Document:

<PAGE>   1

                                                            EXHIBIT 4(ii)(f)(2)

                             CAPE COD LIGHT, L.L.C.

                                   $38,500,000

                       United States Government Guaranteed
                        Ship Financing Bonds, 2000 Series

                     ______________________________________

                             BOND PURCHASE AGREEMENT

                     ______________________________________

                             Dated October 16, 2000

<PAGE>   2

                             Cape Cod Light, L.L.C.

                                  $ 38,500,000

      United States Government Guaranteed Ship Financing Bonds, 2000 Series
                   7.25% Sinking Fund Bonds due April 15, 2027

                             BOND PURCHASE AGREEMENT

To each of the respective
Purchasers named in Schedule 1 hereto:            Dated October 16, 2000

Dear Sirs:

         The undersigned, Cape Cod Light, L.L.C., a Delaware limited liability
company (the "Shipowner"), hereby agrees with each of you (each, a "Purchaser")
as follows:

         1. The Obligations. The United States Government Guaranteed Ship
Financing Bonds, 2000 Series, due April 15, 2027, referred to above (the
"Obligations") in the aggregate principal amount set forth above are proposed to
be issued and sold by the Shipowner upon fulfillment of the terms and conditions
set forth herein. The Obligations will be issued and sold to aid in the
financing of the construction of the cv Cape Cod Light (the "Vessel"). The
Obligations will be in fully registered form only and will bear interest
(calculated on the basis of a 360-day year comprised of twelve 30-day months)
from the date of issuance at the rate per annum set forth above, payable
semi-annually, on April 15 and October 15 of each year until maturity,
commencing April 15, 2001 until the Delivery Date, on the Delivery Date and
semiannually after the Delivery Date until maturity.

         The Obligations will be issued under a Trust Indenture (the
"Indenture") between the Shipowner and The Bank of New York, as Trustee (the
"Indenture Trustee"). Payment of the principal of and interest on the
Obligations will be fully and unconditionally guaranteed by the United States of
America pursuant to the guarantee imprinted by the Indenture Trustee pursuant to
an Authorization Agreement, on each of the Obligations (the "Guarantee") under
Title XI of the Merchant Marine Act, 1936, as amended and in effect on the
Closing Date (the "Act"). Since the Obligations are guaranteed with the full
faith and credit of the United States of America, it is understood that you will
not independently review the financial condition of the Shipowner and will rely
completely on the Secretary's determination regarding the financial resources
and maritime ability of the Shipowner.

         2. Agreement to Purchase. Subject to the conditions hereinafter set
forth, and the representations and warranties contained herein, the Shipowner
agrees to sell to you and you

<PAGE>   3

agree to purchase on the Closing Date, the Obligations in the principal amount
set forth opposite your name in Schedule 1 hereto (subject to adjustment as set
forth in Section 6 hereof) at 100% of such principal amount thereof.

         3. Closing. Delivery of the Obligations shall be made at the office of
the Maritime Administration, 400 Seventh Street, S.W., Washington, D.C., at a
closing commencing at 10:00 a.m., Eastern time, on October 16, 2000 (the
"Closing Date") or such other place or such later business day (which shall not
be later than October 18, 2000) as the Shipowner shall designate by at least 3
days' prior written notice to the Indenture Trustee and to you at your address
specified in Schedule 1 hereto. Delivery of the Obligations shall be made
against payment therefor in funds immediately available to the Shipowner in
Washington, D.C. Except as you may otherwise direct three (3) business days
before the Closing Date, a single Obligation dated the Closing Date,
authenticated by the Indenture Trustee, guaranteed by the United States of
America, and registered in your name and issued in a denomination equal to the
principal amount of Obligations to be purchased by you, will be delivered to
you. For the purposes of this Agreement, a "business day" is a day which is not
a Saturday, Sunday or bank holiday under the laws of the United States of
America or the States of Louisiana and New York.

         4. Representations and Warranties by the Shipowner. The Shipowner
represents and warrants to you that this Agreement, the Indenture, and the
Obligations have been duly authorized, executed and delivered by the Shipowner
and constitute, each in accordance with their terms, a legal, valid and binding
instrument enforceable against the Shipowner, except as limited by bankruptcy,
insolvency, or other laws affecting the enforcement of creditors' rights
generally. On the Closing Date, the Indenture and the Obligations will have been
duly authorized, executed and delivered by the Shipowner and will constitute
legal, valid and binding instruments enforceable against the Shipowner, and the
Obligations will be entitled to the benefits of the Indenture, the Guarantees
and the Authorization Agreement. The Shipowner represents that the Obligations,
the Indenture, and the Authorization Agreement conform in all material respects
to the descriptions thereof contained in the Offering Circular dated October 16,
2000 unless you consent to a change.

