Document:

Exhibit 4.2

 

 

 

ENBRIDGE ENERGY PARTNERS, L.P.

as Issuer

and

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

 

$400,000,000

 

SERIES A AND SERIES B

 

6.50% NOTES DUE 2018

 

 

 

SEVENTH

SUPPLEMENTAL

INDENTURE

 

 

Dated as of April 3, 2008

 

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE I

  	
  ESTABLISHMENT OF NEW SERIES

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 1.01.

  	
  Establishment of New Series

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  DEFINITIONS AND INCORPORATION BY
  REFERENCE

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.01.

  	
  Definitions

  	
   

  	
  2

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 2.02.

  	
  Other Definitions

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  THE NOTES

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 3.01.

  	
  Form

  	
   

  	
  3

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 3.02.

  	
  Issuance of Additional Notes

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 3.03.

  	
  Transfer of Transfer Restricted Securities

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 3.04.

  	
  Restrictive Legends

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  REDEMPTION

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.01.

  	
  Optional Redemption

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 4.02.

  	
  Mandatory Redemption

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  COVENANT SUPPLEMENTS

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 5.01.

  	
  Covenants of the Partnership

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI 

  	
  ADDITIONAL EVENT OF DEFAULT

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 6.01.

  	
  Events of Default

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII 

  	
  MISCELLANEOUS

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.01.

  	
  Integral Part

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.02.

  	
  Additional Interest

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.03.

  	
  Adoption, Ratification and Confirmation

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.04.

  	
  Counterparts

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.05.

  	
  Governing Law

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Section 7.06.

  	
  Trustee Makes No Representation

  	
   

  	
  8

  
						

 

	
  EXHIBITS

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Exhibit A:

  	
  Form of Note

  
	
   

  	
  Exhibit B:

  	
  Form of Supplemental Indenture

  
	
   

  	
  Exhibit C:

  	
  Certificate to be Delivered Upon Exchange or
  Registration of Transfer of Securities Pursuant to Rule 144A

  
	
   

  	
  Exhibit D:

  	
  Certificate to be Delivered in Connection with
  Transfers Pursuant to Regulation S

  

 

i

 

SEVENTH
SUPPLEMENTAL INDENTURE dated as of April 3, 2008
(this “Supplemental Indenture”),
between Enbridge Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), and U.S. Bank National
Association, a national banking association, as successor trustee to SunTrust
Bank (the “Trustee”),

 

W I T
N E S S E T H:

 

WHEREAS,
the Issuer has heretofore entered into an Indenture, dated as of May 27, 2003
(the “Original Indenture”), with
SunTrust Bank, as trustee;

 

WHEREAS,
the Original Indenture, as supplemented by this Supplemental Indenture, is herein
called the “Indenture”;

 

WHEREAS,
under the Original Indenture, the form and terms of a new series of Debt
Securities may at any time be established by a supplemental Indenture executed
by the Issuer and the Trustee;

 

WHEREAS,
the Issuer proposes to create under the Indenture a new series of Debt
Securities;

 

WHEREAS,
additional Debt Securities of other series hereafter established, except as may
be limited in the Original Indenture as at the time supplemented and modified,
may be issued from time to time pursuant to the Original Indenture as at the
time supplemented and modified; and

 

WHEREAS,
all conditions necessary to authorize the execution and delivery of this
Supplemental Indenture and to make it a valid and binding obligation of the
Issuer have been done or performed.

 

NOW,
THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

ARTICLE I

ESTABLISHMENT OF NEW SERIES

 

Section 1.01.     Establishment of New Series.  (a) There is hereby established a new
series of Debt Securities to be issued under the Indenture, to be designated as
the Issuer’s 6.50% Notes due 2018 (the “Notes”). As
provided in Article II hereof, the Notes shall be issued as either Series A
Notes or Series B Notes, and any Notes may have such additional
designation.

 

(b)        There are to be authenticated and
delivered $400,000,000 principal amount of Series A Notes on the Issue Date,
and from time to time thereafter there may be authenticated and delivered an
unlimited principal amount of Additional Notes. Further, from time to time
after the Issue Date, Series B Notes may be authenticated and delivered in
a principal amount equal to the principal amount of the Series A Notes
exchanged therefor pursuant to an Exchange Offer.

 

 

(c)        The Notes shall be issued initially in
the form of one or more Global Securities in substantially the form set out in Exhibit A
hereto.  The Depositary with respect to
the Notes shall be The Depository Trust Company.

 

(d)        Initially, there shall be no Subsidiary
Guarantors.  Each Note shall be dated the
date of authentication thereof and shall bear interest as provided in paragraph
1 of the form of Note in Exhibit A hereto.

 

(e)        If and to the extent that the provisions
of the Original Indenture are duplicative of, or in contradiction with, the
provisions of this Supplemental Indenture, the provisions of this Supplemental
Indenture shall govern.

 

ARTICLE II

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 2.01.     Definitions.  All capitalized terms used herein and not
otherwise defined below shall have the meanings ascribed thereto in the
Original Indenture.  The following are
additional definitions used in this Supplemental Indenture:

 

“Additional Interest”
means all additional interest owing on the Notes pursuant to a registration
default under a Registration Rights Agreement.

 

“Exchange Offer”
means the offer by the Issuer to the Holders of all outstanding Transfer
Restricted Securities to exchange all such outstanding Transfer Restricted
Securities held by such Holders for Series B Notes, in an aggregate
principal amount equal to the aggregate principal amount of the Transfer
Restricted Securities tendered in such exchange offer by such Holders.

 

“Freely Tradable”
means, at any time of determination, with respect to any Transfer Restricted
Securities, that such Transfer Restricted Securities may be sold to the public
pursuant to Rule 144 by a person that is not an “affiliate” (as defined in
Rule 144) of the Issuer without regard to any of the conditions specified
therein (other than the holding period requirement in paragraph (d) of Rule 144
so long as such holding period requirement is satisfied at such time of
determination).

 

“Initial Purchasers”
means, collectively, Banc of America Securities LLC, Deutsche Bank Securities
Inc., HSBC Securities (USA) Inc., CIBC World Markets Corp., RBC Capital Markets
Corporation, Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital
Markets Corp., Mitsubishi UFJ Securities International plc and National Bank of
Canada Financial Inc.

 

“Notes” has
the meaning assigned to it in Section 1.01(a) hereof, and
includes both the Series A Notes and the Series B Notes.

 

“Registration Rights
Agreement” means (a) the Registration Rights Agreement
among the Partnership and the Initial Purchasers dated the Issue Date relating
to the Series A Notes issued on such date and (b) any similar
agreement that the Issuer may enter into in relation to any 

 

2

 

other Series A
Notes, in each case as such agreement may be amended or modified from time to
time.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act, as amended from time
to time.

 

“Series A Notes”
means the Issuer’s 6.50% Series A Notes due 2018 to be issued pursuant to
this Supplemental Indenture.

 

“Series B Notes”
means the Issuer’s 6.50% Series B Notes due 2018 to be issued pursuant to
an Exchange Offer.

 

“Transfer Restricted
Securities” means any Notes and Additional Notes outstanding
prior to the Resale Restriction Termination Date with respect to such Notes and
that must bear the legend required under Section 3.04 hereof.

 

Section 2.02.      Other Definitions

 

	
  Term

  	
   

  	
  Defined

  in

  Section

  
	
   

  	
   

  	
   

  
	
  “Additional Notes”

  	
   

  	
  3.02

  
	
  “QIBs”

  	
   

  	
  3.01

  
	
  “Regulation S”

  	
   

  	
  3.01

  
	
  “Resale Restriction Termination Date”

  	
   

  	
  3.04

  
	
  “Rule 144A”

  	
   

  	
  3.01

  
	
  “U.S. Persons”

  	
   

  	
  3.01

  

 

ARTICLE III

THE NOTES

 

Section 3.01.     Form.  The Notes shall be issued initially in the
form of one or more Global Securities as Series A Notes, and the Series A
Notes and Trustee’s certificate of authentication shall be substantially in the
form of Exhibit A hereto, the terms of which are incorporated in
and made a part of this Supplemental Indenture, and the Issuer and the Trustee,
by their execution and delivery of this Supplemental Indenture, expressly agree
to such terms and provisions and to be bound thereby. The Series A Notes
constituting Transfer Restricted Securities will be resold initially only to (a) Qualified
Institutional Buyers (as such term is defined in Section 144A of the
Securities Act) (“QIBs”) in reliance on Rule 144A
of the Securities Act (“Rule 144A”)
and (b) Persons other than U.S. Persons (as defined under Regulation S
under the Securities Act (“Regulation S”))
(“U.S. Persons”) in reliance on
Regulation S.  Thereafter, the Series A
Notes may be transferred to, among others, QIBs and Persons other than U.S.
Persons in reliance upon Regulation S. 
Pursuant to the terms of the Registration Rights Agreement, upon
consummation of the Exchange Offer contemplated thereby, the Series A
Notes constituting Transfer Restricted Securities will be exchanged by the
Holders for Series B Notes to be issued by the Issuer in accordance with Section 3.03
hereof.  

 

3

 

The Series B Notes shall be issued initially in
the form of one or more Global Securities, and the Series B Notes and the
Trustee’s certificate of authentication shall be substantially in the form of Exhibit A
hereto.

 

Section 3.02.     Issuance of Additional Notes.  The Issuer may, from time to time, issue an
unlimited amount of additional Series A Notes (“Additional
Notes”) under the Indenture, which shall be issued in the same
form as the Series A Notes issued on the Issue Date and which shall have
identical terms as the Series A Notes issued on the Issue Date other than
with respect to the issue date, issue price and date of first payment of
interest.  The Series A Notes issued
on the Issue Date shall be limited in aggregate principal amount to
$400,000,000.  The Series A Notes
issued on the Issue Date and any Additional Notes subsequently issued, together
with any Series B Notes issued in exchange therefor pursuant to an
Exchange Offer, shall be treated as a single series for purposes of giving of
notices, consents, waivers, amendments and taking any other action permitted
under the Indenture and for purposes of interest accrual and redemptions.

 

Section 3.03.     Transfer of Transfer Restricted
Securities.

