Document:

EXHIBIT 10.3

EXHIBIT 10.3

EGPI Firecreek, Inc.

PLACEMENT AGENT AGREEMENT

Dated as of: June 28, 2005.

The undersigned, EGPI Firecreek Inc., a Nevada corporation (the "COMPANY"), hereby agrees with U.S. Euro Securities (the "PLACEMENTAGENT") and Dutchess Private Equities Fund II, L.P., a Delaware Limited Partnership (the "INVESTOR") as follows:

1.

OFFERING. The Company hereby engages the Placement Agent to act as its exclusive placement agent in connection with the Investment Agreement dated June 17, 2005  (the "INVESTMENT AGREEMENT") pursuant to which the Company shall issue and sell to the Investor, from time to time, and the Investor shall purchase from the Company (the "OFFERING") up to Twenty-Five Million Dollars ($25,000,000) of the Company's Class A Voting Common Stock (the "COMMITMENT AMOUNT"), par value $0.001 per share (the "COMMON STOCK"), at price per share equal to the Purchase Price, as that term is defined in the Investment Agreement. Pursuant to the terms hereof, the Placement Agent shall render consulting services to the Company with respect to the Investment Agreement and shall be available for consultation in connection with the advances to be requested by the Company pursuant to the Investment Agreement.  All capitalized terms used herein and not otherwise defined herein shall have the same meaning ascribed to them as in the Investment Agreement. The Investor will be granted certain registration rights with respect to the Common Stock as more fully set forth in a Registration Rights Agreement between the Company and the Investor dated June 17, 2005 (the "REGISTRATION RIGHTS AGREEMENT"). The documents to be executed and delivered in connection with the Offering, including, but not limited, to this Agreement, the Investment Agreement, and the Registration Rights Agreement, and any Prospectus or other disclosure document ( including all amendments and supplements ) utilized in connection with the Offering are referred to sometimes hereinafter collectively as the "OFFERING MATERIALS." The Company's Common Stock is sometimes referred to hereinafter as the "SECURITIES." The Placement Agent shall not be obligated to sell any Securities and this Offering by the Placement Agent shall be solely on a "best efforts basis." 

2.

REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLACEMENT AGENT. 

A. The Placement Agent represents, warrants and covenants as follows:

(i)

The Placement Agent has the necessary power to enter into this Agreement and to consummate the transactions contemplated hereby.

(ii)

The execution and delivery by the Placement Agent of this Agreement and the consummation of the transactions contemplated herein will not result in any violation of, or be in conflict with, or constitute a default under, any agreement or instrument to which the Placement Agent is a party or by which the Placement Agent or its properties are bound, or any judgment, decree, order or, to the Placement Agent's knowledge, any statute, rule or regulation applicable to the Placement Agent. This Agreement when executed and delivered by the Placement Agent, will constitute the legal, valid and binding obligations of the Placement Agent, enforceable in accordance with their respective terms, except to the

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extent that (a) the enforceability hereof or thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws from time to time in effect and affecting the rights of creditors generally, (b) the enforceability hereof or thereof is subject to general principles of equity, or (c) the indemnification provisions hereof or thereof may be held to be in violation of public policy.

(iii)

Upon receipt and execution of this Agreement the Placement Agent will promptly forward copies of this Agreement to the Company or its counsel and the Investor or its counsel.

(iv)

The Placement Agent will not take any action that it reasonably believes would cause the Offering to violate the provisions of the Securities Act of 1933, as amended (the "1933 ACT"), the Securities Exchange Act of 1934 (the "1934 ACT"), the respective rules and regulations promulgated there under (the "RULES AND REGULATIONS") or applicable "Blue Sky" laws of any state or jurisdiction.

(v)

The Placement Agent will use all reasonable efforts to determine (a) whether the Investor is an Accredited Investor and (b) that any information furnished by the Investor is true and accurate.  The Placement Agent shall have no obligation to insure that (x) any check, note, draft or other means of payment for the Common Stock will be honored, paid or enforceable against the Investor in accordance with its terms, or (y) subject to the performance of the Placement Agent's obligations and the accuracy of the Placement Agent's representations and warranties hereunder, (1) the Offering is exempt from the registration requirements of the 1933 Act or any applicable state "Blue Sky" law or (2) the Investor is an Accredited Investor.

(vi)

The Placement Agent is a member of the National Association of Securities Dealers, Inc., and is a broker-dealer registered as such under the 1934 Act and under the securities laws of the states in which the Securities will be offered or sold by the Placement Agent unless an exemption for such state registration is available to the Placement Agent. The Placement Agent is in compliance with all material rules and regulations applicable to the Placement Agent generally and applicable to the Placement Agent's participation in the Offering.

3.

REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

A. The Company makes to the Placement Agent all the representations and warranties it makes to the Investor in the Investment Agreement and, in addition, represents and warrants as follows: 

(i)

The execution, delivery and performance of each of this Agreement, the Investment Agreement and the Registration Rights Agreement has been or will be duly and validly authorized by the Company and is, and with respect to this Agreement, the Investment Agreement and the Registration Rights Agreement will each be, a valid and binding agreement of the Company, enforceable in accordance with its respective terms, except to the extent that (a) the enforceability hereof or thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws from time to time in effect and affecting the rights of creditors generally, (b) the enforceability hereof or thereof is subject to general principles of equity or (c) the indemnification provisions hereof or thereof may be held to be in violation of public policy. The Securities to be issued pursuant to the transactions contemplated by this Agreement and the Investment Agreement have been

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duly authorized and, when issued and paid for in accordance with (x) this Agreement, the Investment Agreement and the certificates/instruments representing such Securities, (y) will be valid and binding obligations of the Company, enforceable in accordance with their respective terms, except to the extent that (1) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws from time to time in effect and affecting the rights of creditors generally, and (2) the enforceability thereof is subject to general principles of equity. All corporate action required to be taken for the authorization, issuance and sale of the Securities has been duly and validly taken by the Company.

