Document:

exv4w2

 

EXHIBIT 4.2

 

TEPPCO PARTNERS, L.P.,

as Issuer

TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP,

TCTM, L.P.,

TEPPCO MIDSTREAM COMPANIES, L.P.

AND VAL VERDE GAS GATHERING COMPANY, L.P.,

as Subsidiary Guarantors

and

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Trustee

 

FIRST SUPPLEMENTAL INDENTURE

Dated as of May 18, 2007

to

Indenture dated as of May 14, 2007

 

7.000% FIXED /FLOATING RATE JUNIOR SUBORDINATED NOTES DUE 2067

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	2	 
	Section 1.1 Definition of Terms
	 	 	2	 
	Section 1.2 Rules of Construction
	 	 	8	 
	ARTICLE II GENERAL TERMS AND CONDITIONS OF THE NOTES
	 	 	8	 
	Section 2.1 Designation and Principal Amount
	 	 	8	 
	Section 2.2 Maturity
	 	 	9	 
	Section 2.3 Form
	 	 	9	 
	Section 2.4 Registrar and Paying Agent
	 	 	9	 
	Section 2.5 Transfer and Exchange
	 	 	9	 
	Section 2.6 Interest Rates; Payment of Principal and Interest
	 	 	9	 
	ARTICLE III REDEMPTION OF THE NOTES
	 	 	11	 
	Section 3.1 Optional Redemption
	 	 	11	 
	Section 3.2 Certain Redemption Procedures
	 	 	11	 
	Section 3.3 No Sinking Fund
	 	 	11	 
	ARTICLE IV DEFERRAL OF INTEREST
	 	 	12	 
	Section 4.1 Optional Deferral of Interest
	 	 	12	 
	Section 4.2 Notice of Deferrals
	 	 	12	 
	ARTICLE V CERTAIN COVENANTS
	 	 	13	 
	Section 5.1 Restricted Payments
	 	 	13	 
	ARTICLE VI SUBORDINATION
	 	 	14	 
	Section 6.1 Agreement to Subordinate
	 	 	14	 
	Section 6.2 Amendment and Restatement of Section 12.02 of the Base Indenture
	 	 	14	 
	Section 6.3 Amendment and Restatement of Section 12.03 of the Base Indenture
	 	 	15	 
	ARTICLE VII GUARANTEE OF THE NOTES
	 	 	17	 
	Section 7.1 Guarantee of the Notes
	 	 	17	 
	Section 7.2 Subordination of Guarantee
	 	 	18	 
	Section 7.3 Amendment to Article IV of Base Indenture
	 	 	18	 
	Section 7.4 No Fraudulent Conveyance
	 	 	18	 

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TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE VIII APPLICABILITY OF DEFEASANCE AND COVENANT DEFEASANCE
	 	 	19	 
	Section 8.1 Applicability of Defeasance and Covenant Defeasance
	 	 	19	 
	ARTICLE IX EVENTS OF DEFAULT AND REMEDIES OF THE TRUSTEE AND HOLDERS OF NOTES
	 	 	19	 
	Section 9.1 Amendment and Restatement of Section 6.01 of the Base Indenture
	 	 	19	 
	ARTICLE X MISCELLANEOUS
	 	 	20	 
	Section 10.1 Ratification of Base Indenture
	 	 	20	 
	Section 10.2 No Recourse to General Partner
	 	 	20	 
	Section 10.3 Separateness
	 	 	21	 
	Section 10.4 Trustee Not Responsible for Recitals
	 	 	21	 
	Section 10.5 Governing Law
	 	 	21	 
	Section 10.6 Time is of the Essence
	 	 	21	 
	Section 10.7 Separability
	 	 	21	 
	Section 10.8 Treatment of the Notes
	 	 	21	 
	Section 10.9 Counterparts
	 	 	21	 
	Section 10.10 Withholding
	 	 	21	 

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     THIS FIRST SUPPLEMENTAL INDENTURE, dated as of May 18, 2007 (this “First Supplemental
Indenture”), is among TEPPCO Partners, L.P., a Delaware limited partnership (the
“Partnership”), TE Products Pipeline Company, Limited Partnership, a Delaware limited
partnership (“TE Products”), TCTM, L.P., a Delaware limited partnership (“TCTM”),
TEPPCO Midstream Companies, L.P., a Delaware limited partnership (“TEPPCO Midstream”), Val
Verde Gas Gathering Company, L.P., a Delaware limited partnership (“Val Verde” and together
with TE Products, TCTM and TEPPCO Midstream, the “Subsidiary Guarantors”), and The Bank of
New York Trust Company, N.A., as trustee (the “Trustee”).

W I T N E S S E T H:

     WHEREAS, the Partnership and the Subsidiary Guarantors have executed and delivered to the
Trustee an Indenture, dated as of May 14, 2007 (as amended hereby, and as the same may be further
amended from time to time, the “Base Indenture”), providing for the issuance by the
Partnership from time to time of one or more series of the Partnership’s Debt Securities (as
defined therein), unlimited as to principal amount, and the guarantee by each Subsidiary Guarantor
of such Debt Securities;

     WHEREAS, the Partnership has duly authorized and desires to cause to be issued pursuant to the
Base Indenture and this First Supplemental Indenture a new series of Debt Securities designated the
“7.000% Fixed/Floating Rate Junior Subordinated Notes due 2067” (the “Notes”), all of such
Notes to be guaranteed by the Subsidiary Guarantors as provided in Article XIV of the Base
Indenture (as hereinafter defined) and Article VII of this First Supplemental Indenture;

     WHEREAS, the Partnership desires to cause the issuance of the Notes pursuant to Sections 2.01
and 2.03 of the Base Indenture, which sections permit the execution of indentures supplemental
thereto to establish the form and terms of Debt Securities of any series;

     WHEREAS, pursuant to Section 9.01 of the Base Indenture, the Partnership and the Subsidiary
Guarantors have requested that the Trustee join in the execution of this First Supplemental
Indenture to establish the form and terms of the Notes; and

     WHEREAS, all things necessary have been done to make the Notes, when executed by the
Partnership and authenticated and delivered hereunder and under the Base Indenture and duly issued
by the Partnership, and the guarantee thereof by each of the Subsidiary Guarantors when the
Notation of Guarantee affixed to the Notes has been executed by each of the Subsidiary Guarantors,
the valid obligations of the Partnership and each Subsidiary Guarantor, respectively, and to make
this First Supplemental Indenture a valid agreement of the Partnership and each of the Subsidiary
Guarantors, enforceable against them in accordance with its terms;

     NOW, THEREFORE, the Partnership, each of the Subsidiary Guarantors and the Trustee hereby
agree that the following provisions shall amend and supplement the Base Indenture:

 

 

ARTICLE I

DEFINITIONS

     Section 1.1 Definition of Terms. Unless the context otherwise requires:

          (a) a term defined in the Base Indenture has the same meaning when used in this First
Supplemental Indenture; provided, however, that, where a term is defined both in
this First Supplemental Indenture and in the Base Indenture, the meaning given to such term in this
First Supplemental Indenture shall control for purposes of this First Supplemental Indenture and,
in respect of the Notes, but not any other series of Debt Securities, the Base Indenture;

          (b) a term defined anywhere in this First Supplemental Indenture has the same meaning
throughout this First Supplemental Indenture and, in respect of the Notes, but not any other series
of Debt Securities, the Base Indenture;

          (c) any term used herein which is defined in the TIA, either directly or by reference therein,
has the meanings assigned to it therein; and

          (d) the following terms have the following respective meanings:

     “Bankruptcy Event” means, with respect to any Person, that (a) such Person, pursuant
to or within the meaning of any Bankruptcy Law, (i) commences a voluntary case; (ii) consents to
the entry of an order for relief against it in an involuntary case; (iii) consents to the
appointment of a Custodian of it or for all or substantially all of its property; or (iv) makes a
general assignment for the benefit of its creditors; or (b) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that (i) is for relief against such Person as
debtor in an involuntary case; (ii) appoints a Custodian of such Person or a Custodian for all or
substantially all of the property of such Person; or (iii) orders the liquidation of such Person,
and, in the case of clauses (b)(i) through (b)(iii), the order or decree remains unstayed and in
effect for 60 days.

     “Base Indenture” has the meaning set forth in the recitals of this First Supplemental
Indenture.

     “Book-Entry Notes” has the meaning set forth in Section 2.3.

     “Calculation Agent” means The Bank of New York Trust Company, N.A. (and its
successors) or any other firm hereafter appointed by the Partnership to act as calculation agent in
respect of the Notes.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the Remaining Life of the Notes
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 comparable maturity to the
Remaining Life of the Notes; provided, however, that if no maturity is within three
months (before or after) of the end of the Remaining Life, yields for the two published maturities
most closely corresponding to such United States Treasury security will be determined and the

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Treasury Yield will be interpolated or extrapolated from those yields on a straight-line basis
rounding to the nearest month.

     “Comparable Treasury Price” means, with respect to any Redemption Date, (a) the
average, after excluding the highest and lowest such Reference Treasury Dealer Quotations, of up to
five Reference Treasury Dealer Quotations for such Redemption Date, or (b) if the Independent
Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of
all such Reference Treasury Dealer Quotations received.

     “Current Interest” means, on or prior to an Interest Payment Date, interest accrued on
the principal amount of the Notes at the Fixed Rate or the Floating Rate, as the case may be, since
the immediately preceding Interest Payment Date. For the avoidance of doubt, Current Interest
shall not include Deferred Interest.

     “Deferred Interest” means (a) interest the payment of which has been deferred pursuant
to Section 4.1 plus (b) all interest accrued thereon since the due date thereof in accordance with
Section 2.6(a) and 2.6(d).

     “Depositary” means DTC or, if DTC shall have ceased performing such function, any
other Person selected by the Partnership, so long as such Person is registered as a clearing agency
under the Exchange Act or other applicable statutes or regulations.

     “DTC” means The Depository Trust Company, New York, New York, or any successor
thereto.

     “First Supplemental Indenture” has the meaning set forth in the preamble hereto.

     “Fixed Rate” means 7.000% per annum.

     “Fixed Rate Period” means the period commencing on May 18, 2007 to, but not including,
June 1, 2017.

     “Floating Rate” means, with respect to a Quarterly Interest Period, the Three-Month
LIBOR Rate for such Quarterly Interest Period plus 2.7775%.

     “Floating Rate Period” means the period commencing on June 1, 2017 to, but not
including, June 1, 2067.

     “Fraudulent Transfer Laws” has the meaning given in Section 7.4.

     “Guarantee” has the meaning given in Section 7.1.

     “Indenture” means the Base Indenture, as amended and supplemented by this First
Supplemental Indenture, including the form and terms of the Notes as set forth herein, as the same
shall be amended from time to time.

     “Independent Investment Banker” means any of J.P. Morgan Securities Inc. or Wachovia
Capital Markets, LLC (and their respective successors), or if no such firm is willing and able to

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select the applicable Comparable Treasury Issue or perform the other functions of the Independent
Investment Banker provided herein, an independent investment banking institution of national
standing appointed by the Trustee and reasonably acceptable to the Partnership.

     “Interest” means, collectively, Current Interest and Deferred Interest.

     “Interest Payment Date” means a Quarterly Interest Payment Date or a Semi-Annual
Interest Payment Date, as the case may be.

     “Interest Period” means a Quarterly Interest Period or a Semi-Annual Interest Period,
as the case may be.

     “LIBOR Interest Determination Date” has the meaning set forth in the definition of
“Three-Month LIBOR Rate.”

     “LIBOR Rate Reset Date” has the meaning set forth in the definition of “Three-Month
LIBOR Rate.”

     “London Banking Day” means any Business Day on which dealings in deposits in U.S.
dollars are transacted in the London interbank market.

     “Notes” has the meaning set forth in the recitals of this First Supplemental
Indenture.

