Document:

Form of NuStar Logistics, L.P. Subordinated Indenture

 EXHIBIT 4.12 
  

 
  

NUSTAR LOGISTICS, L.P., 

ISSUER 

NUSTAR ENERGY, L.P., 

GUARANTOR 

AND 

[    ], 

TRUSTEE 
  

 

INDENTURE 

DATED AS OF
[            ] [    ], [        ] 

 
  

SUBORDINATED DEBT SECURITIES 
  

 
  

 NUSTAR LOGISTICS, L.P. 

RECONCILIATION AND TIE BETWEEN TRUST
INDENTURE ACT OF 1939, AS AMENDED, 

AND INDENTURE, DATED AS OF
            , 200     
  

					
	 Trust

Act Section
	  	 Indenture

Indenture Section

	§310	 	(a) (1)	  	   609

		 	(a) (2)	  	   609

		 	(a) (3)	  	   Not Applicable

		 	(a) (4)	  	   Not Applicable

		 	(b)	  	   608; 610

	§311	 	(a)	  	   613

		 	(b)	  	   613

	§312	 	(a)	  	   701; 702

		 	(b)	  	   702

		 	(c)	  	   702

	§313	 	(a)	  	   703

		 	(b)	  	   *

		 	(c)	  	   *

		 	(d)	  	   703

	§314	 	(a)	  	   704

		 	(a) (4)	  	   104; 1004

		 	(b)	  	   Not Applicable

		 	(c) (1)	  	   101

		 	(c) (2)	  	   101; 102

		 	(c) (3)	  	   Not Applicable

		 	(d)	  	   Not Applicable

		 	(e)	  	   102

	§315	 	(a)	  	   601

		 	(b)	  	   602

		 	(c)	  	   601

		 	(d)	  	   601

		 	(e)	  	   514

	§316	 	(a)	  	   101

		 	(a) (1) (A)	  	   502; 512

		 	(a) (1) (B)	  	   513

		 	(a) (2)	  	   Not Applicable

		 	(b)	  	   508

		 	(c)	  	   104

	§317	 	(a) (1)	  	   503

		 	(a) (2)	  	   504

		 	(b)	  	 1003

	§318	 	(a)	  	   107

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

	*	Deemed included pursuant to Section 318 (c) of the Trust Indenture Act 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	PAGE
	ARTICLE I Definitions And Other Provisions Of General Application
			
	 SECTION 101.
	  	Definitions.	  	1
	 SECTION 102.
	  	Incorporation by Reference of Trust Indenture Act.	  	9
	 SECTION 103.
	  	Compliance Certificates and Opinions.	  	9
	 SECTION 104.
	  	Form of Documents Delivered to Trustee.	  	10
	 SECTION 105.
	  	Acts of Holders; Record Dates.	  	11
	 SECTION 106.
	  	Notices, Etc., to Trustee, Partnership or Guarantor.	  	12
	 SECTION 107.
	  	Notice to Holders; Waiver.	  	12
	 SECTION 108.
	  	Conflict with Trust Indenture Act.	  	13
	 SECTION 109.
	  	Effect of Headings and Table of Contents.	  	13
	 SECTION 110.
	  	Successors and Assigns.	  	13
	 SECTION 111.
	  	Separability Clause.	  	13
	 SECTION 112.
	  	Benefits of Indenture.	  	13
	 SECTION 113.
	  	Governing Law.	  	13
	 SECTION 114.
	  	Legal Holidays.	  	13
	 SECTION 115.
	  	Securities in a Composite Currency, Currency Unit or Foreign Currency.	  	14
	 SECTION 116.
	  	Judgment Currency.	  	14
	 SECTION 117.
	  	Language of Notices, Etc.	  	15
	 SECTION 118.
	  	Non-Recourse to the General Partner; No Personal Liability of Officers, Directors, Employees or Partners.	  	15
		
	ARTICLE II Security Forms	  	
			
	 SECTION 201.
	  	Forms Generally.	  	15
	 SECTION 202.
	  	Form of Face of Security.	  	16
	 SECTION 203.
	  	Form of Reverse of Security.	  	19
	 SECTION 204.
	  	Global Securities.	  	24
	 SECTION 205.
	  	Form of Trustee’s Certificate of Authentication.	  	25
		
	ARTICLE III The Securities	  	
			
	 SECTION 301.
	  	Amount Unlimited; Issuable in Series.	  	25
	 SECTION 302.
	  	Denominations.	  	28
	 SECTION 303.
	  	Execution, Authentication, Delivery and Dating.	  	29
	 SECTION 304.
	  	Temporary Securities.	  	31
	 SECTION 305.
	  	Registration, Registration of Transfer and Exchange.	  	31
	 SECTION 306.
	  	Mutilated, Destroyed, Lost and Stolen Securities.	  	34
	 SECTION 307.
	  	Payment of Interest; Interest Rights Preserved.	  	35
	 SECTION 308.
	  	Persons Deemed Owners.	  	36
	 SECTION 309.
	  	Cancellation.	  	36

  

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	 SECTION 310.
	  	Computation of Interest.	  	36
	 SECTION 311.
	  	CUSIP Numbers.	  	37
		
	ARTICLE IV Satisfaction And Discharge	  	
			
	 SECTION 401.
	  	Satisfaction and Discharge of Indenture.	  	37
	 SECTION 402.
	  	Application of Trust Money.	  	38
		
	ARTICLE V Remedies	  	
			
	 SECTION 501.
	  	Events of Default.	  	38
	 SECTION 502.
	  	Acceleration of Maturity; Rescission and Annulment.	  	39
	 SECTION 503.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee.	  	40
	 SECTION 504.
	  	Trustee May File Proofs of Claim.	  	41
	 SECTION 505.
	  	Trustee May Enforce Claims Without Possession of Securities.	  	42
	 SECTION 506.
	  	Application of Money Collected.	  	42
	 SECTION 507.
	  	Limitation on Suits.	  	43
	 SECTION 508.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest.	  	43
	 SECTION 509.
	  	Restoration of Rights and Remedies.	  	43
	 SECTION 510.
	  	Rights and Remedies Cumulative.	  	44
	 SECTION 511.
	  	Delay or Omission Not Waiver.	  	44
	 SECTION 512.
	  	Control by Holders.	  	44
	 SECTION 513.
	  	Waiver of Past Defaults.	  	44
	 SECTION 514.
	  	Undertaking for Costs.	  	45
	 SECTION 515.
	  	Waiver of Usury, Stay or Extension Laws.	  	45
		
	ARTICLE VI The Trustee	  	
			
	 SECTION 601.
	  	Certain Duties and Responsibilities.	  	45
	 SECTION 602.
	  	Notice of Defaults.	  	47
	 SECTION 603.
	  	Certain Rights of Trustee.	  	47
	 SECTION 604.
	  	Not Responsible for Recitals or Issuance of Securities.	  	48
	 SECTION 605.
	  	May Hold Securities.	  	48
	 SECTION 606.
	  	Money Held in Trust.	  	49
	 SECTION 607.
	  	Compensation and Reimbursement.	  	49
	 SECTION 608.
	  	Disqualification; Conflicting Interests.	  	49
	 SECTION 609.
	  	Corporate Trustee Required; Eligibility.	  	50
	 SECTION 610.
	  	Resignation and Removal; Appointment of Successor.	  	50
	 SECTION 611.
	  	Acceptance of Appointment by Successor.	  	51
	 SECTION 612.
	  	Merger, Conversion, Consolidation or Succession to Business.	  	52

  

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	 SECTION 613.
	  	Preferential Collection of Claims Against Partnership.	  	53
	 SECTION 614.
	  	Appointment of Authenticating Agent.	  	53
		
	ARTICLE VII Holders’ Lists And Reports By Trustee And Partnership	  	
			
	 SECTION 701.
	  	Partnership to Furnish Trustee Names and Addresses of Holders.	  	55
	 SECTION 702.
	  	Preservation of Information; Communications to Holders.	  	55
	 SECTION 703.
	  	Reports by Trustee.	  	56
	 SECTION 704.
	  	Reports by Partnership.	  	57
		
	ARTICLE VIII Consolidation, Merger, Conveyance, Transfer Or Lease	  	
			
	 SECTION 801.
	  	Partnership May Consolidate, Etc., Only on Certain Terms.	  	57
	 SECTION 802.
	  	Successor Substituted.	  	58
		
	ARTICLE IX Supplemental Indentures	  	
			
	 SECTION 901.
	  	Supplemental Indentures Without Consent of Holders.	  	58
	 SECTION 902.
	  	Supplemental Indentures with Consent of Holders.	  	60
	 SECTION 903.
	  	Execution of Supplemental Indentures.	  	61
	 SECTION 904.
	  	Effect of Supplemental Indentures.	  	61
	 SECTION 905.
	  	Conformity with Trust Indenture Act.	  	61
	 SECTION 906.
	  	Reference in Securities to Supplemental Indentures.	  	61
		
	ARTICLE X Covenants	  	
			
	 SECTION 1001.
	  	Payment of Principal, Premium and Interest.	  	62
	 SECTION 1002.
	  	Maintenance of Office or Agency.	  	62
	 SECTION 1003.
	  	Money for Securities Payments to Be Held in Trust.	  	62
	 SECTION 1004.
	  	Statement by Officers as to Default.	  	64
	 SECTION 1005.
	  	Existence.	  	64
	 SECTION 1006.
	  	Waiver of Certain Covenants.	  	64
	 SECTION 1007.
	  	Additional Amounts.	  	65
	 SECTION 1008.
	  	Calculation of Original Issue Discount.	  	65
		
	ARTICLE XI Redemption Of Securities	  	
			
	 SECTION 1101.
	  	Applicability of Article.	  	66
	 SECTION 1102.
	  	Election to Redeem; Notice to Trustee.	  	66
	 SECTION 1103.
	  	Selection by Trustee of Securities to be Redeemed.	  	66
	 SECTION 1104.
	  	Notice of Redemption.	  	67
	 SECTION 1105.
	  	Deposit of Redemption Price.	  	67
	 SECTION 1106.
	  	Securities Payable on Redemption Date.	  	67

  

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	 SECTION 1107.
	  	Securities Redeemed in Part.	  	68
		
	ARTICLE XII Sinking Funds	  	
			
	 SECTION 1201.
	  	Applicability of Article.	  	68
	 SECTION 1202.
	  	Satisfaction of Sinking Fund Payments with Securities.	  	68
	 SECTION 1203.
	  	Redemption of Securities for Sinking Fund.	  	69
		
	ARTICLE XIII Defeasance	  	
			
	 SECTION 1301.
	  	Applicability of Article.	  	69
	 SECTION 1302.
	  	Legal Defeasance.	  	69
	 SECTION 1303.
	  	Covenant Defeasance.	  	71
	 SECTION 1304.
	  	Application by Trustee of Funds Deposited for Payment of Securities.	  	73
	 SECTION 1305.
	  	Repayment to Partnership.	  	73
		
	ARTICLE XIV Guarantee of Securities	  	
			
	 SECTION 1401.
	  	Unconditional Guarantee.	  	73
	 SECTION 1402.
	  	Execution and Delivery of Notation of Guarantees.	  	76
	 SECTION 1403.
	  	Subordination of Guarantees.	  	76
		
	ARTICLE XV Subordination of Securities	  	
			
	 SECTION 1501.
	  	Securities Subordinated to Senior Debt.	  	77
	 SECTION 1502.
	  	Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities.	  	78
	 SECTION 1503.
	  	Payments on Securities Permitted.	  	79
	 SECTION 1504.
	  	Authorization of Holders of Securities to Trustee to Effect Subordination.	  	80
	 SECTION 1505.
	  	Notices to Trustee.	  	80
	 SECTION 1506.
	  	Trustee as Holder of Senior Debt.	  	81
	 SECTION 1507.
	  	Modification of Terms of Senior Debt.	  	81

  

 iv 

 INDENTURE 

PARTIES: 

INDENTURE, dated as of [            ]
[    ], [        ], among NUSTAR LOGISTICS, L.P., a Delaware limited partnership (herein called the “Partnership”),
having its principal office at 2330 North Loop 1604 West, San Antonio, Texas 78248, NUSTAR ENERGY L.P., a Delaware limited partnership (the “Guarantor”), and [    ],
as trustee (herein called the “Trustee”). 
 RECITALS OF THE
PARTNERSHIP: 
 The Partnership has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured subordinated debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be guaranteed by the Guarantor and to be issued in one or more series as in this
Indenture provided. 
 All things necessary to make this Indenture a valid and legally binding agreement of the Partnership, in
accordance with its terms, have been done. 
 This Indenture is subject to the provisions of the Trust Indenture Act that are
required to be a part of this Indenture and, to the extent applicable, shall be governed by such provisions. 
 Now, Therefore,
This Indenture Witnesseth: 
 For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 

ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION 
 SECTION 101. Definitions. 

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

(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as
the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly,
or by reference therein or defined by a Commission rule under the Trust Indenture Act, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted

 
hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such computation; 

(4) the words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; 
 (5)
the words “Article” and “Section” refer to an Article and Section, respectively, of this Indenture; and 

(6) the word “includes” and its derivatives means “includes, but is not limited to” and
its corresponding derivative definitions. 
 Certain terms, used principally in Article VI, are defined in that Article.

 “Act,” when used with respect to any Holder, has the meaning specified in Section 105. 

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

“Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee to authenticate Securities.

 “Banking Day” means, with respect to any city, any date on which commercial banks are open for business in that
city. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors or
the protection of creditors. 
 “Board of Directors” means the board of directors of the General Partner, or the
executive or any other committee of that board duly authorized to act in respect thereof. If the Partnership shall change its form of entity to other than a limited partnership, the references to officers or the Board of Directors of the General
Partner shall mean the officers or the Board of Directors (or other comparable governing body), respectively, of the Partnership. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the General Partner,
the principal financial officer of the General Partner or any other authorized officer of the General Partner or a person duly authorized by any of them, to have been duly adopted by the Board of Directors and to be in full force and effect on the
date of such certification, and delivered to the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including the establishment of any series of the Securities and the forms and terms
thereof), such action may be taken by any committee, officer or employee of the Partnership authorized to take such action by the Board of Directors as evidenced by a Board Resolution. 

 

 2 

 “Business Day,” when used with respect to any Place of Payment or other location,
means, except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of Payment or other
location are authorized or obligated by law, executive order or regulation to close. 
 “Capital Interests” means any
and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership. 

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

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be
principally administered in the Borough of Manhattan, The City of New York, and which, at the date hereof is [    ]. 

“corporation” includes corporations, associations, limited liability companies, joint-stock companies and business trusts.

 “covenant defeasance” has the meaning specified in Section 1303. 

“CUSIP” means the Committee on Uniform Securities Identification Procedures. 

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

“Debt” means any obligation created or assumed by any Person for the repayment of money borrowed, and any purchase money
obligation created or assumed by such Person and any guarantee of the foregoing. 
 “Default” means, with respect to a
series of Securities, any event that is, or after notice or lapse of time or both would be, an Event of Default. 

“Defaulted Interest” has the meaning specified in Section 307. 

“defeasance” has the meaning specified in Section 1302. 

“Definitive Security” means a Security other than a Global Security or a temporary Security. 

“Depositary” means, with respect to Securities of any series issuable or issued in whole or in part in the form of one or more
Global Securities, a clearing agency registered under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by 

 

 3 

 
Section 301, until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter shall mean or include each Person which is then a
Depositary hereunder, and if at any time there is more than one such Person, shall be a collective reference to such Persons. 

“Dollar” or “$” means the coin or currency of the United States of America as at the time of payment is legal tender
for the payment of public and private debts. 
 “Event of Default” has the meaning specified in Section 501.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any statute successor
thereto. 
 “Foreign Currency” means a currency used by the government of a country other than the United States of
America. 
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be
approved by a significant segment of the accounting profession of the United States, as in effect from time to time. 

“General Partner” means the person serving as such under the Partnership Agreement, which, on the date hereof, is NuStar GP,
Inc., a Delaware corporation. 
 “Global Security” means a Security in global form that evidences all or part of a
series of Securities and is authenticated and delivered to, and registered in the name of, the Depositary for the Securities of such series or its nominee. 

“Guarantee” has the meaning specified in Section 1401. 

“Guarantor” means the Person named as the “Guarantor” in the first paragraph of this instrument until a successor
Guarantor shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean or include each Person who is then a Guarantor hereunder. 

“Guarantor Senior Debt” of the Guarantor, unless otherwise provided with respect to the Securities of a series as contemplated
by Section 301, means (1) all Debt of the Guarantor, whether currently outstanding or hereafter issued, unless, by the terms of the instrument creating or evidencing such Debt, it is provided that such Debt is not superior in right of
payment to the Securities or to other Debt which is pari passu with or subordinated to the Securities, and (2) any modifications, refunding, deferrals, renewals or extensions of any such Debt or securities, notes or other evidence of Debt
issued in exchange for such Debt; provided that in no event shall “Guarantor Senior Debt” include (a) Debt of the Guarantor owed or owing to any Subsidiary of the Guarantor or any officer, director or employee of the Guarantor
or any Subsidiary of the Guarantor, (b) Debt to trade creditors or (c) any liability for taxes owed or owing by the Guarantor. 
  

 4 

 “Holder” means a Person in whose name a Security is registered in the Security
Register. 
 “Indenture” means this instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument, and any such supplemental indenture, the provisions of the Trust Indenture Act that
are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” also shall include the terms of particular series of Securities established as contemplated by Section 301.

 “interest,” when used with respect to an Original Issue Discount Security which by its terms bears interest only
after Maturity, means interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to any
Security, means the Stated Maturity of an installment of interest on such Security. 
 “Issue Date” means, with
respect to any series of Debt Securities issued under this Indenture, the date on which Debt Securities of that series are initially issued. 

“mandatory sinking fund payment” has the meaning specified in Section 1201. 

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

“Notice of Default” means a written notice of the kind specified in Section 501(3). 

“Officers’ Certificate” means a certificate signed by any two officers of the General Partner (or if the Partnership shall
change its form of entity to other than a limited partnership, by Persons or officers, members, agents and the like positions comparable to those of the foregoing nature, as applicable), and delivered to the Trustee. One of the officers or such
other Persons (as applicable) signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting officer of the General Partner (or if the Partnership shall change its form of entity
to other than a limited partnership, by Persons or officers, members, agents and the like positions comparable to those of the foregoing nature, as applicable). 

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Partnership, the
Guarantor, the General Partner or an Affiliate of the General Partner. 
 “Original Issue Discount Security” means any
Security which provides for an amount less than the stated principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
  

 5 

 (1) Securities theretofore canceled by the Trustee or delivered to the
Trustee for cancellation; 
 (2) Securities for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Partnership) in trust or set aside and segregated in trust by the Partnership (if the Partnership shall act as its own Paying Agent) for the Holders of such Securities;
provided, however, that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in
whose hands such Securities are valid obligations of the Partnership; and 
 (4) Securities, except to the extent
provided in Sections 1302 and 1303, with respect to which the Partnership has effected defeasance or covenant defeasance as provided in Article XIII which continues in effect; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, (A) the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon acceleration of the Maturity thereof on such date pursuant to Section 502, (B) the principal amount of a Security denominated in one or more currencies or currency units other than U.S.
dollars shall be the U.S. dollar equivalent of such currencies or currency units, determined in the manner provided as contemplated by Section 301 on the date of original issuance of such Security or by Section 115, if not otherwise so
provided pursuant to Section 301, of the principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent (as so determined) on the date of original issuance of such Security, of the amount determined as
provided in clause (A) above) of such Security, and (C) Securities owned by the Partnership, the Guarantor or any other obligor upon the Securities or any Affiliate of the Partnership or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Securities which a Responsible Officer of the
Trustee knows to be so owned shall be so disregarded. Securities so owned as described in clause (C) of the immediately preceding sentence which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Partnership, the Guarantor or any other obligor upon the Securities or any Affiliate of the Partnership or of such other
obligor. 
  

 6 

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

“Partnership Agreement” means the Agreement of Limited Partnership of the Partnership as in effect from time to time.

 “Partnership Request” or “Partnership Order” means a written request or order delivered to the Trustee
and signed in the name of the Partnership by any two officers of the General Partner, or if the Partnership shall change its form of entity to other than a limited partnership, by Persons or officers, members, agents and the like positions
comparable to those of the foregoing nature, as applicable. 
 “Paying Agent” means any Person authorized by the
Partnership to pay the principal of and any premium or interest on any Securities on behalf of the Partnership. 

“Periodic Offering” means an offering of Securities of a series from time to time, the specific terms of which Securities,
including, without limitation, the rate or rates of interest or formula for determining the rate or rates of interest thereon, if any, the Stated Maturity or Stated Maturities thereof, the original issue date or dates thereof, the redemption
provisions, if any, with respect thereto, and any other terms specified as contemplated by Section 301 with respect thereto, are to be determined by the Partnership upon the issuance of such Securities. 

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

“Place of Payment,” when used with respect to the Securities of any series, means, unless otherwise specifically provided for
with respect to such series as contemplated by Section 301, the office or agency of the Partnership in The City of [    ] and such other place or places where, subject to the provisions of Section 1002, the
principal of and any premium and interest on the Securities of that series are payable as contemplated by Section 301. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same Debt as
that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Redemption Date,” when used with
respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 

“Redemption Price,” when used with respect to any Security to be redeemed, means the price at which it is to be redeemed
pursuant to this Indenture. 
 “Regular Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as contemplated by Section 301. 
  

 7 

 “Responsible Officer,” when used with respect to the Trustee, means any officer of
the Trustee within the corporate trust department, including any Vice President, assistant secretary, assistant treasurer, trust officer or assistant trust officer assigned to the Corporate Trust Office, or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of his
knowledge of and familiarity with the particular subject, and who shall have direct responsibility for the administration of this Indenture. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Security Register” and “Security Registrar” have the
respective meanings specified in Section 305. 
 “Senior Debt” of the Partnership, unless otherwise provided with
respect to the Securities of a series as contemplated by Section 301, means (1) all Debt of the Partnership, whether currently outstanding or hereafter issued, unless, by the terms of the instrument creating or evidencing such Debt, it is
provided that such Debt is not superior in right of payment to the Securities or to other Debt which is pari passu with or subordinated to the Securities, and (2) any modifications, refunding, deferrals, renewals or extensions of any such Debt
or securities, notes or other evidence of Debt issued in exchange for such Debt; provided that in no event shall “Senior Debt” include (a) Debt of the Partnership owed or owing to any Subsidiary of the Partnership or any
officer, director or employee of the Partnership or any Subsidiary of the Partnership, (b) Debt to trade creditors or (c) any liability for taxes owed or owing by the Partnership. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307.

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

“Subsidiary” of any Person means (i) any partnership of which more than 50% of the Capital Interests (considering all
partners’ Capital Interests as a single class) is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or combination thereof, or (ii) any corporation, association
or other business entity of which more than 50% of the total voting power of the Capital Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned
or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or combination thereof. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed,
except as otherwise provided in Section 905; provided, however, that if the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture 

 

 8 

 
Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series shall mean each Trustee with respect to Securities of that series. 

“U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the payment of
which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States, each of which are not callable or redeemable at the option of the issuer thereof. 

“Vice President,” when used with respect to the Partnership, means any vice president of the General Partner, or when used with
respect to the Trustee, means any vice president of the Trustee. 
 SECTION 102. Incorporation by Reference of Trust Indenture Act.

 Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and
made a part of this Indenture. The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“commission” means the Commission. 

“indenture securities” means the Securities. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

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

“obligor” on the indenture securities means the Partnership, the Guarantor or any other obligor on the indenture securities.

 All terms used in this Indenture that are defined by the Trust Indenture Act, defined by a Trust Indenture Act reference to
another statute or defined by a Commission rule under the Trust Indenture Act have the meanings so assigned to them. 
 SECTION 103.
Compliance Certificates and Opinions. 
 Upon any application or request by the Partnership to the Trustee to take any
action under any provision of this Indenture, the Partnership shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to

  

 9 

 
the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in
the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be
furnished except as required under Section 314(c) of the Trust Indenture Act. 
 Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section 1004) shall include: 

(1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether such covenant or condition has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 SECTION 104. Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Partnership or the General Partner may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate
or opinion is based are erroneous. Any such certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Partnership or the General
Partner stating that the information with respect to such factual matters is in the possession of the Partnership or the General Partner, unless such counsel knows that the certificate or opinion or representations with respect to such matters are
erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates,
statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
  

 10 

 SECTION 105. Acts of Holders; Record Dates. 

Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is
transmitted through the facilities of a Depositary) by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered (either physically or by means of a facsimile or an electronic transmission, provided that such electronic transmission is transmitted through the facilities of a Depositary) to the Trustee and, where it is hereby expressly
required, to the Partnership. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee and the Partnership, if made in the
manner provided in this Section 105. 
 The fact and date of the execution by any Person of any such instrument or writing
may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged
to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of
any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

The ownership, principal amount and serial numbers of Securities held by any Person, and the date of commencement of such Person’s
holding the same, shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent,
waiver or other action of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee or the Partnership in reliance thereon, regardless of whether notation of such action is made upon such Security. 

Without limiting the foregoing, a Holder entitled hereunder to give or take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any different part of such principal amount.

 The Partnership may set any day as the record date for the purpose of determining the Holders of Outstanding Securities of
any series entitled to give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this 

 

 11 

 
Indenture to be given or taken by Holders of Securities of such series, but the Partnership shall have no obligation to do so. With regard to any record date set pursuant to this paragraph, the
Holders of Outstanding Securities of the relevant series on such record date (or their duly appointed agents), and only such Persons, shall be entitled to give or take the relevant action, regardless of whether such Holders remain Holders after such
record date. 
 SECTION 106. Notices, Etc., to Trustee, Partnership or Guarantor. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder, the Guarantor
or by the Partnership shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be via facsimile) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Administration, or

 (2) the Partnership by the Trustee, the Guarantor or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Partnership addressed to it at the address of its principal office specified in the first paragraph of this instrument to the
attention of the Corporate Secretary, or at any other address previously furnished in writing to the Trustee by the Partnership; or 

(3) the Guarantor by the Partnership, the Trustee or by any Holder shall be sufficient for every purpose hereunder if in
writing and mailed, first-class postage prepaid, to the Guarantor addressed to: NuStar Energy, L.P., 2330 North Loop 1604 West, San Antonio, Texas 78248, Attention: Corporate Secretary, or at any other address previously furnished in writing to the
Trustee by the Guarantor. 
 SECTION 107. Notice to Holders; Waiver. 

Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid (if international mail, by air mail), to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any),
and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually
receives such notice. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver. 
  

 12 

 In case by reason of the suspension of regular mail service or by reason of any other cause
it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

SECTION 108. Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a
part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to
apply to this Indenture as so modified or excluded, as the case may be. 
 SECTION 109. Effect of Headings and Table of Contents.

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 SECTION 110. Successors and Assigns. 

All covenants and agreements in this Indenture by the Partnership shall bind its successors and assigns, whether so expressed or not.

 SECTION 111. Separability Clause. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 112. Benefits of Indenture.

 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION
113. Governing Law. 
 This Indenture and the Securities shall be governed by and construed in accordance with the laws of
the State of New York. 
 SECTION 114. Legal Holidays. 

In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place
of Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of the Securities of any series that specifically states that such provision shall apply in lieu of this Section 114)) payment
of interest or principal (and any premium) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the 

 

 13 

 
same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be. 
 SECTION 115. Securities in a Composite Currency, Currency Unit or
Foreign Currency. 
 Unless otherwise specified in an Officer’s Certificate delivered pursuant to Section 301 of
this Indenture with respect to a particular series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all series or all series
affected by a particular action at the time Outstanding and, at such time, there are Outstanding Securities of any series which are denominated in a coin, currency or currencies other than Dollars (including, but not limited to, any composite
currency, currency units or Foreign Currency), then the principal amount of Securities of such series which shall be deemed to be Outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such
amount at the Market Exchange Rate. For purposes of this Section 115, the term “Market Exchange Rate” shall mean the noon Dollar buying rate in The City of New York for cable transfers of such currency or currencies as published by
the Federal Reserve Bank of New York, as of the most recent available date. If such Market Exchange Rate is not so available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its
part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations or rates of exchange from one or more major banks in The City of New York or in the country of issue of the currency in question, which
for purposes of euros shall be Brussels, Belgium, or such other quotations or rates of exchange as the Trustee shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of
Securities of a series denominated in a currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 

All decisions and determinations of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Issuer and all Holders. 

SECTION 116. Judgment Currency. 

The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of
obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest on the Securities of any series (the “Required Currency”) into a currency in which a judgment will be rendered (the
“Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the day
on which final unappealable judgment is entered, unless such day is not a Banking Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with the Judgment Currency on the Banking Day next preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in
the Required Currency (i) shall not be discharged or 
  

 14 

 
satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional
cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this Indenture. 
 SECTION 117. Language of Notices, Etc. 

Any request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under this Indenture shall be in the
English language, except that any published notice may be in an official language of the country of publication. 
 SECTION 118. Non-Recourse
to the General Partner; No Personal Liability of Officers, Directors, Employees or Partners. 
 Obligations of the
Partnership and the Guarantor under this Indenture and the Securities hereunder are non-recourse to the General Partner, and its Affiliates (other than the Partnership and the Guarantor), and payable only out of cash flow and assets of the
Partnership or the Guarantor, as the case may be. The Trustee, and each Holder of a Security by its acceptance thereof, will be deemed to have agreed in this Indenture that (1) neither the General Partner nor its assets (nor any of its
Affiliates other than the Partnership and the Guarantor, nor their respective assets) shall be liable for any of the obligations of the Partnership and the Guarantor under this Indenture or such Securities, and (2) no director, officer,
employee, stockholder or unitholder, as such, of the Partnership, the Guarantor, the Trustee, the General Partners or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Partnership
and the Guarantor under this Indenture or such Securities by reason of his, her or its status. 
 ARTICLE II 

SECURITY FORMS 

SECTION 201. Forms Generally. 

The Securities of each series and any notations thereon relating to the Guarantees shall be in substantially the form set forth in this
Article II, or in such other form or forms as shall be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or automated
quotation system on which the Securities of such series may be listed or traded or Depositary therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities. If
the form of Securities of any series is established by action 
  

 15 

 
taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized Person on behalf of the Partnership and
delivered to the Trustee at or prior to the delivery of the Partnership Order contemplated by Section 303 for the authentication and delivery of such Securities. 

The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner,
all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
 The forms of
Global Securities of any series shall have such provisions and legends as are customary for Securities of such series in global form, including without limitation any legend required by the Depositary for the Securities of such series. 

SECTION 202. Form of Face of Security. 

[If the Security is an Original Issue Discount Security, insert-FOR PURPOSES OF SECTION 1275 OF THE UNITED STATES INTERNAL
REVENUE CODE OF 1986, AS AMENDED, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT IS                 , THE ISSUE DATE IS
            , 20     [AND] [,] THE YIELD TO MATURITY IS
                 [,] [AND THE ORIGINAL ISSUE DISCOUNT FOR THE SHORT ACCRUAL PERIOD IS
                 AND THE METHOD USED TO DETERMINE THE YIELD THEREFOR IS
                ]] 
 [Insert any other
legend required by the United States Internal Revenue Code and the regulations thereunder.] 
 [If a Global Security, insert
legend required by Section 204 of the Indenture.] 
 [If applicable, insert — UNLESS THIS SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 

NUSTAR LOGISTICS, L.P. 

[TITLE OF SECURITY] 
  

			
	No.             	 	U.S. $            

[CUSIP No. [            ]] 

 

 16 

 NUSTAR LOGISTICS, L.P., a Delaware limited
partnership (herein called the “Partnership,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                 United States Dollars on                  [if the Security
is to bear interest prior to Maturity, insert —, and to pay interest thereon from                 , or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on                   and
                  in each year, commencing                  ,
        , at the rate of         % per annum, until the principal hereof is paid or made available for payment [if applicable, insert —, and at the
rate of         % per annum on any overdue principal and premium and on any overdue installment of interest]. [If applicable, insert — The amount of interest payable for any period shall be
computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the days elapsed in any partial month. In the event
that any date on which interest is payable on this Security is not a Business Day, then a payment of the interest payable on such date will be made on the next succeeding day which is a Business Day (and without any interest or other payment in
respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall mean, when used with respect to any Place of Payment, each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in that Place of Payment are authorized or obligated by law, executive order or regulation to close.] The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
                  or                  (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which
the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in such Indenture]. 

[If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest
except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal of this Security shall bear interest at the rate of
        % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has
been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such interest on any overdue principal that is not so paid on demand shall bear interest at the rate of
        % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for payment to the date payment of such interest has
been made or duly provided for, and such interest shall also be payable on demand.] 
  