(ii)

The Company has a duly authorized, issued and outstanding capitalization as set forth herein and in the Investment Agreement. Other than Publicly available filings and Periodic Filings and Reports, the Company is not a party to or bound by any instrument, agreement or other arrangement providing for it to issue any capital stock, rights, warrants, options or other securities, except for this Agreement, the agreements described herein and as described in the Investment Agreement, dated the date hereof and the agreements described therein. All issued and outstanding securities of the Company, have been duly authorized and validly issued and are fully paid and non-assessable; the holders thereof have no rights of rescission or preemptive rights with respect thereto and are not subject to personal liability solely by reason of being security holders; and none of such securities were issued in violation of the preemptive rights of any holders of any security of the Company. As of June 28, 2005, the authorized capital stock of the Company consists of (i) 900,000,000 shares of Common Stock, par value $.001 per share, of which approximately 110,549,030 shares are issued and outstanding, 133,333,000 shares are initially reserved for issuance in behalf of Tirion Group, Inc.; and (ii) 20,000,000 shares of non voting Common Stock, par value .001 per share, of which no shares are issued and outstanding, (iii) 60,000,000 shares of Preferred stock, par value $.001 per share, of which 2,566,831 Preferred A, 9,500,000 Preferred B, and 900,000 Preferred C are issued and outstanding. There are options granted totaling approximately 20,800,000, of which 17,000,000 are available for exercise at $.70 and 3,800,000 at $.95 per share, respectively. There are 2,000,000 shares designated/reserved for issuance pursuant to warrants held by Tirion Group, Inc.; 6,700,000 shares designated/reserved for issuance pursuant to warrants held by DLM Asset Management; 2,500,000 to Sapphire Consultants; 250,000 shares designated /reserved for issuance pursuant to warrants held by John Brigandi. Other than that disclosed in the Company’s historical or ongoing publicly available filings with Periodic Filings and Reports there are no shares reserved for issuance pursuant to options, warrants, and other convertible securities.

(iii)

The Common Stock to be issued in accordance with this Agreement and the Investment Agreement has been duly authorized and when issued and paid for in accordance with this Agreement, the Investment Agreement and the certificates/instruments representing such Common Stock, will be validly issued, fully-paid and non-assessable; the holders thereof will not be subject to personal liability solely by reason of being such holders; such Securities are not and will not be subject to the preemptive rights of any holder of any security of the Company.

4.       REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE INVESTOR.

A.

The Investor makes to the Placement Agent all the representations and warranties it makes to the Company in the Investment Agreement and, in addition represents, warrants and covenants as follows:

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(i)

The Investor has the necessary power to enter into this Agreement and to consummate the transactions contemplated hereby.

(ii)

The execution and delivery by the Investor of this Agreement and the consummation of the transactions contemplated herein will not result in any violation of, or be in conflictwith, or constitute a default under, any agreement or instrument to which the Investor is a party or by which the Investor or its properties are bound, or any judgment, decree, order or, to the Investor's knowledge, any statute, rule or regulation applicable to the Investor. This Agreement when executed and delivered by the Investor, will constitute the legal, valid and binding obligations of the Investor, enforceable in accordance with their respective terms, except to the extent that (a) the enforceability hereof or thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws from time to time in effect and affecting the rights of creditors generally, (b) the enforceability hereof or thereof is subject to general principles of equity, or (c) the indemnification provisions hereof or thereof may be held to be in violation of public policy.

(iii) the Investor is not,  and will not be, as a result of the transactions contemplated by the Offering Materials a “dealer” within the meaning of the Securities Exchange Act of 1934 and applicable federal and state securities laws and regulations. The Investor covenants that in this respect it is and will remain in compliance with the requirements of applicable “no action” rulings of the U.S. Securities Exchange Commission.

(iv)

The Investor will promptly forward copies of any and all due diligence questionnaires compiled by the Investor to the Placement Agent. 

5.

CERTAIN COVENANTS AND AGREEMENTS OF THE COMPANY. 

The Company covenants and agrees at its expense and without any expense to the Placement Agent as follows: 

A.

To advise the Placement Agent of any material adverse change in the Company's financial condition, prospects or business or of any development materially affecting the Company or rendering untrue or misleading any material statement in the Offering Materials occurring at any time as soon as the Company is either informed or becomes aware thereof.

B.

To use its commercially reasonable efforts to cause the Common Stock issuable in connection with the Equity Line of Credit to be qualified or registered for sale on terms consistent with those stated in the Registration Rights Agreement and under the securities laws of such jurisdictions as the Placement Agent and the Investor shall reasonably request. Qualification, registration and exemption charges and fees shall be at the sole cost and expense of the Company.

C.

Upon written request, to provide and continue to provide the Placement Agent and the Investor copies of all quarterly financial statements and audited annual financial statements prepared by or on behalf of the Company, other reports prepared by or on behalf of the Company for public disclosure and all documents delivered to the Company's stockholders.

D.

To deliver, during the registration period of the Investment Agreement, to the Placement Agent upon the Placement Agent's request,

(i)

within forty five (45) days, a statement of its income for each such quarterly period, and its balance sheet and a statement of changes in stockholders' equity as of the end of 

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such quarterly period, all in reasonable detail, certified by its principal financial or accounting officer;

(ii)

within ninety (90) days after the close of each fiscal year, its balance sheet as of the close of such fiscal year, together with a statement of income, a statement of changes in stockholders' equity and a statement of cash flow for such fiscal year, such balance sheet, statement of income, statement of changes in stockholders' equity and statement of cash flow to be in reasonable detail and accompanied by a copy of the certificate or report thereon of independent auditors if audited financial statements are prepared; and

(iii)

a copy of all documents, reports and information furnished to its stockholders at the time that such documents, reports and information are furnished to its stockholders. 

(iv)

a copy of all documents, reports and information furnished to the Investor at the time that such documents, reports and information are furnished to the Investor.

E.

To comply with the terms of the Offering Materials.

F.

To ensure that any transactions between or among the Company, or any of its officers, directors and affiliates be on terms and conditions that are no less favorable to the Company, than the terms and conditions that would be available in an "arm's length" transaction with an independent third party.

6.

INDEMNIFICATION.

A.

