Document:

Fourth Amendment to Loan Agreement

 Exhibit 10.1 

FOURTH AMENDMENT TO LOAN AGREEMENT 

THIS FOURTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is made and entered into effective as of July 1, 2010,
by and between AMERICAN ELECTRIC TECHNOLOGIES, INC., a Florida corporation (“Borrower”), and JPMORGAN CHASE BANK, N.A., a national association (“Lender”). 

RECITALS: 

WHEREAS, Borrower and Lender entered into a Letter Loan Agreement dated October 31, 2007 (which as the same may have been or may
hereafter be amended from time to time is herein called the “Loan Agreement”; the terms defined therein being used herein as therein defined unless otherwise defined herein); and 

WHEREAS, Borrower and Lender desire to amend certain terms and provisions of the Loan Agreement; and 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Loan Agreement, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows: 

AGREEMENT: 

1. Amendments to the Loan Agreement. The Loan Agreement is, effective the date hereof, and subject to the satisfaction of the
conditions precedent set forth in Section 2 hereof, hereby amended as follows: 
 (a) Subparagraph (iii) of
Section 8(b) of the Loan Agreement is hereby amended in its entirety to read as follows: 
 “(iii)
Minimum Consolidated Tangible Net Worth. Permit, as of the end of each calendar quarter commencing September 30, 2010, and for each calendar quarter thereafter, Consolidated Tangible Net Worth to be less than $11,350,000. When
calculating Consolidated Tangible Net Worth, the term “Consolidated Total Liabilities” shall exclude any Subordinated Debt.” 

(b) The definition of “Applicable Margin” in Exhibit A to the Loan Agreement is hereby amended to read as follows:

 “Applicable Margin” means with respect to any CB Floating Rate Advance, .50%, and with
respect to any LIBOR Rate Advance, 2.75%.” 
 2. Conditions of Effectiveness. This Amendment shall become effective
when, and only when, Lender shall have received counterparts of this Amendment executed by Borrower and Section 1 hereof shall become effective when, and only when, Lender shall have additionally received any and all other documentation as
Lender may reasonably require. 
  
  

 
  

 FOURTH AMENDMENT—Page 1 

 3. Representations and Warranties of Borrower. Borrower represents and warrants as
follows: 
 (a) Borrower is duly authorized and empowered to execute, deliver and perform this Amendment and all other
instruments referred to or mentioned herein to which it is a party, and all action on its part requisite for the due execution, delivery and the performance of this Amendment has been duly and effectively taken. 

(b) This Amendment, when executed and delivered, will constitute valid and binding obligations of Borrower enforceable in accordance with
its terms. 
 (c) This Amendment does not violate any provisions of Borrower’s Articles of Incorporation, By-Laws, or any
contract, agreement, law or regulation to which Borrower is subject, and does not require the consent or approval of any regulatory authority or governmental body of the United States or any state. 

(d) The representations and warranties made by Borrower in the Loan Agreement are true and correct as of the date of this Amendment.

 (e) No event has occurred and is continuing which constitutes an Event of Default or would constitute an Event of Default but
for the requirement that notice be given or time elapse or both. 
 4. Reference to and Effect on the Loan Documents.

 (a) Upon the effectiveness of Section 1 hereof, on and after the date hereof, each reference in the Loan Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein” or words of like import, and each reference in the Loan Documents shall mean and be a reference to the Loan Agreement as amended hereby. 

(b) Except as specifically amended above, the Loan Agreement and the Note(s), and all other instruments securing or guaranteeing
Borrower’s obligations to Lender (collectively, the “Loan Documents”) shall remain in full force and effect and are hereby ratified and confirmed. Without limiting the generality of the foregoing, the Loan Documents and all
collateral described therein do and shall continue to secure the payment of all obligations of Borrower under the Loan Agreement and the Note(s), as amended hereby, and under the other Loan Documents. 

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 
  

 
  
  

 FOURTH AMENDMENT—Page 2 

 5. Costs and Expenses. Borrower agrees to pay on demand all costs and expenses of
Lender in connection with the preparation, reproduction, execution and delivery of this Amendment and the other instruments and documents to be delivered hereunder, including the reasonable fees and out-of-pocket expenses of counsel for Lender. In
addition, Borrower shall pay any and all fees payable or determined to be payable in connection with the execution and delivery, filing or recording of this Amendment and the other instruments and documents to be delivered hereunder, and agrees to
save Lender harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omission to pay such fees. 

6. Execution in Counterparts. This Amendment 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 and all of which taken together shall constitute but one and the same instrument. 

7. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Texas. 

8. Facsimile Documents and Signatures. For purposes of negotiating and finalizing this Amendment, if this document or any document
executed in connection with it is transmitted by facsimile machine, it shall be treated for all purposes as an original document. Additionally, the signature of any party on this document transmitted by way of a facsimile machine shall be considered
for all purposes as an original signature. Any such faxed document shall be considered to have the same binding legal effect as an original document. At the request of any party, any faxed document shall be re-executed by each signatory party in an
original form. 
 9. Joinder of Guarantor. M & I Electric Industries, Inc. and American Access Technologies, Inc.,
Guarantor as defined in the Loan Agreement, join in the execution of this Amendment to evidence Guarantor’s consent to the terms hereof, to confirm Guarantor’s continuing obligations under the terms of the Guaranty Agreement, and to
acknowledge that without such consent and confirmation, Lender would not enter into this Amendment or otherwise consent to the terms hereof. Additionally, Guarantor represents to Lender that Guarantor is duly authorized and empowered to execute,
deliver and perform this Amendment, and all action on its part requisite for the due execution, delivery and the performance of this Amendment has been duly and effectively taken. This Amendment, when executed and delivered, will constitute valid
and binding obligations of Guarantor enforceable in accordance with its terms. 
 10. Final Agreement. THIS
WRITTEN AMENDMENT OF LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES. 
 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed in multiple
counterparts, each of which is an original instrument for all purposes, all as of the day and year first above written. 

[Signature page follows.] 
  

 
  
  

 FOURTH AMENDMENT—Page3 

			
	BORROWER:
	
	AMERICAN ELECTRIC TECHNOLOGIES, INC.
		
