes
      of this Section, the combined capital and surplus of such corporation shall
      be
      deemed to be its combined capital and surplus as set forth in its most recent
      report of condition so published. No obligor on the Notes or Person directly
      or
      indirectly controlling, controlled by, or under common control with such obligor
      shall serve as Trustee. The Trustee shall comply with § 310(b) of the Trust
      Indenture Act of 1939; provided that, there shall be excluded from the operation
      of § 310(b)(1) of the Trust Indenture Act of 1939, this Indenture or indentures
      under which other securities or certificates of interest, or participation
      in
      other securities of the Issuer are outstanding if the requirements for such
      exclusion set forth in § 310(b)(1) of the Trust Indenture Act of 1939 are
      met.

     

    
      	Section
              5.9  	
              Resignation
                and Removal; Appointment of Successor
                Trustee

            

    

     

    (a)  The
      Trustee, or any trustee or trustees hereafter appointed, may at any time
      resign
      with
      respect to the Notes by giving written notice of resignation to the Issuer
      and
      (i) if any Notes are then Outstanding, by giving notice of such resignation
      to
      the Holders thereof, by publication at least once in an Authorized Newspaper
      in
      the Borough of Manhattan, The City of New York, and at least once in an
      Authorized Newspaper in London (and, if required by Section 3.8, at least once
      in an Authorized Newspaper in Luxembourg), (ii) if any Notes affected are then
      Outstanding, by mailing notice of such resignation to the Holders thereof who
      have filed their names and addresses with the Trustee pursuant to §313(c)(2) of
      the Trust Indenture Act of 1939 at such addresses as were so furnished to the
      Trustee and (iii) by mailing notice of such resignation to the Holders of then
      Outstanding Notes at their addresses as they shall appear on the registry books.
      Upon receiving such notice of resignation, the Issuer shall promptly appoint
      a
      successor trustee or trustees by written instrument in duplicate, executed
      by
      authority of the Board of Directors, one copy of which instrument shall be
      delivered to the resigning Trustee and one copy to the successor trustee or
      trustees. If no successor trustee shall have been so appointed and have accepted
      appointment within 30 days after the mailing of such notice of resignation,
      the
      resigning trustee may petition any court of competent jurisdiction at the
      expense of the Issuer for the appointment of a successor trustee, or any Holder
      who has been a bona fide Holder of a Note or Notes for at least six months
      may,
      subject to the provisions of Section 4.12, on behalf of himself and all others
      similarly situated, petition any such court for the appointment of a successor
      trustee. Such court may thereupon, after such notice, if any, as it may deem
      proper and prescribe, appoint a successor trustee.

     

    (b)  In
      case
      at any time any of the following shall occur:

     

    (i)  the
      Trustee shall fail to comply with the provisions of §310(b) of the Trust
      Indenture Act of 1939 with respect to the Notes after written request therefor
      by the Issuer or by any Holder who has been a bona fide Holder of a Note or
      Notes for at least six months; or 

     

    (ii)  the
      Trustee shall cease to be eligible in accordance with the provisions of § 310(a)
      of the Trust Indenture Act of 1939 and shall fail to resign after written
      request therefor by the Issuer or by any Holder; or

     

    (iii)  the
      Trustee shall become incapable of acting with respect to the Notes, or shall
      be
      adjudged a bankrupt or insolvent, or a receiver or liquidator of the Trustee
      or
      of its property shall be appointed, or any public officer shall take charge
      or
      control of the Trustee or of its property or affairs for the purpose of
      rehabilitation, conservation or liquidation;

     

    then,
      in
      any such case, the Issuer may remove the Trustee and appoint a successor trustee
      by written instrument, in duplicate, executed by order of the Board of
      Directors, one copy of which instrument shall be delivered to the Trustee so
      removed and one copy to the successor trustee, or, subject to § 315(e) of the
      Trust Indenture Act of 1939, any Holder who has been a bona fide Holder of
      a
      Note or Notes for at least six months may on behalf of himself and all others
      similarly situated, petition any court of competent jurisdiction for the removal
      of the Trustee and the appointment of a successor trustee. Such court may
      thereupon, after such notice, if any, as it may deem proper and prescribe,
      remove the Trustee and appoint a successor trustee. If an instrument of
      acceptance by a successor Trustee shall not have been delivered to the Trustee
      within 30 days after the giving of such notice of removal, the Trustee being
      removed may petition, at the expense of the Issuer, any court of competent
      jurisdiction for the appointment of a successor Trustee with respect to the
      Notes.

     

    (c)  The
      Holders of a majority in aggregate principal amount of the Notes Outstanding
      may
      at any time remove the Trustee with respect to the Notes and appoint a successor
      trustee with respect to the Notes by delivering to the Trustee so removed,
      to
      the successor trustee so appointed and to the Issuer the evidence provided
      for
      in Section 6.1 of the action in that regard taken by the Holders.

     

    (d)  Any
      resignation or removal of the Trustee and any appointment of a successor trustee
      pursuant to any of the provisions of this Section 5.9 shall become effective
      upon acceptance of appointment by the successor trustee as provided in Section
      5.10

     

    
      	Section
              5.10  	
              Acceptance
                and Appointment of Successor
                Trustee.

            

    

     

    Any
      successor trustee appointed as provided in Section 5.9 shall execute and deliver
      to the Issuer and to its predecessor trustee an instrument accepting such
      appointment hereunder, and thereupon the resignation or removal of the
      predecessor trustee with respect to the Notes shall become effective and such
      successor trustee, without any further act, deed or conveyance, shall become
      vested with all rights, powers, duties and obligations with respect to the
      Notes
      of its predecessor hereunder, with like effect as if originally named as trustee
      for such Notes hereunder; but, nevertheless, on the written request of the
      Issuer or of the successor trustee, upon payment of its charges then unpaid,
      the
      trustee ceasing to act shall, subject to Section 9.4, pay over to the successor
      trustee all moneys at the time held by it hereunder and shall execute and
      deliver an instrument transferring to such successor trustee all such rights,
      powers, duties and obligations. Upon request of any such successor trustee,
      the
      Issuer shall execute any and all instruments in writing for more fully and
      certainly vesting in and confirming to such successor trustee all such rights
      and powers. Any trustee ceasing to act shall, nevertheless, retain a prior
      claim
      upon all property or funds held or collected by such trustee to secure any
      amounts then due it pursuant to the provisions of Section 5.6.

     

    Upon
      acceptance of appointment by any successor trustee as provided in this Section
      5.10, the issuer shall give notice thereof (a) if any Notes are then
      Outstanding, to the Holders thereof, by publication of such notice at least
      once
      in an Authorized Newspaper in the Borough of Manhattan, The City of New York
      and
      at least once in an Authorized Newspaper in London (and, if required by Section
      3.8, at least once in an Authorized Newspaper in Luxembourg), (b) if any Notes
      are then Outstanding, to the Holders thereof who have filed their names and
      addresses with the Trustee pursuant to § 313(c)(2) of the Trust Indenture Act of
      1939, by mailing such notice to such Holders at such addresses as were so
      furnished to the Trustee (and the Trustee shall make such information available
      to the Issuer for such purpose) and (c) to the Holders of Registered Notes,
      by
      mailing such notice to such Holders at their addresses as they shall appear
      on
      the registry books. If the acceptance of appointment is substantially
      contemporaneous with the resignation, then the notice called for by the
      preceding sentence may be combined with the notice called for by Section 5.9.
      If
      the Issuer fails to give such notice within ten days after acceptance of
      appointment by the successor trustee, the successor trustee shall cause such
      notice to be given at the expense of the Issuer.

     

    
      	Section
              5.11  	
              Merger,
                Conversion, Consolidation or Succession to Business of
                Trustee.

            

    

     

    Any
      corporation into which the Trustee may be merged or converted or with which
      it
      may be consolidated, or any corporation resulting from any merger, conversion
      or
      consolidation to which the Trustee shall be a party, or any corporation
      succeeding to all or substantially all the corporate trust business of the
      Trustee, shall be the successor of the Trustee hereunder, provided that such
      corporation shall be eligible under the provisions of Section 5.8, without
      the
      execution or filing of any paper or any further act on the part of any of the
      parties hereto, anything herein to the contrary notwithstanding.

     

    In
      case
      at the time such successor to the Trustee shall succeed to the trusts created
      by
      this Indenture any of the Notes shall have been authenticated but not delivered,
      any such successor to the Trustee may adopt the certificate of authentication
      of
      any predecessor Trustee and deliver such Notes so authenticated; and, in case
      at
      that time any of the Notes shall not have been authenticated, any successor
      to
      the Trustee may authenticate such Notes either in the name of any predecessor
      hereunder or in the name of the successor Trustee; and in all such cases such
      certificate shall have the full force which it is anywhere in the Notes or
      in
      this Indenture provided that the certificate of the Trustee shall have;
      provided, that the right to adopt the certificate of authentication of any
      predecessor trustee or to authenticate Notes in the name of any predecessor
      trustee shall apply only to its successor or successors by merger, conversion
      or
      consolidation.

     

    
      	Section
              5.12  	
              Appointment
                of Authenticating
                Agent.

            

    

     

    As
      long
      as any Notes remain Outstanding, the Trustee may, by an instrument in writing,
      appoint with the approval of the Issuer an authenticating agent (the
“Authenticating Agent”) which shall be authorized to act on behalf of the
      Trustee to authenticate Notes, including Notes issued upon exchange,
      registration of transfer, partial redemption or pursuant to Section 2.7. Notes
      authenticated by such Authenticating Agent shall be entitled to the benefits
      of
      this Indenture and shall be valid and obligatory for all purposes as if
      authenticated by the Trustee. Whenever reference is made in this Indenture
      to
      the authentication and delivery of Notes by the Trustee or to the Trustee’s
      certificate of authentication, such reference shall be deemed to include
      authentication and delivery on behalf of the Trustee by an Authenticating Agent
      and a certificate of authentication executed on behalf of the Trustee by such
      Authenticating Agent. Such Authenticating Agent shall at all times be a
      corporation organized and doing business under the laws of the United States
      of
      America or of any State, authorized under such laws to exercise corporate trust
      powers, having a combined capital and surplus of at least $50,000,000
      (determined as provided in Section 5.8 with respect to the Trustee) and subject
      to supervision or examination by Federal or State authority.

     

    Any
      corporation into which any Authenticating Agent may be merged or converted,
      or
      with which it may be consolidated, or any corporation resulting from any merger,
      conversion or consolidation to which any Authenticating Agent shall be a party,
      or any corporation succeeding to the corporate agency business of any
      Authenticating Agent, shall continue to be the Authenticating Agent with respect
      to the Notes without the execution or filing of any paper or any further act
      on
      the part of the Trustee or such Authenticating Agent.

     

    Any
      Authenticating Agent may at any time, and if it shall cease to be eligible
      shall, resign by giving written notice of resignation to the Trustee and to
      the
      Issuer. The Trustee may at any time terminate the agency of any Authenticating
      Agent by giving written notice of termination to such Authenticating Agent
      and
      to the Issuer. Upon receiving such a notice of resignation or upon such a
      termination, or in case at any time any Authenticating Agent shall cease to
      be
      eligible in accordance with the provisions of this Section 5.12 , the Trustee
      may upon receipt of an Issuer Order appoint a successor Authenticating Agent
      and
      the Issuer shall provide notice of such appointment to all Holders of Notes
      in
      the manner and to the extent provided in Section 5.10. Any successor
      Authenticating Agent upon acceptance of its appointment hereunder shall become
      vested with all rights, powers, duties and responsibilities of its predecessor
      hereunder, with like effect as if originally named as Authenticating Agent.
      The
      Issuer agrees to pay to the Authenticating Agent from time to time reasonable
      compensation. The Authenticating Agent for the Notes shall have no
      responsibility or liability for any action taken by it as such at the direction
      of the Trustee.

     

    Sections
      5.2, 5.3, 5.4, 5.6, 5.8 and 6.3 shall be applicable to any Authenticating Agent.
      

     

    
      	Section
              5.13  	
              Preferential
                Collection of Claims Against
                Issuer.

            

    

     

    The
      Trustee shall comply with § 311(a) of the Trust Indenture Act of 1939, excluding
      any creditor relationship listed in § 311(b) of the Trust Indenture Act of 1939.
      A Trustee who has resigned or has been removed shall be subject to the Trust
      Indenture Act of 1939 to the extent indicated therein.

    

                                                      ARTICLE
      SIX  

     

    CONCERNING
      THE HOLDERS

     

    
      	Section
              6.1  	
              Evidence
                of Action Taken by
                Holders.

            

    

     

    Any
      request, demand, authorization, direction, notice, consent, waiver or other
      action provided by this Indenture to be given or taken by a specified percentage
      in principal amount of the Holders may be embodied in and evidenced by one
      or
      more instruments of substantially similar tenor signed by such specified
      percentage of Holders in person or by an agent duly appointed in writing; and,
      except as herein otherwise expressly provided, such action shall become
      effective when such instrument or instruments are delivered to the Trustee.
      Proof of execution of any instrument or of a writing appointing any such agent
      shall be sufficient for any purpose of this Indenture and (subject to Sections
      5.1 and 5.2) conclusive in favor of the Trustee, the Issuer and the Guarantor,
      if made in the manner provided in this Article Six.

     

    
      	Section
              6.2  	
              Proof
                of Execution of Instruments and of Holding of
                Notes.