 17 

 [If a Global Security, insert — Payment of the principal of [(and premium, if
any)] and [if applicable, insert — any such] interest on this Security will be made by transfer of immediately available funds to a bank account in
                     designated by the Holder in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts [state other currency].] 
 [If a Definitive Security, insert —
Payment of the principal of [(and premium, if any)] and [if applicable, insert — any such] interest on this Security will be made at the office or agency of the Partnership maintained for that purpose in
                    , [in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts] [state other currency] [or subject to any laws or regulations applicable thereto and to the right of the Partnership (as provided in the Indenture) to rescind the designation of any such Paying Agent, at the [main] offices
of                  in                  and
                 in                 , or at such other offices or agencies
as the Partnership may designate, by [United States Dollar] [state other currency] check drawn on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in The City of New York (so long as the applicable Paying Agent
has received proper transfer instructions in writing at least [    ] days prior to the payment date)] [if applicable, insert — ; provided, however, that payment of interest may be made at the option of
the Partnership by [United States Dollar] [state other currency] check mailed to the addresses of the Persons entitled thereto as such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar] [state other
currency] account maintained by the payee with a bank in The City of New York [state other Place of Payment] (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date prior to the applicable
Interest Payment Date)].] 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 IN WITNESS WHEREOF, the Partnership has caused this instrument to be duly executed. 

Dated:                      

 

			
	NUSTAR LOGISTICS, L.P.,
		
	By:	 	NuStar GP, Inc.
		 	Its General Partner

  

					
		 	 By:
	 	  

		 	 Name:
	 	  

		 	 Title:
	 	  

  

 18 

 SECTION 203. Form of Reverse of Security. 

This Security is one of a duly authorized issue of senior securities of the Partnership (herein called the “Securities”), issued
and to be issued in one or more series under an Indenture dated as of [            ] [    ], [        ] (the
“Indenture”), among the Partnership, the Guarantor (defined below) and [    ], as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Partnership, the Guarantor, the Trustee and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different
covenants and Events of Default and may otherwise vary as in the Indenture provided or permitted. This Security is one of the series designated on the face hereof [if applicable, insert —, limited in aggregate principal amount to
U.S.$            ]. 
 This Security is the subordinated
unsecured obligation of the Partnership and is guaranteed pursuant to a guarantee (the “Guarantee”) by NuStar Energy, L.P., a Delaware limited partnership (the “Guarantor”). The Guarantee is the subordinated unsecured obligation
of the Guarantor. 
 [If applicable, insert — The Securities of this series are subject to redemption upon not less
than 30 nor more than 60 days’ notice by mail, [if applicable, insert — (1) on                  in any year commencing with the year
         and ending with the year          through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal
amount, and (2)] at any time [if applicable, insert — on or after             ,             ], as a
whole or in part, at the election of the Partnership, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or before
                ,         %, and if redeemed] during the 12-month period beginning of the years indicated,

  

							
	 Year
	  	 Redemption Price
	  	 Year
	  	 Redemption Price

		  		  		  	

 and thereafter at a Redemption Price equal to         % of the
principal amount, together in the case of any such redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated
Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided
in the Indenture.] 
 [If applicable, insert — The Securities of this series are subject to redemption upon not less
than 30 nor more than 60 days’ notice by mail, (1) on              in any year commencing with the year          and ending
with the year          through operation of the sinking fund for this 

 

 19 

 
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and (2) at any time [if
applicable, insert — on or after                 ], as a whole or in part, at the election of the Partnership, at the Redemption Prices for redemption
otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
                 of the years indicated, 
  

					
	 Year
	  	 Redemption Price for

Redemption Through Operation

of the Sinking Fund
	  	 Redemption Price for

Redemption Otherwise Than

Through Operation of the

Sinking Fund

		  		  	

 and thereafter at a Redemption Price equal to         % of
the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such
Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — The sinking fund for this series provides for the redemption in each year beginning with the year
         and ending with the year          of [if applicable, — not less than
$             (“mandatory sinking fund”) and not more than] $             aggregate principal amount of
Securities of this series. Securities of this series acquired or redeemed by the Partnership otherwise than through [if applicable, — mandatory] sinking fund payments may be credited against subsequent [if applicable, —
mandatory] sinking fund payments otherwise required to be made [if applicable, — in the inverse order in which they become due].] 

[If the Security is subject to redemption in part of any kind, insert — In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable, insert — The Securities of this series are not redeemable prior to Stated Maturity.] 

[If the Security is not an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 

[If the Security is an Original Issue Discount Security, insert — If an Event of Default with respect to Securities of this
series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such amount shall be equal to — insert formula for
determining the amount. Upon payment (1) of the amount of principal so declared due and payable, and (2) of 

 

 20 

 
interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Partnership’s obligations in
respect of the payment of the principal of and interest, if any, on the Securities of this series shall terminate.] 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Partnership and the rights of the Holders of the Securities of each series to be affected under the
Indenture at any time by the Partnership and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting as one class). The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Partnership or the
Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, regardless of whether notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or [any premium or] interest hereon on or after the respective due dates expressed herein. 
 No reference
herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Partnership, which is absolute and unconditional, to pay the principal of and [any premium and] interest on this Security at
the times, place(s) and rate, and in the coin or currency, herein prescribed. 
 [If a Global Security, insert —
This Global Security or portion hereof may not be exchanged for Definitive Securities of this series except in the limited circumstances provided in the Indenture. 

The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities
except as described in the Indenture and will not be considered the Holders thereof for any purpose under the Indenture.] 
  

 21 

 [If a Definitive Security, insert — As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Partnership in [if applicable, insert —
any place where the principal of and any premium and interest on this Security are payable] [if applicable, insert — The City of New York [, or, subject to any laws or regulations applicable thereto and to the right of the Partnership (limited
as provided in the Indenture) to rescind the designation of any such transfer agent, at the [main] offices of                     
                     in
                     and
                     in
                     or at such other offices or agencies as the Partnership may designate]], duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Partnership and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.] 

The Securities of this series are issuable only in registered form without coupons in denominations of U.S.$ [state other currency] and
any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any
such registration of transfer or exchange, but the Partnership may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Partnership, the Trustee and any agent of the Partnership or
the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security is overdue, and neither the Partnership, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 The Security is subordinated in right of payment to Senior Debt and the Guarantee is subordinated in right
of payment to Guarantor Senior Debt, to the extent provided in the Indenture. 
 Obligations of the Partnership under the
Indenture and the Securities thereunder, including this Security, are non-recourse to NuStar GP, Inc. (the “General Partner”) and its Affiliates (other than the Partnership and the Guarantor), and payable only out of cash flow and assets
of the Partnership or the Guarantor. The Trustee, and each Holder of a Security by its acceptance hereof, will be deemed to have agreed in the Indenture that (1) neither the General Partner nor its assets (nor any of its Affiliates other than
the Partnership and the Guarantor, nor their respective assets) shall be liable for any of the obligations of the Partnership or the Guarantor under the Indenture or such Securities, including this Security, and (2) no director, officer,
employee, stockholder or unitholder, as such, of the Partnership, the Guarantor, the Trustee, the General Partner or any Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Partnership or
the Guarantor under the Indenture or such Securities by reason of his, her or its status. 
  

 22 

 The Indenture provides that the Partnership and the Guarantor (a) will be discharged
from any and all obligations in respect of the Securities (except for certain obligations described in the Indenture), or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Partnership or the Guarantor
deposits, in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to
pay all the principal of and interest on the Securities, but such money need not be segregated from other funds except to the extent required by law. 

This Security shall be governed by and construed in accordance with the laws of the State of New York. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

[If a Definitive Security, insert as a separate page — 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                                  (Please Print or Typewrite Name and
Address of Assignee) the within instrument of NUSTAR LOGISTICS, L.P. and does hereby irrevocably constitute and appoint
                                 Attorney to transfer said instrument on the books
of the within-named Partnership, with full power of substitution in the premises. 
 Please Insert Social Security or Other Identifying Number
of Assignee: 
  

			
	Dated:                     	 	(Signature):
		
	Signature	 	Gauarantee:
	  

	 (Participant in a Recognized Signature

Guaranty Medallion Program)

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every
particular, without alteration or enlargement or any change whatever.] 
 FORM OF NOTATION ON SECURITY 

RELATING TO GUARANTEE 

The Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely
guaranteed on a subordinated basis, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts
due and payable under the Indenture and the Securities by the Partnership. 
  

 23 

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

 

							
	Guarantor:
	
	NUSTAR ENERGY L.P.
		
	By:	 	Riverwalk Logistics, L.P.,
		 	Its General Partner
			
		 	By:	 	NuStar GP, LLC,
		 		 	Its General Partner
				
		 		 	By:	 	  

SECTION 204. Global Securities. 

Every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH
LIMITED CIRCUMSTANCES. 
 If Securities of a series are issuable in whole or in part in the form of one or more Global
Securities, as specified as contemplated by Section 301, then, notwithstanding clause (9) of Section 301 and the provisions of Section 302, any Global Security shall represent such of the Outstanding Securities of such series as
shall be specified therein and may provide that it shall represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and that the aggregate amount of Outstanding Securities represented thereby may from time to time be
reduced or increased, as the case may be, to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction or increase in the amount, of Outstanding Securities represented thereby shall be made in such manner and
upon instructions given by such Person or Persons as shall be specified therein or in a Partnership Order. Subject to the provisions of Sections 303, 304 and 305, the Trustee shall deliver and redeliver any Global

  

 24 

 
Security in the manner and upon instructions given by the Person or Persons specified therein or in the applicable Partnership Order. Any instructions by the Partnership with respect to
endorsement or delivery or redelivery of a Global Security shall be in a Partnership Order (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel). 

The provisions of the last sentence of Section 303 shall apply to any Security represented by a Global Security if such Security was
never issued and sold by the Partnership and the Partnership delivers to the Trustee the Global Security together with a Partnership Order (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) with regard
to the reduction or increase, as the case may be, in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303. 

SECTION 205. Form of Trustee’s Certificate of Authentication. 

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

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

 

			
	  

	[    ], as Trustee
		
	 By:
	 	  

		 	Authorized Signatory
		
	 Dated:
	 	  

ARTICLE III 

THE SECURITIES 

SECTION 301. Amount Unlimited; Issuable in Series. 

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

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

 

 25 

 (1) the title of the Securities of the series including CUSIP numbers (which
shall distinguish the Securities of the series from all other Securities and which may be a part of a series of Securities previously issued); 

(2) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Sections 304, 305, 306, 906 or 1107 and except for any Securities
which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
 (3)
the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest; 
 (4) the date or dates on which the principal of the Securities of the series is payable or the
method of determination thereof; 
 (5) the rate or rates at which the Securities of the series shall bear
interest, if any, or the formula, method or provision pursuant to which such rate or rates are determined, the date or dates from which such interest shall accrue, or the method of determination thereof, the Interest Payment Dates on which any such
interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date; 

(6) the place or places where, subject to the provisions of Section 1002, the principal of and any premium and
interest on Securities of the series shall be payable, Securities of the series may be surrendered for registration of transfer, Securities of the series may be surrendered for exchange and notices, and demands to or upon the Partnership in respect
of the Securities of the series and this Indenture may be served; 
 (7) the period or periods within which, the
price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Partnership; 

(8) the obligation, if any, of the Partnership to redeem or purchase Securities of the series pursuant to any sinking fund
or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation; 
 (9) if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which Securities of the series shall be issuable; 
 (10) whether payment of principal of and
premium, if any, and interest, if any, on the Securities of the series shall be without deduction for taxes, assessments or governmental charges paid by Holders of the series; 

 

 26 

 (11) if other than the principal amount thereof, the portion of the
principal amount which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 

(12) if other than the currency of the United States of America, the currency or currencies, including composite
currencies, currency units or Foreign Currency, in which payment of the principal of and any premium and interest on the Securities of the series shall be payable, and, if other than as specified in Section 115, the manner of determining the
equivalent thereof in the currency of the United States of America for purposes of the determination of “Outstanding” in Section 101; 

(13) if the amount of payments of principal of and any premium or interest on any Securities of the series may be
determined with reference to an index, the manner in which such amounts shall be determined; 
 (14) if the
principal of or any premium or interest on any Securities of the series is to be payable, at the election of the Partnership or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities are stated
to be payable, the currency, currencies or currency units in which payment of the principal of and any premium and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms
and conditions upon which such election is to be made; 
 (15) the right, if any, of the Partnership to defer
payments of interest by extending the interest payment periods and the duration of such extension, the Interest Payment Dates on which such interest shall be payable and whether and under what circumstances additional interest on amounts deferred
shall be payable; 
 (16) if and as applicable, that the Securities of the series shall be issuable in whole or
in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 305 in which any such Global
Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be registered; 

(17) any deletions from, modifications of or additions to the Events of Default set forth in Section 501 or the
covenants of the Partnership set forth in Article X with respect to the Securities of such series; 
 (18)
whether and under which circumstances the Partnership will pay additional amounts on the Securities of the series held by a Person who is not a U.S. person in respect of any tax, assessment or governmental charge withheld or deducted, and, if so,
whether the Partnership will have the option to redeem the Securities of the series rather than pay such additional amounts; 

(19) if the Securities of the series are to be issuable in definitive form (whether upon original issue or upon exchange
of a temporary Security of such series) only upon 
  

 27 

 
receipt of certain certificates or other documents or satisfaction of other conditions, the form and terms of such certificates, documents or conditions; 

(20) if the Securities of the series are convertible into or exchangeable for any other security or property of the
Partnership, including, without limitation, securities of another Person held by the Partnership or its Affiliates and, if so, the terms thereof; 

(21) if other than as provided in Sections 1302 and 1303, the means of defeasance or covenant defeasance as may be
specified for the Securities of the series; 
 (22) if other than the Trustee, the identity of the Security
Registrar and any Paying Agent; and 
 (23) any other terms of the Securities of the series (which terms shall
not be inconsistent with the provisions of this Indenture). 
 All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officers’ Certificate referred
to above or in any such indenture supplemental hereto. 
 All Securities of any one series need not be issued at the same time
and, unless otherwise provided, a series may be reopened, without the consent of the Holders, for increases in the aggregate principal amount of such series of Securities and issuances of additional Securities of such series or for the establishment
of additional terms with respect to the Securities of such series. 
 If any of the terms of the series are established by
action taken by or pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by an authorized officer or other authorized person of the General Partner on behalf of the Partnership and delivered to the Trustee
at or prior to the delivery of the Officers’ Certificate setting forth, or providing the manner for determining, the terms of the series. 

With respect to Securities of a series subject to a Periodic Offering, such Board Resolution or Officers’ Certificate may provide
general terms for Securities of such series and provide either that the specific terms of particular Securities of such series shall be specified in a Partnership Order, or that such terms shall be determined by the Partnership, or one or more of
the Partnership’s agents designated in an Officers’ Certificate, in accordance with a Partnership Order. 
 SECTION 302.
Denominations. 
 The Securities of each series shall be issuable only in registered form without coupons in such
denominations as shall be specified as contemplated by Section 301. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $1,000 and
any integral multiple thereof. 
  

 28 

 SECTION 303. Execution, Authentication, Delivery and Dating. 

The Securities shall be executed on behalf of the Partnership by the Chief Executive Officer, Chief Financial Officer, President or any
Vice President of the General Partner and need not be attested. The signature of any of these officers on the Securities may be manual or facsimile. 

Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the General Partner
shall bind the Partnership, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities. 

At any time and from time to time after the execution and delivery of this Indenture, the Partnership may deliver Securities of any
series executed by the Partnership to the Trustee for authentication, together with a Partnership Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Partnership Order shall authenticate and deliver
such Securities; provided, however, that in the case of Securities offered in a Periodic Offering, the Trustee shall authenticate and deliver such Securities from time to time in accordance with such other procedures (including, without
limitation, the receipt by the Trustee of oral or electronic instructions from the Partnership or its duly authorized agents, thereafter promptly confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Partnership
Order delivered to the Trustee prior to the time of the first authentication of Securities of such series. If the form or terms of the Securities of the series have been established in or pursuant to one or more Board Resolutions as permitted by
Sections 201 and 301, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive such documents as it may reasonably request. The
Trustee shall also be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating, 

(1) if the form or forms of such Securities has been established in or pursuant to a Board Resolution as permitted by
Section 201, that each such form has been established in conformity with the provisions of this Indenture; 

(2) if the terms of such Securities have been, or in the case of Securities of a series offered in a Periodic Offering,
will be, established in or pursuant to a Board Resolution as permitted by Section 301, that such terms have been, or in the case of Securities of a series offered in a Periodic Offering, will be, established in conformity with the provisions of
this Indenture, subject, in the case of Securities of a series offered in a Periodic Offering, to any conditions specified in such Opinion of Counsel; and 

(3) that such Securities, when authenticated and delivered by the Trustee and issued by the Partnership in the manner and
subject to any conditions and assumptions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Partnership enforceable in accordance with their terms, subject to the following limitations:
(i) bankruptcy, insolvency, moratorium, reorganization, liquidation, fraudulent conveyance or transfer and other similar laws of general applicability relating to or affecting the enforcement of creditors’ rights, or to general equity
principles, (ii) the 
  

 29 

 
availability of equitable remedies being subject to the discretion of the court to which application therefor is made; (iii) with reference to Securities stated to be payable in a currency
other than Dollars said counsel may note that (x) a New York statute provides that a judgment rendered by a court of the State of New York in respect of an obligation denominated in any such other currency would be rendered in such other
currency and would be converted into Dollars at the rate of exchange prevailing on the date of entry of the judgment, and (y) a judgment rendered by a Federal court sitting in the State of New York in respect of an obligation denominated in any
such other currency may be expressed in Dollars, but said counsel need express no opinion as to the rate of exchange such Federal court would apply; and (iv) such other usual and customary matters as shall be specified in such Opinion of
Counsel. 
 If such form or forms or terms have been so established, the Trustee shall not be required to authenticate such
Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

 Notwithstanding the provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to
be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Partnership Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or prior to the time of authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 

With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely, as to the authorization by the Partnership
of any of such Securities, the form or forms and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to Sections 201 and 301 and this
Section 303, as applicable, in connection with the first authentication of Securities of such series. 
 Each Security
shall be dated as of the date of its authentication. 
 No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon
any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. 

Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the
Partnership, and the Partnership shall deliver such Security to the Trustee for cancellation as provided in Section 309 for all purposes of this Indenture, such Security shall be deemed never to have been authenticated and delivered hereunder
and shall never be entitled to the benefits of this Indenture. 
  

 30 

 SECTION 304. Temporary Securities. 

Pending the preparation of Definitive Securities of any series, the Partnership may execute, and upon Partnership Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of the Definitive Securities in lieu of which they are issued
and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 

If temporary Securities of any series are issued, the Partnership will cause Definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of Definitive Securities of such series, the temporary Securities of such series shall be exchangeable for Definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Partnership maintained pursuant to Section 1002 for the purpose of exchanges of Securities of such series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any
series the Partnership shall execute and the Trustee shall authenticate and deliver in exchange therefor Definitive Securities of the same series and tenor, of any authorized denominations and of a like aggregate principal amount. Until so exchanged
the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as Definitive Securities of such series and tenor. 

SECTION 305. Registration, Registration of Transfer and Exchange. 

The Partnership shall cause to be kept at the office or agency of the Partnership in the Borough of Manhattan, The City of New York (or in
any other office or agency of the Partnership in a Place of Payment required by Section 1002) a register (the register maintained in such office being herein sometimes referred to as the “Security Register”) in which, subject to such
reasonable regulations as it may prescribe, the Partnership shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed as the initial “Security Registrar” for the purpose of registering
Securities and transfers of Securities as herein provided and its corporate trust office which, at the date hereof, is located at [_], as the initial office or agency in the Borough of Manhattan, The City of New York where the Security Register will
be maintained. The Partnership may at any time replace such Security Registrar, change such office or agency or act as its own Security Registrar. The Partnership will give prompt written notice to the Trustee of any change of the Security Registrar
or of the location of such office or agency. 
 Upon surrender for registration of transfer of any Security of any series at the
office or agency of the Partnership maintained pursuant to Section 1002 for such purpose, the Partnership shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Securities of the same series and tenor, of any authorized denominations and of a like aggregate principal amount. 
 At the
option of the Holder, Securities of any series (except a Global Security) may be exchanged for other Securities of the same series and tenor, of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities
to be exchanged at such 
  

 31 

 
office or agency. Whenever any Securities are so surrendered for exchange, the Partnership shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall
be the valid obligations of the Partnership, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Partnership or the
Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Partnership and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. 

No service charge shall be imposed for any registration of transfer or exchange of Securities, but the Partnership may require payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 not involving any transfer.

 Neither the Trustee nor the Partnership shall be required (1) to issue, register the transfer of or exchange Securities
of any series during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of Securities of that series selected for redemption under Section 1103 and ending at the close of business on the
day of such mailing, or (2) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

Notwithstanding any other provisions of this Indenture and except as otherwise specified with respect to any particular series of
Securities as contemplated by Section 301, a Global Security representing all or a portion of the Securities of a series may not be transferred, except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee
of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. Every Security authenticated and delivered
upon registration or transfer of or in exchange for or in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs immediately following. 

If at any time the Depositary for any Securities of a series represented by one or more Global Securities notifies the Partnership that
it is unwilling or unable to continue as Depositary for such Securities or if at any time the Depositary for such Securities shall no longer be eligible to continue as Depositary under Section 101 or ceases to be a clearing agency registered
under the Exchange Act, the Partnership shall appoint a successor Depositary with respect to such Securities. If a successor Depositary for such Securities is not appointed by the Partnership within 90 days after the Partnership receives such notice
or becomes aware of such ineligibility, the Partnership’s election pursuant to Section 301 that such Securities be represented by one or more Global Securities shall no longer be effective and the Partnership will execute, and the Trustee,
upon receipt of a Partnership Order for the authentication and delivery of Definitive 
  

 32 

 
Securities of such series, will authenticate and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal
amount equal to the principal amount of the Global Security or Securities representing such Securities in exchange for such Global Security or Securities registered in the names of such Persons as the Depository shall direct. 

The Partnership may at any time and in its sole discretion determine that the Securities of any series issued in the form of one or more
Global Securities shall no longer be represented by a Global Security or Securities. In such event the Partnership will execute, and the Trustee, upon receipt of a Partnership Order for the authentication and delivery of the Definitive Securities of
such series, will authenticate and deliver, Securities of such series in definitive registered form without coupons, in any authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Security or Securities
representing such Securities in exchange for such Global Security or Securities registered in the names of such Persons as the Depository shall direct. 

If specified by the Partnership pursuant to Section 301 with respect to Securities represented by a Global Security, the Depositary
for such Global Security may surrender such Global Security in exchange in whole or in part for Securities of the same series and tenor in definitive registered form on such terms as are acceptable to the Partnership and such Depositary. Thereupon,
the Partnership shall execute, and the Trustee, upon receipt of a Partnership Order for the authentication and delivery of Securities in definitive registered form, shall authenticate and deliver, without service charge, 

(1) to the Person specified by such Depositary a new Security or Securities of the same series and tenor, of any
authorized denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 

(2) to such Depositary a new Global Security in a denomination equal to the difference, if any, between the principal
amount of the surrendered Global Security and the aggregate principal amount of Securities authenticated and delivered pursuant to clause (1) above. 

Every Person who takes or holds any beneficial interest in a Global Security agrees that: 

(a) the Partnership and the Trustee may deal with the Depositary as sole owner of the Global Security and as the
authorized representative of such Person; 
 (b) such Person’s rights in the Global Security shall be
exercised only through the Depositary and shall be limited to those established by law and agreement between such Person and the Depositary and/or direct and indirect participants of the Depositary; 

(c) the Depositary and its participants may make book-entry transfers of beneficial ownership among, and receive and
transmit distributions of 
  

 33 

 
principal and interest on the Global Securities to, such Persons in accordance with their own procedures; and 

(d) none of the Partnership, the Trustee nor any agent of the Partnership or the Trustee will have any responsibility or
liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, together with such security or indemnity as may be required by the Partnership,
the Guarantor or the Trustee to save each of them and any agent of either of them harmless, the Partnership shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security, with an endorsement of the Guarantee
executed by the Guarantor, of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding. 

If there shall be delivered to the Partnership, the Guarantor and the Trustee (1) evidence to their satisfaction of the destruction,
loss or theft of any Security and (2) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Partnership, the Guarantor or the Trustee that such
Security has been acquired by a bona fide purchaser, the Partnership shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security, with an endorsement of the Guarantee executed
by the Guarantor, of the same series and of like tenor and principal amount and bearing a number not contemporaneously Outstanding. 

In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Partnership in its
discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new Security under this
Section 306, the Partnership may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith. Every new Security of any series issued pursuant to this Section 306 in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Partnership and the Guarantor, whether or
not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued
hereunder. 
 The provisions of this Section 306 are exclusive and shall preclude (to the extent lawful) all other rights
and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

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 SECTION 307. Payment of Interest; Interest Rights Preserved. 

Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, interest on any Security which
is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by
the Partnership, at its election in each case, as provided in clause (1) or (2) below: 
 (1) The
Partnership may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest, which shall be fixed in the following manner. The Partnership shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed
payment, and at the same time the Partnership shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a Special Record Date
for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Partnership of such Special Record Date and, in the name and at the expense of the Partnership, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). 
 (2)
The Partnership may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which such Securities may be
listed or traded, and upon such notice as may be required by such exchange, if, after notice given by the Partnership to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

  

 35 

 Subject to the foregoing provisions of this Section 307 and Section 305, each
Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 SECTION 308. Persons Deemed Owners. 

Except as otherwise provided as contemplated by Section 301 with respect to any series of Securities, prior to due presentment of a
Security for registration of transfer, the Partnership, the Guarantor, the Trustee and any agent of the Partnership, the Guarantor, or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and any premium and (subject to Sections 305 and 307) any interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and neither the Partnership, the
Guarantor, the Trustee nor any agent of the Partnership, the Guarantor, or the Trustee shall be affected by notice to the contrary. 

No holder of any beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this Indenture
with respect to such Global Security, and such Depositary may be treated by the Partnership, the Guarantor, the Trustee and any agent of the Partnership, the Guarantor, or the Trustee as the owner of such Global Security for all purposes whatsoever.
None of the Partnership, the Guarantor, the Trustee nor any agent of the Partnership, the Guarantor, or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

SECTION 309. Cancellation. 

All Securities surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Partnership or the Guarantor may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Partnership or the Guarantor may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Partnership has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section 309, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary practices, and the Trustee shall thereafter deliver to the Partnership a
certificate with respect to such disposition. 
 SECTION 310. Computation of Interest. 

Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year of twelve 30-day months and interest on the Securities of each series for any partial period shall be 

 

 36 

 
computed on the basis of a 360-day year of twelve 30-day months and the number of days elapsed in any partial month. 

SECTION 311. CUSIP Numbers. 

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

ARTICLE IV 

SATISFACTION AND DISCHARGE 

SECTION 401. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Partnership Request cease to be of further effect with respect to Securities of any series (except as to any
surviving rights of registration of transfer or exchange of such Securities herein expressly provided for), and the Trustee, at the expense of the Partnership, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture with respect to such Securities, when 
 (1) either 

(a) all such Securities theretofore authenticated and delivered (other than (i) such Securities which have been
destroyed, lost or stolen and which have been replaced or paid as provided in Section 306, and (ii) such Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Partnership and
thereafter repaid to the Partnership or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(b) all such Securities not theretofore delivered to the Trustee for cancellation 

(i) have become due and payable, 

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

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of 
  

 37 

 
redemption by the Trustee in the name, and at the expense, of the Partnership, 
 and the
Partnership or the Guarantor in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for this purpose an amount of money in the currency or currency units in
which such Securities are payable sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such deposit (in the
case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(1) the Partnership has paid or caused to be paid all other sums payable hereunder by the Partnership with respect to such
Securities; and 
 (2) the Partnership has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to such Securities have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture with respect to Securities of any series, (x) the obligations of
the Partnership to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and the right of the Trustee to resign under Section 610 shall survive, and (y) if money shall have
been deposited with the Trustee pursuant to subclause (b) of clause (1) of this Section 401, the obligations of the Partnership and/or the Trustee under Sections 402, 606, 701 and 1002 and the last paragraph of Section 1003 shall
survive such satisfaction and discharge. 
 SECTION 402. Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401
shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Partnership acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money has been deposited with the Trustee. 

ARTICLE V 

REMEDIES 

SECTION 501. Events of Default. 

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

 38 

 (1) default in the payment of any interest upon any Security of that series
when it becomes due and payable, and continuance of such default for a period of 30 days (whether or not such payment is prohibited by the provisions of Article XV); or 

(2) default in the payment of the principal of (or premium, if any, on) any Security of that series at its Maturity
(whether or not such payment is prohibited by the provisions of Article XV); or 
 (3) default in the
performance, or breach, of any term, covenant or warranty of the Partnership in this Indenture (other than a term, covenant or warranty a default in whose performance or whose breach is elsewhere in this Section 501 specifically dealt with or
which has expressly been included in this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified
mail, to the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (4) failure to pay any
Debt of the Partnership in excess of $25 million, whether at final maturity (after the expiration of any applicable grace periods) or upon acceleration of the maturity thereof, if such indebtedness is not discharged, or such acceleration is not
annulled, within 10 days after there has been given, by registered or certified mail, to the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that
series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(5) the Partnership pursuant to or within the meaning of any Bankruptcy Law (A) commences a voluntary case,
(B) consents to the entry of any order for relief against it in an involuntary case, (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or (D) makes a general assignment for the
benefit of its creditors; or 
 (6) a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that (A) is for relief against the Partnership in an involuntary case, (B) appoints a Custodian of the Partnership or for all or substantially all of its property, or (C) orders the liquidation of the Partnership; and
the order or decree remains unstayed and in effect for 60 days; or 
 (7) any other Event of Default provided
with respect to Securities of that series in accordance with Section 301. 
 SECTION 502. Acceleration of Maturity; Rescission and
Annulment. 
 If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is
continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare the principal amount 

 

 39 

 
of (or, if any of the Securities of that series are Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified in the terms thereof), and
accrued but unpaid interest, if any, on all of the Securities of that series to be due and payable immediately, by a notice in writing to the Partnership (and to the Trustee if given by Holders), and upon any such declaration such principal amount
(or specified amount) shall become immediately due and payable. Notwithstanding the foregoing, if an Event of Default specified in clause (5) or (6) of Section 501 occurs, the Securities of any series at the time Outstanding shall be
due and payable immediately without further action or notice. 
 At any time after such a declaration of acceleration with
respect to Securities of any series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Partnership and the Trustee, may rescind and annul such declaration and its consequences if 

(1) the Partnership or the Guarantor has paid or deposited with the Trustee a sum sufficient to pay: 

(a) all overdue interest on all Securities of that series, 

(b) the principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Securities, 

(c) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed
therefor in such Securities, and 
 (d) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 (2) all Events
of Default with respect to Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 513. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Partnership covenants that if 

(1) default is made in the payment of any installment of interest on any Security when such interest becomes due and
payable and such default continues for a 
  

 40 

 
period of 30 days (whether or not such payment is prohibited by the provisions of Article XV), or 

(2) default is made in the payment of the principal of (or premium, if any, on) any Security at the Maturity thereof
(whether or not such payment is prohibited by the provisions of Article XV), 
 the Partnership will, upon demand of the Trustee, pay to it, for
the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue
principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the Partnership
fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or
final decree and may enforce the same against the Partnership or any other obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Partnership or any other
obligor upon such Securities, wherever situated. 
 Subject to Article XV, if an Event of Default with respect to Securities of
any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 504. Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Partnership or any other obligor upon the Securities, their property or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Partnership for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise, 
 (i) to file and prove a claim for the whole amount of principal (and premium, if any) and interest
owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
  

 41 

 (ii) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee
any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

SECTION 505. Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been
recovered. 
 SECTION 506. Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

  

			
	 FIRST:
	 	To the payment of all amounts due the Trustee under Section 607;
		
	 SECOND:
	 	Subject to Article XV, to the payment of the amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and any premium and interest, respectively; and
		
	 THIRD:
	 	The balance, if any, to the Partnership.

  

 42 

 SECTION 507. Limitation on Suits. 