 

(a)           When Notes are presented to the
Registrar with the request to register the transfer of such Notes or exchange
such Notes for an equal principal amount of Notes of other authorized
denominations, the Registrar shall register the transfer or make the exchange
in accordance with Article II of the Original Indenture. In addition, in
the case of Series A Notes that are Transfer Restricted Securities, such
request to register the transfer or make the exchange shall be accompanied by
the following additional information and documents, as applicable, upon which
the Registrar may conclusively rely:

 

(1)         if such Transfer Restricted Securities
are being delivered to the Registrar by a Holder for registration in the name
of such Holder, without transfer, a certification from such Holder to that
effect in substantially the form of Exhibit C hereto; or

 

(2)         if such Transfer Restricted Securities
are being transferred (i) to a QIB in accordance with Rule 144A under
the Securities Act or (ii) pursuant to an exemption from registration in
accordance with Rule 144 (and based upon an opinion of counsel if the
Issuer or the Trustee so requests) or (iii) pursuant to an effective
registration statement under the Securities Act, a certification to that effect
from such Holder in substantially the form of Exhibit C hereto; or

 

(3)         if such Transfer Restricted Securities
are being transferred to Persons other than U.S. Persons in reliance on
Regulation S, a certification to that effect from such Holder in substantially
the form of Exhibit D hereto; or

 

(4)         if such Transfer Restricted Securities
are being transferred in reliance on another exemption from the registration
requirements of the Securities Act (and based upon an opinion of counsel if the
Issuer or the Trustee so requests), a certification to that effect from such
Holder in substantially the form of Exhibit C hereto.

 

(b)           Upon any sale or transfer of a
Transfer Restricted Security (including any Transfer Restricted Security
represented by a Global Security) pursuant to Rule 144 or an effective
registration statement under the Securities Act:

 

4

 

(1)           in the case of any Transfer
Restricted Security that is in the form of a definitive Note, the Registrar shall
permit the Holder thereof to exchange such Transfer Restricted Security for a
definitive Note that does not bear the legend set forth in Section 3.04(a) below
and rescind any restriction on the transfer of such Transfer Restricted
Security; and

 

(2)           in the case of any Transfer
Restricted Security represented by a Global Security, such Transfer Restricted
Security shall not be required to bear the legend set forth in Section 3.04(a) below
if all other interests in such Global Security have been or are concurrently
being sold or transferred pursuant to Rule 144 or pursuant to an effective
registration statement under the Securities Act.

 

Notwithstanding
the foregoing, upon consummation of an Exchange Offer, the Issuer shall issue
and, upon receipt of an authentication order in accordance with Section 2.05
of the Original Indenture, the Trustee shall authenticate Series B Notes
in exchange for Series A Notes accepted for exchange in the Exchange
Offer, which Series B Notes shall not bear the legend set forth in Section 3.04(a) below,
and the Registrar shall rescind any restriction on the transfer of such Notes,
in each case unless the Holder of such Series A Notes is either (A) a
Person participating in the distribution of the Series A Notes or (B) a
Person who is an affiliate (as defined in Rule 144) of the Issuer.  The Issuer shall identify to the Trustee such
Holders of the Notes in a written certification signed by an officer of the
Issuer and, absent certification from the Issuer to such effect, the Trustee
shall assume that there are no such Holders. 
In addition, at such time as beneficial interests in Transfer Restricted
Securities are Freely Tradable (based upon an opinion of counsel if the Issuer
or the Trustee so requests), the Issuer shall issue and, upon receipt of an
authentication order in accordance with Section 2.02 of the Original
Indenture, the Trustee shall authenticate and deliver one or more Global
Securities that do not bear the legend set forth in Section 3.04(a) below
in exchange for each outstanding Global Security that is a Transfer Restricted
Security in the appropriate principal amount. 
Simultaneously with the authentication of such Global Security, the
Trustee shall cancel the corresponding Global Securities that bore the legend
set forth in Section 3.04(a) below.

 

(c)           Upon any sale or transfer of a
Transfer Restricted Security in definitive form initially resold to Persons
other than U.S. Persons in reliance upon Regulation S pursuant to (i) Regulation
S following 40 consecutive days beginning on and including the later of the day
on which such Transfer Restricted Security was offered to Persons other than “distributors”
(as such term is defined in Regulation S) and the date of the closing of the
original offering, or (ii) an effective registration statement under the
Securities Act, the Registrar shall permit the Holder thereof to exchange such
Transfer Restricted Security for a definitive Note that does not bear the
legend referred to in Section 3.04(b) below and rescind any
restriction on the transfer of such Transfer Restricted Security.

 

Section 3.04.     Restrictive Legends.

 

(a)          Except as provided in Section 3.03
hereof, prior to the Resale Restriction Termination Date, each security
certificate evidencing the Notes shall bear a legend in substantially the
following form:

 

5

 

THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES
ACT’’), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO
THE DATE THAT IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE
144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE
LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE)
AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE ‘‘RESALE RESTRICTION
TERMINATION DATE’’) EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT (AND THAT
CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER), (C) FOR SO LONG
AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (‘‘RULE 144A’’), TO A PERSON IT REASONABLY BELIEVES IS A ‘‘QUALIFIED
INSTITUTIONAL BUYER’’ AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT
TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT
TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY
SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE
END OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO
THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A
CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED
AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

(b)         Each security certificate evidencing
the Global Securities shall bear a legend substantially in the form set forth
in Section 2.15(a) of the Original Indenture.

 

6

 

ARTICLE IV

REDEMPTION

 

Section 4.01.     Optional Redemption.

 

(a)          At its option, the Issuer may choose
to redeem all or any portion of the Notes, at once or from time to time.

 

(b)         To redeem the Notes, the Issuer must
pay a redemption price in an amount determined in accordance with the
provisions of paragraph number 5 of the form of Note in Exhibit A
hereto, plus accrued and unpaid interest, if any, including Additional
Interest, if any, to the Redemption Date (subject to the right of Holders on the
relevant record date to receive interest due on the relevant interest payment
date).

 

(c)          Any redemption pursuant to this Section 4.01
shall otherwise be made pursuant to the provisions of Sections 3.01
through 3.03 of the Original Indenture. 
The actual redemption price, calculated as provided in paragraph number
5 of the form of Note in Exhibit A hereto, shall be certified in
writing to the Issuer and the Trustee by the Independent Investment Banker (as
defined in such paragraph 5) no later than two Business Days prior to each
Redemption Date.

 

Section 4.02.     Mandatory Redemption.  The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes and
shall have no obligation to repurchase any Notes at the option of the Holders.

 

ARTICLE
V

COVENANT SUPPLEMENTS

 

Section 5.01.     Covenants
of the Partnership.  Article IV
of the Original Indenture is hereby supplemented, but only in relation to the
Notes, by the addition of the following new Section at the end of Article IV:

 

“Section 4.14.  Subsidiary
Guarantees.  If any Subsidiary of the
Partnership that is not then a Subsidiary Guarantor becomes a guarantor or
co-obligor of any Funded Debt of the Partnership, in either case after the
Issue Date, then the Partnership shall cause such Subsidiary to promptly
execute and deliver a supplemental Indenture, substantially in the form of Exhibit B
hereto, providing for the Guarantee of the payment of the Notes pursuant to Article XIV
hereof.”

 

ARTICLE VI

ADDITIONAL EVENT OF DEFAULT

 

Section 6.01.     Events of Default.  The following shall be deemed an Event of
Default only with respect to the Notes as provided in Section 6.01(h) of
the Original Indenture:

 

“(h)    default
by the Partnership or any of its Subsidiaries in the payment at the Stated
Maturity, after the expiration of any applicable grace period, of principal of,
premium, if any, or interest on any Debt then outstanding having a principal
amount in excess of the greater of $25 million and 2% of total partners’ 

 

7

 

capital in the Partnership, or acceleration of any
Debt having a principal amount in excess of the greater of such amounts so that
it becomes due and payable prior to its Stated Maturity and such acceleration
is not rescinded within 30 days after the date on which written notice
specifying such default shall have been given to the Partnership by the Trustee
or to the Partnership and the Trustee by the Holders of at least 25% in
aggregate principal amount of the Notes at the time Outstanding.  The occurrence and continuance of a default
under the foregoing shall be deemed an Event of Default under Section 6.01(h) of
the Original Indenture with respect to the Notes.”

 

ARTICLE VII

MISCELLANEOUS

 

Section 7.01.     Integral Part.  This Supplemental Indenture constitutes an
integral part of the Indenture.

 

Section 7.02.     Additional Interest.  In relation to the Notes, all references to “interest”
in the Original Indenture and in the Notes shall be deemed to include
Additional Interest, if any, unless the context otherwise requires.

 

Section 7.03.     Adoption, Ratification and Confirmation.  The Original Indenture, as supplemented and
amended by this Supplemental Indenture, is in all respects hereby adopted,
ratified and confirmed.

 

Section 7.04.     Counterparts.  This Supplemental Indenture may be executed
in any number of counterparts, each of which when so executed shall be deemed
an original; and all such counterparts shall together constitute but one and
the same instrument.

 

Section 7.05.     Governing Law.  THIS SUPPLEMENTAL
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.06.     Trustee Makes No Representation.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

 

[Signatures on following page]

 

8

 

SIGNATURES

 

	
   

  	
  ISSUER:

  
	
   

  	
   

  
	
   

  	
  ENBRIDGE
  ENERGY PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  Enbridge
  Energy Management, L.L.C.,

  
	
   

  	
   

  	
  as
  delegate of Enbridge Energy Company, Inc.,

  
	
   

  	
   

  	
  its
  General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:
  

  	
   /s/ Mark Maki

  
	
   

  	
   

  	
   

  	
    Name:  Mark A. Maki

  
	
   

  	
   

  	
   

  	
    Title:  Vice President - Finance

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TRUSTEE:

  
	
   

  	
   

  
	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as 

  
	
   

  	
  Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Muriel Shaw

  
	
   

  	
   

  	
   

  	
    Name:  Muriel Shaw

  
	
   

  	
   

  	
   

  	
    Title:  Assistant Vice President

  
						

 

[SIGNATURE PAGE – SEVENTH SUPPLEMENTAL INDENTURE]

 

 

EXHIBIT A

 

	
   

  	
  (Form of Face
  of Note)

  	
   

  
	
   

  	
   

  	
   

  
	
  CUSIP

  	
   

  	
   

  	
  No.

  
	
   

  	
   

  	
   

  	
   

  
	
  ISIN

  	
   

  	
  Principal Amount: $

  

 

ENBRIDGE ENERGY
PARTNERS, L.P.

 

6.50% Series       
Notes due 2018

 

Enbridge
Energy Partners, L.P., a Delaware limited partnership, promises to pay to
                                                                ,
or registered assigns, the principal sum of
                                
Dollars [or such greater or lesser amount as may be endorsed on the Schedule
attached hereto](1) on April 15, 2018.

 

Interest
Payment Dates: April 15 and October 15, commencing October 15,
2008

Record
Dates: April 1 and October 1

 

 

	
   

  	
  ENBRIDGE
  ENERGY PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Enbridge
  Energy Management, L.L.C.,

  
	
   

  	
   

  	
  as
  delegate of Enbridge Energy Company, Inc.,

  
	
   

  	
   

  	
  its
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
   

  	
    Title:

  

 

TRUSTEE’S
CERTIFICATE

OF
AUTHENTICATION

 

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

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
    Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
  Dated

  	
   

  	
   

  	
   

  
				

 

(1) To
be included only if the Note is issued in global form.