	By:	 	/s/    Arthur G. Dauber        
		 	Arthur G. Dauber,
		 	Chairman
	
	LENDER:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/    Carlos Valdez, Jr.        
		 	Carlos Valdez, Jr.,
		 	Senior Vice President

  

			
	GUARANTOR:
	
	M & I ELECTRIC INDUSTRIES, INC.
		
	By:	 	/s/    Arthur G. Dauber        
		 	Arthur G. Dauber,
		 	Chairman
	
	AMERICAN ACCESS TECHNOLOGIES, INC.
		
	By:	 	/s/    Arthur G. Dauber        
		 	Arthur G. Dauber,
		 	Chairman

  

 
  
  

 FOURTH AMENDMENT—Page 4Fifth Supplemental Indenture

 Exhibit 4.3 

Execution Copy 
  

 
 NUSTAR LOGISTICS, L.P., 

 ISSUER 

NUSTAR ENERGY L.P., 

GUARANTOR 

NUSTAR PIPELINE OPERATING PARTNERSHIP L.P., 

AFFILIATE GUARANTOR 

AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

SUCCESSOR TRUSTEE 

FIFTH SUPPLEMENTAL INDENTURE 

DATED AS OF AUGUST 12, 2010 

TO 

INDENTURE 

DATED AS OF JULY 15, 2002 
  

 
 4.80% Senior
Notes due 2020 
  
  

 TABLE OF CONTENTS 

 

					
	 	 	 	  	Page
			
	ARTICLE I	 	4.80% Senior Notes due 2020	  	2
	 SECTION 1.01
	 	Designation of the Notes; Establishment of Form	  	2
	 SECTION 1.02
	 	Amount	  	2
	 SECTION 1.03
	 	Interest Rate	  	3
	 SECTION 1.04
	 	Redemption	  	3
	 SECTION 1.05
	 	Conversion	  	3
	 SECTION 1.06
	 	Maturity	  	3
	 SECTION 1.07
	 	Place of Payment	  	3
	 SECTION 1.08
	 	Other Terms of the Notes due 2020	  	3
			
	ARTICLE II	 	AMENDMENTS TO THE INDENTURE	  	3
	 SECTION 2.01
	 	Definitions	  	4
	 SECTION 2.02
	 	Consolidation, Merger, Conveyance, Transfer or Lease	  	4
	 SECTION 2.03
	 	Covenants	  	5
	 SECTION 2.04
	 	Events of Default	  	6
			
	ARTICLE III	 	MISCELLANEOUS	  	7
	 SECTION 3.01
	 	Execution as Supplemental Indenture	  	7
	 SECTION 3.02
	 	Responsibility for Recitals, Etc	  	7
	 SECTION 3.03
	 	Provisions Binding on Partnership’s and Guarantor’s Successors	  	7
	 SECTION 3.04
	 	Governing Law	  	7
	 SECTION 3.05
	 	Execution and Counterparts	  	7
	 SECTION 3.06
	 	Capitalized Terms	  	7
		
	EXHIBIT A - FORM OF SECURITY	  	A-1
		
	EXHIBIT B - FORM OF SUPPLEMENTAL INDENTURE	  	B-1

  

 -i- 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of August 12, 2010 (the “Fifth
Supplemental Indenture”), among NuStar Logistics, L.P. (formerly known as Valero Logistics Operations, L.P.), a Delaware limited partnership having its principal office at 2330 North Loop 1604 West, San Antonio, Texas 78248 (the
“Partnership”), NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the “Guarantor”), NuStar Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating
Partnership, L.P.), a Delaware limited partnership and an Affiliate of the Partnership (the “Affiliate Guarantor”), and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of
the United States of America, as successor trustee (the “Trustee”) to The Bank of New York Trust Company, N.A., which was successor trustee to The Bank of New York, a New York banking corporation, as trustee. This Fifth Supplemental
Indenture amends and supplements the Original Indenture (as defined below), as previously amended and supplemented by the Third Supplemental Indenture (as defined below). The Original Indenture, as amended and supplemented by the Third Supplemental
Indenture and as further amended and supplemented from time to time, including pursuant to this Fifth Supplemental Indenture is referred to herein as the “Indenture.” 

RECITALS OF THE PARTNERSHIP 

The Partnership, the Guarantor and the Trustee have heretofore executed and delivered the Indenture dated as of July 15, 2002 (the
“Original Indenture”), providing for the issuance from time to time of one or more series of the Partnership’s Securities, each to be guaranteed by the Guarantor and the terms of which are to be determined as set forth in
Section 301 of the Original Indenture. 
 The Partnership, the Guarantor, the Affiliate Guarantor and the Trustee have
heretofore executed and delivered the Third Supplemental Indenture dated July 1, 2005 (the “Third Supplemental Indenture”), amending and supplementing the Original Indenture and providing for an unconditional guarantee by the
Affiliate Guarantor of the due and punctual payment of the principal of, and premium, if any, and interest on the Securities (as defined in the Original Indenture) and all other amounts due and payable under the Original Indenture and the Securities
by the Partnership. 
 Section 901 of the Indenture provides, among other things, that the Partnership, the Guarantor, the
Affiliate Guarantor and the Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the form or terms of Securities of any series as permitted by Sections 201 and 301 of the
Original Indenture. 
 Section 901 of the Original Indenture also permits the execution of supplemental indentures without
the consent of any Holders to, among other things, (i) add to the covenants of the Partnership such further covenants, restrictions, conditions or provisions as the Partnership shall consider to be appropriate for the benefit of the Holders of
all or any series of Securities, (ii) add any additional Defaults or Events of Default in respect of, all or any series of Securities, and (iii) change or eliminate any of the provisions of the Indenture, provided that, any such
change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefits of such provision. 

The Partnership desires to create a series of the Securities, which series shall be designated the “4.80% Senior Notes due
2020” (the “Notes due 2020”), and all action on the part of the Partnership necessary to authorize the issuance of the Notes due 2020 under the Indenture has been duly taken. 

 The Partnership, pursuant to the foregoing authority, proposes in and by this Fifth
Supplemental Indenture to supplement and amend the Original Indenture (as previously amended by the Third Supplemental Indenture), insofar as it will apply only to the Notes due 2020. 