         5. Conditions to Purchaser's Obligations. Your obligation under this
Agreement to purchase Obligations on the Closing Date is subject to the accuracy
of the representations and warranties of the Shipowner contained in Section 4
hereof on and as of the Closing Date and to the following further conditions:

         (A) Opinion of Counsel for the Shipowner. On the Closing Date, the
Shipowner shall have furnished an opinion of its counsel addressed to you and
satisfactory to you and the Indenture Trustee regarding the representations and
warranties set out in Item 4 of this Agreement;

         (B) Opinion of the Chief Counsel of the Maritime Administration. On the
Closing Date, your counsel shall have received a copy of a legal opinion from
the Maritime Administration addressed to the Purchasers and the Indenture
Trustee to the effect that the Guarantees and the Authorization Agreement have
been duly authorized, executed and delivered

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by the United States of America, and constitute the legal, valid and binding
obligations of the United States of America; and

         (C) Certificate of Officer of the Shipowner. On the Closing Date, you
shall have received a certificate signed by an authorized representative of the
Shipowner to the effect that (a) the Shipowner has performed all agreements and
satisfied all conditions on its part to be performed or satisfied hereunder on
or prior to the Closing Date, (b) the representations and warranties of the
Shipowner herein contained are true and correct in all material respects to the
same extent as if made on and as of the Closing Date, and (c) the terms of the
Indenture have been complied with by the Shipowner, and as of the Closing Date,
there shall not exist any condition or event which constitutes, or which after
lapse of time or notice or both would constitute, an Indenture Default as
defined in the Indenture.

         If any of the conditions specified in this Section 5 shall not have
been fulfilled by the Shipowner when and as required by this Agreement, you may
cancel this Agreement and all of your obligations hereunder on, or at any time
prior to, the Closing Date. Notice of such cancellation shall be given to the
Shipowner in writing.

         6. Adjustment of Commitments. In the event that the Secretary
determines, pursuant to the Act, that the aggregate principal amount of the
Obligations, issued by Shipowner to the purchaser pursuant to the Indenture
dated October 16, 2000, eligible for Guarantee under the Act is greater or less
than $38,500,000 on the Closing Date, the Shipowner may increase or decrease the
total principal amount of Obligations to be issued by not more than 5 percent.

         7. Conditions of Shipowner's Obligations. The obligations of the
Shipowner to sell and deliver the Obligations under this Agreement on the
Closing Date are subject to all of the following conditions: (A) on the Closing
Date all the Obligations to be delivered by the Shipowner shall have
simultaneously been purchased by the Purchasers; and (B) on or before the
Closing Date (i) the Secretary shall have duly authorized the execution and
delivery of the Guarantee of the Obligations and shall have duly executed and
delivered the Authorization Agreement; and (ii) the Indenture Trustee shall have
duly executed and delivered the Indenture and the Authorization Agreement.

         8. Entire Agreement Embodied, Changes, etc. This Agreement embodies the
entire agreement and understanding between the Shipowner and you relating to the
subject matter hereof and supersedes all prior agreements and understandings
relating to such subject matter. Neither this Agreement nor any term hereof may
be changed, waived, discharged, or terminated orally, but only by an instrument
in writing signed by the party against whom enforcement of the change, waiver,
discharge or termination is sought and with the written consent of the
Secretary.

         9. Miscellaneous.

         (A) Except as otherwise expressly provided in this Agreement, (i)
whenever notice is required by the provisions hereof to be given to the
Shipowner, such notice shall be in writing addressed to Cape Cod Light, L.L.C.,
Robin Street Wharf, 1380 Port of New Orleans Place, New

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Orleans, Louisiana 70130, and (ii) whenever notice is required by the provisions
of this Agreement to be given to you, such notice shall be in writing addressed
to you at your address set forth in Schedule 1 hereto or any other address
specified in a written notice to the Shipowner;

         (B) This Agreement is made solely for the benefit of and is binding
upon and enforceable by you, the Shipowner, and your respective successors and
assigns, and no other person shall acquire or have any right under, or by virtue
of, this Agreement;