 

A-1

 

(Form of
Back of Note)

 

6.50% Series       
Notes due 2018

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE PARTNERSHIP OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
HEREIN.](2)

 

[THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’),
OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO
THE DATE THAT IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE
144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE
LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE)
AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE ‘‘RESALE RESTRICTION
TERMINATION DATE’’) EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT (AND THAT
CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER), (C) FOR SO LONG
AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (‘‘RULE 144A’’),

 

(2) To be included only
if note is issued in global form.

 

A-2

 

TO A PERSON IT REASONABLY
BELIEVES IS A ‘‘QUALIFIED INSTITUTIONAL BUYER’’ AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR
TO THE END OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO
THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION
OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF
THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A
CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED
AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED
UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.](3)

 

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

 

1.             Interest. 
Enbridge Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), promises to pay interest
on the principal amount of this Note at 6.50% per annum from April 3, 2008
until maturity.  The Issuer shall pay
interest semi-annually on April 15 and October 15 of each such year,
or if any such day is not a Business Day, on the next succeeding Business Day
(each an “Interest Payment Date”).  Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing Default
in the payment of interest, and if this Note is authenticated between a record
date referred to on the face hereof and the next succeeding Interest Payment
Date, interest shall accrue from such next succeeding Interest Payment Date;
provided, further, that the first Interest Payment Date shall be October 15, 2008.  The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the same rate;
and it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard
to any applicable grace periods) from time to time on demand at the same rate
to the extent lawful.  Interest shall be
computed on the basis of a 360-day year of twelve 30-day months.

 

2.             Method of Payment.  The Issuer shall pay interest on the Notes
(except Defaulted Interest) to the Persons who are registered Holders of Notes
at the close of business on the April 1 and October 1 immediately
preceding the Interest Payment Date, even if such Notes are 

 

(3) To be included on Transfer
Restricted Securities only.

 

A-3

 

canceled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.17 of the Original
Indenture with respect to Defaulted Interest, and the Issuer shall pay
principal (and premium, if any) of the Notes upon surrender thereof to the
Trustee or a paying agent on or after the Stated Maturity thereof.  The Notes shall be payable as to principal,
premium, if any, and interest at the office or agency of the Trustee maintained
for such purpose (which initially is c/o U.S. Bank National Association, 16th
Floor, 100 Wall Street, New York, New York 10005), or, at the option of the
Issuer, payment of interest may be made by check mailed to the Holders at their
addresses set forth in the register of Holders, and provided that payment by
wire transfer of immediately available funds shall be required with respect to
principal of, and interest and premium, if any, on, (a) each Global
Security and (b) all other Notes aggregating at least $1,000,000 in
principal amount the Holder of which shall have provided wire transfer
instructions to the Issuer or the paying agent on or prior to the applicable
record date.  Such payment shall be in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

 

3.             Paying Agent and Registrar.  Initially, U.S. Bank National Association,
the successor Trustee under the Indenture, shall act as paying agent and
Registrar.  The Issuer may change any
paying agent or Registrar without notice to any Holder.  The Partnership may act in any such capacity.

 

4.             Indenture. 
The Issuer issued the Notes under an Indenture dated as of May 27, 2003
(the “Original Indenture”), as
supplemented by the Seventh Supplemental Indenture dated as of April 3,
2008 (the “Supplemental Indenture” and,
together with the Original Indenture, the “Indenture”),
between the Issuer and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15
U.S. Code §§ 77aaa-77bbbb).  The Notes
are subject to all such terms, and Holders are referred to the Indenture and
such Act for a statement of such terms. 
To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and
be controlling.  The Notes are the
obligation of the Issuer, initially in aggregate principal amount of $400
million.  The Issuer may issue an
unlimited aggregate principal amount of Additional Notes under the
Indenture.  Any such Additional Notes
that are actually issued shall be treated as issued and outstanding Notes (and
as the same series (with identical terms other than with respect to the issue
date, issue price and first payment of interest) as the initial Note for the
purposes indicated in Section 3.02 of the Supplemental Indenture).  Initially, the Notes are not guaranteed, but
in the future they may be guaranteed by one or more Subsidiary Guarantors on
the conditions and subject to the terms provided in Section 4.14 of the
Indenture and Article XIV of the Original Indenture.

 

5.             Optional Redemption.  (a) At its option, the Issuer may choose
to redeem all or any portion of the Notes, at once or from time to time.

 

(b)           To redeem the Notes, the Issuer must
pay a redemption price equal to the greater of (i) 100% of the principal
amount of the Notes to be redeemed and (ii) the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to
be redeemed (exclusive of interest accrued to the Redemption Date) discounted
to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate (as defined below)
plus 50 basis points, plus, in either case, accrued and 

 

A-4

 

unpaid interest, if any, including Additional
Interest, if any, to the Redemption Date (subject to the right of Holders on
the relevant record date to receive interest due on the relevant Interest
Payment Date).  The actual redemption
price will be calculated and certified to the Trustee and the Partnership by
the Independent Investment Banker.

 

For purposes of determining
the redemption price, the following definitions shall apply:

 

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

 

“Comparable
Treasury Price” means, for any Redemption Date, (1) the
average of four Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (2) if the Independent Investment Banker obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such
quotations.

 

“Independent
Investment Banker” means Banc of America Securities LLC,
Deutsche Bank Securities Inc. or HSBC Securities (USA) Inc., as specified by
the Partnership, and any successor firm, or if such firm is unwilling or unable
to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee after consultation
with the Partnership.

 

“Reference
Treasury Dealer” means each of Banc of America Securities LLC,
Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc., plus two other
dealers selected by the Trustee that are primary U.S. government securities
dealers in New York City and their respective successors; provided, if any of Banc
of America Securities LLC, Deutsche Bank Securities Inc. or HSBC Securities
(USA) Inc. or any primary U.S. government securities dealer selected by the
Trustee shall cease to be a primary U.S. government securities dealer, then
such other primary U.S. government securities dealers as may be substituted by
the Trustee.

 

“Reference
Treasury Dealer Quotations” means, for each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Trustee
by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the
third Business Day preceding such Redemption Date.

 

“Treasury
Rate” means, with respect to any Redemption Date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the remaining 

 

A-5

 

term
of the Notes to be redeemed, yields for the two published maturities most
closely corresponding to the Comparable Treasury Issue shall be determined and
the Treasury Rate shall be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month) or (2) if such release
(or any successor release) is not published during the week in which the
calculation date falls (or in the immediately preceding week if the calculation
date falls on any day prior to the usual publication date for such release) or
does not contain such yields, the rate per year equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using
a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate shall be calculated on the third Business Day preceding
the Redemption Date. Any weekly average yields calculated by interpolation or
extrapolation will be rounded to the nearest 1/100th of 1%, with any figure of
1/200th of 1% or above being rounded upward.

 

6.             Mandatory Redemption.  The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes or to
repurchase them at the option of the Holders.

 

7.             Notice of Redemption.  Notice of redemption shall be mailed at least
30 days but not more than 60 days before the Redemption Date to each Holder
whose Notes are to be redeemed at its registered address.  Notes in denominations larger than $2,000 may
be redeemed in part but only in whole multiples of $2,000, unless all of the
Notes held by a Holder are to be redeemed. 
On and after the Redemption Date interest shall cease to accrue on Notes
or portions thereof called for redemption and with respect to which the
redemption price has been paid.

 

8.             Denominations, Transfer, Exchange.  The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof.  The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents, and the Issuer may require a Holder to pay any taxes or other
governmental charges imposed in relation thereto.

 

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

 

10.           Amendment, Supplement and Waiver.  Subject to certain exceptions, the Indenture
may be amended or supplemented with the consent of the Holders of not less than
a majority in aggregate principal amount of the then Outstanding Notes, and any
existing default or compliance with any provision of the Indenture relating to
the Notes may be waived with the consent of the Holders of not less than a
majority in aggregate principal amount of the then Outstanding Notes.  Without the consent of any Holder of a Note,
the Indenture may be amended or supplemented for any of the purposes set forth
in Section 9.01 of the Indenture, including to cure any ambiguity, defect
or inconsistency, to provide for the assumption of the Issuer’s obligations to
Holders of the Notes in case of a merger or consolidation of the Issuer or sale
of all or substantially all of the Issuer’s assets, to add or release Subsidiary
Guarantors pursuant to the terms of the Indenture, to make any change that does
not adversely affect the rights under the Indenture of any Holder of the Notes,
to comply with the requirements of the SEC to permit the qualification of the
Indenture under the TIA, to evidence or provide for the acceptance of 

 

A-6

 

appointment under the Indenture of a successor or
separate Trustee, to add to the covenants of the Issuer or any Subsidiary
Guarantor, to secure the Notes or the Guarantee or to establish the form or
terms of any other series of Debt Securities.

 

11.           Defaults and Remedies.  Events of Default with respect to the Notes
include:  (i) default for 30 days in
the payment when due of interest on, including any Additional Interest with
respect to, the Notes; (ii) default in payment when due of principal of or
premium, if any, on the Notes when due at Stated Maturity, upon redemption or
otherwise; (iii) failure by the Partnership or any Subsidiary Guarantor for
60 days after notice to comply with any of its other covenants or agreements in
the Indenture relating to the Notes; (iv) default by the Partnership or
any of its Subsidiaries in the payment at the Stated Maturity, after the
expiration of any applicable grace period, of principal of, premium, if any, or
interest on any Debt then outstanding having a principal amount in excess of
the greater of $25 million and 2% of total partners’ capital in the
Partnership, or acceleration of any Debt having a principal amount in excess of
the greater of such amounts so that it becomes due and payable prior to its
Stated Maturity and such acceleration is not rescinded within 30 days after
notice; (v) except as permitted by the Indenture, any Guarantee shall be
held in any judicial proceeding to be null and void or shall cease to be in
full force and effect or any Subsidiary Guarantor shall deny or disaffirm its
obligations under the Indenture or its Guarantee; and (vi) certain events
of bankruptcy, insolvency or reorganization with respect to the Issuer or, if
and so long as the Notes are guaranteed by a Subsidiary Guarantor, such
Subsidiary Guarantor.  If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then Outstanding Notes may declare all the
Notes to be due and payable. 
Notwithstanding the foregoing, in the case of an Event of Default
arising from certain events of bankruptcy or insolvency, all Outstanding Notes
shall become due and payable without further action or notice.  Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. 
Subject to certain limitations, Holders of not less than a majority in
aggregate principal amount of the then Outstanding Notes may direct the Trustee
in its exercise of any trust or power. 
If and so long as the Trustee in good faith so determines, the Trustee
may withhold from Holders of the Notes notice of any continuing Default or
Event of Default (except a Default or Event of Default relating to the payment
of principal, premium, if any, or interest) if it determines that withholding
notice is in their interests.  The
Holders of not less than a majority in aggregate principal amount of the Notes
then Outstanding by written notice to the Trustee may on behalf of the Holders
of all of the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest on, the principal of, or premium, if any,
on, the Notes.  The Partnership is
required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Partnership is required within 30 days after the
occurrence of any Default or Event of Default, to deliver to the Trustee a
statement specifying such Default or Event of Default and certain additional
information.