The Company hereby agrees that it will indemnify and hold the Placement Agent and each officer, director, shareholder, employee or representative of the Placement Agent and each person controlling, controlled by or under common control with the Placement Agent within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the SEC's Rules and Regulations promulgated there under (the "Rules and Regulations"), harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited to, any and all reasonable legal fees and other expenses and disbursements incurred in connection with investigating, preparing to defend or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever or in appearing or preparing for appearance as a witness in any action, suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Placement Agent or such indemnified person of the Placement Agent may become subject under the 1933 Act, the 1934 Act, the Rules and Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon (i) any untrue statement or alleged untrue statement of a material fact contained in (a) Section 4 of this Agreement, (b) the Offering Materials (except those written statements relating to the Placement Agent given by an indemnified person for inclusion therein), (c) any application or other document or written communication executed by the Company or based upon written information furnished by the Company filed in any jurisdiction in order to qualify the Common Stock under the securities laws thereof, or any state securities commission or agency; (ii) the omission or alleged omission from documents described in clauses (a), (b) or (c) above of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (iii) the breach of any representation, warranty, covenant or agreement made by the Company in this Agreement. The Company further agrees that upon demand by an indemnified person, at any time or from time to time, it will promptly reimburse such indemnified person for any loss, claim, damage, liability, cost or expense actually and

reasonably paid by the indemnified person as to which the Company has indemnified such person pursuant hereto. Notwithstanding the foregoing provisions of this Paragraph 6(A), 

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any such payment or reimbursement by the Company of fees, expenses or disbursements incurred by an indemnified person in any proceeding in which a final judgment by a court of competent jurisdiction (after all appeals or the expiration of time to appeal) is entered against the Placement Agent or such indemnified person based upon specific finding of fact as to  the Placement Agent or such indemnified person's gross negligence or willful misfeasance will be promptly repaid to the Company.

B.

The Placement Agent hereby agrees that it will indemnify and hold the Company and each officer, director, shareholder, employee or representative of the Company, and each person controlling, controlled by or under common control with the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and Regulations, harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited to, any and all reasonable legal fees and other expenses and disbursements incurred in connection with investigating, preparing to defend or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever or in appearing or preparing for appearance as a witness in any action, suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Company or such indemnified person of the Company may become subject under the 1933 Act, the 1934 Act, the Rules and Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon (i) the conduct of the Placement Agent or its officers, employees or representatives in willful violation of any of such laws and regulations while acting as Placement Agent for the Offering or (ii) the material breach of any representation, warranty, covenant or agreement made by the Placement Agent in this Agreement (iii) any false or misleading information provided to the Company by one of the Placement Agent's indemnified persons.

C.

The Investor hereby agrees that it will indemnify and hold the Placement Agent and each officer, director, shareholder, employee or representative of the Placement Agent, and each person controlling, controlled by or under common control with the Placement Agent within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and Regulations, harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited to, any and all reasonable legal fees and other expenses and disbursements incurred in connection with investigating, preparing to defend or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever or in appearing or preparing for appearance as a witness in any action, suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Placement Agent or such indemnified person of the Placement Agent may become subject under the 1933 Act, the 1934 Act, the Rules and Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon (i) the conduct of the Investor or its officers, employees or representatives in its acting as the Investor for the Offering or (ii) the material breach of any representation, warranty, covenant or agreement made by the Investor in the Offering Materials (iii) any false or misleading information provided to the Placement Agent by the Investor or one of the Investor's indemnified persons.

D.

The Placement Agent hereby agrees that it will indemnify and hold the Investor and each officer, director, shareholder, employee or representative of the Investor, and each person

controlling, controlled by or under common control with the Investor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act or the Rules and Regulations, harmless from and against any and all loss, claim, damage, liability, cost or expense whatsoever (including, but not limited to, any and all reasonable legal fees and other expenses and disbursements incurred in connection with investigating, preparing to defend 

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or defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever or in appearing or preparing for appearance as a witness in any action, suit or proceeding, including any inquiry, investigation or pretrial proceeding such as a deposition) to which the Investor or such indemnified person of the Investor may become subject under the 1933 Act, the 1934 Act, the Rules and Regulations, or any other federal or state law or regulation, common law or otherwise, arising out of or based upon (i) the conduct of the Placement Agent or its officers, employees or representatives in willful violation of any of such laws and regulations while  acting as the Placement Agent for the Offering or (ii) the material breach of any representation, warranty, covenant or agreement made by the Placement Agent in this Agreement (iii) any false or misleading information provided to the Investor by one of the Placement Agent's indemnified persons.

E.

Promptly after receipt by an indemnified party of notice of commencement of any action covered by Section 6(A), (B), (C) or (D), the party to be indemnified shall, within five (5) business days, notify the indemnifying party of the commencement thereof; the omission by one (1) indemnified party to so notify the indemnifying party shall not relieve the indemnifying party of its obligation to indemnify any other indemnified party that has given such notice and shall not relieve the indemnifying party of any liability outside of this indemnification if not materially prejudiced thereby. In the event that any action is brought against the indemnified party, the indemnifying party will be entitled to participate therein and, to the extent it may desire, to assume and control the defense thereof with counsel chosen by it which is reasonably acceptable to the indemnified party. After notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party will not be liable to such indemnified party under such Section 6(A), (B), (C), or (D) for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof, but the indemnified party may, at its own expense, participate in such defense by counsel chosen by it, without, however, impairing the indemnifying party's control of the defense. Subject to the proviso of this sentence and notwithstanding any other statement to the contrary contained herein, the indemnified party or parties shall have the right to choose its or their own counsel and control the defense of any action, all at the expense of the indemnifying party if, (i) the employment of such counsel shall have been authorized in writing by the indemnifying party in connection with the defense of such action at the expense of the indemnifying party, or (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to such indemnified party to have charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses of one additional counsel shall be borne by the indemnifying party; provided, however, that the indemnifying party shall not, in connection with any one action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstance, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all

such indemnified parties. No settlement of any action or proceeding against an indemnified party shall be made without the consent of the indemnifying party.

F.