            

    

     

    Subject
      to Sections 5.1 and 5.2, the execution of any instrument by a Holder or his
      agent or proxy may be proved in the following manner:

     

    (i)  the
      fact
      and date of the execution by any Holder of any instrument may be proved by
      the
      certificate of any notary public or other officer of any jurisdiction authorized
      to take acknowledgments of deeds or administer oaths that the Person executing
      such instruments acknowledged to him the execution thereof, or by an affidavit
      of a witness to such execution sworn to before any such notary or other such
      officer. Where such execution is by or on behalf of any legal entity other
      than
      an individual, such certificate or affidavit shall also constitute sufficient
      proof of the authority of the Person executing the same. The fact of the holding
      by any Holder of a Note, and the identifying number of such Note and the date
      of
      his holding the same, may be proved by the production of such Note or by a
      certificate executed by any trust company, bank, banker or recognized securities
      dealer wherever situated satisfactory to the Trustee, if such certificate shall
      be deemed by the Trustee to be satisfactory. Each such certificate shall be
      dated and shall state that on the date thereof a Note bearing a specified
      identifying number was deposited with or exhibited to such trust company, bank,
      banker or recognized securities dealer by the Person named in such certificate.
      Any such certificate may be issued in respect of one or more Notes specified
      therein. The holding by the Person named in any such certificate of any Notes
      specified therein shall be presumed to continue for a period of one year from
      the date of such certificate unless at the time of any determination of such
      holding (1) another certificate bearing a later date issued in respect of the
      same Notes shall be produced, or (2) the Note specified in such certificate
      shall be produced by some other Person, or (3) the Note specified in such
      certificate shall have ceased to be Outstanding. The fact and date of the
      execution of any such instrument and the amount and numbers of Notes held by
      the
      Person so executing such instrument and the amount and numbers of any Note
      or
      Notes may also be proven in accordance with such reasonable rules and
      regulations as may be prescribed by the Trustee or in any other manner which
      the
      Trustee may deem sufficient.

     

    (ii)  The
      ownership of Notes shall be proved by the Security Register or by a certificate
      of the Registrar.

     

    
      	Section
              6.3  	
              Holders
                to be Treated as
                Owners.

            

    

     

    The
      Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor
      or
      the Trustee may deem and treat the Person in whose name any Note shall be
      registered upon the Note register as the absolute owner of such Note (whether
      or
      not such Note shall be overdue and notwithstanding any notation of ownership
      or
      other writing thereon) for the purpose of receiving payment of or on account
      of
      the principal of and, subject to the provisions of this Indenture, interest
      on
      such Note and for all other purposes; and neither the Issuer, the Guarantor
      nor
      the Trustee nor any agent of the Issuer, the Guarantor or the Trustee shall
      be
      affected by any notice to the contrary. The Issuer, the Guarantor, the Trustee
      and any agent of the Issuer, the Guarantor or the Trustee may treat the Holder
      of any Note as the absolute owner of such Note (whether or not such Note shall
      be overdue) for the purpose of receiving payment thereof or on account thereof
      and for all other purposes and neither the Issuer, the Guarantor, the Trustee,
      nor any agent of the Issuer, the Guarantor or the Trustee shall be affected
      by
      any notice to the contrary. All such payments so made to any such Person, or
      upon his order, shall be valid, and, to the extent of the sum or sums so paid,
      effectual to satisfy and discharge the liability for moneys payable upon any
      such Note.

     

    
      	Section
              6.4  	
              Notes
                Owned by Issuer Deemed Not
                Outstanding.

            

    

     

    In
      determining whether the Holders of the requisite aggregate principal amount
      of
      Outstanding Notes have concurred in any direction, consent or waiver under
      this
      Indenture, Notes which are owned by the Issuer, the Guarantor or any other
      obligor on the Notes with respect to which such determination is being made
      or
      by any Person directly or indirectly controlling or controlled by or under
      direct or indirect common control with the Issuer, the Guarantor or any other
      obligor on the Notes with respect to which such determination is being made
      shall be disregarded and deemed not to be Outstanding for the purpose of any
      such determination, except that for the purpose of determining whether the
      Trustee shall be protected in relying on any such direction, consent or waiver
      only Notes which the Trustee knows are so owned shall be so disregarded. Notes
      so owned which have been pledged in good faith may be regarded as Outstanding
      if
      the pledgee establishes to the satisfaction of the Trustee the pledgee’s right
      so to act with respect to such Notes and that the pledgee is not the Issuer,
      the
      Guarantor or any other obligor upon the Notes or any Person directly or
      indirectly controlling or controlled by or under direct or indirect common
      control with the Issuer, the Guarantor or any other obligor on the Notes. In
      case of a dispute as to such right, the advice of counsel shall be full
      protection in respect of any decision made by the Trustee in accordance with
      such advice. Upon request of the Trustee, the Issuer shall furnish to the
      Trustee promptly an Officers’ Certificate listing and identifying all Notes, if
      any, known by the Issuer to be owned or held by or for the account of any of
      the
      above-described Persons; and, subject to Sections 5.1 and 5.2, the Trustee
      shall
      be entitled to accept such Officers’ Certificate as conclusive evidence of the
      facts therein set forth and of the fact that all Notes not listed therein are
      Outstanding for the purpose of any such determination.

     

    
      	Section
              6.5  	
              Right
                of Revocation of Action
                Taken.

            

    

     

    At
      any
      time prior to (but not after) the evidencing to the Trustee, as provided in
      Section 6. 1, of the taking of any action by the Holders of the percentage
      in
      aggregate principal amount of the Notes, specified in this Indenture in
      connection with such action, any Holder the serial number of which is shown
      by
      the evidence to be included among the serial numbers of the Notes the Holders
      of
      which have consented to such action may, by filing written notice at the
      Corporate Trust Office and upon proof of holding as provided in this Article
      Six, revoke such action so far as concerns such Note. Except as aforesaid any
      such action taken by the Holder of any Note shall be conclusive and binding
      upon
      such Holder and upon all future Holders and owners of such Note and of any
      Notes
      issued in exchange or substitution therefor or on registration of transfer
      thereof, irrespective of whether or not any notation in regard thereto is made
      upon any such Note. Any action taken by the Holders of the percentage in
      aggregate principal amount of the Notes, specified in this Indenture in
      connection with such action shall be conclusively binding upon the Issuer,
      the
      Guarantor, the Trustee and the Holders of all the Notes affected by such
      action.

     

                                                    ARTICLE
      SEVEN  

     

    AMENDMENTS

     

    
      	Section
              7.1  	
              Amendments
                and Supplements Without Consent of
                Holders.

            

    

     

    The
      Issuer, when authorized by a resolution of its Board of Directors (which
      resolution may provide general terms or parameters for such action and may
      provide that the specific terms of such action may be determined in accordance
      with or pursuant to an Officers’ Certificate), and the Trustee may from time to
      time and at any time amend or supplement this Indenture for one or more of
      the
      following purposes:

     

    (a)  to
      convey, transfer, assign, mortgage or pledge to the Trustee as security for
      the
      Notes any property or assets;

     

    (b)  to
      evidence the succession of another Person to the Issuer, or successive
      successions, and the assumption by the successor Person of the covenants,
      agreements and obligations of the Issuer pursuant to Article Eight;

     

    (c)  to
      add to
      the covenants of the Issuer such further covenants, restrictions, conditions
      or
      provisions as the Issuer and the Trustee shall consider to be for the protection
      of the Holders of Notes, and to make the occurrence, or the occurrence and
      continuance, of a default in any such additional covenants, restrictions,
      conditions or provisions an Event of Default permitting the enforcement of
      all
      or any of the several remedies provided in this Indenture as herein set forth;
      provided, that in respect of any such additional covenant, restriction,
      condition or provision such supplemental indenture may provide for a particular
      period of grace after default (which period may be shorter or longer than that
      allowed in the case of other defaults) or may provide for an immediate
      enforcement upon such an Event of Default or may limit the remedies available
      to
      the Trustee upon such an Event of Default or may limit the right of the Holders
      of a majority in aggregate principal amount of the Notes to waive such an Event
      of Default;

     

    (d)  to
      cure
      any ambiguity or to correct or supplement any provision contained herein or
      in
      any supplemental indenture which may be defective or inconsistent with any
      other
      provision contained herein or in any supplemental indenture, or to make any
      other provisions as the Issuer may deem necessary or desirable, provided that
      no
      such action shall materially adversely affect the interests of the Holders
      of
      the Notes;

     

    (e)  to
      provide for the issuance of Additional Notes in accordance with the limitations
      set forth in this Indenture as of the date hereof; 

     

    (f)  to
      modify
      or amend this Indenture in such a manner as to permit the qualification of
      this
      Indenture or any supplemental indenture under the Trust Indenture Act of 1939
      as
      then in effect, except that nothing herein contained shall permit or authorize
      the inclusion in any supplemental indenture of the provisions referred to in
      §316(a)(2) of the Trust Indenture Act of 1939.

     

    (g)  to
      evidence and provide for the acceptance of appointment hereunder by a successor
      trustee with respect to the Notes 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 5.10.

     

    The
      Trustee is hereby authorized to join with the Issuer and the Guarantor in the
      execution of any such amendment or supplement, to make any further appropriate
      agreements and stipulations which may be therein contained and to accept the
      conveyance, transfer, assignment, mortgage or pledge of any property thereunder,
      but the Trustee shall not be obligated to enter into any such amendment or
      supplement which affects the Trustee’s own rights, duties or immunities under
      this Indenture or otherwise.

     

    Any
      amendment or supplement to this Indenture authorized by the provisions of this
      Section may be executed without the consent of the Holders of any of the Notes
      at the time Outstanding, notwithstanding any of the provisions of Section
      7.2.

     

    
      	Section
              7.2  	
              Amendments
                and Supplements With Consent of
                Holders

            

    

     

    With
      the
      consent (evidenced as provided in Article Six) of the Holders of not less than
      a
      majority in aggregate principal amount of the Notes at the time Outstanding,
      the
      Issuer, when authorized by a resolution of its Board of Directors (which
      resolution may provide general terms or parameters for such action and may
      provide that the specific terms of such action may be determined in accordance
      with or pursuant to an Issuer Order), the Guarantor and the Trustee may, from
      time to time and at any time, amend or supplement this Indenture for the purpose
      of adding any provisions to or changing in any manner or eliminating any of
      the
      provisions of this Indenture or of any amendment or supplement hereto or of
      modifying in any manner the rights of the Holders of the Notes; provided, that
      no such amendment or supplement shall (a) extend the final maturity of any
      Note,
      or reduce the principal amount thereof, or reduce the rate or extend the time
      of
      payment of interest thereon, or reduce any amount payable on redemption thereof,
      or make the principal thereof (including any amount in respect of original
      issue
      discount) or interest thereon payable in any coin or currency other than that
      provided in the Notes or in accordance with the terms thereof, or impair or
      affect the right of any Holder to institute suit for the payment thereof or,
      if
      the Notes provide therefor, any right of repayment at the option of the Holder,
      in each case without the consent of the Holder of each Note so affected, or
      (b)
      reduce the aforesaid percentage of Notes, the consent of the Holders of which
      is
      required for any such amendment or supplement, without the consent of the
      Holders of each Note so affected.

     

    Upon
      the
      request of the Issuer, accompanied by a copy of a resolution of the Board of
      Directors (which resolution may provide general terms or parameters for such
      action and may provide that the specific terms of such action may be determined
      in accordance with or pursuant to an Issuer Order) certified by the secretary
      or
      an assistant secretary of the Issuer authorizing the execution of any such
      amendment or supplement, and upon the filing with the Trustee of evidence of
      the
      consent of the Holders of the Notes as aforesaid and other documents, if any,
      required by Section 6.1, the Trustee shall join with the Issuer and the
      Guarantor in the execution of such amendment or supplement unless such amendment
      or supplement affects the Trustee’s own rights, duties or immunities under this
      Indenture or otherwise, in which case the Trustee may in its discretion, but
      shall not be obligated to, enter into such amendment or supplement.

     

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

     

    Promptly
      after the execution by the Issuer, the Guarantor and the Trustee of any
      amendment or supplement to this Indenture pursuant to the provisions of this
      Section, the Trustee shall give notice thereof (i) to the Holders of then
      Outstanding Registered Notes by mailing a notice thereof by first-class mail
      to
      such Holders at their addresses as they shall appear on the Note register,
      (ii)
      if any Notes are then Outstanding, to the Holders thereof who have filed their
      names and addresses with the Trustee pursuant to § 313(c)(2) of the Trust
      Indenture Act of 1939, by mailing a notice thereof by first-class mail to such
      Holders at such addresses as were so furnished to the Trustee and (iii) if
      any
      Notes are then Outstanding, to all Holders thereof, by publication of a notice
      thereof at least once in an Authorized Newspaper in the Borough of Manhattan,
      The City of New York, and in each case such notice shall set forth in general
      terms the substance of such amendment or supplement. Any failure of the Issuer
      to give such notice, or any defect therein, shall not, however, in any way
      impair or affect the validity of any such amendment or supplement.

     

    
      	Section
              7.3  	
              Effect
                of Amendment and Supplement to this
                Indenture.

            

    

     

    Upon
      the
      execution of any amendment or supplement to this Indenture pursuant to the
      provisions hereof, this Indenture shall be and be deemed to be modified and
      amended in accordance therewith and the respective rights, limitations of
      rights, obligations, duties and immunities under this Indenture of the Trustee,
      the Issuer, the Guarantor and the Holders of Notes shall thereafter be
      determined, exercised and enforced hereunder subject in all respects to such
      modifications and amendments, and all the terms and conditions of any such
      amendment or supplement shall be and be deemed to be part of the terms and
      conditions of this Indenture for any and all purposes.

     

    
      	Section
              7.4  	
              Documents
                to Be Given to
                Trustee.

            

    

     

    The
      Trustee, subject to the provisions of Sections 5.1 and 5.2, shall be provided
      with an Officers’ Certificate and an Opinion of Counsel as conclusive evidence
      that any amendment or supplement to this Indenture executed pursuant to this
      Article Seven complies with the applicable provisions of this
      Indenture.

