Document:

Registration Statement

  
 Exhibit 4.3

  
  

  
  
  
  
 REGISTRATION RIGHTS AGREEMENT 
  
  
  
 Dated as of January 22, 2004 
  
  
 by and among 
  
  
  
 STAR GAS PARTNERS, L.P., 
  
  
 STAR GAS FINANCE COMPANY 
  
  
 and 
  
  
 WACHOVIA CAPITAL MARKETS, LLC 
  
  
  
  

  

 This REGISTRATION RIGHTS AGREEMENT dated as of January 22, 2004 (the “Agreement”) is
entered into by and among Star Gas Partners, L.P., a Delaware limited partnership (the “Company”), and Star Gas Finance Company, a Delaware corporation (“SGFC”, and together with the Company, the
“Issuers”), and Wachovia Capital Markets, LLC (the “Initial Purchaser”). 
  
 The Issuers and the Initial Purchaser are parties to the Note Purchase Agreement dated January 13, 2004 (the “Purchase Agreement”), which
provides for the sale by the Issuers to the Initial Purchaser of $35,000,000 aggregate principal amount of the Issuers’ 101⁄4% Senior Notes due 2013 (the “Securities”). As an inducement to the Initial Purchaser to enter into
the Purchase Agreement, the Issuers have agreed to provide to the Initial Purchaser and its direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the
closing under the Purchase Agreement. 
  
 In consideration of the
foregoing, the parties hereto agree as follows: 
  
 1.
Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in Charlotte,
North Carolina are authorized or required by law to remain closed. 
  
 “Closing Date” shall mean the Closing Date as defined in the Purchase Agreement. 
  
 “Issuers” shall have the meaning set forth in the preamble and shall also include the Issuers’ successors.

  
 “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended from time to time. 
  
 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 
  
 “Exchange Offer” shall mean the exchange offer by the Issuers of Exchange Securities for Registrable Securities pursuant
to Section 2(a) hereof. 
  
 “Exchange
Offer Registration” shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof. 
  
 “Exchange Offer Registration Statement” shall mean an exchange offer registration statement on Form S-4 (or, if
applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein. 

 
 “Exchange Securities” shall mean senior
notes issued by the Issuers under the Indenture containing terms identical to the Securities (except that the Exchange Securities 

 will not be subject to restrictions on transfer or to any increase in annual interest rate for failure to
comply with this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. 
  
 “Holders” shall mean the Initial Purchaser, for so long as it owns any Registrable Securities, and each of its
successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and 5 of this Agreement, the term “Holders” shall include
Participating Broker-Dealers. 
  
 “Initial Purchaser” shall have the meaning set forth in the preamble. 
  
 “Indenture” shall mean the Indenture relating to the Securities dated as of February 6, 2003 among the Issuers and Union
Bank of California, N.A., as trustee, and as the same may be amended from time to time in accordance with the terms thereof. 
  
 “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable
Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities owned directly or indirectly by the Issuers or any of their affiliates
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount. 
  
 “Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Person” shall mean an individual,
partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 
  
 “Prospectus” shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and
any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by
all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein. 
  
 “Purchase Agreement” shall have the meaning set forth in the preamble. 
  
 “Registrable Securities” shall mean the
Securities; provided that the Securities shall cease to be Registrable Securities (i) when a Registration Statement with respect to such Securities has been declared effective under the Securities Act and such Securities have been exchanged
or disposed of pursuant to such Registration Statement, (ii) when such Securities are eligible to be sold pursuant to Rule 144(k) (or any similar provision then in force, but not Rule 144A) under the Securities Act or (iii) when such Securities
cease to be outstanding. 
  
  

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 “Registration Expenses” shall mean any and all expenses incident to
performance of or compliance by the Issuers with this Agreement, including without limitation: (i) all SEC, stock exchange or National Association of Securities Dealers, Inc. registration and filing fees, (ii) all fees and expenses incurred in
connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable
Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus and any amendments or supplements thereto, any underwriting agreements,
securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the
Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Issuers and, in the case of a Shelf Registration Statement, the fees and disbursements of
one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Initial Purchaser) and (viii) the fees and disbursements of the independent public accountants and independent
petroleum engineers of the Issuers, including the expenses of any special audits, “comfort” letters or letters concerning oil and gas reserve estimates, as applicable, required by or incident to the performance of and compliance with this
Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions and transfer taxes, if any, relating to the sale or
disposition of Registrable Securities by a Holder. 
  