All acts and things necessary to make the Notes due 2020, when duly issued by the Partnership and when executed on behalf of the
Partnership and completed, authenticated and delivered by the Trustee as provided in the Original Indenture and this Fifth Supplemental Indenture, the valid and binding obligations of the Partnership and to constitute these presents a valid and
binding supplemental indenture and agreement according to its terms, have been done and performed. 
 Now, Therefore, This Fifth
Supplemental Indenture Witnesseth: 
 That in consideration of the premises and the issuance of the Notes due 2020, the
Partnership, the Guarantor, the Affiliate Guarantor and the Trustee mutually covenant and agree, for the equal and proportionate benefit of all Holders of the Notes due 2020, as follows: 

ARTICLE I 
 4.80%
Senior Notes due 2020 
 SECTION 1.01 Designation of the Notes; Establishment of Form. 

A series of Securities designated “4.80% Senior Notes due 2020” is established hereby, and the form thereof (including the
notation of the Guarantee and the notation of the Affiliate Guarantee) shall be substantially as set forth in Exhibit A hereto, which is incorporated into and shall be deemed a part of this Fifth Supplemental Indenture, 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 due 2020 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 due 2020, as evidenced by their execution thereof. 

The Notes due 2020 will initially be issued in permanent global form, substantially in the form set forth in Exhibit A hereto, as
a Global Security, registered in the name of the Depositary or its nominee. The Depositary Trust Company shall be the Depositary for such Global Securities. 

The Partnership initially appoints the Trustee to act as paying agent and Registrar with respect to the Notes due 2020. 

SECTION 1.02 Amount. 

The Trustee shall authenticate and deliver the Notes due 2020 for original issue in an initial aggregate principal amount of up to
$450,000,000 upon Partnership Order for the authentication and delivery of such aggregate principal amount of the Notes due 2020. The authorized aggregate principal amount of the Notes due 2020 may be increased at any time hereafter and the series
comprised thereby may be reopened for issuances of additional Notes due 2020, without the consent of any Holder. The Notes due 2020 issued on the date hereof and any such additional Notes due 2020 that may be issued hereafter shall be part of the
same series of Securities referred to herein as the “Notes due 2020.” 
  

 2 

 SECTION 1.03 Interest Rate. 

The Notes due 2020 shall bear interest as provided in the form thereof set forth in Exhibit A hereto and as provided in the
Indenture. 
 SECTION 1.04 Redemption. 

(a) There shall be no sinking fund for the retirement of the Notes due 2020 or other mandatory redemption obligation in
respect thereof. 
 (b) The Partnership, at its option, may redeem the Notes due 2020 at any time and from time
to time, in accordance with the provisions of the Notes due 2020 and Article XI of the Indenture. 
 SECTION 1.05
Conversion. 
 The Notes due 2020 shall not be convertible into any other securities. 

SECTION 1.06 Maturity. 

The Stated Maturity of the Notes due 2020 shall be September 1, 2020. 

SECTION 1.07 Place of Payment. 

Any Notes due 2020 that may be issued in certificated, non-global form shall be payable at the corporate trust office of the Trustee,
which office, on the date of this Fifth Supplemental Indenture, is located at 1445 ROSS AVENUE, DALLAS, TEXAS 75202 ATTN: PATRICK GIORDANO -VICE PRESIDENT CORPORATE TRUST SERVICES. Notices and demands to or upon the Partnership, the Guarantor
and the Affiliate Guarantor in respect of the Notes due 2020 may be served at such office. 
 SECTION 1.08 Other Terms of the
Notes due 2020. 
 Without limiting the foregoing provisions of this Article I, the terms of the Notes due 2020 shall be as
provided in the form thereof set forth in Exhibit A hereto and as provided in the Indenture. 
 ARTICLE II 

AMENDMENTS TO THE INDENTURE 

The amendments and supplements contained in this Article II shall apply to the Notes due 2020 only and (except as and to the extent
expressly so provided at the time the form and terms of such other series are established as provided in Sections 201 and 301 of the Original Indenture) not to any other series of Securities issued under the Original Indenture, and (except as
aforesaid) any covenants, guarantees and other agreements provided herein are expressly being included solely for the benefit of (i) the Notes due 2020 and the Holders thereof and (ii) any Securities of any other series to which such
amendment and supplements have been made applicable and the Holders thereof. These amendments and supplements shall be effective only for so long as there remain Outstanding any Notes due 2020 or any Securities of any other series to which such
amendments and supplements have been made applicable, as the case may be. 
  

 3 

 SECTION 2.01 Definitions. 

Section 101 of the Original Indenture is amended by inserting in their appropriate alphabetical position, the following definitions:

 “Fifth Supplemental Indenture” means the Fifth Supplemental Indenture dated as of August 12, 2010 among
the Partnership, the Guarantor, the Affiliate Guarantor and the Trustee, which supplemental indenture amends and supplements this Indenture in connection with the establishment of a series of Securities designated as “4.80% Senior Notes due
2020”. 
 “Funded Debt” means all Debt maturing one year or more from the date of the creation thereof,
all Debt directly or indirectly renewable or extendable, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one year or more from the date of the creation 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. 

“Notes due 2020” means the 4.80% Senior Notes due 2020 of the Partnership, established pursuant to the Fifth
Supplemental Indenture. 
 “Other Affected Series” means any series of Securities (other than the Notes due
2020) to which the amendments of the Original Indenture set forth in Article II of the Fifth Supplemental Indenture shall have been made applicable. 

“Subsidiary Guarantor” means, as at any date, any Subsidiary that has become and then is obligated as a guarantor as
provided in Section 1011, not having been released pursuant to Section 1012. 
 SECTION 2.02 Consolidation, Merger,
Conveyance, Transfer or Lease. 
 Article VIII of the Original Indenture is amended by restating Sections 801 and 802 in
their entirety: 
 “SECTION 801. Partnership and Subsidiary Guarantors May Consolidate, Etc., Only on Certain Terms.