         (C) If this Agreement shall be canceled or terminated by you because of
nonfulfillment of the conditions set forth in Section 5 hereof or because of the
Shipowner's failure to comply on or before the Closing Date with the conditions
precedent set forth herein, the Shipowner shall have no further obligations or
liability hereunder to you except that the Shipowner will reimburse you for
out-of-pocket expenses reasonably incurred by you (including reasonable fees and
disbursements of your counsel and interest on funds forwarded by you for
delivery on the Closing Date to purchase Obligations, such interest to be at the
rate borne by the Obligations for the period from the proposed Closing Date to
the date on which such funds are returned to you);

         (D) This Agreement shall be governed and construed in accordance with
the laws of the State of New York.

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         If you are in agreement with the foregoing, please sign the form of
acceptance on the accompanying counterparts of this Agreement, retain one
counterpart for your records and return the other counterparts to the Shipowner,
whereupon this Agreement shall become a binding contract among you, the
Shipowner and Purchaser.

                            Very truly yours,

                            CAPE COD LIGHT, L.L.C.

                            By:      DELTA QUEEN COASTAL VOYAGES, L.L.C.,
                                     its Managing Member

                            By:      THE DELTA QUEEN STEAMBOAT CO.,
                                     its Managing Member

                                     By:    /S/ RANDALL L. TALCOTT
                                        ------------------------------
                                        Its Vice President

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The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.

Chase Securities Inc.

By:      /s/ Michael K. Clare
   ----------------------------------
   Michael K. Clare - Managing Director

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                                   SCHEDULE 1

                                                  Aggregate Principal
                                                  Amount of Obligations To
Purchaser                                         Be Purchased:

Chase Securities Inc.                             $38,500,000

All payments on account of the Obligations
held by such purchaser shall be made by
wire transfer of immediately available
funds not later than 12:00 noon on the
date payment is due for credit to:

Account No. ___________________________
ABA No. _______________________________

Each such transfer shall set forth the name
of the Shipowner and the coupon rate
of the Obligations.

Addresses for all communications and
notices:

270 Park Avenue, 7th Floor
New York, NY 10017-2070<PAGE>   1
                                                             EXHIBIT 4(ii)(f)(3)
                                                                         NO. R-1

                              CUSIP NO. 139541 AA9

                                  $ 38,500,000

          U.S. GOVERNMENT GUARANTEED SHIP FINANCING BONDS, 2000 SERIES

                   7.25% SINKING FUND BONDS DUE APRIL 15, 2027
                                    ISSUED BY

                             CAPE COD LIGHT, L.L.C.

         Cape Cod Light, L.L.C., a Delaware limited liability company (herein
called the "Shipowner"), FOR VALUE RECEIVED, promises to pay to Cede & Co. or
registered assigns, the principal sum of THIRTY EIGHT MILLION FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS ($38,500,000.00) on the earlier of April 15, 2027,
or the twenty-fifth anniversary of the Delivery Date (unless sooner redeemed as
herein provided) and to pay interest semiannually on April 15 and October 15 of
each year commencing April 15, 2001 until the Delivery Date, on the Delivery
Date and semiannually following the Delivery Date until maturity, on the unpaid
principal amount of this Obligation at the rate of 7.25% per annum (calculated
on the basis of a 360-day year of twelve 30-day months) from the interest
payment date referred to above next preceding the date of this Obligation to
which interest on the Obligations has been paid (unless the date hereof is the
date to which interest on the Obligations has been paid, in which case from the
date of this Obligation), or if no interest has been paid on the Obligations
since the Original Issue Date (as defined in the Indenture hereinafter
mentioned) of this Obligation, from the Original Issue Date, until payment of
said principal sum has been made or duly provided for, and at the same rate per
annum on any overdue principal.

         The principal of and the interest on this Obligation, as well as any
premium hereon in case of certain redemptions hereof prior to maturity, are
payable to the registered owner hereof at the Corporate Trust Office of the
Indenture Trustee, The Bank of New York, a New York banking corporation (the
"Indenture Trustee") or at a Paying Agent maintained for such purposes in any
coin or currency of the United States of America which at the time of payment is
legal tender for the payment of public and private debts therein; provided that,
payments may be made by check mailed to the address of the registered owner
hereof as such address shall appear on the Obligation Register of said Indenture
Trustee, and by such other methods of payment as permitted by the Indenture.