 “Registration Statement” shall mean any registration statement of the Issuers that covers any of the Exchange Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and
supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein. 
  
 “SEC” shall mean the Securities and
Exchange Commission. 
  
 “Securities
Act” shall mean the Securities Act of 1933, as amended from time to time. 
  
 “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Shelf Registration” shall mean a
registration effected pursuant to Section 2(b) hereof. 
  
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Issuers that covers all the Registrable Securities (but no other securities unless approved by the Holders whose Registrable
Securities are to be covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the Securities Act, or any 
  
  

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 similar rule that may be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein. 
  
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to
time. 
  
 “Trustee” shall mean
the trustee with respect to the Securities under the Indenture. 
  
 “Underwriter” shall have the meaning set forth in Section 3 hereof. 
  
 “Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering
to the public. 
  
 2. Registration Under the Securities
Act. 
  
 (a) To the extent not prohibited by any applicable
law or applicable interpretations of the staff of the SEC, the Issuers shall use their reasonable best efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to exchange all the Registrable
Securities for Exchange Securities and (ii) have such Registration Statement remain effective until 180 days after the closing of the Exchange Offer. The Issuers shall commence the Exchange Offer promptly after the Exchange Offer Registration
Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later than 60 days after such effective date. 
  
 The Issuers shall commence the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal and
other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law: 
  
 (i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly
withdrawn will be accepted for exchange; 
  
 (ii)
the dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”); 
  
 (iii) that any Registrable Security not tendered will remain outstanding and continue to accrue interest but
will not retain any rights under this Agreement; 
  
 (iv) that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at
the address and in the manner specified in the notice, prior to the close of business on the last Exchange Date; and 
  
 (v) that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by sending
to the institution and at the 
  
  

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 address specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the
name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged. 
  
 As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Issuers that (i) any
Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution
(within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an “affiliate” (within the meaning of Rule 405 under Securities Act) of the Issuers and (iv) if
such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus
in connection with any resale of such Exchange Securities. 
  
 As
soon as practicable after the last Exchange Date, the Issuers shall: 
  
 (i) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 
  
 (ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or
portions thereof so accepted for exchange by the Issuers and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities
surrendered by such Holder. 
  
 The Issuers shall use their
reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The
Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff of the SEC. 
  
 (b) In the event that (i) the Issuers determine that the Exchange Offer Registration provided for in Section 2(a) above is
not available or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff of the SEC, (ii) the Exchange Offer is not for any other reason
completed by July 22, 2004 or (iii) upon completion of the Exchange Offer any Initial Purchaser shall so request in connection with any offering or sale of Registrable Securities, the Issuers shall use their reasonable best efforts to cause to be
filed as soon as practicable after such determination, date or request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement
declared effective by the SEC. 
  
 If the Issuers are required to
file a Shelf Registration Statement pursuant to clause (iii) of the preceding paragraph, the Issuers shall use their reasonable best efforts to file and have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to

  
  

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 Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined
Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchaser after completion of the Exchange Offer. 
  
 The Issuers agree to use their reasonable best efforts to keep the Shelf
Registration Statement continuously effective until expiration of the period referred to in Rule 144(k) under the Securities Act with respect to the Registrable Securities or such shorter period that will terminate when all the Registrable
Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (the “Shelf Effectiveness Period”). The Issuers further agree to supplement or amend the Shelf Registration Statement
and the related Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Issuers for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder
for shelf registration or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective and such Shelf
Registration Statement and Prospectus to become usable as soon as thereafter practicable. The Issuers agree to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with
the SEC. 
  
 (c) The Issuers shall pay all Registration Expenses
in connection with the registration provided in Sections 2(a) and 2(b). Each Holder shall pay all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities
pursuant to the Shelf Registration Statement. 
  
 (d) An Exchange
Offer Registration Statement pursuant to Section 2(a) or a Shelf Registration Statement pursuant to Section 2(b) will not be deemed to have become effective unless it has been declared effective by the SEC. 
  
 In the event that either the Exchange Offer is not completed or the Shelf
Registration Statement, if required hereby, is not declared effective on or prior to July 22, 2004 (August 22, 2004 in the case of a Shelf Registration Statement pursuant to Section 2(b)(iii) above), the interest rate on the Registrable Securities
will be increased by 1.00% per annum until the Exchange Offer is completed or the Shelf Registration Statement, if required hereby, is declared effective by the SEC or the Securities become freely tradable under the Securities Act, at which time the
increased interest shall cease to accrue. 
  