 The Partnership shall not, and subject to Section 1012, shall not permit any Subsidiary Guarantor to,
consolidate with or merge into any other Person or sell, lease or transfer its properties and assets as, or substantially as, an entirety to, any Person, unless: 

(1) (A) in the case of a merger, the Partnership or such Subsidiary Guarantor is the surviving entity, or (B) the
Person formed by such consolidation or into which the Partnership or such Subsidiary Guarantor is merged or the Person which acquires by sale or transfer, or which leases, the properties and assets of the Partnership or such Subsidiary Guarantor as,
or substantially as, an entirety expressly assumes, by an indenture supplemental hereto, or a supplement to the applicable Subsidiary Guarantee, as the case may be, executed and delivered to the Trustee, in form reasonably satisfactory to the
Trustee, all of the obligations of the Partnership or such Subsidiary Guarantor, as the case may be, under the Indenture and the Securities, or the applicable Subsidiary Guarantee, as the case may be. 

 

 4 

 (2) the surviving entity or successor Person is a Person organized and
existing under the laws of the United States of America, any state thereof or the District of Columbia; 
 (3)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and 

(4) the Partnership has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that such consolidation, merger, conveyance, sale, transfer or lease and such supplemental indenture required, if any, comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with. 
 SECTION 802. Successor Substituted. 

Upon any consolidation of the Partnership or any Subsidiary Guarantor with, or merger of the Partnership or any Subsidiary
Guarantor into, any other Person or any sale, transfer or lease of the properties and assets of the Partnership or any Subsidiary Guarantor as, or substantially as, an entirety in accordance with Section 801, the successor Person formed by such
consolidation or into which the Partnership or such Subsidiary Guarantor is merged or to which such sale, transfer or lease is made shall (and, in the case of any Subsidiary Guarantor, its Subsidiary Guarantee will provide that it shall) succeed to,
and be substituted for, and may exercise every right and power of, the Partnership or such Subsidiary Guarantor under this Indenture and the Securities, or the Subsidiary Guarantee of such Subsidiary Guarantor, as the case may be with the same
effect as if such successor Person had been named originally as the Partnership or such Subsidiary Guarantor herein or therein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants
under this Indenture and the Securities or such Subsidiary Guarantee, as the case may be.” 
 SECTION 2.03
Covenants. 
 Article X of the Original Indenture is amended by inserting the following new sections in their entirety:

 “SECTION 1011 Future Subsidiary Guarantors. 

The Partnership shall cause each Subsidiary of the Partnership that guarantees or becomes a co-obligor in respect of any
Funded Debt of the Partnership (including, without limitation, following any release of such Subsidiary pursuant to Section 1012 from any guarantee previously provided by it under this Section 1011) to (A) cause the Notes due 2020 to
be equally and ratably guaranteed by such Subsidiary, but only to the extent that the Notes due 2020 are not already guaranteed by such Subsidiary on reasonably comparable terms and (B) promptly execute and deliver to the Trustee a supplemental
indenture in substantially the form attached as Exhibit B to the Fifth Supplemental Indenture pursuant to which such Subsidiary will guarantee payment of the Notes due 2020 and any Securities of any Other Affected Series. 

 

 5 

 SECTION 1012 Release of Guaranty. 

Notwithstanding anything to the contrary in Section 1011, in the event that any Subsidiary that has guaranteed the
Notes due 2020 and/or the Securities of such Other Affected Series pursuant to Section 1011 shall no longer be a guarantor of any Funded Debt of the Partnership other than the Notes due 2020 and/or the Securities of such Other Affected Series,
and so long as no Default or Event of Default with respect to the Notes due 2020 shall have occurred or be continuing, such Subsidiary, upon giving written notice to the Trustee to the foregoing effect, shall be deemed to be released from all of its
obligations in respect of the Notes due 2020 and/or the Securities of such Other Affected Series, and its guarantee thereof and this Indenture without further act or deed and such guarantee of such Subsidiary shall be terminated and of no further
force or effect. Following the receipt by the Trustee of any such notice, the Partnership shall cause this Indenture to be amended as provided in Section 901 to evidence such release and termination; provided, however, that the failure
to so amend this Indenture shall not affect the validity of the release and termination of such guarantee of such Subsidiary. 

SECTION 2.04 Events of Default. 

The period following clause (7) of Section 501 of the Original Indenture shall be replaced with “; or” and the
following additional Event of Default shall be added to those set forth in clauses (1)-(7) of Section 501 of the Original Indenture in relation only to the Notes due 2020 and the Securities of any Other Affected Series: 

“(8) failure to pay any Debt of the Partnership in excess of $50 million, whether at final maturity (after the
expiration of any applicable grace periods) or upon acceleration of the maturity thereof, if such indebtedness is not discharged, or such acceleration is not annulled, within 10 days after there has been given, by registered or certified mail, to
the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes due 2020, or of the Securities of any Other Affected Series, a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder.” 
  

 6 

 ARTICLE III 

MISCELLANEOUS 

SECTION 3.01 Execution as Supplemental Indenture. This Fifth Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Original Indenture and, as provided in the Original Indenture, this Fifth Supplemental Indenture forms a part thereof. Except as herein expressly otherwise defined, the use of the terms and expressions herein is in
accordance with the definitions, uses and constructions contained in the Original Indenture. 
 SECTION 3.02 Responsibility
for Recitals, Etc. The recitals herein and in the Notes due 2020 (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Partnership, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture or of the Notes due 2020. The Trustee shall not be accountable for the use or application by the Partnership of the Notes due 2020
or of the proceeds thereof. 
 SECTION 3.03 Provisions Binding on Partnership’s and Guarantor’s Successors. All
the covenants, stipulations, promises and agreements in this Fifth Supplemental Indenture contained by each of the Partnership, the Guarantor and the Affiliate Guarantor shall bind its respective successors and assigns regardless of whether so
expressed. 
 SECTION 3.04 Governing Law. THIS FIFTH SUPPLEMENTAL INDENTURE AND EACH NOTE DUE 2020 SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 3.05 Execution and Counterparts. This
Fifth Supplemental Indenture may be executed with counterpart signature pages or 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 3.06 Capitalized Terms. Capitalized terms not otherwise defined in this Fifth Supplemental Indenture shall have the
respective meanings assigned to them in the Original Indenture. 
 (The remainder of this page is intentionally blank.)

  

 7 

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

					
	Partnership:
	
	NUSTAR LOGISTICS, L.P.
		