 

12.           Trustee Dealings with Issuer.  The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the
Issuer or its Affiliates, and may otherwise deal with the Issuer or its
Affiliates, as if it were not the Trustee.

 

13.           No Recourse Against Others.  The General Partner and its directors,
officers, employees, incorporators, members and stockholders, as such, shall
have no liability for any 

 

A-7

 

obligations of the Issuer or the Subsidiary Guarantors
under the Notes, the Indenture or the Guarantee or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note
waives and releases all such liability. 
The waiver and release are part of the consideration for issuance of the
Notes.

 

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

 

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

 

16.           CUSIP and ISIN Numbers.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Issuer has
caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the
Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption
as a convenience to Holders.  No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

 

17.           Additional Rights of Holders of
Transfer Restricted Securities.  In
addition to the rights provided to Holders of Notes under the Indenture,
Holders of Transfer Restricted Securities shall have all the rights set forth
in the Registration Rights Agreement, including the right to receive Additional
Interest as set forth therein.

 

The Issuer shall furnish to
any Holder upon written request and without charge a copy of the Indenture.
Requests may be made to:

 

Enbridge Energy Partners, L.P.

1100 Louisiana Street, Suite 3300

Houston, Texas 77002-5217

Attention: General Counsel

 

A-8

 

Assignment Form

 

To
assign this Note, fill in the form below: (I) or (we) assign and transfer
this Note to

 

	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D. no.)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

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

  
	
  and
  irrevocably appoint

  	
   

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

  
	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  
	
  Your
  Signature:

  	
   

  
	
   

  
	
   

  	
   

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

  
	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature
  must be guaranteed by a financial institution that is a member of the
  Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange
  Medallion Program (“SEMP”), the New York Stock Exchange, Inc. Medallion
  Signature Program (“MSP”) or such other signature guarantee program as may be
  determined by the Registrar in addition to, or in substitution for, STAMP,
  SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

  
								

 

A-9

 

SCHEDULE OF INCREASES
OR DECREASES IN THE GLOBAL NOTE(4)

 

 

The original principal
amount of this Global Note is
$                      .
The following increases or decreases in this Global Note have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount of this

  Global Note

  	
   

  	
  Amount of increase in

  Principal Amount of this

  Global Note

  	
   

  	
  Principal Amount of this

  Global Note following

  such

  decrease (or increase)

  	
   

  	
  Signature of authorized

  signatory of Trustee or

  Note Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

(4) To
be included only if the Note is issued in global form.

 

A-10

 

EXHIBIT B

 

FORM OF
SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”),
dated as of
                            ,         
, among Enbridge Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”),
                                                                  
(the “Subsidiary Guarantor”), a
direct or indirect subsidiary of the Partnership, and U.S. Bank National
Association, a national banking association, as successor trustee to SunTrust
Bank under the indenture referred to below (the “Trustee”),

 

W
I T N E S S E T H:

 

WHEREAS, the Issuer has
heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated as of May 27, 2003,
as supplemented by the Seventh Supplemental Indenture (the “Seventh Supplemental Indenture” and,
together with the Original Indenture, the “Indenture”)
dated as of April 3, 2008, between the Issuer and the Trustee, providing
for the issuance of the Issuer’s 6.50% Notes due 2018 (the “Notes”);

 

WHEREAS, Section 4.14
of the Indenture provides that under certain circumstances the Partnership is
required to cause the Subsidiary Guarantor to execute and deliver to the
Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor
shall unconditionally guarantee all of the Issuer’s obligations under the Notes
pursuant to a Guarantee on the terms and conditions set forth herein; and

 

WHEREAS, pursuant to Section 9.01
of the Original Indenture, the Issuer and the Trustee are authorized to execute
and deliver this Supplemental Indenture;

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the Issuer, the Subsidiary
Guarantor and the Trustee mutually covenant and agree for the equal and ratable
benefit of the holders of the Notes as follows:

 

1.             Definitions.  (a) Capitalized terms used herein
without definition shall have the meanings assigned to them in the Indenture.

 

(b)         For all purposes of this Supplemental
Indenture, except as otherwise herein expressly provided or unless the context
otherwise requires:  (i) the terms
and expressions used herein shall have the same meanings as corresponding terms
and expressions used in the Indenture; and (ii) the words “herein,” “hereof”
and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof.

 

2.             Agreement to Guarantee.  The Subsidiary Guarantor hereby agrees,
jointly and severally with any other Subsidiary Guarantors under the Indenture,
to guarantee the Issuer’s obligations under the Notes and all other amounts due
and payable under the Indenture on the terms and subject to the conditions set
forth in Article XIV of the Original Indenture and to be bound by all
other applicable provisions of the Indenture. 
To further evidence the Guarantee set 

 

B-1

 

forth in Section 14.01
of the Original Indenture, the Subsidiary Guarantor is executing a notation
relating to such Guarantee, substantially in the form attached to the Original
Indenture as Annex A.  Except as
expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect.  This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder
of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 

3.             GOVERNING
LAW.  THIS SUPPLEMENTAL
INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL
BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.             Trustee Makes No Representation.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

 

5.             Counterparts.  The parties may sign any number of copies of
this Supplemental Indenture.  Each signed
copy shall be an original, but all of them together represent the same agreement.

 

6.             Effect of Headings.  The Section headings herein are for
convenience only and shall not effect the construction thereof.

 

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

 

	
   

  	
  ENBRIDGE
  ENERGY PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Enbridge
  Energy Management, L.L.C.,

  as delegate of Enbridge Energy Company, Inc.,

  its
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:  

  
	
   

  	
   

  	
   

  	
  Title:  

  
	
   

  	
   

  
	
   

  	
  (SUBSIDIARY GUARANTOR)

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:  

  
	
   

  	
   

  	
   

  	
  Title:  

  
	
   

  	
   

  
	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:  

  
	
   

  	
   

  	
   

  	
  Title:  

  
					

 

B-2

 

EXHIBIT C

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES

PURSUANT TO RULE 144A

 

Re:                               6.50% Series [A/B]
Notes due 2018 of Enbridge Energy Partners, L.P. (the “Issuer”)

 

This Certificate relates to
$            principal
amount of the above captioned Notes held in definitive form (the “Securities”) by                                          
(the “Transferor”).

 

The Transferor has requested
the Trustee by written order to exchange or register the transfer of a Security
or Securities.

 

In connection with such
request and in respect of each such Security, the Transferor does hereby certify
that the Transferor is familiar with the Indenture and the Supplemental
Indenture relative to the Securities and that the transfer of this Security
does not require registration under the Securities Act (as defined below)
because:*

 

p            Such Security is being acquired for the Transferor’s own
account without transfer.

 

p            Such Security is being transferred to a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”)),
in reliance on Rule 144A under the Securities Act.

 

p            Such Security is being transferred (i) in accordance
with Rule 144 under the Securities Act (and based on an opinion of counsel
if the Issuer or the Trustee so requests) or (ii) pursuant to an effective
registration statement under the Securities Act.

 

p            Such Security is being transferred in reliance on and in
compliance with another exemption from the registration requirements of the
Securities Act (and based on an opinion of counsel if the Issuers so request).

 

*Check appropriate response.

 

	
   

  	
   

  
	
   

  	
  [INSERT NAME OF
  TRANSFEROR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
  Address:

  

 

	
  Date:

  	
   

  	
   

  

 

C-1

 

EXHIBIT D

 

CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

 

[Date]

 

Enbridge
Energy Partners, L.P.

1100
Louisiana Street, Suite 3300

Houston,
Texas  77002-5217

Attention:  General Counsel

 

U.S.
Bank National Association, Trustee

16th
Floor, 100 Wall Street

New
York, NY 10005

 

	
  Re:

  	
   

  	
  Enbridge
  Energy Partners, L.P. (the “Issuer”)

  
	
   

  	
   

  	
  6.50%
  Series [A/B] Notes due 2018 (the “Securities”)

  

 

Ladies and Gentlemen:

 

In connection with our
proposed sale of
$            
aggregate principal amount of the Securities, we confirm that such sale has
been effected pursuant to and in accordance with Regulation S under the United
States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, we represent that:

 

(a)           the
offer of the Securities was not made to a person in the United States;

 

(b)           either
(i) at the time the buy order was originated, the transferee was outside
the United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States or (ii) the transaction
was executed in, on or through the facilities of a designated off-shore
securities market and neither we nor any person acting on our behalf knows that
the transaction has been pre-arranged with a buyer in the United States;

 

(c)           no
directed selling efforts have been made in the United States in contravention
of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and

 

(d)           the
transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.

 

In addition, if the sale is
made during a restricted period and the provisions of Rule 903(c)(3) or
Rule 904(c)(1) of Regulation S are applicable thereto, we confirm
that such sale has been made in accordance with the applicable provisions of Rule 903(c)(3) or
Rule 904(c)(1), as the case may be.

 

You are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a
copy hereof to any interested party in any administrative or legal proceedings
or 

 

D-1

 

official inquiry with
respect to the matters covered hereby. 
Terms used in this certificate have the meanings set forth in Regulation
S.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [NAME OF TRANSFEROR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

D-2Exhibit 4.3

 

 

ENBRIDGE ENERGY PARTNERS, L.P.

as Issuer

and

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

 

$400,000,000

 

SERIES A AND SERIES B

 

7.50% NOTES DUE 2038

 

 

 

EIGHTH

SUPPLEMENTAL

INDENTURE

 

 

Dated as of April 3, 2008

 

 

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  ESTABLISHMENT OF NEW SERIES

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01.

  	
   

  	
  Establishment of New Series

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01.

  	
   

  	
  Definitions

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.02.

  	
   

  	
  Other Definitions

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  THE NOTES

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
   

  	
  Form

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.02.

  	
   

  	
  Issuance of Additional Notes

  	
  4

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.03.

  	
   

  	
  Transfer of Transfer Restricted Securities

  	
  4

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.04.

  	
   

  	
  Restrictive Legends

  	
  6

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  REDEMPTION

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01.

  	
   

  	
  Optional Redemption

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.02.