 If the Shelf
Registration Statement has been declared effective and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable
exists for more than 30 days (whether or not consecutive) in any 12-month period (two suspensions not to exceed 30 days each in any 365-day period in the case of a Suspension described in Section 3), then the interest rate on the Registrable
Securities will be increased by 1.00% per annum commencing on the 31st day in such 12-month period and ending on
such date that the Shelf Registration Statement has again been declared effective or the Prospectus again becomes usable, at which time the increased interest shall cease to accrue. 
  
  

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 (e) Without limiting the remedies available to the Initial Purchaser and the Holders, the Issuers
acknowledge that any failure by the Issuers to comply with their obligations under Sections 2(a) and 2(b) hereof may result in material irreparable injury to the Initial Purchaser or the Holders for which there is no adequate remedy at law, that it
will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchaser or any Holder may obtain such relief as may be required to specifically enforce the Issuers’ obligations under
Sections 2(a) and 2(b) hereof. 
  
 3. Registration
Procedures. In connection with their obligations pursuant to Sections 2(a) and 2(b) hereof, the Issuers shall as expeditiously as possible: 
  
 (a) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (x) shall be selected by the
Issuers, (y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the selling Holders thereof and (z) shall comply as to form in all material respects with the requirements of the applicable form and
include all financial statements and oil and gas reserve information required by the SEC to be filed therewith; and use their reasonable best efforts to cause such Registration Statement to become effective and remain effective for the applicable
period in accordance with Section 2 hereof; 
  
 (b) prepare and
file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus
to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the
Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 
  
 (c) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Initial Purchaser, to counsel for such
Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto as they may reasonably
request, in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Issuers consent to the use of such Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the
selling Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus or any amendment or supplement thereto in accordance
with applicable law; 
  
 (d) use their reasonable best efforts to
register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time
the applicable Registration Statement is declared effective by the SEC; cooperate with the Holders in connection with any filings required to be made with the National Association of Securities Dealers, Inc.; and do any and all other acts and things
that may be reasonably necessary or advisable to enable each Holder to complete the disposition in each such 
  
  

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 jurisdiction of the Registrable Securities owned by such Holder; provided that the Issuers shall not be required
to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or
(iii) subject itself to taxation in any such jurisdiction if it is not so subject; 
  
 (e) in the case of a Shelf Registration, notify each Holder of Registrable Securities, counsel for such Holders and counsel for the Initial Purchaser promptly and, if requested by any such Holder or counsel, confirm
such advice in writing (i) when a Registration Statement has become effective and when any post-effective amendment thereto has been filed and becomes effective, (ii) of any request by the SEC or any state securities authority for amendments and
supplements to a Registration Statement and Prospectus or for additional information after the Registration Statement has become effective, (iii) of the issuance by the SEC or any state securities authority of any stop order suspending the
effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, (iv) if, between the effective date of a Registration Statement and the closing of any sale of Registrable Securities covered thereby, the
representations and warranties of the Issuers contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material
respects or if the Issuers receive any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (v) of the happening of any
event during the period a Shelf Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus untrue in any material respect or that requires the making of any changes in such Registration
Statement or Prospectus in order to make the statements therein not misleading and (vi) of any determination by the Issuers that a post-effective amendment to a Registration Statement would be appropriate; 
  
 (f) use their reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement at the earliest possible moment and provide immediate notice to each Holder of the withdrawal of any such order; 
  
 (g) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one
conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); 
  
 (h) in the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent
with the provisions of the Indenture) as the selling Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 
  
 (i) in the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(e)(v) hereof, use their
reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as

  
  

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 thereafter delivered to purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Issuers shall notify the Holders of Registrable Securities to suspend
use of the Prospectus as promptly as practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus until the Issuers have amended or supplemented the Prospectus to correct such misstatement or
omission; 
  