     “Make-Whole Redemption Price” means, with respect to a Redemption Date, an amount
equal to (a) all accrued and unpaid Interest to but not including such Redemption Date, plus (b)
the greater of (i) 100% of the principal amount of the Notes being redeemed and (ii) as determined
by an Independent Investment Banker, the sum of the present values of remaining scheduled payments
of principal and interest on the Notes (exclusive of interest accrued to the Redemption Date) being
redeemed during the Remaining Life, discounted to such Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield plus 0.50%. The
Make-Whole Redemption Price, calculated as provided herein, shall be calculated and certified to
the Trustee and the Partnership by an Independent Investment Banker.

     “Optional Deferral” has the meaning set forth in Section 4.1(a).

     “Optional Deferral Period” means the period of time commencing on an Interest Payment
Date with respect to which the Partnership has optionally deferred payment of Interest pursuant to
Section 4.1(a) and ending upon the earlier of (a) the Interest Payment Date on which all Deferred
Interest and Current Interest to, but not including, such Interest Payment Date shall have been
paid and (b) the first Interest Payment Date on which the Partnership shall have deferred payment
of some or all of the Interest due on a number of consecutive Interest Payment Dates with respect
to consecutive Interest Periods which, taken together as a single period, would equal or exceed ten
(10) consecutive years.

     “Optional Redemption Price” means, with respect to a Redemption Date, 100% of the
principal amount of the Notes being redeemed plus all unpaid Interest thereon to but not including
such Redemption Date.

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

     “Primary Treasury Dealer” has the meaning set forth in the definition of “Reference
Treasury Dealer.”

     “Quarterly Interest Payment Date” means each March 1, June 1, September 1, and
December 1 during the Floating Rate Period, commencing September 1, 2017; provided,
however, that if any such day is not Business Day, then the Quarterly Interest Payment Date
shall be the immediately succeeding Business Day (except if such next succeeding Business Day falls
in the next succeeding calendar month, then such payment shall be made on the immediately preceding
Business Day).

     “Quarterly Interest Period” means each period commencing on a Quarterly Interest
Payment Date and continuing to but not including the next succeeding Quarterly Interest Payment
Date (except that the first Quarterly Interest Period will commence on June 1, 2017).

     “Redemption Price” means (a) in the case of redemption of the Notes pursuant to
Section 3.1(a), the Make-Whole Redemption Price, (b) in the case of redemption of the Notes
pursuant to Section 3.1(b), the Special Event Make-Whole Redemption Price, and (c) in the case of
redemption of the Notes pursuant to Section 3.1(c), the Optional Redemption Price.

     “Reference Banks” has the meaning set forth in the definition of “Three-Month LIBOR
Rate.”

     “Reference Treasury Dealer” means (a) either J.P. Morgan Securities Inc. or Wachovia
Capital Markets, LLC (and their respective successors) and (b) one other primary U.S. government
securities dealer in New York City (each, a “Primary Treasury Dealer”) selected by an
Independent Investment Banker; provided, however, that if either of the foregoing
is not a Primary Treasury Dealer at the time the Make-Whole Redemption Price is being calculated
hereunder, the Partnership will substitute therefor another Primary Treasury Dealer.

     “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury
Dealer and any Redemption Date for the Notes, an 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 or about
5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

     “Remaining Life” means the period of time from the date on which the Notes are
redeemed to June 1, 2017.

     “Reuters Page LIBOR01” means the display so designated on the Reuters 3000 Xtra (or
such other page as may replace such page on such service, or such other service as may be nominated
for the purpose of displaying rates or prices comparable to the London Interbank Offered Rate for
U.S. dollar deposits).

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     “Semi-Annual Interest Period” means each period commencing on a Semi-Annual Interest
Payment Date and continuing to but not including the next succeeding Semi-Annual Interest Payment
Date (except that the first Semi-Annual Interest Period will begin on May 18, 2007).

     “Semi-Annual Interest Payment Date” means each June 1 and December 1 commencing
December 1, 2007 (or, in the case of any additional Notes issued pursuant to clause (ii) of Section
2.1, the date set forth in the Partnership Order providing for the issuance of any such additional
Notes) through June 1, 2017; provided, however, that if any such day is not
Business Day, then the Semi-Annual Interest Payment Date shall be the next succeeding Business Day.

     “Senior Indebtedness” means, with respect to any Person, the principal of, any
interest and premium, if any, on and any other payments in respect of any of the following, whether
currently outstanding or hereafter created or incurred: (a) (i) indebtedness of such Person for
borrowed money; (ii) indebtedness of such Person evidenced by securities, bonds, notes and
debentures, including any of the same that are subordinated, issued under credit agreements,
indentures or other similar instruments, other than this First Supplemental Indenture, and other
similar instruments, other than, in the case of the Partnership, the Notes; (iii) obligations of
such Person arising from or with respect to guarantees and direct credit substitutes, other than,
in the case of the Subsidiary Guarantors, the Subsidiary Guarantors’ obligations under the
Guarantee; (iv) obligations of such Person arising from or with respect to hedges and derivative
products (including, but not limited to, interest rate, commodity, and foreign exchange contracts);
(v) capital lease obligations of such Person; (vi) all of the obligations of such Person arising
from or with respect to any letter of credit, banker’s acceptance, security purchase facility, cash
management arrangements or similar credit transactions; (vii) operating leases of such Person (but
only to the extent the terms of such leases expressly provide that the same constitute “Senior
Indebtedness”); and (viii) guarantees by such Person of any indebtedness or obligations of others
of the types described in clauses (i) through (vii) other than, in the case of the Subsidiary
Guarantors, the Guarantee and (b) any modifications, refundings, deferrals, renewals, or extensions
of any of the foregoing or any other evidence of indebtedness issued in exchange therefor;
provided, however, that Senior Indebtedness shall not include the obligations of
such Person in respect of: (w) trade accounts payable of such Person; (x) any indebtedness
incurred by such Person for the purchase of goods or materials or for services obtained in the
ordinary course of business to the extent that the same is incurred from, and owed to, the vendor
of such goods or materials or the provider of such services; (y) any indebtedness or other
obligation of such Person which, by the terms of the instrument creating or evidencing it, is
expressly made
equal in rank and payment with or subordinated to the Notes or the Guarantee, as the case may
be; and (z) indebtedness owed by such Person to its Subsidiaries.

     “Special Event” means (a) the receipt by the Partnership of an opinion of counsel
experienced in such matters to the effect that, as a result of any (i) amendment to, clarification
of or change (including any prospective change) in the laws or regulations of the United States or
any political subdivision or taxing authority of or in the United States that is effective on or
after the date of issuance of the Notes, (ii) proposed change in those laws or regulations that is
announced on or after the date of issuance of the Notes, (iii) official administrative decision or
judicial decision or administrative action or other official pronouncement (including a private
letter ruling, technical advice memorandum or other similar pronouncement) by any court,

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government
agency or regulatory authority interpreting or applying those laws or regulations that is announced
on or after the date of issuance of the Notes, or (iv) threatened challenge asserted in connection
with an audit of the Partnership or any of the Partnership’s subsidiaries, or a threatened
challenge asserted in writing against any taxpayer that has raised capital through the issuance of
securities that are substantially similar to the Notes (including any trust preferred or similar
securities) that occurs on or after the date of issuance of the Notes, there is more than an
insubstantial risk that interest payable on the Notes is not, or within 90 days of the date of such
opinion will not be, deductible, in whole or in part, by the Partnership or its partners, as
applicable, for U.S. federal income tax purposes or (b) a change by any nationally recognized
statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act that
publishes a rating for the Partnership (a “rating agency”) to its equity credit criteria
for securities such as the Notes, as such criteria is in effect on the date of this First
Supplemental Indenture (the “current criteria”), which change results in (i) any shortening
of the length of time for which such current criteria are scheduled to be in effect with respect to
the Notes, or (ii) a lower equity credit being given to the Notes as of the date of such change
than the equity credit that would have been assigned to the Notes as of the date of such change by
such rating agency pursuant to its current criteria.

     “Special Event Make-Whole Redemption Price” means, with respect to a Redemption Date,
an amount equal to (a) all accrued and unpaid Interest to but not including such Redemption Date,
plus (b) the greater of (i) 100% of the principal amount of the Notes being redeemed and (ii) as
determined by an Independent Investment Banker, the sum of the present values of remaining
scheduled payments of principal and interest on the Notes (exclusive of interest accrued to the
Redemption Date) being redeemed during the Remaining Life, discounted to such Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Yield plus 0.50%. The Special Event Make-Whole Redemption Price, calculated as provided herein,
shall be calculated and certified to the Trustee and the Partnership by an Independent Investment
Banker.

     “Subsidiary Guarantors” means each of the Persons named as the “Subsidiary Guarantors”
in the preamble of this First Supplemental Indenture until a successor Person or Persons shall have
become such pursuant to the applicable provisions of the Indenture, and thereafter “Subsidiary
Guarantors” shall mean such successor Person or Persons, and any other
Subsidiary of the Partnership who may execute a supplement to the Indenture for the purpose of
providing a Guarantee of the Notes.

     “Three-Month LIBOR Rate” means, for each Quarterly Interest Period during the Floating
Rate Period, the rate (expressed as a percentage per year) for deposits in U.S. dollars for a
three-month period that appears on Reuters Page LIBOR01 as of 11:00 a.m. (London time) on the
second London Banking Day (the “LIBOR Interest Determination Date”) immediately preceding
the first day of such Quarterly Interest Period (the “LIBOR Rate Reset Date”). If such
rate does not appear on such page for the purpose of displaying offered rates of leading banks for
London interbank deposits in U.S. dollars, the Three-Month LIBOR Rate will be determined on the
basis of the rates, at approximately 11:00 a.m., London time, on the LIBOR Interest Determination
Date, at which U.S. dollar deposits with a maturity of three months in an amount determined by the
Calculation Agent as representative of a single transaction in the relevant market and at the
relevant time are offered by four major banks in the London interbank market

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selected and certified
to the Calculation Agent by the Partnership (“Reference Banks”) to prime banks in the
London interbank market for the interest period commencing on the LIBOR Rate Reset Date. The
Partnership will request the principal London office of each of the Reference Banks to provide a
quotation of its rate. If at least two quotations are provided as requested, the Three-Month LIBOR
Rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as
requested, the Three-Month LIBOR Rate will be the interest rate per annum equal to the average of
the rates per annum quoted by three major banks in New York City selected and certified to the
Calculation Agent by the Partnership, at or about 11:00 a.m., New York City time, on the LIBOR
Interest Determination Date, for loans in U.S. dollars to leading European banks in amounts that
are representative of a single transaction in the relevant market and at the relevant time with a
maturity corresponding to the interest period and commencing on the LIBOR Rate Reset Date. If
fewer than three New York City banks selected and certified to the Calculation Agent by the
Partnership are quoting rates, the Three-Month LIBOR Rate for the applicable interest period will
be the same as for the immediately preceding Quarterly Interest Period or, in the case of the
Quarterly Interest Period beginning on June 1, 2017, the interest rate on the Notes will be the
same as for the most recent quarterly period for which the Three-Month LIBOR Rate can be
determined.

     “Treasury Yield” means, with respect to any Redemption Date, the rate per annum equal
to the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately
preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
applicable Comparable Treasury Price for such Redemption Date.

     “Trustee” means the Person named as the “Trustee” in the preamble of this First
Supplemental Indenture until a successor Person shall have become such pursuant to the applicable
provisions of the Indenture, and thereafter “Trustee” shall mean such successor Person.

     Section 1.2 Rules of Construction. In addition to the Rules of Construction under
Section 1.04 of the Base Indenture, the following provisions also shall be applied wherever
appropriate herein:

          (a) any references herein to a particular Section, Article or Exhibit means a Section or
Article of, or an Exhibit to, this First Supplemental Indenture unless otherwise expressly stated
herein; and

          (b) the Exhibits attached hereto are incorporated herein by reference and shall be considered
part of this First Supplemental Indenture.

ARTICLE II

GENERAL TERMS AND CONDITIONS OF THE NOTES

     Section 2.1 Designation and Principal Amount. There is hereby authorized a series of
Debt Securities under the Indenture designated the “7.000% Fixed/Floating Rate Junior Subordinated
Notes Due 2067.” The Trustee shall authenticate and deliver (i) the Notes for

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original issue on
the date hereof in the aggregate principal amount of $300,000,000 and (ii) additional Notes for
original issue from time to time after the date hereof in such principal amounts as may be
specified in a Partnership Order for the authentication and delivery thereof pursuant to Sections
2.04 and 2.05 of the Base Indenture. Any additional Notes shall have the same Stated Maturity and
other terms as the original issue of Notes and shall be consolidated with and be part of the
original issue of Notes. The Notes shall be issued in denominations of $1,000 in principal amount
and integral multiples thereof.