  	
   

  	
  Mandatory Redemption

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  COVENANT SUPPLEMENTS

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01.

  	
   

  	
  Covenants of the Partnership

  	
  7

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  ADDITIONAL EVENT OF DEFAULT

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 6.01.

  	
   

  	
  Events of Default

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  MISCELLANEOUS

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.01.

  	
   

  	
  Integral Part

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.02.

  	
   

  	
  Additional Interest

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.03.

  	
   

  	
  Adoption, Ratification and Confirmation

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.04.

  	
   

  	
  Counterparts

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.05.

  	
   

  	
  Governing Law

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 7.06.

  	
   

  	
  Trustee Makes No Representation

  	
  8

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A:

  	
   

  	
  Form of Note

  	
   

  
	
  Exhibit B:

  	
   

  	
  Form of Supplemental Indenture

  	
   

  
	
  Exhibit C:

  	
   

  	
  Certificate to be Delivered Upon Exchange or
  Registration of Transfer of Securities Pursuant to Rule 144A

  
	
  Exhibit D:

  	
   

  	
  Certificate to be Delivered in Connection with
  Transfers Pursuant to Regulation S

  
					

 

i

 

EIGHTH
SUPPLEMENTAL INDENTURE dated as of April 3, 2008
(this “Supplemental Indenture”),
between Enbridge Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), and U.S. Bank National
Association, a national banking association, as successor trustee to SunTrust
Bank (the “Trustee”),

 

W I T N E S S E T H:

 

WHEREAS,
the Issuer has heretofore entered into an Indenture, dated as of May 27, 2003
(the “Original Indenture”), with
SunTrust Bank, as trustee;

 

WHEREAS,
the Original Indenture, as supplemented by this Supplemental Indenture, is
herein called the “Indenture”;

 

WHEREAS,
under the Original Indenture, the form and terms of a new series of Debt
Securities may at any time be established by a supplemental Indenture executed
by the Issuer and the Trustee;

 

WHEREAS,
the Issuer proposes to create under the Indenture a new series of Debt
Securities;

 

WHEREAS,
additional Debt Securities of other series hereafter established, except as may
be limited in the Original Indenture as at the time supplemented and modified,
may be issued from time to time pursuant to the Original Indenture as at the
time supplemented and modified; and

 

WHEREAS,
all conditions necessary to authorize the execution and delivery of this
Supplemental Indenture and to make it a valid and binding obligation of the
Issuer have been done or performed.

 

NOW,
THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

ARTICLE
I

ESTABLISHMENT OF NEW SERIES

 

Section 1.01.          Establishment of New
Series.  (a) There is hereby
established a new series of Debt Securities to be issued under the Indenture,
to be designated as the Issuer’s 7.50% Notes due 2038 (the “Notes”). As provided in Article II
hereof, the Notes shall be issued as either Series A Notes or Series B
Notes, and any Notes may have such additional designation.

 

(b)           There are to be
authenticated and delivered $400,000,000 principal amount of Series A
Notes on the Issue Date, and from time to time thereafter there may be
authenticated and delivered an unlimited principal amount of Additional Notes.
Further, from time to time after the Issue Date, Series B Notes may be
authenticated and delivered in a principal amount equal to the principal amount
of the Series A Notes exchanged therefor pursuant to an Exchange Offer.

 

 

(c)           The Notes shall be
issued initially in the form of one or more Global Securities in substantially
the form set out in Exhibit A hereto.  The Depositary with respect to the Notes
shall be The Depository Trust Company.

 

(d)           Initially, there shall
be no Subsidiary Guarantors.  Each Note
shall be dated the date of authentication thereof and shall bear interest as
provided in paragraph 1 of the form of Note in Exhibit A hereto.

 

(e)           If and to the extent
that the provisions of the Original Indenture are duplicative of, or in
contradiction with, the provisions of this Supplemental Indenture, the
provisions of this Supplemental Indenture shall govern.

 

ARTICLE
II

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 2.01.          Definitions.  All capitalized terms used herein and not
otherwise defined below shall have the meanings ascribed thereto in the
Original Indenture.  The following are
additional definitions used in this Supplemental Indenture:

 

“Additional Interest”
means all additional interest owing on the Notes pursuant to a registration
default under a Registration Rights Agreement.

 

“Exchange Offer”
means the offer by the Issuer to the Holders of all outstanding Transfer
Restricted Securities to exchange all such outstanding Transfer Restricted
Securities held by such Holders for Series B Notes, in an aggregate
principal amount equal to the aggregate principal amount of the Transfer
Restricted Securities tendered in such exchange offer by such Holders.

 

“Freely Tradable”
means, at any time of determination, with respect to any Transfer Restricted
Securities, that such Transfer Restricted Securities may be sold to the public
pursuant to Rule 144 by a person that is not an “affiliate” (as defined in
Rule 144) of the Issuer without regard to any of the conditions specified
therein (other than the holding period requirement in paragraph (d) of Rule 144
so long as such holding period requirement is satisfied at such time of
determination).

 

“Initial Purchasers”
means, collectively, Banc of America Securities LLC, Deutsche Bank Securities
Inc., HSBC Securities (USA) Inc., CIBC World Markets Corp., RBC Capital Markets
Corporation, Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital
Markets Corp., Greenwich Capital Markets, Inc. and National Bank of Canada
Financial Inc.

 

“Notes” has
the meaning assigned to it in Section 1.01(a) hereof, and
includes both the Series A Notes and the Series B Notes.

 

“Registration Rights
Agreement” means (a) the Registration Rights Agreement
among the Partnership and the Initial Purchasers dated the Issue Date relating
to the Series A Notes issued on such date and (b) any similar
agreement that the Issuer may enter into in relation to any other Series A
Notes, in each case as such agreement may be amended or modified from time to
time.

 

2

 

“Rule 144”
means Rule 144 promulgated under the Securities Act, as amended from time
to time.

 

“Series A Notes”
means the Issuer’s 7.50% Series A Notes due 2038 to be issued pursuant to
this Supplemental Indenture.

 

“Series B Notes”
means the Issuer’s 7.50% Series B Notes due 2038 to be issued pursuant to
an Exchange Offer.

 

“Transfer Restricted
Securities” means any Notes and Additional Notes outstanding
prior to the Resale Restriction Termination Date with respect to such Notes and
that must bear the legend required under Section 3.04 hereof.

 

Section 2.02.          Other Definitions

 

	
   

  	
   

  	
  Defined

  
	
   

  	
   

  	
  in

  
	
  Term

  	
   

  	
  Section

  
	
   

  	
   

  	
   

  
	
  “Additional Notes”

  	
   

  	
  3.02

  
	
  “QIBs”

  	
   

  	
  3.01

  
	
  “Regulation S”

  	
   

  	
  3.01

  
	
  “Resale Restriction Termination Date”

  	
   

  	
  3.04

  
	
  “Rule 144A”

  	
   

  	
  3.01

  
	
  “U.S. Persons”

  	
   

  	
  3.01

  

 

ARTICLE
III

THE NOTES

 

Section 3.01.          Form.  The Notes shall be issued initially in the
form of one or more Global Securities as Series A Notes, and the Series A
Notes and Trustee’s certificate of authentication shall be substantially in the
form of Exhibit A hereto, the terms of which are incorporated in
and made a part of this Supplemental Indenture, and the Issuer and the Trustee,
by their execution and delivery of this Supplemental Indenture, expressly agree
to such terms and provisions and to be bound thereby. The Series A Notes
constituting Transfer Restricted Securities will be resold initially only to (a) Qualified
Institutional Buyers (as such term is defined in Section 144A of the
Securities Act) (“QIBs”) in reliance on Rule 144A
of the Securities Act (“Rule 144A”)
and (b) Persons other than U.S. Persons (as defined under Regulation S
under the Securities Act (“Regulation S”))
(“U.S. Persons”) in reliance on
Regulation S.  Thereafter, the Series A
Notes may be transferred to, among others, QIBs and Persons other than U.S.
Persons in reliance upon Regulation S. 
Pursuant to the terms of the Registration Rights Agreement, upon consummation
of the Exchange Offer contemplated thereby, the Series A Notes
constituting Transfer Restricted Securities will be exchanged by the Holders
for Series B Notes to be issued by the Issuer in accordance with Section 3.03
hereof.  The Series B Notes shall be
issued initially in the form of one or more Global Securities, and the Series B
Notes and the Trustee’s certificate of authentication shall be substantially in
the form of Exhibit A hereto.

 

3

 

Section 3.02.          Issuance of
Additional Notes.  The Issuer may,
from time to time, issue an unlimited amount of additional Series A Notes
(“Additional Notes”) under the
Indenture, which shall be issued in the same form as the Series A Notes
issued on the Issue Date and which shall have identical terms as the Series A
Notes issued on the Issue Date other than with respect to the issue date, issue
price and date of first payment of interest. 
The Series A Notes issued on the Issue Date shall be limited in
aggregate principal amount to $400,000,000. 
The Series A Notes issued on the Issue Date and any Additional
Notes subsequently issued, together with any Series B Notes issued in
exchange therefor pursuant to an Exchange Offer, shall be treated as a single
series for purposes of giving of notices, consents, waivers, amendments and
taking any other action permitted under the Indenture and for purposes of
interest accrual and redemptions.

 

Section 3.03.          Transfer of Transfer
Restricted Securities.

 

(a)           When Notes are presented
to the Registrar with the request to register the transfer of such Notes or
exchange such Notes for an equal principal amount of Notes of other authorized
denominations, the Registrar shall register the transfer or make the exchange
in accordance with Article II of the Original Indenture. In addition, in
the case of Series A Notes that are Transfer Restricted Securities, such
request to register the transfer or make the exchange shall be accompanied by
the following additional information and documents, as applicable, upon which
the Registrar may conclusively rely:

 

(1)           if such Transfer
Restricted Securities are being delivered to the Registrar by a Holder for
registration in the name of such Holder, without transfer, a certification from
such Holder to that effect in substantially the form of Exhibit C
hereto; or

 

(2)           if such Transfer
Restricted Securities are being transferred (i) to a QIB in accordance
with Rule 144A under the Securities Act or (ii) pursuant to an
exemption from registration in accordance with Rule 144 (and based upon an
opinion of counsel if the Issuer or the Trustee so requests) or (iii) pursuant
to an effective registration statement under the Securities Act, a
certification to that effect from such Holder in substantially the form of Exhibit C
hereto; or

 

(3)           if such Transfer
Restricted Securities are being transferred to Persons other than U.S. Persons
in reliance on Regulation S, a certification to that effect from such Holder in
substantially the form of Exhibit D hereto; or

 

(4)           if such Transfer
Restricted Securities are being transferred in reliance on another exemption
from the registration requirements of the Securities Act (and based upon an
opinion of counsel if the Issuer or the Trustee so requests), a certification
to that effect from such Holder in substantially the form of Exhibit C
hereto.