	By:	 	NUSTAR GP, INC.,
		 	its General Partner
			
		 	By:	 	 /s/ Steven A. Blank

		 	Name:	 	Steven A. Blank
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	Guarantor:
	
	NUSTAR ENERGY L.P.
		
	By:	 	RIVERWALK LOGISTICS, L.P.
		 	its General Partner
			
		 	By:	 	NUSTAR GP, LLC,
		 		 	its General Partner
			
		 	By:	 	 /s/ Steven A. Blank

		 	Name:	 	Steven A. Blank
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer
	
	Affiliate Guarantor:
	
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
			
		 	By:	 	NUSTAR PIPELINE COMPANY, LLC,
		 		 	its General Partner
			
		 	By:	 	 /s/ Steven A. Blank

		 	Name:	 	Steven A. Blank
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

  

 8 

			
	Trustee:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee
		
	By:	 	 /s/ Patrick T. Giordano

	Name:	 	Patrick T. Giordano
	Title:	 	Vice President

  

 9 

 EXHIBIT A 

[FORM OF SECURITY][FACE OF SECURITY] 

[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. 
 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 IN AS MUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1
 
 NUSTAR LOGISTICS, L.P.

 4.80% SENIOR NOTE DUE 2020 

 

			
	 NO.
                    
	 	U.S.$                    

CUSIP NO. 67059TAB1 

NUSTAR LOGISTICS, L.P., (formerly known as VALERO LOGISTICS
OPERATIONS, 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 September 1, 2020, and to pay interest thereon from August 12, 2010, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on March 1 and September 1 in each year, commencing March 1, 2011 at the rate of 4.80% per annum, until the principal hereof is paid or
made available for payment, and at the rate of 4.80% 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 February 15 or August 15 (regardless of whether
a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to any Special Record Date, or be paid at such time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which
the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as more fully provided in such Indenture. 

 

	1
	 Insert in Global Securities only. 

  

 A-1 

 [Payment of the principal of (and premium, if any) and interest on this
Security will be made by transfer of immediately available funds to a bank account in the Borough of Manhattan, The City of New York 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.]2

 [Payment of the principal of (and premium, if any) and interest on this Security will be made at the
office or agency of the Partnership maintained for that purpose in Dallas, Texas, 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; 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 Dallas, Texas (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).]3 

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. 

 

	2
	 Insert in Global Securities only. 

	3
	 Insert in Definitive Securities only. 

  

 A-2 

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

 Dated:                     

  

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

		 	Name:	 	  

		 	Title:	 	  

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

Dated:                     

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, AS
TRUSTEE
		
	By:	 	  

	 Authorized Signatory

  

 A-3 

 [FORM OF REVERSE OF SECURITY] 

NUSTAR LOGISTICS, L.P. 

4.80% SENIOR NOTE DUE 2020 

This Security is one of a duly authorized issue of senior securities of the Partnership (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture dated as of July 15, 2002 (the “Original Indenture”) among the Partnership, the Guarantor (defined below) and The Bank of New
York, as trustee, as amended and supplemented by the Third Supplemental Indenture thereto dated as of July 1, 2005 (the “Third Supplemental Indenture”) among the Partnership, the Guarantor, the Affiliate Guarantor (as defined
below) and The Bank of New York Trust Company, N.A., as successor trustee to The Bank of New York, as trustee. The Original Indenture, as amended and supplemented by the Third Supplemental Indenture and as further amended and supplemented from time
to time, including pursuant to the Fifth Supplemental Indenture thereto dated as of August 12, 2010 among the Partnership, the Guarantor, the Affiliate Guarantor and Wells Fargo Bank, National Association, as successor trustee, is referred to
herein as the “Indenture.” The trustee under the Indenture (including any successor trustee under the Indenture) is referred to herein as the “Trustee.” 

Reference is made hereby to the Indenture (including all indentures supplemental thereto) for a statement of the respective rights,
limitations of rights, obligations, duties and immunities thereunder of the Partnership, the Guarantor, the Affiliate Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the
Indenture provided or permitted. This Security is one of the series designated on the face hereof. 
 This Security is the
senior unsecured obligation of the Partnership and is guaranteed pursuant to (i) a guarantee (the “Guarantee”) by NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the
“Guarantor”) and (ii) a guarantee (the “Affiliate Guarantee”) by NuStar Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating Partnership, L.P.), a Delaware limited partnership and an
Affiliate of the Partnership (the “Affiliate Guarantor”). The Guarantee is the senior unsecured obligation of the Guarantor, and the Affiliate Guarantee is the senior unsecured obligation of the Affiliate Guarantor. 

The Securities of this series are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, at any time as
a whole or from time to time in part, at the election of the Partnership at a Redemption Price equal to the greater of (1) 100% of the principal amount of this Security then Outstanding to be redeemed, or (2) the sum of the present values
of the remaining scheduled payments of principal and interest thereon (exclusive of the payment of interest accrued to the Redemption Date) computed by discounting such payments from their respective scheduled dates of payment to the Redemption Date
on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of 30 basis points plus the Adjusted Treasury Rate on the third Business Day prior to the Redemption Date, as calculated by an Independent
Investment Banker, plus accrued and unpaid interest, up to, but not including, the Redemption Date. 
 For purposes of
determining the Redemption Price, the following definitions are applicable: 
 “Adjusted Treasury Rate” means
the yield, under the heading which represents the average for the week immediately preceding the week of publication, appearing in the then most recently published statistical release designated “H.15(519)” or any successor publication
which is published weekly by the Board of Governors of the Federal Reserve System and which contains yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of this Security, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or if such release (or any successor release) is not published during the week
including or immediately preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
  

 A-4 

 “Comparable Treasury Issue” means the U.S. Treasury security selected by an
Independent Investment Banker 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, or, if, in the reasonable judgment of the Independent Investment Banker, there is no such security, then the Comparable Treasury Issue will mean the U.S. Treasury security or
securities selected by the Independent Investment Banker as having an actual or interpolated maturity or maturities comparable to the remaining term of this Security. 