     Section 2.2 Maturity. The principal amount of the Notes shall be payable on the
maturity date of the Notes, which is June 1, 2067.

     Section 2.3 Form. The Notes and the Trustee’s certificate of authentication thereon
shall be substantially in the form of Exhibit A.

     The Notes shall be issued only in registered form and, when issued, shall be registered in the
Debt Security Register of the Partnership. The Notes shall be originally issued in the form of one
or more Global Securities (the “Book-Entry Notes”). Each of the Book-Entry Notes shall
represent such of the Outstanding Notes as shall be specified therein and shall provide that it
shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and
that the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced
or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of Book-Entry
Notes to reflect the amount, or any increase or decrease in the amount, of Outstanding Notes
represented thereby shall be made by the Trustee in accordance with written instructions or such
other written form of instructions as is customary for the Depositary, from the Depositary or its
nominee on behalf of any Person having a beneficial interest in such Book-Entry Notes. The
Partnership initially appoints DTC to act as Depositary with respect to the Book-Entry Notes.

     Section 2.4 Registrar and Paying Agent. The Partnership initially appoints the
Trustee as Registrar and paying agent with respect to the Notes. The office or agency in the City
and State of New York where the Notes may be presented for registration of transfer or exchange and
the Place of Payment for the Notes shall initially be The Bank of New York Trust Company, N. A.,
101 Barclay Street – 7 East, New York, New York 10286.

     Section 2.5 Transfer and Exchange. The transfer and exchange of Book-Entry Notes or
beneficial interests therein shall be effected through the Depositary, in accordance with Section
2.15 of the Base Indenture and the rules and procedures of the Depositary therefor.

     Section 2.6 Interest Rates; Payment of Principal and Interest.

          (a) Rates.

     (i) Interest During the Fixed Rate Period. During the Fixed Rate Period, (A)
the outstanding principal amount of the Notes and (B) to the extent permitted by applicable
law, any Deferred Interest or overdue interest thereon, will bear interest at a per annum
rate equal to the Fixed Rate until the commencement of the Floating Rate Period or, if
earlier, until the principal thereof and all Interest thereon is paid,

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compounded
semi-annually and payable (subject to the provisions of Article IV) semi-annually, in
arrears on each Semi-Annual Interest Payment Date.

     (ii) Interest During the Floating Rate Period. During the Floating Rate
Period, (A) the outstanding principal amount of the Notes and (B) to the extent permitted by
applicable law, any Deferred Interest or overdue interest thereon will bear interest during
each Quarterly Interest Period at a per annum rate equal to the applicable Floating Rate for
such period, until the principal thereof and all Interest thereon is paid, compounded
quarterly and payable (subject to the provisions of Article IV) quarterly in arrears on each
Quarterly Interest Payment Date. The Calculation Agent will calculate the Floating Rate
with respect to each Floating Rate Period and the amount of Interest payable on each
Quarterly Interest Payment Date as promptly as practicable according to the appropriate
method described herein. Promptly upon such determination, the Calculation Agent will
notify the Partnership and the Trustee of the Floating Rate for the Floating Rate Period and
the amount of Interest payable to each Holder on each Quarterly Interest Payment Date. The
Floating Rate determined by the Calculation Agent, absent manifest error, will be binding
and conclusive upon the beneficial owners and Holders of the Notes, the Partnership and the
Trustee.

          (b) Payment of Interest to Record Holders of the Notes. Payments of principal of,
premium, if any, and Interest due on the Notes representing Book-Entry Notes on any Interest
Payment Date, upon redemption or at maturity will be made available to the Trustee by 11:00 a.m.,
New York City time, on the applicable maturity date, Redemption Date or Interest Payment Date,
unless such date falls on a day which is not a Business Day, in which case such payments will be
made available to the Trustee by 11:00 a.m., New York City time, on the next succeeding Business
Day; provided, however, that, during the Floating Rate Period, if such next
succeeding Business Day falls in the next succeeding calendar month, then such payments will
be made available to the Trustee by 11:00 a.m., New York City time, on the immediately preceding
Business Day. As soon as possible thereafter, the Trustee will make such payments to the
Depositary. Other than in connection with the maturity or redemption of the Notes or in connection
with payment of Defaulted Interest, Interest on the Notes may be paid only on an Interest Payment
Date. Payments of principal of, premium, if any, and Interest due on Notes other than Book-Entry
Notes on any Interest Payment Date, upon redemption or at maturity will be made in accordance with
Article II of the Base Indenture. The regular record date for Interest payable on the Notes on any
Interest Payment Date during the Fixed Rate Period shall be the May 15 or November 15, as the case
may be, immediately preceding such Interest Payment Date and during the Floating Rate Period shall
be the February 15, May 15, August 15 or November 15, as the case may be, immediately preceding
such Interest Payment Date.

          (c) The amount of Interest payable on any Interest Payment Date during the Fixed Rate Period
will be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of
Interest payable on any Interest Payment Date during the Floating Rate Period will be computed on
the basis of a 360-day year and the actual number of days elapsed.

          (d) To the extent permitted by applicable law, Interest not paid when due hereunder,
including, without limitation, all Deferred Interest and overdue Interest, shall in accordance with
Section 2.6(a), until paid, compound (i) semi-annually at the Fixed Rate on each

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Semi-Annual
Interest Payment Date during the Fixed Rate Period and (ii) quarterly at the applicable Floating
Rate on each Quarterly Interest Payment Date during the Floating Rate Period.

          (e) If the Partnership shall make a partial payment of Interest on any Interest Payment Date,
such payment shall, with respect to the Notes, be applied, first, to Deferred Interest until all
such Deferred Interest has been paid and, second, to any Current Interest.

          (f) To the extent that the provisions of this Section 2.6 are inconsistent with the provisions
of Article II of the Base Indenture, the provisions of this Section 2.6 shall control.

ARTICLE III

REDEMPTION OF THE NOTES

     Section 3.1 Optional Redemption. Subject to the provisions of Article III of the Base
Indenture, the Partnership shall have the option to redeem the Notes for cash:

          (a) in whole or in part, at any time and from time to time prior to June 1, 2017, at the
Make-Whole Redemption Price;

          (b) after the occurrence of a Special Event, in whole but not in part, at any time prior to
June 1, 2017, at the Special Event Make-Whole Redemption Price; and

          (c) in whole or in part, at any time and from time to time on or after June 1, 2017, at the
Optional Redemption Price.

     Section 3.2 Certain Redemption Procedures. Notes called for optional redemption shall
become due on the Redemption Date. Notices of optional redemption will be mailed at least 30 days
but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed at
its registered address. The notice of optional redemption for the Notes will state, among other
things, the amount of Notes to be redeemed, the Redemption Date, the method of calculating such
Redemption Price, and the place(s) that payment will be made upon presentation and surrender of
Notes to be redeemed. Unless the Partnership defaults in payment of the Redemption Price or the
paying agent is prohibited from making such payment pursuant to the terms of Article XII of the
Base Indenture, interest will cease to accrue on the Redemption Date with respect to any Notes that
have been called for optional redemption. If less than all the Notes are redeemed at any time, the
Trustee will select the Notes to be redeemed on a pro rata basis or by any other method the Trustee
deems fair and appropriate. The Partnership may not redeem the Notes in part if the principal
amount of the Notes has been accelerated and such acceleration has not been rescinded unless all
accrued and unpaid Interest (including Deferred Interest) has been paid in full on all outstanding
Notes for all Interest Periods terminating on or before the Redemption Date.

     The Notes may be redeemed in part only in principal amounts that are integral multiples of
$1,000.

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     Section 3.3 No Sinking Fund. The Notes will not be entitled to the benefit of any
sinking fund.

ARTICLE IV

DEFERRAL OF INTEREST

     Section 4.1 Optional Deferral of Interest.

          (a) The Partnership shall have the right, at any time and from time to time during the term of
the Notes, to elect to defer payment of all or any portion of any Current Interest and/or Deferred
Interest otherwise due on the Notes on any Interest Payment Date (“Optional Deferral”);
provided, however, that the Partnership may not (i) elect to defer payment of any
Interest otherwise due on any Interest Payment Date if, as a result of such deferral, the
Partnership shall have deferred payment of some or all of the Interest due on a number of
consecutive Interest Payment Dates with respect to a number of consecutive Interest Periods which,
when taken together as a single period, would equal or exceed ten (10) consecutive years, or (ii)
elect to defer payment of any Interest due on the maturity date of the Notes, or, with respect to
any Notes being redeemed, on the Redemption Date for such Notes. No Interest on the Notes shall be
due and payable on any Interest Payment Date during an Optional Deferral Period; however, Interest
shall accrue on the Notes during such period in accordance with Sections 2.6(a) and 2.6(d).

          (b) Following the termination of an Optional Deferral Period and the payment of all Deferred
Interest accrued during such Optional Deferral Period, the Partnership may again elect pursuant to
Section 4.1(a) to make an Optional Deferral of Interest.

          (c) On the Interest Payment Date on which the Partnership desires to terminate an Optional
Deferral Period, or at the end of an Optional Deferral Period pursuant to clause (b) of the
definition of “Optional Deferral Period,” the Partnership shall pay all Deferred Interest and
Current Interest due on such Interest Payment Date. Such Interest shall be payable to the Holders
of the Notes in whose names the Notes are registered in the Debt Security Register for the Notes on
the record date with respect to such Interest Payment Date.

     Section 4.2 Notice of Deferrals.

          (a) The Partnership shall give written notice to the Trustee of any election of Optional
Deferral pursuant to Section 4.1 not fewer than ten (10) nor more than sixty (60) Business Days
prior to the applicable Interest Payment Date for which Interest on the Notes will be deferred,
other than an Optional Deferral in the circumstances described in Section 4.2(b). The Trustee
shall forward such written notice promptly to each Holder of the Notes.

          (b) In the case of an election of Optional Deferral pursuant to Section 4.1 when the
Partnership or the Subsidiary Guarantors would be prohibited pursuant to Section 12.03 of the Base
Indenture from paying Interest on the Notes, the Partnership shall give written notice to the
Trustee of such election of Optional Deferral not later than the time monies in respect of the
Interest payment on the applicable Interest Payment Date must be made available to the

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Trustee
pursuant to Section 2.6(b) hereof. The Trustee shall forward such written notice promptly to each
Holder of the Notes.

ARTICLE V

CERTAIN COVENANTS

     Section 5.1 Restricted Payments.

          (a) Subject to Section 5.1(b), during any Optional Deferral Period, (i) the Partnership will
not declare or make any distributions with respect to, or redeem, purchase, or make a liquidation
payment with respect to, any of the Partnership’s equity securities, and (ii) the Partnership and
the Subsidiary Guarantors will not, and will cause their respective Subsidiaries not to (A) make
any payment of interest, principal, or premium, if any, on or repay, purchase, or redeem any debt
securities of the Partnership or the Subsidiary Guarantors (including securities similar to Notes)
that contractually rank equally with or junior to the Notes or the Guarantee, as applicable, or (B)
make any payment under a guarantee of debt securities (including under a guarantee of debt
securities that are similar to the Notes) that contractually ranks equally with or junior to the
Notes or the Guarantee, as applicable.