No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture (including the Guarantee), or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of that series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3) such Holder or Holders have offered and, if requested, provided to the Trustee reasonable security or indemnity
satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; 

(4) the Trustee for 60 days after its receipt of such notice, request and offer and, if requested, provision of security
or indemnity has failed to institute any such proceeding; and 
 (5) no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all such Holders. 
 SECTION 508. Unconditional Right of Holders to Receive
Principal, Premium and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall
have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Sections 305 and 307) interest on such Security on the respective Stated Maturity or Maturities expressed in such Security
(or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

SECTION 509. Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Partnership, the Trustee and the Holders shall be
restored severally and respectively to their former positions hereunder, and thereafter all 
  

 43 

 
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

SECTION 510. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 SECTION 511. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 512. Control by Holders. 

The Holders of a majority in aggregate principal amount of the Outstanding Securities of any series shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series; provided, however, that 

(1) such direction shall not be in conflict with any rule of law or with this Indenture; 

(2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

 (3) subject to the provisions of Section 601, the Trustee shall have the right to decline to follow any
such direction if the Trustee in good faith shall determine that the proceeding so directed would involve the Trustee in personal liability. 

SECTION 513. Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of
all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except: 

(1) a continuing default in the payment of the principal of or any premium or interest on any Security of such series, or

  

 44 

 (2) a default in respect of a covenant or provision hereof which under
Article IX cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

SECTION 514. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant, other
than the Trustee, in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 514 shall not apply to any suit instituted by the Partnership, to any suit instituted by the Trustee, to
any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the
principal of, or premium, if any, or interest on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 

SECTION 515. Waiver of Usury, Stay or Extension Laws. 

Each of the Partnership and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon,
or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each
of the Partnership and the Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE VI

 THE TRUSTEE 

SECTION 601. Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default, 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
as are provided by the Trust Indenture Act, and, except for implied covenants or obligations under the Trust 
  

 45 

 
Indenture Act, no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they substantially conform to the requirements of this Indenture but need not confirm or investigate the accuracy
of any mathematical calculations or other facts stated therein. 
 (b) In case an Event of Default has occurred
and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that 

(1) this Subsection shall not be construed to limit the effect of Subsection (a) of this Section 601;

 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee
shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, given pursuant to
Section 512, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such
series; and 
 (4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. 

(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 601. 
  

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 SECTION 602. Notice of Defaults. 

Within 90 days after the occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall transmit by
mail to all Holders of Securities of such series, as their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee, unless such Default shall have been cured or waived; provided,
however, that, except in the case of a Default in the payment of the principal of or any premium or interest on any Security of such series or in the payment of any sinking fund installment with respect to Securities of such series, the
Trustee shall be protected in withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Holders of
Securities of such series; and, provided, further, that in the case of any Default of the character specified in Section 501(3) with respect to Securities of such series, no such notice to Holders shall be given until at least 60
days after the occurrence thereof. 
 SECTION 603. Certain Rights of Trustee. 

Subject to the provisions of Section 601: 

(a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it
to be genuine and to have been signed or presented by the proper party or parties; 
 (b) any request or
direction of the Partnership mentioned herein shall be sufficiently evidenced by a Partnership Request or Partnership Order (other than delivery of any Security to the Trustee for authentication and delivery pursuant to Section 303, which shall
be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) shall be entitled to receive and may, in the absence of bad faith on its part, rely upon an Officers’
Certificate; 
 (d) the Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction; 
  

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 (f) the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Partnership, personally or by agent or attorney at the expense of the Partnership and shall incur no liability of any kind by reason of such inquiry or investigation; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder and shall not be responsible for the supervision of officers and
employees of such agents or attorneys; 
 (h) the Trustee may request that the Partnership deliver an
Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign
an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded; and 

(i) the Trustee shall be entitled to the rights and protections afforded to the Trustee pursuant to this Article in acting
as a Paying Agent or Security Registrar hereunder. 
 SECTION 604. Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Partnership, and the Trustee or any Authenticating Agent assumes no responsibility for their correctness. Neither the Trustee nor any Authenticating Agent makes any representations as to the validity or sufficiency of this
Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Partnership of Securities or the proceeds thereof. 

SECTION 605. May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Partnership, in its individual
or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust Indenture Act and Sections 608, 609 and 613 hereof, may otherwise deal with the Partnership with the same rights it would have
if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  

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 SECTION 606. Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Partnership. 

SECTION 607. Compensation and Reimbursement. 

The Partnership agrees 

(1) to pay to the Trustee from time to time reasonable compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as shall be determined to have been caused by its own negligence or bad faith; and 
 (3) to indemnify
each of the Trustee and its officers, directors, agents and employees for, and to hold it harmless against, any loss, liability or expense incurred without negligence or willful misconduct on its part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

As security for the performance of the obligations of the Partnership under this Section 607 the Trustee shall have a lien prior to
the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (and premium, if any) or interest on particular Securities. 

Without limiting any rights available to the Trustee under applicable law, when the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section 501(5) or Section 501(6), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services of the Trustee are intended to constitute
expenses of administration under any applicable Bankruptcy Law. 
 The provisions of this Section 607 shall survive the
satisfaction and discharge of this Indenture, the resignation or removal of the Trustee and the defeasance of the Securities. 
 SECTION 608.
Disqualification; Conflicting Interests. 
 Reference is made to Section 310(b) of the Trust Indenture Act. There
shall be excluded from the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture with respect to the Securities of more than one series. 
  

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 SECTION 609. Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee hereunder which shall be a corporation organized and doing business under the laws of the United
States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus required by the Trust Indenture Act, subject to supervision or examination by
Federal or State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 609, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee shall not be an obligor upon the Securities or an Affiliate thereof. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this Section 609, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 

SECTION 610. Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 

(b) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice
thereof to the Partnership. If the instrument of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition at the expense of the Partnership any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to the Partnership. 

(d) If at any time: 

(1) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by
the Partnership or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (2)
the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Partnership or by any such Holder, or 

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

 

 50 

 then, in any such case, (i) the Partnership by a Board Resolution may remove the
Trustee with respect to all Securities, or (ii) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause, with respect to the Securities of one or more series, the Partnership, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood
that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with
the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of
the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Partnership and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Partnership. If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the Partnership or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such series for
at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(f) The Partnership shall give notice of each resignation and each removal of the Trustee with respect to the Securities
of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 107. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 SECTION 611. Acceptance of
Appointment by Successor. 
 (a) In case of the appointment hereunder of a successor Trustee with respect to
all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Partnership and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Partnership or the
successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring

  

 51 

 
Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not
all) series, the Partnership, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable
to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the
Partnership or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates. 
 (c) Upon request of any such successor Trustee, the
Partnership shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 611, as the case
may be. 
 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article and the Trust Indenture Act. 
 SECTION 612. Merger, Conversion,
Consolidation or Succession to Business. 
 Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the 

 

 52 

 
execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such
Securities. 
 SECTION 613. Preferential Collection of Claims Against Partnership. 

Reference is made to Section 311 of the Trust Indenture Act. For purposes of Section 311(b) of the Trust Indenture Act,

 (1) the term “cash transaction” means any transaction in which full payment for goods or securities
sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; 

(2) the term “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made,
drawn, negotiated or incurred by the Partnership for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or
a lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the
creation of the creditor relationship with the Partnership arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

SECTION 614. Appointment of Authenticating Agent. 

The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to
act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Partnership and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized
under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition
at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 614, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any time an 
  

 53 

 
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 614, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section 614. 
 Any corporation into which an Authenticating Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all of the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any further act on
the part of the Trustee or the Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Partnership. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Partnership. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 614, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Partnership and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Securities of the series with respect to which such Authenticating Agent will serve, as their names and addresses
appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 614. 

Except with respect to an Authenticating Agent appointed at the request of the Partnership, the Trustee agrees to pay to each
Authenticating Agent from time to time reasonable compensation for its services under this Section 614, and the Trustee shall be entitled to be reimbursed by the Partnership for such payments, subject to the provisions of Section 607.

 If an appointment with respect to one or more series is made pursuant to this Section 614, the Securities of such series
may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 

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

 

			
	 _____________________________________________,

	As Trustee
		
	 By:
	 	  

		 	As Authenticating Agent

  

 54 

			
	 By:
	 	  

		 	Authorized Officer

ARTICLE VII 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE
AND PARTNERSHIP 
 SECTION 701. Partnership to Furnish Trustee Names and Addresses of Holders. 

The Partnership will furnish or cause to be furnished to the Trustee 

(a) semi-annually, not more than 15 days after each Regular Record Date for a series of Securities, a list for such series
of Securities, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date, and 

(b) at such other times as the Trustee may request in writing, within 30 days after the receipt by the Partnership of any
such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 

provided, however, that if and so long as the Trustee shall be the Security Registrar, no such list need be furnished with respect to such
series of Securities. 
 SECTION 702. Preservation of Information; Communications to Holders. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders
contained in the most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as
provided in Section 701 upon receipt of a new list so furnished. 
 (b) If three or more Holders (herein
referred to as “applicants”) apply in writing to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a Security for a period of at least six months preceding the date of such application, and such
application states that the applicants desire to communicate with other Holders with respect to their rights under this Indenture or under the Securities and is accompanied by a copy of the form of proxy or other communication which such applicants
propose to transmit, then the Trustee shall, within five business days after the receipt of such application, at its election, either 

(i) afford such applicants access to the information preserved at the time by the Trustee in accordance with
Section 702(a), or 
  

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 (ii) inform such applicants as to the approximate number of Holders whose
names and addresses appear in the information preserved at the time by the Trustee in accordance with Section 702(a), and as to the approximate cost of mailing to such Holders the form of proxy or other communication, if any, specified in such
application. 
 If the Trustee shall elect not to afford such applicants access to such information, the Trustee
shall, upon the written request of such applicants, mail to each Holder whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 702(a) a copy of the form of proxy or other communication
which is specified in such request, with reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or provision for the payment, of the reasonable expenses of mailing, unless within five days after such tender
the Trustee shall mail to such applicants and file with the Commission, together with a copy of the material to be mailed, a written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary to the best interest of
the Holders or would be in violation of applicable law. Such written statement shall specify the basis of such opinion. If the Commission, after opportunity for a hearing upon the objections specified in the written statement so filed, shall enter
an order refusing to sustain any of such objections or if, after the entry of an order sustaining one or more of such objections, the Commission shall find, after notice and opportunity for hearing, that all the objections so sustained have been met
and shall enter an order so declaring, the Trustee shall mail copies of such material to all such Holders with reasonable promptness after the entry of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application. 
 (c) Every Holder of Securities, by
receiving and holding the same, agrees with the Partnership and the Trustee that neither the Partnership nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders in accordance with Section 702(b), regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made
under Section 702(b). 
 SECTION 703. Reports by Trustee. 

Any Trustee’s report required pursuant to Section 313(a) of the Trust Indenture Act shall be dated as of May 15, and shall
be transmitted within 60 days after May 15 of each year, commencing with the year 2003, by mail to all Holders, as their names and addresses appear in the Security Register. A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Trustee with each stock exchange or automated quotation system, as applicable, upon which any Securities are listed or traded, with the Commission and with the Partnership. The Partnership will notify the Trustee when any
Securities are listed or de-listed on any stock exchange or traded on any automated quotation system. 
  

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 SECTION 704. Reports by Partnership. 

The Partnership shall: 

(a) file with the Trustee, within 15 days after the Partnership is required to file the same with the Commission, copies
of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Partnership may be required to file
with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Partnership is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee and
the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act
in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(b) file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the
Commission, such additional information, documents and reports with respect to compliance by the Partnership with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; 

(c) transmit by mail to all Holders, as their names and addresses appear in the Security Register, within 30 days after
the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Partnership pursuant to clauses (a) and (b) of this Section 704 as may be required by rules and regulations
prescribed from time to time by the Commission; and 
 (d) delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Partnership
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

ARTICLE VIII 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR
LEASE 
 SECTION 801. Partnership May Consolidate, Etc., Only on Certain Terms. 

The Partnership shall not consolidate with or merge into any other Person or sell, lease or transfer its properties and assets as, or
substantially as, an entirety to, any Person, unless: 
 (1)(A) in the case of a merger, the Partnership is the
surviving entity, or (B) the Person formed by such consolidation or into which the Partnership is merged or the Person which acquires by sale or transfer, or which leases, the properties and assets of the

  

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Partnership as, or substantially as, an entirety expressly assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the
due and punctual payment of the principal of and any premium and interest on all the Securities and the performance or observance of every covenant of this Indenture on the part of the Partnership to be performed or observed and shall have expressly
provided for conversion rights in respect of any series of Outstanding Securities with conversion rights; 
 (2)
the surviving entity or successor Person is a Person organized and existing under the laws of the United States of America, any state thereof or the District of Columbia; 

(3) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing; and 
 (4) the Partnership has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, conveyance, sale, transfer or lease and such supplemental indenture required, if any, comply with this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with. 
 SECTION 802. Successor Substituted. 

Upon any consolidation of the Partnership with, or merger of the Partnership into, any other Person or any sale, transfer or lease of the
properties and assets of the Partnership as, or substantially as, an entirety in accordance with Section 801, the successor Person formed by such consolidation or into which the Partnership is merged or to which such sale, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every right and power of, the Partnership under this Indenture with the same effect as if such successor Person had been named originally as the Partnership herein, and thereafter,
except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 

ARTICLE IX 

SUPPLEMENTAL INDENTURES 

SECTION 901. Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders, the Partnership, when authorized by a Board Resolution, the Guarantor, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another Person to the Partnership and the assumption by any such successor of the
covenants of the Partnership herein and in the Securities; or 
  

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 (2) to evidence the succession of another Person to the Guarantor and the
assumption by any such successor of the Guarantee of the Guarantor herein and in the Securities; or 
 (3) to add
to the covenants of the Partnership such further covenants, restrictions, conditions or provisions as the Partnership shall consider to be appropriate for the benefit of the Holders of all or any series of Securities (and if such covenants,
restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein
conferred upon the Partnership and to make the occurrence, or the occurrence and continuance, of a Default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the
several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental indenture may provide for a particular period of grace after default
(which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of Default or may
limit the right of the Holders of a majority in aggregate principal amount of the Securities of such series to waive such an Event of Default; or 

(4) to add any additional Defaults or Events of Default in respect of all or any series of Securities; or 

(5) to add to, change or eliminate any of the provisions of this Indenture to such extent as shall be necessary to permit
or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons; or 

(6) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination
shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 

(7) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301, including to reopen
any series of any Securities as permitted under Section 301; or 
 (8) to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611(b); or 
 (9) to
cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, to comply with any applicable mandatory provision of law or to make any other provisions with respect to

  

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matters or questions arising under this Indenture which shall not adversely affect the interests of the Holders of Securities of any series in any material respect; or 

(10) to comply with the rules or regulations of any securities exchange or automated quotation system on which any of the
Securities may be listed or traded; or 
 (11) to modify, eliminate or add to the provisions of this Indenture to
such extent as shall be necessary to effect the qualification of this Indenture under the Trust Indenture Act or under any similar federal statute subsequently enacted, and to add to this Indenture such other provisions as may be expressly required
under the Trust Indenture Act. 
 The Trustee is hereby authorized to join with the Partnership in the execution of any such supplemental
indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

SECTION 902. Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all series
affected by such supplemental indenture, by Act of said Holders delivered to the Partnership and the Trustee, the Partnership, when authorized by a Board Resolution, the Guarantor and the Trustee may enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 

(1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or
reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or change the Redemption Date for any Security, or reduce the amount of the principal of an Original Issue Discount Security that
would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502, or change any Place of Payment where, or the coin or currency in which, any Security or any premium or the interest thereon is payable,
or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 

(2) modify the provisions of this Indenture in a manner adversely affecting any right to convert or exchange any Security
into another security, or 
 (3) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain 

 

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provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

(4) modify any of the provisions of this Section 902, Section 513 or Section 1006, except to increase any
such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause (4)
shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 902, or the deletion of this proviso, in accordance with the requirements of
Sections 611(b) and 901(8). 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has
expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect
the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any Act of
Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 903. Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

SECTION 904. Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

SECTION 905. Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in
effect. 
 SECTION 906. Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and
shall if required by the Trustee, bear a 
  

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notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Partnership shall so determine, new Securities of any series so modified as to
conform, in the opinion of the Trustee and the Partnership, to any such supplemental indenture may be prepared and executed by the Partnership and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

 ARTICLE X 

COVENANTS 

SECTION 1001. Payment of Principal, Premium and Interest. 

The Partnership covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of
and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture. 
 SECTION
1002. Maintenance of Office or Agency. 
 The Partnership will maintain in the Borough of Manhattan, The City of New York,
and in each other Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Partnership in respect of the Securities of that series and this Indenture may be served. The Partnership will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Partnership shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, and the Partnership hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Partnership may also from time to time designate one or more other offices or agencies where the Securities of one or more series may
be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Partnership of its obligation to maintain
an office or agency in the Borough of Manhattan, The City of New York, and in each other Place of Payment for Securities of any series for such purposes. The Partnership will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency. 
 Except as otherwise specified with respect
to a series of Securities as contemplated by Section 301, the Partnership hereby initially designates as the Place of Payment for each series of Securities The City [of
            ] and State of [    ], and initially appoints the Trustee at its Corporate Trust Office as the Partnership’s office or agency for each
such purpose in such city. 
 SECTION 1003. Money for Securities Payments to Be Held in Trust. 

If the Partnership or any of its Subsidiaries shall at any time act as Paying Agent with respect to any series of Securities, it will, on
or before each due date of the principal of and any 
  

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premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and
interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act. 

Whenever the Partnership shall have one or more Paying Agents for any series of Securities, it will, on or prior to each due date of the
principal of and any premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the principal and any premium or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Partnership will promptly notify the Trustee of its action or failure so to act. For purposes of this Section 1003, should a due date for
principal of and any premium or interest on, or sinking fund payment with respect to any series of Securities not be on a Business Day, such payment shall be due on the next Business Day without any interest for the period from the due date until
such Business Day. 
 The Partnership will cause each Paying Agent for any series of Securities other than the Trustee to
execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 1003, that such Paying Agent will: 

(1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest, if any, on Securities
of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2) give the Trustee notice of any default by the Partnership (or any other obligor upon the Securities of that series) in
the making of any payment of principal (and premium, if any) or interest, if any, on the Securities of that series; and 

(3) during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all
sums so held in trust by such Paying Agent. 
 The Partnership and the Guarantor may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Partnership Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Partnership or such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Partnership or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to
such money. 
 Subject to any applicable escheat or abandoned property laws, any money deposited with the Trustee or any Paying
Agent, or then held by the Partnership, in trust for the payment of the principal of and any premium or interest on any Security of any series and remaining unclaimed for one year after such principal and any premium or interest has become due and
payable shall be paid to the Partnership on Partnership Request, or (if then held by the Partnership) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured

  

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general creditor, look only to the Partnership for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Partnership as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Partnership cause to be published once, in a newspaper published in
the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less
than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Partnership. 
 SECTION
1004. Statement by Officers as to Default. 
 Annually, within 150 days after the close of each fiscal year beginning with
the fiscal year ending December 31, 2002, the Partnership will deliver to the Trustee a brief certificate (which need not include the statements set forth in Section 103) from the principal executive officer, principal financial officer or
principal accounting officer of the General Partner of the Partnership as to his or her knowledge of the Partnership’s compliance (without regard to any period of grace or requirement of notice provided herein) with all conditions and covenants
under the Indenture and, if the Partnership shall be in Default, specifying all such Defaults and the nature and status thereof of which such officer has knowledge. The Partnership shall deliver to the Trustee, as soon as possible and in any event
within five days after the Partnership becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate setting forth the details
of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
 SECTION 1005. Existence.

 Subject to Article VIII, the Partnership will do or cause to be done all things necessary to preserve and keep in full force
and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Partnership shall not be required to preserve any such right or franchise if it shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Partnership. 
 SECTION 1006. Waiver of Certain Covenants. 

The Partnership may omit in any particular instance to comply with any term, provision or condition set forth in Section 1005 with
respect to the Securities of any series if before the time for such compliance the Holders of at least a majority in aggregate principal amount of the Outstanding Securities of all affected series (voting as one class) shall, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Partnership and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

 

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 A waiver which changes or eliminates any term, provision or condition of this Indenture
which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such term, provision or condition, shall be deemed not
to affect the rights under this Indenture of the Holders of Securities of any other series. 
 SECTION 1007. Additional Amounts.

 If the Securities of a series provide for the payment of additional amounts (as provided in Section 301(18)), at least 10
days prior to the first Interest Payment Date with respect to that series of Securities and at least 10 days prior to each date of payment of principal of, premium, if any, or interest on the Securities of that series if there has been a change with
respect to the matters set forth in the below-mentioned Officers’ Certificate, the Partnership shall furnish to the Trustee and the principal paying agent, if other than the Trustee, an Officers’ Certificate instructing the Trustee and
such paying agent whether such payment of principal of, premium, if any, or interest on the Securities of that series shall be made to holders of the Securities of that series without withholding or deduction for or on account of any tax, assessment
or other governmental charge described in the Securities of that series. If any such withholding or deduction shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be withheld or deducted on
such payments to such holders and shall certify the fact that additional amounts will be payable and the amounts so payable to each holder, and the Partnership shall pay to the Trustee or such paying agent the additional amounts required to be paid
by this Section 1007. The Partnership covenants to indemnify the Trustee and any paying agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out
of or in connection with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished pursuant to this Section 1007. 

Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium, interest or any other
amounts on, or in respect of, any Securities of any series, such mention shall be deemed to include mention of the payment of additional amounts provided by the terms of such series established hereby or pursuant hereto to the extent that, in such
context, additional amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional amounts (if applicable) in any provision hereof shall not be construed as excluding the payment of
additional amounts in those provisions hereof where such express mention is not made. 
 SECTION 1008. Calculation of Original Issue
Discount. 
 The Partnership shall file with the Trustee promptly at the end of each calendar year (i) a written notice
specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may
then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 
  

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 ARTICLE XI 

REDEMPTION OF SECURITIES 

SECTION 1101. Applicability of Article. 

Securities of any series which are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and (except
as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 
 SECTION 1102.
Election to Redeem; Notice to Trustee. 
 The election of the Partnership to redeem any Securities shall be evidenced by a
Board Resolution. In case of any redemption at the election of the Partnership of less than all the Securities of any series, the Partnership shall, not less than 30 nor more than 60 days prior to the Redemption Date fixed by the Partnership (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of
any redemption of Securities (1) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, or (2) pursuant to an election of the Partnership which is subject to a
condition specified in the terms of such Securities, the Partnership shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition. 

SECTION 1103. Selection by Trustee of Securities to be Redeemed. 

If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a specified tenor are to
be redeemed), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lottery or any other
manner the Trustee deems fair and equitable for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a
denomination larger than the minimum authorized denomination for Securities of that series. 
 The Trustee shall promptly notify
the Partnership in writing of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. If the Securities of any series to be redeemed consist of
Securities having different dates on which the principal is payable or different rates of interest, or different methods by which interest may be determined or have any other different tenor or terms, then the Partnership may, by written notice to
the Trustee, direct that the Securities of such series to be redeemed shall be selected from among the groups of such Securities having specified tenor or terms and the Trustee shall thereafter select the particular Securities to be redeemed in the
manner set forth in the preceding paragraph from among the group of such Securities so specified. 
  

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

SECTION 1104. Notice of Redemption. 

Notice of redemption shall be given by first-class mail (if international mail, by air mail), postage prepaid, mailed not less than 30 nor
more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register. 

All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price, 

(3) if less than all the Outstanding Securities of any series and of a specified tenor are to be redeemed, the
identification (and, in the case of partial redemption of any Securities, the principal amounts) of the particular Securities to be redeemed, 

(4) that on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed
and, if applicable, that interest thereon will cease to accrue on and after said date, 
 (5) the place or places
where such Securities are to be surrendered for payment of the Redemption Price, 
 (6) applicable CUSIP numbers,
and 
 (7) that the redemption is for a sinking fund, if such is the case. 

Notice of redemption of Securities to be redeemed shall be given by the Partnership or, at the Partnership’s request, by the Trustee
in the name and at the expense of the Partnership. 
 SECTION 1105. Deposit of Redemption Price. 

On or prior to any Redemption Date, the Partnership shall deposit with the Trustee or with a Paying Agent (or, if the Partnership is
acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on,
all the Securities which are to be redeemed on that date. 
 SECTION 1106. Securities Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date (unless the Partnership shall default in the payment of the 

 

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Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid
by the Partnership at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section 301, installments of interest whose Stated Maturity is on
or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of
Section 307. 
 If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the
principal and any premium shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 SECTION
1107. Securities Redeemed in Part. 
 Any Security which is to be redeemed only in part shall be surrendered at a Place of
Payment therefor (with, if the Partnership or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Partnership and the Trustee duly executed by, the Holder thereof or his attorney duly
authorized in writing), and the Partnership shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

ARTICLE XII 

SINKING FUNDS 

SECTION 1201. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise
specified as contemplated by Section 301 for Securities of such series. 
 The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to
as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 1202. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
 SECTION 1202.
Satisfaction of Sinking Fund Payments with Securities. 
 The Partnership (1) may deliver Outstanding Securities of a
series (other than any previously called for redemption), and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Partnership pursuant to the terms of such Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of 
  

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such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such
Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

SECTION 1203. Redemption of Securities for Sinking Fund. 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Partnership will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202 and stating the basis for such credit and that such Securities have not
been previously so credited, and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Partnership in the manner provided in Section 1104. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 
 ARTICLE
XIII 
 DEFEASANCE 

SECTION 1301. Applicability of Article. 

The provisions of this Article shall be applicable to each series of Securities except as otherwise specified as contemplated by
Section 301 for Securities of such series. 
 SECTION 1302. Legal Defeasance. 

In addition to discharge of this Indenture pursuant to Section 401, the Partnership shall be deemed to have paid and discharged the
entire indebtedness on all the Securities of such a series on the 91st day after the date of the deposit referred to in clause (1) below, and the provisions of this Indenture with respect to the Securities of such series shall no longer be in
effect (except as to (i) rights of registration of transfer and exchange of Securities of such series and the Partnership’s right of optional redemption, if any, (ii) substitution of mutilated, destroyed, lost or stolen Securities,
(iii) rights of Holders of Securities to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments of principal thereof and interest thereon, upon the original stated due dates
therefor or on the specified redemption dates therefor (but not upon acceleration), and remaining rights of the holders to receive mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the Trustee
hereunder, and the Partnership’s obligations in connection therewith 
  

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(including, but not limited to, Section 607), (v) the rights, if any, to convert or exchange the Securities of such series, (vi) the rights of the Holders of Securities of such
series as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and (vii) the obligations of the Partnership under Section 1002), and the Trustee, at the expense of the Partnership,
shall, upon a Partnership Request, execute proper instruments acknowledging the same, if the conditions set forth below are satisfied (hereinafter, “defeasance”): 

(1) The Partnership has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust, for the
purposes of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series (A) cash in an amount, or (B) in the case of any series of Securities the
payments on which may only be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash in an amount, or
(C) a combination thereof, certified to be sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (i) the principal and
interest and premium, if any, on all Securities of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to clause (3) below, and (ii) any mandatory
sinking fund payments on the dates on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such series; 

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

(3) If the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or
analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; 

(4) No Event of Default or event which with notice or lapse of time or both would become an Event of Default shall have
occurred and be continuing on the date of such deposit; 
 (5) Such defeasance shall not cause the Trustee to
have a conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are in default within the meaning of such Act); 
  

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

(7) Such defeasance shall not result in the trust arising from such deposit constituting an “investment company”
within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and 

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

For this purpose, such defeasance means that the Partnership, the Guarantor and any other obligor upon the Securities of such series
shall be deemed to have paid and discharged the entire debt represented by the Securities of such series, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1304 and the rights and obligations
referred to in clauses (i) through (vii), inclusive, of the first paragraph of this Section 1302, and to have satisfied all its other obligations under the Securities of such series and this Indenture insofar as the Securities of such
series are concerned. 
 Notwithstanding the foregoing, if an Event of Default specified in Section 501(5) or 501(6), or an
event which with lapse of time would become such an Event of Default, shall occur during the period ending on the 91st day after the date of the deposit referred to in clause (1) or, if longer, ending on the day following the expiration of the
longest preference period applicable to the Partnership in respect of such deposit, then, effective upon such occurrence, the defeasance pursuant to this Section 1302 and such deposit shall be rescinded and annulled, and the Partnership, the
Trustee and the Holders of the Securities of such series shall be restored to their former positions. 
 SECTION 1303. Covenant
Defeasance. 
 The Partnership and any other obligor shall be released on the 91st day after the date of the deposit referred
to in clause (1) below from its obligations under Sections 704, 801 and 1005 with respect to the Securities of any series on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”), and the
Securities of such series shall thereafter be deemed to be not “Outstanding” for the purposes of any request, demand, authorization, direction, notice, waiver, consent or declaration or other action or Act of Holders (and the consequences
of any thereof) in connection with such covenants, but shall continue to be deemed Outstanding for all other purposes hereunder. For this purpose, such covenant defeasance means that, with respect to the Securities of such series, the Partnership
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly by reason of any reference elsewhere herein to such Section or by reason of any
reference in such Section to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 501, but, except as specified above, the remainder of this
Indenture and the Securities of such 
  

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series shall be unaffected thereby. The following shall be the conditions to application of this Section 1303: 

(1) The Partnership has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Securities of such series, (A) cash in an amount, or (B) in the case of any series of Securities the
payments on which may only be made in legal coin or currency of the United States, U.S. Government Obligations, maturing as to principal and interest at such times and in such amounts as will insure the availability of cash in a amount, or
(C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay (i) the principal and interest and
premium, if any, on all Outstanding Securities of such series on each date that such principal, interest or premium, if any, is due and payable or on any Redemption Date established pursuant to clause (2) below, and (ii) any mandatory
sinking fund payments on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such series; 

(2) If the Securities are to be redeemed prior to Stated Maturity (other than from mandatory sinking fund payments or
analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; 

(3) No Event of Default or event which with notice or lapse of time or both would become an Event of Default shall have
occurred and be continuing on the date of such deposit; 
 (4) The Partnership has delivered to the Trustee an
Opinion of Counsel which shall confirm that the Holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to federal
income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; 

(5) Such covenant defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of such Act); 
 (6) Such covenant
defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Partnership is a party or by which it is bound; 

(7) Such covenant defeasance shall not result in the trust arising from such deposit constituting an “investment
company” within the meaning of the Investment Company Act of 1940, as amended, unless such trust shall be registered under such Act or exempt from registration thereunder; and 

 

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 (8) The Partnership has delivered to the Trustee an Officers’
Certificate stating that all conditions precedent provided for relating to the covenant defeasance contemplated by this provision have been complied with. 

Notwithstanding the foregoing, if an Event of Default specified in Section 501(5) or 501(6), or an event which with lapse of time
would become such an Event of Default, shall occur during the period ending on the 91st day after the date of the deposit referred to in clause (1) or, if longer, ending on the day following the expiration of the longest preference period
applicable to the Partnership in respect of such deposit, then, effective upon such occurrence, the defeasance pursuant to this Section 1303 and such deposit shall be rescinded and annulled, and the Partnership, the Trustee and the Holders of
the Securities of such series shall be restored to their former positions. 
 SECTION 1304. Application by Trustee of Funds Deposited for
Payment of Securities. 
 Subject to the provisions of the last paragraph of Section 1003, all moneys or U.S. Government
Obligations (including proceeds thereof) deposited with the Trustee pursuant to Section 1302 or 1303 (and all funds earned on such moneys or U.S. Government Obligations) shall be held in trust and applied by it, in accordance with the
provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Partnership acting as its own Paying Agent), to the Holders of the particular Securities of such series for the payment or
redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and any premium and interest; but such money need not be segregated from other funds except to the extent required by law.
Subject to Sections 1302 and 1303, the Trustee shall promptly pay to the Partnership upon request any excess moneys held by it at any time. 

SECTION 1305. Repayment to Partnership. 

The Trustee and any Paying Agent promptly shall pay or return to the Partnership upon Partnership Request any money and U.S. Government
Obligations held by them at any time that are not required for the payment of the principal of, premium, if any, and any interest on the Securities of any series for which money or U.S. Government Obligations have been deposited pursuant to
Section 1302 or 1303. 
 The provisions of the last paragraph of Section 1003 shall apply to any money held by the
Trustee or any Paying Agent under this Article that remains unclaimed for one year after the Maturity of any series of Securities for which money or U.S. Government Obligations have been deposited pursuant to Section 1302 or 1303. 

ARTICLE XIV 

GUARANTEE OF SECURITIES 

SECTION 1401. Unconditional Guarantee. 