 

(b)           Upon any sale or
transfer of a Transfer Restricted Security (including any Transfer Restricted
Security represented by a Global Security) pursuant to Rule 144 or an
effective registration statement under the Securities Act:

 

(1)           in the case of any
Transfer Restricted Security that is in the form of a definitive Note, the
Registrar shall permit the Holder thereof to exchange such Transfer 

 

4

 

Restricted Security for a definitive Note that does
not bear the legend set forth in Section 3.04(a) below and
rescind any restriction on the transfer of such Transfer Restricted Security;
and

 

(2)           in the case of any
Transfer Restricted Security represented by a Global Security, such Transfer
Restricted Security shall not be required to bear the legend set forth in Section 3.04(a) below
if all other interests in such Global Security have been or are concurrently
being sold or transferred pursuant to Rule 144 or pursuant to an effective
registration statement under the Securities Act.

 

Notwithstanding the foregoing,
upon consummation of an Exchange Offer, the Issuer shall issue and, upon
receipt of an authentication order in accordance with Section 2.05 of the
Original Indenture, the Trustee shall authenticate Series B Notes in
exchange for Series A Notes accepted for exchange in the Exchange Offer,
which Series B Notes shall not bear the legend set forth in Section 3.04(a) below,
and the Registrar shall rescind any restriction on the transfer of such Notes,
in each case unless the Holder of such Series A Notes is either (A) a
Person participating in the distribution of the Series A Notes or (B) a
Person who is an affiliate (as defined in Rule 144) of the Issuer.  The Issuer shall identify to the Trustee such
Holders of the Notes in a written certification signed by an officer of the
Issuer and, absent certification from the Issuer to such effect, the Trustee
shall assume that there are no such Holders. 
In addition, at such time as beneficial interests in Transfer Restricted
Securities are Freely Tradable (based upon an opinion of counsel if the Issuer
or the Trustee so requests), the Issuer shall issue and, upon receipt of an
authentication order in accordance with Section 2.02 of the Original
Indenture, the Trustee shall authenticate and deliver one or more Global
Securities that do not bear the legend set forth in Section 3.04(a) below
in exchange for each outstanding Global Security that is a Transfer Restricted
Security in the appropriate principal amount. 
Simultaneously with the authentication of such Global Security, the
Trustee shall cancel the corresponding Global Securities that bore the legend
set forth in Section 3.04(a) below.

 

(c)           Upon any sale or
transfer of a Transfer Restricted Security in definitive form initially resold
to Persons other than U.S. Persons in reliance upon Regulation S pursuant to (i) Regulation
S following 40 consecutive days beginning on and including the later of the day
on which such Transfer Restricted Security was offered to Persons other than “distributors”
(as such term is defined in Regulation S) and the date of the closing of the
original offering, or (ii) an effective registration statement under the
Securities Act, the Registrar shall permit the Holder thereof to exchange such
Transfer Restricted Security for a definitive Note that does not bear the
legend referred to in Section 3.04(b) below and rescind any
restriction on the transfer of such Transfer Restricted Security.

 

Section 3.04.          Restrictive Legends.

 

(a)           Except as provided in Section 3.03
hereof, prior to the Resale Restriction Termination Date, each security
certificate evidencing the Notes shall bear a legend in substantially the
following form:

 

THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES
ACT’’), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY 

 

5

 

BE
OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS ONE YEAR (OR SUCH
SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY
SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE) AND THE LAST DATE ON WHICH THE
ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY
PREDECESSOR OF THIS NOTE) (THE ‘‘RESALE RESTRICTION TERMINATION DATE’’) EXCEPT (A) TO
THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT (AND THAT CONTINUES TO BE
EFFECTIVE AT THE TIME OF SUCH TRANSFER), (C) FOR SO LONG AS THE NOTES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (‘‘RULE 144A’’),
TO A PERSON IT REASONABLY BELIEVES IS A ‘‘QUALIFIED INSTITUTIONAL BUYER’’ AS
DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO
NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT
TO CLAUSE (D) PRIOR TO THE END OF THE 40-DAY DISTRIBUTION COMPLIANCE
PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT
TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO
REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE
IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL
BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

 

(b)           Each security
certificate evidencing the Global Securities shall bear a legend substantially
in the form set forth in Section 2.15(a) of the Original Indenture.

 

6

 

ARTICLE
IV

REDEMPTION

 

Section 4.01.          Optional Redemption.

 

(a)           At its option, the
Issuer may choose to redeem all or any portion of the Notes, at once or from
time to time.

 

(b)           To redeem the Notes,
the Issuer must pay a redemption price in an amount determined in accordance
with the provisions of paragraph number 5 of the form of Note in Exhibit A
hereto, plus accrued and unpaid interest, if any, including Additional
Interest, if any, to the Redemption Date (subject to the right of Holders on
the relevant record date to receive interest due on the relevant interest
payment date).

 

(c)           Any redemption pursuant
to this Section 4.01 shall otherwise be made pursuant to the
provisions of Sections 3.01 through 3.03 of the Original Indenture.  The actual redemption price, calculated as
provided in paragraph number 5 of the form of Note in Exhibit A
hereto, shall be certified in writing to the Issuer and the Trustee by the
Independent Investment Banker (as defined in such paragraph 5) no later than
two Business Days prior to each Redemption Date.

 

Section 4.02.          Mandatory Redemption.  The Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes and
shall have no obligation to repurchase any Notes at the option of the Holders.

 

ARTICLE V

COVENANT SUPPLEMENTS

 

Section 5.01.          Covenants of the
Partnership.  Article IV of the
Original Indenture is hereby supplemented, but only in relation to the Notes,
by the addition of the following new Section at the end of Article IV:

 

“Section 4.14. 
Subsidiary Guarantees.  If any
Subsidiary of the Partnership that is not then a Subsidiary Guarantor becomes a
guarantor or co-obligor of any Funded Debt of the Partnership, in either case
after the Issue Date, then the Partnership shall cause such Subsidiary to
promptly execute and deliver a supplemental Indenture, substantially in the
form of Exhibit B hereto, providing for the Guarantee of the
payment of the Notes pursuant to Article XIV hereof.”

 

ARTICLE VI

ADDITIONAL EVENT OF DEFAULT

 

Section 6.01.          Events of Default.  The following shall be deemed an Event of
Default only with respect to the Notes as provided in Section 6.01(h) of
the Original Indenture:

 

“(h)         default
by the Partnership or any of its Subsidiaries in the payment at the Stated
Maturity, after the expiration of any applicable grace period, of principal of,
premium, if any, or interest on any Debt then outstanding having a principal
amount in excess of the greater of $25 million and 2% of total partners’ 

 

7

 

capital in the
Partnership, or acceleration of any Debt having a principal amount in excess of
the greater of such amounts so that it becomes due and payable prior to its
Stated Maturity and such acceleration is not rescinded within 30 days after the
date on which written notice specifying such default shall have been given to
the Partnership by the Trustee or to the Partnership and the Trustee by the
Holders of at least 25% in aggregate principal amount of the Notes at the time
Outstanding.  The occurrence and
continuance of a default under the foregoing shall be deemed an Event of
Default under Section 6.01(h) of the Original Indenture with respect
to the Notes.”

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.01.          Integral Part.  This Supplemental Indenture constitutes an
integral part of the Indenture.

 

Section 7.02.          Additional Interest.  In relation to the Notes, all references to “interest”
in the Original Indenture and in the Notes shall be deemed to include
Additional Interest, if any, unless the context otherwise requires.

 

Section 7.03.          Adoption,
Ratification and Confirmation.  The
Original Indenture, as supplemented and amended by this Supplemental Indenture,
is in all respects hereby adopted, ratified and confirmed.

 

Section 7.04.          Counterparts.  This Supplemental Indenture may be executed
in any number of counterparts, each of which when so executed shall be deemed
an original; and all such counterparts shall together constitute but one and
the same instrument.

 

Section 7.05.          Governing
Law.  THIS
SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 7.06.          Trustee Makes No
Representation.  The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture.

 

[Signatures on following page]

 

8

 

SIGNATURES

 

 

	
   

  	
  ISSUER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ENBRIDGE
  ENERGY PARTNERS, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Enbridge
  Energy Management, L.L.C.,

  as delegate of Enbridge Energy Company, Inc.,

  its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Mark Maki

  
	
   

  	
   

  	
   

  	
  Name:  Mark A. Maki

  
	
   

  	
   

  	
   

  	
  Title:  Vice President - Finance

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TRUSTEE:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as

  Trustee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   /s/ Muriel Shaw

  
	
   

  	
   

  	
   

  	
  Name:  Muriel Shaw

  
	
   

  	
   

  	
   

  	
  Title:  Assistant Vice President

  
							

 

[SIGNATURE PAGE – EIGHTH
SUPPLEMENTAL INDENTURE]

 

 

EXHIBIT A

 

(Form of Face of
Note)

 

	
  CUSIP                          

  	
   

  	
  No.

  	
                                        

  
	
   

  	
   

  	
   

  	
   

  
	
  ISIN                              

  	
   

  	
  Principal Amount: $

  	
                                          

  
					

 

ENBRIDGE ENERGY
PARTNERS, L.P.

 

7.50% Series       
Notes due 2038

 

Enbridge
Energy Partners, L.P., a Delaware limited partnership, promises to pay to
                                                                ,
or registered assigns, the principal sum of
                                
Dollars [or such greater or lesser amount as may be endorsed on the Schedule
attached hereto](1) on April 15, 2038.

 

Interest
Payment Dates: April 15 and October 15, commencing October 15,
2008

Record
Dates: April 1 and October 1

 

 

	
   

  	
  ENBRIDGE
  ENERGY PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Enbridge
  Energy Management, L.L.C.,

  as delegate of Enbridge Energy Company, Inc.,

  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
					

 

TRUSTEE’S
CERTIFICATE

OF AUTHENTICATION

 

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

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
  Dated

  	
   

  	
   

  	
   

  
				

 

 

(1) To
be included only if the Note is issued in global form.

 

A-1

 

(Form of
Back of Note)

 

7.50% Series       
Notes due 2038

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE PARTNERSHIP OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
HEREIN.](2)

 

[THIS NOTE HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘‘SECURITIES ACT’’),
OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE
HEREOF AGREES NOT TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO
THE DATE THAT IS ONE YEAR (OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE
144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER) AFTER THE
LATER OF THE ORIGINAL ISSUE DATE HEREOF (OR OF ANY PREDECESSOR OF THIS NOTE)
AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE ‘‘RESALE RESTRICTION
TERMINATION DATE’’) EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT (AND THAT
CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH TRANSFER), (C) FOR SO LONG
AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (‘‘RULE 144A’’), 

 

(2) To be included only
if note is issued in global form.