In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in Section 6 is due in accordance with its terms but is for any reason held by a court to be unavailable on grounds of policy or otherwise, the Company and the Placement Agent and the Investor shall contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection 

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with the investigation or defense of same) which the other may incur in such proportion so that the Company, the Placement Agent and the Investor shall be responsible for such percent of the aggregate of such losses, claims, damages and liabilities as shall equal the percentage of the gross proceeds paid to each of them.; provided, however, that no person guilty of fraudulent misrepresentation within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 6(F), any person controlling, controlled by or under common control with the Placement Agent, or any partner, director, officer, employee, representative or any agent of any thereof, shall have the same rights to contribution as the Placement Agent and each person controlling, controlled by or under common control with the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each officer of the Company and each director of the Company shall have the same rights to contribution as the Company and each person controlling, controlled by or under common control with the Investor within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each member of the general partner of the Investor  shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against the other party under this Section 6(F), notify such party from whom contribution may be sought, but the omission to so notify such party shall not relieve the party from whom contribution may be sought from any obligation they may have hereunder or otherwise if the party from whom contribution may be sought is not materially prejudiced thereby. The indemnity and contribution agreements contained in this Section 6 shall remain operative and in full force and effect regardless of any investigation made by or on behalf of any indemnified person or any termination of this Agreement.

7. 

FEES. The Company hereby agrees to pay the Placement Agent 2% for the gross proceeds from each Put to a maximum of Ten Thousand dollars ($10,000). The Company agrees to allow Dutchess to wire the Placement Agent said proceeds at the time of disbursement from each Put.

8.

PAYMENT OF EXPENSES. The Company agrees to bear all the reasonable expenses, if any, of the Placement Agent in performing its services under this Agreement including but not limited to the fees and expenses of counsel, which shall be submitted to the Company as estimate first for its approval, and such approval shall not unreasonably be withheld.

9.

CONDITIONS OF CLOSING. The Closing shall be held at the offices of the Investor or its counsel. The obligations of the Placement Agent hereunder shall be subject to the continuing accuracy of the representations and warranties of the Company herein as of the date hereof and as of the Date of Closing (the "Closing Date") with respect to the Company as if it had been made on and as of such Closing Date; the accuracy on and as of the

Closing Date of the statements of the officers of the Company made pursuant to the provisions hereof; and the performance by the Company on and as of the Closing Date of its covenants and obligations hereunder and to the following further conditions:

A.

Upon the effectiveness of a registration statement  in accordance with the Investment Agreement, the Placement Agent shall receive the opinions of Counsel to the Company and of the Investor, dated as of the date thereof, which opinion shall be in form and substance reasonably satisfactory to the Investor, the Company, their counsel and the Placement Agent.

B.

At or prior to the Closing, the Placement Agent shall have been furnished such documents, certificates and opinions as it may reasonably require for the purpose of enabling them to review or pass upon the matters referred to in this Agreement and the Offering Materials, or in order to evidence the accuracy, completeness or satisfaction of any of the representations, warranties or conditions herein contained.

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C.

At and prior to the Closing, (i) there shall have been no material adverse change nor development involving a prospective change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest dates as of which such condition is set forth in the Offering Materials; (ii) there shall have been no transaction, not in the ordinary course of business except the transactions pursuant to the Investment Agreement entered into by the Company which has not been disclosed in the Offering Materials or to the Placement Agent in writing; (iii) except as set forth in the Offering Materials, the Company shall not be in default under any provision of any instrument relating to any outstanding indebtedness for which a waiver or extension has not been otherwise received; (iv) except as set forth in the Offering Materials, the Company shall not have issued any securities (other than those to be issued as provided in the Offering Materials) or declared or paid any dividend or made any distribution of its capital stock of any class and there shall not have been any change in the indebtedness (long or short term) or liabilities or obligations of the Company (contingent or otherwise) and trade payable debt; (v) no material amount of the assets of the Company shall have been pledged or mortgaged, except as indicated in the Offering Materials; and (v) no action, suit or proceeding, at law or in equity, against the Company or affecting any of its properties or businesses shall be pending or threatened before or by any court or federal or state commission, board or other administrative agency, domestic or foreign, wherein an unfavorable decision, ruling or finding could materially adversely affect the businesses, prospects or financial condition or income of the Company, except as set forth in the Offering Materials. 

D.

At Closing, the Placement Agent shall receive a certificate of the Company signed by an executive officer and chief financial officer, dated as of the applicable Closing, to the effect that the conditions set forth in subparagraph (C) above have been satisfied and that, as of the applicable closing, the representations and warranties of the Company set forth herein are true and correct.

10.

TERMINATION. This Agreement shall be co-terminus with, and terminate upon the same terms and conditions as those set forth in, the Investment Agreement. The rights of the Investor and the obligations of the Company under the Registration Rights Agreement, and the rights of the Placement Agent and the obligations of the Company shall survive the termination of this Agreement unabridged for a period of twenty-four (24) months after the Closing Date.

11.

MISCELLANEOUS. A. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all which shall be deemed to be one and the same instrument. B. Any notice required or permitted to be given hereunder shall be given in writing and shall be deemed effective when deposited in the United States mail, postage prepaid, or when received if personally delivered or faxed (upon confirmation of receipt received by the sending party), addressed as follows:

If to Placement Agent, to:

US EURO Securities, Inc

Michael Roy Fugler

Corporate Finance Department

275 Madison Ave

6th Floor

New York, NY 10016

With a copy to:

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US EURO Securities, Inc.

Anthony Dudzinski, CEO

48 Wall Street, 29th FL

New York, NY 10005

If to the Company, to:

EGPI Firecreek, Inc.

6564 Smoke Tree Lane

Scottsdale, Arizona 85253

Telephone:

480-948-6581

Facsimile:

480-443-1403

If to the Investor: 

Dutchess Private Equities Fund, II LP

312 Stuart St.

Boston, MA  02116

Tel:

(617) 960-3582

Fax:

(617) 960-3772

or to such other address of which written notice is given to the others. 

C.

This Agreement shall be governed by and construed in all respects under the laws of the State of Delaware, without reference to its conflict of laws rules or principles. Any suit, action, proceeding or litigation arising out of or relating to this Agreement shall be brought and prosecuted in such federal or state court or courts located within the Commonwealth of Massachusetts as provided by law. The parties hereby irrevocably and unconditionally consent to the jurisdiction of each such court or courts located within the Commonwealth of Massachusetts and to service of process by registered or certified mail, return receipt requested, or by any other manner provided by applicable law, and hereby irrevocably and unconditionally waive any right to claim that any suit, action, proceeding or litigation so commenced has been commenced in an inconvenient forum.

D.