     

    
      	Section
              7.5  	
              Notation
                on Notes in Respect of Amendments and
                Supplements.

            

    

     

    Notes
      authenticated and delivered after the execution of any amendment or supplement
      to this Indenture pursuant to the provisions of this Article Seven may bear
      a
      notation in form approved by the Trustee as to any matter provided for by such
      amendment or supplement or as to any action taken by Holders. If the Issuer
      or
      the Trustee shall so determine, new Notes so modified as to conform, in the
      opinion of the Trustee and the Board of Directors, to any modification of this
      Indenture contained in any such amendment or supplement may be prepared by
      the
      Issuer, authenticated by the Trustee and delivered in exchange for the Notes
      then Outstanding.

     

                                                     ARTICLE
      EIGHT  

     

    SUCCESSORS

     

    
      	Section
              8.1  	
              Merger,
                Consolidation or Sale of Assets of the
                Issuer.

            

    

     

    The
      Issuer shall not consolidate with or merge into any other Person or convey,
      transfer or lease its properties and assets substantially as an entirety to
      any
      Person, unless:

     

    (i)  the
      Person formed by such consolidation or into which the Issuer is merged or the
      Person which acquires by conveyance, transfer or lease the properties and assets
      of the Issuer substantially as an entirety shall expressly assume, by a
      supplemental indenture hereto, executed and delivered to the Trustee, in form
      satisfactory to the Trustee, the due and punctual payment of the principal
      of
      and interest on all the Notes, according to their tenor, and the performance
      of
      every covenant of this Indenture on the part of the Issuer to be performed
      or
      observed;

     

    (ii)  immediately
      after giving effect to such transaction, no Event of Default, and no event
      which, after notice or lapse of time, or both, would become an Event of Default,
      shall have happened and be continuing;

     

    (iii)  the
      Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of
      Counsel each stating that such consolidation, merger, conveyance, transfer
      or
      lease and such supplemental indenture comply with this Article Eight and that
      all conditions precedent herein provided for relating to such transaction have
      been complied with; 

     

    (iv)  the
      Issuer has delivered to the Trustee such other documents as the Trustee may,
      in
      its discretion, reasonably require; and

     

    (v)  if
      the
      Issuer is not the continuing Person, then the Guarantor shall confirm that
      its
      guarantee shall continue to apply to the obligations under the Note and this
      Indenture.

     

    
      	Section
              8.2  	
              Successor
                Person Substituted.

            

    

     

    In
      case
      of any such consolidation, merger, sale, lease or conveyance, and following
      such
      an assumption by the successor Person, such successor Person shall succeed
      to
      and be substituted for the Issuer, with the same effect as if it had been named
      herein. Such successor Person may cause to be signed, and may issue either
      in
      its own name or in the name of the Issuer prior to such succession any or all
      of
      the Notes issuable hereunder which theretofore shall not have been signed by
      the
      Issuer and delivered to the Trustee; and, upon the order of such successor
      Person, instead of the Issuer, and subject to all the terms, conditions and
      limitations in this Indenture prescribed, the Trustee shall authenticate and
      shall deliver any Notes which previously shall have been signed and delivered
      by
      the officers of the Issuer to the Trustee for authentication, and any Notes
      which such successor Person thereafter shall cause to be signed and delivered
      to
      the Trustee for that purpose. All of the Notes so issued shall in all respects
      have the same legal rank and benefit under this Indenture as the Notes
      theretofore or thereafter issued in accordance with the terms of this Indenture
      as though all of such Notes had been issued at the date of the execution
      hereof.

     

    In
      case
      of any such consolidation, merger, sale, lease or conveyance such changes in
      phrasing and form (but not in substance) may be made in the Notes thereafter
      to
      be issued as may be appropriate.

     

    In
      the
      event of any such sale or conveyance (other than a conveyance by way of lease)
      the Issuer or any successor Person which shall theretofore have become such
      in
      the manner described in this Article Eight shall be discharged from all
      obligations and covenants under this Indenture and the Notes and may be
      liquidated and dissolved.

     

                                                        ARTICLE
      NINE  

     

    SATISFACTION
      AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

     

    
      	Section
              9.1  	
              Satisfaction
                and Discharge of
                Indenture.

            

    

     

    (a)  If
      at any
      time (a) the Issuer shall have paid or caused to be paid the principal of and
      interest on all the Notes Outstanding hereunder (other than Notes which have
      been destroyed, lost or stolen and which have been replaced or paid as provided
      in Section 2.7) as and when the same shall have become due and payable, or
      (b)
      the Issuer shall have delivered to the Trustee for cancellation all Notes
      theretofore authenticated (other than any Notes which shall have been destroyed,
      lost or stolen and which shall have been replaced or paid as provided in Section
      2.7) or (c) in the case of Notes where the exact or maximum amount of principal
      of and interest due on which can be determined at the time of making the deposit
      referred to in clause (ii) below, (i) all the Notes not theretofore delivered
      to
      the Trustee for cancellation shall have become due and payable, or are by their
      terms to become due and payable within one year or are to be called for
      redemption within one year under arrangements satisfactory to the Trustee for
      the giving of notice of redemption, and (ii) the Issuer shall have irrevocably
      deposited or caused to be deposited with the Trustee as trust funds the entire
      amount in cash (other than moneys repaid by the Trustee or any paying agent
      to
      the Issuer in accordance with Section 9.4) or direct obligations of the United
      States of America, backed by its full faith and credit (“U.S. Government
      Obligations”), maturing as to principal and interest at such times and in such
      amounts as will insure the availability of cash, or a combination thereof,
      sufficient in the opinion of a nationally recognized firm of independent public
      accountants expressed in a written certification thereof delivered to the
      Trustee, to pay (A) the principal of and interest on all Notes on each date
      that
      such principal or interest is due and payable and (B) any mandatory sinking
      fund
      payments applicable to Notes on the dates on which such payments are due and
      payable in accordance with the terms of the Indenture and the Notes; and if,
      in
      any such case, the Issuer shall also pay or cause to be paid all other sums
      payable hereunder by the Issuer with respect to the Notes, then this Indenture
      with respect to the Notes shall cease to be of further effect (except as to
      (i)
      rights of registration of transfer and exchange of Notes and the Issuer’s right
      of optional redemption, if any, (ii) substitution of mutilated, defaced,
      destroyed, lost or stolen Notes, (iii) rights of Holders of Notes to receive
      payments of principal thereof and interest thereon, upon the original stated
      due
      dates therefor (but not upon acceleration), and remaining rights of the Holders
      to receive mandatory sinking fund payments, if any, (iv) the rights,
      obligations, duties and immunities of the Trustee hereunder, and (v) the rights
      of the Holders of Notes as beneficiaries hereof with respect to the property
      so
      deposited with the Trustee payable to all or any of them) and the Trustee,
      on
      demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of
      Counsel and at the cost and expense of the Issuer, shall execute proper
      instruments acknowledging such satisfaction of and discharging this Indenture
      with respect to the Notes; provided that the rights of Holders of the Notes
      to
      receive amounts in respect of principal of and interest on the Notes held by
      them shall not be delayed longer than required by then-applicable mandatory
      rules or policies of any securities exchange upon which the Notes are listed.
      The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter
      reasonably and properly incurred and to compensate the Trustee for any services
      thereafter reasonably and properly rendered by the Trustee in connection with
      this Indenture or the Notes.

     

    (b)  In
      addition to discharge of the Indenture pursuant to the next preceding paragraph,
      in the case of Notes the exact or maximum amounts (including the currency of
      payment) of principal of and interest due on which can be determined at the
      time
      of making the deposit referred to in clause (a) below, the Issuer shall be
      deemed to have paid and discharged the entire indebtedness on all the Notes
      on
      the 91st day after the date of the deposit referred to in subparagraph (a)
      below, and the provisions of this Indenture with respect to the Notes shall
      no
      longer be in effect (except as to (i) rights of registration of transfer and
      exchange of Notes and the Issuer’s right of optional redemption, if any, (ii)
      substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii)
      rights of Holders of Notes to receive payments of principal thereof and interest
      thereon, upon the original stated due dates therefor (but not upon
      acceleration), and remaining rights of the Holders to receive mandatory sinking
      fund payments, if any, (iv) the rights, obligations, duties and immunities
      of
      the Trustee hereunder, and (v) the rights of the Holders of Notes as
      beneficiaries hereof with respect to the property so deposited with the Trustee
      payable to all or any of them) and the Trustee, at the expense of the Issuer,
      shall at the Issuer’s request, execute proper instruments acknowledging the
      same, if:

     

    (i)  with
      reference to this provision the Issuer has irrevocably deposited or caused
      to be
      irrevocably deposited with the Trustee as trust funds in trust, specifically
      pledged as security for, and dedicated solely to, the benefit of the Holders
      of
      the Notes (i) cash in an amount, or (ii) U.S. Government Obligations, maturing
      as to principal and interest at such times and in such amounts as will insure
      the availability of cash or (iii) a combination thereof, sufficient, in the
      opinion of a nationally recognized firm of independent public accountants
      expressed in a written certification thereof delivered to the Trustee, to pay
      (A) the principal of and interest on all Notes on each date that such principal
      or interest is due and payable and (B) any mandatory sinking fund payments
      on
      the dates on which such payments are due and payable in accordance with the
      terms of the Indenture and the Notes;

     

    (ii)  such
      deposit will not result in a breach or violation of, or constitute a default
      under, any agreement or instrument to which the Issuer is a party or by which
      it
      is bound;

     

    (iii)  the
      Issuer has delivered to the Trustee an Opinion of Counsel based on the fact
      that
      (x) the Issuer has received from, or there has been published by, the Internal
      Revenue Service a ruling or (y) since the date hereof, there has been a change
      in the applicable Federal income tax law, in either case to the effect that,
      and
      such opinion shall confirm that, the Holders of the Notes will not recognize
      income, gain or loss for Federal income tax purposes as a result of such
      deposit, defeasance and discharge and will be subject to Federal income tax
      on
      the same amounts, in the same manner and at the same times, as would have been
      the case if such deposit, defeasance and discharge had not
      occurred;

     

    (iv)  the
      Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of
      Counsel, each stating that all conditions precedent provided for relating to
      the
      defeasance contemplated by this provision have been complied with;

     

    (v)  no
      Event
      of Default or event which with notice or lapse of time or both would become
      an
      Event of Default with respect to the Notes shall have occurred and be continuing
      on the date of such deposit or, insofar as subsections 4.1(d) and (e) are
      concerned, at any time during the period ending on the 91st day after the date
      of such deposit (it being understood that this condition shall not be deemed
      satisfied until the expiration of such period); and

     

    (vi)  Such
      covenant defeasance contemplated by this provision shall not cause any Notes
      then listed on any registered national securities exchange under the Securities
      Exchange Act of 1934, as amended, to be delisted.

     

    (c)  In
      the
      case of Notes the exact or maximum amounts (including the currency of payment)
      of principal of and interest due on which can be determined at the time of
      making the deposit referred to in clause (a) below, the Issuer shall be released
      from its obligations under Sections 3.4, 3.5 and 8.1 with respect to the
      Outstanding Notes on and after the date the conditions set forth below are
      satisfied (hereinafter, “covenant defeasance”). For this purpose, such covenant
      defeasance means that, with respect to the Outstanding Notes, the Issuer may
      omit to comply with and shall have no liability in respect of any term,
      condition or limitation set forth in such Sections, whether directly or
      indirectly by reason of any reference elsewhere herein to such Sections or
      by
      reason of any reference in such Sections to any other provision herein or in
      any
      other document and such omission to comply shall not constitute an Event of
      Default under Section 4.1, but the remainder of this Indenture and such Notes
      shall be unaffected thereby. The following shall be the conditions to
      application of this subsection (c) of this Section 9.1:

     

    (i)  The
      Issuer has irrevocably deposited or caused to be 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 the Notes, (i) cash in an amount, or (ii) U.S. Government
      Obligations maturing as to principal and interest at such times and in such
      amounts as will insure the availability of cash or (iii) a combination thereof,
      sufficient, in the opinion of a nationally recognized firm of independent public
      accountants expressed in a written certification thereof delivered to the
      Trustee, to pay (A) the principal of and interest on all Notes on each date
      that
      such principal and interest is due and payable and (B) any mandatory sinking
      fund payments applicable to such Notes on the day on which such payments are
      due
      and payable in accordance with the terms of the Indenture and the
      Notes;

     

    (ii)  No
      Event
      of Default or event which with notice or lapse of time or both would become
      an
      Event of Default with respect to the Notes shall have occurred and be continuing
      on the date of such deposit or, insofar as subsections 4.1(d) and (e) are
      concerned, at any time during the period ending on the 91st day after the date
      of such deposit (it being understood that this condition shall not be deemed
      satisfied until the expiration of such period);

     

    (iii)  Such
      covenant defeasance shall not cause the Trustee to have a conflicting interest
      as described in §310 of the Trust Indenture Act of 1939 with respect to any
      securities of the Issuer;

     

    (iv)  Such
      covenant defeasance shall not result in a breach or violation of, or constitute
      a default under, this Indenture or any other agreement or instrument to which
      the Issuer is a party or by which it is bound;

     

    (v)  Such
      covenant defeasance shall not cause any Notes then listed on any registered
      national securities exchange under the Securities Exchange Act of 1934, as
      amended, to be delisted;

     

    (vi)  The
      Issuer shall have delivered to the Trustee an Officers’ Certificate and Opinion
      of Counsel to the effect that the Holders of the Notes will not recognize
      income, gain or loss for federal income tax purposes as a result of such
      covenant defeasance and will be subject to federal income tax on the same
      amounts, in the same manner and at the same times as would have been the case
      if
      such covenant defeasance had not occurred; and

     

    (vii)  The
      Issuer shall have delivered to the Trustee an Officers’ Certificate and an
      Opinion of Counsel, each stating that all conditions precedent provided for
      relating to the covenant defeasance contemplated by this provision have been
      complied with.