 

A-2

 

TO A PERSON IT REASONABLY
BELIEVES IS A ‘‘QUALIFIED INSTITUTIONAL BUYER’’ AS DEFINED IN RULE 144A THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND
THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT
TO CLAUSE (D) PRIOR TO THE END OF THE 40-DAY DISTRIBUTION COMPLIANCE
PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT
TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO
REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE
IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL
BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.](3)

 

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

 

1.             Interest.  Enbridge
Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), promises to pay interest
on the principal amount of this Note at 7.50% per annum from April 3, 2008
until maturity.  The Issuer shall pay
interest semi-annually on April 15 and October 15 of each such year,
or if any such day is not a Business Day, on the next succeeding Business Day
(each an “Interest Payment Date”).  Interest on the Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance; provided that if there is no existing Default
in the payment of interest, and if this Note is authenticated between a record
date referred to on the face hereof and the next succeeding Interest Payment
Date, interest shall accrue from such next succeeding Interest Payment Date;
provided, further, that the first Interest Payment Date shall be October 15, 2008.  The Issuer shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the same rate;
and it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest (without regard
to any applicable grace periods) from time to time on demand at the same rate
to the extent lawful.  Interest shall be
computed on the basis of a 360-day year of twelve 30-day months.

 

2.             Method of Payment. 
The Issuer shall pay interest on the Notes (except Defaulted Interest)
to the Persons who are registered Holders of Notes at the close of business on
the April 1 and October 1 immediately preceding the Interest Payment
Date, even if such Notes are

 

(3) To be included on
Transfer Restricted Securities only.

 

A-3

 

canceled after such record date and on or before such
Interest Payment Date, except as provided in Section 2.17 of the Original
Indenture with respect to Defaulted Interest, and the Issuer shall pay
principal (and premium, if any) of the Notes upon surrender thereof to the
Trustee or a paying agent on or after the Stated Maturity thereof.  The Notes shall be payable as to principal,
premium, if any, and interest at the office or agency of the Trustee maintained
for such purpose (which initially is c/o U.S. Bank National Association, 16th
Floor, 100 Wall Street, New York, New York 10005), or, at the option of the
Issuer, payment of interest may be made by check mailed to the Holders at their
addresses set forth in the register of Holders, and provided that payment by
wire transfer of immediately available funds shall be required with respect to
principal of, and interest and premium, if any, on, (a) each Global
Security and (b) all other Notes aggregating at least $1,000,000 in
principal amount the Holder of which shall have provided wire transfer
instructions to the Issuer or the paying agent on or prior to the applicable
record date.  Such payment shall be in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

 

3.             Paying Agent and Registrar. 
Initially, U.S. Bank National Association, the successor Trustee under
the Indenture, shall act as paying agent and Registrar.  The Issuer may change any paying agent or
Registrar without notice to any Holder. 
The Partnership may act in any such capacity.

 

4.             Indenture.  The Issuer
issued the Notes under an Indenture dated as of May 27, 2003 (the “Original Indenture”), as
supplemented by the Eighth Supplemental Indenture dated as of April 3,
2008 (the “Supplemental Indenture” and,
together with the Original Indenture, the “Indenture”),
between the Issuer and the Trustee.  The
terms of the Notes include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended (15
U.S. Code §§ 77aaa-77bbbb).  The Notes
are subject to all such terms, and Holders are referred to the Indenture and
such Act for a statement of such terms. 
To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and
be controlling.  The Notes are the
obligation of the Issuer, initially in aggregate principal amount of $400
million.  The Issuer may issue an
unlimited aggregate principal amount of Additional Notes under the
Indenture.  Any such Additional Notes
that are actually issued shall be treated as issued and outstanding Notes (and
as the same series (with identical terms other than with respect to the issue
date, issue price and first payment of interest) as the initial Note for the
purposes indicated in Section 3.02 of the Supplemental Indenture).  Initially, the Notes are not guaranteed, but
in the future they may be guaranteed by one or more Subsidiary Guarantors on
the conditions and subject to the terms provided in Section 4.14 of the
Indenture and Article XIV of the Original Indenture.

 

5.             Optional Redemption.  (a) At
its option, the Issuer may choose to redeem all or any portion of the Notes, at
once or from time to time.

 

(b)           To redeem the Notes, the Issuer must pay
a redemption price equal to the greater of (i) 100% of the principal
amount of the Notes to be redeemed and (ii) the sum of the present values
of the remaining scheduled payments of principal and interest on the Notes to
be redeemed (exclusive of interest accrued to the Redemption Date) discounted
to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate (as defined below)
plus 50 basis points, plus, in either case, accrued and

 

A-4

 

unpaid interest, if any, including Additional
Interest, if any, to the Redemption Date (subject to the right of Holders on
the relevant record date to receive interest due on the relevant Interest
Payment Date).  The actual redemption
price will be calculated and certified to the Trustee and the Partnership by
the Independent Investment Banker.

 

For purposes of determining
the redemption price, the following definitions shall apply:

 

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

 

“Comparable
Treasury Price” means, for any Redemption Date, (1) the
average of four Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (2) if the Independent Investment Banker obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such
quotations.

 

“Independent
Investment Banker” means Banc of America Securities LLC,
Deutsche Bank Securities Inc. or HSBC Securities (USA) Inc., as specified by
the Partnership, and any successor firm, or if such firm is unwilling or unable
to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee after consultation
with the Partnership.

 

“Reference
Treasury Dealer” means each of Banc of America Securities LLC,
Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc., plus two other
dealers selected by the Trustee that are primary U.S. government securities
dealers in New York City and their respective successors; provided, if any of
Banc of America Securities LLC, Deutsche Bank Securities Inc. or HSBC
Securities (USA) Inc. or any primary U.S. government securities dealer selected
by the Trustee shall cease to be a primary U.S. government securities dealer,
then such other primary U.S. government securities dealers as may be
substituted by the Trustee.

 

“Reference
Treasury Dealer Quotations” means, for each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Trustee
by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the
third Business Day preceding such Redemption Date.

 

“Treasury
Rate” means, with respect to any Redemption Date, (1) the
yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release
designated “H.15(519)” or any successor publication which is published weekly
by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to
constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the remaining

 

A-5

 

term
of the Notes to be redeemed, yields for the two published maturities most
closely corresponding to the Comparable Treasury Issue shall be determined and
the Treasury Rate shall be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month) or (2) if such release
(or any successor release) is not published during the week in which the
calculation date falls (or in the immediately preceding week if the calculation
date falls on any day prior to the usual publication date for such release) or
does not contain such yields, the rate per year equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using
a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate shall be calculated on the third Business Day preceding
the Redemption Date. Any weekly average yields calculated by interpolation or
extrapolation will be rounded to the nearest 1/100th of 1%, with any figure of
1/200th of 1% or above being rounded upward.

 

6.             Mandatory Redemption. 
The Issuer shall not be required to make mandatory redemption or sinking
fund payments with respect to the Notes or to repurchase them at the option of
the Holders.

 

7.             Notice of Redemption. 
Notice of redemption shall be mailed at least 30 days but not more than
60 days before the Redemption Date to each Holder whose Notes are to be
redeemed at its registered address. 
Notes in denominations larger than $2,000 may be redeemed in part but
only in whole multiples of $2,000, unless all of the Notes held by a Holder are
to be redeemed.  On and after the
Redemption Date interest shall cease to accrue on Notes or portions thereof
called for redemption and with respect to which the redemption price has been
paid.

 

8.             Denominations, Transfer, Exchange. 
The Notes are in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may be registered and
Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a
Holder, among other things, to furnish appropriate endorsements and transfer
documents, and the Issuer may require a Holder to pay any taxes or other
governmental charges imposed in relation thereto.

 

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

 

10.           Amendment, Supplement and Waiver.  Subject to certain exceptions, the Indenture
may be amended or supplemented with the consent of the Holders of not less than
a majority in aggregate principal amount of the then Outstanding Notes, and any
existing default or compliance with any provision of the Indenture relating to
the Notes may be waived with the consent of the Holders of not less than a
majority in aggregate principal amount of the then Outstanding Notes.  Without the consent of any Holder of a Note,
the Indenture may be amended or supplemented for any of the purposes set forth
in Section 9.01 of the Indenture, including to cure any ambiguity, defect
or inconsistency, to provide for the assumption of the Issuer’s obligations to
Holders of the Notes in case of a merger or consolidation of the Issuer or sale
of all or substantially all of the Issuer’s assets, to add or release
Subsidiary Guarantors pursuant to the terms of the Indenture, to make any
change that does not adversely affect the rights under the Indenture of any
Holder of the Notes, to comply with the requirements of the SEC to permit the
qualification of the Indenture under the TIA, to evidence or provide for the
acceptance of

 

A-6

 

appointment under the Indenture of a successor or
separate Trustee, to add to the covenants of the Issuer or any Subsidiary
Guarantor, to secure the Notes or the Guarantee or to establish the form or
terms of any other series of Debt Securities.

 

11.           Defaults and Remedies. 
Events of Default with respect to the Notes include:  (i) default for 30 days in the payment
when due of interest on, including any Additional Interest with respect to, the
Notes; (ii) default in payment when due of principal of or premium, if
any, on the Notes when due at Stated Maturity, upon redemption or otherwise; (iii) failure
by the Partnership or any Subsidiary Guarantor for 60 days after notice to
comply with any of its other covenants or agreements in the Indenture relating
to the Notes; (iv) default by the Partnership or any of its Subsidiaries
in the payment at the Stated Maturity, after the expiration of any applicable
grace period, of principal of, premium, if any, or interest on any Debt then
outstanding having a principal amount in excess of the greater of $25 million
and 2% of total partners’ capital in the Partnership, or acceleration of any
Debt having a principal amount in excess of the greater of such amounts so that
it becomes due and payable prior to its Stated Maturity and such acceleration
is not rescinded within 30 days after notice; (v) except as permitted by
the Indenture, any Guarantee shall be held in any judicial proceeding to be
null and void or shall cease to be in full force and effect or any Subsidiary
Guarantor shall deny or disaffirm its obligations under the Indenture or its
Guarantee; and (vi) certain events of bankruptcy, insolvency or
reorganization with respect to the Issuer or, if and so long as the Notes are
guaranteed by a Subsidiary Guarantor, such Subsidiary Guarantor.  If any Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the then Outstanding Notes may declare all the Notes to be due and
payable.  Notwithstanding the foregoing,
in the case of an Event of Default arising from certain events of bankruptcy or
insolvency, all Outstanding Notes shall become due and payable without further
action or notice.  Holders may not
enforce the Indenture or the Notes except as provided in the Indenture.  Subject to certain limitations, Holders of
not less than a majority in aggregate principal amount of the then Outstanding
Notes may direct the Trustee in its exercise of any trust or power.  If and so long as the Trustee in good faith
so determines, the Trustee may withhold from Holders of the Notes notice of any
continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal, premium, if any, or interest) if it
determines that withholding notice is in their interests.  The Holders of not less than a majority in
aggregate principal amount of the Notes then Outstanding by written notice to
the Trustee may on behalf of the Holders of all of the Notes waive any existing
Default or Event of Default and its consequences under the Indenture except a
continuing Default or Event of Default in the payment of interest on, the
principal of, or premium, if any, on, the Notes.  The Partnership is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture, and the
Partnership is required within 30 days after the occurrence of any Default or
Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default and certain additional information.