         This Obligation is one of an issue of Obligations of the Shipowner of
$38,500,000 aggregate principal amount of sinking fund Obligations, designated
as its "United States Government Guaranteed Ship Financing Bonds, 2000 Series,"
all issued under a Trust Indenture dated October 16, 2000 (the "Indenture"),
between the Shipowner and the Indenture Trustee to aid in financing the cost of
the construction by the Shipowner of the Vessel. Reference is hereby made to the
Indenture for a definition of the capitalized terms used but not defined herein
and a

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description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Shipowner and the Indenture Trustee, the Obligees
of the Obligations, and the Secretary.

         In accordance with the terms of an Authorization Agreement dated
October 16, 2000 between the United States of America, represented by the
Secretary of Transportation, acting by and through the Maritime Administrator
(the "Secretary") and the Indenture Trustee, and by endorsement of the guarantee
of the United States of America (the "Guarantees") on each of the Obligations
and the authentication and delivery of the Guarantees by the Indenture Trustee,
all pursuant to the Act, the Obligations are guaranteed by the United States of
America as provided in the Authorization Agreement and in the Guarantees
endorsed thereon. Reference is hereby made to the Authorization Agreement for a
description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Secretary, the Indenture Trustee, and the Obligees
of the Obligations.

         Furthermore, it is hereby noted that Section 1103(d) of Title XI of the
Act provides that:

         "The full faith and credit of the United States is pledged to the
         payment of all guarantees made under this title with respect to both
         principal and interest, including interest, as may be provided for in
         the guarantee, accruing between the date of default under a guaranteed
         obligation and the payment in full of the guarantee."

         If an Indenture Default shall have occurred and be continuing, the
Indenture Trustee, as provided in the Indenture shall, not later than 60 days
from the date of such Indenture Default, demand payment by the Secretary of the
Guarantees, whereupon the entire unpaid principal amount of the Outstanding
Obligations and all unpaid interest thereon shall become due and payable on the
first to occur of the date which is 30 days from the date of such demand or the
date on which the Secretary pays the Guarantees. If no demand for payment of the
Guarantees shall have been made by the Indenture Trustee on or before the 30th
day following an Indenture Default, the Obligee of any Outstanding Obligation
may, in the manner provided in the Indenture, make such demand in place of the
Indenture Trustee. In the event of an Indenture Default of which the Secretary
has actual knowledge, the Secretary, as provided in the Authorization Agreement,
will publish notice in the Authorized Newspaper, which shall be The Wall Street
Journal, of the occurrence of such Indenture Default within 30 days from the
date of such Indenture Default, unless demand for payment under the Guarantees
shall previously have been made by the Indenture Trustee, but any failure to
publish such notice or any defect therein shall not affect in any way any rights
of the Indenture Trustee, the Secretary or any Obligee of a Obligation.

         Within 30 days from the date of any demand for payment of the
Guarantees, the Secretary shall pay to the Indenture Trustee all the unpaid
interest to the date of such payment on, and the unpaid balance of the principal
of such Obligations in full, in cash; provided that, in the case of a demand
made as a result of an Indenture Default, the Secretary shall not be required to
make any such payment if (i) within such 30-day period (and prior to any payment
of the Guarantees by the Secretary), the Secretary finds either that there was
no Payment Default, or that such Payment

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Default was remedied prior to the demand for payment of the Guarantees, or (ii)
the Secretary assumes the Obligations prior to such demand and makes all
payments then in default in the manner provided in Section 6.09 of the
Indenture. In each such event the Guarantees shall continue in full force and
effect.

         The Obligee of this Obligation, by the purchase and acceptance hereof,
hereby irrevocably appoints the Indenture Trustee and each other Obligee of any
Outstanding Obligation as agent and attorney-in-fact for the purpose of making
any demand for payment of the Guarantees, and (in the case of the Indenture
Trustee) of receiving and distributing such payment; provided that, no action or
failure to act by the Indenture Trustee shall affect the right of the Obligee of
this Obligation to take any action whatsoever permitted by law and not in
violation of the terms of this Obligation or of the Indenture.

         Any amount payable by the Secretary under the Guarantees shall not be
subject to any claim or defense of the United States of America, the Secretary,
or others, whether by way of counter-claim, set-off, reduction or otherwise.
Further, the Obligee of this Obligation shall have no right, title or interest
in any collateral or security given by the Shipowner to the Secretary.