     

    
      	Section
              9.2  	
              Application
                by Trustee of Funds Deposited for Payment of
                Notes.

            

    

     

    Subject
      to Section 9.4, all moneys deposited with the Trustee (or other trustee)
      pursuant to Section 9.1 shall be held in trust and applied by it to the payment,
      either directly or through any paying agent (including the Issuer acting as
      its
      own paying agent), to the Holders of the Notes for the payment or redemption
      of
      which such moneys have been deposited with the Trustee, of all sums due and
      to
      become due thereon for principal and interest; but such money need not be
      segregated from other funds except to the extent required by law.

     

    
      	Section
              9.3  	
              Repayment
                of Moneys Held by Paying
                Agent.

            

    

     

    In
      connection with the satisfaction and discharge of this Indenture with respect
      to
      Notes, all moneys then held by any paying agent under the provisions of this
      Indenture with respect to the Notes shall, upon demand of the Issuer, be repaid
      to it or paid to the Trustee and thereupon such paying agent shall be released
      from all further liability with respect to such moneys.

     

    
      	Section
              9.4  	
              Return
                of Moneys Held by Trustee and Paving Agent Unclaimed for Two
                Years.

            

    

     

    Any
      moneys deposited with or paid to the Trustee or any paying agent for the payment
      of the principal of or interest on any Note and not applied but remaining
      unclaimed for two years after the date upon which such principal or interest
      shall have become due and payable, shall, upon the written request of the Issuer
      and unless otherwise required by mandatory provisions of applicable escheat
      or
      abandoned or unclaimed property law, be repaid to the Issuer by the Trustee
      or
      such paying agent, and the Holder of the Notes shall, unless otherwise required
      by mandatory provisions of applicable escheat or abandoned or unclaimed property
      laws, thereafter look only to the Issuer for any payment which such Holder
      may
      be entitled to collect, and all liability of the Trustee or any paying agent
      with respect to such moneys shall thereupon cease; provided, however, that
      the
      Trustee or such paying agent, before being required to make any such repayment
      with respect to moneys deposited with it for any payment (a) in respect of
      Registered Notes shall at the expense of the Issuer, mail by first-class mail
      to
      Holders of such Notes at their addresses as they shall appear on the Note
      register, and (b) shall at the expense of the Issuer cause to be published
      once,
      in an Authorized Newspaper in the Borough of Manhattan, The City of New York
      and
      once in an Authorized Newspaper in London, notice, that such moneys remain
      and
      that, after a date specified therein, which shall not be less than 30 days
      from
      the date of such mailing or publication, any unclaimed balance of such money
      then remaining will be repaid to the Issuer.

     

    
      	Section
              9.5  	
              Indemnity
                for U.S. Government
                Obligations.

            

    

     

    The
      Issuer shall pay and indemnify the Trustee against any tax, fee or other charge
      imposed on or assessed against the U. S. Government Obligations deposited
      pursuant to Section 9.1 or the principal or interest received in respect of
      such
      obligations.

     

    
      	Section
              9.6  	
              Excess
                Funds.

            

    

     

    The
      Trustee shall deliver to the Issuer from time to time upon Issuer Order any
      U.S.
      Government Obligations or money held by it as provided in Section 9.1 which,
      as
      expressed in the opinion of a nationally recognized firm of independent public
      accountants expressed in a written certification thereof delivered to the
      Trustee (which may include the applicable opinion delivered to the Trustee
      pursuant to Section 9. 1), are then in excess of the amount thereof which then
      would have been required to be deposited for the purpose for which such
      obligations or money were deposited or received.

     

                                                    ARTICLE
      TEN  

     

    MISCELLANEOUS
      PROVISIONS

     

    
      	Section
              10.1  	
              Incorporators,
                Stockholders, Officers and Directors of Issuer Exempt from Individual
                Liability.

            

    

     

    Except
      as
      provided in Article Twelve, no recourse under or upon any obligation, covenant
      or agreement contained in this Indenture, or in any Note, or because of any
      indebtedness evidenced thereby, shall be had against any incorporator, as such
      or against any past, present or future member, manager, stockholder, general
      partner, limited partner, officer or director, as such, of the Issuer, the
      Guarantor, the general partner of the Issuer, the general partner of the
      Guarantor or Boardwalk GP, or of any successor, either directly or through
      the
      Issuer or any successor, under any rule of law, statute or constitutional
      provision or by the enforcement of any assessment or by any legal or equitable
      proceeding or otherwise, all such liability being expressly waived and released
      by the acceptance of the Notes by the Holders thereof and as part of the
      consideration for the issue of the Notes.

     

    
      	Section
              10.2  	
              Provisions
                of Indenture for the Sole Benefit of Parties and Holders of
                Notes.

            

    

     

    Nothing
      in this Indenture or in the Notes, expressed or implied, shall give or be
      construed to give to any Person, other than the parties hereto and their
      successors and the Holders of the Notes any legal or equitable right, remedy
      or
      claim under this Indenture or under any covenant or provision herein contained,
      all such covenants and provisions being for the sole benefit of the parties
      hereto and their successors and of the Holders of the Notes.

     

    
      	Section
              10.3  	
              Successors
                and Assigns of Issuer Bound by
                Indenture.

            

    

     

    All
      the
      covenants, stipulations, promises and agreements in this Indenture contained
      by
      or in behalf of the Issuer shall bind its successors and assigns, whether so
      expressed or not.

     

    
      	Section
              10.4  	
              Notices
                and Demands on Issuer, Guarantor, Trustee and Holders of
                Notes.

            

    

     

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

     

    If
      to the
      Issuer:

    

    Boardwalk
      Pipelines, LP

    3800
      Frederica Street

    Owensboro,
      Kentucky 42301

    Attn:
      Chief Financial Officer

    Facsimile
      No.: (270)
      683-5657

    

    If
      to the
      Guarantor:

    

    Boardwalk
      Pipeline Partners, LP

    3800
      Frederica Street

    Owensboro,
      Kentucky 42301

    Attn:
      Chief Financial Officer

    Facsimile
      No.: (270) 683-5657

    

    If
      to the
      Trustee:

    

    The
      Bank
      of New York Trust Company, N.A.

    2
      North
      LaSalle St., Suite 1020

    Chicago,
      IL 60602-1020

    Attn:
      Corporate Trust Administration

    Facsimile
      No.: (312) 827-8542

    

    The
      Issuer, the Guarantor or the Trustee, by notice to the other, may designate
      additional or different addresses for subsequent notices or
      communications.

     

    All
      notices and communications (other than those sent to the Trustee or Holder)
      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 receipt acknowledged, if sent by facsimile
      transmission; and the next Business Day after timely delivery to the courier,
      if
      sent by overnight air courier guaranteeing next-day delivery. All notices and
      communications to the Trustee or Holder shall be deemed duly given and effective
      only upon receipt.

     

    Any
      notice or communication to a Holder shall be mailed by first class mail,
      certified or registered, return receipt requested, or by overnight air courier
      guaranteeing next-day delivery to its address shown on the Security Register.
      Any notice or communication shall also be so mailed to any Person described
      in
      Trust Indenture Act of 1939 §313(c), to the extent required by the Trust
      Indenture Act of 1939. 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.

     

    If
      the
      Issuer or Guarantor mails a notice or communication to Holders, it shall mail
      a
      copy to the Trustee and each Agent at the same time.

     

    
      	Section
              10.5  	
              Officers’
                Certificates and Opinions of Counsel; Statements to Be Contained
                Therein

            

    

     

    Upon
      any
      application or demand by the Issuer to the Trustee to take any action under
      any
      of the provisions of this Indenture, the Issuer shall furnish to the Trustee
      an
      Officers’ Certificate stating that all conditions precedent provided for in this
      Indenture relating to the proposed action have been complied with and an Opinion
      of Counsel stating that in the opinion of such counsel all such conditions
      precedent have been complied with, except that in the case of any such
      application or demand as to which the furnishing of such documents is
      specifically required by any provision of this Indenture relating to such
      particular application or demand, no additional certificate or opinion need
      be
      furnished.

     

    Each
      certificate or opinion provided for in this Indenture and delivered to the
      Trustee with respect to compliance with a condition or covenant provided for
      in
      this Indenture shall include (a) a statement that the person making such
      certificate or opinion has read such covenant or condition, (b) a brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based, (c) a statement that, in the opinion of such person, he has made such
      examination or investigation as is necessary to enable him to express an opinion
      as to whether or not such covenant or condition has been complied with and
      (d) a
      statement as to whether or not, in the opinion of such person, such condition
      or
      covenant has been complied with.

     

    Any
      certificate, statement or opinion of an officer of the Issuer may be based,
      insofar as it relates to legal matters, upon a certificate or opinion of or
      representations by counsel, unless such officer knows that the certificate
      or
      opinion or representations with respect to the matters upon which his
      certificate, statement or opinion may be based as aforesaid are erroneous,
      or in
      the exercise of reasonable care should know that the same are erroneous. Any
      certificate, statement or opinion of counsel may be based, insofar as it relates
      to factual matters, upon information with respect to which is in the possession
      of the Issuer, or upon the certificate, statement or opinion of or
      representations by an officer or officers of the Issuer, unless such counsel
      knows that the certificate, statement or opinion or representations with respect
      to the matters upon which his certificate, statement or opinion may be based
      as
      aforesaid are erroneous, or in the exercise of reasonable care should know
      that
      the same are erroneous.

     

    Any
      certificate, statement or opinion of an officer of the Issuer or of counsel
      may
      be based, insofar as it relates to accounting matters, upon a certificate or
      opinion of or representations by an accountant or firm of accountants in the
      employ of the Issuer, unless such officer or counsel, as the case may be, knows
      that the certificate or opinion or representations with respect to the
      accounting matters upon which his certificate, statement or opinion may be
      based
      as aforesaid are erroneous, or in the exercise of reasonable care should know
      that the same are erroneous.

     

    Any
      certificate or opinion of any independent firm of public accountants filed
      with
      and directed to the Trustee shall contain a statement that such firm is
      independent.

     

    
      	Section
              10.6  	
              Payments
                Due on Saturdays, Sundays and
                Holidays.

            

    

     

    If
      the
      date of maturity of interest on or principal of the Notes or the date fixed
      for
      redemption or repayment of any such Note shall not be a Business Day, then
      payment of interest or principal need not be made on such date, but may be
      made
      on the next succeeding Business Day with the same force and effect as if made
      on
      the date of maturity or the date fixed for redemption or repayment, and no
      interest shall accrue for the period after such date.

     

    
      	Section
              10.7  	
              Conflict
                of Any Provision of Indenture with Trust Indenture Act of
                1939

            

    

     

    If
      and to
      the extent that any provision of this Indenture limits, qualifies or conflicts
      with another provision included in this Indenture by operation of Sections
      310
      to 317, inclusive, of the Trust Indenture Act of 1939 (an “incorporated
      provision”), such incorporated provision shall control.

     

    
      	Section
              10.8  	
              New
                York Law to Govern.

            

    

     

    This
      Indenture and each Note shall be governed by the substantive laws of the State
      of New York, and shall be construed in accordance with the laws of such
      State.

     

    
      	Section
              10.9  	
              Counterparts.

            

    

     

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

     

    
      	Section
              10.10  	
              Effect
                of Headings.

            

    

     

    The
      Article and Section headings herein and the Table of Contents are for
      convenience only and shall not affect the construction hereof.

     

    
      	Section
              10.11  	
              Qualification
                of this Indenture.

            

    

     

    The
      Issuer shall qualify this Indenture under the Trust Indenture Act of 1939 and
      shall pay all reasonable costs and expenses (including attorneys’ fees and
      expenses for the Issuer, the Trustee and the Holders) incurred in connection
      therewith, including, but not limited to, costs and expenses of qualification
      of
      this Indenture and the Notes and printing this Indenture and the Notes. The
      Trustee shall be entitled to receive from the Issuer any such Officers’
Certificates, Opinions of Counsel or other documentation as it may reasonably
      request in connection with any such qualification of this Indenture under the
      Trust Indenture Act of 1939.

     

    
      	Section
              10.12  	
              Waiver
                of Jury Trial.

            

    

     

    EACH
      OF
      THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
      PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
      PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
      TRANSACTION CONTEMPLATED HEREBY. 

     

    
      	Section
              10.13  	
              Force
                Majeure.

            

    

     

    In
      no
      event shall the Trustee be responsible or liable for any failure or delay in
      the
      performance of its obligations hereunder arising out of or caused by, directly
      or indirectly, forces beyond its control, including, without limitation,
      strikes, work stoppages, accidents, acts of war or terrorism, civil or military
      disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
      loss or malfunctions of utilities, communications or computer (software and
      hardware) services; it being understood that the Trustee shall use reasonable
      efforts which are consistent with accepted practices in the banking industry
      to
      resume performance as soon as practicable under the circumstances. 

     

    

     

                                                    ARTICLE
      ELEVEN  

     

    REDEMPTION
      AND PREPAYMENT

     

    
      	Section
              11.1  	
              Notices
                to Trustee.