“Comparable Treasury Price” means (1) the average of five Reference Treasury Dealer Quotations for the third
Business Day prior to the applicable Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations,
the average of all such quotations. 
 “Independent Investment Banker” means any of Banc of America Securities
LLC. BNP Paribas Securities Corp. and J.P. Morgan Securities Inc. and any successor firm selected by the Partnership, or if any such firm is unwilling or unable to serve as such, an independent investment banking institution of national standing
appointed by the Partnership. 
 “Reference Treasury Dealer” means each of up to five dealers to be selected by
the Partnership; provided that if any of the foregoing ceases to be, and has no affiliate that is, a primary U.S. governmental securities dealer (a “Primary Treasury Dealer”), the Partnership will substitute for it another
Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means the average, as determined by the
Reference Treasury Dealer, 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 Independent Investment Banker and the Trustee at 5:00 p.m., New York
City time, on the third Business Day preceding such Redemption Date. 
 In the case of any redemption of Securities, interest
installments due on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more predecessor Securities, of record at the close of business on the relevant record date referred to on the face hereof. Securities
(or portions thereof) for whose redemption and payment provision is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 

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

Upon the occurrence of a Change of Control, the Partnership will make an offer to purchase all or any part (equal to $2,000 or integral
multiples of $1,000 in excess thereof) of each Holder’s Securities of this series (the “Change of Control Offer”) at a price in cash equal to 100% of the aggregate principal amount thereof plus accrued and unpaid interest, if
any, thereon to the date of purchase. Within 30 days following any Change of Control, the Partnership will mail a notice to each such Holder of Securities of this series setting forth the procedures governing the Change of Control Offer as required
by the Indenture and information regarding such other matters as is required under and as more fully provided in Section 1013 of the Indenture. As more fully provided in Section 1013 of the Indenture, the Holder of this Security may elect
to have this Security or a portion hereof in an authorized denomination purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below and tendering this Security pursuant to the Change of Control Offer.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Partnership, the Guarantor, the Affiliate Guarantor and any Subsidiary Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Partnership, the Guarantor,
the Affiliate Guarantor and any Subsidiary Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (voting as one class). The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Partnership, the
Guarantor or the Affiliate Guarantor with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

  

 A-5 

 As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

[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 hereof for any purpose under the
Indenture.]4 

[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 Dallas, Texas, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Partnership and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for
a like aggregate principal amount, will be issued to the designated transferee or
transferees.]5 

The Securities of this series are issuable only in registered form, without coupons, in denominations of U.S. $2,000 and any integral
multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the 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 transfer tax or other similar governmental charge payable in connection therewith. 

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

 

	4
	 Insert in Global Securities only. 

	5
	 Insert in Definitive Securities only. 

  

 A-6 

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

THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

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

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

 
  

(Please Print or Typewrite Name and Address of Assignee) 

the within instrument of NUSTAR LOGISTICS, L.P. and does hereby irrevocably constitute and appoint
                                        
Attorney to transfer said instrument on the books of the within-named Partnership, with full power of substitution in the premises. 
 Please
Insert Social Security or 
 Other Identifying Number of Assignee: 

 

									
	  
	 		 	  

				
	Dated:	  	  
	 		 	  

		  		 		 	(Signature)	 	

  

			
	Signature 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.]6 

 

	6	 Insert this
assignment form as a separate page in Definitive Securities only. 

  

 A-7 

 GUARANTEE 

The Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely
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 Securities and all other amounts due and payable under
the Indenture and the Securities by the Partnership. 
 The obligations of the Guarantor to the Holders of Securities and to the
Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

							
	Guarantor:
	
	NUSTAR ENERGY L.P.
		
	By:	 	RIVERWALK LOGISTICS, L.P.
		 	Its General Partner
			
		 	By:	 	NUSTAR GP, LLC,
		 		 	Its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

 

 A-8 

 AFFILIATE GUARANTEE 

The Affiliate Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and
absolutely 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 Securities and all other amounts due and
payable under the Indenture and the Securities by the Partnership. 
 The obligations of the Affiliate Guarantor to the Holders
of Securities and to the Trustee pursuant to the Affiliate Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Affiliate Guarantee.

  

			
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
		
	By:	 	NUSTAR PIPELINE COMPANY, LLC,
		 	its General Partner
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 A-9 

 EXHIBIT B 

[FORM OF SUPPLEMENTAL INDENTURE] 

SUPPLEMENTAL INDENTURE, dated as of
                         ,          (the “Supplemental
Indenture”), among (i) NuStar Logistics, L.P. (formerly known as Valero Logistics Operations, L.P.), a Delaware limited partnership (the “Partnership”), NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited
partnership (the “Guarantor”), (iii) NuStar Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating Partnership, L.P.     , a Delaware limited Partnership (the “Affiliate
Guarantor”), (iv) [Name of Subsidiary Guarantor], a
                                        
and a subsidiary of the Partnership (the “Subsidiary Guarantor”) and (iv) [Name of Trustee], a
                                        ,
as trustee (the “Trustee”). 
 RECITALS OF THE PARTNERSHIP 

The Partnership and the Guarantor have heretofore executed and delivered to the Trustee the Indenture dated as of July 15, 2002 (the
“Original Indenture”), providing for the issuance from time to time of one or more series of the Partnership’s unsecured senior debentures, notes or other evidences of indebtedness (the “Securities”), to be
guaranteed by the Guarantor, and the terms of which are to be determined as set forth in Section 301 of the Original Indenture. 

The Partnership, the Guarantor, the Affiliate Guarantor and the Trustee have heretofore executed and delivered the Third Supplemental
Indenture dated July 1, 2005 (the “Third Supplemental Indenture”), amending and supplementing the Original Indenture and providing for an unconditional guarantee by the Affiliate Guarantor of the due and punctual payment of the
principal of, and premium, if any, and interest on the Securities (as defined in the Original Indenture) and all other amounts due and payable under the Original Indenture and the Securities by the Partnership. 

Pursuant to the provisions of Sections 201, 301 and 901 of the Original Indenture, as the same has been and may from time to time
hereafter be amended and supplemented (as at any time so amended and supplemented, the “Indenture”), the Partnership has established one or more series of Securities (herein called “Securities of the Affected
Series”) to which the amendments of the Original Indenture contained in Article II of the Fifth Supplemental Indenture thereto dated August 12, 2010 (the “Fifth Supplemental Indenture”) have been made applicable, and
Section 1011 of the Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor
shall guarantee the payment of the Securities of the Affected Series pursuant to a guarantee on the terms and conditions set forth herein. 