          (b) Notwithstanding the provisions of Section 5.1(a), the Partnership, the Subsidiary
Guarantors and any of their respective Subsidiaries may take any of the following actions at any
time, including during an Optional Deferral Period: (i) make any purchase, redemption or other
acquisition of any of the Partnership’s equity securities in connection with any employment
contract, benefit plan or other similar arrangement with or for the benefit of employees, officers,
directors, or agents, or a securities purchase or dividend or distribution reinvestment plan, or
the satisfaction of the Partnership’s obligations pursuant to any contract or security outstanding
on the date that the Optional Deferral Period commences requiring the purchase, redemption or
acquisition of any of the Partnership’s equity securities; (ii) make any payment, repayment,
redemption, purchase, acquisition or declaration of a distribution as a result of a
reclassification of the Partnership’s equity securities or the exchange or conversion of all or a
portion of one class or series of the Partnership’s equity securities for another class or series
of any of the Partnership’s equity securities; (iii) purchase fractional interests in the
Partnership’s equity securities pursuant to the conversion or exchange provisions of such
securities or the security being converted or exchanged, in connection with the settlement of stock
purchase contracts or in connection with any split, reclassification or similar transaction; (iv)
make a distribution paid or made in the Partnership’s equity securities (or rights to acquire its
equity securities), or a repurchase, redemption or acquisition of the Partnership’s equity
securities in connection with the issuance or exchange of the Partnership’s equity securities (or
of securities convertible into or exchangeable for the Partnership’s equity securities) and
distributions in connection with the settlement of securities purchase contracts outstanding on the
date that the Optional Deferral Period commences; (v) make any redemption, exchange or repurchase
of, or with respect to, any rights outstanding under a rights plan or the declaration or payment
thereunder of a distribution of or with respect to rights in the future; (vi) make any payments
under (A) the Notes and under securities similar to the Notes (including trust preferred
securities) that

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are (or, in the case of a trust preferred security, the underlying debt obligation
is) pari passu with the Notes and (B) the Guarantee and similar guarantees associated with any
instruments that are (or, in the case of a trust preferred security, the underlying debt obligation
is) pari passu with the Notes, in each case, so long as any such payments are made on a pro rata
basis with the Notes and the Guarantee, respectively; or (vii) make any regularly scheduled
dividend or distribution payments declared prior to the date that the Optional Deferral Period
commences.

          (c) For the avoidance of doubt, nothing contained herein shall prevent the Partnership or the
Subsidiary Guarantors from issuing any other securities, whether senior to, pari passu with or
subordinated to the Notes, including securities having covenants and provisions the same as or
similar to those applicable to the Notes, or any guarantees with respect thereto.

ARTICLE VI

SUBORDINATION

     Section 6.1 Agreement to Subordinate. The Notes shall be subordinated to all Senior
Indebtedness (as defined in this First Supplemental Indenture) of the Partnership on the terms and
subject to the conditions set forth in Article XII of the Base Indenture, and each Holder of
Notes issued hereunder by such Holder’s acceptance thereof acknowledges and agrees that all
Notes shall be issued subject to the provisions of this Article VI and such Article XII and that
each Holder of Notes, whether upon original issuance or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions. The Notes shall be “Subordinated Debt
Securities” as such term is used in the Indenture, and, for purposes of the Notes only, and not for
purposes of any other Debt Securities, all references in the Indenture to Senior Indebtedness of
the Partnership shall mean Senior Indebtedness of the Partnership as defined in this First
Supplemental Indenture.

     Section 6.2 Amendment and Restatement of Section 12.02 of the Base Indenture. For
purposes of the Notes only, and not for purposes of any other Debt Securities, Section 12.02 of the
Base Indenture is hereby amended and restated in its entirety to read as follows:

     Section 12.02 Liquidation, Dissolution, Bankruptcy. Upon any payment
or distribution of the assets of the Partnership to creditors upon a total or
partial liquidation or a total or partial dissolution of the Partnership or in a
bankruptcy, reorganization, insolvency, receivership or similar proceeding relating
to the Partnership or its property:

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

          (b) until the Senior Indebtedness of the Partnership is paid in full, any such
distribution to which Holders of Subordinated Debt Securities

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would be entitled but
for this Article XII shall be made to holders of Senior Indebtedness of the
Partnership as their interests may appear, except that such Holders may receive
securities representing equity interests of the Partnership and any debt securities
of the Partnership that are subordinated to Senior Indebtedness of the Partnership
to at least the same extent as the Subordinated Debt Securities of the Partnership.

Upon any payment or distribution of the assets of any Guarantor to creditors upon a
total or partial liquidation or a total or partial dissolution of such Guarantor or
in a bankruptcy, reorganization, insolvency, receivership or similar proceeding
relating to such Guarantor or its property:

          (a) holders of Senior Indebtedness of such Guarantor shall be entitled to
receive payment in full in cash of such Senior Indebtedness (including interest (if
any), accruing on or after the commencement of a proceeding in bankruptcy, whether
or not allowed as a claim against such Guarantor in such
bankruptcy proceeding) before Holders of Subordinated Debt Securities shall be
entitled to receive, under such Guarantor’s Guarantee of such Subordinated Debt
Securities, any payment of principal of, or premium, if any, or interest on, the
Subordinated Debt Securities; and

          (b) until the Senior Indebtedness of such Guarantor is paid in full, any such
distribution to which Holders of Subordinated Debt Securities would be entitled
under such Guarantor’s Guarantee but for this Article XII shall be made to holders
of Senior Indebtedness of such Guarantor as their interests may appear, except that
such Holders may receive securities representing equity interests of such Guarantor
and any debt securities of such Guarantor that are subordinated to Senior
Indebtedness of such Guarantor to at least the same extent as the Guarantee of the
Subordinated Debt Securities of such Guarantor.

     Section 6.3 Amendment and Restatement of Section 12.03 of the Base Indenture. For
purposes of the Notes only, and not for purposes of any other Debt Securities, Section 12.03 of the
Base Indenture is hereby amended and restated in its entirety to read as follows:

     Section 12.03 Default on Senior Indebtedness. The Partnership may not
pay the principal of, or premium, if any, or interest on, the Subordinated Debt
Securities or make any deposit pursuant to Article XI and may not repurchase, redeem
or otherwise retire (except, in the case of Subordinated Debt Securities that
provide for a mandatory sinking fund pursuant to Section 3.04, by the delivery of
Subordinated Debt Securities by the Partnership to the Trustee pursuant to the
second paragraph of Section 3.04) any Subordinated Debt Securities (collectively,
“pay the Subordinated Debt Securities”) if (a) any principal, premium or interest in
respect of Senior Indebtedness of the Partnership is not paid when due, including
any applicable grace period (including at maturity) or (b) any other default on
Senior Indebtedness of the Partnership occurs and the maturity of such Senior
Indebtedness is accelerated in accordance with its terms unless, in either case, the
default has been cured or waived and any

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such acceleration has been rescinded or
such Senior Indebtedness has been paid in full in cash; provided, however, that the
Partnership may pay the Subordinated Debt Securities without regard to the foregoing
if the Partnership and the Trustee receive written notice approving such payment
from the Representative of each issue of Designated Senior Indebtedness of the
Partnership. During the continuance of any default (other than a default described
in clause (a) or (b) of the preceding sentence) with respect to any Designated
Senior Indebtedness of the Partnership pursuant to which the maturity thereof may be
accelerated immediately without further notice (except such notice as may be
required to effect such acceleration) or the expiration of any applicable grace
periods, the Partnership may not pay the Subordinated Debt Securities for a period
(a “Payment Blockage Period”) commencing upon the receipt by the Partnership and the
Trustee of written notice of such default from the Representative of any Designated
Senior Indebtedness of the Partnership specifying an election to effect
a Payment Blockage Period (a “Blockage Notice”) and ending 179 days thereafter
(or earlier if such Payment Blockage Period is terminated by written notice to the
Trustee and the Partnership from the Person or Persons who gave such Blockage
Notice, by repayment in full in cash of such Designated Senior Indebtedness or
because the default giving rise to such Blockage Notice is no longer continuing).
Notwithstanding the provisions described in the immediately preceding sentence (but
subject to the provisions contained in the first sentence of this Section 12.03),
unless the holders of such Designated Senior Indebtedness or the Representative of
such holders shall have accelerated the maturity of such Designated Senior
Indebtedness, the Partnership may resume payments on the Subordinated Debt
Securities after such Payment Blockage Period. Not more than one Blockage Notice
may be given in any consecutive 360-day period, irrespective of the number of
defaults with respect to any number of issues of Designated Senior Indebtedness
during such period, unless otherwise specified pursuant to Section 2.03 for the
Subordinated Debt Securities of a series; provided, however, that in no event may
the total number of days during which any Payment Blockage Period or Periods is in
effect exceed 179 days in the aggregate during any 360 consecutive day period. For
purposes of this Section 12.03, no default or event of default which existed or was
continuing on the date of the commencement of any Payment Blockage Period with
respect to the Designated Senior Indebtedness of the Partnership initiating such
Payment Blockage Period shall be, or be made, the basis of the commencement of a
subsequent Payment Blockage Period by the Representative of such Designated Senior
Indebtedness, whether or not within a period of 360 consecutive days, unless such
default or event of default shall have been cured or waived for a period of not less
than 90 consecutive days.

     No Guarantor may make a payment or distribution in respect of its Guarantee of
any Subordinated Debt Securities (“make a Guarantee payment on Subordinated Debt
Securities”) if (a) any principal, premium or interest in respect of Senior
Indebtedness of such Guarantor is not paid when due, including any applicable grace
period (including at maturity) or (b) any other default on Senior Indebtedness of
such Guarantor occurs and the maturity of such Senior Indebtedness is accelerated in
accordance with its terms unless, in either case, the

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default has been cured or
waived and any such acceleration has been rescinded or such Senior Indebtedness has
been paid in full in cash; provided, however, that such Guarantor may make a
Guarantee payment on the Subordinated Debt Securities without regard to the
foregoing if such Guarantor and the Trustee receive written notice approving such
payment from the Representative of each issue of Designated Senior Indebtedness of
such Guarantor. During the continuance of any default (other than a default
described in clause (a) or (b) of the preceding sentence) with respect to any
Designated Senior Indebtedness of such Guarantor pursuant to which the maturity
thereof may be accelerated immediately without further notice (except such notice as
may be required to effect such acceleration) or the expiration of any applicable
grace periods, such
Guarantor may not make a Guarantee payment on Subordinated Debt Securities for
a period (a “Payment Blockage Period”) commencing upon the receipt by such Guarantor
and the Trustee of written notice of such default from the Representative of any
Designated Senior Indebtedness specifying an election to effect a Payment Blockage
Period (a “Blockage Notice”) and ending 179 days thereafter (or earlier if such
Payment Blockage Period is terminated by written notice to the Trustee and such
Guarantor from the Person or Persons who gave such Blockage Notice, by repayment in
full in cash of such Designated Senior Indebtedness or because the default giving
rise to such Blockage Notice is no longer continuing). Notwithstanding the
provisions described in the immediately preceding sentence (but subject to the
provisions contained in the first sentence of this paragraph of this Section 12.03),
unless the holders of such Designated Senior Indebtedness or the Representative of
such holders shall have accelerated the maturity of such Designated Senior
Indebtedness, such Guarantor may resume payments under its Guarantee of any
Subordinated Debt Securities after such Payment Blockage Period. Not more than one
Blockage Notice may be given in any consecutive 360-day period, irrespective of the
number of defaults with respect to any number of issues of Designated Senior
Indebtedness during such period, unless otherwise specified pursuant to Section 2.03
for the Subordinated Debt Securities of a series; provided, however, that in no
event may the total number of days during which any Payment Blockage Period or
Periods is in effect exceed 179 days in the aggregate during any 360 consecutive day
period. For purposes of this Section 12.03, no default or event of default which
existed or was continuing on the date of the commencement of any Payment Blockage
Period with respect to the Designated Senior Indebtedness of such Guarantor
initiating such Payment Blockage Period shall be, or be made, the basis of the
commencement of a subsequent Payment Blockage Period by the Representative of such
Designated Senior Indebtedness, whether or not within a period of 360 consecutive
days, unless such default or event of default shall have been cured or waived for a
period of not less than 90 consecutive days.

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ARTICLE VII

GUARANTEE OF THE NOTES

     Section 7.1 Guarantee of the Notes. In accordance with Article XIV of the Base
Indenture, the Notes, subject to Section 7.2, shall be fully, unconditionally and absolutely,
jointly and severally guaranteed by each of the Subsidiary Guarantors (the “Guarantee”) and
are hereby designated as entitled to the benefits of the Guarantee of each of the Subsidiary
Guarantors.