For value received, the Guarantor hereby fully, irrevocably, unconditionally and absolutely guarantees to the Holders and to the Trustee
the due and punctual payment of the 
  

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principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under this Indenture and the Securities by the Partnership (including, without limitation,
all costs and expenses (including reasonable legal fees and disbursements) incurred by the Trustee or the Holders in connection with the enforcement of this Indenture and the Guarantees) (collectively, the “Indenture Obligations”), when
and as such principal, premium, if any, and interest and such other amounts shall become due and payable, whether at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, according to the terms of the Securities and
this Indenture. The guarantees by the Guarantor set forth in this Article XIV are referred to herein as the “Guarantees.” Without limiting the generality of the foregoing, the Guarantor’s liability shall extend to all amounts that
constitute part of the Indenture Obligations and would be owed by the Partnership under this Indenture and the Securities but for the fact that they are unenforceable, reduced, limited, impaired, suspended or not allowable due to the existence of a
bankruptcy, reorganization or similar proceeding involving the Partnership. 
 Failing payment when due of any amount guaranteed
pursuant to the Guarantees, for whatever reason, the Guarantor will be obligated (to the fullest extent permitted by applicable law) to pay the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever (whether
for taxes, withholding or otherwise). Each Guarantee hereunder is intended to be a general, unsecured, subordinated obligation of the Guarantor and will be subordinated in right of payment with all Guarantor Senior Debt of the Guarantor. The
Guarantor hereby agrees that to the fullest extent permitted by applicable law, its obligations hereunder shall be full, irrevocable, unconditional and absolute, irrespective of the validity, regularity or enforceability of the Securities, the
Guarantees or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Partnership, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The Guarantor hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on the
Securities of any series or any other amounts payable under this Indenture and the Securities by the Partnership, whether at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, legal proceedings may be instituted by
the Trustee on behalf of the Holders or, subject to Section 507 hereof, by the Holders, on the terms and conditions set forth in this Indenture, directly against the Guarantor to enforce the Guarantees without first proceeding against the
Partnership. 
 To the fullest extent permitted by applicable law, the obligations of the Guarantor under this Article XIV shall
be as aforesaid full, irrevocable, unconditional and absolute and shall not be impaired, modified, discharged, released or limited by any occurrence or condition whatsoever, including, without limitation, (i) any compromise, settlement,
release, waiver, renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Partnership or the Guarantor contained in any of the Securities or this Indenture, (ii) any impairment,
modification, release or limitation of the liability of the Partnership, the Guarantor or any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any
applicable Bankruptcy Law, as amended, or other statute or from the decision of any court, (iii) the assertion or exercise by the Partnership, the Guarantor or the Trustee of any rights or remedies under any of the Securities or this Indenture
or their delay in or failure to assert or exercise any such rights or remedies, (iv) the assignment or the purported assignment of any property as security for any of 

 

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the Securities, including all or any part of the rights of the Partnership or the Guarantor under this Indenture, (v) the extension of the time for payment by the Partnership or the
Guarantor of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of any of the Securities or this Indenture or of the time for performance by the Partnership or the Guarantor of any other obligations
under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of the Partnership or the Guarantor
set forth in this Indenture, (vii) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy,
assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Partnership or any of the Guarantor or any of their respective assets, or the disaffirmance of any of
the Securities, the Guarantees or this Indenture in any such proceeding, (viii) the release or discharge of the Partnership or the Guarantor from the performance or observance of any agreement, covenant, term or condition contained in any of
such instruments by operation of law, (ix) the unenforceability of any of the Securities, the Guarantees or this Indenture, (x) any change in the name, business, capital structure, corporate existence, or ownership of the Partnership or
the Guarantor, or (xi) any other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, a surety or the Guarantor. 

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

The Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Partnership in respect of any amounts paid by
the Guarantor pursuant to the provisions of this Indenture; provided, however, that the Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation with respect to any of the
Securities until all of the Securities and the Guarantees thereof shall have been indefeasibly paid in full or discharged. 
 A
director, officer, employee or stockholder, as such, of the Guarantor shall not have any liability for any obligations of the Guarantor under this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.

  

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 No failure to exercise and no delay in exercising, on the part of the Trustee or the
Holders, any right, power, privilege or remedy under this Article XIV and the Guarantees shall operate as a waiver thereof, nor shall any single or partial exercise of any rights, power, privilege or remedy preclude any other or further exercise
thereof, or the exercise of any other rights, powers, privileges or remedies. The rights and remedies herein provided for are cumulative and not exclusive of any rights or remedies provided in law or equity. Nothing contained in this Article XIV
shall limit the right of the Trustee or the Holders to take any action to accelerate the maturity of the Securities pursuant to Article V or to pursue any rights or remedies hereunder or under applicable law. 

SECTION 1402. Execution and Delivery of Notation of Guarantees. 

To further evidence the Guarantees, the Guarantor hereby agrees that a notation of such Guarantees shall be endorsed on each Security
authenticated and delivered by the Trustee and executed by either manual or facsimile signature of an officer of the Guarantor provided that failure to include such notation on the Security shall not affect the validity of the Guarantees.

 The Guarantor hereby agrees that its Guarantees shall remain in full force and effect notwithstanding any failure to endorse
on each Security a notation relating to the Guarantee thereof. 
 If an officer of a Guarantor whose signature is on this
Indenture or a Security no longer holds that office at the time the Trustee authenticates such Security or at any time thereafter, the Guarantor’s Guarantee of such Security shall be valid nevertheless. 

The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee
set forth in this Indenture on behalf of the Guarantor. 
 SECTION 1403. Subordination of Guarantees. 

The obligations of the Guarantor under its Guarantee pursuant to this Article XIV shall be junior and subordinated to the prior payment in
full in cash of all Senior Debt and Guarantor Senior Debt (including interest after the commencement of any proceeding of the type described in Section 1401 with respect to such Guarantor at the rate specified in the applicable Guarantor Senior
Debt, whether or not such interest would be an allowed claim in such proceeding) of such Guarantor, in each case on the same basis as the Securities are junior and subordinated to Senior Debt, as set forth in Article XV mutatis mutandis. For
the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to receive and/or retain payments by the Guarantor only at such times as they may receive and/or retain payments and distributions in respect of the Securities
pursuant to this Indenture, including Article XV hereof. 
  

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 ARTICLE XV 

SUBORDINATION OF SECURITIES 

SECTION 1501. Securities Subordinated to Senior Debt. 

(1) The Partnership, for itself, its successors and assigns, covenants and agrees, and each Holder of Securities, by his
acceptance thereof, likewise covenants and agrees, that the payment of the principal of (and premium, if any), and interest on each and all of the Securities is hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in
right of payment to the prior payment in full of all Senior Debt of the Partnership. 
 (2) If (A) the
Partnership shall default in the payment of any principal of, premium, if any, or interest, if any, on any Senior Debt of the Partnership when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration
of acceleration or otherwise, or (B) any other default shall occur with respect to Senior Debt of the Partnership and the maturity of such Senior Debt has been accelerated in accordance with its terms, then, upon written notice of such default
to the Partnership and the Trustee by the holders of Senior Debt of the Partnership or any trustee therefor, unless and until, in either case, the default has been cured or waived or has ceased to exist, or, any such acceleration has been rescinded
or such Senior Debt has been paid in full, no direct or indirect payment (in cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account of the principal of, premium, if any, or interest, if any, on any of the
Securities, or in respect of any redemption, retirement, purchase or other acquisition of any of the Securities other than those made in capital stock of the Partnership (or cash in lieu of factional shares thereof). 

(3) If any default occurs under the Senior Debt of the Partnership, pursuant to which the maturity
thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or at the expiration of any applicable grace periods (a “Senior Nonmonetary Default”), then, upon the receipt
by the Partnership and the Trustee of written notice thereof (a “Payment Blockage Notice”) from or on behalf of holders of such Senior Debt of the Partnership specifying an election to prohibit such payment and other action by the
Partnership in accordance with the following provisions of this paragraph (3), the Partnership may not make any payment or take any other action that would be prohibited by paragraph (2) of this Section 1501 during the period (the
“Payment Blockage Period”) commencing on the date of receipt of such Payment Blockage Notice and ending on the earlier of (A) the date, if any, on which the holders of such Senior Debt or their representative notifies the Trustee that
such Senior Nonmonetary Default is cured or waived or ceases to exist or the Senior Debt to which such Senior Nonmonetary Default relates is discharged or (B) the
179th day after the date of receipt of such Payment
Blockage Notice. Notwithstanding the provisions described in the immediately preceding sentence, the Partnership may resume payments on the Securities following such Payment Blockage Period. 

 

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 SECTION 1502. Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities.

 Upon any distribution of assets of the Partnership upon any dissolution, winding up, liquidation or reorganization of the
Partnership, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Partnership or otherwise (subject to the
power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred in this Indenture upon the Senior Debt of the Partnership and the holders thereof with respect to the Securities and the Holders thereof by
a lawful plan or reorganization under applicable bankruptcy law). 
 (1) the holders of all Senior Debt of the
Partnership shall be entitled to receive payment in full of the principal thereof, premium, if any, interest, and any interest thereon, due thereon before the Holders of the Securities are entitled to receive any payment upon the principal, premium,
interest of or on the Securities or interest on overdue amounts thereof; and 
 (2) any payment or distribution
of assets of the Partnership of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee (on behalf of the Holders) would be entitled except for the provisions of this Article shall be
paid by the liquidating trustee or agent or other person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of Senior Debt of the Partnership or their
representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing any of such Senior Debt may have been issued, ratably according to the aggregate amounts remaining unpaid on account of the
principal of, premium, if any, interest, and any interest thereon, on the Senior Debt of the Partnership held or represented by each, to the extent necessary to make payment in full of all Senior Debt of the Partnership remaining unpaid, after
giving effect to any concurrent payment or distribution to the holders of such Senior Debt; and 
 (3) in the
event that, notwithstanding the foregoing, any payment or distribution of assets of the Partnership of any kind or character, whether in cash, property or securities, shall be received by the Trustee (on behalf of the Holders) or the Holders of the
Securities before all Senior Debt of the Partnership is paid in full, such payment or distribution shall be paid over to the holders of such Senior Debt or their representative or representatives or to the trustee or trustees under any indenture
under which any instruments evidencing any of such Senior Debt may have been issued, ratably as aforesaid, for application to the payment of all Senior Debt remaining unpaid until all such Senior Debt shall have been paid in full, after giving
effect to any concurrent payment or distribution to the holders of such Senior Debt. 
 Subject to the payment in full of all
Senior Debt of the Partnership, the Holders of the Securities shall be subrogated to the rights of the holders of such Senior Debt to receive payments or distributions of cash, property or securities of the Partnership applicable to Senior Debt of
the Partnership until the principal, premium, interest, and any interest thereon, of or on 
  

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the Securities shall be paid in full and no such payments or distributions to the Holders of the Securities of cash, property or securities otherwise distributable to the Senior Debt of the
Partnership shall, as between the Partnership, its creditors other than the holders of Senior Debt of the Partnership, and the Holders of the Securities, be deemed to be a payment by the Partnership to or on account of the Securities. It is
understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of the Securities, on the one hand, and the holders of Senior Debt of the Partnership, on the other hand.
Nothing contained in this Article or elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the Partnership, its creditors other than the holders of Senior Debt of the Partnership, and the Holders of the
Securities, the obligation of the Partnership, which is unconditional and absolute, to pay to the Holders of the Securities the principal, premium, interest, and any interest thereon, of or on the Securities as and when the same shall become due and
payable in accordance with their terms, or to affect the relative rights of the Holders of the Securities and creditors of the Partnership other than the holders of Senior Debt of the Partnership, nor shall anything herein or in the Securities
prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article of the holders of such Senior Debt in respect
of cash, property or securities of the Partnership received upon the exercise of any such remedy. Upon any payment or distribution of assets of the Partnership referred to in this Article, the Trustee shall be entitled to conclusively rely upon a
certificate of the liquidating trustee or agent or other person making any distribution to the Trustee for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of Senior Debt of the Partnership and other
indebtedness of the Partnership, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon, and all other facts pertinent thereto or to this Article. 

The Trustee, however, shall not be deemed to owe any fiduciary duty to the holders of Senior Debt of the Partnership. The Trustee shall
not be liable to any such holder if it shall pay over or distribute to or on behalf of Holders of Securities or the Partnership moneys or assets to which any holder of Senior Debt of the Partnership shall be entitled by virtue of this Article. The
rights and claims of the Trustee under Section 607 shall not be subject to the provisions of this Article. 
 If the
Trustee or any Holder of Securities does not file a proper claim or proof of debt in the form required in any proceeding referred to above prior to 30 days before the expiration of the time to file such claim in such proceeding, then the holder of
any Senior Debt of the Partnership is hereby authorized, and has the right, to file an appropriate claim or claims for or on behalf of such Holder of Securities. 

SECTION 1503. Payments on Securities Permitted. 

Nothing contained in this Indenture or in any of the Securities shall (1) affect the obligation of the Partnership to make, or
prevent the Partnership from making, at any time except as provided in Sections 1501 and 1502, payments of principal, premium, interest, and any interest thereon, of or on the Securities or (2) prevent the application by the Trustee of any
moneys deposited with it hereunder to the payment of or on account of the principal, premium, interest or other amounts, and any interest thereon, of or on the Securities unless the Trustee shall

  

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have received at its Corporate Trust Office written notice of any event prohibiting the making of such payment two Business Days (A) prior to the date fixed for such payment, (B) prior
to the execution of an instrument to satisfy and discharge this Indenture based upon the deposit of funds under Section 401(1)(a), (C) prior to the execution of an instrument acknowledging the defeasance of such Securities pursuant to
Section 1302 or (D) prior to any deposit pursuant to clause (1) of Section 1303 with respect to such Securities. 
 SECTION
1504. Authorization of Holders of Securities to Trustee to Effect Subordination. 
 Each Holder of Securities by his
acceptance thereof, whether upon original issue or upon transfer or assignment, authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article and
appoints the Trustee his attorney-in-fact for any and all such purposes. 
 SECTION 1505. Notices to Trustee. 

The Partnership shall give prompt written notice to a Responsible Officer of the Trustee located at the Corporate Trust Office of the
Trustee of any fact known to the Partnership which would prevent the making of any payment to or by the Trustee in respect of the Securities. Notwithstanding the Provisions of this Article or any other provisions of this Indenture, neither the
Trustee nor any Paying Agent (other than the Partnership) shall be charged with knowledge of the existence of any Senior Debt of the Partnership or of any event which would prohibit the making of any payment of moneys to or by the Trustee or such
Paying Agent, unless and until the Trustee or such Paying Agent shall have received (in the case of the Trustee, at its Corporate Trust Office) written notice thereof from the Partnership or from the holder of any Senior Debt of the Partnership or
from the trustee for or representative of any Senior Debt of the Partnership together with proof satisfactory to the Trustee of such holding of such Senior Debt or of the authority of such trustee or representative; provided, however, that if
at least two Business Days prior to the date upon which by the terms hereof any such moneys may become payable for any purpose (including, without limitation, the payment of the principal, premium, interest, of or on any Security, or any interest
thereon) or the date on which the Trustee shall execute an instrument acknowledging satisfaction and discharge of this Indenture or the defeasance of Securities pursuant to Section 1302 or the date on which a deposit pursuant to clause
(1) of Section 1303 is made, the Trustee shall not have received with respect to such moneys or the moneys deposited with it as a condition to such satisfaction and discharge or defeasance the notice provided for in this Section 1505,
then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such moneys and to apply the same to the purpose for which they were received, and shall not be affected by any notice to the
contrary, which may be received by it on or after such two Business Days prior to such date. The Trustee shall be entitled to conclusively rely on the delivery to it of a written notice by a person representing himself to be a holder of Senior Debt
of the Partnership (or a trustee or representative on behalf of such holder) to establish that such a notice has been given by a holder of Senior Debt of the Partnership or a trustee or representative on behalf of any such holder. In the event that
the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Debt of the Partnership to participate in any payment or distribution pursuant to this Article, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Debt of 

 

 80 

 
the Partnership held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the rights of such Person under
this Article and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such payment. 

SECTION 1506. Trustee as Holder of Senior Debt. 

The Trustee shall be entitled to all the rights set forth in this Article in respect of any Senior Debt of the Partnership at any time
held by it to the same extent as any other holder of Senior Debt of the Partnership and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. 

SECTION 1507. Modification of Terms of Senior Debt. 

Any renewal or extension of the time of payment of any Senior Debt of the Partnership or the exercise by the holders of Senior Debt of the
Partnership of any of their rights under any instrument creating or evidencing such Senior Debt, including without limitation the waiver of default thereunder, may be made or done all without notice to or assent from Holders of the Securities or the
Trustee. 
 No compromise, alteration, amendment, modification, extension, renewal or other change of, or waiver, consent or
other action in respect of, any liability or obligation under or in respect of, or of any of the terms, covenants or conditions of any indenture or other instrument under which any Senior Debt of the Partnership is outstanding or of such Senior
Debt, whether or not such release is in accordance with the provisions of any applicable document, shall in any way alter or affect any of the provisions of this Article or of the Securities relating to the subordination thereof. 

* * * 
 This
instrument may executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

 

 81 

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

							
	NUSTAR LOGISTICS, L.P.
		
	By:	 	NuStar GP, Inc.,
		 	Its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	NUSTAR ENERGY L.P.
		
	By:	 	Riverwalk Logistics, L.P.,
		 	Its General Partner
			
		 	By:	 	NuStar GP, LLC,
		 		 	Its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	[    ], as Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 82Form of NuStar Pipeline Operating Partnership, L.P. Subordinated Indenture

 Exhibit 4.20 

 
  

 

NUSTAR PIPELINE OPERATING PARTNERSHIP, L.P. 

ISSUER 
  

 

TRUSTEE 
  

 

INDENTURE 

DATED AS OF
                                 ,
             
 SUBORDINATED
DEBT SECURITIES 
  

 
  

 
  

 RECONCILIATION AND TIE BETWEEN

 TRUST INDENTURE ACT OF 1939 AND
INDENTURE 
 TRUST INDENTURE 

NOTE: This Reconciliation and Tie shall not, for any purpose, be deemed to be a part of this Indenture. 

 

					
	 Trust

Act Section
	  	 Indenture

Indenture Section

	§ 310 (a) (1)	    		  	 609

	§ 318 (a)	    		  	 107

	Section 310	    	(a)(1)	  	 7.10

		    	(a)(2)	  	 7.10

		    	(a)(3)	  	 N/A

		    	(a)(4)	  	 N/A

		    	a)(5)	  	 7.10

		    	(b)	  	 7.03;7.10

		    	(c)	  	 N.A.

	Section 311	    	(a)	  	 7.11

		    	(b)	  	 7.11

		    	(c)	  	 N.A.

	Section 312	    	(a)	  	 5.01

		    	(b)	  	 5.02

		    	(c)	  	 5.02

	Section 313	    	(a)	  	 5.04

		    	(b)	  	 5.04

		    	(c)	  	 1.07

		    	(d)	  	 5.04

	Section 314	    	(a)(1)	  	 5.03

		    	(a)(2)	  	 5.03

		    	(a)(3)	  	 5.03

		    	(a)(4)	  	 4.05

		    	(b)	  	 N.A.

		    	(c)(1)	  	 1.09

		    	(c)(2)	  	 1.09

		    	(c)(3)	  	 N.A.

		    	(d)	  	 N.A.

		    	(e)	  	 1.09

		    	(f)	  	 N.A.

	Section 315	    	(a)	  	 7.01

		    	(b)	  	 6.07;1.07

		    	(c)	  	 7.01

		    	(d)	  	 7.01

		    	(e)	  	 6.08

	Section 316	    	(a)(last sentence)	  	 1.01

		    	(a)(1)(A)	  	 6.06

		    	(a)(1)(B)	  	 6.06

		    	(a)(2)	  	 9.01(f)

		    	(b)	  	 6.04

		    	(c)	  	 5.05

	Section 317	    	(a)(1)	  	 6.02

		    	(a)(2)	  	 6.02

 

 i 

					
		    	 (b)
	  	4.04
	 Section 318
	    	 (a)
	  	11
		    	 (b)
	  	N/A
		    	 (c)
	  	03; 1.11

  

 ii 

 TABLE OF CONTENTS 

 

			
	 ARTICLE 1 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	1
		
	 SECTION 1.01 CERTAIN TERMS DEFINED.
	  	1
	 SECTION 1.02 OTHER DEFINITIONS.
	  	8
	 SECTION 1.03 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.
	  	8
	 SECTION 1.04 RULES OF CONSTRUCTION.
	  	9
	 SECTION 1.05 SUCCESSORS AND ASSIGNS OF THE PARTNERSHIP BOUND BY THIS INDENTURE.
	  	9
	 SECTION 1.06 ACTS OF BOARD, COMMITTEE OR OFFICER OF SUCCESSOR COMPANY VALID.
	  	10
	 SECTION 1.07 REQUIRED NOTICES OR DEMANDS.
	  	10
	 SECTION 1.08 INDENTURE AND DEBT SECURITIES TO BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
	  	11
	 SECTION 1.09 OFFICERS’ CERTIFICATE AND OPINION OF COUNSEL TO BE FURNISHED UPON APPLICATION OR DEMAND BY THE PARTNERSHIP.

	  	11
	 SECTION 1.10 PAYMENTS DUE ON LEGAL HOLIDAYS.
	  	11
	 SECTION 1.11 PROVISIONS REQUIRED BY TRUST INDENTURE ACT TO CONTROL.
	  	11
	 SECTION 1.12 COMPUTATION OF INTEREST ON DEBT SECURITIES.
	  	12
	 SECTION 1.13 RULES BY TRUSTEE, PAYING AGENT AND REGISTRAR.
	  	12
	 SECTION 1.14 NO RECOURSE AGAINST OTHERS.
	  	12
	 SECTION 1.15 SEVERABILITY.
	  	12
	 SECTION 1.16 EFFECT OF HEADINGS.
	  	12
	 SECTION 1.17 INDENTURE MAY BE EXECUTED IN COUNTERPARTS.
	  	12
		
	 ARTICLE 2 DEBT SECURITIES
	  	12
		
	 SECTION 2.01 FORMS GENERALLY.
	  	12
	 SECTION 2.02 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.
	  	13
	 SECTION 2.03 PRINCIPAL AMOUNT; ISSUABLE IN SERIES.
	  	13
	 SECTION 2.04 EXECUTION OF DEBT SECURITIES.
	  	16
	 SECTION 2.05 AUTHENTICATION AND DELIVERY OF DEBT SECURITIES.
	  	16
	 SECTION 2.06 DENOMINATION OF DEBT SECURITIES.
	  	18
	 SECTION 2.07 GENERAL PROVISIONS FOR REGISTRATION OF TRANSFER AND EXCHANGE.
	  	18
	 SECTION 2.08 TEMPORARY DEBT SECURITIES.
	  	19
	 SECTION 2.09 MUTILATED, DESTROYED, LOST OR STOLEN DEBT SECURITIES.
	  	20
	 SECTION 2.10 CANCELLATION OF SURRENDERED DEBT SECURITIES.
	  	20
	 SECTION 2.11 PROVISIONS OF THIS INDENTURE AND DEBT SECURITIES FOR THE SOLE BENEFIT OF THE PARTIES AND THE
HOLDERS.
	  	21
	 SECTION 2.12 PAYMENT OF INTEREST; RIGHTS PRESERVED.
	  	21
	 SECTION 2.13 SECURITIES DENOMINATED IN FOREIGN CURRENCIES.
	  	21
	 SECTION 2.14 WIRE TRANSFERS.
	  	22
	 SECTION 2.15 SECURITIES ISSUABLE IN THE FORM OF A GLOBAL SECURITY.
	  	22

  

 iii 

			
	 SECTION 2.16 DEFAULTED INTEREST.
	  	25
	 SECTION 2.17 JUDGMENTS.
	  	26
	 SECTION 2.18 CUSIP NUMBERS.
	  	26
		
	 ARTICLE 3 REDEMPTION OF DEBT SECURITIES
	  	27
		
	 SECTION 3.01 APPLICABILITY OF ARTICLE.
	  	27
	 SECTION 3.02 NOTICE OF REDEMPTION; SELECTION OF DEBT SECURITIES.
	  	27
	 SECTION 3.03 PAYMENT OF DEBT SECURITIES CALLED FOR REDEMPTION.
	  	28
	 SECTION 3.04 MANDATORY AND OPTIONAL SINKING FUNDS.
	  	29
	 SECTION 3.05 REDEMPTION OF DEBT SECURITIES FOR SINKING FUND.
	  	29
		
	 ARTICLE 4 PARTICULAR COVENANTS OF THE PARTNERSHIP
	  	31
		
	 SECTION 4.01 PAYMENT OF PRINCIPAL OF, AND PREMIUM, IF ANY, AND INTEREST ON, DEBT SECURITIES.
	  	31
	 SECTION 4.02 MAINTENANCE OF OFFICES OR AGENCIES FOR REGISTRATION OF TRANSFER, EXCHANGE AND PAYMENT OF DEBT
SECURITIES.
	  	32
	 SECTION 4.03 APPOINTMENT TO FILL A VACANCY IN THE OFFICE OF TRUSTEE.
	  	32
	 SECTION 4.04 DUTIES OF PAYING AGENTS, ETC.
	  	32
	 SECTION 4.05 STATEMENT BY OFFICERS AS TO DEFAULT.
	  	33
	 SECTION 4.06 FURTHER INSTRUMENTS AND ACTS.
	  	33
	 SECTION 4.07 CORPORATE, PARTNERSHIP OR LIMITED LIABILITY COMPANY EXISTENCE.
	  	34
	 SECTION 4.08 MAINTENANCE OF PROPERTIES.
	  	34
	 SECTION 4.09 PAYMENT OF TAXES AND OTHER CLAIMS.
	  	34
	 SECTION 4.10 CALCULATION OF ORIGINAL ISSUE DISCOUNT.
	  	35
	 SECTION 4.11 STAY, EXTENSION AND USURY LAWS.
	  	35
		
	 ARTICLE 5 HOLDERS’ LISTS AND REPORTS BY THE PARTNERSHIP AND THE TRUSTEE
	  	35
		
	 SECTION 5.01 THE PARTNERSHIP TO FURNISH THE TRUSTEE INFORMATION AS TO NAMES AND ADDRESSES OF HOLDERS; PRESERVATION OF
INFORMATION.
	  	35
	 SECTION 5.02 COMMUNICATIONS TO HOLDERS; MEETINGS OF HOLDERS.
	  	36
	 SECTION 5.03 REPORTS BY THE PARTNERSHIP.
	  	36
	 SECTION 5.04 REPORTS BY THE TRUSTEE.
	  	37
	 SECTION 5.05 RECORD DATES FOR ACTION BY HOLDERS.
	  	37
		
	 ARTICLE 6 REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT
	  	38
		
	 SECTION 6.01 EVENTS OF DEFAULT.
	  	38
	 SECTION 6.02 COLLECTION OF INDEBTEDNESS BY TRUSTEE, ETC.
	  	39
	 SECTION 6.03 APPLICATION OF MONEYS COLLECTED BY TRUSTEE.
	  	40
	 SECTION 6.04 LIMITATION ON SUITS BY HOLDERS.
	  	41

  

 iv 

			
	 SECTION 6.05 REMEDIES CUMULATIVE; DELAY OR OMISSION IN EXERCISE OF RIGHTS NOT A WAIVER OF DEFAULT.
	  	42
	 SECTION 6.06 RIGHTS OF HOLDERS OF MAJORITY IN PRINCIPAL AMOUNT OF DEBT SECURITIES TO DIRECT TRUSTEE AND TO WAIVE
DEFAULT.
	  	42
	 SECTION 6.07 TRUSTEE TO GIVE NOTICE OF DEFAULTS KNOWN TO IT, BUT MAY WITHHOLD SUCH NOTICE IN CERTAIN
CIRCUMSTANCES.
	  	43
	 SECTION 6.08 REQUIREMENT OF AN UNDERTAKING TO PAY COSTS IN CERTAIN SUITS UNDER THIS INDENTURE OR AGAINST THE
TRUSTEE.
	  	43
		
	 ARTICLE 7 CONCERNING THE TRUSTEE
	  	44
		
	 SECTION 7.01 CERTAIN DUTIES AND RESPONSIBILITIES.
	  	44
	 SECTION 7.02 CERTAIN RIGHTS OF TRUSTEE.
	  	45
	 SECTION 7.03 TRUSTEE NOT LIABLE FOR RECITALS IN INDENTURE OR IN DEBT SECURITIES.
	  	46
	 SECTION 7.04 TRUSTEE, PAYING AGENT OR REGISTRAR MAY OWN DEBT SECURITIES.
	  	47
	 SECTION 7.05 MONEYS RECEIVED BY TRUSTEE TO BE HELD IN TRUST.
	  	47
	 SECTION 7.06 COMPENSATION AND REIMBURSEMENT.
	  	47
	 SECTION 7.07 RIGHT OF TRUSTEE TO RELY ON AN OFFICERS’ CERTIFICATE WHERE NO OTHER EVIDENCE SPECIFICALLY
PRESCRIBED.
	  	48
	 SECTION 7.08 SEPARATE TRUSTEE; REPLACEMENT OF TRUSTEE.
	  	48
	 SECTION 7.09 SUCCESSOR TRUSTEE BY MERGER.
	  	49
	 SECTION 7.10 ELIGIBILITY; DISQUALIFICATION.
	  	50
	 SECTION 7.11 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE PARTNERSHIP.
	  	50
	 SECTION 7.12 COMPLIANCE WITH TAX LAWS.
	  	50
	 SECTION 7.13 TRUSTEE’S APPLICATION FOR INSTRUCTIONS FROM THE PARTNERSHIP.
	  	50
		
	 ARTICLE 8 CONCERNING THE HOLDERS
	  	51
		
	 SECTION 8.01 EVIDENCE OF ACTION BY HOLDERS.
	  	51
	 SECTION 8.02 PROOF OF EXECUTION OF INSTRUMENTS AND OF HOLDING OF DEBT SECURITIES.
	  	51
	 SECTION 8.03 WHO MAY BE DEEMED OWNER OF DEBT SECURITIES.
	  	51
	 SECTION 8.04 INSTRUMENTS EXECUTED BY HOLDERS BIND FUTURE HOLDERS.
	  	52
		
	 ARTICLE 9 SUPPLEMENTAL INDENTURES
	  	52
		
	 SECTION 9.01 PURPOSES FOR WHICH SUPPLEMENTAL INDENTURE MAY BE ENTERED INTO WITHOUT CONSENT OF HOLDERS.
	  	52
	 SECTION 9.02 MODIFICATION OF INDENTURE WITH CONSENT OF HOLDERS OF DEBT SECURITIES.
	  	54
	 SECTION 9.03 EFFECT OF SUPPLEMENTAL INDENTURES.
	  	55

  

 v 

			
	 SECTION 9.04 DEBT SECURITIES MAY BEAR NOTATION OF CHANGES BY SUPPLEMENTAL INDENTURES.
	  	56
		
	ARTICLE 10 CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  	56
		
	 SECTION 10.01 CONSOLIDATIONS AND MERGERS OF THE PARTNERSHIP.
	  	56
	 SECTION 10.02 RIGHTS AND DUTIES OF SUCCESSOR COMPANY.
	  	56
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS; DEFEASANCE
	  	57
		
	 SECTION 11.01 APPLICABILITY OF ARTICLE.
	  	57
	 SECTION 11.02 SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE.
	  	57
	 SECTION 11.03 CONDITIONS OF DEFEASANCE.
	  	58
	 SECTION 11.04 APPLICATION OF TRUST MONEY.
	  	59
	 SECTION 11.05 REPAYMENT TO THE PARTNERSHIP.
	  	59
	 SECTION 11.06 INDEMNITY FOR U.S. GOVERNMENT OBLIGATIONS.
	  	60
	 SECTION 11.07 Reinstatement.
	  	60
		
	 ARTICLE 12 SUBORDINATION OF DEBT SECURITIES
	  	60
		
	 SECTION 12.01 APPLICABILITY OF ARTICLE; AGREEMENT TO SUBORDINATE.
	  	60
	 SECTION 12.02 LIQUIDATION, DISSOLUTION, BANKRUPTCY.
	  	60
	 SECTION 12.03 DEFAULT OF SENIOR INDEBTEDNESS.
	  	61
	 SECTION 12.04 ACCELERATION OF PAYMENT OF DEBT SECURITIES.
	  	62
	 SECTION 12.05 WHEN DISTRIBUTION MUST BE PAID OVER.
	  	62
	 SECTION 12.06 SUBROGATION.
	  	62
	 SECTION 12.07 RELATIVE RIGHTS.
	  	63
	 SECTION 12.08 SUBORDINATION MAY NOT BE IMPAIRED BY PARTNERSHIP.
	  	63
	 SECTION 12.09 RIGHTS OF TRUSTEE AND PAYING AGENT.
	  	63
	 SECTION 12.10 DISTRIBUTION OR NOTICE TO REPRESENTATIVE.
	  	63
	 SECTION 12.11 ARTICLE 12 NOT TO PREVENT DEFAULTS OR LIMIT RIGHT TO ACCELERATE.
	  	64
	 SECTION 12.12 TRUST MONEYS NOT SUBORDINATED.
	  	64
	 SECTION 12.13 TRUSTEE ENTITLED TO RELY.
	  	64
	 SECTION 12.14 TRUSTEE TO EFFECTUATE SUBORDINATION.
	  	64
	 SECTION 12.15 TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS.
	  	65
	 SECTION 12.16 RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS.
	  	65

  

 vi 

 Subordinated Indenture 

INDENTURE dated as of
                    ,     ,         , among NUSTAR PIPELINE
OPERATING PARTNERSHIP, L.P., a Delaware limited partnership (the “PARTNERSHIP”), and
                            , a
                             (this “TRUSTEE”). 