Pursuant to Section 901 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

 

 B-1 

 Now, Therefore, This Supplemental Indenture Witnesseth: 

That in consideration of the premises and the issuance of the Securities of the Affected Series, the Partnership, the Guarantor, the
Affiliate Guarantor, the Subsidiary Guarantor and the Trustee mutually covenant and agree, for the equal and proportionate benefit of all Holders of the Securities of the Affected Series, as follows: 

ARTICLE IV 

AMENDMENTS TO THE INDENTURE 

The amendments and supplements contained herein shall apply to the Securities of the Affected Series only and not to any other series of
Securities issued under the Indenture, and any covenants provided herein are expressly being included solely for the benefit of the Securities of the Affected Series and the Holders thereof. These amendments and supplements shall be effective only
for so long as there remains any Securities of the Affected Series Outstanding. 
 SECTION 4.01 Definitions.
Section 101 of the Indenture is amended and supplemented by inserting in the appropriate alphabetical position, the following definition: 

“Securities of the Affected Series” means the Notes due 2020 and Securities of each other series to which the amendments
of the Original Indenture contained in Article II of the Fifth Supplemental Indenture have been made applicable. 
 SECTION 4.02
Unconditional Guarantee. Unless such amendment shall have been effected by a previous supplemental indenture, the Indenture shall be amended and supplemented by inserting the following new Article XVI immediately after Article XV of the
Indenture: 
 “ARTICLE XVI 

SECTION 1601. Unconditional Guarantee. 

For value received, each Subsidiary Guarantor hereby fully, irrevocably, unconditionally and absolutely guarantees to the
Holders and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on the Securities of the Affected Series and all other amounts due and payable under this Indenture and the Securities of the Affected
Series by the Partnership (including, without limitation, all costs and expenses (including reasonable legal fees and disbursements) incurred by the Trustee or the Holders in connection with the enforcement of this Indenture and the Subsidiary
Guarantees) (collectively, the “Indenture Obligations”), when and as such principal, premium, if any, and interest and such other amounts shall become due and payable, whether at the Stated Maturity, upon redemption or by
declaration of acceleration or otherwise, according to the terms of the Securities of the Affected Series and this Indenture. The guarantees by the Subsidiary Guarantors set forth in this Article XVI are referred to herein as the “Subsidiary
Guarantees.” Without limiting the generality of the foregoing, the Subsidiary Guarantors’ liability shall extend to all amounts that constitute part of the Indenture Obligations and would be owed by the Partnership under this Indenture
and the Securities of the Affected Series but for the fact that they are unenforceable, reduced, limited, impaired, suspended or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Partnership.

 Failing payment when due of any amount guaranteed pursuant to the Subsidiary Guarantees, for whatever reason,
each Subsidiary Guarantor will be obligated (to the fullest extent permitted by applicable law) to pay the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever (whether for taxes, withholding or otherwise).
Each Subsidiary Guarantee hereunder is intended to be a general, unsecured, senior obligation of each Subsidiary Guarantor and will rank pari passu in right of payment with all indebtedness of such Subsidiary Guarantor that is not, by its terms,
expressly subordinated in right of payment to the Subsidiary Guarantee of such Subsidiary Guarantor. Each Subsidiary Guarantor hereby agrees that to the fullest extent permitted by applicable law, its obligations hereunder shall be full,
irrevocable, unconditional and absolute, irrespective of the validity, regularity or enforceability of the Securities of the Affected Series, the Subsidiary Guarantees or this Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder with respect to any provisions hereof or thereof, any release of any other Subsidiary Guarantor the recovery of any judgment against the Partnership, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of such Subsidiary Guarantor. Each Subsidiary Guarantor hereby agrees that in the event of a default in payment of the principal of, or premium, if any, or interest on any Securities of
the Affected Series or any other amounts payable under this Indenture and the Securities of the Affected Series by the Partnership, whether at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise, legal proceedings may
be instituted by the Trustee on behalf of the Holders or, subject to Section 507 hereof, by the Holders, on the terms and conditions set forth in this Indenture, directly against each Subsidiary Guarantor to enforce its Subsidiary Guarantees
without first proceeding against the Partnership. 
  

 B-2 

 To the fullest extent permitted by applicable law, the obligations of each
Subsidiary Guarantor under this Article XVII shall be as aforesaid full, irrevocable, unconditional and absolute and shall not be impaired, modified, discharged, released or limited by any occurrence or condition whatsoever, including, without
limitation, (i) any compromise, settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Partnership, the Guarantor, the Affiliate Guarantor or any
Subsidiary Guarantor contained in any of the Securities of the Affected Series or this Indenture, (ii) any impairment, modification, release or limitation of the liability of the Partnership, the Guarantor, the Affiliate Guarantor, any
Subsidiary Guarantor or any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable Bankruptcy Law, as amended, or other statute or from the
decision of any court, (iii) the assertion or exercise by the Partnership, the Guarantor, the Affiliate Guarantor, any Subsidiary Guarantor or the Trustee of any rights or remedies under any of the Securities or this Indenture or their delay in
or failure to assert or exercise any such rights or remedies, (iv) the assignment or the purported assignment of any property as security for any of the Securities, including all or any part of the rights of the Partnership, the Guarantor, the
Affiliate Guarantor or any Subsidiary Guarantor under this Indenture, (v) the extension of the time for payment by the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor of any payments or other sums or any part
thereof owing or payable under any of the terms and provisions of any of the Securities or this Indenture or of the time for performance by the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor of any other obligations
under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of the Partnership, the Guarantor, the
Affiliate Guarantor or any Subsidiary Guarantor set forth in this Indenture, (vii) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Partnership, the Guarantor, the Affiliate Guarantor or any
Subsidiary Guarantor or any of their respective assets, or the disaffirmance of any of the Securities, any of the Subsidiary Guarantees, the Affiliate Guarantee, the Guarantee or this Indenture in any such proceeding, (viii) the release or
discharge of the Partnership, the Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor from the performance or observance of any agreement, covenant, term or condition contained in any of such instruments by operation of law, (ix) the
unenforceability of any of the Securities, the Subsidiary Guarantees, the Affiliate Guarantee, the Guarantee or this Indenture, (x) any change in the name, business, capital structure, corporate existence, or ownership of the Partnership, the
Guarantor, the Affiliate Guarantor or any Subsidiary Guarantor, or (xi) any other circumstance which might otherwise constitute a defense available to, or a legal or equitable discharge of, a surety or any Subsidiary Guarantor. 