 (j) a reasonable time prior to the filing of any
Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or of any document that is to be incorporated by reference into a Registration Statement or a Prospectus after initial
filing of a Registration Statement (and prior to the completion of an Exchange Offer in the case of an Exchange Offer Registration Statement), provide copies of such document to the Initial Purchaser and their counsel (and, in the case of a Shelf
Registration Statement, to the Holders of Registrable Securities and their counsel) and make such of the representatives of the Issuers as shall be reasonably requested by the Initial Purchaser or their counsel (and, in the case of a Shelf
Registration Statement, the Holders of Registrable Securities or their counsel) available for discussion of such document; and the Issuers shall not, at any time after initial filing of a Registration Statement, file any Prospectus, any amendment of
or supplement to a Registration Statement or a Prospectus, or any document that is to be incorporated by reference into a Registration Statement or a Prospectus, of which the Initial Purchaser and their counsel (and, in the case of a Shelf
Registration Statement, the Holders of Registrable Securities and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchaser or its counsel (and, in the case of a Shelf Registration Statement, the
Holders or their counsel) shall reasonably and timely object; 
  
 (k) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date of a Registration Statement, which CUSIP number shall be the same as the CUSIP number for the publicly
traded notes issued in exchange for the Issuer’s 10.250% Senior Notes due 2013 originally issued on February 6, 2003 and to cause such CUSIP number to be assigned to the Exchange Securities or Registrable Securities; and use their reasonable
best efforts to cause The Depository Trust Company (“DTC”) on the first Business Day following the effective date of a Registration Statement hereunder or as soon as reasonably possible thereafter to remove (i) from any existing
CUSIP number assigned to the Registrable Securities any designation indicating that such securities are “restricted securities,” and (ii) any other stop or restriction on DTC’s system with respect to the Registrable Securities;

  
 (l) cause the Indenture to be qualified under the Trust
Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be
so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 
  
 (m) in the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable Securities (an
“Inspector”), any Underwriter 
  
  

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 participating in any disposition pursuant to such Shelf Registration Statement, and attorneys and accountants designated
by the Holders, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Issuers, and cause the respective officers, directors and employees of the Issuers to supply all information
reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Issuers as being confidential or proprietary, each
Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights
and interests of any Inspector, Holder or Underwriter; 
  
 (n) in
the case of a Shelf Registration, use their reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Issuers are
then listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements; 
  
 (o) if reasonably requested by any Holder of Registrable Securities covered by a Registration Statement, promptly incorporate in a Prospectus supplement
or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Issuers
have received notification of the matters to be incorporated in such filing; and 
  
 (p) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith (including those requested by the Holders of a majority in principal amount of the
Registrable Securities being sold) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (i) to the extent possible, make such
representations and warranties to the Holders and any Underwriters of such Registrable Securities with respect to the business of the Issuers and its subsidiaries, the Registration Statement, Prospectus and documents incorporated by reference or
deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (ii) obtain opinions of counsel to the
Issuers (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their respective counsel) addressed to each selling Holder and Underwriter of Registrable Securities,
covering the matters customarily covered in opinions requested in underwritten offerings, (iii) obtain “comfort” letters from the independent certified public accountants of the Issuers (and, if necessary, any other certified public
accountant of any subsidiary of the Issuers, or of any business acquired by the Issuers for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each selling Holder and
Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, (iv) deliver such documents and certificates
as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of

  
  

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 the representations and warranties of the Issuers made pursuant to clause (i) above and to evidence compliance with any
customary conditions contained in an underwriting agreement. 
  
 In the case of a Shelf Registration Statement, the Issuers may require each Holder of Registrable Securities to furnish to the Issuers such information regarding such Holder and the proposed disposition by such Holder of such Registrable
Securities as the Issuers may from time to time reasonably request in writing. 
  
 In the case of a Shelf Registration Statement, each Holder of Registrable Securities agrees that, upon receipt of any notice from the Issuers of the happening of any event of the kind described in Section 3(e)(iii) or
3(e)(v) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to a Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(i)
hereof and, if so directed by the Issuers, such Holder will deliver to the Issuers all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities that is
current at the time of receipt of such notice. 
  
 If the Issuers
shall give any such notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Issuers shall extend the period during which the Registration Statement shall be maintained effective pursuant to this
Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders shall have received copies of the supplemented or amended Prospectus necessary to resume such
dispositions. The Issuers may give any such notice only twice during any 365-day period and any such suspensions shall not exceed 30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period.

  
 The Holders of Registrable Securities covered by a Shelf
Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker or investment bankers and manager or managers (the “Underwriters”)
that will administer the offering will be selected by the Majority Holders of the Registrable Securities included in such offering. 
  
 4. Participation of Broker-Dealers in Exchange Offer. 
  
 (a) The Staff of the SEC has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in
exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the
Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities. 
  