This Agreement and the other agreements referenced herein contain the entire understanding between the parties hereto and may not be modified or amended except by a writing duly signed by the party against whom enforcement of the modification or amendment is sought.

E.

If any provision of this Agreement shall be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of this Agreement. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. 

COMPANY:

EGPI Firecreek, Inc.

By: 

Name: Dennis Alexander

Title: Chairman and CFO 

US EURO Securities, Inc

PLACEMENT AGENT:                                   PLACEMENT AGENT: 

 

By: ____________________                          By: ________________________

Name: Anthony Dudzinski                                  Michael Roy Fugler                               

Title: CEO/Compliance Department                    Corporate Finance Department

INVESTOR:

DUTCHESS PRIVATE EQUITIES FUND II, L.P.

BY ITS GENERAL PARTNER DUTCHESS 

CAPITAL MANAGEMENT, LLC

By:__________________________________

Name: Douglas H. Leighton

Title: A Managing MemberExhibit 4.1

 

Execution Copy

 

 

BUCKEYE PARTNERS, L.P.

 

Issuer

 

and

 

SUNTRUST BANK

 

Trustee

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of June 30, 2005

 

 

To

 

INDENTURE

 

Dated as of July 10, 2003

 

5.125% NOTES DUE 2017

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1 Relation to Indenture;
  Definitions

  	
   

  
	
  SECTION 1.01.
  Relation to Indenture

  	
   

  
	
  SECTION 1.02.
  Definitions

  	
   

  
	
  SECTION 1.03.
  General References

  	
   

  
	
   

  	
   

  
	
  ARTICLE 2 The Series of Securities

  	
   

  
	
  SECTION 2.01.
  The Form and Title of the Securities

  	
   

  
	
  SECTION 2.02.
  Amount

  	
   

  
	
  SECTION 2.03.
  Stated Maturity

  	
   

  
	
  SECTION 2.04.
  Interest and Interest Rates

  	
   

  
	
  SECTION 2.05.
  Place of Payment

  	
   

  
	
  SECTION 2.06.
  Optional Redemption

  	
   

  
	
  SECTION 2.07.
  Defeasance and Discharge; Covenant Defeasance

  	
   

  
	
  SECTION 2.08.
  Global Securities

  	
   

  
	
   

  	
   

  
	
  ARTICLE 3 Events of Default

  	
   

  
	
  SECTION 3.01.
  Additional Event of Default

  	
   

  
	
   

  	
   

  
	
  ARTICLE 4 Covenants

  	
   

  
	
  SECTION 4.01.
  Additional Covenant

  	
   

  
	
   

  	
   

  
	
  ARTICLE 5 Miscellaneous

  	
   

  
	
  SECTION 5.01.
  Certain Trustee Matters

  	
   

  
	
  SECTION 5.02.
  Continued Effect

  	
   

  
	
  SECTION 5.03.
  Governing Law

  	
   

  
	
  SECTION 5.04.
  Counterparts

  	
   

  
	
   

  	
   

  
	
  EXHIBITS

  	
   

  
	
   

  	
   

  
	
  Exhibit A:  Form of Note

  	
   

  

 

 

FOURTH SUPPLEMENTAL INDENTURE, dated as of June 30, 2005 (this
“Fourth Supplemental Indenture”), between BUCKEYE PARTNERS, L.P., a Delaware limited partnership (the “Partnership”), having its principal
office at 5 Radnor Corporate Center, Suite 500, 100 Matsonford Road,
Radnor, Pennsylvania 19087, and SUNTRUST BANK,
a Georgia banking corporation (“SunTrust”),
as trustee under the Indenture referred to below (in such capacity, the “Trustee”).

 

RECITALS OF THE PARTNERSHIP

 

WHEREAS, the Partnership and the Trustee have
heretofore entered into an Indenture, dated as of July 10, 2003 (the “Original Indenture”), as amended and
supplemented by the First Supplemental Indenture thereto dated as of July 10,
2003 (the “First
Supplemental Indenture”), the Second Supplemental Indenture
thereto dated as of August 19, 2003 (the “Second Supplemental Indenture”) and the
Third Supplemental Indenture thereto dated as of October 12, 2004 (the “Third Supplemental Indenture”)
(the Original Indenture, as supplemented from time to time, including without
limitation pursuant to the First Supplemental Indenture, the Second Supplemental
Indenture, the Third Supplemental Indenture and this Fourth Supplemental
Indenture being referred to herein as the “Indenture”); and

 

WHEREAS, under the Original Indenture, a new series of
Securities may at any time be established by the Board of Directors of Buckeye
GP LLC, the Partnership’s general partner (the “General
Partner”), in accordance with the provisions of the Original
Indenture, and the terms of such series may be established by a supplemental
indenture executed by the General Partner on behalf of the Partnership and by
the Trustee; and

 

WHEREAS, the Partnership proposes to create under the
Indenture a new series of Securities; and

 

WHEREAS, all acts and things necessary to make the
Notes (as herein defined), when executed by the General Partner on behalf of
the Partnership and authenticated and delivered by the Trustee as provided in
the Original Indenture and this Fourth Supplemental Indenture, the valid and
binding obligations of the Partnership and to make this Fourth Supplemental Indenture
a valid and binding agreement in accordance with the Original Indenture have
been done or performed;

 

NOW, THEREFORE, in consideration of the premises,
agreements and obligations set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree, for the equal and proportionate benefit of all
Holders of the Notes, as follows:

 

ARTICLE 1

RELATION TO INDENTURE; DEFINITIONS

 

SECTION 1.01.  Relation
to Indenture.

 

With respect to the Notes, this Fourth Supplemental Indenture
constitutes an integral part of the Indenture.

 

SECTION 1.02.  Definitions.

 

For all purposes of this Fourth Supplemental Indenture, capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned thereto in the Original Indenture.

 

 

SECTION 1.03.  General
References.

 

All references in this Fourth Supplemental Indenture to Articles and
Sections, unless otherwise specified, refer to the corresponding Articles and
Sections of this Fourth Supplemental Indenture; and the term “herein”, “hereof”, “hereunder” and any other word of similar import refers to
this Fourth Supplemental Indenture.

 

ARTICLE 2

THE SERIES OF SECURITIES

 

SECTION 2.01.  The Form and
Title of the Securities.

