diff --git a/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java
index 34fda78af9c..8d894df73f4 100644
--- a/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java
+++ b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/DescriptorDeserializer.java
@@ -19,17 +19,18 @@ package org.jetbrains.jet.descriptors.serialization;
 import org.jetbrains.annotations.NotNull;
 import org.jetbrains.annotations.Nullable;
 import org.jetbrains.jet.descriptors.serialization.descriptors.AnnotationDeserializer;
+import org.jetbrains.jet.descriptors.serialization.descriptors.DeserializedTypeParameterDescriptor;
 import org.jetbrains.jet.lang.descriptors.*;
 import org.jetbrains.jet.lang.descriptors.Modality;
 import org.jetbrains.jet.lang.descriptors.Visibility;
 import org.jetbrains.jet.lang.descriptors.annotations.AnnotationDescriptor;
 import org.jetbrains.jet.lang.descriptors.impl.*;
 import org.jetbrains.jet.lang.resolve.DescriptorResolver;
+import org.jetbrains.jet.lang.resolve.lazy.storage.LockBasedStorageManager;
+import org.jetbrains.jet.lang.resolve.lazy.storage.StorageManager;
 import org.jetbrains.jet.lang.types.Variance;
 
-import java.util.ArrayList;
-import java.util.Collections;
-import java.util.List;
+import java.util.*;
 
 import static org.jetbrains.jet.descriptors.serialization.ProtoBuf.*;
 
@@ -61,6 +62,8 @@ public class DescriptorDeserializer {
     private final TypeDeserializer typeDeserializer;
     private final AnnotationDeserializer annotationDeserializer;
 
+    private final StorageManager storageManager = new LockBasedStorageManager();
+
     private DescriptorDeserializer(
             @NotNull TypeDeserializer typeDeserializer,
             @NotNull DeclarationDescriptor containingDeclaration,
@@ -288,44 +291,32 @@ public class DescriptorDeserializer {
 
     @NotNull
     public List<TypeParameterDescriptor> typeParameters(@NotNull List<TypeParameter> protos) {
-        List<TypeParameterDescriptorImpl> result = new ArrayList<TypeParameterDescriptorImpl>(protos.size());
+        List<TypeParameterDescriptor> result = new ArrayList<TypeParameterDescriptor>(protos.size());
         for (int i = 0; i < protos.size(); i++) {
             TypeParameter proto = protos.get(i);
-            TypeParameterDescriptorImpl descriptor = typeParameter(proto, i);
+            DeserializedTypeParameterDescriptor descriptor = typeParameter(proto, i);
             result.add(descriptor);
         }
-        // Account for circular bounds:
-        for (int i = 0; i < protos.size(); i++) {
-            TypeParameter proto = protos.get(i);
-            TypeParameterDescriptorImpl descriptor = result.get(i);
-            addTypeParameterBounds(proto, descriptor);
-        }
-        //noinspection unchecked
-        return (List) result;
+        return result;
     }
 
-    private TypeParameterDescriptorImpl typeParameter(TypeParameter proto, int index) {
+    @NotNull
+    private DeserializedTypeParameterDescriptor typeParameter(TypeParameter proto, int index) {
         int id = proto.getId();
-        TypeParameterDescriptorImpl descriptor = TypeParameterDescriptorImpl.createForFurtherModification(
+        DeserializedTypeParameterDescriptor descriptor = new DeserializedTypeParameterDescriptor(
+                storageManager,
+                typeDeserializer,
+                proto,
                 containingDeclaration,
-                // TODO (type parameter annotations are not supported in Java 7)
-                Collections.<AnnotationDescriptor>emptyList(),
-                proto.getReified(),
-                variance(proto.getVariance()),
                 nameResolver.getName(proto.getName()),
-                index);
+                variance(proto.getVariance()),
+                proto.getReified(),
+                index
+        );
         typeDeserializer.registerTypeParameter(id, descriptor);
         return descriptor;
     }
 
-    private void addTypeParameterBounds(TypeParameter proto, TypeParameterDescriptorImpl descriptor) {
-        for (Type upperBound : proto.getUpperBoundsList()) {
-            descriptor.addUpperBound(typeDeserializer.type(upperBound));
-        }
-        descriptor.addDefaultUpperBound();
-        descriptor.setInitialized();
-    }
-
     private static Variance variance(TypeParameter.Variance proto) {
         switch (proto) {
             case IN:
diff --git a/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/descriptors/DeserializedTypeParameterDescriptor.java b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/descriptors/DeserializedTypeParameterDescriptor.java
new file mode 100644
index 00000000000..13606b0ed76
--- /dev/null
+++ b/compiler/frontend/serialization/src/org/jetbrains/jet/descriptors/serialization/descriptors/DeserializedTypeParameterDescriptor.java
@@ -0,0 +1,65 @@
+/*
+ * Copyright 2010-2013 JetBrains s.r.o.
+ *
+ * Licensed under the Apache License, Version 2.0 (the "License");
+ * you may not use this file except in compliance with the License.
+ * You may obtain a copy of the License at
+ *
+ * http://www.apache.org/licenses/LICENSE-2.0
+ *
+ * Unless required by applicable law or agreed to in writing, software
+ * distributed under the License is distributed on an "AS IS" BASIS,
+ * WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+ * See the License for the specific language governing permissions and
+ * limitations under the License.
+ */
+
+package org.jetbrains.jet.descriptors.serialization.descriptors;
+
+import org.jetbrains.annotations.NotNull;
+import org.jetbrains.jet.descriptors.serialization.ProtoBuf;
+import org.jetbrains.jet.descriptors.serialization.TypeDeserializer;
+import org.jetbrains.jet.lang.descriptors.DeclarationDescriptor;
+import org.jetbrains.jet.lang.resolve.lazy.descriptors.AbstractLazyTypeParameterDescriptor;
+import org.jetbrains.jet.lang.resolve.lazy.storage.StorageManager;
+import org.jetbrains.jet.lang.resolve.name.Name;
+import org.jetbrains.jet.lang.types.JetType;
+import org.jetbrains.jet.lang.types.Variance;
+import org.jetbrains.jet.lang.types.lang.KotlinBuiltIns;
+
+import java.util.LinkedHashSet;
+import java.util.Set;
+
+public class DeserializedTypeParameterDescriptor extends AbstractLazyTypeParameterDescriptor {
+
+    private final ProtoBuf.TypeParameter proto;
+    private final TypeDeserializer typeDeserializer;
+
+    public DeserializedTypeParameterDescriptor(
+            @NotNull StorageManager storageManager,
+            @NotNull TypeDeserializer typeDeserializer,
+            @NotNull ProtoBuf.TypeParameter proto,
+            @NotNull DeclarationDescriptor containingDeclaration,
+            @NotNull Name name,
+            @NotNull Variance variance,
+            boolean isReified,
+            int index
+    ) {
+        super(storageManager, containingDeclaration, name, variance, isReified, index);
+        this.proto = proto;
+        this.typeDeserializer = typeDeserializer;
+    }
+
+    @NotNull
+    @Override
+    protected Set<JetType> resolveUpperBounds() {
+        Set<JetType> result = new LinkedHashSet<JetType>(proto.getUpperBoundsCount());
+        for (ProtoBuf.Type upperBound : proto.getUpperBoundsList()) {
+            result.add(typeDeserializer.type(upperBound));
+        }
+        if (result.isEmpty()) {
+            result.add(KotlinBuiltIns.getInstance().getDefaultBound());
+        }
+        return result;
+    }
+}