            

    

     

    If
      the
      Issuer elects to redeem Notes pursuant to the optional redemption provisions
      of
      Section 11.7 hereof, it shall furnish to the Trustee, at least 45 days but
      not
      more than 90 days before a redemption date (or such shorter period as allowed
      by
      the Trustee), an Officers’ Certificate setting forth (i) the applicable section
      of this Indenture pursuant to which the redemption shall occur, (ii) the
      redemption date, (iii) the principal amount of Notes to be redeemed and (iv)
      the
      redemption price.

     

    
      	Section
              11.2  	
              Selection
                of Notes to Be
                Redeemed.

            

    

     

    If
      less
      than all of the Notes are to be redeemed at any time, the Trustee shall select
      the Notes to be redeemed among the Holders of the Notes in compliance with
      the
      requirements of the principal national securities exchange, if any, on which
      the
      Notes are listed or, if the Notes are not so listed, on a pro rata basis, by
      lot
      or in accordance with any other method the Trustee deems fair and appropriate
      (and in compliance with applicable legal requirements). However, no Notes of
      a
      principal amount of $1,000 or less shall be redeemed in part, and, if a partial
      redemption of Notes is made with the proceeds of a public offering of common
      equity securities of the Issuer, selection of the Notes or portions of the
      Notes
      for redemption shall be made by the Trustee only on a proportional basis or
      on
      as nearly a proportional basis as is practicable (except as required by the
      procedures of the Depositary), unless that method is otherwise prohibited.
      In
      the event of partial redemption by lot, the particular Notes to be redeemed
      shall be selected, unless otherwise provided herein, not less than 30 nor more
      than 60 days prior to the redemption date by the Trustee from the Outstanding
      Notes not previously called for redemption.

     

    The
      Trustee shall promptly notify the Issuer in writing of the Notes selected for
      redemption and, in the case of any Note selected for partial redemption, the
      principal amount thereof to be redeemed. Notes and portions of Notes selected
      shall be in amounts of $1,000 or integral multiples of $1,000, except that
      if
      all of the Notes of a Holder are to be redeemed, the entire Outstanding amount
      of Notes held by such Holder, even if not an integral multiple of $1,000, shall
      be redeemed. Except as provided in the preceding sentence, provisions of this
      Indenture that apply to Notes called for redemption also apply to portions
      of
      Notes called for redemption.

     

    
      	Section
              11.3  	
              Notice
                of Redemption.

            

    

     

    At
      least
      30 days but not more than 60 days prior to a redemption date, the Issuer shall
      mail or cause to be mailed, by first class mail, a notice of redemption to
      each
      Holder whose Notes are to be redeemed at such Holder’s address appearing in the
      securities register maintained in respect of the Notes by the Registrar (the
      “Security Register”).

     

    The
      notice shall identify the Notes to be redeemed (including the CUSIP number)
      and
      shall state:

     

    (a)  the
      redemption date;

     

    (b)  The
      appropriate calculation of the redemption price, but need not include the
      redemption price itself. The actual redemption price, calculated as described
      above, shall be set forth in an Officers’ Certificate delivered to the Trustee
      no later than two (2) Business Days prior to the redemption date unless clause
      (b) of the definition of “Comparable Treasury Price” is applicable, in which
      case such Officer’s Certificate should be delivered on the redemption
      date;

     

    (c)  if
      any
      Note is being redeemed in part, the portion of the principal amount of such
      Note
      to be redeemed and that, after the redemption date upon surrender of such Note,
      if applicable, a new Note or Notes in principal amount equal to the unredeemed
      portion shall be issued upon cancellation of the original Note;

     

    (d)  the
      name
      and address of the Paying Agent;

     

    (e)  that
      Notes called for redemption must be surrendered to the Paying Agent to collect
      the redemption price;

     

    (f)  that,
      unless the Issuer defaults in making such redemption payment, interest on Notes
      called for redemption ceases to accrue on and after the redemption
      date;

     

    (g)  the
      applicable section of this Indenture pursuant to which the Notes called for
      redemption are being redeemed; and 

     

    (h)  that
      no
      representation is made as to the correctness of the CUSIP and/or ISIN numbers,
      if any, listed in such notice or printed on the Notes.

     

    At
      the
      Issuer’s request, the Trustee shall give the notice of redemption in the
      Issuer’s name and at its expense; provided, however, that the Issuer shall have
      delivered to the Trustee, at least 45 days (or such shorter period allowed
      by
      the Trustee) prior to the redemption date, an Officers’ Certificate requesting
      that the Trustee give such notice (in the name and at the expense of the Issuer)
      and setting forth the information to be stated in such notice as provided in
      this Section 11.3.

     

    
      	Section
              11.4  	
              Effect
                of Notice of
                Redemption.

            

    

     

    Once
      notice of redemption is mailed in accordance with Section 11.3 hereof, Notes
      called for redemption shall become irrevocably due and payable on the redemption
      date at the redemption price. A notice of redemption may not be
      conditional.

     

    
      	Section
              11.5  	
              Deposit
                of Redemption Price.

            

    

     

    On
      or
      prior to 11:00 a.m. Eastern time on the Business Day prior to any redemption
      date, the Issuer shall deposit with the Trustee or with the Paying Agent money
      sufficient to pay the redemption price of and, if applicable, accrued and unpaid
      interest on all Notes to be redeemed on that date. The Trustee or the Paying
      Agent shall promptly, and in any event within two (2) Business Days after the
      redemption date, return to the Issuer any money deposited with the Trustee
      or
      the Paying Agent by the Issuer in excess of the amounts necessary to pay the
      redemption price of, and, accrued and unpaid interest, if any, on all Notes
      to
      be redeemed.

     

    If
      the
      Issuer complies with the provisions of the preceding paragraph, on and after
      the
      redemption date, interest shall cease to accrue on Notes or portions of Notes
      called for purchase or redemption in accordance with Section 2.8(d) hereof,
      whether or not such Notes are presented for payment. If a Note is redeemed
      on or
      after a Regular Record Date but on or prior to the related Interest Payment
      Date, then any accrued and unpaid interest, if any, shall be paid to the Person
      in whose name such Note was registered at the close of business on such Regular
      Record Date. If any Note called for redemption shall not be so paid upon
      surrender for redemption because of the failure of the Issuer to comply with
      the
      preceding paragraph, interest shall be paid on the unpaid principal from the
      redemption date until such principal is paid, and to the extent lawful on any
      interest not paid on such unpaid principal, in each case at the rate provided
      in
      the Notes and in Section 4.01 hereof.

     

    
      	Section
              11.6  	
              Notes
                Redeemed in Part.

            

    

     

    Upon
      surrender of a Note that is redeemed in part, the Issuer shall issue and, upon
      the Issuer’s written request, the Trustee shall authenticate for the Holder at
      the expense of the Issuer a new Note equal in principal amount to the unredeemed
      portion of the Note surrendered.

     

    
      	Section
              11.7  	
              Optional
                Redemption.

            

    

     

    (a)  The
      Notes
      will be redeemable as a whole or in part, at the option of the Issuer at any
      time at a redemption price equal to the greater of (i) 100% of the principal
      amount of such Notes and (ii) the sum of the present values of the remaining
      scheduled payments of principal and interest thereon discounted to the
      redemption date on a semiannual basis (assuming a 360-day year consisting of
      twelve 30-day months) at the Treasury Rate, plus 20
      basis
      points, plus in each case accrued interest thereon to the date of
      redemption.

     

    (b)  Any
      prepayment pursuant to this Section 11.7 shall be made pursuant to the
      provisions of Sections 11.1 through 11.6 hereof.

     

    
      	Section
              11.8  	
              Mandatory
                Redemption.

            

    

     

    The
      Issuer shall not be required to make mandatory redemption or sinking fund
      payments with respect to, or offers to purchase, the Notes.

     

                                                    ARTICLE
      TWELVE

      

    GUARANTEE

    

    
      	Section
              12.1  	
              Unconditional
                Guarantee.

            

    

     

    (a)  For
      value
      received, the Guarantor hereby fully, unconditionally and absolutely guarantees
      (the “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 Notes and all
      other amounts due and payable under this Indenture and the Notes by the Issuer,
      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 otherwise, according to the terms of the Notes and this
      Indenture, subject to the limitations set forth in Section 12.3. 

     

    (b)  Failing
      payment when due of any amount guaranteed pursuant to the Guarantee, for
      whatever reason, the Guarantor will be obligated to pay the same immediately.
      The Guarantee hereunder is intended to be a general, unsecured, senior
      obligation of the Guarantor and will rank pari passu in right of payment with
      all Indebtedness of the Guarantor that is not, by its terms, expressly
      subordinated in right of payment to the Guarantee. The Guarantor hereby agrees
      that its obligations hereunder shall be full, unconditional and absolute,
      irrespective of the validity, regularity or enforceability of the Notes, the
      Guarantee or this Indenture, the absence of any action to enforce the same,
      any
      waiver or consent by any Holder of the Notes with respect to any provisions
      hereof or thereof, the recovery of any judgment against the Issuer, the
      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
      Guarantor. The Guarantor hereby agrees that in the event of a default in payment
      of the principal of, or premium, if any, or interest on the Notes, 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 4.6, by the Holders, on the terms and conditions
      set forth in this Indenture, directly against the Guarantor to enforce the
      Guarantee without first proceeding against the Partnership. 

     

    (c)  The
      obligations of the Guarantor under this Article Twelve 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, (A) any compromise, settlement, release, waiver, renewal, extension,
      indulgence or modification of, or any change in, any of the obligations and
      liabilities of the Issuer, the Guarantor contained in the Notes or this
      Indenture, (B) any impairment, modification, release or limitation of the
      liability of the Issuer, the Guarantor, 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, (C) the assertion or exercise
      by the Issuer, the Guarantor, or the Trustee of any rights or remedies under
      the
      Notes or this Indenture or their delay in or failure to assert or exercise
      any
      such rights or remedies, (D) the assignment or the purported assignment of
      any
      property as security for the Notes, including all or any part of the rights
      of
      the Issuer or the Guarantor under this Indenture, (E) the extension of the
      time
      for payment by the Issuer, the Guarantor of any payments or other sums or any
      part thereof owing or payable under any of the terms and provisions of the
      Notes
      or this Indenture or of the time for performance by the Issuer or the Guarantor
      of any other obligations under or arising out of any such terms and provisions
      or the extension or the renewal of any thereof, (F) the modification or
      amendment (whether material or otherwise) of any duty, agreement or obligation
      of the Issuer or the Guarantor set forth in this Indenture, (G) 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 benefit of creditors,
      reorganization, arrangement, composition or readjustment of, or other similar
      proceeding affecting, the Issuer or the Guarantor or any of their respective
      assets, or the disaffirmance of the Notes, the Guarantee or this Indenture
      in
      any such proceeding, (H) the release or discharge of the Issuer or the Guarantor
      from the performance or observance of any agreement, covenant, term or condition
      contained in any of such instruments by operation of law, (I) the
      unenforceability of the Notes, the Guarantee or this Indenture or (J) any other
      circumstances (other than payment in full or discharge of all amounts guaranteed
      pursuant to the Guarantee) which might otherwise constitute a legal or equitable
      discharge of a surety or guarantor. 

     

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

     

    (e)  The
      Guarantor shall be subrogated to all rights of the Holders and the Trustee
      against the Issuer in respect of any amounts paid by the Guarantor pursuant
      to
      the provisions of this Indenture, provided, however, that the 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 Notes and the Guarantee shall
      have been paid in full or discharged. 

     

    
      	Section
              12.2  	
              Execution
                and Delivery of
                Guarantee.

            

    

     

    To
      further evidence the Guarantee set forth in Section 12.1, the Guarantor hereby
      agrees that a notation relating to such Guarantee, substantially in the form
      attached hereto as Annex A, shall be endorsed on each Note entitled to the
      benefits of the Guarantee authenticated and delivered by the Trustee and
      executed by either manual or facsimile signature of an officer of Boardwalk
      GP.
      The Guarantor hereby agrees that the Guarantee set forth in Section 12.1 shall
      remain in full force and effect notwithstanding any failure to endorse on each
      Note a notation relating to the Guarantee. If any officer of Boardwalk GP or
      any
      Affiliate, whose signature is on this Indenture or a Note no longer holds that
      office at the time the Trustee authenticates such Note or at any time
      thereafter, the Guarantee of such Note shall be valid nevertheless. The delivery
      of any Note by the Trustee, after the authentication thereof hereunder, shall
      constitute due delivery of the Guarantee set forth in this Indenture on behalf
      of the Guarantor. 

     

    
      	Section
              12.3  	
              Limitation
                on Liability of the
                Guarantor.

            

    

     

    The
      Guarantor and by its acceptance hereof each Holder of a Note entitled to the
      benefits of the Guarantee hereby confirm that it is the intention of all such
      parties that the guarantee by the 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 Note entitled
      to the benefits of the Guarantee and the Guarantor hereby irrevocably agree
      that
      the obligations of the Guarantor under its Guarantee shall be limited to the
      maximum amount as will, after giving effect to all other contingent and fixed
      liabilities of the Guarantor and to any collections from or payments made by
      or
      on behalf of the Guarantor in respect of the obligations of the Guarantor under
      its Guarantee, result in the obligations of the Guarantor under the Guarantee
      not constituting a fraudulent conveyance or fraudulent transfer under Federal
      or
      state law. 

     

    
      	Section
              12.4  	
              Release
                of Guarantor from Guarantee. 