     Section 7.2 Subordination of Guarantee. The obligations of the Subsidiary Guarantors
under the Guarantee shall be subordinated to all Senior Indebtedness (as defined in this First
Supplemental Indenture) of the Subsidiary Guarantors on the terms and subject to the conditions set
forth in Article XII of the Base Indenture, and each Holder of the Notes issued hereunder by such
Holder’s acceptance thereof, acknowledges and agrees that the Guarantee shall be issued subject to
the provisions of this Section 7.2 and such Article XII and that each Holder of Notes, whether upon
original issuance or upon transfer or assignment thereof, accepts and agrees to be bound by such
provisions. The Guarantee of the Subsidiary Guarantors is a Guarantee of Subordinated Debt
Securities, and, for purposes of the Notes only, and not for purposes of any other Debt Securities,
all references in the Indenture to Senior Indebtedness of the Subsidiary Guarantors shall mean
Senior Indebtedness, as defined in this First Supplemental Indenture, of the Subsidiary Guarantors.

     Section 7.3 Amendment to Article IV of Base Indenture. For purposes of the Notes
only, and not for purposes of any other Debt Securities, Article IV of the Base Indenture is hereby
amended by inserting the following new Section 4.12:

     “Section 4.12. Additional Subsidiary Guarantors. If at any time after
the original issuance of the Notes, including following any release of a Subsidiary
Guarantor from its Guarantee under this Indenture, any Subsidiary of the Partnership
(including any future Subsidiary of the Partnership) guarantees any Funded Debt (as
defined below) of the Partnership, then the Partnership shall cause such Subsidiary
to execute and deliver an Indenture supplemental hereto pursuant to Section 9.01(h)
simultaneously therewith in order to become a Subsidiary Guarantor and to effect its
Guarantee of the Subordinated Debt Securities. In order to further evidence its
Guarantee, such Subsidiary shall execute and deliver to the Trustee a notation
relating to such Guarantee in accordance with Section 14.02. For purposes of this
Section 4.12, the term “Funded Debt” means all Debt maturing one year or more from
the date of the incurrence, creation, assumption or guarantee thereof, all Debt
directly or indirectly renewable or extendible, at the option of the debtor, by its
terms or by the terms of the instrument or agreement relating thereto, to a date one
year or more from the date of the incurrence, creation, assumption or guarantee
thereof, and all Debt under a revolving credit or similar agreement obligating the
lender or lenders to extend credit over a period of one year or more.”

     Section 7.4 No Fraudulent Conveyance. Each Subsidiary Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that

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the Guarantee of such Subsidiary Guarantor not constitute a fraudulent conveyance for purposes
of any U.S. federal (including Section 548 of the United States Bankruptcy Act) or other law
applicable to the Guarantee (collectively, “Fraudulent Transfer Laws”). To effectuate the
foregoing intention, the Trustee, the Holders and the Subsidiary Guarantors hereby irrevocably
agree that the obligations of such Subsidiary Guarantor will, after giving effect to such maximum
amount and all other contingent, fixed or other liabilities of such Subsidiary Guarantor that are
relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of
the obligations of such other Subsidiary Guarantor hereunder, result in the obligations of such
Subsidiary Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance for
purposes of any applicable Fraudulent Transfer Laws.

ARTICLE VIII

APPLICABILITY OF DEFEASANCE AND COVENANT DEFEASANCE

     Section 8.1 Applicability of Defeasance and Covenant Defeasance. The Notes will be
subject to satisfaction, defeasance and discharge pursuant to Article XI of the Base Indenture in
accordance with the provisions of such Article; provided that for purposes of the Notes only, and
not for purposes of any other Debt Securities, (i) references in Section 11.02(b) of the Base
Indenture to Sections 6.01(d), (g) and (h) of the Base Indenture shall be deemed to be references
only to Section 6.01(d) of the Base Indenture, and that references in Section 11.02(b) of the Base
Indenture to Sections 6.01(e) and (f) of the Base Indenture shall not apply.

ARTICLE IX

EVENTS OF DEFAULT AND REMEDIES OF THE TRUSTEE AND HOLDERS OF NOTES

     Section 9.1 Amendment and Restatement of Section 6.01 of the Base Indenture. For
purposes of the Notes only, and not for purposes of any other Debt Securities, Section 6.01 of the
Base Indenture is hereby amended and restated in its entirety to read as follows:

     Section 6.01 Events of Default. If any one or more of the following
shall have occurred and be continuing with respect to the Notes (each of the
following an “Event of Default”):

     (a) failure to pay principal on the Notes when due;

     (b) failure to pay Interest on the Notes when due and such default continues
for thirty (30) days (it being understood that the deferral of Interest as permitted
by Article IV of the First Supplemental Indenture is not a default in payment of
Interest on the Notes);

     (c) the occurrence of a Bankruptcy Event with respect to the Partnership; or

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     (d) the Guarantee of any Subsidiary Guarantor ceases to be in full force and
effect or is declared null and void in a judicial proceeding;

then, and in each and every case that an Event of Default described in clause (a),
(b), and (d) with respect to the Notes at the time Outstanding occurs and is
continuing, unless the principal of, premium, if any, and Interest on all the Notes
shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Notes then Outstanding hereunder,
by notice in writing to the Partnership (and to the Trustee if given by Holders),
may, and the Trustee at the request of such Holders shall, declare the principal of,
premium, if any, and Interest on all the Notes to be due and payable immediately,
and upon any such declaration, the same shall become and shall be immediately due
and payable, anything in the Notes, this Indenture or in the First Supplemental
Indenture contained to the contrary notwithstanding. If an Event of Default
described in clause (c) occurs, then and in each and every such case, unless the
principal of, premium, if any, and Interest on all the Notes shall have become due
and payable, the principal of, premium, if any, and Interest on all the Notes then
Outstanding hereunder shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holders,
anything in the Notes, this Indenture or in the First Supplemental Indenture
contained to the contrary notwithstanding.

     The Holders of a majority in aggregate principal amount of the Notes then
Outstanding by written notice to the Trustee may rescind an acceleration and annul
its consequences if the rescission would not conflict with any judgment or decree of
a court of competent jurisdiction already rendered and if all existing Events of
Default with respect to the Notes have been cured or waived except nonpayment of
principal, premium, if any, or Interest that has become due solely because of
acceleration. Upon any such rescission, the parties hereto shall be restored
respectively to their several positions and rights hereunder, and all rights,
remedies, and powers of the parties hereto shall continue as though no such
proceeding had been taken.

ARTICLE X

MISCELLANEOUS

     Section 10.1 Ratification of Base Indenture. The Base Indenture, as amended and
supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and
this First Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to
the extent herein and therein provided; provided, however, that the provisions of
this First Supplemental Indenture apply solely with respect to the Notes. The Indenture shall,
solely in respect of the Notes, be deemed a “junior subordinated indenture.”

     Section 10.2 No Recourse to General Partner. No recourse under or upon any
obligation, covenant, or agreement contained in this First Supplemental Indenture or the Base
Indenture or for any claim based hereon or thereon or otherwise in respect hereof or thereof,

-20-

 

shall be had (a) against the General Partner or the general partner of any Subsidiary
Guarantor or any other partner of, or any Person which owns an interest directly or indirectly in,
the Partnership, the Subsidiary Guarantors or such general partners or (b) against any past,
present, or future director, manager, officer, employee, agent, member or partner, as such, of the
Partnership, the Subsidiary Guarantors, the General Partner or such general partners, under any
rule of law, statute, or constitutional provision or otherwise, all such liability being expressly
waived and released by the execution hereof by the Trustee and as part of the consideration for the
issuance of the Notes.

     Section 10.3 Separateness. Each Holder of Notes by its acceptance thereof
acknowledges (a) that such Holder has acquired Notes in reliance upon the separateness of the
Partnership, each Subsidiary Guarantor and the General Partner from one another and from any other
Persons, including any Affiliate thereof, (b) that the Partnership, each Subsidiary Guarantor and
the General Partner have assets and liabilities that are separate from those of one another and
from those of other persons, including any Affiliate thereof, (c) that the Notes and other
obligations owing under the Notes have not been guaranteed by any Person, other than the Subsidiary
Guarantors and only to the extent explicitly set forth herein, and (d) that, except as other
Persons may expressly assume or guarantee any of the Notes or obligations thereunder, the Holders
of the Notes shall look solely to the Partnership and its property and assets for the payment of
any amounts payable pursuant to the Notes and for satisfaction of any obligations owing to the
Holders of the Notes.

     Section 10.4 Trustee Not Responsible for Recitals. The recitals herein contained are
made by the Partnership and not by the Trustee, and the Trustee assumes no responsibility for the
correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
First Supplemental Indenture.

     Section 10.5 Governing Law. This First Supplemental Indenture, the Notes and the
Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

     Section 10.6 Time is of the Essence. Time is of the essence in performance of the
obligations under this First Supplemental Indenture.

     Section 10.7 Separability. In case any one or more of the provisions contained in
this First Supplemental Indenture or in the Notes shall for any reason be held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall
not affect any other provisions of this First Supplemental Indenture or of the Notes, but this
First Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

     Section 10.8 Treatment of the Notes. By its acceptance of the Notes, each Holder and
beneficial owner of the Notes agrees to treat the Notes as indebtedness for all United States
federal, state and local tax purposes.

-21-

 

     Section 10.9 Counterparts. This First Supplemental Indenture may be executed in any
number of counterparts each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.

     Section 10.10 Withholding. Notwithstanding any other provision of the Indenture or
this First Supplemental Indenture to the contrary, each Holder and beneficial owner of the Notes
hereby authorizes the Partnership, if required by the Internal Revenue Code of 1986, as amended, or
by any other applicable legal requirement, to withhold any required amount from the amounts payable
by the Partnership hereunder to any Holder and/or beneficial owner of the Notes for payment to the
appropriate taxing authority. Any amount so withheld from such Person will be treated as a payment
by the Partnership to such Person, except as otherwise provided below. Each such Person agrees to
file timely any agreement that is required by any taxing authority in order to avoid any
withholding obligation that would otherwise be imposed on the Partnership. If the amount required
to be withheld with respect to such Person exceeds the amount payable to such Person, such excess
will be treated as a demand loan to such Person, payable within ten (10) days after such time that
the Partnership makes payment to the appropriate taxing authority and demand is made on such Person
to pay same.

[Signature Page Follows.]

-22-

 

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

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	TEPPCO PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Texas Eastern Products Pipeline	 	 
	 

	 	 	 	Company, LLC	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	William G. Manias	 	 
	 

	 	 	 	Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO GP, Inc.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	William G. Manias	 	 
	 

	 	 	 	Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	TCTM, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO GP, Inc.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	William G. Manias	 	 
	 

	 	 	 	Vice President and Chief Financial Officer	 	 

First Supplemental Indenture Signature Page

 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	TEPPCO MIDSTREAM COMPANIES, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO GP, Inc.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	William G. Manias	 	 
	 

	 	 	 	Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	VAL VERDE GAS GATHERING COMPANY, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO NGL Pipelines, LLC	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	William G. Manias	 	 
	 

	 	 	 	Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.,	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alma Marcella Burgess	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Alma Marcella Burgess	 	 
	 

	 	 	 	Assistant Vice President	 	 

First Supplemental Indenture Signature Page

 

 

EXHIBIT A

FORM OF NOTES

(FORM OF FACE OF NOTES)

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.]*

Principal Amount

			
	No.
	 	$                     [,which amount may be

increased or decreased by the Schedule

of Increases and Decreases in Global Security attached hereto.] *

TEPPCO PARTNERS, L.P.

7.000% FIXED/FLOATING RATE JUNIOR SUBORDINATED NOTES DUE 2067

CUSIP                    

     TEPPCO PARTNERS, L.P., a Delaware limited partnership (the “Partnership,” which term
includes any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to [Cede & Co.]* or its registered assigns, the principal sum of
                     U.S. dollars ($                    ), [or such greater or lesser principal sum as is shown on
the attached Schedule of Increases and Decreases in Global Security]* on June 1, 2067 in
such coin and currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts, and to pay interest as provided below.