         After payment of the Guarantees by the Secretary to the Indenture
Trustee, this Obligation (1) if it has not then been surrendered for
cancellation or canceled, shall represent only the right to receive payment in
cash of an amount (less the amount, if any, required to be withheld with respect
to transfer or other taxes on payments to the Obligee of this Obligation) equal
to the unpaid principal amount hereof and the unpaid interest accrued hereon to
the date on which the Secretary shall have paid the Guarantees in full in cash
to the Indenture Trustee, (2) shall otherwise no longer constitute or represent
an obligation of the Shipowner, and (3) shall not be entitled to any other
rights or benefits provided in the Indenture, subject to Section 6.08 of the
Indenture.

         The Obligations (including this Obligation) may be redeemed at any time
following April 14, 2001, upon the terms and conditions provided in the
Indenture, in whole or in part, at the option of the Shipowner, at any time or
from time to time upon at least 30 and not more than 60 days prior notice given
as provided in the Indenture, at a redemption price equal to 100% of the
principal amount hereof, being so redeemed, together with the interest accrued
thereon to the date fixed for redemption, plus the Make Whole Premium (as herein
after defined).

         The "Make-Whole Premium" with respect to any optional redemption of
Obligations shall be determined by the Indenture Trustee two business days prior
to the date fixed for such redemption and shall be equal to the excess, if any,
of (i) the sum of the respective Present Values (as defined below) of the amount
of such redemption over (ii) 100% of the aggregate principal amount being
redeemed on such date; provided that, the Make-Whole Premium shall in no event
be less than zero.

         The "Present Value" of each optional redemption shall be determined by
discounting on a semi-annual basis each "Prospective Payment" (as defined

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below) at the Treasury Rate" (as defined below) for the period from the date on
which such Prospective Payment was scheduled to be paid to the applicable date
of redemption plus 0.25%.

         "Prospective Payment" means, with respect to any redemption: (i) each
scheduled interest payment on the scheduled principal amount being redeemed,
excluding any portion of any such interest payment accrued as of the date of
redemption, plus (ii) the scheduled principal amount being redeemed.

         "Treasury Rate" means the rate per annum (expressed as a semi-annual
equivalent) determined by the Indenture Trustee to be the per annum rate equal
to the semi-annual yields to maturity of the issue of actively traded United
States Treasury securities having a maturity equal to the "Weighted Average Life
to Final Maturity" (as defined below); provided, however, that if such Weighted
Average Life to Final Maturity is not equal to the maturity of an actively
traded United States Treasury security (rounded to the nearest one-twelfth of a
year), such yield shall be obtained by linear interpolation from the yields of
actively traded United States Treasury securities having the greater maturity
closest to and the lesser maturity closest to such Weighted Average Life to
Final Maturity. The yields shall be determined by reference to the yields as
indicated by Telerate Access Service (page 500 or the relevant page at the date
of determination indicating such yields) or, if such data cease to be available,
any publicly available sources of similar market data selected by the Indenture
Trustee as of the applicable time of determination.

         "Weighted Average Life to Final Maturity" means the number of years
(rounded up to the nearest one-twelfth of a year) obtained by dividing: (i) the
then "Remaining Dollar Years" (as defined below) by (ii) the total amount of the
then remaining aggregate unpaid principal amount of the Obligations without
giving effect to such redemption.

         "Remaining Dollar Years" means the sum of the products obtained by
multiplying: (i) the amount of each remaining scheduled payment of principal of
the Obligation without giving effect to such redemption by (ii) the number of
years (rounded to the nearest one-twelfth of a year) which will elapse between
the date of redemption and the applicable mandatory redemption date for the
principal amount being redeemed.

         Obligations optionally redeemed by the Shipowner or purchased or
otherwise acquired by the Shipowner and delivered in accordance with terms of
the Indenture to the Trustee for cancellation shall be applied at 100% of the
principal amount thereof pro rata to succeeding "Mandatory Sinking Fund
Redemptions" (as defined below) and at maturity.

         The Obligations (including this Obligation) are also subject to
redemption, upon the terms and conditions provided in the Indenture and upon
like notice, through the operation of a mandatory sinking fund providing for the
redemption semiannually on each April 15 and October 15, commencing on the
earlier of October 15, 2002 or six months after the Delivery Date, at 100% of
the principal amount thereof plus interest accrued thereon to such date, of a
principal amount of such Obligations equal to $770,000 and on the earlier of
April 15, 2027, or the twenty-fifth anniversary of the Delivery Date, the entire
unpaid principal amount of the

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Outstanding Obligations shall be paid in full, together with all interest
accrued thereon to such date (a "Mandatory Sinking Fund Redemption").