 

There is hereby established a new series of Securities to be issued
under the Indenture and to be designated as the Partnership’s 5.125% Notes due 2017 (the “Notes”).  The Notes shall be substantially in the form
attached as Exhibit A hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by the Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as the
Partnership may deem appropriate or as may be required or appropriate to comply
with any laws or with any rules made pursuant thereto or with the rules of
any securities exchange or automated quotation system on which the Notes may be
listed or traded, or to conform to general usage, or as may, consistently with
the Indenture, be determined by the officers executing such Notes, as evidenced
by their execution thereof.

 

The Notes shall be executed, authenticated and delivered in accordance
with the provisions of, and shall in all respects be subject to, the terms,
conditions and covenants of the Original Indenture as supplemented by this
Fourth Supplemental Indenture (including the form of Note set forth as Exhibit A
hereto (the terms of which are incorporated in and made a part of this Fourth
Supplemental Indenture for all intents and purposes)).

 

SECTION 2.02.  Amount.

 

The aggregate principal amount of the Notes which may be authenticated
and delivered pursuant hereto is unlimited. 
The Trustee shall initially authenticate and deliver Notes for original
issue in an initial aggregate principal amount of up to $125,000,000 upon
delivery to the Trustee of a Partnership Order for the authentication and
delivery of such Notes.  The aggregate
principal amount of the Notes to be issued hereunder may be increased at any
time hereafter and the series may be reopened for issuances of additional
Notes, upon Partnership Order without the consent of any Holder.  The Notes issued on the date hereof and any
such additional Notes that may be issued hereafter shall be part of the same
series of Securities for all purposes under the Indenture.

 

SECTION 2.03.  Stated
Maturity.

 

The Notes may be issued on any Business Day on or after June 30,
2005, and the Stated Maturity of the Notes shall be July 1, 2017.

 

SECTION 2.04.  Interest
and Interest Rates.

 

The rate or rates at which the Notes shall bear interest, the date or
dates from which such interest shall accrue, the Interest Payment Dates on
which any such interest shall be payable and the Regular Record Date for any
interest payable on any Interest Payment Date, in each case, shall be as set
forth in the form of Note set forth as Exhibit A hereto.

 

2

 

SECTION 2.05.  Place
of Payment.

 

As long as any Notes are outstanding, the Partnership shall maintain an
office or agency in the Borough of Manhattan, The City of New York, where Notes
may be presented for payment.

 

SECTION 2.06.  Optional
Redemption.

 

At its option, the Partnership may redeem the Notes, in whole or in
part, in principal amounts of $1,000 or any integral multiple thereof, at any
time or from time to time, at the applicable redemption price determined as set
forth in the form of Note attached hereto as Exhibit A, in
accordance with the terms set forth in the Notes and in accordance with Article XI
of the Original Indenture.

 

SECTION 2.07.  Defeasance
and Discharge; Covenant Defeasance.

 

Article XIII of the Original Indenture shall apply to the Notes.

 

SECTION 2.08.  Global
Securities.

 

The Notes shall initially be issuable in whole or in part in the form
of one or more Global Securities.  Such
Global Securities (i)  shall be deposited with, or on behalf of, the
Depository Trust Company, New York, New York, which shall act as Depositary
with respect to the Notes, (ii) shall bear the legends applicable to
Global Securities set forth in Sections 2.02 and 2.04 of the Original
Indenture, (iii) may be exchanged in whole or in part for Securities in
definitive form upon the terms and subject to the conditions provided in Section 3.05
of the Original Indenture and in this Fourth Supplemental Indenture and (iv) shall
otherwise be subject to the applicable provisions of the Indenture.

 

ARTICLE 3

EVENTS OF DEFAULT

 

SECTION 3.01.  Additional Event of Default

 

With respect to the Notes, the occurrence of any of the following
events shall, in addition to the other events or circumstances described as
Events of Default in Section 5.01 of the Original Indenture, constitute an
Event of Default: default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness of the Partnership or any of its Subsidiaries (or the payment of
which is guaranteed by the Partnership or any of its Subsidiaries), whether
such Indebtedness or guarantee now exists or is created after the date of
issuance of any Notes, if (a) that default (x) is caused by a failure to
pay principal of or premium, if any, or interest on such Indebtedness prior to
the expiration of any grace period provided in such Indebtedness (a “Payment Default”), or (y) results in
the acceleration of the maturity of such Indebtedness to a date prior to its
originally stated maturity, and, (b) in each case described in clauses (x)
or (y) above, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates $50,000,000 or more.

 

ARTICLE 4

COVENANTS

 

SECTION 4.01.  Additional Covenant

 

The covenant contained in this Section 4.01 shall apply to the
Notes only and not to any other series of Securities issued under the
Indenture, and is being included solely for the benefit of the Notes and the
Holders thereof.  This covenant shall be
effective only for so long as there remain Outstanding any Notes.

 

3

 

SEC Reports; Financial Statements.

 

(1)                                  Whether
or not the Partnership is then subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act, from and after the Issue Date of the Notes,
the Partnership shall electronically file with the Commission, so long as the
Notes are Outstanding, the annual, quarterly and other periodic reports that
the Partnership is required to file (or would otherwise be required to file)
with the Commission pursuant to Sections 13 and 15(d) of the Exchange Act,
and such documents shall be filed with the Commission on or prior to the
respective dates (the “Required
Filing Dates”) by which the Partnership is required to file (or
would otherwise be required to file) such documents, unless, in each case, such
filings are not then permitted by the Commission.

 

(2)                                  If
such filings are not then permitted by the Commission, or such filings are not
generally available on the Internet free of charge, from and after the Issue
Date of the Notes, the Partnership shall provide the Trustee with, and the
Trustee, at the Partnership’s expense, will mail to any Holder of Notes
requesting in writing to the Trustee copies of, such annual, quarterly and
other periodic report specified in Sections 13 and 15(d) of the Exchange
Act within 15 days after its Required Filing Date; provided, however, the Trustee shall have no liability
whatsoever with respect to the mailing and delivery of such reports to the
Holders.

 

(3)                                  The
Partnership shall provide the Trustee with a sufficient number of copies of all
reports and other documents and information that the Trustee may be required to
deliver to Holders of Notes under clause (2) of this Section 4.01,
along with written notice from the Partnership to the Trustee of the Required
Filing Date for such documents.