 

 B-3 

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

Each Subsidiary Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Partnership in
respect of any amounts paid by the Subsidiary Guarantor pursuant to the provisions of this Indenture; provided, however, that such Subsidiary Guarantor shall not be entitled to enforce or to receive any payments arising out of, or based upon,
such right of subrogation with respect to any of the Securities of the Affected Series until all of the Securities of the Affected Series and the Subsidiary Guarantees thereof shall have been indefeasibly paid in full or discharged. 

A director, officer, employee or stockholder, as such, of a Subsidiary Guarantor shall not have any liability for any
obligations of such Subsidiary Guarantor under this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. 

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

 

 B-4 

 SECTION 1602. Limitation of Subsidiary Guarantor’s Liability. 

Each Subsidiary Guarantor and, by its acceptance of any Securities of the Affected Series, each Holder, hereby confirms
that it is their intention that the Subsidiary Guarantee by such Subsidiary Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar federal or state law to the extent applicable to the Subsidiary Guarantees. To effectuate the foregoing intention, each such Person hereby irrevocably agrees that the obligation of such Subsidiary Guarantor under its Subsidiary
Guarantee shall be limited to the maximum amount as shall, after giving effect to such maximum amount and all other (contingent or otherwise) liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect to any
rights to contribution of such Subsidiary Guarantor pursuant to any agreement providing for an equitable contribution among such Subsidiary Guarantor and other Affiliates of the Partnership of payments made on account of guarantees by such parties,
result in the obligations of such Subsidiary Guarantor in respect of such maximum amount not constituting a fraudulent conveyance. Each Holder of Securities of the Affected Series, by accepting the benefits hereof, confirms its intention that, in
the event of bankruptcy, reorganization or other similar proceeding of either of the Partnership or any Subsidiary Guarantor in which concurrent claims are made upon such Subsidiary Guarantor hereunder, to the extent such claims shall not be fully
satisfied, each such claimant with a valid claim against the Partnership shall be entitled to a ratable share of all payments by such Subsidiary Guarantor in respect of such concurrent claims. 

SECTION 1603. Execution and Delivery of Notation of Subsidiary Guarantees. 

To further evidence the Subsidiary Guarantees, the Subsidiary Guarantor hereby agrees that a notation of such Subsidiary
Guarantees in substantially the form set forth below in Section 1605 shall be endorsed on each of the Securities of the Affected Series authenticated and delivered by the Trustee and executed by either manual or facsimile signature of an
officer of the Subsidiary Guarantor; provided that failure to include such notation on the any of the Securities of the Affected Series shall not affect the validity of the Subsidiary Guarantees. 

Each Subsidiary Guarantor hereby agrees that its Subsidiary Guarantees shall remain in full force and effect
notwithstanding any failure to endorse on each of the Securities of the Affected Series a notation relating to the Subsidiary Guarantee thereof. 

If an officer of a Subsidiary Guarantor whose signature is on this Indenture or any of the Securities of the Affected
Series no longer holds that office at the time the Trustee authenticates such Security or at any time thereafter, the Subsidiary Guarantor’s Subsidiary Guarantee of such Security shall be valid nevertheless. 

 

 B-5 

 SECTION 1604. Form Of Notation On Security Relating To Subsidiary Guarantee.

 FORM OF NOTATION ON SECURITY RELATING TO SUBSIDIARY GUARANTEE 

The undersigned Subsidiary Guarantor (which term includes any successor Person in such capacity under the Indenture), has
fully, unconditionally and absolutely 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 Securities of this
series and all other amounts due and payable under the Indenture and the Securities of this series by the Partnership. 

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

 

			
	Subsidiary Guarantor:
	
	 [NAME OF SUBSIDIARY GUARANTOR]

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

ARTICLE V 

MISCELLANEOUS 

SECTION 5.01 Execution as Supplemental Indenture. By its execution and delivery of this Supplemental Indenture, the undersigned
Subsidiary Guarantor agrees to be bound by the provisions of the Indenture, including those of Article XV thereof, as the same relate to the Notes due 2020 and all other Securities of the Affected Series. This Supplemental Indenture is executed and
shall be construed as an indenture supplemental to the Indenture and, as provided in the Indenture, this Supplemental Indenture forms a part thereof. Except as herein expressly otherwise defined, the use of the terms and expressions herein is in
accordance with the definitions, uses and constructions contained in the Indenture. 
 SECTION 5.02 Responsibility for
Recitals, Etc. The recitals herein and in the Securities of the Affected Series (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Partnership, and the Trustee assumes no responsibility for the
correctness thereof. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Securities of the Affected Series. The Trustee shall not be accountable for the use or application by the
Partnership of the Securities of the Affected Series or of the proceeds thereof. 
 SECTION 5.03 Provisions Binding on
Partnership’s, Guarantor’s and Subsidiary Guarantor’s Successors. All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by the Partnership with the Guarantor, the Affiliate Guarantor or
the undersigned Subsidiary Guarantor shall bind its successors and assigns whether so expressed or not. 
  

 B-6 

 SECTION 5.04 Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 5.05 Execution and Counterparts. This
Supplemental Indenture may be executed with counterpart signature pages or 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 5.06 Capitalized Terms. Capitalized terms not otherwise defined in this Supplemental Indenture shall have the respective
meanings assigned to them in the Indenture. 
 (The remainder of this page is intentionally blank.) 

 

 B-7 

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

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

		 	Name:	 	  

		 	Title:	 	  

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

		 	Name:	 	  

		 	Title:	 	  

	
	Affiliate Guarantor:
	
	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
			
		 	By:	 	NUSTAR PIPELINE COMPANY, LLC,
		 		 	its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

 B-8 

			
	Subsidiary Guarantor:
	
	[NAME OF SUBSIDIARY GUARANTOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Trustee:
	
	[NAME OF TRUSTEE], AS TRUSTEE
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 B-9

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