         The Obligations (including this Obligation) are also subject to
mandatory redemption without premium, upon the terms and conditions provided in
the Indenture, in whole or in part, at 100% of the principal amount thereof,
plus interest accrued thereon to the date of redemption, upon at least 30 and
not more than 60 days prior notice (a) in the event that Obligations must be
redeemed so that the principal amount of all Obligations Outstanding after such
redemption will not exceed 87.5% of the Depreciated Actual Cost or Actual Cost,
as determined by the Secretary, of the Vessel, (b) in the event of an actual,
constructive, agreed or compromised total loss of, or requisition of title to,
or seizure or forfeiture of, the Vessel, or (c) in the event of termination of a
contract relating to the construction of the Vessel. If the principal amount of
Outstanding Obligations is reduced by reason of any redemption described in this
paragraph, the principal amount of Obligations subject to Mandatory Sinking Fund
Redemptions in the future shall be reduced as provided in the Indenture.

         The Obligations (including this Obligation) may also be redeemed
without premium upon the terms and conditions provided in the Indenture, in
whole or in part, at the option of the Secretary, at any time following an
assumption of the Obligations and the Indenture by the Secretary, upon at least
40 and not more than 60 days prior notice given as provided in the Indenture, at
a Redemption Price equal to 100% of the principal amount to be redeemed, plus
interest accrued to the date fixed for redemption.

         Any optional redemption shall be subject to the receipt of the
redemption moneys by the Indenture Trustee or any Paying Agent. Obligations
called for redemption shall (unless the Shipowner shall cancel the proposed
optional redemption) cease to bear interest on and after the date fixed for
redemption.

         As provided in the Indenture and to the extent permitted thereby,
compliance by the Shipowner with any of the terms of the Indenture may be
waived, and the Indenture and the rights and obligations of the Shipowner, and
the rights of the Obligees of the Obligations (including this Obligation)
thereunder may be modified, at any time with the prior consent of the Secretary,
and except as otherwise expressly provided in the Indenture, the consent of the
Obligees of at least 60% in principal amount of the Outstanding Obligations
affected thereby in the manner and subject to the limitations set forth in the
Indenture; provided that, no such waiver or modification shall (1) without the
consent of the Obligee of each Obligation affected thereby: (a) change the
Stated Maturity or reduce the principal amount of any Obligation, (b) extend the
time of payment of, or reduce the rate of, interest thereon, (c) change the due
date of or reduce the amount of any sinking fund payment, (d) reduce any premium
payable upon the redemption thereof, or (e) change the coin or currency in which
any Obligation or the interest thereon is payable; or (2) without the consent of
all Obligees of Obligations: (a) terminate or modify any of the Guarantees or
the obligations of the United States of America thereunder, (b) reduce the
amount of any of the Guarantees, (c) eliminate, modify or condition the duties
of the Indenture Trustee to demand payment of the Guarantees, (d) eliminate or
reduce the eligibility

                                       5

<PAGE>   6

requirements of the Indenture Trustee, or (e) reduce the percentage of principal
amount of Obligations the consent of whose Obligees is required for any such
modification or waiver.

         The Indenture provides that the Obligations (including this Obligation)
shall no longer be entitled to any benefit provided therein if the Obligations
shall have become due and payable at Maturity (whether by redemption or
otherwise) and funds sufficient for the payment thereof (including interest to
the date fixed for such payment, together with any premium thereon) and
available for such payment (1) shall be held by the Indenture Trustee or any
Paying Agent, or (2) shall have been so held and shall thereafter have been paid
to the Shipowner after having been unclaimed for 6 years after the date of
maturity thereof (whether by redemption or otherwise) or the date of payment of
the Guarantees, except for the right (if any), of the Obligee to receive payment
from the Shipowner of any amounts paid to the Shipowner as provided in (2) above
with respect to this Obligation, all subject to the provisions of Section 6.08
of the Indenture.