 The Issuers understand that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan
of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of Exchange Securities owned
by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligation under the Securities Act in connection with 
  
  

 11 

 resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the
Securities Act. 
  
 (b) In light of the above, and notwithstanding
the other provisions of this Agreement, the Issuers agree to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement, as would otherwise be contemplated by Section 3(i), for a period of up to 180 days after the last
Exchange Date (as such period may be extended pursuant to the penultimate paragraph of Section 3 of this Agreement), if requested by the Initial Purchaser or by one or more Participating Broker-Dealers, in order to expedite or facilitate the
disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Issuers further agree that Participating Broker-Dealers shall be authorized to deliver such
Prospectus during such period in connection with the resales contemplated by this Section 4. 
  
 (c) The Initial Purchaser shall have no liability to the Issuers or any Holder with respect to any request that they may make pursuant to Section 4(b) above. 
  
 5. Indemnification and Contribution. 
  
 (a) Each of the Issuers, jointly and severally, agree to indemnify and hold
harmless the Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and
expenses are incurred), joint or several, that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any Prospectus or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or
liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Initial Purchaser or any Holder furnished to the
Issuers in writing or any selling Holder expressly for use therein. In connection with any Underwritten Offering permitted by Section 3, the Issuers, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and
similar securities industry professionals participating in the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above
with respect to the indemnification of the Holders, if requested in connection with any Registration Statement. 
  
 (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Issuers, the Initial Purchaser and the other selling Holders, their
respective affiliates, the directors of the Issuers, each officer of the Issuers who signed the Registration Statement and each Person, if any, who controls the Issuers, any Initial Purchaser and any other selling Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, 
  
  

 12 

 damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement
or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Issuers in writing by such Holder expressly for use in any Registration Statement and any Prospectus. 
  
 (c) If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly
notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have
under this Section 5 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person
shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section 5. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying
Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may
designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain
counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying
Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one
separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm (x) for the Initial Purchaser, its affiliates, directors and officers
and any control Persons of the Initial Purchaser as shall be designated in writing by the Initial Purchaser, (y) for any Holder, its affiliates, directors and officers and any control Persons of such Holder shall be designated in writing by the
Majority Holders and (z) in all other cases shall be designated in writing by the Issuers. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding
effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance
with 
  
  

 13 

 such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the
Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such
settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not
include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
  
 (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result
of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders
from receiving Securities or Exchange Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i) but also the relative fault of the Issuers on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative fault of the Issuers on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. 
  
 (e) The Issuers and the Holders agree
that it would not be just and equitable if contribution pursuant to this Section 5 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does
not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be
required to contribute any amount in excess of the amount by which the total price at which the Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. 
  
 (f) The remedies
provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
  
  

 14 

 (g) The indemnity and contribution provisions contained in this Section 5 shall remain operative and in
full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchaser or any Holder, their respective affiliates or any Person controlling any Initial Purchaser or any Holder,
or by or on behalf of the Issuers, their respective affiliates or the officers or directors of or any Person controlling the Issuers, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf
Registration Statement. 
  
 6. General. 
  
 (a) No Inconsistent Agreements. The Issuers represent, warrant and
agree that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Issuers under any other
agreement and (ii) the Issuers have not entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. 
  
 (b) Amendments and
Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Issuers have
obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment,
modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications,
supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. 
  
 (c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Issuers by means of a notice given in accordance with the provisions of this Section
6(c), which address initially is, with respect to the Initial Purchaser, the address set forth in the Purchase Agreement; (ii) if to the Issuers, initially at the Issuers’s address set forth in the Purchase Agreement and thereafter at such
other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the
mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices, demands or
other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 
  
  

 15 

 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or
other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchaser (in its capacity as Initial Purchaser) shall have no liability or obligation to the Issuers with respect to any failure by a Holder
to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 
  
 (e) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between the Issuers, on the one
hand, and the Initial Purchaser, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder.

  
 (f) Counterparts. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of
reference only, are not a part of this Agreement and shall not limit or otherwise affect the meaning hereof. 
  
 (h) Severability. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. If any term, provision, covenant
or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect
and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable. 
  
 (i)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (j) Miscellaneous. This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral
statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder
of the terms, provisions, covenants and restrictions contained herein shall 
  
  

 16 

 remain in full force and effect and shall in no way be affected, impaired or invalidated. The Issuers and the Initial
Purchaser shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions.