WITNESSETH: 

WHEREAS, NuStar Pipeline Company, LLC, a Delaware limited liability company (the “GENERAL PARTNER”), as the
general partner of the Partnership, has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series
in an unlimited aggregate principal amount (herein called the “DEBT SECURITIES”), as in this Indenture provided; and 

WHEREAS, all things necessary to make this Indenture a valid agreement of the Partnership, in accordance with its terms,
have been done; 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
good and valuable consideration, the sufficiency of which is hereby acknowledged, the Partnership and the Trustee hereby agree with each other, for the equal and proportionate benefit of the respective Holders from time to time of the Debt
Securities or any series thereof, as follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 1.01 CERTAIN TERMS DEFINED. 

The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any Indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this Indenture which are defined in the Trust Indenture
Act or which are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the
Securities Act as in force as of the date of original execution of this Indenture. 
 “BANKRUPTCY LAW”
means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “BOARD OF
DIRECTORS” means the board of directors of the General Partner, or with respect to any determination or resolution required or permitted to be made hereunder, any duly authorized committee or subcommittee of such board or any directors or
officers of the General Partner to whom such board of directors or such committee or subcommittee shall have delegated its authority to act hereunder. If the Partnership changes its form of entity to other than as limited partnership, the references
to the board of directors of the General Partner shall mean the board of directors (or other comparable governing body) of the Partnership. 
  

 1 

 “BOARD RESOLUTION” means a copy of a resolution certified by the
appropriate person to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 

“BUSINESS DAY” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in the Borough of Manhattan, the City of New York, New York, or the city in which the Corporate Trust Office of the Trustee is located, are authorized or obligated by law or executive order to close. 

“CODE” means the Internal Revenue Code of 1986, as amended from time to time and any successor statute.

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

 “CORPORATE TRUST OFFICE OF THE TRUSTEE” means the principal corporate trust office of the Trustee,
at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at
                                         
           , Attention:
                                . 

“CURRENCY” means Dollars or Foreign Currency. 

“DEBT” of any Person at any date means any obligation created or assumed by such Person for the repayment of
borrowed money and any guarantee therefor. 
 “DEBT SECURITY” or “DEBT SECURITIES” has the
meaning stated in the first recital of this Indenture and more particularly means any debt security or debt securities, as the case may be, of any series authenticated and delivered under this Indenture. 

“DEFAULT” means any event that is, or with the passage of time or the giving of notice or both would be, an
Event of Default. 
 “DEPOSITARY” means, unless otherwise specified by the Partnership pursuant to
either Section 2.03 or 2.15, with respect to registered Debt Securities of any series issuable or issued in whole or in part in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or any successor
thereto registered as a clearing agency under the Exchange Act or other applicable statute or regulations. 

“DESIGNATED SENIOR INDEBTEDNESS” means (i) any Senior Indebtedness of the Partnership which, at the date
of determination, has an aggregate principal amount outstanding of, or under which, at the date of determination, the holders thereof are committed to lend up to, at least $100 million and (ii) any other Senior Indebtedness designated, as
provided in Section 2.03, in respect of any series of Debt Securities. 
 “DOLLAR” or
“$” means such currency of the United States as at the time of payment is legal tender for the payment of public and private debts. 
  

 2 

 “DOLLAR EQUIVALENT” means, with respect to any monetary amount in
a Foreign Currency, at any time for the determination thereof, the amount of Dollars obtained by converting such Foreign Currency involved in such computation into Dollars at the spot rate for the purchase of Dollars with the applicable Foreign
Currency as quoted by                      (unless another comparable financial institution is designated by the Partnership) in New York, New
York at approximately 11:00 a.m. (New York time) on the date two business days prior to such determination. 

“EQUITY INTERESTS” means: 

(i) in the case of a corporation, corporate stock; 

(ii) in the case of an association or a business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; 
 (iii) in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); 

(iv) any other interest or participation (howsoever designated) that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, the issuing Person; and 

(v) all warrants, options or other rights to acquire any of the interests described in clauses
(i) through (iv) above (but excluding any debt security that is convertible into, or exchangeable for, any of the interests described in clauses (i) through (iv) above). 

“EVENT OF DEFAULT” has the meaning specified in Section 6.01. 

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

“FLOATING RATE SECURITY” means a Debt Security that provides for the payment of interest at a variable rate
determined periodically by reference to an interest rate index specified pursuant to Section 2.03. 

“FOREIGN CURRENCY” means a currency issued or adopted by the government of any country other than the United
States or a composite currency the value of which is determined by reference to the values of the currencies of any group of countries. 

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

 3 

 “GENERAL PARTNER” means NuStar Pipeline Company, LLC, a Delaware
limited liability company, and its successors and permitted assigns as general partner of the Partnership. 

“GLOBAL SECURITY” means with respect to any series of Debt Securities issued hereunder, a Debt Security that is
executed by the Partnership and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and any Indentures supplemental hereto, or the applicable Board
Resolution and set forth in an Officers’ Certificate, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all the
Outstanding Debt Securities of such series or any portion thereof, in either case having the same terms, including, without limitation, the same original issue date, date or dates on which principal is due and interest rate or method of determining
interest. 
 “HOLDER,” “HOLDER OF DEBT SECURITIES” or other similar terms mean, with respect
to a Registered Security, the Registered Holder. 
 “INDENTURE” means this instrument as originally
executed, or, if amended or supplemented as herein provided, as so amended or supplemented, and shall include the form and terms of particular series of Debt Securities as contemplated hereunder, whether or not a supplemental Indenture is entered
into with respect thereto. 
 “ISSUER ORDER” means a written order of the Partnership, signed by the
Chairman of the Board, President or any Vice President of the General Partner and by the Treasurer, Secretary, any Assistant Treasurer or any Assistant Secretary of the General Partner. 

“LIEN” means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, charge, security
interest, hypothecation, assignment for security, claim, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement or any lease in the nature thereof, any option or other agreement to grant a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statute) of
any jurisdiction, other than a precautionary financing statement respecting a Lien not intended as a security agreement. 

“OFFICERS’ CERTIFICATE” means a certificate signed by the Chairman of the Board of Directors, President or
any vice President of the General Partner and by the Treasurer, Secretary, any Assistant Treasurer or any Assistant Secretary of the General Partner. Each such certificate shall include the statements provided for in Section 1.09, if
applicable. 
 “OPINION OF COUNSEL” means an opinion in writing signed by legal counsel for the
Partnership (which counsel may be an employee of the Partnership or outside counsel for the Partnership). Each such opinion shall include the statements provided for in Section 1.09, if applicable. 

“ORIGINAL ISSUE DISCOUNT DEBT SECURITY” means any Debt Security which provides for an amount less than the
principal amount thereof to be due and payable upon a declaration or acceleration of the maturity thereof pursuant to Section 6.01. 
  

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 “OUTSTANDING” when used with respect to any series of Debt
Securities, means, as of the date of determination, all Debt Securities of that series theretofore authenticated and delivered under this Indenture, except: 

(i) Debt Securities of that series theretofore canceled by the Trustee or delivered to the Trustee for
cancellation; 
 (ii) Debt Securities of that series for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any paying agent (other than the Partnership) in trust or set aside and segregated in trust by the Partnership (if the Partnership shall act as its own paying agent) for the holders
of such Debt Securities; provided, that, if such Debt Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 

(iii) Debt Securities of that series which have been paid pursuant to Section 2.09 or in exchange for
or in lieu of which other Debt Securities have been authenticated and delivered pursuant to this Indenture, other than any such Debt Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such
Debt Securities are held by a bona fide purchaser in whose hands such Debt Securities are valid obligations of the Partnership; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Debt Securities of any
series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Debt Securities owned by the Partnership or any other obligor upon the Debt Securities or any Subsidiary of the Partnership or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Debt Securities
which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Debt Securities and that the pledgee is not the Partnership or any other obligor upon the Debt Securities or a Subsidiary of the Partnership or of such other obligor. In determining
whether the Holders of the requisite principal amount of outstanding Debt Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Debt Security that
shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the maturity thereof pursuant to
Section 6.01. In determining whether the Holders of the requisite principal amount of the Outstanding Debt Securities of any series have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal
amount of a Debt Security denominated in one or more Foreign Currencies or currency units that shall be deemed to be Outstanding for such purposes shall be the Dollar Equivalent, determined in the manner provided as contemplated by Section 2.03
on the date of original issuance of such Debt Security, of the principal amount (or, in the case of any Original Issue Discount Security, the Dollar Equivalent on the date of original issuance of such Security of the amount determined as provided in
the preceding sentence above) of such Debt Security. 
  

 5 

 “PARENT PARTNERSHIP” means NuStar Pipeline Partners, L.P., a
Delaware limited partnership, and its successors and assigns. 
 “PARTNERSHIP” means NuStar Pipeline
Operating Partnership, L.P., a Delaware limited partnership, and, subject to the provisions of Article 10, shall also include its successors and assigns. 

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

“PLACE OF PAYMENT” means, when used with respect to the Debt Securities of any series, the place or places
where the principal of, and premium, if any, and interest on, the Debt Securities of that series are payable as specified pursuant to Section 2.03. 

“REGISTERED HOLDER” means the Person in whose name a Registered Security is registered in the Debt Security
Register (as defined in Section 2.07(a)). 
 “REGISTERED SECURITY” means any Debt Security
registered as to principal and interest in the Debt Security Register (as defined in Section 2.07(a)). 

“REGISTRAR” has the meaning set forth in Section 2.07(a). 

“REPRESENTATIVE” means the trustee, agent or representative (if any) for an issue of Senior Indebtedness.

 “RESPONSIBLE OFFICER” when used with respect to the Trustee, means any officer within the Corporate
Trust Office of the Trustee or any other officer of the Trustee performing functions similar to those performed by the persons who at the time shall be such officers, and any other officer of the Trustee to whom corporate trust matters are referred
because of his knowledge of and familiarity with the particular subject. 
 “SECURITIES ACT” means the
Securities Act of 1933, as amended, or any successor statute. 
 “SENIOR INDEBTEDNESS” means, unless
otherwise provided with respect to the Debt Securities of a series as contemplated by Section 2.03, (i) all Debt of the Partnership or its Subsidiaries, whether currently outstanding or hereafter issued, unless, by the terms of the
instrument creating or evidencing such Debt, it is provided that such Debt is not superior in right of payment to the Debt Securities, in the case of the Partnership, or any guarantee of any Debt Security by any Subsidiary of the Partnership, in the
case of a Subsidiary of the Partnership, or to other Debt which is pari passu with or subordinated to the Debt Securities, in the case of the Partnership, or any guarantee of any Debt Security by any Subsidiary of the Partnership, in the case of a
Subsidiary of the Partnership, and (ii) any modifications, refunding, deferrals, renewals or extensions of any such Debt or securities, notes or other evidence of Debt issued in exchange 

 

 6 

 
for such Debt; provided that in no event shall “Senior Indebtedness” include (a) Debt evidenced by the Debt Securities or any guarantee of any Debt Security by any Subsidiary of
the Partnership, (b) Debt of any of the Partnership or any Subsidiary of the Partnership which has guaranteed any Debt Security, in each case owed or owing to any Subsidiary of the Partnership, (c) Debt of any Subsidiary of the Partnership
which has guaranteed any Debt Security owed or owing to the Partnership, (d) Debt owed or owing to trade creditors, (e) any liability for taxes owed or owing by the Partnership or any Subsidiary of the Partnership which has guaranteed any
Debt Security or (f) Debt of any Subsidiary of the Partnership which has guaranteed any Debt Security in the event there is no series of Debt Securities Outstanding that is entitled to the benefits of such guarantee. 

“STATED MATURITY” means, at any time, with respect to any installment of interest or principal on any series of
Debt Securities, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such indebtedness or such later date as such documentation shall provide at that time, and shall not include
any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“SUBSIDIARY” means, with respect to any Person: 

(i) any corporation, association or other business entity of which more than 50% of the Voting Stock is at
the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(ii) any partnership (whether general or limited) or limited liability company (a) the sole general
partner or the managing general partner or managing member of which is such Person or a Subsidiary of such Person, or (b) if there are more than a single general partner or member, either (y) the only general partners or managing members
of which are such Person and/or one or more Subsidiaries of such Person (or any combination thereof) or (z) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other
Voting Stock of such partnership, limited liability company or joint venture, respectively. 
 “TRUST
INDENTURE ACT” (except as herein otherwise expressly provided) means the Trust Indenture Act of 1939 as in force at the date of this Indenture as originally executed and, to the extent required by law, as amended, or any successor statute.

 “TRUSTEE” initially means
                                 and any other Person or Persons appointed as such
from time to time pursuant to Section 7.08, and, subject to the provisions of Article VII, includes its or their successors and assigns. If at any time there is more than one such Person, “Trustee” as used with respect to the Debt
Securities of any series shall mean the Trustee with respect to the Debt Securities of that series. 

“UNITED STATES” means the United States of America (including the States and the District of Columbia), its
territories, its possessions and other areas subject to its jurisdiction. 
  

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 “U.S. GOVERNMENT OBLIGATIONS” means securities that are
(i) direct obligations of the United States for the payment of which its full faith and credit is pledged; (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States, the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case, under clause (i) or (ii) above, are not callable or redeemable at the option of the issuers thereof; or
(iii) depository receipts issued by a bank or trust company as custodian with respect to any such U.S. Government Obligations or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for
the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation evidenced by such depository receipt. 
 “VOTING
STOCK” of any Person as of any date means the Equity Interests of such Person pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers,
general partners or trustees of any Person (regardless of whether, at the time, Equity Interests of any other class or classes shall have, or might have, voting power by reason of the occurrence of any contingency) or, with respect to a partnership
(whether general or limited), any general partner interest in such partnership. 
 “YIELD TO MATURITY”
means the yield to maturity calculated at the time of issuance of a series of Debt Securities, or, if applicable, at the most recent redetermination of interest on such series and calculated in accordance with accepted financial practice.

 SECTION 1.02 OTHER DEFINITIONS. 

Term Section in which Defined 

“DEFAULTED INTEREST” 

“DESIGNATED CURRENCY” 

“MANDATORY SINKING FUND PAYMENT” 

“OPTIONAL SINKING FUND PAYMENT” 

“SUBORDINATED DEBT SECURITIES 

“SUCCESSOR COMPANY” 

SECTION 1.03 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT. 

This Indenture is subject to the mandatory provisions of the Trust Indenture Act which are incorporated by reference in
and made a part of this Indenture. The following Trust Indenture Act terms have the following meanings: 

“INDENTURE SECURITIES” means the Debt Securities. 

“INDENTURE SECURITY HOLDER” means a Holder. 

“INDENTURE TO BE QUALIFIED” means this Indenture. 

 

 8 

 “INDENTURE TRUSTEE” or “INSTITUTIONAL TRUSTEE” means the
Trustee. 
 “OBLIGOR” on this Indenture securities means the Partnership and any other obligor on the
Debt Securities. 
 All other Trust Indenture Act terms used in this Indenture that are defined by the Trust
Indenture Act, reference to another statute or defined by rules of the Securities and Exchange Commission have the meanings assigned to them by such definitions. 

SECTION 1.04 RULES OF CONSTRUCTION. 

Unless the context otherwise requires: 

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

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

 (iii) “or” is not exclusive; 

(iv) “including” (in all of its forms) means including without limitation; 

(v) words in the singular include the plural and words in the plural include the singular; 

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

(vii) unless the contract otherwise requires, any references to an Article or a Section refers to an
Article or a Section, respectively, of this Indenture; 
 (viii) any gender used in this
Indenture shall be deemed to include the neuter, masculine or feminine genders; 
 (ix) if the
applicable series of Debt Securities are subordinated pursuant to Article 12, unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of its nature as unsecured Debt; and 

(x) when used with references to the Debt Securities, the expression “of like tenor” refers to
Debt Securities of the same series. 
 SECTION 1.05 SUCCESSORS AND ASSIGNS OF THE PARTNERSHIP BOUND BY THIS
INDENTURE. 
 All the covenants, stipulations, promises and agreements in this Indenture contained by or in
behalf of the Partnership or the Trustee shall bind its successors and assigns, whether so expressed or not. 
  

 9 

 SECTION 1.06 ACTS OF BOARD, COMMITTEE OR OFFICER OF SUCCESSOR COMPANY VALID.

 Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by
any Board Resolution, committee thereof or officer of the General Partner, as applicable, shall and may be done and performed with like force and effect by the like Board of Directors, committee thereof or officer of any Successor Company.

 SECTION 1.07 REQUIRED NOTICES OR DEMANDS. 

Except as otherwise expressly provided in this Indenture, any notice or demand which by any provision of this Indenture
is required or permitted to be given or served by the Trustee or by the Holders to or on the Partnership may be given or served by being deposited postage prepaid in a post office letter box in the United States addressed (until another address is
filed by the Partnership with the Trustee) as follows: NuStar Pipeline Operating Partnership, L.P., 2330 North Loop 1604 West, San Antonio, Texas 78248, Attention:
                                         
       . Except as otherwise expressly provided in this Indenture, any notice, direction, request or demand by the Partnership or by any Holder to or upon the Trustee may be given or made, for all purposes, by
being deposited, postage prepaid, in a post office letter box in the United States addressed to the Corporate Trust Office of the Trustee initially at
                                         
                   , Attention: [Corporate Trust Administration]. The Partnership or the Trustee by notice to the other may designate additional or
different addresses for subsequent notices or communications. 
 Any notice required or permitted to a
Registered Holder by the Partnership or the Trustee pursuant to the provisions of this Indenture shall be deemed to be properly mailed by being deposited postage prepaid in a post office letter box in the United States addressed to such Holder at
the address of such Holder as shown on the Debt Security Register. Any report pursuant to Section 313 of the Trust Indenture Act shall be transmitted in compliance with subsection (c) therein. Notwithstanding the foregoing, any notice to
Holders of Floating Rate Securities regarding the determination of a periodic rate of interest, if such notice is required pursuant to Section 2.03, shall be sufficiently given in the manner specified pursuant to Section 2.03. 

In the event of suspension of regular mail service or by reason of any other cause it shall be impracticable to give
notice by mail, then such notification as shall be given with the approval of the Trustee shall constitute sufficient notice for every purpose hereunder. 

Failure to mail a notice or communication to a Holder or any defect in it or any defect in any notice by publication as
to a Holder shall not affect the sufficiency of such notice with respect to other Holders. If a notice or communication is mailed or published in the manner provided above, it is conclusively presumed duly given. 

 

 10 

 SECTION 1.08 INDENTURE AND DEBT SECURITIES TO BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 
 This Indenture and each Debt Security shall be deemed to be New York
contracts, and for all purposes shall be construed in accordance with the laws of said State (without reference to principles of conflicts of law). 

SECTION 1.09 OFFICERS’ CERTIFICATE AND OPINION OF COUNSEL TO BE FURNISHED UPON APPLICATION OR DEMAND BY THE
PARTNERSHIP. 
 Upon any application or demand by the Partnership to the Trustee to take any action under any of
the provisions of this Indenture, the Partnership shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion
of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such document is specifically required by any
provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

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

SECTION 1.10 PAYMENTS DUE ON LEGAL HOLIDAYS. 

In any case where the date of maturity of interest on or principal of and premium, if any, on the Debt Securities of a
series or the date fixed for redemption or repayment of any Debt Security or the making of any sinking fund payment shall not be a business day at any Place of Payment for the Debt Securities of such series, then payment of interest or principal and
premium, if any, or the making of such sinking fund payment need not be made on such date at such Place of Payment, but may be made on the next succeeding business day at such Place of Payment with the same force and effect as if made on the date of
maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. If a record date is not a business day, the record date shall not be affected. 

SECTION 1.11 PROVISIONS REQUIRED BY TRUST INDENTURE ACT TO CONTROL. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with a provision of the Trust
Indenture Act or with another provision included in this Indenture which is required to be included in this Indenture by any of Sections 310 to 318, inclusive, of the Trust Indenture Act, such required provision shall control. 

 

 11 

 SECTION 1.12 COMPUTATION OF INTEREST ON DEBT SECURITIES. 

Interest, if any, on the Debt Securities shall be computed on the basis of a 360-day year of twelve 30-day months, except
as may otherwise be provided pursuant to Section 2.03. 
 SECTION 1.13 RULES BY TRUSTEE, PAYING AGENT AND
REGISTRAR. 
 The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar and any
paying agent may make reasonable rules for their functions. 
 SECTION 1.14 NO RECOURSE AGAINST OTHERS.

 Neither the Parent Partnership nor the General Partner, nor any past, present or future director, officer,
partner, employee, incorporator, manager, stockholder, unitholder or member of the Partnership, the General Partner, the Parent Partnership or any other Person an obligor on the Debt Securities of any series, as such, shall have any liability for
any obligations of the Partnership or any other obligors under the Debt Securities or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Debt Security waives and
releases all such liability. The waiver and release are part of the consideration for the issuance of the Debt Securities. 

SECTION 1.15 SEVERABILITY. 

In case any provision in this Indenture or the Debt Securities shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.16 EFFECT OF HEADINGS. 

The article and section headings herein and in the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 SECTION 1.17 INDENTURE MAY BE EXECUTED IN COUNTERPARTS. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. 
 ARTICLE 2 

DEBT SECURITIES 

SECTION 2.01 FORMS GENERALLY. 

The Debt Securities of each series shall be in substantially the form established without the approval of any Holder by
or pursuant to a Board Resolution of the Partnership or in one or more Indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Partnership may deem appropriate (and, if not contained in a supplemental

  

 12 

 
Indenture entered into in accordance with Article 9, as are not prohibited by the provisions of this Indenture) or as may be required or appropriate to comply with any law or with any rules made
pursuant thereto or with any rules of any securities exchange on which such series of Debt Securities may be listed, or to conform to general usage, or as may, consistently herewith, be determined by the officers executing such Debt Securities as
evidenced by their execution of the Debt Securities. 
 The definitive Debt Securities of each series shall be
printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing such Debt Securities, as evidenced by their execution of such Debt Securities. 

SECTION 2.02 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION. 

The Trustee’s Certificate of Authentication on all Debt Securities authenticated by the Trustee shall be in
substantially the following form: 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

  

					
	  
	 	 ,

	 As Trustee

		
	 By
	 	  

		 	 Authorized Signatory

	 Dated:
	 	

 SECTION 2.03 PRINCIPAL AMOUNT; ISSUABLE IN SERIES. 

The aggregate principal amount of Debt Securities which may be issued, executed, authenticated, delivered and outstanding
under this Indenture is unlimited. 
 The Debt Securities may be issued in one or more series. There shall be
established, without the approval of any Holders, in or pursuant to a Board Resolution of the Partnership and set forth in an Officers’ Certificate of the Partnership, or established in one or more Indentures supplemental hereto, prior to the
issuance of Debt Securities of any series any or all of the following: 
 (1) the form and title
of the Debt Securities of the series (which shall distinguish the Debt Securities of the series from all other Debt Securities); 

(2) any limit upon the aggregate principal amount of the Debt Securities of the series which may be
authenticated and delivered under this Indenture (except for Debt Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt Securities of the series pursuant to this Article 2);

  

 13 

 (3) the date or dates on which the Debt Securities may be
issued; the date or dates on which the principal and premium, if any, of the Debt Securities of the series are payable; 

(4) the rate or rates (which may be fixed or variable) at which the Debt Securities of the series shall
bear interest, if any, or the method of determining such rate or rates, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable, or the method by which such date will be determined,
and in the case of Registered Securities, the record dates for the determination of Holders thereof to whom such interest is payable; and the basis upon which interest will be calculated if other than that of a 360-day year of twelve thirty-day
months; 
 (5) the Place or Places of Payment, if any, in addition to or instead of the Corporate
Trust Office of the Trustee where the principal of, and premium, if any, and interest on, Debt Securities of the series shall be payable; 

(6) the price or prices at which, the period or periods within which and the terms and conditions upon
which Debt Securities of the series may be redeemed, in whole or in part, at the option of the Partnership or otherwise; 

(7) the obligation, if any, of the Partnership to redeem, purchase or repay Debt Securities of the series
pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof, and the price or prices at which and the period or periods within which and the terms and conditions upon which Debt Securities of the series shall be
redeemed, purchased or repaid, in whole or in part, pursuant to such obligations; 
 (8) the
terms, if any, upon which the Debt Securities of the series may be convertible into or exchanged for Equity Interests, other Debt Securities or other securities of any kind of the Partnership or any other obligor or issuer and the terms and
conditions upon which such conversion or exchange shall be effected, including the initial conversion or exchange price or rate, the conversion or exchange period and any other provision in addition to or in lieu of those described herein;

 (9) if other than denominations of $1,000 and any integral multiple thereof, the denominations
in which Debt Securities of the series shall be issuable; 
 (10) if the amount of principal of
or any premium or interest on Debt Securities of the series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be determined; 

(11) if the principal amount payable at the Stated Maturity of Debt Securities of the series will not be
determinable as of any one or more dates prior to such Stated Maturity, the amount which will be deemed to be such principal amount as of any such date for any purpose, including the principal amount thereof which will be due and payable upon any
maturity other than the Stated Maturity or which will be deemed to be Outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined); and the manner of determining the equivalent thereof
in the currency of the United States of America for purposes of the definition of Dollar Equivalent; 
  

 14 

 (12) any changes or additions to Article 11, including the
addition of additional covenants that may be subject to the covenant defeasance option pursuant to Section 11.02(b); 

(13) if other than Dollars, the coin or Currency or Currencies or units of two or more Currencies in which
payment of the principal of and premium, if any, and interest on, Debt Securities of the series shall be payable; 

(14) if other than the principal amount thereof, the portion of the principal amount of Debt Securities of
the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01 or provable in bankruptcy pursuant to Section 6.02; 

(15) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Debt
Securities of the series of any properties, assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the Trust Indenture Act are applicable and any corresponding changes to provisions of this Indenture as
currently in effect; 
 (16) any addition to or change in the Events of Default with respect to
the Debt Securities of the series and any change in the right of the Trustee or the Holders to declare the principal of and interest on, such Debt Securities due and payable; 

(17) if the Debt Securities of the series shall be issued in whole or in part in the form of a Global
Security or Securities, the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Debt Securities in definitive registered form; and the Depositary for such Global
Security or Securities and the form of any legend or legends to be borne by any such Global Security or Securities in addition to or in lieu of the legend referred to in Section 2.15; 

(18) any trustees, authenticating or paying agents, transfer agents or registrars; 

(19) the applicability of, and any addition to or change in the covenants and definitions currently set
forth in this Indenture or in the terms currently set forth in Article 10, including conditioning any merger, conveyance, transfer or lease permitted by Article 10 upon the satisfaction of an indebtedness coverage standard by the Partnership and any
Successor Company (as defined in Article 10); 
 (20) the terms, if any, of any guarantee of the
payment of principal of, and premium, if any, and interest on, Debt Securities of the series and any corresponding changes to the provisions of this Indenture as currently in effect; 

 

 15 

 (21) the subordination, if any, of the Debt Securities of
the series pursuant to Article 12 and any changes or additions to Article 12 or designation of any Designated Senior Indebtedness; 

(22) with regard to Debt Securities of the series that do not bear interest, the dates for certain
required reports to the Trustee; 
 (23) any other terms of the Debt Securities of the series
(which terms shall not be prohibited by the provisions of this Indenture); and 
 (24) applicable
CUSIP Numbers. 
 All Debt Securities of any one series appertaining thereto shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolutions and as set forth in such Officers’ Certificates or in any such Indenture supplemental hereto. 

SECTION 2.04 EXECUTION OF DEBT SECURITIES. 

The Debt Securities shall be signed on behalf of the Partnership by the Chairman of the Board, the President or a Vice
President of the General Partner. Such signatures upon the Debt Securities may be the manual or facsimile signatures of the present or any future such authorized officers and may be imprinted or otherwise reproduced on the Debt Securities. The seal
of the Partnership, if any, may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Debt Securities. 

Only such Debt Securities as shall bear thereon a certificate of authentication substantially in the form hereinbefore
recited, signed manually by the Trustee, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Debt Security executed by the Partnership shall be conclusive evidence
that the Debt Security so authenticated has been duly authenticated and delivered hereunder. 
 In case any
officer of the General Partner who shall have signed any of the Debt Securities shall cease to be such officer before the Debt Securities so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Partnership, such
Debt Securities nevertheless may be authenticated and delivered or disposed of as though the Person who signed such Debt Securities had not ceased to be such officer of the General Partner; and any Debt Security may be signed on behalf of the
Partnership by such Persons as, at the actual date of the execution of such Debt Security, shall be the proper officers of the General Partner although at the date of such Debt Security or of the execution of this Indenture any such Person was not
such officer. 
 SECTION 2.05 AUTHENTICATION AND DELIVERY OF DEBT SECURITIES. 

At any time and from time to time after the execution and delivery of this Indenture, the Partnership may deliver Debt
Securities of any series executed by the Partnership to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Debt Securities to or upon an Issuer Order. The Debt Securities shall be dated the date of their
authentication. In 
  

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authenticating such Debt Securities and accepting the additional responsibilities under this Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and (subject
to Section 7.01) shall be fully protected in relying upon: 
 (i) a copy of any Board
Resolution of the Partnership, certified by the Secretary or Assistant Secretary of the General Partner of the Partnership, authorizing the terms of issuance of any series of Debt Securities; 

(ii) an executed supplemental Indenture, if any; 

(iii) an Officers’ Certificate; and 

(iv) an Opinion of Counsel prepared in accordance with Section 1.09 substantially to the effect that:

 (a) the form of such Debt Securities has been established by or pursuant to a Board Resolution
of the Partnership or by a supplemental Indenture as permitted by Section 2.01 in conformity with the provisions of this Indenture; 

(b) the terms of such Debt Securities have been established by or pursuant to a Board Resolution of the
Partnership or by a supplemental Indenture as permitted by Section 2.03 in conformity with the provisions of this Indenture; and 

(c) such Debt Securities, when authenticated and delivered by the Trustee and issued by the Partnership in
the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Partnership, enforceable in accordance with their terms except as (y) the enforceability thereof may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and (z) rights of acceleration and the availability of equitable remedies may be limited by equitable principles of general
applicability. 
 Such Opinion of Counsel need express no opinion as to whether a court in the United States
would render a money judgment in a Currency other than Dollars. 
 The Trustee shall have the right to decline
to authenticate and deliver any Debt Securities under this Section 2.05 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees,
executive committee or a trust committee of directors, trustees or vice presidents shall determine that such action would expose the Trustee to personal liability to existing Holders. 

The Trustee may appoint an authenticating agent reasonably acceptable to the Partnership to authenticate Debt Securities
of any series. Unless limited by the terms of such appointment, an authenticating agent may authenticate Debt Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by
such agent. An authenticating agent has the same rights as any Registrar, paying agent or agent for service of notices and demands. 
  

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 Unless otherwise provided in the form of Debt Security for any series, each
Debt Security shall be dated the date of its authentication. 
 SECTION 2.06 DENOMINATION OF DEBT SECURITIES.

 Unless otherwise provided in the form of Debt Security for any series, the Debt Securities of each series
shall be issuable only as Registered Securities in such denominations as shall be specified or contemplated by Section 2.03. In the absence of any such specification with respect to the Debt Securities of any series, the Debt Securities of such
series shall be issuable in denominations of $1,000 and any integral multiple thereof. 
 SECTION 2.07 GENERAL
PROVISIONS FOR REGISTRATION OF TRANSFER AND EXCHANGE. 
 The Partnership shall keep or cause to be kept a
register for each series of Registered Securities issued hereunder (hereinafter collectively referred to as the “DEBT SECURITY REGISTER”), in which, subject to such reasonable regulations as it may prescribe, the Partnership shall provide
for the registration of Registered Securities and the transfer of Registered Securities as in this Article 2 provided. At all reasonable times the Debt Security Register shall be open for inspection by the Trustee. Subject to Section 2.15, upon
due presentment for registration of transfer of any Registered Security at any office or agency to be maintained by the Partnership in accordance with the provisions of Section 4.02, the Partnership shall execute and the Trustee shall
authenticate and deliver in the name of the transferee or transferees a new Registered Security or Registered Securities of authorized denominations for a like aggregate principal amount. 