 

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

 

ARTICLE 5

MISCELLANEOUS

 

SECTION 5.01.  Certain
Trustee Matters.

 

The recitals contained herein shall be taken as the statements of the
Partnership, and the Trustee assumes no responsibility for their correctness.

 

The Trustee makes no representations as to the validity or sufficiency
of this Fourth Supplemental Indenture or the Notes or the proper authorization
or the due execution hereof or thereof by the Partnership.

 

Except as expressly set forth herein, nothing in this Fourth
Supplemental Indenture shall alter the duties, rights or obligations of the
Trustee set forth in the Original Indenture.

 

The Trustee makes no representation or warranty as to the validity or
sufficiency of the information contained in the prospectus supplement related
to the Notes, except such information which specifically pertains to the
Trustee itself, or any information incorporated therein by reference.

 

SECTION 5.02.  Continued
Effect.

 

Except as expressly supplemented and amended by this Fourth
Supplemental Indenture, the Original Indenture (as supplemented and amended by
the First Supplemental Indenture, the Second

 

4

 

Supplemental Indenture and the Third Supplemental
Indenture) shall continue in full force and effect in accordance with the
provisions thereof, and the Original Indenture (as supplemented and amended by
the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture and this Fourth Supplemental Indenture) is in all
respects hereby ratified and confirmed. 
This Fourth Supplemental Indenture and all its provisions shall be
deemed a part of the Original Indenture in the manner and to the extent herein
and therein provided.

 

SECTION 5.03.  Governing
Law.

 

This Fourth Supplemental Indenture and the Notes shall be governed by
and construed in accordance with the laws of the State of New York.

 

SECTION 5.04.  Counterparts.

 

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

 

[Remainder of Page Intentionally
Left Blank]

 

5

 

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

 

	
   

  	
  BUCKEYE PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BUCKEYE GP LLC

  
	
   

  	
   

  	
  Its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert B.
  Wallace

  
	
   

  	
  Name:

  	
  Robert B. Wallace

  
	
   

  	
  Title:

  	
  Senior Vice President –
  Finance and Chief

  Financial Officer

  
						

 

 

	
   

  	
  SUNTRUST BANK,

  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jack Ellerin

  
	
   

  	
  Name:  Jack Ellerin

  
	
   

  	
  Title:  Authorized Officer

  
				

 

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[If a Global Security, insert—THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF.  THIS SECURITY MAY NOT BE
TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE
NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.  EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE
FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]

 

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

 

BUCKEYE PARTNERS, L.P.

 

5.125% Note due 2017

 

	
  No. 

  	
  U.S.$               

  
	
  CUSIP No.

  	
   

  

 

BUCKEYE PARTNERS, L.P., a Delaware limited partnership
(herein called the “Partnership”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby
promises to pay to                                         ,
or registered assigns, the principal sum of                                        United
States Dollars on July 1, 2017, and to pay interest thereon from June 30,
2005, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually on January 1 and July 1 in
each year, commencing on January 1, 2006, at the rate of 5.125% per annum, until the principal
hereof is paid or made available for payment and at the rate of 5.125% per annum on any overdue
principal and premium and on any overdue installment of interest.  The amount of interest payable for any period
shall be computed on the basis of twelve 30-day months and a 360-day year.  The amount of interest payable for any
partial period shall be computed on the basis of a 360-day year of twelve 30-day
months and the days elapsed in any partial month.  In the event that any date on which interest
is payable on this Security is not a Business Day, then a payment of the
interest payable on such date will be made on the next succeeding day which is
a Business Day (and without any interest or other payment in respect of any
such delay) with the same force and effect as if made on the date the payment
was originally payable.  A “Business Day”
shall mean, when used with respect to any Place of Payment, each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law,
executive order or regulation to close. 
The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the “Regular Record Date” for such
interest, which shall be the December 15
or June 15 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. 
Any such interest not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice of which shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange or automated quotation system on which the Securities of
this series may be listed or traded, and

 

A-1

 

upon such notice as may be required by such exchange
or automated quotation system, all as more fully provided in such Indenture.

 

[If a Global Security, insert—Payment of the principal
of (and premium, if any) and any such interest on this Security will be made by
transfer of immediately available funds to a bank account in the United States
of America designated by the Holder in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts.]

 

[If a Definitive Security, insert—Payment of the
principal of (and premium, if any) and any such interest on this Security will
be made at the office or agency of the Partnership maintained for that purpose
in the Borough of Manhattan, the City and State of New York, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts or subject to any laws or
regulations applicable thereto and to the right of the Partnership (as provided
in the Indenture) to rescind the designation of any such Paying Agent, at the
offices of                                   in
the Borough of Manhattan, The City and State of New York, and at such other
offices or agencies as the Partnership may designate, by United States Dollar
check drawn on, or transfer to a United States Dollar account maintained by the
payee with, a bank in The City of New York (so long as the applicable Paying
Agent has received proper transfer instructions in writing at least 10 days
prior to the payment date); provided,
however, that payment of interest may be made at the option of the
Partnership by United States Dollar check mailed to the addresses of the
Persons entitled thereto as such addresses shall appear in the Security
Register or by transfer to a United States Dollar account maintained by the
payee with a bank in The City of New York (so long as the applicable Paying
Agent has received proper transfer instructions in writing by the Record Date
prior to the applicable Interest Payment Date).]

 

Reference is hereby made to the further provisions of
this Security set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place.

 

Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

 

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

 

Dated:                         ,
      

 

	
   

  	
  BUCKEYE PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  BUCKEYE GP LLC

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

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

 

SUNTRUST BANK,

as Trustee

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

A-2

 

[REVERSE OF NOTE]

 

BUCKEYE PARTNERS, L.P.

 

5.125% Note due 2017

 

This Security is one of a duly authorized issue of
securities of the Partnership (the “Securities”), issued and to be issued in
one or more series under an Indenture dated as of July 10, 2003, as
amended and supplemented by the First Supplemental Indenture thereto dated as
of July 10, 2003, as further amended and supplemented by the Second
Supplemental Indenture thereto dated as of August 19, 2003, as further
amended and supplemented by the Third Supplemental Indenture thereto dated as
of October 12, 2004, and as further amended and supplemented by the Fourth
Supplemental Indenture thereto dated as of June 30, 2005 (such Indenture,
as so amended and supplemented being referred to herein as the “Indenture”),
between the Partnership and SunTrust Bank, a Georgia banking corporation, as
Trustee (the “Trustee,” which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, obligations, duties and immunities thereunder of the Partnership,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated
on the face hereof.