  
 [The remainder of this page is intentionally blank] 

 
  

 17 

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

  

			
	 Very truly yours,

	
	 STAR GAS PARTNERS, L.P.

		
	 BY:
	  	STAR GAS LLC, as General Partner
		
	 By:
	  	/S/ RICHARD F. AMBURY
	 	  	

	 	  	Name: Richard F. Ambury
	
	 STAR GAS FINANCE COMPANY

		
	 By:
	  	/S/ RICHARD F. AMBURY
	 	  	

	 	  	Name: Richard F. Ambury

  
  

			
	
	 Accepted: January 22, 2004

	
	 WACHOVIA CAPITAL MARKETS, LLC

		
	 By
	  	/S/ RICARDO VALERIANO
	 	  	

	 	  	Authorized SignatoryFifteenth Supplemental Indenture dated as of 11-26-03

 Exhibit 4.2.1 
  
 FIFTEENTH SUPPLEMENTAL INDENTURE 
  
 FIFTEENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of November 26, 2003 is by and among
Chesapeake Energy Corporation, an Oklahoma corporation (the “Company”), the Subsidiary Guarantors (as defined in the Indenture referred to herein), The Bank of New York, as successor to United States Trust Company of New York, as trustee
under the Indenture referred to below (the “Trustee”). All capitalized terms not defined herein shall have the meaning ascribed to them in the Indenture. 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as
of March 15, 1997, and such Indenture was supplemented and amended by (i) the First Supplemental Indenture dated December 17, 1997, (ii) the Second Supplemental Indenture dated February 16, 1998, (iii) the Second [Third] Supplemental Indenture dated
April 22, 1998, (iv) the Fourth Supplemental Indenture dated July 1, 1998, (v) the Fifth Supplemental Indenture dated November 19, 1999, (vi) the Sixth Supplemental Indenture dated December 31, 1999, (vii) the Seventh Supplemental Indenture dated
September 12, 2001, (viii) the Eighth Supplemental Indenture dated October 1, 2001 (ix) the Ninth Supplemental Indenture dated December 17, 2001, (x) the Tenth Supplemental Indenture dated as of June 28, 2002, (xi) the Eleventh Supplement Indenture
dated as of July 8, 2002, (xii) the Twelfth Supplemental Indenture dated as of February 14, 2003, (xiii) the Thirteenth Supplemental Indenture dated as of May 1, 2003 and (xiv) the Fourteenth Supplemental Indenture dated as of August 15, 2003.

  
 WHEREAS, on March 15, 1997, the Company issued $120,000,000
aggregate principal amount of its 8.5% Senior Notes due 2012; 
  
 WHEREAS, Section 9.02 of the Indenture provides that, with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer for the Notes),
the Company, when authorized by a resolution of its Board of Directors, and the Trustee may enter into a supplemental to the Indenture for the purpose of amending or supplementing any provisions of the Indenture (with certain exceptions not relevant
to this Supplemental Indenture); 
  
 WHEREAS, the Company and the
Subsidiary Guarantors desire and have requested the Trustee to join with them in entering into this Supplemental Indenture for the purpose of amending the Indenture to remove certain covenants and events of default as permitted by Section 9.02 of
the Indenture; 
  
 WHEREAS, the Company has solicited consents to
this Supplemental Indenture upon the terms and subject to the conditions set forth in its Offer to Purchase and Consent Solicitation Statement dated November 12, 2003 and the related Letter of Transmittal and Consent (which together constitute the
“Tender Offer”); 
  
 WHEREAS, the Company (1) has
received the consent of the Holders of more than 50% in aggregate principal amount of the outstanding Notes, (2) has delivered to the Trustee an Opinion of Counsel relating to this Supplemental Indenture as contemplated by Section 9.06 of the
Indenture and (3) has satisfied all other conditions required under Article 9 of the Indenture to enable the Company and the Trustee to enter into this Supplemental Indenture. 
  
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company, the Subsidiary Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 Deletion of Definitions and
Related References. Section 1.1 of Article 1 of the Indenture is hereby amended to delete in their entirety all terms and their respective definitions for which all references are eliminated in the Indenture as a result of the amendments set
forth in Article II of this Supplemental Indenture. 
  