Unless and until otherwise determined by a Board Resolution of the Partnership, the register of the Partnership for the
purpose of registration, exchange or registration of transfer of the Registered Securities shall be kept at the Corporate Trust Office of the Trustee and, for this purpose, the Trustee shall be designated “REGISTRAR”. No prior notice to
the Holders of Debt Securities is required to effect the designation of a substitute Registrar by the Partnership. 

Registered Securities of any series (other than a Global Security, except as set forth below) may be exchanged for a like
aggregate principal amount of Registered Securities of the same series of other authorized denominations. Subject to Section 2.15, Registered Securities to be exchanged shall be surrendered at the office or agency to be maintained by the
Partnership as provided in Section 4.02, and the Partnership shall execute and the Trustee shall authenticate and deliver in exchange therefor the Registered Security or Registered Securities that the Holder making the exchange shall be
entitled to receive. 
 All Registered Securities presented or surrendered for registration of transfer,
exchange or payment shall (if so required by the Partnership, the Trustee or the Registrar) be duly endorsed or be accompanied by a written instrument or instruments of transfer, in form satisfactory to the Partnership, the Trustee and the
Registrar, duly executed by the Registered Holder or his attorney duly authorized in writing. 
  

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 All Debt Securities issued in exchange for or upon transfer of Debt
Securities shall be the legal, valid and binding obligations of the Partnership, evidencing the same debt, and entitled to the same benefits under this Indenture as the Debt Securities surrendered for such exchange or transfer. 

No service charge shall be made for any exchange or registration of transfer of Debt Securities (except as provided by
Section 2.09), but the Partnership may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto, other than those expressly provided in this Indenture to be made at the
Partnership’s own expense or without expense or without charge to the Holders. 
 The Partnership shall not
be required (i) to issue, register the transfer of or exchange any Debt Securities for a period of 15 days next preceding any mailing of notice of redemption of Debt Securities of such series or (ii) to register the transfer of or exchange
any Debt Securities selected, called or being called for redemption. 
 Specific procedures for registration of
transfer and exchange of any series of Debt Securities may be set forth in the applicable supplemental Indenture for such Debt Securities. 

SECTION 2.08 TEMPORARY DEBT SECURITIES. 

Pending the preparation of definitive Debt Securities of any series, the Partnership may execute and the Trustee shall
authenticate and deliver temporary Debt Securities (printed, lithographed, photocopied, typewritten or otherwise produced) of any authorized denomination, and substantially in the form of the definitive Debt Securities in lieu of which they are
issued, in registered form and with such omissions, insertions and variations as may be appropriate for temporary Debt Securities, all as may be determined by the Partnership with the concurrence of the Trustee. Temporary Debt Securities may contain
such reference to any provisions of this Indenture as may be appropriate. Every temporary Debt Security shall be executed by the Partnership and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with
like effect, as the definitive Debt Securities. 
 If temporary Debt Securities of any series are issued, the
Partnership will cause definitive Debt Securities of such series to be prepared without unreasonable delay. After the preparation of definitive Debt Securities of such series, the temporary Debt Securities of such series shall be exchangeable for
definitive Debt Securities of such series upon surrender of the temporary Debt Securities of such series at the office or agency of the Partnership at a Place of Payment for such series, without charge to the Holder thereof, except as provided in
Section 2.07 in connection with a transfer, and upon surrender for cancellation of any one or more temporary Debt Securities of any series, the Partnership shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Debt Securities of the same series of authorized denominations and of like tenor. Until so exchanged, temporary Debt Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Debt Securities of such series, except as otherwise specified as contemplated by Section 2.03(17) with respect to the payment of interest on Global Securities in temporary form. 

 

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 Upon any exchange of a portion of a temporary Global Security for a
definitive Global Security or for the individual Debt Securities represented thereby pursuant to Section 2.07 or this Section 2.08, the temporary Global Security shall be endorsed by the Trustee to reflect the reduction of the principal
amount evidenced thereby, whereupon the principal amount of such temporary Global Security shall be reduced for all purposes by the amount so exchanged and endorsed. 

SECTION 2.09 MUTILATED, DESTROYED, LOST OR STOLEN DEBT SECURITIES. 

If (i) any mutilated Debt Security is surrendered to the Trustee at the Corporate Trust Office of the Trustee (in
the case of Registered Securities) or (ii) the Partnership and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security, and there is delivered to the Partnership and the Trustee such security or
indemnity as may be required by them to save each of them and any paying agent harmless, and neither the Partnership nor the Trustee receives written notice that such Debt Security has been acquired by a bona fide purchaser, then the Partnership
shall execute and, upon an Issuer Order, the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Debt Security, a new Debt Security of the same series of like tenor, form, terms and
principal amount, bearing a number not contemporaneously Outstanding. Upon the issuance of any substituted Debt Security, the Partnership may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses connected therewith. In case any Debt Security which has matured or is about to mature or which has been called for redemption shall become mutilated or be destroyed, lost or stolen, the Partnership may,
instead of issuing a substituted Debt Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Debt Security) if the applicant for such payment shall furnish the Partnership and the Trustee with
such security or indemnity as either may require to save it harmless from all risk, however remote, and, in case of destruction, loss or theft, evidence to the satisfaction of the Partnership and the Trustee of the destruction, loss or theft of such
Debt Security and of the ownership thereof. 
 Every substituted Debt Security of any series issued pursuant to
the provisions of this Section 2.09 by virtue of the fact that any Debt Security is destroyed, lost or stolen shall constitute an original additional contractual obligation of the Partnership, whether or not the destroyed, lost or stolen Debt
Security shall be found at any time, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Debt Securities of that series duly issued hereunder. All Debt Securities shall be held and owned
upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt Securities, and shall preclude any and all other rights or remedies, notwithstanding any
law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender. 

SECTION 2.10 CANCELLATION OF SURRENDERED DEBT SECURITIES. 

All Debt Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to
the Partnership or any paying agent or a Registrar, be delivered 
  

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to the Trustee for cancellation by it, or if surrendered to the Trustee, shall be canceled by it, and no Debt Securities shall be issued in lieu thereof except as expressly permitted by any of
the provisions of this Indenture. All canceled Debt Securities held by the Trustee shall be disposed of (subject to the record retention requirements of the Exchange Act) by the Trustee in its customary manner. On request of the Partnership, the
Trustee shall deliver to the Partnership canceled Debt Securities held by the Trustee. If the Partnership shall acquire any of the Debt Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness
represented thereby unless and until the same are delivered or surrendered to the Trustee for cancellation. The Partnership may not issue new Debt Securities to replace Debt Securities it has redeemed, paid or delivered to the Trustee for
cancellation. 
 SECTION 2.11 PROVISIONS OF THIS INDENTURE AND DEBT SECURITIES FOR THE SOLE BENEFIT OF THE
PARTIES AND THE HOLDERS. 
 Nothing in this Indenture or in the Debt Securities, expressed or implied, shall
give or be construed to give to any Person, other than the parties hereto, the Holders or any Registrar or paying agent, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or
provision herein contained, all its covenants, conditions and provisions being for the sole benefit of the parties hereto, the Holders and any Registrar and paying agents. 

SECTION 2.12 PAYMENT OF INTEREST; RIGHTS PRESERVED. 

Interest on any Registered Security that is payable and is punctually paid or duly provided for on any interest payment
date shall be paid to the Person in whose name such Registered Security is registered at the close of business on the regular record date for such interest notwithstanding the cancellation of such Registered Security upon any transfer or exchange
subsequent to the regular record date. Payment of interest on Registered Securities shall be made at the Corporate Trust Office of the Trustee (except as otherwise specified pursuant to Section 2.03), or at the option of the Partnership, by
check mailed to the address of the Person entitled thereto as such address shall appear in the Debt Security Register or, if provided pursuant to Section 2.03 and in accordance with arrangements satisfactory to the Trustee, at the option of the
Registered Holder by wire transfer to an account designated by the Registered Holder. 
 Subject to the
foregoing provisions of this Section 2.12 and Section 2.17, each Debt Security of a particular series delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Debt Security of the same
series shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Debt Security. 

SECTION 2.13 SECURITIES DENOMINATED IN FOREIGN CURRENCIES. 

Except as otherwise specified pursuant to Section 2.03 for Registered Securities of any series, payment of the
principal of, and premium, if any, and interest on, Registered Securities of such series will be made in Dollars. 

For the purposes of calculating the principal amount of Debt Securities of any series denominated in a Foreign Currency
or in units of two or more Foreign Currencies for any 
  

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purpose under this Indenture, the principal amount of such Debt Securities at any time Outstanding shall be deemed to be the Dollar Equivalent of such principal amount as of the date of any such
calculation. 
 In the event any Foreign Currency or currencies or units of two or more Currencies in which any
payment with respect to any series of Debt Securities may be made ceases to be a freely convertible Currency on United States Currency markets, for any date thereafter on which payment of principal of, or premium, if any, or interest on, the Debt
Securities of a series is due, the Partnership shall select the Currency of payment for use on such date, all as provided in the Debt Securities of such series. In such event, the Partnership shall, as provided in the Debt Securities of such series,
notify the Trustee of the Currency which they have selected to constitute the funds necessary to meet the Partnership’s obligations or such payment date and of the amount of such Currency to be paid. Such amount shall be determined as provided
in the Debt Securities of such series. The payment to the Trustee with respect to such payment date shall be made by the Partnership solely in the Currency so selected. 

SECTION 2.14 WIRE TRANSFERS. 

Notwithstanding any other provision to the contrary in this Indenture, the Partnership may make any payment of monies
required to be deposited with the Trustee on account of principal of, or premium, if any, or interest on, the Debt Securities (whether pursuant to optional or mandatory redemption payments, interest payments or otherwise) by wire transfer of
immediately available funds to an account designated by the Trustee on or before the date such moneys are to be paid to the Holders of the Debt Securities in accordance with the terms hereof. 

SECTION 2.15 SECURITIES ISSUABLE IN THE FORM OF A GLOBAL SECURITY. 

If the Partnership shall establish pursuant to Sections 2.01 and 2.03 that the Debt Securities of a particular series are
to be issued in whole or in part in the form of one or more Global Securities, then the Partnership shall execute and the Trustee or its agent shall, in accordance with Section 2.05, authenticate and deliver, such Global Security or Securities,
which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Outstanding Debt Securities of such series to be represented by such Global Security or Securities, or such portion thereof as the
Partnership shall specify in an Officers’ Certificate, (ii) shall be registered in the name of the Depositary for such Global Security or securities or its nominee, (iii) shall be delivered by the Trustee or its agent to the
Depositary or pursuant to the Depositary’s instruction and (iv) shall conspicuously bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for the individual Debt Securities
represented hereby, this Global Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary”, or such other legend as may then be required by the Depositary for such Global Security or Securities. 

Notwithstanding any other provision of this Section 2.15 or of Section 2.07 to the contrary, and subject to the
provisions of the next following paragraph of this Section 2.15 (and 
  

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all of its clauses), it unless the terms of a Global Security expressly permit such Global Security to be exchanged in whole or in part for definitive Debt Securities in registered form, a Global
Security may be transferred, in whole but not in part and in the manner provided in Section 2.07, only by the Depositary to a nominee of the Depositary for such Global Security, or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary, or by the Depositary or a nominee of the Depositary to a successor Depositary for such Global Security selected or approved by the Partnership, or to a nominee of such successor Depositary. 

The second paragraph of this Section 2.15 shall be subject to the following clauses (i) through
(v) (inclusive): 
 (i) If at any time the Depositary for a Global Security or Securities
notifies the Partnership that it is unwilling or unable to continue as Depositary for such Global Security or Securities or if at any time the Depositary for the Debt Securities for such series shall no longer be eligible or in good standing under
the Exchange Act or other applicable statute, rule or regulation, the Partnership shall appoint a successor Depositary with respect to such Global Security or Securities. If a successor Depositary for such Global Security or Securities is not
appointed by the Partnership within 90 days after the Partnership receive such notice or become aware of such ineligibility, the Partnership shall execute, and the Trustee or its agent, upon receipt of an Issuer Order for the authentication and
delivery of such individual Debt Securities of such series in exchange for such Global Security, will authenticate and deliver, individual Debt Securities of such series of like tenor and terms in definitive form in an aggregate principal amount
equal to the principal amount of the Global Security in exchange for such Global Security or Securities. 

(ii) The Partnership may at any time and in their sole discretion determine that the Debt Securities of
any series or portion thereof issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event the Partnership will execute, and the Trustee, upon receipt of an
Issuer Order for the authentication and delivery of individual Debt Securities of such series in exchange in whole or in part for such Global Security, will authenticate and deliver individual Debt Securities of such series of like tenor and terms
in definitive form in an aggregate principal amount equal to the principal amount of such series or portion thereof in exchange for such Global Security or Securities. 

(iii) If specified by the Partnership pursuant to Sections 2.01 and 2.03 with respect to Debt Securities
issued or issuable in the form of a Global Security, the Depositary for such Global Security may surrender such Global Security in exchange in whole or in part for individual Debt Securities of such series of like tenor and terms in definitive form
on such terms as are acceptable to the Partnership, the Trustee and such Depositary. Thereupon the Partnership shall execute, and the Trustee or its agent upon receipt of an Issuer Order for the authentication and delivery of definitive Debt
Securities of such series shall authenticate and deliver, without service charge, (y) to each Person specified by such Depositary a new Debt Security or Securities of the same series of like tenor and terms and of any authorized denomination as
requested by such Person in aggregate principal amount equal to and in exchange for such Person’s 
  

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beneficial interest in the Global Security, and (z) to such Depositary a new Global Security of like tenor and terms and in an authorized denomination equal to the difference, if any,
between the principal amount of the surrendered Global Security and the aggregate principal amount of Debt Securities delivered to Holders thereof. 

(iv) In any exchange provided for in any of the preceding three paragraphs, the Partnership will execute
and the Trustee or its agent will authenticate and deliver individual Debt Securities. Upon the exchange of the entire principal amount of a Global Security for individual Debt Securities, such Global Security shall be canceled by the Trustee or its
agent. Except as provided in the preceding paragraph, Registered Securities issued in exchange for a Global Security pursuant to this Section 2.15 shall be registered in such names and in such authorized denominations as the Depositary for such
Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or the Registrar. The Trustee or the Registrar shall deliver such Registered Securities to the Persons in whose names such
Registered Securities are so registered. 
 (v) Payments in respect of the principal of and
interest on any Debt Securities registered in the name of the Depositary or its nominee will be payable to the Depositary or such nominee in its capacity as the registered owner of such Global Security. The Partnership and the Trustee may treat the
Person in whose name the Debt Securities, including the Global Security, are registered as the owner thereof for the purpose of receiving such payments and for any and all other purposes whatsoever. None of the Partnership, the Trustee, any
Registrar, the paying agent or any agent of the Partnership or the Trustee will have any responsibility or liability for (x) any aspect of the records relating to or payments made on account of the beneficial ownership interests of the Global
Security by the Depositary or its nominee or any of the Depositary’s direct or indirect participants, or for maintaining, supervising or reviewing any records of the Depositary, its nominee or any of the Depositary’s direct or indirect
participants relating to the beneficial ownership interests of the Global Security, (y) the payments to the beneficial owners of the Global Security of amounts paid to the Depositary or its nominee, or (z) any other matter relating to the
actions and practices of the Depositary, its nominee or any of the Depositary’s direct or indirect participants. None of the Partnership, the Trustee or any such agent will be liable for any delay by the Depositary, its nominee, or any of the
Depositary’s direct or indirect participants in identifying the beneficial owners of the Debt Securities, and the Partnership and the Trustee may conclusively rely on, and will be protected in relying on, instructions from the Depositary or its
nominee for all purposes (including with respect to the registration and delivery, and the respective principal amounts, of the Debt Securities to be issued). 

Notwithstanding any contrary provision herein, if all Debt Securities of a series are not to be originally issued at one
time, it shall not be necessary for the Partnership to deliver to the Trustee an Officers’ Certificate, a Board Resolution, a supplemental Indenture, an Opinion of Counsel or a written order or any other document otherwise required pursuant to
Section 1.09, 2.01, 2.03 or 2.05 at or prior to the time of authentication of each Debt Security of such series if such documents are delivered to the Trustee or its agent at or prior to the authentication upon original issuance of the first
such Debt Security of such series to be issued; provided, that any 
  

 24 

 
subsequent request by the Partnership to the Trustee to authenticate Debt Securities of such series upon original issuance shall constitute a representation and warranty by the Partnership that,
as of the date of such request, the statements made in the Officers’ Certificate delivered pursuant to Section 1.09 or 2.05 shall be true and correct as if made on such date and that the Opinion of Counsel delivered at or prior to such
time of authentication of an original issuance of Debt Securities shall specifically state that it shall relate to all subsequent issuances of Debt Securities of such series that are identical to the Debt Securities issued in the first issuance of
Debt Securities of such series. 
 An Issuer Order delivered by the Partnership to the Trustee in the
circumstances set forth in the preceding paragraph may provide that Debt Securities which are the subject thereof will be authenticated and delivered by the Trustee or its agent on original issue from time to time upon the telephonic or written
order of Persons designated in such written order (any such telephonic instructions to be promptly confirmed in writing by such Person) and that such Persons are authorized to determine, consistent with the Officers’ Certificates, supplemental
Indenture or the applicable Board Resolutions relating to such written order, such terms and conditions of such Debt Securities as are specified in such Officers’ Certificates, supplemental Indenture or such Board Resolutions. 

SECTION 2.16 DEFAULTED INTEREST. 

Any interest on any Debt Security of a particular series which is payable, but is not punctually paid or duly provided
for, on the dates and in the manner provided in the Debt Securities of such series and in this Indenture (herein called “DEFAULTED INTEREST”) shall forthwith cease to be payable to the Registered Holder thereof on the relevant record date
by virtue of having been such Registered Holder, and such Defaulted Interest may be paid by the Partnership, at its election in each case, as provided in clause (i) or (ii) below: 

(i) The Partnership may elect to make payment of any Defaulted Interest to the Persons in whose names the
Registered Securities of such series are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Partnership shall notify the Trustee in writing of
the amount of Defaulted Interest proposed to be paid on each such Registered Security of such series and the date of the proposed payment, and at the same time the Partnership shall deposit with the Trustee an amount of money equal to the aggregate
amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date
of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Partnership of such special record date and, in the name and at the expense of the
Partnership, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Holder thereof at its address as it appears in the Debt Security Register, not
less than 10 days prior to such special record date. 
  

 25 

 
Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the
Registered Securities of such series are registered at the close of business on such special record date. 

(ii) The Partnership may make payment of any Defaulted Interest on the Registered Securities of such
series in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Registered Securities of such series may be listed, and upon such notice as may be required by such exchange, if, after notice given by
the Partnership to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

SECTION 2.17 JUDGMENTS. 

The Partnership may provide pursuant to Section 2.03 for Debt Securities of any series that: (i) the
obligation, if any, of the Partnership to pay the principal of, and premium, if any, and interest on, the Debt Securities of any series in a Foreign Currency or Dollars (the “DESIGNATED CURRENCY”) as may be specified pursuant to
Section 2.03 is of the essence and agrees that, to the fullest extent possible under applicable law, judgments in respect of Debt Securities of such series shall be given in the Designated Currency; (ii) the obligation of the Partnership
to make payments in the Designated Currency of the principal of, and premium, if any, and interest on, such Debt Securities shall, notwithstanding any payment in any other Currency (whether pursuant to a judgment or otherwise), be discharged only to
the extent of the amount in the Designated Currency that the Holder receiving such payment may, in accordance with normal banking procedures, purchase with the sum paid in such other Currency (after any premium and cost exchange) on the business day
in the country of issue of the Designated Currency or in the international banking community (in the case of a composite currency) immediately following the day on which such Holder receives such payment; (iii) if the amount in the Designated
Currency that may be so purchased for any reason falls short of the amount originally due, the Partnership shall pay such additional amounts as may be necessary to compensate for such shortfall; and (iv) any obligation of the Partnership not
discharged by such payment shall be due as a separate and independent obligation and, until discharged as provided herein, shall continue in full force and effect. 

SECTION 2.18 CUSIP NUMBERS. 

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

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 ARTICLE 3 

REDEMPTION OF DEBT SECURITIES 

SECTION 3.01 APPLICABILITY OF ARTICLE. 

The provisions of this Article shall be applicable to the Debt Securities of any series which are redeemable before their
Stated Maturity except as otherwise specified as contemplated by Section 2.03 for Debt Securities of such series. 

SECTION 3.02 NOTICE OF REDEMPTION; SELECTION OF DEBT SECURITIES. 

In case the Partnership shall desire to exercise the right to redeem all or, as the case may be, any part of the Debt
Securities of any series in accordance with their terms, a Board Resolution of the Partnership or a supplemental Indenture, the Partnership shall fix a date for redemption and shall give notice of such redemption at least 30 and not more than 60
days prior to the date fixed for redemption to the Holders of Debt Securities of such series so to be redeemed as a whole or in part, in the manner provided in Section 1.07. The notice if given in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Debt Security of a series designated for redemption as a whole
or in part shall not affect the validity of the proceedings for the redemption of any other Debt Security of such series. 

Each such notice of redemption shall specify (i) the amount of Debt Securities of any series to be redeemed,
(ii) the date fixed for redemption, (iii) the calculation of the redemption price at which Debt Securities of such series are to be redeemed, (iv) the Place or Places of Payment that payment will be made upon presentation and
surrender of such Debt Securities, (v) that any interest accrued to the date fixed for redemption will be paid as specified in said notice, (vi) that the redemption is for a sinking fund payment (if applicable), (vii) that, unless
otherwise specified in such notice, if the Partnership defaults in making such redemption payment or if the Debt Securities of that series are subordinated pursuant to the terms of Article 12, the paying agent is prohibited from making such payment
pursuant to the terms of this Indenture, (viii) that on and after said date any interest thereon or on the portions thereof to be redeemed will cease to accrue, (ix) that in the case of Original Issue Discount Securities original issue
discount accrued after the date fixed for redemption will cease to accrue, the terms of the Debt Securities of that series pursuant to which the Debt Securities of that series are being redeemed and (x) that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Debt Securities of that series. If less than all the Debt Securities of a series are to be redeemed the notice of redemption shall specify the CUSIP numbers
of the Debt Securities of that series to be redeemed. In case any Debt Security of a series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that on and
after the date fixed for redemption, upon surrender of such Debt Security, a new Debt Security or Debt Securities of that series will be issued in principal amount equal to the unredeemed portion thereof. 

At least 45 days but not more than 60 days before the redemption date, unless the Trustee consents to a shorter period,
the Partnership shall give written notice to the Trustee of the 
  

 27 

 
redemption date, the principal amount of Debt Securities to be redeemed and the series and terms of the Debt Securities pursuant to which such redemption will occur. Such notice shall be
accompanied by an Officers’ Certificate and an Opinion of Counsel to the effect that such redemption will comply with the conditions herein. If fewer than all the Debt Securities of a series are to be redeemed, the record date relating to such
redemption shall be selected by the Partnership and given to the Trustee, which record date shall be not less than 15 days after the date of notice to the Trustee. 

By 11:00 a.m. New York City time, on the redemption date for any Debt Securities, the Partnership shall deposit with the
Trustee or with a paying agent (or, if the Partnership is acting as its own paying agent, segregate and hold in trust) an amount of money in the Currency in which such Debt Securities are denominated (except as provided pursuant to
Section 2.03) sufficient to pay the redemption price of such Debt Securities or any portions thereof that are to be redeemed on that date. 

If less than all the Debt Securities of like tenor and terms of a series are to be redeemed (other than pursuant to
mandatory sinking fund redemptions), the Trustee shall select the Debt Securities of that series or portions thereof (in multiples of $1,000) to be redeemed (i) if such Debt Securities are listed on an exchange, in compliance with the
requirements of the principal national securities exchange on which such Debt Securities are listed, or (ii) if such Debt Securities are not listed on an exchange or such exchange has no selection requirements, in such manner as in its sole
discretion the Trustee shall deem appropriate and fair. In any case where more than one Debt Security of such series is registered in the same name, the Trustee in its discretion may treat the aggregate principal amount so registered as if it were
represented by one Debt Security of such series. The Trustee shall promptly notify the Partnership in writing of the Debt Securities selected for redemption and, in the case of any Debt Securities selected for partial redemption, the principal
amount thereof to be redeemed. If any Debt Security called for redemption shall not be so paid upon surrender thereof on such redemption date, the principal, premium, if any, and interest shall bear interest until paid from the redemption date at
the rate borne by the Debt Securities of that series. If less than all the Debt Securities of unlike tenor and terms of a series are to be redeemed, the particular Debt Securities to be redeemed shall be selected by the Partnership. Provisions of
this Indenture that apply to Debt Securities called for redemption also apply to portions of Debt Securities called for redemption. 

SECTION 3.03 PAYMENT OF DEBT SECURITIES CALLED FOR REDEMPTION. 

If notice of redemption has been given as provided in Section 3.02, the Debt Securities or portions of Debt
Securities of the series with respect to which such notice has been given shall become due and payable on the date and at the Place or Places of Payment stated in such notice at the applicable redemption price, together with any interest accrued to
the date fixed for redemption, and on and after said date (unless the Partnership shall default in the payment of such Debt Securities at the applicable redemption price, together with any interest accrued to said date) any interest on the Debt
Securities or portions of Debt Securities of any series so called for redemption shall cease to accrue and any original issue discount in the case of Original Issue Discount Securities shall cease to accrue. On presentation and surrender of such
Debt Securities at the Place or Places of Payment in said notice specified, the said Debt Securities or the specified portions thereof shall be paid and redeemed by the Partnership at the applicable redemption price, together with any interest
accrued thereon to the date fixed for redemption. 
  

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 Any Debt Security that is to be redeemed only in part shall be surrendered
at the Corporate Trust Office of the Trustee or such other office or agency of the Partnership as is specified pursuant to Section 2.03, if the Partnership, the Registrar or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Partnership, the Registrar and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing, and the Partnership shall execute, and the Trustee shall authenticate and deliver to
the Holder of such Debt Security without service charge, a new Debt Security or Debt Securities of the same series, of like tenor and form, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Debt Security so surrendered; except that if a Global Security is so surrendered, the Partnership shall execute, and the Trustee shall authenticate and deliver to the Depositary for such
Global Security, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the principal of the Global Security so surrendered. In the case of a Debt Security providing appropriate space
for such notation, at the option of the Holder thereof, the Trustee, in lieu of delivering a new Debt Security or Debt Securities as aforesaid, may make a notation on such Debt Security of the payment of the redeemed portion thereof. 

SECTION 3.04 MANDATORY AND OPTIONAL SINKING FUNDS. 

The minimum amount of any sinking fund payment provided for by the terms of Debt Securities of any series, a Board
Resolution or a supplemental Indenture is herein referred to as a “MANDATORY SINKING FUND payment”, and any payment in excess of such minimum amount provided for by the terms of Debt Securities of any series, a Board Resolution or a
supplemental Indenture is herein referred to as an “OPTIONAL SINKING FUND payment”. 
 In lieu of
making all or any part of any mandatory sinking fund payment with respect to any Debt Securities of a series in cash, the Partnership may at its option (i) deliver to the Trustee Debt Securities of that series theretofore purchased or otherwise
acquired by the Partnership or (ii) receive credit for the principal amount of Debt Securities of that series which have been redeemed either at the election of the Partnership pursuant to the terms of such Debt Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of such Debt Securities, resolution or supplemental Indenture; provided, that such Debt Securities have not been previously so credited. Such Debt Securities shall be
received and credited for such purpose by the Trustee at the redemption price specified in such Debt Securities, the applicable Board Resolution or supplemental Indenture for redemption through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly. 
 SECTION 3.05 REDEMPTION OF DEBT SECURITIES FOR
SINKING FUND. 
 Not less than 60 days prior to each sinking fund payment date for any series of Debt
Securities, the Partnership will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that 

 

 29 

 
series pursuant to the terms of that series, any Board Resolution or supplemental Indenture, the portion thereof, if any, which is to be satisfied by payment of cash in the Currency in which the
Debt Securities of such series are denominated (except as provided pursuant to Section 2.03) and the portion thereof, if any, which is to be satisfied by delivering and crediting Debt Securities of that series pursuant to this Section 3.05
(which Debt Securities, if not previously redeemed, will accompany such certificate) and whether the Partnership intends to exercise its right to make any permitted optional sinking fund payment with respect to such series. Such certificate shall
also state that no Event of Default has occurred and is continuing with respect to such series. Such certificate shall be irrevocable and upon its delivery the Partnership shall be obligated to make the cash payment or payments therein referred to,
if any, on or before the next succeeding sinking fund payment date. Failure of the Partnership to deliver such certificate (or to deliver the Debt Securities specified in this paragraph) shall not constitute a Default, but such failure shall require
that the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of such Debt Securities subject to a mandatory sinking fund
payment without the option to deliver or credit Debt Securities as provided in this Section 3.05 and without the right to make any optional sinking fund payment, if any, with respect to such series. 

Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of any preceding
sinking fund payments made in cash which shall equal or exceed $100,000 (or a lesser sum if the Partnership shall so request) with respect to the Debt Securities of any particular series shall be applied by the Trustee on the sinking fund payment
date on which such payment is made (or, if such payment is made before a sinking fund payment date, on the sinking fund payment date following the date of such payment) to the redemption of such Debt Securities at the redemption price specified in
such Debt Securities, the applicable Board Resolution or supplemental Indenture for operation of the sinking fund together with any accrued interest to the date fixed for redemption. Any sinking fund moneys not so applied or allocated by the Trustee
to the redemption of Debt Securities shall be added to the next cash sinking fund payment received by the Trustee for such series and, together with such payment, shall be applied in accordance with the provisions of this Section 3.05. Any and
all sinking fund moneys with respect to the Debt Securities of any particular series held by the Trustee on the last sinking fund payment date with respect to Debt Securities of such series and not held for the payment or redemption of particular
Debt Securities shall be applied by the Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to the payment of the principal of the Debt Securities of that series at its Stated Maturity. 

The Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment date in the manner specified
in the last paragraph of Section 3.02, and the Partnership shall cause notice of the redemption thereof to be given in the manner provided in Section 3.02 except that the notice of redemption shall also state that the Debt Securities are
being redeemed by operation of the sinking fund. Such notice having been duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Section 3.03. 

At least one business day before each sinking fund payment date, the Partnership shall pay to the Trustee (or, if the
Partnership is acting as its own paying agent, the Partnership shall segregate and hold in trust) in cash a sum in the Currency in which the Debt Securities of such series are denominated (except as provided pursuant to Section 2.03) equal to
any interest accrued to the date fixed for redemption of Debt Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this Section 3.05. 

 

 30 

 The Trustee shall not redeem any Debt Securities of a series with sinking
fund moneys or mail any notice of redemption of such Debt Securities by operation of the sinking fund for such series during the continuance of a Default in payment of interest on such Debt Securities or of any Event of Default (other than an Event
of Default occurring as a consequence of this paragraph) with respect to such Debt Securities, except that if the notice of redemption of any such Debt Securities shall theretofore have been mailed in accordance with the provisions hereof, the
Trustee shall redeem such Debt Securities if cash sufficient for that purpose shall be deposited with the Trustee for that purpose in accordance with the terms of this Article 3. Except as aforesaid, any moneys in the sinking fund for such series at
the time when any such Default or Event of Default shall occur and any moneys thereafter paid into such sinking fund shall, during the continuance of such Default or Event of Default, be held as security for the payment of such Debt Securities;
provided, however, that in case such Default or Event of Default shall have been cured or waived as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for such Debt Securities on which such moneys may be
applied pursuant to the provisions of this Section 3.05. 
 ARTICLE 4 

PARTICULAR COVENANTS OF THE PARTNERSHIP 

SECTION 4.01 PAYMENT OF PRINCIPAL OF, AND PREMIUM, IF ANY, AND INTEREST ON, DEBT SECURITIES. 

The Partnership, for the benefit of each series of Debt Securities, will duly and punctually pay or cause to be paid the
principal of, and premium, if any, and interest on, each of the Debt Securities at the place, at the respective times and in the manner provided herein and in the Debt Securities. Each installment of interest on the Debt Securities may at the
Partnership’s option be paid by mailing checks for such interest payable to the Person entitled thereto to the address of such Person as it appears on the Debt Security Register maintained pursuant to Section 2.07(a). 