 

			
	*	 	To be included in a Book-Entry Note.

A-1

 

     From May 18, 2007 to, but not including, June 1, 2017 (or, if earlier, until the principal
thereof is paid) (the “Fixed Rate Period”), the outstanding principal amount hereof and (to
the extent that payment of such interest is enforceable under applicable law) any Deferred Interest
or overdue installment of Interest hereon will bear interest at the per annum rate of 7.000%
payable (subject to the provisions of the Indenture more fully described on the reverse hereof that
permit the Partnership to elect to defer payments of Interest) semi-annually in arrears on June 1
and December 1, of each year, commencing on December 1, 2007, compounded semi-annually through the
end of the Fixed Rate Period. From June 1, 2017 to, but not including, the maturity date hereof
(or, if earlier, until the principal thereof is paid) (the “Floating Rate Period”), the
outstanding principal amount hereof and (to the extent that payment of such interest is enforceable
under applicable law) any Deferred Interest or overdue installment of Interest hereon will bear
interest during each Quarterly Interest Period at the applicable Floating Rate for such Quarterly
Interest Period calculated pursuant to the Indenture, payable (subject to the provisions of the
Indenture more fully described on the reverse hereof that permit the Partnership to elect to defer
payments of Interest) quarterly in arrears on each March 1, June 1, September 1, and December 1,
commencing September 1, 2017, compounded quarterly at such prevailing Floating Rate through the end
of the Floating Rate Period. Payments of Interest shall be made to the person in whose name the
Notes are registered at the close of business on the record date for such Interest Payment Date,
which during the Fixed Rate Period shall be the May 15 or November 15, as the case may be,
immediately preceding each Interest Payment Date and during the Floating Rate Period shall be the
February 15, May 15, August 15, or November 15, as the case may be, immediately preceding each
Interest Payment Date (each, a “Regular Record Date”).

     Reference is made to the further provisions of the Notes set forth on the reverse hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at
this place.

     The statements in the legends set forth in the Notes are an integral part of the terms of the
Notes and by acceptance hereof the Holder of the Notes agrees to be subject to, and bound by, the
terms and provisions set forth in each such legend.

     The Notes are a series of Debt Securities designated as the 7.000% Fixed/Floating Rate Junior
Subordinated Notes due 2067 of the Partnership and are issued under and governed by the Indenture
dated as of May 14, 2007 (as the same shall be amended from time to time, the “Base
Indenture”), duly executed and delivered by the Partnership, as issuer, and TE Products
Pipeline Company, Limited Partnership, a Delaware limited partnership (“TE Products”),
TCTM, L.P., a Delaware limited partnership (“TCTM”), TEPPCO Midstream Companies, L.P., a
Delaware limited partnership (“TEPPCO Midstream”), and Val Verde Gas Gathering Company,
L.P., a Delaware limited partnership (“Val Verde” and together with TE Products, TCTM and
TEPPCO Midstream, the “Subsidiary Guarantors”), as subsidiary guarantors, to The Bank of
New York Trust Company, N.A., as trustee (the “Trustee”), as supplemented by the First
Supplemental Indenture dated as of May 18, 2007, duly executed by the Partnership, the Subsidiary
Guarantors and the Trustee (the “First Supplemental Indenture,” and together with the Base
Indenture, as the same shall be amended or supplemented from time to time, the
“Indenture”). The terms of the Indenture are incorporated herein by reference. Any term
defined in the Indenture has the same meaning when used herein.

A-2

 

     If and to the extent any provision of the Indenture limits, qualifies, or conflicts with any
other provision of the Indenture that is required to be included in the Indenture or is deemed
applicable to the Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as
amended (the “TIA”), such required provision shall control.

     The Partnership hereby irrevocably undertakes to the Holder hereof to exchange the Notes in
accordance with the terms of the Indenture without charge.

     The Notes shall not be valid or become obligatory for any purpose until the Trustee’s
Certificate of Authentication hereon shall have been manually signed by the Trustee under the
Indenture.

A-3

 

     IN WITNESS WHEREOF, the Partnership has caused this instrument to be duly executed by its sole
General Partner.

Dated:                     , 200_

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	TEPPCO PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Texas Eastern Products Pipeline

Company, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

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

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.,	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 	 

A-4

 

[REVERSE OF SECURITY]

TEPPCO PARTNERS, L.P.

7.000% FIXED/FLOATING RATE JUNIOR SUBORDINATED NOTES DUE 2067

     The Notes are one of a duly authorized issue of Debt Securities of the Partnership issued
under and pursuant to the Indenture, to which Indenture reference is hereby made for a description
of the rights, limitations of rights, obligations, duties, and immunities thereunder of the
Trustee, the Partnership, the Subsidiary Guarantors and the Holders of the Debt Securities. The
Debt Securities may be issued in one or more series, which different series may be issued in
various aggregate principal amounts, may mature at different times, may bear interest (if any) at
different rates, may be subject to different sinking, purchase or analogous funds (if any) and may
otherwise vary as provided in the Indenture. The Notes are of a series designated as the 7.000%
Fixed/Floating Rate Junior Subordinated Notes due 2067 of the Partnership (the “Notes”).

1. Interest.

     During the Fixed Rate Period, the outstanding principal amount hereof and (to the extent that
payment of such interest is enforceable under applicable law) any Deferred Interest or overdue
installment of Interest hereon will bear interest at the per annum rate of 7.000% payable (subject
to the provisions of the Indenture relating to Interest deferrals more fully described below)
semi-annually in arrears on June 1 and December 1 of each year commencing on December 1, 2007,
compounded semi-annually through the end of the Fixed Rate Period. During the Floating Rate
Period, the outstanding principal amount hereof and (to the extent that payment of such interest is
enforceable under applicable law) any Deferred Interest or overdue installment of Interest hereon
will bear interest during each Quarterly Interest Period at the applicable Floating Rate for such
Quarterly Interest Period calculated pursuant to the Indenture, payable (subject to the provisions
of the Indenture relating to Interest deferrals more fully described below) quarterly in arrears on
each March 1, June 1, September 1 and December 1, commencing September 1, 2017, compounded
quarterly at such prevailing Floating Rate through the end of the Floating Rate Period.

     During the Fixed Rate Period, the amount of Interest payable on any Interest Payment Date will
be computed on the basis of a 360-day year of twelve 30-day months. During the Floating Rate
Period, the amount of any Interest payable on any Interest Payment Date will be computed on the
basis of a 360-day year and the actual number of days elapsed. In the event that any date on which
Interest is payable on this Note is not a Business Day, then a payment of the Interest payable on
such date will ,subject to certain exceptions described in the First Supplemental Indenture, be
made on the next succeeding day which is a Business Day (and without any interest or other payment
in respect of any such delay), with the same force and effect as if made on the date the payment
was originally payable.

2. Optional Deferral of Interest.

     Subject to the terms of the Indenture, the Partnership shall have the right, at any time and
from time to time during the term of the Notes, to elect to defer payment of all or any portion of

A-5

 

any Current Interest and/or Deferred Interest otherwise due on the Notes on any Interest
Payment Date. No Interest on the Notes shall be due and payable on any Interest Payment Date
during an Optional Deferral Period; however, Interest shall accrue on the Notes during such period
in accordance with the First Supplemental Indenture.

3. Method of Payment.

     The Partnership shall pay interest on the Notes (except Defaulted Interest) to the persons who
are the registered Holders at the close of business on the Regular Record Date immediately
preceding the Interest Payment Date. The Partnership shall pay principal, premium, if any, and
interest in such coin or currency of the United States of America as at the time of payment shall
be legal tender for payment of public and private debts. Payments in respect of a Global Security
(including principal, premium, if any, and interest) will be made by wire transfer of immediately
available funds to the accounts specified by the Depositary. Payments in respect of Notes in
definitive form (including principal, premium, if any, and interest) will be made at the office or
agency of the Partnership maintained for such purpose within The City of New York, which initially
will be The Bank of New York Trust Company, N. A., 101 Barclay Street – 7 East, New York, New York
10286, or, at the option of the Partnership, payment of interest may be made by check mailed to the
Holders on the relevant record date at their addresses set forth in the Debt Security Register of
Holders or at the option of the Holder, payment of interest on Notes in definitive form will be
made by wire transfer of immediately available funds to any account maintained in the United
States, provided such Holder has requested such method of payment and provided timely wire transfer
instructions to the paying agent. The Holder must surrender these Notes to a paying agent to
collect payment of principal.

4. Paying Agent and Registrar.

     Initially, The Bank of New York Trust Company, N.A. will act as paying agent and Registrar.
The Partnership may change any paying agent or Registrar at any time upon notice to the Trustee and
the Holders. The Partnership may act as paying agent.

5. Indenture.

     The Notes are one of a duly authorized issue of Debt Securities of the Partnership issued and
to be issued in one or more series under the Indenture.

     The terms of the Notes include those stated in the Indenture, those made part of the Indenture
by reference to the TIA, as in effect on the date of the Base Indenture, and those terms stated in
the First Supplemental Indenture. The Notes are subject to all such terms, and Holders of
Securities are referred to the Indenture, the First Supplemental Indenture and the TIA for a
statement of them. The Notes are junior subordinated obligations of the Partnership and are not
secured by any of the assets of the Partnership.

6. Denominations; Transfer; Exchange.

     The Notes are to be issued in registered form, without coupons, in denominations of $1,000 and
integral multiples of $1,000 in excess thereof. A Holder may register the transfer of, or
exchange, Notes in accordance with the Indenture. The Registrar may require a Holder,

A-6

 

among other things, to furnish appropriate endorsements and transfer documents and to pay any
taxes and fees required by law or permitted by the Indenture.

7. Person Deemed Owners.

     The registered Holder of Notes may be treated as the owner of it for all purposes.

8. Amendment; Supplement; Waiver.

     Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing
Event of Default or compliance with any provision may be waived, with the consent of the Holders of
a majority in principal amount of the Outstanding Notes. Without consent of any Holder of Notes,
the parties thereto may amend or supplement the Indenture to, among other things, cure any
ambiguity or omission, to correct any defect or inconsistency, or to make any other change that
does not adversely affect the rights of any Holder of Notes. Any such consent or waiver by the
Holder of these Notes (unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of these Notes and any Notes which may be
issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is
made upon these Notes or such other Notes.

9. Defaults and Remedies.

     Certain events of bankruptcy or insolvency are Events of Default that will result in the
principal amount of the Notes, together with premium, if any, and Interest thereon, becoming due
and payable immediately upon the occurrence of such Events of Default. If any other Event of
Default with respect to the Notes occurs and is continuing, then in every such case the Trustee or
the Holders of not less than 25% in aggregate principal amount of the Notes then Outstanding may
declare the principal amount of all the Notes, together with premium, if any, and Interest thereon,
to be due and payable immediately in the manner and with the effect provided in the Indenture.
Notwithstanding the preceding sentence, at any time after such a declaration of acceleration has
been made, the Holders of a majority in principal amount of the Outstanding Notes, by written
notice to the Trustee, may rescind such declaration and annul its consequences if the rescission
would not conflict with any judgment or decree of a court of competent jurisdiction already
rendered and if all Events of Default with respect to the Notes, other than the nonpayment of the
principal, premium, if any, or Interest which has become due solely by such declaration
acceleration, shall have been cured or shall have been waived. No such rescission shall affect any
subsequent default or shall impair any right consequent thereon. Holders of Notes may not enforce
the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity
or security satisfactory to it before it enforces the Indenture or the Notes. Subject to certain
limitations, Holders of a majority in aggregate principal amount of the Notes then Outstanding may
direct the Trustee in its exercise of any trust or power.

10. Trustee Dealings with Company.

     The Trustee under the Indenture, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Partnership or its Affiliates or any subsidiary
of the Partnership’s Affiliates, and may otherwise deal with the Partnership or its Affiliates as
if it were not the Trustee.

A-7

 

11. Authentication.

     These Notes shall not be valid until the Trustee signs the certificate of authentication on
the other side of these Notes.

12. Abbreviations and Defined Terms.

     Customary abbreviations may be used in the name of a Holder of Notes or an assignee, such as:
TEN COM (tenant 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).