 G-1 

 ARTICLE II 
 AMENDMENTS TO INDENTURE 
  
 2.1 Amendments to Articles 4, 5 and 6. The Indenture is hereby amended by deleting the following sections of the Indenture and all references thereto in their entirety: Section 4.2 (SEC Reports); Section 4.3 (Compliance
Certificates); Section 4.4 (Maintenance of an Office or Agency); Section 4.5 (Corporate Existence) Section 4.6 (Waiver of Stay, Extension or Usury Laws); Section 4.7 (Payment of Taxes and Other Claims); Section 4.8
(Maintenance of Properties and Insurance); Section 4.9 (Limitation on Liens); Section 4.10 (Limitation on Sale/Leaseback Transactions); Section 5.1 (When Company May Merge, etc.) and each of subsections (4), (5), (6), (8)
and (9) of Section 6.1 (Events of Default). 
  
 ARTICLE
III 
  
 MISCELLANEOUS 
  
 3.1 Definitions. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture. For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires, the words “herein,” “hereof” and
“hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 
  
 4.2 Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby and all terms and conditions of both shall be read together as though they constitute a single instrument, except that in the case of conflict the
provisions of this Supplemental Indenture shall control. 
  
 4.3
Endorsement and Change of Form of Notes. Any Notes authenticated and delivered after the close of business on the date that this Supplemental Indenture becomes operative in substitution for Notes then outstanding and all Notes presented or
delivered to the Trustee on and after that date for such purpose shall be stamped, imprinted or otherwise legended by the Trustee, with a notation as follows: 
  

“Effective as of November 26, 2003 certain restrictive covenants of the Company and certain Events of Default have been eliminated
or limited, as provided in the Fifteenth Supplemental Indenture, dated as of November 26, 2003. Reference is hereby made to said Fifteenth Supplemental Indenture, copies of which are on file with the Trustee, for a description of the amendments made
therein.” 
  
 4.4 Governing Law. This Supplemental
Indenture shall be governed by and construed in accordance with the laws of the State of New York. 
  
 4.5 Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture or for or
in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantors. 
  
 4.6 Counterparts. The parties may sign any number of copies or counterparts of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 
  
 4.7
Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 
  
 [remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of
the date first above written. 
  
 COMPANY:

  
 CHESAPEAKE ENERGY CORPORATION

  

			
	By:	 	 /s/ MARTHA A. BURGER

	Name:	 	 Martha A. Burger

	Title:	 	 Treasurer and Sr. Vice President Human Resources

  
  
 SUBSIDIARY GUARANTORS: 
  
 CHESAPEAKE BETA CORP. 
 CHESAPEAKE DELTA CORP. 
 CHESAPEAKE ENERGY LOUISIANA CORPORATION 

CHESAPEAKE OPERATING, INC. 
 NOMAC DRILLING CORPORATION 
 CARMEN ACQUISITION, L.L.C. 
 CHESAPEAKE ACQUISITION, L.L.C. 
 CHESAPEAKE ENO ACQUISITION, L.L.C. 
 CHESAPEAKE FOCUS, L.L.C. 
 CHESAPEAKE KNAN ACQUISITION, L.L.C. 
 CHESAPEAKE MOUNTAIN FRONT, L.L.C. 
 CHESAPEAKE ORC, L.L.C. 
 CHESAPEAKE ROYALTY, L.L.C. 
 GOTHIC ENERGY, L.L.C. 
 GOTHIC PRODUCTION, L.L.C. 
 SAP ACQUISITION, L.L.C. 
 THE AMES COMPANY, L.L.C. 
  
  

			
	By:	 	 /s/ MARTHA A. BURGER

	Name:	 	 Martha A. Burger

	Title:	 	 Treasurer and Sr. Vice President Human Resources

 CHESAPEAKE EXPLORATION LIMITED PARTNERSHIP 
 CHESAPEAKE LOUISIANA, L.P. 
 CHESAPEAKE PANHANDLE LIMITED PARTNERSHIP 
 CHESAPEAKE-STAGHORN ACQUISITION L.P.

 CHESAPEAKE SIGMA, L.P. 
  
 By: Chesapeake Operating, Inc., as general partner of each representative entity 
  

			
	By:	 	 /s/ MARTHA A. BURGER

	Name:	 	 Martha A. Burger

	Title:	 	 Treasurer and Sr. Vice President Human Resources

  
 TRUSTEE: 
  
 THE BANK OF NEW YORK, as
successor to United States Trust Company of New York, as Trustee 
  

			
	By:	 	 /s/ LOUIS P. YOUNG

	Name:	 	 Louis P. Young

	Title:	 	 Vice-President

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