 

12.           Trustee Dealings with Issuer. 
The Trustee, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Issuer or its Affiliates,
and may otherwise deal with the Issuer or its Affiliates, as if it were not the
Trustee.

 

13.           No Recourse Against Others. 
The General Partner and its directors, officers, employees,
incorporators, members and stockholders, as such, shall have no liability for
any

 

A-7

 

obligations of the Issuer or the Subsidiary Guarantors
under the Notes, the Indenture or the Guarantee or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note
waives and releases all such liability. 
The waiver and release are part of the consideration for issuance of the
Notes.

 

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

 

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

 

16.           CUSIP and ISIN Numbers. 
Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuer has caused CUSIP and
corresponding ISIN numbers to be printed on the Notes, and the Trustee may use
CUSIP and corresponding ISIN numbers in notices of redemption as a convenience
to Holders.  No representation is made as
to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

 

17.           Additional Rights of Holders of Transfer
Restricted Securities.  In addition to the rights
provided to Holders of Notes under the Indenture, Holders of Transfer
Restricted Securities shall have all the rights set forth in the Registration
Rights Agreement, including the right to receive Additional Interest as set
forth therein.

 

The Issuer shall furnish to
any Holder upon written request and without charge a copy of the Indenture.
Requests may be made to:

 

Enbridge Energy Partners, L.P.

1100 Louisiana Street, Suite 3300

Houston, Texas 77002-5217

Attention: General Counsel

 

A-8

 

Assignment Form

 

To
assign this Note, fill in the form below: (I) or (we) assign and transfer
this Note to

 

	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D. no.)

  
	
   

  
	
   

  
	
   

  
	
   

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

  
	
  and
  irrevocably appoint 

  	
   

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

  
	
   

  
	
  Date:

  	
   

  	
   

  
	
   

  
	
  Your
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

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

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
   

  	
  (Signature
  must be guaranteed by a financial institution that is a member of the
  Securities Transfer Agent Medallion Program (“STAMP”), the Stock Exchange
  Medallion Program (“SEMP”), the New York Stock Exchange, Inc. Medallion
  Signature Program (“MSP”) or such other signature guarantee program as may be
  determined by the Registrar in addition to, or in substitution for, STAMP,
  SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as
  amended.)

  
								

 

A-9

 

SCHEDULE
OF INCREASES OR DECREASES IN THE GLOBAL NOTE(4)

 

The original
principal amount of this Global Note is
$                      .
The following increases or decreases in this Global Note have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount of this

  Global Note

  	
   

  	
  Amount of increase in

  Principal Amount of this

  Global Note

  	
   

  	
  Principal Amount of this

  Global Note following

  such

  decrease (or increase)

  	
   

  	
  Signature of authorized

  signatory of Trustee or

  Note Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

(4) To be included only if the Note is issued in global form.

 

A-10

 

EXHIBIT B

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”),
dated as of                             ,         
, among Enbridge Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”),
                                                    
(the “Subsidiary Guarantor”), a
direct or indirect subsidiary of the Partnership, and U.S. Bank National
Association, a national banking association, as successor trustee to SunTrust
Bank under the indenture referred to below (the “Trustee”),

 

W I T N E S S E T H:

 

WHEREAS,
the Issuer has heretofore executed and delivered to the Trustee an indenture
(the “Original Indenture”), dated
as of May 27, 2003, as supplemented by the Eighth Supplemental
Indenture (the “Eighth Supplemental Indenture”
and, together with the Original Indenture, the “Indenture”)
dated as of April 3, 2008, between the Issuer and the Trustee, providing
for the issuance of the Issuer’s 7.50% Notes due 2038 (the “Notes”);

 

WHEREAS,
Section 4.14 of the Indenture provides that under certain circumstances
the Partnership is required to cause the Subsidiary Guarantor to execute and
deliver to the Trustee a supplemental indenture pursuant to which the
Subsidiary Guarantor shall unconditionally guarantee all of the Issuer’s
obligations under the Notes pursuant to a Guarantee on the terms and conditions
set forth herein; and

 

WHEREAS,
pursuant to Section 9.01 of the Original Indenture, the Issuer and the
Trustee are authorized to execute and deliver this Supplemental Indenture;

 

NOW,
THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt of which is hereby
acknowledged, the Issuer, the Subsidiary Guarantor and the Trustee mutually
covenant and agree for the equal and ratable benefit of the holders of the
Notes as follows:

 

1.             Definitions.  (a) Capitalized terms used
herein without definition shall have the meanings assigned to them in the
Indenture.

 

(b)           For all purposes of this Supplemental
Indenture, except as otherwise herein expressly provided or unless the context
otherwise requires:  (i) the terms
and expressions used herein shall have the same meanings as corresponding terms
and expressions used in the Indenture; and (ii) the words “herein,” “hereof”
and “hereby” and other words of similar import used in this Supplemental
Indenture refer to this Supplemental Indenture as a whole and not to any
particular section hereof.

 

2.             Agreement
to Guarantee.  The Subsidiary
Guarantor hereby agrees, jointly and severally with any other Subsidiary
Guarantors under the Indenture, to guarantee the Issuer’s obligations under the
Notes and all other amounts due and payable under the Indenture on the terms
and subject to the conditions set forth in Article XIV of the Original
Indenture and to be bound by all other applicable provisions of the
Indenture.  To further evidence the Guarantee
set

 

B-1

 

forth in Section 14.01
of the Original Indenture, the Subsidiary Guarantor is executing a notation
relating to such Guarantee, substantially in the form attached to the Original
Indenture as Annex A.  Except as
expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect.  This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder
of Notes heretofore or hereafter authenticated and delivered shall be bound
hereby.

 

3.             GOVERNING
LAW.  THIS SUPPLEMENTAL
INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL
BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.             Trustee Makes No Representation.  The Trustee makes no representation as to the
validity or sufficiency of this Supplemental Indenture.

 

5.             Counterparts.  The parties may sign any number of copies of
this Supplemental Indenture.  Each signed
copy shall be an original, but all of them together represent the same
agreement.

 

6.             Effect of Headings.  The Section headings herein are for
convenience only and shall not effect the construction thereof.

 

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

 

	
   

  	
  ENBRIDGE ENERGY PARTNERS, L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Enbridge Energy Management, L.L.C.,

  as delegate of Enbridge Energy Company, Inc.,

  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
   

  	
    Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (SUBSIDIARY GUARANTOR)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
   

  	
    Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. BANK NATIONAL ASSOCIATION, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
    Name:

  
	
   

  	
   

  	
   

  	
    Title:

  
					

 

B-2

 

EXHIBIT C

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES

PURSUANT TO RULE 144A

 

Re:                               7.50%
Series [A/B] Notes due 2038 of Enbridge Energy Partners, L.P. (the “Issuer”)

 

This
Certificate relates to $          
principal amount of the above captioned Notes held in definitive form (the “Securities”) by
                                          
(the “Transferor”).

 

The Transferor
has requested the Trustee by written order to exchange or register the transfer
of a Security or Securities.

 

In connection
with such request and in respect of each such Security, the Transferor does
hereby certify that the Transferor is familiar with the Indenture and the
Supplemental Indenture relative to the Securities and that the transfer of this
Security does not require registration under the Securities Act (as defined
below) because:*

 

o            Such Security is being acquired for
the Transferor’s own account without transfer.

 

o            Such Security is being transferred
to a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act of 1933, as amended (the “Securities Act”)),
in reliance on Rule 144A under the Securities Act.

 

o            Such Security is being transferred (i) in
accordance with Rule 144 under the Securities Act (and based on an opinion
of counsel if the Issuer or the Trustee so requests) or (ii) pursuant to
an effective registration statement under the Securities Act.

 

o            Such Security is being transferred
in reliance on and in compliance with another exemption from the registration
requirements of the Securities Act (and based on an opinion of counsel if the
Issuers so request).

 

*Check
appropriate response.

 

	
   

  	
   

  
	
   

  	
  [INSERT
  NAME OF TRANSFEROR]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
   

  
						

 

C-1

 

EXHIBIT
D

 

CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

 

[Date]

 

Enbridge Energy Partners, L.P.

1100 Louisiana Street, Suite 3300

Houston, Texas  77002-5217

Attention:  General Counsel

 

U.S. Bank National Association, Trustee

16th Floor, 100 Wall Street

New York, NY 10005

 

	
   

  	
  Re:

  	
   

  	
  Enbridge Energy Partners, L.P. (the “Issuer”)

  
	
   

  	
   

  	
   

  	
  7.50% Series [A/B] Notes due 2038 (the “Securities”)

  

 

Ladies and
Gentlemen:

 

In connection
with our proposed sale of
$            
aggregate principal amount of the Securities, we confirm that such sale has
been effected pursuant to and in accordance with Regulation S under the United
States Securities Act of 1933, as amended (the “Securities
Act”), and, accordingly, we represent that:

 

(a)           the offer of the Securities was not made to a person in
the United States;

 

(b)           either (i) at the time the buy order was originated,
the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States or
(ii) the transaction was executed in, on or through the facilities of a
designated off-shore securities market and neither we nor any person acting on
our behalf knows that the transaction has been pre-arranged with a buyer in the
United States;

 

(c)           no directed selling efforts have been made in the United
States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; and

 

(d)           the transaction is not part of a plan or scheme to evade
the registration requirements of the Securities Act.

 

In addition,
if the sale is made during a restricted period and the provisions of Rule 903(c)(3) or
Rule 904(c)(1) of Regulation S are applicable thereto, we confirm
that such sale has been made in accordance with the applicable provisions of Rule 903(c)(3) or
Rule 904(c)(1), as the case may be.

 

You are
entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or
legal proceedings or

 

D-1

 

official
inquiry with respect to the matters covered hereby.  Terms used in this certificate have the
meanings set forth in Regulation S.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  [NAME OF TRANSFEROR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

D-2

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