13. CUSIP Numbers.

     Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification
Procedures, the Partnership has caused CUSIP numbers to be printed on the Notes as a convenience to
the Holders of the Notes. No representation is made as to the accuracy of such number as printed
on the Notes and reliance may be placed only on the other identification numbers printed hereon.

14. Absolute Obligation.

     No reference herein to the Indenture and no provision of the Notes or the Indenture shall
alter or impair the obligation of the Partnership, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest on these Notes in the manner, at the respective times,
at the rate and in the coin or currency herein prescribed.

15. No Recourse.

     The General Partner and the general partner of each of the Subsidiary Guarantors and their
respective directors, officers, employees, and members, as such, shall have no liability for any
obligations of any Subsidiary Guarantor or the Partnership under the Notes, the Indenture, or any
Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting the Notes waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes.

16. Ranking.

     The Notes rank junior and subordinate in rank and priority of payment to all of the
Partnership’s Senior Indebtedness as more fully provided in Article XII of the Base Indenture and
Article VI of the First Supplemental Indenture.

17. Optional Redemption.

     The Notes are subject to redemption prior to maturity at the redemption price and in the
manner provided in the Base Indenture and the First Supplemental Indenture.

A-8

 

18. Governing Law.

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

19. Guarantee.

     Subject to Article XIV of the Base Indenture and Articles VI and VII of the First Supplemental
Indenture, the Notes are fully and unconditionally guaranteed on an unsecured basis by the
Subsidiary Guarantors. Each Subsidiary Guarantor’s obligations under the Guarantee rank junior and
subordinate in rank and priority of payment to all of such Subsidiary Guarantor’s Senior
Indebtedness.

20. Reliance.

     The Holder, by accepting these Notes, acknowledges (a) that such Holder has acquired Notes in
reliance upon the separateness of the Partnership, each Subsidiary Guarantor and the General
Partner from one another and from any other Persons, including any Affiliate thereof, (b) that the
Partnership, each Subsidiary Guarantor and the General Partner have assets and liabilities that are
separate from those of one another and those of other persons, including any Affiliates thereof,
(c) that the Notes and other obligations owing under the Notes have not been guaranteed by any
Person, other than the Subsidiary Guarantors and only to the extent explicitly set forth herein,
and (d) that, except as other Persons may expressly assume or guarantee any of the Notes or
obligations thereunder, the Holders shall look solely to the Partnership and its property and
assets for the payment of any amounts payable pursuant to the Notes and for satisfaction of any
obligations owing to the Holders.

A-9

 

NOTATION OF GUARANTEE

     Subject to Article XII of the Base Indenture and Articles VI and VII of the First Supplemental
Indenture, each Subsidiary Guarantor (which term includes any successor Person under the
Indenture), has fully, unconditionally and absolutely, jointly and severally guaranteed, to the
extent set forth in the Indenture and subject to the provisions in the Indenture, the due and
punctual payment of the principal of, and premium, if any, and interest on the Notes and all other
amounts due and payable (subject to the right of the Partnership to defer Interest payments on the
terms and conditions set forth in Section 4.1 of the First Supplemental Indenture) under the
Indenture by the Partnership. Each Subsidiary Guarantor’s obligations under such guarantee rank
junior and subordinate in rank and priority of payment to all of such Subsidiary Guarantor’s Senior
Indebtedness and constitute a guarantee of Subordinated Debt Securities for all purposes under the
Indenture.

     The obligations of each Subsidiary Guarantor to the Holders of Notes and to the Trustee
pursuant to its Guarantee and the Indenture are expressly set forth in Article XIV of the Base
Indenture, and are subject to the provisions of Article XII of the Base Indenture and Section 7.2
of the First Supplemental Indenture, and reference is hereby made to such documents for the precise
terms of the Guarantee.

	 	 	 	 	 	 	 
	 	 	TE PRODUCTS PIPELINE COMPANY, LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO GP, Inc.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	TCTM, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO GP, Inc.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

A-10

 

	 	 	 	 	 	 	 
	 	 	TEPPCO MIDSTREAM COMPANIES, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO GP, Inc.	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	VAL VERDE GAS GATHERING COMPANY, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	TEPPCO NGL Pipelines, LLC	 	 
	 

	 	Its:
	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

A-11

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 	 	 
	TEN COM	 	-	 	as tenants in common	 	UNIF GIFT MIN ACT —                                                             
	 

	 	 	 	 	 	 	 	(Cust.)
	TEN ENT	 	-	 	as tenants by entireties	 	Custodian for:                                                             
	 

	 	 	 	 	 	 	 	(Minor)
	JT TEN	 	-	 	as joint tenants with
right of survivorship
and not as tenants in
common	 	Under Uniform Gifts

to Minors Act of                                                             
	 

	 	 	 	 	 	 	 	(State)

Additional abbreviations may also be used though not in the above list.

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

          IDENTIFYING NUMBER OF ASSIGNEE

 

 

Please print or type name and address including postal zip code of assignee

 

 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing

 

to transfer said Security on the books of the Partnership, with full power of substitution in the
premises.

	 	 	 	 	 	 	 
	Dated
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	Registered Holder

A-12

 

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITIES*

     The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Principal Amount	 	 	 	 
	 	 	Decrease in	 	 	Increase in	 	 	of this Global	 	 	Signature of	 
	 	 	Principal	 	 	Principal Amount	 	 	Security following	 	 	authorized officer	 
	 	 	Amount of this	 	 	of this	 	 	such decrease	 	 	of Trustee or	 
	Date of Exchange	 	Global Security	 	 	Global Security	 	 	(or increase)	 	 	Depositary	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	*	 	To be included in a Book-Entry Note.

A-13exv4w1

 

Exhibit 4.1

WAIVER AND CONSENT TO CREDIT AGREEMENT

     THIS WAIVER AND CONSENT TO CREDIT AGREEMENT (this “Waiver and Consent”), dated as of
May 14, 2007 is entered into among RADIO ONE, INC., a Delaware corporation (the
“Borrower”), the lenders listed on the signature pages hereof as Lenders (the
“Lenders”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent (the
“Administrative Agent”).

BACKGROUND

     A. The Borrower, the Lenders, Bank of America, N.A., as syndication agent, Credit Suisse,
Merrill Lynch, Pierce Fenner & Smith Incorporated, and SunTrust Bank, as co-documentation agents,
and the Administrative Agent are parties to that certain Credit Agreement, dated as of June 13,
2005 (as the same has been amended, restated or modified from time to time, the “Credit
Agreement”). The terms defined in the Credit Agreement and not otherwise defined herein shall
be used herein as defined in the Credit Agreement.

     B. The Borrower has requested a consent from the Lenders to extend the due date for (a) the
delivery of the Borrower’s consolidated financial statements for the fiscal year ending December
31, 2006 and the fiscal quarter ending March 31, 2007 as required in accordance with Sections
5.01(a) and 5.01(b) of the Credit Agreement, respectively and (b) the delivery of the Borrower’s
Compliance Certificates for the fiscal year ending December 31, 2006 and the fiscal quarter ending
March 31, 2007 as required under Section 5.01(d) of the Credit Agreement concurrently with the
financial statements described in clause (a) above.

     C. Furthermore, the Borrower has requested a limited waiver from the Lenders of (a) any
Default arising solely out of the Borrower’s failure to comply with the Interest Coverage Ratio
financial condition covenant for the fiscal quarter ending March 31, 2007 as required under Section
6.01(a) of the Credit Agreement and (b) any Default under Section 7.01(o) of the Credit Agreement
arising solely out of the Borrower’s failure to timely deliver its annual report on SEC Form 10-K,
together with the financial statements and any certificates related thereto, for the fiscal year
ending December 31, 2006 and its quarterly report on SEC Form 10-Q, together with the financial
statements and any certificates related thereto, for the fiscal quarter ending March 31, 2007, in
each case as required under the 2001 Senior Subordinated Debt Documents and the 2005 Senior
Subordinated Debt Documents, so long as (i) such failure under clause (a) or (b)
does not constitute an Event of Default under (and as such term is defined in) the 2001 Senior
Subordinated Debt Documents or 2005 Senior Subordinated Debt Documents, as applicable, and (ii)
none of the 2001 Senior Subordinated Note Holders, the 2005 Senior Subordinated Note Holders or any
trustee on the behalf of such holders shall have caused such Indebtedness to become due, or to
require the prepayment, redemption or defeasance thereof, prior to its scheduled maturity or
exercise any other rights and remedies related thereto.

     NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:

1

 

     1. CONSENT. Subject to the satisfaction of the conditions of effectiveness set forth
in Section 5 hereof, the Required Lenders hereby consent to the following:

     (a) to the extension of the due date to May 31, 2007 for the delivery of the Borrower’s
audited consolidated financial statements for the fiscal year ending December 31, 2006 required in
accordance with Section 5.01(a) of the Credit Agreement;

     (b) to the extension of the due date to May 31, 2007 for delivery of the Borrower’s
consolidated financial statements for the fiscal quarter ending March 31, 2007 required in
accordance with Section 5.01(b) of the Credit Agreement;

     (c) to the extension of the due date to May 31, 2007 for delivery of the Borrower’s Compliance
Certificate for the fiscal year ending December 31, 2006 required in accordance with Section
5.01(d) of the Credit Agreement; and

     (d) to the extension of the due date to May 31, 2007 for delivery of the Borrower’s Compliance
Certificate for the fiscal quarter ending March 31, 2007 required in accordance with Section
5.01(d) of the Credit Agreement.

     2. WAIVER. Subject to the satisfaction of the conditions of effectiveness set forth
in Section 5 hereof, the Required Lenders hereby waive the following Defaults
(collectively, the “Waived Defaults”) for a period beginning as of the date hereof until
the earlier of July13, 2007 or the occurrence of a Default (other than a Waived Default):

     (a) any Event of Default under Section 7.01(d) of the Credit Agreement arising solely out of
the Borrower’s failure to comply with the Interest Coverage Ratio financial condition covenant in
Section 6.01(a) of the Credit Agreement for the fiscal quarter ending March 31, 2007; and

     (b) any Default under Section 7.01(o) of the Credit Agreement arising solely out of the
Borrower’s failure to timely deliver its annual report on SEC Form 10-K, together with the
financial statements and any certificates related thereto, for the fiscal year ending December 31,
2006 and its quarterly report on SEC Form 10-Q, together with the financial statements and any
certificates related thereto, for the fiscal quarter ending March 31, 2007, in each case as
required under the 2001 Senior Subordinated Debt Documents and the 2005 Senior Subordinated Debt
Documents, so long as (i) such failure described under clause (a) above or this clause
(b) does not constitute an Event of Default under (and as such term is defined in) the 2001
Senior Subordinated Debt Documents or 2005 Senior Subordinated Debt Documents, as applicable, (ii)
such failure described under this clause (b) does not result in an Event of Default (as
defined in the 2001 Senior Subordinated Debt Documents and in the 2005 Senior Subordinated Debt
Documents) pursuant to a cross default provision, and (iii) none of the 2001 Senior Subordinated
Note Holders, the 2005 Senior Subordinated Note Holders or any trustee on the behalf of such
holders shall have caused such Indebtedness to become due, or to require the prepayment, redemption
or defeasance thereof, prior to its scheduled maturity or exercise any other rights and remedies
related thereto.

     3. LIMITATIONS. Except as expressly stated herein, the consent described in
Section 1 hereof and the waiver described in Section 2 hereof shall not be
construed as a consent

2

 

to or waiver of any Default which may now exist or hereafter occur or any violation of any
term, covenant or provision of the Credit Agreement or any other Loan Document. Except as
expressly stated in that certain Consent to Credit Agreement dated as of March 30, 2007 by and
among the Borrower, the certain lenders listed on the signature pages thereto and the
Administrative Agent (the “Existing Consent”), all rights and remedies of the
Administrative Agent and the Lenders are hereby expressly reserved with respect to any such
Default. This Waiver and Consent does not affect or diminish the right of the Administrative Agent
and the Lenders to require strict performance by the Borrower and each Guarantor of each provision
of any Loan Document to which it is a party, except as expressly provided herein and in the
Existing Consent. All terms and provisions of, and all rights and remedies of, the Administrative
Agent and the Lenders under the Loan Documents shall continue in full force and in effect and are
hereby confirmed and ratified in all respects.