Principal, premium and interest of Debt Securities of any series shall be considered paid on the date due if on such date
the Trustee or any paying agent holds in accordance with this Indenture money sufficient to pay in the Currency in which the Debt Securities of such series are denominated (except as provided pursuant to Section 2.03) all principal, premium and
interest then due and, in the case of Debt Securities subordinated pursuant to the terms of Article 12, the Trustee or such paying agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms
of this Indenture. 
 The Partnership shall pay interest on overdue principal at the rate specified therefor in
the Debt Securities and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

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 SECTION 4.02 MAINTENANCE OF OFFICES OR AGENCIES FOR REGISTRATION OF
TRANSFER, EXCHANGE AND PAYMENT OF DEBT SECURITIES. 
 The Partnership will maintain in each Place of Payment for
any series of Debt Securities, an office or agency where Debt Securities of such series may be presented or surrendered for payment, where Debt Securities of such series may be surrendered for transfer or exchange and where notices and demands to or
upon the Partnership in respect of the Debt Securities of such series and this Indenture may be served. The Partnership will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at
any time the Partnership shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Partnership hereby appoint the Trustee as its agent to receive all presentations, surrenders, notices and demands. 

The Partnership may also from time to time designate different or additional offices or agencies to be maintained for
such purposes (in or outside of such Place of Payment), and may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Partnership of its obligations described in the
preceding paragraph. The Partnership will give prompt written notice to the Trustee of any such additional designation or rescission of designation and any change in the location of any such different or additional office or agency. 

SECTION 4.03 APPOINTMENT TO FILL A VACANCY IN THE OFFICE OF TRUSTEE. 

The Partnership, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner
provided in Section 7.08, a Trustee, so that there shall at all times be a Trustee hereunder with respect to each series of Debt Securities. 

SECTION 4.04 DUTIES OF PAYING AGENTS, ETC. 

The Partnership shall cause each paying agent, if any, other than the Trustee, to execute and deliver to the Trustee an
instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04, 

(i) that it will hold all sums held by it as such agent for the payment of the principal of, and premium,
if any, or interest on, the Debt Securities of any series (whether such sums have been paid to it by the Partnership or by any other obligor on the Debt Securities of such series) in trust for the benefit of the Holders of the Debt Securities of
such series; 
 (ii) that it will give the Trustee notice of any failure by the Partnership (or
by any other obligor on the Debt Securities of such series) to make any payment of the principal of and premium, if any, or interest on, the Debt Securities of such series when the same shall be due and payable; and 

(iii) that it will at any time during the continuance of an Event of Default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held by it as such agent. 
  

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 If the Partnership or any of its Subsidiaries shall act as its own paying
agent, it will, on or before each due date of the principal of, and premium, if any, or interest on, the Debt Securities if any, of any series, set aside, segregate and hold in trust for the benefit of the Holders of the Debt Securities of such
series a sum sufficient to pay such principal, premium, if any, or interest so becoming due. The Partnership will promptly notify the Trustee of any failure by the Partnership or its Subsidiaries to take such action or the failure by any other
obligor on such Debt Securities to make any payment of the principal of, and premium, if any, or interest on, such Debt Securities when the same shall be due and payable. 

Anything in this Section 4.04 to the contrary notwithstanding, the Partnership may, at any time, for the purpose of
obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it or any paying agent, as required by this Section 4.04, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Partnership or such paying agent. 

Whenever the Partnership shall have one or more paying agents with respect to any series of Debt Securities, it will,
prior to each due date of the principal of, and premium, if any, or interest on, any Debt Securities of such series, deposit with any such paying agent a sum sufficient to pay the principal, premium or interest so becoming due, such sum to be held
in trust for the benefit of the Persons entitled thereto, and (unless any such paying agent is the Trustee) the Partnership will promptly notify the Trustee of its action or failure so to act. 

Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in
this Section 4.04 is subject to the provisions of Section 11.05. 
 Unless and until otherwise
determined by the Partnership in Board Resolutions, the Trustee will act as paying agent under this Indenture. The Partnership may designate a substitute paying agent without prior notice to the Holders of Debt Securities. 

SECTION 4.05 STATEMENT BY OFFICERS AS TO DEFAULT. 

The Partnership will deliver to the Trustee, on or before a date not more than four months after the end of each fiscal
year of the Partnership (currently ending on December 31 of each year) ending after the date hereof, an Officers’ Certificate stating, as to each officer signing such certificate, that (i) in the course of his performance of his
duties as an officer of the General Partner, he would normally have knowledge of any Default, (ii) whether or not to the best of his knowledge any Default occurred during such year and (iii) if to the best of his knowledge the Partnership,
is in Default, specifying all such Defaults and what action the Partnership is taking or proposes to take with respect thereto. The Partnership also shall comply with Section 314(a)(4) of the Trust Indenture Act. 

SECTION 4.06 FURTHER INSTRUMENTS AND ACTS. 

The Partnership will, upon request of the Trustee, execute and deliver such further instruments and do such further acts
as may reasonably be necessary or proper to carry out more effectually the purposes of this Indenture. 
  

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 SECTION 4.07 CORPORATE, PARTNERSHIP OR LIMITED LIABILITY COMPANY EXISTENCE.

 Subject to Article 10, the Partnership shall do or cause to be done all things necessary to preserve and keep
in full force and effect the corporate existence and related rights and franchises (charges and statutory) of the Partnership and each of its Subsidiaries; provided, however, that the Partnership shall not be required to preserve any such right or
franchise for the corporate, partnership or limited liability company existence of any such Subsidiary if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Partnership
and its Subsidiaries as a whole and that the loss thereof would not reasonably be expected to have a material adverse effect on the ability of the Partnership or any obligor on the Debt Securities of any series to perform their obligations
hereunder; and provided, further, however, that the foregoing shall not prohibit a sale, transfer or conveyance of a Subsidiary of the Partnership or any of its assets in compliance with the terms of this Indenture. 

SECTION 4.08 MAINTENANCE OF PROPERTIES. 

The Partnership shall cause all material properties owned by the Partnership or any of its Subsidiaries or used or held
for use in the conduct of its business or the business of any of its Subsidiaries to be maintained and kept in good condition, repair and working order (ordinary wear and tear excepted) and supplied with all necessary equipment and will cause to be
made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the reasonable judgment of the Partnership may be consistent with sound business practice and necessary so that the business carried on in connection
therewith may be properly conducted at all times; provided, however, that nothing in this Section shall prevent the Partnership from discontinuing the maintenance of any of such properties if such discontinuance is, in the reasonable judgment of the
Board of Directors, desirable in the conduct of its business or the business of any of its Subsidiaries and not reasonably expected to have a material adverse effect on the ability of the Partnership or any obligor on the Debt Securities of any
series to perform their obligations hereunder. 
 SECTION 4.09 PAYMENT OF TAXES AND OTHER CLAIMS. 

The Partnership shall pay or discharge or cause to be paid or discharged, on or before the date the same shall become due
and payable, (i) all taxes, assessments and governmental charges levied or imposed upon the Partnership or any of its Subsidiaries or otherwise assessed or upon the income, profits or property of the Partnership or any of its Subsidiaries if
failure to pay or discharge the same could reasonably be expected to have a material adverse effect on the ability of the Partnership or any obligor on the Debt Securities of any series to perform their obligations hereunder and (ii) all lawful
claims for labor, materials and supplies, which, if unpaid, would by law become a Lien upon the property of the Partnership or any of its Subsidiaries, except for any Lien permitted to be incurred under the terms of this Indenture, if failure to pay
or discharge the same could reasonably be expected to have a material adverse effect on the ability of the Partnership or any obligor on the Debt Securities of any series to perform their obligations hereunder; provided, however, that the
Partnership shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings properly

  

 34 

 
instituted and diligently conducted and in respect of which appropriate reserves (in the good faith judgment of management of the General Partner) are being maintained in accordance with GAAP.

 SECTION 4.10 CALCULATION OF ORIGINAL ISSUE DISCOUNT. 

The Partnership shall file with the Trustee promptly at the end of each calendar year (i) a written notice
specifying the amount of original issue discount (including daily rates and accrual periods) accrued on Outstanding Original Issue Discount Debt Securities as of the end of such year and (ii) such other specific information relating to such
original issue discount as may then be relevant under the Code. 
 SECTION 4.11 STAY, EXTENSION AND USURY LAWS.

 The Partnership covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, plead or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the
Partnership hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit
the execution of every such power as though no such law has been enacted. 
 ARTICLE 5 

HOLDERS’ LISTS AND REPORTS 

BY THE PARTNERSHIP AND THE TRUSTEE 

SECTION 5.01 THE PARTNERSHIP TO FURNISH THE TRUSTEE INFORMATION AS TO NAMES AND ADDRESSES OF HOLDERS; PRESERVATION OF
INFORMATION. 
 The Partnership covenants and agrees that it will furnish or cause to be furnished to the
Trustee with respect to the Registered Securities of each series: 
 (i) not more than 15 days
after each record date with respect to the payment of interest, if any, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Registered Holders as of such record date; and 

(ii) at such other times as the Trustee may request in writing, within 30 days after the receipt by the
Partnership of any such request, a list as of a date not more than 15 days prior to the time such list is furnished; 

provided, however, that so long as the Trustee shall be the Registrar, such lists shall not be required to be furnished. 

The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and
addresses of the Holders (i) contained in the most recent list furnished to it as provided in this Section 5.01 or (ii) received by it in the capacity of paying agent or Registrar (if so acting) hereunder. 

 

 35 

 The Trustee may destroy any list furnished to it as provided in this
Section 5.01 upon receipt of a new list so furnished. 
 SECTION 5.02 COMMUNICATIONS TO HOLDERS; MEETINGS
OF HOLDERS. 
 Holders may communicate pursuant to Section 312(b) of the Trust Indenture Act with other
Holders with respect to their rights under this Indenture or the Debt Securities. The Partnership, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the Trust Indenture Act. 

A meeting of the Holders of Debt Securities of any or all series may be called at any time and from time to time pursuant
to this Section 5.02 to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided herein to be made, given or taken by Holders of Debt Securities of such series. 

The Trustee may at any time call a meeting of Holders of Debt Securities of any series for any purpose specified herein
to be held at such time and at such place in                     , Texas, in The Borough of Manhattan, The City of New York or in any other
location, as the Trustee shall determine. Notice of every meeting of Holders of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given not less than 20
nor more than 180 days prior to the date fixed for the meeting. 
 In case at any time the Partnership, pursuant
to Board Resolutions, or the Holders of at least 10% in aggregate principal amount of the outstanding Debt Securities of any series, shall have requested the Trustee for any such series to call a meeting of the Holders of Debt Securities of such
series for any purpose specified herein, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 30 days
after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Partnership or the Holders of such series in the amount specified above, as the case may be, may determine the time and the
place in                     , Texas, in The Borough of Manhattan, The City of New York, or in any other location, for such meeting and may
call such meeting for such purposes by giving notice thereof as provided in the third paragraph of this Section 5.02. 

SECTION 5.03 REPORTS BY THE PARTNERSHIP. 

Notwithstanding that the Partnership may not be required to remain subject to the reporting requirements of Sections 13
or 15(d) of the Exchange Act, the Partnership shall file with the Commission and provide to the Trustee and the Holders of Debt Securities the annual reports and the information, documents and other reports that are specified in Sections 13 and
15(d) of the Exchange Act, and, with respect to the annual consolidated financial statements only, a report thereon by the Partnership’s independent auditors; provided, however, that the Partnership shall not be so obligated to file such
information, documents and reports with the Commission if the Commission does not permit such filings. The Partnership shall comply with the other provisions of Section 314(a) of the Trust Indenture Act. 

 

 36 

 The Partnership covenants and agrees, and any obligor hereunder shall
covenant and agree, to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by said Commission, such additional information, documents, and reports with respect to compliance by the
Partnership or such obligor, as the case may be, with the conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations. 

Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the
Trustee’s receipt of such shall not constitute notice of any information contained therein or determinable from information contained therein, including the Partnership’s compliance with any of their covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 5.04 REPORTS BY THE TRUSTEE.

 The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this
Indenture as may be required pursuant to the Trust Indenture Act at the time and in the manner provided pursuant thereto. 

Reports pursuant to this Section 5.04 shall be transmitted by mail: 

(i) to all Registered Holders, as the names and addresses of such Holders appear in the Debt Security
Register; and 
 (ii) except in the cases of reports under Section 313(b)(2) of the Trust
Indenture Act, to each holder of a Debt Security of any series whose name and address appear in the information preserved at the time by the Trustee in accordance with Section 5.02. 

A copy of each report at the time of its mailing to Holders shall be filed with the Commission and each stock exchange
(if any) on which the Debt Securities of any series are listed. The Partnership agrees to notify promptly the Trustee whenever the Debt Securities of any series become listed on any stock exchange and of any delisting thereof. 

SECTION 5.05 RECORD DATES FOR ACTION BY HOLDERS. 

If the Partnership shall solicit from the Holders of Debt Securities of any series any action (including the making of
any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action), the Partnership may, at its option, by Board Resolutions, fix in advance a record date for the determination of Holders of Debt
Securities entitled to take such action, but the Partnership shall have no obligation to do so. Any such record date shall be fixed at the Partnership’s discretion. If such a record date is fixed, such action may be sought or given before or
after the record date, but only the Holders of Debt Securities of record at the close of business on such record date shall be deemed to be Holders of Debt Securities for the purpose of determining whether Holders of the requisite proportion of Debt
Securities of such series Outstanding have authorized or agreed or consented to such action, and for that purpose the Debt Securities of such series Outstanding shall be computed as of such record date. 

 

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 ARTICLE 6 

REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT 

SECTION 6.01 EVENTS OF DEFAULT. 

If any one or more of the following shall have occurred and be continuing with respect to Debt Securities of any series
(each of the following, an “EVENT OF DEFAULT”): 
 (a) the Partnership defaults for a
period of 60 days in the payment when due of interest on any Debt Securities of that series, whether or not such payment shall be prohibited by Article 12, if applicable; or 

(b) the Partnership defaults in the payment when due of principal of or premium, if any, on any Debt
Securities of that series at maturity, upon redemption or otherwise, whether or not such payment shall be prohibited by Article 12, if applicable; or 

(c) default in the payment of any sinking fund payment with respect to any Debt Securities of that series
as and when the same shall become due and payable; or 
 (d) failure on the part of the
Partnership to comply with Article 10; or 
 (e) failure by the Partnership for 60 days after its
receipt of notice to comply from the Trustee or the Holders of at least 25% in principal amount of the Outstanding Debt Securities of that series to duly observe or perform any other of the covenants or agreements on the part of the Partnership in
the Debt Securities of that series in any Board Resolution authorizing the issuance of that series of Debt Securities, in this Indenture with respect to such series or in any supplemental Indenture with respect to such series (other than a covenant
a default in the performance of which is elsewhere in this Section 6.01 specifically dealt with); or 

(f) pursuant to or within the meaning of Bankruptcy Law, the Partnership commences a voluntary case,
consents to the entry of an order for relief against it in an involuntary case, consents to the appointment of a custodian of it or for all or substantially all of its property, makes a general assignment for the benefit of its creditors, or
generally is not paying its debts as they become due; or 
 (g) (i) a court of competent
jurisdiction enters an order or decree under any Bankruptcy Law that is for relief against the Partnership in an involuntary case, appoints a custodian of the Partnership, or orders the liquidation of the Partnership and (ii) such order or
decree remains unstayed and in effect for 60 consecutive days; or 
 (h) any other Event of
Default provided under the terms of the Debt Securities of that series; 
  

 38 

 then and in each and every case that an Event of Default with respect to Debt Securities of
that series at the time Outstanding occurs and is continuing, by notice to the Partnership either the Trustee or the Holders of at least 25% in aggregate principal amount of the Debt Securities of that series then Outstanding, may declare the
principal of (or, if the Debt Securities of that series are Original Issue Discount Debt Securities, such portion of the principal amount as may be specified in the terms of that series), and the premium, if any, and accrued interest on, all the
Debt Securities of that series to be due and payable immediately. 
 The Holders of a majority in principal
amount of the Debt Securities of a particular series by notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree already rendered and if all existing Events of Default
have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. Upon any such rescission, the parties hereto shall be restored respectively to their several positions and rights hereunder, and
all rights, remedies and powers of the parties hereto shall continue as though no proceeding had been taken. 

In case the Trustee or any Holder shall have proceeded to enforce any right under this Indenture and such proceedings
shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee or such Holder, then and in every such case the parties hereto shall be restored
respectively to their several positions and rights hereunder, and all rights, remedies and powers of the parties hereto shall continue as though no such proceeding had been taken. 

The foregoing Events of Default shall constitute Events of Default whatever the reason for any such Event of Default and
whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The Partnership shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of
an Officers’ Certificate of any Event of Default under clause (c), (d), (e), (f), (g) or (h), its status and what action the Partnership is taking or proposes to take with respect to the Event of Default. 

SECTION 6.02 COLLECTION OF INDEBTEDNESS BY TRUSTEE, ETC. 

If an Event of Default occurs and is continuing, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid or enforce the performance of any provision of the Debt Securities of the affected series or this Indenture, and
may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against the Partnership or any other obligor upon the Debt Securities of such series (and collect in the manner provided by
law out of the property of the Partnership or any other obligor upon the Debt Securities of such series wherever situated the moneys adjudged or decreed to be payable). 

In case there shall be pending proceedings for the bankruptcy or for the reorganization of the Partnership or any other
obligor upon the Debt Securities of any series under Title 11 of the 
  

 39 

 
United States Code or any other Federal or State bankruptcy, insolvency or similar law, or in case a receiver, trustee or other similar official shall have been appointed for its property, or in
case of any other similar judicial proceedings relative to the Partnership or any other obligor upon the Debt Securities of any series, its creditors or its property, the Trustee, irrespective of whether the principal of Debt Securities of any
series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.02, shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal, premium, if any, and interest (or, if the Debt Securities of such series are Original Issue Discount Debt Securities, such portion
of the principal amount as may be specified in the terms of such series) owing and unpaid in respect of the Debt Securities of such series, and to file such other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for reasonable compensation to the Trustee, its agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its
negligence or bad faith) and of the Holders thereof allowed in any such judicial proceedings relative to the Partnership, or any other obligor upon the Debt Securities of such series, its creditors or its property, and to collect and receive any
moneys or other property payable or deliverable on any such claims, and to distribute all amounts received with respect to the claims of such Holders and of the Trustee on their behalf, and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of such Holders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Holders, to pay to the Trustee such amount as shall be
sufficient to cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its negligence or bad faith.

 All rights of action and of asserting claims under this Indenture, or under any of the Debt Securities, of
any series, may be enforced by the Trustee without the possession of any such Debt Securities or the production thereof in any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment (except for any amounts payable to the Trustee pursuant to Section 7.06) shall be for the ratable benefit of the Holders of all the Debt Securities in respect of which
such action was taken. 
 In case of an Event of Default hereunder the Trustee may in its discretion proceed to
protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether
for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by
law. 
 SECTION 6.03 APPLICATION OF MONEYS COLLECTED BY TRUSTEE. 

Any moneys or other property collected by the Trustee pursuant to Section 6.02 with respect to Debt Securities of
any series shall be applied, after giving effect to the provisions of Article 12, if applicable, in the order following, at the date or dates fixed by the Trustee for the 

 

 40 

 
distribution of such moneys or other property, upon presentation of the several Debt Securities of such series in respect of which moneys or other property have been collected, and the notation
thereon of the payment, if only partially paid, and upon surrender thereof if fully paid: 

First: To the payment of all money due the Trustee pursuant to Section 7.06; 

Second: In case the principal of the Outstanding Debt Securities in respect of which such moneys have been
collected shall not have become due, to the payment of interest on the Debt Securities of such series in the order of the maturity of the installments of such interest, with interest (to the extent that such interest has been collected by the
Trustee) upon the overdue installments of interest at the rate or Yield to Maturity (in the case of Original Issue Discount Debt Securities) borne by the Debt Securities of such series, such payments to be made ratably to the Persons entitled
thereto, without discrimination or preference; 
 Third: In case the principal of the Outstanding
Debt Securities in respect of which such moneys have been collected shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the Debt Securities of such series for principal and premium, if
any, and interest, with interest on the overdue principal and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the rate or Yield to Maturity (in the case of Original
Issue Discount Debt Securities) borne by the Debt Securities of such series; and, in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Debt Securities of such series, then to the payment of such
principal and premium, if any, and interest, without preference or priority of principal and premium, if any, over interest, or of interest over principal and premium, if any, or of any installment of interest over any other installment of interest,
or of any Debt Security of such series over any Debt Security of such series, ratably to the aggregate of such principal and premium, if any, and interest; and 

Fourth: The remainder, if any, shall be paid to the Partnership, its successors or assigns, or as a court
of competent jurisdiction may direct. 
 The Trustee may fix a record date and payment date for any payment to
Holders pursuant to this Section 6.03. At least 15 days before such record date, the Partnership shall mail to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.04 LIMITATION ON SUITS BY HOLDERS. 

No Holder of any Debt Security of any series shall have any right by virtue or by availing of any provision of this
Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise, upon or under or with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless such
Holder previously shall have given to the Trustee written notice of an Event of Default with respect to Debt Securities of that same series and of the continuance thereof and unless the Holders of not less than 25% in aggregate principal amount of
the Outstanding Debt Securities of that series shall have made 
  

 41 

 
written request upon the Trustee to institute such action or proceedings in respect of such Event of Default in its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the loss, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any
such action or proceedings and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.06; it being understood and intended, and being expressly covenanted by the Holder of every Debt
Security with every other Holder and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any Holders, or to
obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all such Holders. For the protection
and enforcement of the provisions of this Section 6.04, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision in this Indenture, however, the right of any Holder of any Debt Security to receive
payment of the principal of, and premium, if any, and (subject to Section 2.12) interest on, such Debt Security on or after the respective due dates expressed in such Debt Security, and to institute suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.05 REMEDIES CUMULATIVE; DELAY OR OMISSION IN EXERCISE OF RIGHTS NOT A WAIVER OF DEFAULT. 

All powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law,
be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any Default occurring and continuing as aforesaid, shall impair any such right or power, or shall be construed to be a
waiver of any such Default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as
shall be deemed expedient, by the Trustee or by the Holders. 
 SECTION 6.06 RIGHTS OF HOLDERS OF MAJORITY IN
PRINCIPAL AMOUNT OF DEBT SECURITIES TO DIRECT TRUSTEE AND TO WAIVE DEFAULT. 
 The Holders of a majority in
aggregate principal amount of the Debt Securities of any series at the time Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Debt Securities of such series; provided, however, that such direction shall not be otherwise than in accordance with law and the provisions of this Indenture, and that subject to the provisions of
Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee being advised by counsel shall determine that the action so directed may not lawfully be taken, or if the Trustee shall by a Responsible
Officer or officers determine that the action so directed would involve it in personal 
  

 42 

 
liability or would be prejudicial to Holders of Debt Securities of such series not taking part in such direction; and provided further, however, that nothing in this Indenture contained shall
impair the right of the Trustee to take any action deemed proper by the Trustee and which is not inconsistent with such direction by such Holders. Prior to the acceleration of the maturity of the Debt Securities of any series, as provided in
Section 6.01, the Holders of a majority in aggregate principal amount of the Debt Securities of that series at the time Outstanding may on behalf of the Holders of all the Debt Securities of that series waive any past Default or Event of
Default and its consequences for that series specified in the terms thereof as contemplated by Section 2.03, except (i) a Default in the payment of the principal of, and premium, if any, or interest on, any of the Debt Securities and
(ii) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected thereby. In case of any such waiver, such Default shall cease to exist, any Event of Default arising therefrom
shall be deemed to have been cured for every purpose of this Indenture, and the Partnership, the Trustee and the Holders of the Debt Securities of that series shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 SECTION
6.07 TRUSTEE TO GIVE NOTICE OF DEFAULTS KNOWN TO IT, BUT MAY WITHHOLD SUCH NOTICE IN CERTAIN CIRCUMSTANCES. 

The Trustee shall, within 90 days after the occurrence of a Default known to it with respect to a series of Debt
Securities give to the Holders thereof, in the manner provided in Section 1.07, notice of all Defaults with respect to such series known to the Trustee, unless such Defaults shall have been cured or waived before the giving of such notice;
provided that, except in the case of Default in the payment of the principal of, or premium, if any, or interest on, any of the Debt Securities of such series or in the making of any sinking fund payment with respect to the Debt Securities of such
series, the Trustee shall be protected in withholding such notice if and so long as the committee of Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests of the Holders thereof.

 SECTION 6.08 REQUIREMENT OF AN UNDERTAKING TO PAY COSTS IN CERTAIN SUITS UNDER THIS INDENTURE OR AGAINST THE
TRUSTEE. 
 All parties to this Indenture agree, and each Holder of any Debt Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit in the manner and to the extent provided in the Trust Indenture Act, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 6.08 shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than twenty-five percent in principal amount of the Outstanding Debt Securities of that series or to any suit instituted by any
Holder for the enforcement of the payment of the principal of, or premium, if any, or interest on, any Debt Security on or after the due date for such payment expressed in such Debt Security. 

 

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 ARTICLE 7 

CONCERNING THE TRUSTEE 

SECTION 7.01 CERTAIN DUTIES AND RESPONSIBILITIES. 

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

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its
own negligent failure to act, or its own willful misconduct, except that: 
 (i) this subsection
shall not be construed to limit the effect of the first paragraph of this Section 7.01; 

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

(a) the duties and obligations of the Trustee with respect to Debt Securities of any series shall be
determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations with respect to such series as are specifically set forth in this Indenture, and no implied
covenants or obligations with respect to such series shall be read into this Indenture against the Trustee; and 

(b) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; 

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

(iv) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it with
respect to Debt Securities of any series in good faith in accordance with the direction of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of that series relating to the time, method and

  

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place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to Debt Securities of
such series. 
 None of the provisions of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any personal financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. 
 Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 

SECTION 7.02 CERTAIN RIGHTS OF TRUSTEE. 

Except as otherwise provided in Section 7.01: 

(i) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to
have been signed or presented by the proper party or parties; 
 (ii) any request, direction,
order or demand of the Partnership mentioned herein shall be sufficiently evidenced by an Issuer Order (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy
thereof certified by the Secretary or an Assistant Secretary of the General Partner; 
 (iii) the
Trustee may consult with counsel of its own selection, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good
faith and in accordance with such advice or Opinion of Counsel; 
 (iv) the Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Holders of Debt Securities of any series pursuant to the provisions of this Indenture, unless such Holders
shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the loss, expenses and liabilities which may be incurred therein or thereby; 

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

(vi) prior to the occurrence of an Event of Default and after the curing of all Events of Default which
may have occurred, the Trustee shall not be bound to make any 
  

 45 

 
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, approval or other paper or
document, unless requested in writing to do so by the Holders of a majority in aggregate principal amount of the then outstanding Debt Securities of a series affected by such matter; provided, however, that if the payment within a reasonable time to
the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is not, in the opinion of the Trustee, reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture,
the Trustee may require indemnity reasonably satisfactory to it against such costs, expenses or liabilities as a condition to so proceeding; the Trustee shall be entitled to examine the books, records and premises of the Partnership, personally or
by an agent or attorney at the sole cost of the Partnership and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

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

(viii) if any property other than cash shall at any time be subject to a Lien in favor of the Holders, the
Trustee, if and to the extent authorized by a receivership or bankruptcy court of competent jurisdiction or by the supplemental instrument subjecting such property to such Lien, shall be entitled to make advances for the purpose of preserving such
property or of discharging tax Liens or other prior Liens or encumbrances thereon; and 
 (ix)
the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the
Trustee at the Corporate Trust Office of the Trustee, and such notice references the Debt Securities and this Indenture; and 

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

SECTION 7.03 TRUSTEE NOT LIABLE FOR RECITALS IN INDENTURE OR IN DEBT SECURITIES. 

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

  

 46 

 SECTION 7.04 TRUSTEE, PAYING AGENT OR REGISTRAR MAY OWN DEBT SECURITIES.

 The Trustee or any paying agent or Registrar, in its individual or any other capacity, may become the owner
or pledgee of Debt Securities and subject to the provisions of the Trust Indenture Act relating to conflicts of interest and preferential claims may otherwise deal with the Partnership with the same rights it would have if it were not Trustee,
paying agent or Registrar; provided, however, that if the Trustee acquires any such conflicting interest and an Event of Default or Default has occurred and is continuing, the Trustee must eliminate such conflict within 90 days, apply to the
Commission for permission to continue as trustee or resign. 
 SECTION 7.05 MONEYS RECEIVED BY TRUSTEE TO BE
HELD IN TRUST. 
 Subject to the provisions of Section 11.05, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any
moneys received by it hereunder. So long as no Event of Default shall have occurred and be continuing, all interest allowed on any such moneys shall be paid from time to time to the Partnership upon an Issuer Order. 

SECTION 7.06 COMPENSATION AND REIMBURSEMENT. 

The Partnership covenants and agrees to pay in Dollars to the Trustee from time to time, and the Trustee shall be
entitled to, reasonable compensation for all services rendered by it hereunder (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust), and, except as otherwise expressly provided herein,
the Partnership will pay or reimburse in Dollars the Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents, attorneys and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advances as may arise from its negligence or bad faith. The Partnership
also covenants to fully indemnify in Dollars the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability, claim, damage or expense incurred without negligence or willful misconduct on the part of the
Trustee, arising out of or in connection with the acceptance or administration of this trust or trusts hereunder, including the costs and expenses of defending itself against any claim of liability in connection with the exercise or performance of
any of its powers or duties hereunder. The obligations of the Partnership under this Section 7.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall constitute additional
indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture. The Partnership and the Holders agree that such additional indebtedness shall be secured by a Lien prior to that of the Debt Securities upon all property and
funds held or collected by the Trustee, as such, except funds held in trust for the payment of principal of, and premium, if any, or interest on, particular Debt Securities. 

 

 47 

 When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(g) or (h) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency, reorganization or other similar law. 

SECTION 7.07 RIGHT OF TRUSTEE TO RELY ON AN OFFICERS’ CERTIFICATE WHERE NO OTHER EVIDENCE SPECIFICALLY PRESCRIBED.

 Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith
on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under the provisions of this Indenture upon the faith thereof. 

SECTION 7.08 SEPARATE TRUSTEE; REPLACEMENT OF TRUSTEE. 

The Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee
may resign with respect to one or more or all series of Debt Securities at any time by giving notice to the Partnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such
series and only such series by so notifying the Trustee and may appoint a successor Trustee. The Partnership shall remove the Trustee if: 

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

(2) the Trustee is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt
Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee),
the Partnership shall promptly appoint a successor Trustee. No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of this Section 7.08. 
 A successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Partnership. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to 
  

 48 

 
Holders of Debt Securities of each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in
Section 7.06. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee
gives notice of resignation or is removed, the retiring Trustee or the Holders of 25% in principal amount of the Debt Securities of any applicable series may petition any court of competent jurisdiction for the appointment of a successor Trustee for
the Debt Securities of such series. 
 If the Trustee fails to comply with Section 7.10, any Holder of Debt
Securities of any applicable series may petition at the expense of the Partnership any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations
under Section 7.06 shall continue for the benefit of the retiring Trustee. 
 In the case of the
appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable
series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect
to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each
such separate, retiring or successor Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. 

SECTION 7.09 SUCCESSOR TRUSTEE BY MERGER. 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust
business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee. 

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

 

 49 

 SECTION 7.10 ELIGIBILITY; DISQUALIFICATION. 

The Trustee shall at all times satisfy the requirements of Section 310(a) of the Trust Indenture Act. The Trustee
shall have a combined capital and surplus of at least $50,000,000, as set forth in its most recent published annual report of condition. No obligor upon the Debt Securities of a particular series or Person directly or indirectly controlling,
controlled by or under common control with such obligor shall serve as Trustee upon the Debt Securities of such series. The Trustee shall comply with Section 310(b) of the Trust Indenture Act; provided, however, that there shall be excluded
from the operation of Section 310(b)(1) of the Trust Indenture Act, this Indenture or any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Partnership are outstanding
if the requirements for such exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met. 

SECTION 7.11 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE PARTNERSHIP. 

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

SECTION 7.12 COMPLIANCE WITH TAX LAWS. 

The Trustee hereby agrees to comply with all U.S. Federal income tax information reporting and withholding requirements
applicable to it with respect to payments of premium (if any) and interest on the Debt Securities, whether acting as Trustee, Security Registrar, paying agent or otherwise with respect to the Debt Securities. 