            

    

     

    (a)  Notwithstanding
      any other provisions of this Indenture, the Guarantee of the Guarantor may
      be
      released upon the terms and subject to the conditions set forth in this Section
      12.4. Provided that no Default shall have occurred and shall be continuing
      under
      this Indenture, any Guarantee incurred by the Guarantor pursuant to this Article
      Twelve shall be unconditionally released and discharged upon (i) the Issuer’s
      exercise of its legal defeasance option or its covenant defeasance option in
      accordance with Article Nine hereof or (ii) the merger of the Guarantor into
      the
      Issuer or the liquidation or dissolution of the Guarantor (in each case to
      the
      extent not prohibited by this Indenture) or (iii) following delivery of a
      written notice of such release or discharge by the Issuer, the Trustee, upon
      the
      release or discharge of all guarantees by the Guarantor of any debt of the
      Issuer other than obligations arising under this Indenture and any Notes 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 the
      Guarantor from the Guarantee upon receipt of a written request of the Issuer
      accompanied by an Officers’ Certificate and an Opinion of Counsel that the
      Guarantor is entitled to such release in accordance with the provisions of
      this
      Indenture. 

     

    [Signatures
      on following page]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SIGNATURES

     

    

    Dated
      as
      of November 21, 2006.

     

    Issuer:

    

    BOARDWALK
      PIPELINES, LP

    

    By: Boardwalk
      Operating GP LLC,

    its
      General Partner 

    

    By: Boardwalk
      Pipeline Partners, LP

    its
      Sole
      Member

    

    By: Boardwalk
      GP, LP

    its
      General Partner

    

    By: Boardwalk
      GP, LLC

    its
      General Partner

    

    

    By: /s/
      Jamie L. Buskill

    Name:
      Jamie L. Buskill

    Title:
      Chief Financial Officer

    

    guarantor:

    

    BOARDWALK
      PIPELINE PARTNERS, LP

    

    By: Boardwalk
      GP, LP

    its
      General Partner

    

    By: Boardwalk
      GP, LLC

    its
      General Partner

    

    

    By: /s/
      Jamie L. Buskill

    Name:
      Jamie L. Buskill

    Title:
      Chief Financial Officer

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    

    Trustee:

    

    THE
      BANK
      OF NEW YORK TRUST COMPANY, N.A.

    

    

    By: /s/
      L.
      Garcia

    Name:
      L.
      Garcia

    Title:
      Assistant Vice President

    

    

    

     

    
      
        
          

          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    (Face
      of Note)

     

    

     

    5.875%
      NOTES DUE 2016

     

    CUSIP
      096630 AA 6

     

    No.
      1$
      250,000,000

     

    

    BOARDWALK
      PIPELINES, LP

     

    promises
      to pay to CEDE & CO., INC., or its registered assigns, the principal sum of
      Two Hundred and Fifty Million Dollars ($250,000,000.00) on November 15,
      2016.

     

    Interest
      Payment Dates: May 15 and November 15, commencing May 15, 2007

     

    Record
      Dates: May 1 and November 1.

     

    IN
      WITNESS WHEREOF, the Issuer has caused this Note to be signed by its duly
      authorized officer.

     

    BOARDWALK
      PIPELINES, LP

     

    By:
      Boardwalk Operating GP, LLC, its general partner

     

    By:
      Boardwalk Pipeline Partners, LP, its sole member

     

    By:
      Boardwalk GP, LP, its general partner

     

    By:
      Boardwalk GP, LLC, its general partner

    

    

    By:_____________________________

    Name:
      Jamie L. Buskill

    Title:
      Chief Financial Officer

    

    This
      is
      one of the Global

    Notes
      referred to in the 

    within-mentioned
      Indenture:

    

    THE
      BANK
      OF NEW YORK TRUST COMPANY, N.A.

    as
      Trustee

    

    

    By: __________________________________

    Authorized
      Signatory

    

    Dated:
      November 21, 2006 

    

     

    (Back
      of Note)

     

    

     

    5.875%
      NOTES DUE 2016

     

    THIS
      GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
      THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
      HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
      THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
      TO SECTION 2.6 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
      WHOLE
      BUT NOT IN PART PURSUANT TO SECTION 2.6(a) OF THE INDENTURE, (III) THIS GLOBAL
      NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11
      OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
      DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

     

    UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
      THIS
      NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
      OF
      THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
      NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
      SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY UNLESS THIS
      NOTE
      IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
      (55
      WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
      IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS MAY BE REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
      TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC). ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
      TO
      ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
      HAS AN INTEREST HEREIN.

     

    Capitalized
      terms used herein shall have the meanings assigned to them in the Indenture
      referred to below unless otherwise indicated.

     

    1. Interest.
      Boardwalk Pipelines, LP, a Delaware limited partnership (the “Issuer”), promises
      to pay interest on the principal amount of this Note at 5.875% per annum until
      maturity relating to these Notes. The Issuer shall pay interest semi-annually
      in
      arrears in cash on May 15 and November 15 of each year, or if any such day
      is
      not a Business Day, on the next succeeding Business Day (each an “Interest
      Payment Date”). Interest on the Notes shall accrue from the most recent date to
      which interest has been paid or, if no interest has been paid, from November
      21,
      2006; provided, however, that if there is no existing Default in the payment
      of
      interest, and if this Note is authenticated between a record date referred
      to on
      the face hereof and the next succeeding Interest Payment Date, interest shall
      accrue from such next succeeding Interest Payment Date; provided, further,
      that
      the first Interest Payment Date shall be May 15, 2007. The Issuer shall pay
      interest (including post-petition interest in any proceeding under any
      Bankruptcy Law) on overdue principal and premium, if any, from time to time
      at a
      rate that is 1% per annum in excess of the interest rate then in effect under
      the Indenture and this Note; it shall pay interest (including post-petition
      interest in any proceeding under any Bankruptcy Law) on overdue installments
      of
      interest (without regard to any applicable grace periods), from time to time
      at
      the same rate to the extent lawful. Interest shall be computed on the basis
      of a
      360-day year of twelve 30-day months.

     

    2. Method
      of Payment.
      The
      Issuer shall pay interest on the Notes (except defaulted interest) to the
      Persons in whose name this Note (or one or more Predecessor Notes) is registered
      at the close of business on May 1 or November 1 preceding the Interest Payment
      Date, even if such Notes are cancelled after such record date and on or before
      such Interest Payment Date, except as provided in Section 2.12 of the Indenture
      with respect to defaulted interest. The
      Notes
      shall be payable as to principal, premium, if any, and interest at the office
      or
      agency of the Issuer maintained for such purpose, or, at the option of the
      Issuer, payment of interest may be made by check mailed to the Holders at their
      addresses set forth in the Security Register; provided, however, that payment
      by
      wire transfer of immediately available funds shall be required with respect
      to
      principal of and interest and premium, if any, on, all Global Notes and all
      other Notes the Holders of which shall have provided wire transfer instructions
      to the Issuer or the Paying Agent. Such payment shall be in such coin or
      currency of the United States of America as at the time of payment is legal
      tender for payment of public and private debts.

     

    3. Paying
      Agent and Registrar.
      Initially, The Bank of New York Trust Company, N.A., the Trustee under the
      Indenture, shall act as Paying Agent and Registrar. The Issuer may change any
      Paying Agent or Registrar without notice to any Holder. The Issuer or any of
      its
      Subsidiaries may act in any such capacity.

     

    4. Indenture.
      The
      Issuer issued the Notes under an Indenture, dated as of November 21, 2006
      (“Indenture”), among the Issuer, the Guarantor and the Trustee. The terms of the
      Notes include those stated in the Indenture and those made part of the Indenture
      by reference to the Trust Indenture Act of 1939, as amended (15 U.S.Code §§
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred
      to the Indenture and such Act for a statement of such terms. To the extent
      any
      provision of this Note conflicts with the express provisions of the Indenture,
      the provisions of the Indenture shall govern and be controlling.

     

    5. Optional
      Redemption.

     

    (a) The
      Notes
      will be redeemable as a whole or in part, at the option of the Issuer at any
      time at a redemption price equal to the greater of (i) 100% of the principal
      amount of such Notes and (ii) the sum of the present values of the remaining
      scheduled payments of principal and interest thereon discounted to the
      redemption date on a semiannual basis (assuming a 360-day year consisting of
      twelve 30-day months) at the Treasury Rate, as defined in the Indenture, plus
      20
      basis points, plus in each case accrued interest thereon to the date of
      redemption.

     

    (b) Any
      prepayment pursuant to this paragraph shall be made pursuant to the provisions
      of Sections 11.1 through 11.6 of the Indenture.

     

    6. Mandatory
      Redemption.
      The
      Issuer shall not be required to make mandatory redemption or sinking fund
      payments with respect to the Notes.

     

    7. Notice
      of Redemption.
      Notices
      of redemption shall be mailed at least 30 days but not more than 60 days before
      the redemption date to each Holder whose Notes are to be redeemed at its
      registered address. Notes in denominations larger than $1,000 may be redeemed
      in
      part but only in integral multiples of $1,000, unless all of the Notes held
      by a
      Holder are to be redeemed. On and after the redemption date interest shall
      cease
      to accrue on Notes or portions thereof called for redemption.

     

    8. Denominations,
      Transfer, Exchange.
      The
      Notes are in registered form without coupons in denominations of $1,000 and
      integral multiples of $1,000. This Note shall represent the aggregate principal
      amount of Outstanding Notes from time to time endorsed hereon and the aggregate
      principal amount of Notes represented hereby may from time to time be reduced
      or
      increased, as appropriate, to reflect exchanges and redemptions. The transfer
      of
      Notes may be registered and Notes may be exchanged as provided in the Indenture.
      The Registrar and the Trustee may require a Holder, among other things, to
      furnish appropriate endorsements and transfer documents and the Issuer may
      require a Holder to pay any taxes and fees required by law or permitted by
      the
      Indenture. The Issuer need not exchange or register the transfer of any Note
      or
      portion of a Note selected for redemption, except for the unredeemed portion
      of
      any Note being redeemed in part. Also, the Issuer need not exchange or register
      the transfer of any Notes for a period of 15 days before a selection of Notes
      to
      be redeemed or during the period between a record date and the corresponding
      Interest Payment Date.

     

    9. Persons
      Deemed Owners.
      The
      registered Holder of a Note may be treated as its owner for all
      purposes.

     

    10. Amendment,
      Supplement and Waiver.
      Subject
      to certain exceptions, the Issuer and the Trustee may amend or supplement the
      Indenture or the Notes with the consent of the Holders of at least a majority
      in
      principal amount of the Notes then Outstanding, and, subject to Section 4.10
      of
      the Indenture, any existing Default or Event of Default (except a continuing
      Default or Event of Default (i) in the payment of principal, premium, if any,
      interest, if any, on the Notes and (ii) in respect of a covenant or provision
      which under the Indenture cannot be modified or amended without the consent
      of
      the Holder of each Note affected by such modification or amendment) or
      compliance with any provision of the Indenture or the Notes may be waived with
      the consent of the Holders of at least a majority in principal amount of the
      Notes. Without the consent of any Holder, the Issuer and the Trustee may amend
      or supplement the Indenture or the Notes: (a) to convey, transfer, assign,
      mortgage or pledge to the Trustee as security for the Notes any property or
      assets; (b) to evidence the succession of another Person to the Issuer, or
      successive successions, and the assumption by the successor Person of the
      covenants, agreements and obligations of the Issuer pursuant to Article Eight
      of
      the Indenture; (c) to add to the covenants of the Issuer such further covenants,
      restrictions, conditions or provisions as the Issuer and the Trustee shall
      consider to be for the protection of the Holders of Notes, and to make the
      occurrence, or the occurrence and continuance, of a default in any such
      additional covenants, restrictions, conditions or provisions an Event of Default
      permitting the enforcement of all or any of the several remedies provided in
      this Indenture as herein set forth; provided, that in respect of any such
      additional covenant, restriction, condition or provision such supplemental
      indenture may provide for a particular period of grace after default (which
      period may be shorter or longer than that allowed in the case of other defaults)
      or may provide for an immediate enforcement upon such an Event of Default or
      may
      limit the remedies available to the Trustee upon such an Event of Default or
      may
      limit the right of the Holders of a majority in aggregate principal amount
      of
      the Notes to waive such an Event of Default; (d) to cure any ambiguity or to
      correct or supplement any provision contained herein or in any supplemental
      indenture which may be defective or inconsistent with any other provision
      contained herein or in any supplemental indenture, or to make any other
      provisions as the Issuer may deem necessary or desirable, provided that no
      such
      action shall materially adversely affect the interests of the Holders of the
      Notes; (e) to provide for the issuance of Additional Notes in accordance with
      the limitations set forth in the Indenture; and (f) to evidence and provide
      for
      the acceptance of appointment hereunder by a successor trustee with respect
      to
      the Notes 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
      5.10
      of the Indenture.