     4. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its execution and
delivery hereof, the Borrower represents and warrants that, as of the Effective Date (as defined
herein) and after giving effect to the consent set forth in the foregoing Section 1 and the
waiver set forth in the foregoing Section 2:

     (a) the representations and warranties contained in the Credit Agreement and the other Loan
Documents are true and correct on and as of the Effective Date as made on and as of such date,
except to the extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct as of such earlier date; and

     (b) no event has occurred and is continuing which constitutes a Default or Event of Default
other than the Waived Defaults.

     5. CONDITIONS OF EFFECTIVENESS. This Waiver and Consent shall not be effective until
the satisfaction of each of the following conditions precedent:

     (a) the representations and warranties set forth in Section 4 of this Waiver and
Consent shall be true and correct;

     (b) the Administrative Agent shall have received counterparts of this Waiver and Consent
executed by the Required Lenders; and

     (c) the Administrative Agent shall have received counterparts of this Waiver and Consent
executed by the Borrower and Guarantors.

     6. REFERENCE TO THE CREDIT AGREEMENT AND OTHER LOAN DOCUMENTS.

     (a) Upon and during the effectiveness of this Waiver and Consent, each reference in the Credit
Agreement and the other Loan Documents to “this Agreement”, “hereunder”, or words of like import
shall mean and be a reference to the Credit Agreement or the other Loan Documents, as the case may
be, as affected by this Waiver and Consent.

     (b) Except as expressly set forth herein, this Waiver and Consent shall not by implication or
otherwise limit, impair, constitute an amendment of, or otherwise affect the rights

3

 

or remedies of the Administrative Agent or the Lenders under the Credit Agreement or any of
the other Loan Documents, and shall not alter, modify, amend, or in any way affect the terms,
conditions, obligations, covenants, or agreements contained in the Credit Agreement or the other
Loan Documents, all of which are hereby ratified and affirmed in all respects and shall continue in
full force and effect. Nothing herein shall be deemed to entitle the Borrower, Guarantors or
Lenders to a consent to, or a waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Credit Agreement or any other
Loan Documents in similar or different circumstances.

     (c) Notwithstanding that such consent is not required hereunder, each of the Guarantors hereby
consents to the execution and delivery of this Waiver and Consent and reaffirm its respective
obligations under the Guarantee and Collateral Agreement.

     7. COSTS AND EXPENSES. The Borrower shall be obligated to pay the costs and expenses
of the Administrative Agent in connection with the preparation, reproduction, execution and
delivery of this Waiver and Consent and the other instruments and documents to be delivered
hereunder.

     8. EXECUTION IN COUNTERPARTS. This Waiver and Consent may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original but all such counterparts together shall
constitute but one and the same instrument and signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature pages are
physically attached to the same document. For purposes of this Waiver and Consent, a counterpart
hereof (or signature page thereto) signed and transmitted by any Person party hereto to the
Administrative Agent (or its counsel) by facsimile machine, telecopier or electronic mail is to be
treated as an original. The signature of such Person thereon, for purposes hereof, is to be
considered as an original signature, and the counterpart (or signature page thereto) so transmitted
is to be considered to have the same binding effect as an original signature on an original
document. This Waiver and Consent shall become effective when the Administrative Agent has
received counterparts of this Waiver and Consent executed by the Borrower and the Required Lenders
and each of the conditions precedent set forth in Section 5 have been satisfied (the
“Effective Date”).

     9. GOVERNING LAW; BINDING EFFECT. This Waiver and Consent shall be governed by and
construed in accordance with the laws of the State of New York. This Waiver and Consent shall be
binding upon the Borrower and each Lender and their respective successors and assigns.

     10. HEADINGS. Section headings in this Waiver and Consent are included herein for
convenience of reference only and shall not constitute a part of this Waiver and Consent for any
other purpose.

     11. ENTIRE AGREEMENT. THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS AFFECTED
BY THIS WAIVER AND CONSENT, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AS TO THE SUBJECT
MATTER THEREIN AND HEREIN AND MAY NOT BE CONTRADICTED

4

 

BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES.

[Remainder of Page Intentionally Left Blank.]

5

 

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

	 	 	 	 	 
	 	BORROWER:
 

RADIO ONE, INC.

 	 
	 	By:  	/s/ Scott  R. Royster
 	 
	 	 	Name:  	Scott  R. Royster 	 
	 	 	Title:  	Exec Vice Pres & CFO 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	OTHER GUARANTORS 

(for purposes of Section 6 hereof):

RADIO ONE, INC.

RADIO ONE LICENSES, LLC

BELL BROADCASTING COMPANY

RADIO ONE OF DETROIT, LLC

RADIO ONE OF ATLANTA, LLC

ROA LICENSES, LLC

RADIO ONE OF CHARLOTTE, LLC

CHARLOTTE BROADCASTING, LLC

RADIO ONE OF NORTH CAROLINA, LLC

RADIO ONE OF AUGUSTA, LLC

RADIO ONE OF BOSTON, INC.

RADIO ONE OF BOSTON LICENSES, LLC

RADIO ONE OF INDIANA, LLC

RADIO ONE OF TEXAS I, LLC

RADIO ONE OF TEXAS II, LLC

BLUE CHIP BROADCASTING, LTD.

BLUE CHIP BROADCASTING LICENSES, LTD.

SATELLITE ONE, L.L.C.

HAWES-SAUNDERS BROADCAST
   PROPERTIES, INC.

RADIO ONE OF DAYTON LICENSES, LLC

NEW MABLETON BROADCASTING CORPORATION

RADIO ONE MEDIA HOLDINGS, LLC

 	 
	 	By:  	/s/ Scott R. Royster
 	 
	 	 	Name:  	Scott R. Royster 	 
	 	 	Title:  	Exec Vice Pres & CFO 	 
	 
	 	RADIO ONE OF INDIANA, L.P.
 
	 
	 	By:  	Radio One, Inc.,

its general partner

 	 
	 	By:  	/s/ Scott R. Royster
 	 
	 	 	Name:  	Scott R. Royster 	 
	 	 	Title:  	Exec Vice Pres & CFO 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	RADIO ONE OF TEXAS, L.P.
 	 
	 	By:  	Radio One of Texas I, LLC,

its general partner

 	 
	 	By:  	/s/ Scott R. Royster
 	 
	 	 	Name:  	Scott R. Royster 	 
	 	 	Title:  	Exec Vice Pres & CFO 	 
	 
	 	SYNDICATION ONE, INC.

 	 
	 	By:  	/s/ Scott R. Royster
 	 
	 	 	Name:  	Scott R. Royster 	 
	 	 	Title:  	Exec Vice Pres & CFO 	 
	 

	 	 	 	 	 
	 	MAGAZINE ONE, INC.

 	 
	 	By:  	/s/ Scott R. Royster
 	 
	 	 	Name:  	Scott R. Royster 	 
	 	 	Title:  	Exec Vice Pres & CFO 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	ADMINISTRATIVE AGENT, ISSUING BANK 
AND REQUIRED LENDERS:

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent, Issuing Bank

and as a Lender

 	 
	 	By:  	/s/ Russ Lyons
 	 
	 	 	Name:  	Russ Lyons 	 
	 	 	Title:  	Director 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as Syndication Agent, Issuing Bank and as a Lender

 	 
	 	By:  	/s/ Todd Shiplev
 	 
	 	 	Name:  	Todd Shiplev 	 
	 	 	Title:  	Senior Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ DOREEN BARR
 	 
	 	 	Name:  	DOREEN BARR 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 
	 	 	 
	 	By:  	                                              /s/ DENISE L. ALVAREZ
 	 
	 	 	Name:  	DENISE L. ALVAREZ 	 
	 	 	Title:  	ASSOCIATE 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	MERRILL LYNCH, PIERCE FENNER & SMITH INCORPORATED,

as Co-Documentation Agent

 	 
	 	By:  	/s/ Nancy E. Meadows
 	 
	 	 	Name:  	Nancy E. Meadows 	 
	 	 	Title:  	Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	SUNTRUST BANK,

as Co-Documentation Agent and as a Lender

 	 
	 	By:  	/s/ E. Matthew Schaaf
 	 
	 	 	Name:  	E. Matthew Schaaf, IV 	 
	 	 	Title:  	Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	BANK OF SCOTLAND,

as a Lender

 	 
	 	By:  	/s/ Karen Weich
 	 
	 	 	Name:  	KAREN WEICH 	 
	 	 	Title:  	VICE PRESIDENT 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	CALYON, New York Branch,

as a Lender

 	 
	 	By:  	/s/ Tanya Crossley
 	 
	 	 	Name:  	Tanya Crossley 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ John McCloskey
 	 
	 	 	Name:  	John McCloskey 	 
	 	 	Title:  	Managing Director 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	COŐPERATIEVE CENTRALE RAIFFEISEN-

BOERENLEENBANK B.A., “RABOBANK

NEDERLAND”, NEW YORK BRANCH,

as a Lender

 	 
	 	By:  	/s/ Peter Duncan
 	 
	 	 	Name:  	Peter Duncan 	 
	 	 	Title:  	Executive Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Andrew Sherman
 	 
	 	 	Name:  	Andrew Sherman 	 
	 	 	Title:  	Executive Director 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	Credit Industriel et Commercial,

as a Lender

 	 
	 	By:  	/s/ Marcus Edward
 	 
	 	 	Name:  	Marcus Edward 	 
	 	 	Title:  	Managing Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	/s/ Anthony Rock
 	 
	 	 	Name:  	Anthony Rock 	 
	 	 	Title:  	Managing Director 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	Diamond Springs Trading LLC,

as a Lender

 	 
	 	By:  	/s/ Tara E. Kenny
 	 
	 	 	Name:  	Tara E. Kenny 	 
	 	 	Title:  	Assistant vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	GENERAL ELECTRICAL CAPITAL CORPORATION,

as a Lender

 	 
	 	By:  	/s/ Karl Kieffer
 	 
	 	 	Name:  	KARL KIEFFER 	 
	 	 	Title:  	DULY AUTHORIZED SIGNATORY 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	Grand Central Asset Trust, BDC Series,

as a Lender

 	 
	 	By:  	/s/ Erich VanRavenswaay
 	 
	 	 	Name:  	Erigh VanRavenswaay 	 
	 	 	Title:  	Assistant Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as a Lender

 	 
	 	By:  	/s/ Sharon Bazbaz
 	 
	 	 	Name:  	Sharon Bazbaz 	 
	 	 	Title:  	Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	MERRILL LYNCH CAPITAL CORPORATION,

as a Lender

 	 
	 	By:  	/s/ Nancy E. Meadows
 	 
	 	 	Name:  	Nancy E. Meadows 	 
	 	 	Title:  	Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	Mizuho Corporate Bank, Ltd.,

as a Lender

 	 
	 	By:  	/s/ Raymond Ventura
 	 
	 	 	Name:  	Raymond Ventura 	 
	 	 	Title:  	Deputy General Manager 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	The Royal Bank of Scotland plc,

as a Lender

 	 
	 	By:  	/s/ Andrew Wynn
 	 
	 	 	Name:  	Andrew Wynn 	 
	 	 	Title:  	Managing Director 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	Stanfield McLaren CLO, Ltd.

 	 
	 	By:  	Stanfield Capital Partners, LLC

as its Collateral Manager,

as a Lender

 	 
	 	By:  	/s/ David Frey
 	 
	 	 	Name:  	David Frey 	 
	 	 	Title:  	Managing Director 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Keith Kubota
 	 
	 	 	Name:  	Keith Kubota 	 
	 	 	Title:  	Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

 

 

	 	 	 	 	 
	 	Webster Bank, National Association,

as a Lender

 	 
	 	By:  	/s/ John Gilsenan
 	 
	 	 	Name:  	John Gilsenan 	 
	 	 	Title:  	Vice President 	 
	 

WAIVER AND CONSENT TO CREDIT AGREEMENT — SIGNATURE PAGE

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