         This Obligation is transferable by the registered Obligee or by his
duly authorized attorney, at the Corporate Trust Office of the Indenture
Trustee, upon surrender or cancellation of this Obligation, accompanied by an
instrument of transfer in form satisfactory to the Shipowner and the Indenture
Trustee, duly executed by the registered Obligee hereof or his attorney duly
authorized in writing, and thereupon a new, fully registered Obligation or
Obligations of like series and maturity for the same aggregate principal amount
will be issued to the transferee in exchange therefor, each in the principal
amount $1,000 or any integral multiple thereof, subject to the provisions of the
Indenture. The Indenture provides that the Shipowner shall not be required to
make transfers or exchanges of (1) Obligations for a period of 15 days
immediately prior to an interest payment date, (2) Obligations after demand for
payment of the Guarantees and prior to payment thereof or rescission of such
demand as provided in Section 6.02(a) of the Indenture, or (3) Obligations which
have been selected for redemption in whole or in part.

         The Shipowner, the Secretary, the Indenture Trustee and any Paying
Agent for the payment of Obligations will treat the person in whose name this
Obligation is registered as the absolute owner thereof for all purposes, and
this rule may not be altered by any notice to the contrary to any of these
entities, whether this Obligation shall be past due or not.

         No recourse shall be had for the payment of principal of, or the
interest or premium (if any) on, this Obligation, or for any claim based hereon
or on the Indenture, against any incorporator or any past, present or future
subscriber to the capital stock, stockholder, limited partner, member, officer
or director of the Shipowner or of any successor company, either directly or
indirectly, and all such liability being expressly waived and released by the
acceptance of this Obligation and by the terms of the Indenture. So long as the
Guarantee is in effect, there shall be no recourse against the Shipowner.

         Neither this Obligation nor the Guarantee endorsed hereon shall be
valid or become obligatory for any purpose until the Indenture Trustee shall
have fully signed the authentication certificate endorsed hereon.

                                       6

<PAGE>   7

         IN WITNESS WHEREOF, the Shipowner has caused this Obligation to be duly
executed by the manual or facsimile signatures of its duly authorized officers.

SHIPOWNER:

                     CAPE COD LIGHT, L.L.C.

                     By:      DELTA QUEEN COASTAL VOYAGES, L.L.C.,
                              its Managing Member

                              By:      THE DELTA QUEEN STEAMBOAT CO.,
                                       its Managing Member

                                       By:   /s/ Randall L. Talcott
                                          ---------------------------
                                       Name  Randall L. Talcott
                                             Its Vice President

ATTEST

By  /s/ Jordan B. Allen
    -------------------------------
     Name  Jordan B. Allen
     Its Executive Vice President

     Dated:   October 16, 2000

<PAGE>   8

                    GUARANTEE OF THE UNITED STATES OF AMERICA

         The United States of America, represented by the Secretary of
Transportation, acting by and through the Maritime Administrator, pursuant to
Title XI of the Merchant Marine Act, 1936, as amended, hereby guarantees to the
holder of the Obligation annexed hereto, upon demand of the holder or his agent,
payment of the unpaid interest on, and the unpaid balance of the principal of,
such Obligation, including interest accruing between the date of default under
such Obligation, and the payment in full of the Obligation under this Guarantee.
The full faith and credit of the United States of America is pledged to the
payment of this Guarantee. The validity of this Guarantee is incontestable in
the hands of any holder of such Obligation. Payment of this Guarantee will be
made in accordance with the provisions of such Obligation.

                                               UNITED STATES OF AMERICA
[UNITED STATES OF AMERICA DEPARTMENT           SECRETARY OF TRANSPORTATION
 OF TRANSPORTATION LOGO]

                                               BY: /S/ JOHN E. GRAYKOWSKI
                                                   ----------------------------
                                                   JOHN E. GRAYKOWSKI
                                                   ACTING MARITIME ADMINISTRATOR

                      TRUSTEE'S AUTHENTICATION CERTIFICATE

         This is one of the Obligations described in the Indenture and the
foregoing Guarantee is one of the Guarantees described in the Authorization
Agreement.

INDENTURE TRUSTEE:                           THE BANK OF NEW YORK

                                             By:       /s/ Mary LaGumina
                                                --------------------------------
                                                 Name:  Mary LaGumina
                                                 Title:  Vice President

<PAGE>   9

                        PAYMENTS ON ACCOUNT OF PRINCIPAL
<TABLE>
<CAPTION>

                             Amount of         Balance of          Authorized
      Payment Date        Principal Paid     Principal Unpaid       Signature
      ------------        --------------     ----------------       ---------
<S>                       <C>                <C>                   <C>

</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]