     

    11. Defaults
      and Remedies.
      Each of
      the following constitutes an Event of Default with respect to the Notes: (a)
      default in the payment of any installment of interest upon any of the Notes
      as
      and when the same shall become due and payable, and continuance of such default
      for a period of 30 days; or (b) default in the payment of all or any part of
      the
      principal on any of the Notes as and when the same shall become due and payable
      either at maturity, upon any redemption, by declaration or otherwise; or (c)
      default in the performance, or breach, of any covenant or warranty of the Issuer
      or the Guarantor in respect of the Notes (other than a covenant or warranty
      in
      respect of the Notes a default in whose performance or whose breach is elsewhere
      in this Section is specifically dealt with) and continuance of such default
      or
      breach for a period of 60 days (or 180 days in the case of a Reporting Failure)
      after there has been given, by registered or certified mail, to the Issuer
      and
      the Guarantor by the Trustee or to the Issuer, the Guarantor and the Trustee
      by
      the Holders of at least 25% in aggregate principal amount of the Outstanding
      Notes, a written notice specifying such default or breach and requiring it
      to be
      remedied and stating that such notice is a “Notice of Default” hereunder; or (d)
      either (1) default in payment of any Indebtedness of the Issuer, the Guarantor
      or any Subsidiary of the Issuer within any applicable grace period after final
      maturity or (2) the acceleration of Indebtedness of the Issuer, the Guarantor
      or
      any Subsidiary of the Issuer by the holders thereof because of a default and,
      in
      either case, the total amount of the Indebtedness unpaid or accelerated exceeds
      $50 million; or (e) the entry of a decree or order by a court having
      jurisdiction in the premises adjudging the Issuer, the Guarantor or any
      Significant Subsidiary as bankrupt or insolvent, or approving as properly filed
      a petition seeking reorganization, arrangement, adjustment or composition of
      or
      in respect of the Issuer, the Guarantor or any Significant Subsidiary under
      the
      federal bankruptcy law or any other applicable federal or state law, or
      appointing a receiver, liquidator, assignee, trustee, sequestrator (or other
      similar official) of the Issuer, the Guarantor or any Significant Subsidiary
      or
      for any substantial part of its property, or ordering the winding up or
      liquidation of its affairs, and the continuance of any such decree or order
      unstayed and in effect for a period of 60 consecutive days; or (f) the
      institution by the Issuer, the Guarantor or any Significant Subsidiary of
      proceedings to be adjudicated as bankrupt or insolvent or the consent by the
      Issuer, the Guarantor or any Significant Subsidiary to the institution of
      bankruptcy or insolvency proceedings against it, or the filing by the Issuer,
      the Guarantor or any Significant Subsidiary of a petition or answer or consent
      seeking reorganization or relief under the federal bankruptcy law or any other
      applicable federal or state law, or the consent by the Issuer or any Significant
      Subsidiary to the filing of any such petition or to the appointment of a
      receiver, liquidator, assignee, trustee, sequestrator (or other similar
      official) of the Issuer, the Guarantor or any Significant Subsidiary or for
      any
      substantial part of its property, or the making by the Issuer, the Guarantor
      or
      any Significant Subsidiary of any general assignment for the benefit of
      creditors; provided,
      however,
      that the
      occurrence of any of the events described in the foregoing clause (c) of Section
      4.1 of the Indenture shall not constitute an Event of Default if such occurrence
      is the result of changes in generally accepted accounting principles as
      recognized by the American Institute of Certified Public Accountants at the
      date
      as of which this Indenture is executed and a certificate to such effect is
      delivered to the Trustee by the Issuer’s independent public
      accountants. 

     

    If
      an
      Event of Default described in clauses (a), (b), (c) or (d) of Section 4.1 of
      the
      Indenture occurs and is continuing, then, and in each and every such case,
      unless the principal of all the Notes shall have already become due and payable,
      either the Trustee or the Holders of not less than 25% in aggregate principal
      amount of all the Notes then Outstanding hereunder, by notice in writing to
      the
      Issuer and the Guarantor (and to the Trustee if given by Noteholders), may
      declare the entire principal of all of the Notes then Outstanding, and interest
      accrued thereon, if any, to be due and payable immediately, and upon any such
      declaration the same shall become immediately due and payable. If an Event
      of
      Default described in clause (e) or (f) of Section 4.1 of the Indenture occurs
      and is continuing, then and in each and every such case, unless the principal
      of
      all the Notes shall have already become due and payable, the entire principal
      of
      all of the Notes then Outstanding, and interest accrued thereon, if any, will
      become immediately due and payable without any declaration of acceleration
      or
      other act on the part of the Trustee or any Holders.

     

    The
      foregoing provisions, however, are subject to the condition that if, at any
      time
      after the principal of the Notes shall have been so declared due and payable
      or
      become automatically due and payable, and before any judgment or decree for
      the
      payment of the moneys due shall have been obtained or entered as hereinafter
      provided, the Issuer shall pay or shall deposit with the Trustee a sum
      sufficient to pay all matured installments of interest upon all the Notes and
      the principal of any and all Notes which shall have become due otherwise than
      by
      acceleration (with interest upon such principal and, to the extent that payment
      of such interest is enforceable under applicable law, on overdue installments
      of
      interest, at the same rate as the rate of interest specified in the Notes to
      the
      date of such payment or deposit) and such amount as shall be sufficient to
      cover
      reasonable compensation to the Trustee and each predecessor Trustee and their
      agents, attorneys and counsel, and all other expenses and liabilities incurred,
      and all advances made, by the Trustee and each predecessor Trustee except as
      a
      result of negligence or bad faith, and if any and all Events of Default under
      the Indenture, other than the non-payment of the principal of Notes which shall
      have become due by acceleration, shall have been cured, waived or otherwise
      remedied as provided herein--then and in every such case the Holders of a
      majority in aggregate principal amount of all the Notes then Outstanding, by
      written notice to the Issuer, the Guarantor and to the Trustee, may waive all
      defaults with respect to the Notes and rescind and annul such declaration and
      its consequences, but no such waiver or rescission and annulment shall extend
      to
      or shall affect any subsequent default or shall impair any right consequent
      thereon.

     

    12. No
      Recourse.

     

    None
      of
      Boardwalk GP, the respective general partners of the Issuer and the Guarantor
      or
      their respective directors, officers, employees, partners and members, as such,
      shall have any liability for any obligations of, the Guarantor or the Issuer
      under the Notes, the Indenture or the Guarantee or for any claim based on,
      in
      respect of, or by reason of, such obligations or their creation. Each Holder
      by
      accepting the Securities waives and releases all such liability. The waiver
      and
      release are part of the consideration for issuance of the
      Securities.

     

    13. Guarantee.

     

    The
      Notes
      are fully and unconditionally guaranteed on an unsecured, unsubordinated basis
      by the Guarantor as set forth in Article Twelve of the Indenture, as noted
      in the Notation of Guarantee to this Note. 

     

    14. Reliance.

     

    The
      Holder, by accepting this Note, acknowledges and affirms that (i) it has
      purchased the Note in reliance upon the separateness of each of the Guarantor,
      the general partner of the Guarantor and Boardwalk GP from the other and from
      any other Persons and (ii) each of the Guarantor, the general partner of the
      Guarantor and Boardwalk GP has assets and liabilities that are separate from
      those of other Persons.

     

    15. Trustee
      Dealings with Issuer.
      Subject
      to certain limitations, the Trustee in its individual or any other capacity
      may
      become the owner or pledgee of Notes and may otherwise deal with the Issuer
      or
      any Affiliate of the Issuer with the same rights it would have if it were not
      Trustee.

     

    16. No
      Recourse Against Others.
      No
      past, present or future director, officer, employee, incorporator, stockholder,
      general partner, limited partner, officer or director of the Issuer, the
      Guarantor, the general partner of the Issuer, the general partner of the
      Guarantor or Boardwalk GP, as such, shall have any liability for any obligations
      of the Issuer under the Indenture, the Notes or for any claim based on, in
      respect of, or by reason of, such obligations or their creation. Each Holder
      by
      accepting a Note waives and releases all such liability.

     

    17. Authentication.
      This
      Note shall not be valid until authenticated by the manual signature of the
      Trustee or an authenticating agent.

     

    18. Abbreviations.
      Customary abbreviations may be used in the name of a Holder or an assignee,
      such
      as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT
      TEN
      (= joint tenants with right of survivorship and not as tenants in common),
      CUST
      (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

     

    20. CUSIP
      Numbers.
      Pursuant to a recommendation promulgated by the Committee on Uniform Security
      Identification Procedures, the Issuer has caused CUSIP numbers to be printed
      on
      the Notes and has directed the Trustee to use CUSIP numbers in notices of
      redemption or notices of Offers to Purchase as a convenience to Holders. No
      representation is made as to the correctness of such numbers either as printed
      on the Notes or as contained in any notice of redemption or notice of an offer
      to purchase and reliance may be placed only on the other identification numbers
      printed thereon and any such redemption or offer to purchase shall not be
      affected by any defect in or omission of such numbers.

     

    The
      Issuer shall furnish to any Holder upon written request and without charge
      a
      copy of the Indenture. Requests may be made to: Boardwalk Pipelines, LP, 3800
      Frederica Street, Owensboro, KY 42301, Attn: Chief Financial
      Officer.

     

    21. Governing
      Law.
      The
      internal law of the State of New York shall govern and be used to construe
      this
      Note without giving effect to applicable principals of conflicts of law to
      the
      extent that the application of the laws of another jurisdiction would be
      required thereby.

     

    

     

    

     

    

     

    Assignment
      Form

     

    To
      assign
      this Note, fill in the form below:

     

    (I)
      or
      (we) assign and transfer this Note to

     

    ______________________________________________________________

    (Insert
      assignee’s social security or other tax I.D. no.)

     

     

     

     

    _______________________________________________________________

     
      (Print
      or type assignee’s name, address and zip code) 

     

    and
      irrevocably appoint 
_________________________________________________________________          

     

    as
      agent
      to transfer this Note on the books of the Issuer. The agent may substitute
      another to act for him.

     

    

     

    Date: 
      ____________________________  

     

    Your
      Signature:  ______________________________________________

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

    

    

    Signature
      Guarantee:  __________________________________________________

    

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

    

    SCHEDULE
      OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

     

    The
      following exchanges of a part of this Global Note for an interest in another
      Global Note or for a Definitive Note, or exchanges of a part of another Global
      Note or Definitive Note for an interest in this Global Note, have been
      made:

     

    

     

    
      	
              Date
                of Exchange

            	
              Amount
                of decrease in Principal Amount of
                this Global Note

            	
              Amount
                of increase in Principal Amount of this Global
                Note

            	
              Principal
                Amount of this Global Note following such decrease (or
                increase)

            	
              Signature
                of authorized signatory of Trustee or Note Custodian

            
	 	 	 	 	 

    

    

     

    

     

    

     

    

     

    NOTATION
      OF GUARANTEE

     

    The
      Guarantor (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 5.875%
      Notes due 2016 (the “Notes”) and all other amounts due and payable under the
      Indenture and the Notes by the Issuer.

     

    The
      obligations of the Guarantor to the Holders of Notes and to the Trustee pursuant
      to its Guarantee and the Indenture are expressly set forth in Article Twelve
      of
      the Indenture and reference is hereby made to the Indenture for the precise
      terms of the Guarantee.

     

    BOARDWALK
      PIPELINE PARTNERS, LP

    

    By: Boardwalk
      GP, LP, its general partner

    

    By: Boardwalk
      GP, LLC, its general partner

    

    

    By: 
      ______________________________

    Name:
      Jamie L. Buskill

    Title:
      Chief Financial Officer<PAGE>

                                                                    EXHIBIT 10.4

                              ISILON SYSTEMS, INC.

                           2006 EQUITY INCENTIVE PLAN

                         NOTICE OF GRANT OF STOCK OPTION

     Unless otherwise defined herein, the terms defined in the 2006 Equity
Incentive Plan (the "Plan") will have the same defined meanings in this Notice
of Grant of Stock Option (the "Notice of Grant") and Terms and Conditions of
Stock Option Grant, attached hereto as Exhibit A (together, the "Option
Agreement" or the "Agreement").

     PARTICIPANT: __________________________________________

     ADDRESS: ______________________________________________

     Participant has been granted the right to receive an Option to purchase
Common Stock of the Company, subject to the terms and conditions of the Plan and
this Agreement, as follows:

     Grant Number              _____________________________

     Date of Grant             _____________________________

     Vesting Commencement Date _____________________________

     Number of Shares Granted  _____________________________

     Exercise Price per Share  $____________________________

     Total Exercise Price      $____________________________

     Type of Option            ___ Incentive Stock Option

                               ___ Nonstatutory Stock Option

     Term/Expiration Date      _____________________________

     Vesting Schedule:

     Subject to accelerated vesting as set forth below or in the Plan, this
Option may be exercised, in whole or in part, in accordance with the following
schedule:

     [Twenty-five percent (25%) of the Shares subject to the Option will vest
twelve (12) months after the Vesting Commencement Date, and 1/12th of the
remaining Shares subject to the Option shall vest quarterly thereafter on the
same day of the month as the Vesting Commencement Date (and if there is no
corresponding day, on the last day of the month), subject to Participant
continuing to be a Service Provider through each such date.]

     [Notwithstanding the foregoing, upon a Change in Control, this Option shall
immediately vest and become exercisable as to twenty-five percent (25%) of the
Shares that are unvested as of the date of the Change in Control. Additionally,
in the event the Company terminates Participant's status as a Service Provider
without Cause (as defined below) within twelve (12) months after the
consummation of a Change in Control, this Option shall immediately vest and
become exercisable as to an additional twenty-five percent (25%) of the Shares
that are unvested as of the date of termination shall immediately vest and
become exerciseable.

<PAGE>

     For purposes of this Option Agreement, "Cause" means Participant's status
as a Service Provider is terminated for any of the following reasons: (i)
Participant's willful failure to substantially perform his or her duties to the
Company or deliberate violation of a Company policy; (ii) Participant's
commission of any act of fraud, embezzlement, dishonesty or any other willful
misconduct that has caused or is reasonably expected to result in material
injury to the Company; (iii) unauthorized use or disclosure by Participant of
any proprietary information or trade secrets of the Company or any other party
to whom the Participant owes an obligation of nondisclosure as a result of his
or her relationship with the Company; or (iv) Participant's willful breach of
any of his or her obligations under any written agreement with the Company. The
determination as to whether a Participant is being terminated for Cause shall be
made in good faith by the Company and shall be final and binding on the
Participant. For purposes of this definition, "Company" shall be interpreted to
include any Parent, Subsidiary affiliate or successor thereto, if appropriate.]