SECTION 7.13 TRUSTEE’S APPLICATION FOR INSTRUCTIONS FROM THE PARTNERSHIP. 

Any application by the Trustee for written instructions from the Partnership may, at the option of the Trustee, set forth
in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or
omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three business days after the date any officer of the General Partner actually
receives such application, unless such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in
response to such application specifying the action to be taken or omitted. 
  

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 ARTICLE 8 

CONCERNING THE HOLDERS 

SECTION 8.01 EVIDENCE OF ACTION BY HOLDERS. 

Whenever in this Indenture it is provided that the Holders of a specified percentage in aggregate principal amount of the
Debt Securities of any or all series may take action (including the making of any demand or request, the giving of any direction, notice, consent or waiver or the taking of any other action) the fact that at the time of taking any such action the
Holders of such specified percentage have joined therein may be evidenced (i) by any instrument or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, (ii) by the record of
the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Section 5.02 or (iii) by a combination of such instrument or instruments and any such record of such a meeting of
Holders. 
 SECTION 8.02 PROOF OF EXECUTION OF INSTRUMENTS AND OF HOLDING OF DEBT SECURITIES. 

Subject to the provisions of Sections 1.13, 7.01 and 7.02, proof of the execution of any instrument by a Holder or his
agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. 

The ownership of Registered Securities of any series shall be proved by the Debt Security Register or by a certificate of
the Registrar for such series. 
 The Trustee may require such additional proof of any matter referred to in
this Section 8.02 as it shall deem necessary. 
 SECTION 8.03 WHO MAY BE DEEMED OWNER OF DEBT SECURITIES.

 Prior to due presentment for registration of transfer of any Registered Security, the Partnership, the
Trustee, any paying agent and any Registrar may deem and treat the Person in whose name any Registered Security shall be registered upon the books of the Partnership as the absolute owner of such Registered Security (whether or not such Registered
Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of and premium, if any, and (subject to Section 2.03) interest on such
Registered Security and for all other purposes, and neither the Partnership nor the Trustee nor any paying agent nor any Registrar shall be affected by any notice to the contrary; and all such payments so made to any such Holder for the time being,
or upon his order, shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Registered Security. 

None of the Partnership, the Trustee, any paying agent or the Registrar will have any responsibility or liability for any
aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

 

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 SECTION 8.04 INSTRUMENTS EXECUTED BY HOLDERS BIND FUTURE HOLDERS.

 At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the
taking of any action by the Holders of the percentage in aggregate principal amount of the Debt Securities of any series specified in this Indenture in connection with such action and subject to the following paragraph, any Holder of a Debt Security
which is shown by the evidence to be included in the Debt Securities the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office of the Trustee and upon proof of holding as provided
in Section 8.02, revoke such action so far as concerns such Debt Security. Except as aforesaid any such action taken by the Holder of any Debt Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of
such Debt Security and of any Debt Security issued upon transfer thereof or in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto is made upon such Debt Security or such other Debt Securities. Any action
taken by the Holders of the percentage in aggregate principal amount of the Debt Securities of any series specified in this Indenture in connection with such action shall be conclusively binding upon the Partnership, the Trustee and the Holders of
all the Debt Securities of such series. 
 The Partnership may, but shall not be obligated to, fix a record date
for the purpose of determining the Holders of Registered Securities entitled to give their consent or take any other action required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders of Registered Securities at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take
any such action, whether or not such Persons continue to be Holders of Registered Securities after such record date. No such consent shall be valid or effective for more than 120 days after such record date unless the written consent of the Holders
of the percentage in aggregate principal amount of the Debt Securities of such series specified in this Indenture shall have been received within such 120-day period. 

ARTICLE 9 

SUPPLEMENTAL INDENTURES 

SECTION 9.01 PURPOSES FOR WHICH SUPPLEMENTAL INDENTURE MAY BE ENTERED INTO WITHOUT CONSENT OF HOLDERS. 

The Partnership, when authorized by Board Resolutions, and the Trustee may from time to time and at any time, without the
consent of Holders, enter into an Indenture or Indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof) for one or more of the following purposes: 

(a) to cure any ambiguity, defect, omission, error or inconsistency contained herein, in any supplemental
Indenture or in the Debt Securities of such series; 
  

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 (b) to provide for uncertificated Debt Securities in
addition to or in place of certificated Debt Securities; provided, however, that the uncertificated Debt Securities are issued in registered form for purposes of Section 163(f) of the Code of 1986, as amended from time to time, or in a manner
such that the uncertificated Debt Securities are described in Section 163(f)(2)(B) of the Code; 

(c) to evidence succession, or to provide for the assumption of the Partnership’s obligations to
Holders, pursuant to Article 10; 
 (d) in the case of any Debt Securities subordinated pursuant
to Article 12, to make any change in Article 12 that would limit or terminate the benefits available to any holder of Senior Indebtedness (or Representatives therefor) under Article 12; 

(e) to add guarantees with respect to any or all of the Debt Securities or to secure any or all of the
Debt Securities, or any guarantees with respect thereto, in each case in accordance with the provisions of this Indenture or any supplemental indenture; 

(f) to make any changes that would provide any additional rights or benefits to the Holders of the Debt
Securities or that do not, taken as a whole, adversely affect the legal rights hereunder of any Holder; 

(g) to comply with the requirements of the Commission to permit the qualification of this Indenture or any
Indenture supplemental hereto under the Trust Indenture Act as then in effect, except that nothing herein contained shall permit or authorize the inclusion in any Indenture supplemental hereto of the provisions referred to in Section 316(a)(2)
of the Trust Indenture Act; 
 (h) to evidence and provide for the acceptance of appointment
hereunder by a successor or separate Trustee with respect to the Debt Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee; 
 (i) to add any additional Events of Default; and

 (j) to release any guarantee or security with respect to any or all of the Debt Securities, or
any guarantees with respect thereto, in each case in accordance with this Indenture or any supplemental Indenture. 

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

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 Any supplemental Indenture authorized by the provisions of this
Section 9.01 may be executed by the Partnership and the Trustee without the consent of the Holders of any of the Debt Securities at the time outstanding, notwithstanding any of the provisions of Section 9.02. 

In the case of Debt Securities subordinated pursuant to Article 12, an amendment under this Section 9.01 may not
make any change that adversely affects the rights under Article 12 of any holder of Senior Indebtedness then outstanding unless the holders of such Senior Indebtedness (or any group or Representative thereof authorized to give a consent) consent to
such change. 
 After an amendment under this Section 9.01 becomes effective, the Partnership shall mail to
Holders of Debt Securities of each series affected thereby a notice briefly describing such amendment. The failure to give such notice to all such Holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.01. 
 SECTION 9.02 MODIFICATION OF INDENTURE WITH CONSENT OF HOLDERS OF DEBT SECURITIES.

 Without notice to any Holder but with the consent (evidenced as provided in Section 8.01) of the Holders
of a majority in aggregate principal amount of the outstanding Debt Securities of each series affected by such supplemental Indenture, the Partnership, when authorized by Board Resolutions, and the Trustee may from time to time and at any time enter
into an Indenture or Indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of any supplemental Indenture or of modifying in any manner the rights of the Holders of the Debt Securities of such series; provided, that no such supplemental Indenture, without the consent of the Holders
of each Debt Security so affected, shall (i) reduce the percentage in principal amount of Debt Securities of any series whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the principal of or change the Stated
Maturity of any Debt Security; (iii) reduce or waive the premium payable upon the redemption of any Debt Security or alter or waive any provisions by which any Debt Security may or shall be redeemed in accordance with Article 3;
(iv) reduce the rate of or change the time for payment of interest on any Debt Security; (v) waive a Default or an Event of Default in the payment of principal of, or premium, if any, with respect to a Debt Security except for a rescission
of an acceleration of such Debt Securities by the Holders of at least a majority in aggregate principal amount of such Debt Securities and a waiver of the payment default that resulted from such acceleration; (vi) release any security that may
have been granted in respect of the Debt Securities; (vii) make any Debt Security payable in Currency other than that stated in the Debt Security; (viii) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders to receive payments of principal of or premium, if any, or interest on the Debt Securities; (ix) waive a redemption payment with respect to any Debt Security other than as required by a covenant set forth in
the applicable supplemental Indenture; (x) except as otherwise permitted under this Indenture or any supplemental indenture, with respect to Debt Securities that are guaranteed, release any guarantor from its obligations under this Indenture or
any supplemental Indenture or under its guarantee or change any guarantee in any manner that would adversely affect the rights of Holders of such Debt Securities; (xi) in the case of any Debt Security subordinated pursuant to Article 12, make
any change in Article 12 that adversely affects the rights of any Holder under Article 12; or (xii) make any change in Section 6.06 or this Section 9.02. 
  

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 A supplemental Indenture which changes or eliminates any covenant or other
provision of this Indenture which has been expressly included solely for the benefit of one or more particular series of Debt Securities or which modifies the rights of the Holders of Debt Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Debt Securities of any other series. 

Upon the request of the Partnership, accompanied by copies of Board Resolutions authorizing the execution of any such
supplemental Indenture, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the Partnership in the execution of such supplemental Indenture unless such supplemental Indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental Indenture. 

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

In the case of any Debt Securities subordinated pursuant to Article 12, an amendment under this Section 9.02 may not
make any change that adversely affects the rights under Article 12 of any holder of Senior Indebtedness then outstanding unless the holders of such Senior Indebtedness (or any group or Representative thereof authorized to give a consent) consent to
such change. 
 After an amendment under this Section 9.02 becomes effective, the Partnership shall mail to
Holders of Debt Securities of each series affected thereby a notice briefly describing such amendment. The failure to give such notice to all such Holders, or any defect therein, shall not impair or affect the validity of an amendment under this
Section 9.02. 
 SECTION 9.03 EFFECT OF SUPPLEMENTAL INDENTURES. 

Upon the execution of any supplemental Indenture pursuant to the provisions of this Article 9, this Indenture shall be
and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Partnership and the Holders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental Indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes. 
 The Trustee, subject to the provisions of Sections 7.01 and 7.02, may
receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such supplemental Indenture complies with the provisions of this Article 9. 
  

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 SECTION 9.04 DEBT SECURITIES MAY BEAR NOTATION OF CHANGES BY SUPPLEMENTAL
INDENTURES. 
 Debt Securities of any series authenticated and delivered after the execution of any supplemental
Indenture pursuant to the provisions of this Article 9 may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental Indenture. New Debt Securities of any series so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental Indenture may be prepared and executed by the Partnership, authenticated by the Trustee and
delivered in exchange for the Debt Securities of such series then outstanding. Failure to make the appropriate notation or to issue a new Debt Security of such series shall not affect the validity of such amendment. 

ARTICLE 10 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

SECTION 10.01 CONSOLIDATIONS AND MERGERS OF THE PARTNERSHIP. 

The Partnership may not, directly or indirectly: (i) consolidate or merge with or into another Person (whether or
not the Partnership is the survivor); or (ii) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to another Person; unless: 

(1) either (i) the Partnership is the surviving entity of such transaction or (ii) the Person
formed by or surviving any such consolidation or merger (if other than the Partnership) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made (the “SUCCESSOR COMPANY”) is an entity
organized or existing under the laws of the United States, any state thereof or the District of Columbia; 

(2) the Successor Company assumes all the obligations of the Partnership under the Debt Securities and
this Indenture pursuant to agreements reasonably satisfactory to the Trustee; 
 (3) immediately
after such transaction no Default or Event of Default exists; and 
 (4) the Partnership has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and, if a supplemental Indenture is required, such supplemental Indenture complies with this Indenture and all
conditions precedent therein relating to such transaction have been satisfied. 
 SECTION 10.02 RIGHTS AND
DUTIES OF SUCCESSOR COMPANY. 
 In case of any consolidation or merger, or conveyance or transfer of the assets
of the Partnership as an entirety or virtually as an entirety in accordance with Section 10.01, the Successor Company shall succeed to and be substituted for the Partnership, with the same effect

  

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as if it had been named herein as the party of the first part, and the Partnership shall be released from all liabilities and obligations, and relieved of any further obligation, under this
Indenture and the Debt Securities. The Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Partnership, any or all the Debt Securities issuable hereunder which theretofore shall not have
been signed by the Partnership and delivered to the Trustee; and, upon the order of the Successor Company, instead of the Partnership, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Debt Securities which previously shall have been signed and delivered by the officers of the Partnership to the Trustee for authentication, and any Debt Securities which the Successor Company thereafter shall cause
to be signed and delivered to the Trustee for that purpose. All the Debt Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Debt Securities theretofore or thereafter issued in accordance with
the terms of this Indenture as though all such Debt Securities had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale or conveyance such changes in phraseology and form (but not in substance)
may be made in the Debt Securities appertaining thereto thereafter to be issued as may be appropriate. 
 ARTICLE 11

 SATISFACTION AND DISCHARGE OF INDENTURE; 

UNCLAIMED MONEYS; DEFEASANCE 

SECTION 11.01 APPLICABILITY OF ARTICLE. 

The provisions of this Article 11 relating to the defeasance of Debt Securities shall be applicable to each series of
Debt Securities except as otherwise specified pursuant to Section 2.03 for Debt Securities of such series. 

SECTION 11.02 SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE. 

(a) If at any time the Partnership shall have delivered to the Trustee for cancellation all Debt Securities of any series
theretofore authenticated and delivered (other than any Debt Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.09 and Debt Securities for whose payment
money has theretofore been deposited in trust and thereafter repaid to the Partnership as provided in Section 11.05) or all Debt Securities of such series not theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Partnership shall deposit with
the Trustee as trust funds the entire amount in cash sufficient to pay at maturity or upon redemption all Debt Securities of such series not theretofore delivered to the Trustee for cancellation, including principal and premium, if any, and interest
due or to become due on such date of maturity or redemption date, as the case may be, and if in either case the Partnership shall also pay or cause to be paid all other sums payable hereunder by the Partnership, then this Indenture shall cease to be
of further effect (except as to any surviving rights of registration of 
  

 57 

 
transfer or exchange of such Debt Securities herein expressly provided for) with respect to the Debt Securities of such series, and the Trustee, on demand of the Partnership accompanied by an
Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Partnership, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture. 

(b) Subject to Sections 11.02(c) and 11.07, the Partnership at any time may terminate, with respect to Debt Securities of
a particular series, all its obligations under the Debt Securities of such series and this Indenture with respect to the Debt Securities of such series (“LEGAL DEFEASANCE OPTION”) or the operation of Sections 6.01(d), (e) and
(h) (“COVENANT DEFEASANCE OPTION”). If the Partnership exercises its legal defeasance option, the guarantee of any obligor will terminate with respect to that series of Debt Securities. The Partnership may exercise its legal
defeasance option notwithstanding its prior exercise of its covenant defeasance option. 
 If the Partnership
exercises its legal defeasance option, payment of the Debt Securities of the defeased series may not be accelerated because of an Event of Default. If the Partnership exercises its covenant defeasance option, payment of the Debt Securities of the
defeased series may not be accelerated because of an Event of Default specified in Sections 6.01(d), (e) and (h) (except to the extent covenants or agreements reference in such Sections remain applicable. 

Upon satisfaction of the conditions set forth herein and upon request of the Partnership, the Trustee shall acknowledge
in writing the discharge of those obligations that the Partnership terminates. 
 (c) Notwithstanding the
provisions of clauses (a) and (b) above, the Partnership’s obligations in Sections 2.07, 2.09, 4.02, 4.04, 5.01, 7.06, 7.10, 11.05, 11.06, and 11.07 shall survive until the Debt Securities of the defeased series have been paid in
full. Thereafter, the Partnership’s obligations in Sections 7.06, 11.05 and 11.06 shall survive. 
 SECTION
11.03 CONDITIONS OF DEFEASANCE. 
 The Partnership may exercise its legal defeasance option or its covenant
defeasance option with respect to Debt Securities of a particular series only if: 
 (a) the Partnership
irrevocably deposits in trust with the Trustee money or U.S. Government Obligations for the payment of principal of, and premium, if any, and interest on, the Debt Securities of such series to maturity or redemption, as the case may be; 

(b) the Partnership delivers to the Trustee a certificate from a nationally recognized firm of independent accountants
expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as
will be sufficient to pay the principal, premium and interest when due on all the Debt Securities of such series to maturity or redemption, as the case may be; 

(c) 91 days pass after the deposit is made and during the 91-day period no Default specified in Section 6.01(f) or
(g) with respect to the Partnership occurs which is continuing at the end of the period; 
  

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 (d) no Default has occurred and is continuing on the date of such deposit
and after giving effect thereto; 
 (e) the deposit does not constitute a default under any other agreement
binding on the Partnership and, if the Debt Securities of such series are subordinated pursuant to Article 12, is not prohibited by Article 12; 

(f) the Partnership delivers to the Trustee an Opinion of counsel to the effect that the trust resulting from the deposit
does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 

(g) in the event of the legal defeasance option, the Partnership shall have delivered to the Trustee an Opinion of
Counsel stating that the Partnership has received from the Internal Revenue Service a ruling, or since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case of the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; 

(h) in the event of the covenant defeasance option, the Partnership shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Holders of Debt Securities of such series will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts,
in the same a manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 

(i) the Partnership delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent to the defeasance and discharge of the Debt Securities of such series as contemplated by this Article 11 have been complied with. 

Before or after a deposit, the Partnership may make arrangement satisfactory to the Trustee for the redemption of Debt
Securities of such series at a future date in accordance with Article 3. 
 SECTION 11.04 APPLICATION OF TRUST
MONEY. 
 The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to
this Article 11. It shall apply the deposited money and the money from U.S. Government Obligations through any paying agent and in accordance with this Indenture to the payment of principal of, and premium, if any, and interest on, the Debt
Securities of the defeased series. In the event the Debt Securities of the defeased series are subordinated pursuant to Article 12, money and securities so held in trust are not subject to Article 12. 

SECTION 11.05 REPAYMENT TO THE PARTNERSHIP. 

The Trustee and any paying agent shall promptly turn over to the Partnership upon request any excess money or securities
held by them at any time. 
  

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 Subject to any applicable abandoned property law, the Trustee and any paying
agent shall pay to the Partnership upon request any money held by them for the payment of principal, premium or interest that remains unclaimed for two years, and, thereafter, Holders entitled to such money must look to the Partnership for payment
as general creditors. 
 SECTION 11.06 INDEMNITY FOR U.S. GOVERNMENT OBLIGATIONS. 

The Partnership shall pay and shall indemnify the Trustee and the Holders against any tax, fee or other charge imposed on
or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 11.07 Reinstatement. 

If the Trustee or any paying agent is unable to apply any money or U.S. Government Obligations in accordance with this
Article 11 by reason of any legal proceeding or by reason of any order or judgment of any court or government authority enjoining, restraining or otherwise prohibiting such application, the Partnership’s obligations under this Indenture and the
Debt Securities of the defeased series shall be revived and reinstated as though no deposit had occurred pursuant to this Article 11 until such time as the Trustee or any paying agent is permitted to apply all such money or U.S. Government
Obligations in accordance with this Article 11. 
 ARTICLE 12 

SUBORDINATION OF DEBT SECURITIES 

SECTION 12.01 APPLICABILITY OF ARTICLE; AGREEMENT TO SUBORDINATE. 

The provisions of this Article 12 shall only be applicable to the Debt Securities of any series (Debt Securities of such
series referred to in this Article 12 as “SUBORDINATED DEBT SECURITIES”) designated, pursuant to Section 2.03, as subordinated to Senior Indebtedness and any related guarantee of such Subordinated Debt Securities. Each Holder by
accepting a Subordinated Debt Security agrees that the Debt evidenced by such Subordinated Debt Security and any related guarantee of such Subordinated Debt Security is subordinated in right of payment, to the extent that in the manner provided in
this Article 12, to the prior payment of all Senior Indebtedness and that the subordination is for the benefit of and enforceable by the holders of Senior Indebtedness. All provisions of this Article 12 shall be subject to Section 12.12.

 SECTION 12.02 LIQUIDATION, DISSOLUTION, BANKRUPTCY. 

Upon any payment or distribution of the assets of the Partnership or any Subsidiary of the Partnership which has
guaranteed a Debt Security, as the case may be, to creditors upon a total or partial liquidation or a total or partial dissolution of the Partnership or such Subsidiary, as the case may be, or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Partnership or such Subsidiary, as the case may be, or their respective property: 

(i) holders of Senior Indebtedness of the Partnership or any such Subsidiary, as the case may be, shall be
entitled to receive payment in full in cash of such Senior Indebtedness of such Person (including interest (if any), accruing on or after the commencement of a proceeding in bankruptcy, whether or not allowed as a claim against the Partnership or
such Subsidiary, as the case may be, in such bankruptcy proceeding) before Holders of Subordinated Debt Securities and any related guarantee of such Subsidiary shall be entitled to receive any payment of principal of, or premium, if any, or interest
on, the Subordinated Debt Securities from the Partnership, or any payment in respect of any guarantee from the Subsidiary; and 
  

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 (ii) until the Senior Indebtedness of the Partnership or
such Subsidiary, as the case may be, is paid in full, any distribution to which Holders of Subordinated Debt Securities and any related guarantee of such Subsidiary would be entitled but for this Article 12 shall be made to holders of Senior
Indebtedness of the Partnership or such Subsidiary, as the case may be, as their interests may appear, except that such Holders may receive shares of stock and any debt securities that are subordinated to Senior Indebtedness of the Partnership or
such Subsidiary, as the case may be, to at least the same extent as the Subordinated Debt Securities of the Partnership or the related guarantee of such Subsidiary, respectively. 

SECTION 12.03 DEFAULT OF SENIOR INDEBTEDNESS. 

The Partnership and any Subsidiary of the Partnership which has guaranteed any Debt Security may not pay the principal
of, or premium, if any, or interest on, the Subordinated Debt Securities or any related guarantee of such Subsidiary or make any deposit pursuant to Article 11 and may not repurchase, redeem or otherwise retire (except, in the case of Subordinated
Debt Securities that provide for a mandatory sinking fund pursuant to Section 3.05, by the delivery of Subordinated Debt Securities by the Partnership to the Trustee pursuant to the first paragraph of Section 3.05) any Subordinated Debt
Securities (collectively, “PAY THE SUBORDINATED DEBT SECURITIES”) if any principal, premium or interest in respect of Senior Indebtedness of such Person is not paid within any applicable grace period (including at maturity) or any other
default on Senior Indebtedness of such Person occurs and the maturity of such Senior Indebtedness is accelerated in accordance with its terms unless, in either case, the default has been cured or waived and any such acceleration has been rescinded
or such Senior Indebtedness has been paid in full in cash; provided, however, that the Partnership and such Subsidiary may make payments on the Subordinated Debt Securities or any related guarantee of such Subsidiary without regard to the foregoing
if the Partnership and the Trustee receive written notice approving such payment from the Representative of each issue of Designated Senior Indebtedness. During the continuance of any default with respect to any Designated Senior Indebtedness
pursuant to which the maturity thereof may be accelerated immediately without further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace periods, the Partnership and any Subsidiary of
the Partnership which has guaranteed a Debt Security may not make payments on the Subordinated Debt Securities or any related guarantee of such Subsidiary for a period (a “PAYMENT BLOCKAGE PERIOD”) commencing upon the receipt by the
Partnership and the Trustee (and if such Designated Senior Indebtedness is debt of such a Subsidiary, such Subsidiary) of written notice of such default from the Representative of any Designated Senior Indebtedness specifying an

  

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election to effect a Payment Blockage Period (“BLOCKAGE NOTICE”) and ending 179 days thereafter (or earlier if such Payment Blockage Period is terminated by written notice to the
Trustee and the Partnership (and if such Designated Senior Indebtedness is Debt of such a Subsidiary, such Subsidiary) from the Person or Persons who gave such Blockage Notice, by repayment in full in cash of such Designated Senior Indebtedness or
because the default giving rise to such Blockage Notice is no longer continuing). Notwithstanding the provisions described in the immediately preceding sentence (but subject to the provisions contained in the first sentence of this
Section 12.03), unless the holders of such Designated Senior Indebtedness or the Representative of such holders shall have accelerated the maturity of such Designated Senior Indebtedness, the Partnership and any Subsidiary of the Partnership
which has guaranteed a Debt Security may resume payments on the Subordinated Debt Securities and related guarantees of such Subsidiary after such Payment Blockage Period. Not more than one Blockage Notice may be given in any consecutive 360-day
period, irrespective of the number of defaults with respect to any number of issues of Designated Senior Indebtedness during such period, unless otherwise specified pursuant to Section 2.03 for the Subordinated Debt Securities of a series;
provided, however, that in no event may the total number of days during which any Payment Blockage Period or Periods is in effect exceed 179 days in the aggregate during any 360 consecutive day period. For purposes of this Section 12.03, no
default or event of default which existed or was continuing on the date of the commencement of any Payment Blockage with respect to the Designated Senior Indebtedness initiating such Payment Blockage Period shall be, or be made, the basis of the
commencement of a subsequent Payment Blockage Period by the Representative of such Designated Senior Indebtedness, whether or not within a period of 360 consecutive days, unless such default or event of default shall have been cured or waived for a
period of not less than 90 consecutive days. 
 SECTION 12.04 ACCELERATION OF PAYMENT OF DEBT SECURITIES.

 If payment of the Subordinated Debt Securities is accelerated because of an Event of Default, the Partnership
shall promptly notify the holders of the Designated Senior Indebtedness (or their Representatives) of the acceleration. 

SECTION 12.05 WHEN DISTRIBUTION MUST BE PAID OVER. 

If a distribution is made to Holders of Subordinated Debt Securities or a related guarantee of a Subsidiary of the
Partnership that because of this Article 12 should not have been made to them, the Holders who receive such distribution shall hold it in trust for holders of Senior Indebtedness and pay it over to them as their interests may appear. 

SECTION 12.06 SUBROGATION. 

After all Senior Indebtedness is paid in full and until the Subordinated Debt Securities are paid in full, Holders
thereof shall be subrogated to the rights of holders of Senior Indebtedness to receive distributions applicable to Senior Indebtedness. A distribution made under this Article 12 to holders of a Senior Indebtedness which otherwise would have been
made to Holders of Subordinated Debt Securities is not, as between the Partnership or any Subsidiary of the Partnership which has guaranteed a Debt Security, as the case may be, and such Holders, a payment by the Partnership or such Subsidiary, as
the case may be, on Senior Indebtedness. 
  

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 SECTION 12.07 RELATIVE RIGHTS. 

This Article 12 defines the relative rights of Holders of Subordinated Debt Securities and holders of Senior
Indebtedness. Nothing in this Indenture shall: 
 (i) impair, as between the Partnership or any
Subsidiary of the Partnership which has guaranteed a Debt Security, as the case may be, and Holders of either Subordinated Debt Securities or Debt Securities, the obligation of the Partnership or such Subsidiary, as the case may be, which is
absolute and unconditional, to pay principal of, and premium, if any, and interest on, the Subordinated Debt Securities and the Debt Securities in accordance with their terms; or 

(ii) prevent the Trustee or any Holder of either Subordinated Debt Securities or Debt Securities from
exercising its respective available remedies upon a Default, subject to the rights of holders of Senior Indebtedness to receive distributions otherwise payable to Holders of Subordinated Debt Securities. 

SECTION 12.08 SUBORDINATION MAY NOT BE IMPAIRED BY PARTNERSHIP. 

No right of any holder of Senior Indebtedness to enforce the subordination of the Debt evidenced by the Subordinated Debt
Securities and any guarantee in respect thereof shall be impaired by any act or failure to act by the Partnership or any Subsidiary of the Partnership which has guaranteed a Debt Security or by its failure to comply with this Indenture. 

SECTION 12.09 RIGHTS OF TRUSTEE AND PAYING AGENT. 

Notwithstanding Section 12.03, the Trustee or any paying agent may continue to make payments on Subordinated Debt
Securities and shall not be charged with knowledge of the existence of facts that would prohibit the making of any such payments unless, not less than two Business Days prior to the date of such payment, a responsible officer of the Trustee receives
notice satisfactory to it that payments may not be made under this Article 12. The Partnership, the Registrar, any paying agent, a Representative or a holder of Senior Indebtedness may give the notice; provided, however, that, if an issue of Senior
Indebtedness has a Representative, only the Representative may give the notice on behalf of the Holders of the Senior Indebtedness of that issue. 

The Trustee in its individual or any other capacity may hold Senior Indebtedness with the same rights it would have if it
were not Trustee. The Registrar and any paying agent may do the same with like rights. The Trustee shall be entitled to all the rights set forth in this Article 12 with respect to any Senior Indebtedness which may at any time be held by it, to the
same extent as any other holder of Senior Indebtedness; and nothing in Article 7 shall deprive the Trustee of any of its rights as such holder. Nothing in this Article 12 shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.06. 
 SECTION 12.10 DISTRIBUTION OR NOTICE TO REPRESENTATIVE. 

Whenever a distribution is to be made or a notice given to holders of Senior Indebtedness, the distribution may be made
and the notice given to their Representative (if any). 
  

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 SECTION 12.11 ARTICLE 12 NOT TO PREVENT DEFAULTS OR LIMIT RIGHT TO
ACCELERATE. 
 The failure to make a payment pursuant to the Subordinated Debt Securities, whether directly or
pursuant to any Guarantee therefor, by reason of any provision in this Article 12 shall not be construed as preventing the occurrence of a Default. Nothing in this Article 12 shall have any effect on the right of the Holders or the Trustee to
accelerate the maturity of either the Subordinated Debt Securities or the Debt Securities, as the case may be. 

SECTION 12.12 TRUST MONEYS NOT SUBORDINATED. 

Notwithstanding anything contained herein to the contrary, payments from money or the proceeds of U.S. Government
Obligations held in trust under Article 11 by the Trustee for the payment of principal of, and premium, if any, and interest on, the Subordinated Debt Securities or the Debt Securities shall not be subordinated to the prior payment of any Senior
Indebtedness or subject to the restrictions set forth in this Article 12, and none of the Holders thereof shall be obligated to pay over any such amount to the Partnership, any Subsidiary of the Partnership which has guaranteed a Debt Security or
any holder of Senior Indebtedness of the Partnership or such Subsidiary or any other creditor of the Partnership or such Subsidiary. 

SECTION 12.13 TRUSTEE ENTITLED TO RELY. 

Upon any payment or distribution pursuant to this Article 12, the Trustee and the Holders shall be entitled to rely upon
any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred to in Section 12.02 are pending, upon a certificate of the liquidating trustee or agent or other Person making such payment or distribution
to the Trustee or to such Holders or upon the Representatives for the holders of Senior Indebtedness for the purpose of ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and
other Debt of the Partnership or any Subsidiary of the Partnership which has guaranteed a Debt Security, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article 12. In the event that the Trustee determines, in good faith, that evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article 12, the
Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution
and other facts pertinent to the rights of such Person under this Article 12, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment. The provisions of Sections 7.01 and 7.02 shall be applicable to all actions or omissions of actions by the Trustee pursuant to this Article 12. 

SECTION 12.14 TRUSTEE TO EFFECTUATE SUBORDINATION. 

Each Holder by accepting a Subordinated Debt Security authorizes and directs the Trustee on his behalf to take such
action as may be necessary or appropriate to acknowledge or effectuate the subordination between the Holders of Subordinated Debt Securities and the holders of Senior Indebtedness as provided in this Article 12 and appoints the Trustee as
attorney-in-fact for any and all such purposes. 
  

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 SECTION 12.15 TRUSTEE NOT FIDUCIARY FOR HOLDERS OF SENIOR INDEBTEDNESS.

 The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness and shall not
be liable to any such holders if it shall mistakenly pay over or distribute to Holders of Subordinated Debt Securities or the Partnership or any Subsidiary of the Partnership which has guaranteed a Debt Security or any other Person, money or assets
to which any holders of Senior Indebtedness shall be entitled by virtue of this Article 12 or otherwise. 

SECTION 12.16 RELIANCE BY HOLDERS OF SENIOR INDEBTEDNESS ON SUBORDINATION PROVISIONS. 

Each Holder by accepting a Subordinated Debt Security acknowledges and agrees that the foregoing subordination provisions
are, and are intended to be, an inducement and a consideration to each holder of any Senior Indebtedness, whether such Senior Indebtedness was created or acquired before or after the issuance of the Subordinated Debt Securities, to acquire and
continue to hold, or to continue to hold, such Senior Indebtedness and such holder of Senior Indebtedness shall be deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold,
such Senior Indebtedness. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
signed as of the date first written above. 
  

			
	NUSTAR PIPELINE OPERATING PARTNERSHIP, L.P.
		
	 By:
	 	  

		 	     Name:

		 	     Title:

	
	  

		
	 By:
	 	  

		 	     Name:

		 	     Title:

  

 66

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