 

This Security is redeemable, in whole or in part, at
the Partnership’s option at any time prior to maturity at a redemption price
equal to the greater of (a) 100% of the principal amount of this Security,
and (b) as determined by the Quotation Agent (as defined below), the sum
of the present values of the remaining scheduled payments of principal and
interest (not including any portion of those payments of interest accrued as of
the date of redemption) discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate (as defined below) plus 20 basis points, plus, in each
case, accrued and unpaid interest to the date of redemption.

 

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

 

“Adjusted Treasury Rate” means, with respect to any
date of redemption, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue (as defined below), assuming
a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price (as defined below) for
the date of redemption.

 

“Comparable Treasury Issue” means the United States
Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of this Security 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 term of this Security.

 

“Comparable Treasury Price” means, with respect to any
date of redemption, (a) the average of the Reference Treasury Dealer
Quotations (as defined below) for the date of redemption, after excluding the
highest and lowest Reference Treasury Dealer Quotations, or (b) if the
Trustee obtains fewer than three Reference Treasury Dealer Quotations, the
average of all such Reference Treasury Dealer Quotations.

 

“Quotation Agent” means Goldman, Sachs & Co.
or another Reference Treasury Dealer (as defined below) appointed by the
Partnership.

 

“Reference Treasury Dealer” means (a) each of
Goldman, Sachs & Co. and its respective successors; provided, however,
that if any of the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the
Partnership shall substitute another Primary Treasury Dealer; and (b) any
other Primary Treasury Dealer selected by the Partnership.

 

“Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any date of redemption, the
average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Trustee by that Reference Treasury
Dealer at 5:00 p.m., New York City time, on the third business day
preceding that date of redemption.

 

A-3

 

Unless the Partnership defaults in payment of the
redemption price, on and after the date of redemption, interest will cease to
accrue on this Security or the portions hereof called for redemption.

 

In the event of redemption of this Security in part
only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.

 

The Indenture contains provisions for defeasance at
any time of (1) the entire indebtedness of this Security or (2) certain
restrictive covenants and Events of Default with respect to this Security, in
each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of
this series may be declared due and payable in the manner and with the effect
provided in the Indenture.

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Partnership and the rights of the Holders of the Securities
of each series to be affected under the Indenture at any time by the
Partnership and the Trustee with the consent of not less than the Holders of a
majority in aggregate principal amount of the Outstanding Securities of all
series to be affected (voting as one class). 
The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Outstanding Securities of all
affected series (voting as one class), on behalf of the Holders of all
Securities of such series, to waive compliance by the Partnership with certain
provisions of the Indenture.  The
Indenture permits, with certain exceptions as therein provided, the Holders of a
majority in principal amount of Securities of any series then Outstanding to
waive past defaults under the Indenture with respect to such series and their
consequences.  Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and all holders of Securities of which this Security is a Predecessor Security,
whether or not notation of such consent or waiver is made upon this or any
other Security.

 

As provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute
any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less
than a majority in principal amount of the Securities of this series at the
time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee indemnity satisfactory to the Trustee and the Trustee shall not have
received from the Holders of a majority in principal amount of Securities of
this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of
the Partnership, which is absolute and unconditional, to pay the principal of
and any premium and interest on this Security at the times, place(s) and rate,
and in the coin or currency, herein prescribed.

 

[If a Global Security, insert—This Global Security or
portion hereof may not be exchanged for Definitive Securities of this series
except in the limited circumstances provided in the Indenture.

 

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

 

[If a Definitive Security, insert—As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registerable in the Security Register, upon surrender of this
Security for registration of transfer at the office or agency of the
Partnership in The City of New York, or, subject to any laws or regulations applicable
thereto and to the right of the Partnership (limited as provided in the
Indenture) to rescind the designation of any such transfer agent, at the
offices of                                  in
the Borough of Manhattan, The City of New York, and at such other offices or
agencies as the Partnership may designate, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Partnership and
the Security Registrar

 

A-4

 

duly executed by, the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.]

 

The Securities of this series are issuable only in
registered form without coupons in denominations of $1,000 and any integral
multiple thereof.  As provided in the
Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of
Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Partnership may require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

 

Prior to due presentment of this Security for
registration of transfer, the Partnership, the Trustee and any agent of the
Partnership or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security
is overdue, and neither the Partnership, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

Obligations of the Partnership under the Indenture and
the Securities thereunder, including this Security, are non-recourse to Buckeye
GP LLC (the “General Partner”) and its Affiliates (other than the Partnership),
and payable only out of cash flow and assets of the Partnership.  The Trustee, and each Holder of a Security by
its acceptance hereof, will be deemed to have agreed in the Indenture that (1) neither
the General Partner nor its assets (nor any of its Affiliates, other than the
Partnership, or their respective assets) shall be liable for any of the
obligations of the Partnership under the Indenture or such Securities,
including this Security, and (2) no director, officer, employee,
stockholder or unitholder, as such, of the Partnership, the Trustee, the
General Partner or any Affiliate of any of the foregoing entities shall have
any personal liability in respect of the obligations of the Partnership under
the Indenture or such Securities by reason of his, her or its status.

 

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

 

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

 

A-5

 

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

 

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

 

Please Insert Social Security or 

Other Identifying Number of Assignee:

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  	
   

  
	
  (Participant in a Recognized Signature

  
	
  Guaranty Medallion
  Program)

  
					

 

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

 

A-6

 

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

 

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITY

 

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

 

	
  Date of Exchange

  	
   

  	
  Amount of

  Decrease in

  Principal

  Amount of this

  Global Security

  	
   

  	
  Amount of

  Increase in

  Principal Amount

  of this

  Global Security

  	
   

  	
  Principal Amount

  of this Global

  Security following

  such decrease

  (or increase)

  	
   

  	
  Signature of

  authorized officer

  of Trustee or

  Depositary]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-7

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