     Termination Period:

     This Option shall be exercisable for three (3) months after Participant
ceases to be a Service Provider, other than upon Participant's termination for
Cause or as a result of Participant's death or Disability. If Participant is
terminated for Cause (as defined below), this Option shall immediately expire as
to both vested and unvested Shares. If Participant ceases to be a Service
Provider due to Participant's death or Disability, this Option shall be
exercisable for twelve (12) months after Participant ceases to be Service
Provider. Notwithstanding the foregoing, in no event may this Option be
exercised after the Term/Expiration Date as provided above and may be subject to
earlier termination as provided in Section 14(c) of the Plan.

     By Participant's signature and the signature of the Company's
representative below, Participant and the Company agree that this Option is
granted under and governed by the terms and conditions of the Plan and this
Agreement. Participant has reviewed the Plan and this Agreement in their
entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Agreement and fully understands all provisions of the Plan and
Agreement. Participant hereby agrees to accept as binding, conclusive and final
all decisions or interpretations of the Administrator upon any questions
relating to the Plan and Agreement. Participant further agrees to notify the
Company upon any change in the residence address indicated below.

PARTICIPANT                             ISILON SYSTEMS, INC.

-------------------------------------   ----------------------------------------
Signature                               By

-------------------------------------   ----------------------------------------
Print Name                              Title

Address:

-------------------------------------

-------------------------------------

Email:
       ------------------------------
Phone:
       ------------------------------

                                       -2-

<PAGE>

                                    EXHIBIT A

                   TERMS AND CONDITIONS OF STOCK OPTION GRANT

     1. Grant. The Company hereby grants to Participant under the Plan for
future services and as a separate incentive in connection with his or her future
services and not in lieu of any salary or other compensation for his or her
future services, an Option to purchase the number of Shares, as set forth in the
Notice of Grant, at the exercise price per share set forth in the Notice of
Grant (the "Exercise Price"), subject to all of the terms and conditions in this
Agreement and the Plan, which is incorporated herein by reference. Subject to
Section 19(c) of the Plan, in the event of a conflict between the terms and
conditions of the Plan and the terms and conditions of this Agreement, the terms
and conditions of the Plan will prevail.

          If designated in the Notice of Grant as an Incentive Stock Option
("ISO"), this Option is intended to qualify as an Incentive Stock Option under
Section 422 of the Code. However, if this Option is intended to be an Incentive
Stock Option, to the extent that it exceeds the $100,000 rule of Code Section
422(d) it will be treated as a Nonstatutory Stock Option ("NSO").

     2. Vesting Schedule. Except as provided in Section 3, the Option awarded by
this Agreement will vest in accordance with the vesting provisions set forth in
the Notice of Grant. Shares scheduled to vest on a certain date or upon the
occurrence of a certain condition will not vest in Participant in accordance
with any of the provisions of this Agreement, unless Participant will have been
continuously a Service Provider from the Date of Grant until the date such
vesting occurs.

     3. Administrator Discretion. The Administrator, in its discretion, may
accelerate the vesting of the balance, or some lesser portion of the balance, of
the unvested Option at any time, subject to the terms of the Plan. If so
accelerated, such Option will be considered as having vested as of the date
specified by the Administrator.

     4. Exercise of Option. This Option may be exercised only within the term
set out in the Notice of Grant, and may be exercised during such term only in
accordance with the Plan and the terms of this Agreement.

          This Option is exercisable by delivery of an exercise notice, in the
form attached as Exhibit B (the "Exercise Notice") or in such other form and
manner as determined by the Administrator, which will state the election to
exercise the Option, the number of Shares in respect of which the Option is
being exercised (the "Exercised Shares"), and such other representations and
agreements as may be required by the Company pursuant to the provisions of the
Plan. The Exercise Notice will be completed by Participant and delivered to the
Company. The Exercise Notice will be accompanied by payment of the aggregate
Exercise Price as to all Exercised Shares together with any applicable
withholding taxes. This Option will be deemed to be exercised upon receipt by
the Company of such fully executed Exercise Notice accompanied by such aggregate
Exercise Price.

     5. Method of Payment. Payment of the aggregate Exercise Price will be by
any of the following, or a combination thereof, at the election of Participant:

          (a) cash;

          (b) check;

<PAGE>

          (c) consideration received by the Company under a formal cashless
exercise program adopted by the Company in connection with the Plan; or

          (d) surrender of other Shares which, (i) in the case of Shares
acquired from the Company, either directly or indirectly, have been owned by
Participant and not subject to a substantial risk of forfeiture for more than
six (6) months on the date of surrender, and (ii) have a Fair Market Value on
the date of surrender equal to the aggregate Exercise Price of the Exercised
Shares.

     6. Tax Obligations.

          (a) Withholding of Taxes. Notwithstanding any contrary provision of
this Agreement, no certificate representing the Shares will be issued to
Participant, unless and until satisfactory arrangements (as determined by the
Administrator) will have been made by Participant with respect to the payment of
income, employment and other taxes which the Company determines must be withheld
with respect to such Shares. To the extent determined appropriate by the Company
in its discretion, it shall have the right (but not the obligation) to satisfy
any tax withholding obligations by reducing the number of Shares otherwise
deliverable to Participant. If Participant fails to make satisfactory
arrangements for the payment of any required tax withholding obligations
hereunder at the time of the Option exercise, Participant acknowledges and
agrees that the Company may refuse to honor the exercise and refuse to deliver
Shares if such withholding amounts are not delivered at the time of exercise.

          (b) Notice of Disqualifying Disposition of ISO Shares. If the Option
granted to Participant herein is an ISO, and if Participant sells or otherwise
disposes of any of the Shares acquired pursuant to the ISO on or before the
later of (i) the date two (2) years after the Grant Date, or (ii) the date one
(1) year after the date of exercise, Participant will immediately notify the
Company in writing of such disposition. Participant agrees that Participant may
be subject to income tax withholding by the Company on the compensation income
recognized by Participant.

          (c) Code Section 409A. Under Code Section 409A, an option that vests
after December 31, 2004 that was granted with a per share exercise price that is
determined by the Internal Revenue Service (the "IRS") to be less than the fair
market value of a Share of Common Stock on the date of grant (a "Discount
Option") may be considered "deferred compensation." A Discount Option may result
in (a) income recognition by Participant prior to the exercise of the option,
(b) an additional twenty percent (20%) tax, and (c) potential penalty and
interest charges. Participant acknowledges that the Company cannot and has not
guaranteed that the IRS will agree that the per Share exercise price of this
Option equals or exceeds the fair market value of a Share of Common Stock on the
Date of Grant in a later examination. Participant agrees that if the IRS
determines that the Option was granted with a per Share exercise price that was
less than the Fair Market Value of a Share on the date of grant, Participant
will be solely responsible for Participant's costs related to such a
determination.

     7. Rights as Stockholder. Neither Participant nor any person claiming under
or through Participant will have any of the rights or privileges of a
stockholder of the Company in respect of any Shares deliverable hereunder unless
and until certificates representing such Shares will have been issued, recorded
on the records of the Company or its transfer agents or registrars, and
delivered to Participant. After such issuance, recordation and delivery,
Participant will have all the rights of a stockholder of the Company with
respect to voting such Shares and receipt of dividends and distributions on such
Shares.

     8. No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES
THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED
ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE

                                      -2-

<PAGE>

COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR ACQUIRING SHARES
HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE
TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO
NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A
SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT
INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR
THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE
PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT
CAUSE.

     9. Address for Notices. Any notice to be given to the Company under the
terms of this Agreement will be addressed to the Company at Isilon Systems,
Inc., 3101 Western Avenue, Seattle, WA 98121, or at such other address as the
Company may hereafter designate in writing.

     10. Grant is Not Transferable. This Option may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of Participant only by Participant.

     11. Binding Agreement. Subject to the limitation on the transferability of
this grant contained herein, this Agreement will be binding upon and inure to
the benefit of the heirs, legatees, legal representatives, successors and
assigns of the parties hereto.

     12. Additional Conditions to Issuance of Stock. If at any time the Company
will determine, in its discretion, that the listing, registration or
qualification of the Shares upon any securities exchange or under any state or
federal law, or the consent or approval of any governmental regulatory authority
is necessary or desirable as a condition to the issuance of Shares to
Participant (or his or her estate), such issuance will not occur unless and
until such listing, registration, qualification, consent or approval will have
been effected or obtained free of any conditions not acceptable to the Company.
The Company will make all reasonable efforts to meet the requirements of any
such state or federal law or securities exchange and to obtain any such consent
or approval of any such governmental authority. Assuming such compliance, for
income tax purposes the Exercised Shares will be considered transferred to
Participant on the date the Option is exercised with respect to such Exercised
Shares.

     13. Plan Governs. This Agreement is subject to all terms and provisions of
the Plan. In the event of a conflict between one or more provisions of this
Agreement and one or more provisions of the Plan, the provisions of the Plan
will govern. Capitalized terms used and not defined in this Agreement will have
the meaning set forth in the Plan.

     14. Administrator Authority. The Administrator will have the power to
interpret the Plan and this Agreement and to adopt such rules for the
administration, interpretation and application of the Plan as are consistent
therewith and to interpret or revoke any such rules (including, but not limited
to, the determination of whether or not any Shares subject to the Option have
vested). All actions taken and all interpretations and determinations made by
the Administrator in good faith will be final and binding upon Participant, the
Company and all other interested persons. No member of the Administrator will be
personally liable for any action, determination or interpretation made in good
faith with respect to the Plan or this Agreement.

     15. Electronic Delivery. The Company may, in its sole discretion, decide to
deliver any documents related to Options awarded under the Plan or future
Options that may be awarded under the Plan by electronic means or request
Participant's consent to participate in the Plan by electronic means.

                                       -3-

<PAGE>

Participant hereby consents to receive such documents by electronic delivery and
agrees to participate in the Plan through any on-line or electronic system
established and maintained by the Company or another third party designated by
the Company.

     16. Captions. Captions provided herein are for convenience only and are not
to serve as a basis for interpretation or construction of this Agreement.

     17. Agreement Severable. In the event that any provision in this Agreement
will be held invalid or unenforceable, such provision will be severable from,
and such invalidity or unenforceability will not be construed to have any effect
on, the remaining provisions of this Agreement.

     18. Modifications to the Agreement. This Agreement constitutes the entire
understanding of the parties on the subjects covered. Participant expressly
warrants that he or she is not accepting this Agreement in reliance on any
promises, representations, or inducements other than those contained herein.
Modifications to this Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company.

     19. Amendment, Suspension or Termination of the Plan. By accepting this
Award, Participant expressly warrants that he or she has received an Option
under the Plan, and has received, read and understood a description of the Plan.
Participant understands that the Plan is discretionary in nature and may be
amended, suspended or terminated by the Company at any time.

     20. Governing Law. This Agreement shall be governed by the laws of the
State of Washington, without giving effect to the conflict of law principles
thereof. For purposes of litigating any dispute that arises under this Option or
this Agreement, the parties hereby submit to and consent to the jurisdiction of
the State of Washington, and agree that such litigation shall be conducted in
the courts of King County, Washington, or the federal courts for the United
States for the Western District of Washington, and no other courts, where this
Option is made and/or to be performed.

                                       -4-

<PAGE>

                                    EXHIBIT B

                              ISILON SYSTEMS, INC.

                           2006 EQUITY INCENTIVE PLAN
                                 EXERCISE NOTICE

Isilon Systems, Inc.
3101 Western Avenue
Seattle, WA 98121

Attention: ________________

     1. Exercise of Option. Effective as of today, ________________, _____, the
undersigned ("Purchaser") hereby elects to purchase ______________ shares (the
"Shares") of the Common Stock of Isilon Systems, Inc. (the "Company") under and
pursuant to the 2006 Equity Incentive Plan (the "Plan") and the Stock Option
Agreement dated ________ (the "Agreement"). The purchase price for the Shares
will be $_____________, as required by the Agreement.

     2. Delivery of Payment. Purchaser herewith delivers to the Company the full
purchase price for the Shares and any required withholding taxes to be paid in
connection with the exercise of the Option.

     3. Representations of Purchaser. Purchaser acknowledges that Purchaser has
received, read and understood the Plan and the Agreement and agrees to abide by
and be bound by their terms and conditions.

     4. Rights as Stockholder. Until the issuance (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company) of the Shares, no right to vote or receive dividends or
any other rights as a stockholder will exist with respect to the Optioned Stock,
notwithstanding the exercise of the Option. The Shares so acquired will be
issued to Participant as soon as practicable after exercise of the Option. No
adjustment will be made for a dividend or other right for which the record date
is prior to the date of issuance, except as provided in Section 14 of the Plan.

     5. Tax Consultation. Purchaser understands that Purchaser may suffer
adverse tax consequences as a result of Purchaser's purchase or disposition of
the Shares. Purchaser represents that Purchaser has consulted with any tax
consultants Purchaser deems advisable in connection with the purchase or
disposition of the Shares and that Purchaser is not relying on the Company for
any tax advice.

     6. Entire Agreement; Governing Law. The Plan and Agreement are incorporated
herein by reference. This Exercise Notice, the Plan and the Agreement constitute
the entire agreement of the parties with respect to the subject matter hereof
and supersede in their entirety all prior undertakings and agreements of the
Company and Purchaser with respect to the subject matter hereof, and may not be
modified adversely to the Purchaser's interest except by means of a writing
signed by the Company and Purchaser. This agreement is governed by the internal
substantive laws, but not the choice of law rules, of Washington.

                            [Signature Page Follows]

<PAGE>

Submitted by:                           Accepted by:

PURCHASER                               ISILON SYSTEMS, INC.

-------------------------------------   ----------------------------------------
Signature                               By

-------------------------------------   ----------------------------------------
Print Name                              Its

Address:

-------------------------------------

-------------------------------------

                                        ----------------------------------------
                                        Date Received

                       [SIGNATURE PAGE TO EXERCISE NOTICE]

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