Document:

exv4w2

Exhibit 4.2

EXECUTION VERSION

EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

Dated as of June 3, 2011

by and among

CINEMARK USA, INC.

EACH OF THE GUARANTORS LISTED

ON THE SIGNATURE PAGES HEREIN

and

BARCLAYS CAPITAL INC.

MORGAN STANLEY & CO. LLC

DEUTSCHE BANK SECURITIES INC.

NOMURA SECURITIES INTERNATIONAL, INC.

WELLS FARGO SECURITIES, LLC

 

 

     This Exchange and Registration Rights Agreement (this “Agreement”) is made and entered into as
of June 3, 2011 by and among Cinemark USA, Inc., a Texas corporation (“Cinemark”), certain of
Cinemark’s subsidiaries signatory hereto as guarantors (the “Guarantors”) and Barclays Capital
Inc., Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., Nomura Securities International,
Inc. and Wells Fargo Securities, LLC (each, a “Purchaser” and collectively, the “Purchasers”).

     Pursuant to the Purchase Agreement, dated May 31, 2011 (the “Purchase Agreement”), among
Cinemark, the Guarantors and the Purchasers, the Purchasers have agreed to purchase the aggregate
principal amount of Cinemark’s 7.375% Senior Subordinated Notes due 2021 (the “Notes”) set forth on
Schedule I thereto which shall be jointly and severally guaranteed on a senior basis by each of the
Guarantors.

     In order to induce the Purchasers to purchase the Notes, Cinemark and each of the Guarantors
have agreed to provide the registration rights set forth in this Agreement. The execution and
delivery of this Agreement is a condition to the obligations of the Purchasers set forth in Section
5 of the Purchase Agreement.

     The parties hereby agree as follows:

SECTION 1. DEFINITIONS

     As used in this Agreement, the following capitalized terms shall have the following meanings:

     Act: The Securities Act of 1933, as amended.

     Additional Interest: As defined in Section 5 hereof.

     Advice: As defined in Section 6(d) hereof.

     Applicable Securities: Each of the Notes, until the earliest to occur, with respect to a
particular Note, of (a) the date on which such Note is exchanged in the Exchange Offer and entitled
to be resold to the public by the Holder thereof without complying with the prospectus delivery
requirements of the Act, (b) the date on which such Note has been effectively registered under the
Act and disposed of in accordance with a Shelf Registration Statement or (c) the date such Note
ceases to be outstanding.

     Broker-Dealer: Any broker or dealer registered under the Exchange Act.

     Business Day: Any day except a Saturday, Sunday or other day in the City of New York on which
banks are authorized to close.

     Closing Date: The date of this Agreement.

     Commission: The Securities and Exchange Commission.

 

 

     Consummate: An Exchange Offer shall be deemed “Consummated” for purposes of this Agreement
upon the occurrence of (i) the filing and effectiveness under the Act of the Exchange Offer
Registration Statement relating to the Exchange Notes to be issued in the Exchange Offer, (ii) the
maintenance of such Exchange Offer Registration Statement continuously effective and the keeping of
the Exchange Offer open for a period not less than the minimum period required pursuant to Section
3(b) hereof, and (iii) the delivery by Cinemark to the Trustee under the Indenture of the Exchange
Notes in the same aggregate principal amount as the aggregate principal amount of the Notes that
were validly tendered by Holders thereof pursuant to the Exchange Offer.

     Effectiveness Target Date: As defined in Section 5 hereof.

      Exchange Act: The Securities Exchange Act of 1934, as amended.

     Exchange Notes: Cinemark’s 7.375% Senior Subordinated Notes due 2021 to be issued pursuant to
the Indenture in the Exchange Offer.

     Exchange Offer: The registration by Cinemark and the Guarantors under the Act of the Exchange
Notes pursuant to an Exchange Offer Registration Statement pursuant to which Cinemark and the
Guarantors offer the Holders of all outstanding Applicable Securities the opportunity to exchange
all such outstanding Applicable Securities held by such Holders for Exchange Notes in an aggregate
principal amount equal to the aggregate principal amount of the Applicable Securities validly
tendered in such exchange offer by such Holders.

      Exchange Offer Registration Statement: The Registration Statement relating to the Exchange
Offer, including the related Prospectus.

     Exempt Resales: The transactions in which the Purchasers propose to sell the Notes to certain
“qualified institutional buyers,” as such term is defined in Rule 144A under the Act, and outside
the United States in reliance upon Regulation S under the Act.

     FINRA: The Financial Industry Regulatory Authority, Inc.

     Free Writing Prospectus: Each free writing prospectus (as defined in Rule 405 under the Act)
prepared by or on behalf of Cinemark or used or referred to by Cinemark in connection with the sale
of the Securities.

     Holder: As defined in Section 2(b) hereof.

     Indenture: The Indenture, dated as of June 3, 2011, among Cinemark, the Guarantors and Wells
Fargo Bank, N.A., as trustee (the “Trustee”), pursuant to which the Securities are to be issued, as
such Indenture is amended or supplemented from time to time in accordance with the terms thereof.

     Issue Date: The date on which the Notes are originally issued under the Indenture.

      Losses: As defined in Section 8(a) hereof.

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     Notes: As defined in the preamble hereto.

      Person: An individual, partnership, corporation, limited liability company, joint venture,
association, trust or other organization whether or not a legal entity, or a government or agency
or political subdivision thereof.

     Prospectus: The prospectus, including any Free Writing Prospectus, included in a Registration
Statement, as amended or supplemented by any prospectus supplement and by all other amendments
thereto, including post-effective amendments and all material incorporated by reference into such
Prospectus.

     Purchase Agreement: As defined in the preamble hereto.

     Purchaser: As defined in the preamble hereto. Registration

     Default: As defined in Section 5 hereof.

      Registration Statement: Any registration statement of Cinemark and the Guarantors relating to
(a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale
of Applicable Securities pursuant to the Shelf Registration Statement, which is filed pursuant to
the provisions of this Agreement, in each case, including the Prospectus included therein, all
amendments and supplements thereto (including post-effective amendments) and all exhibits and
material incorporated by reference therein.

     Securities: The Notes and the Exchange Notes.

     Shelf Filing Deadline: As defined in Section 4(a)(x) hereof.

     Shelf Registration: A registration effected by the filing of a Shelf Registration Statement
pursuant to Section 4 hereof.

     Shelf Registration Statement: As defined in Section 4(a)(x) hereof.

     TIA: The Trust Indenture Act of 1939 as in effect on the date of the Indenture.

     Underwritten Registration or Underwritten Offering: A registration in which securities of
Cinemark and the Guarantors are sold to an underwriter for reoffering to the public.

SECTION 2. SECURITIES SUBJECT TO THIS AGREEMENT

     (a) Applicable Securities. The Securities entitled to the benefits of this Agreement
are the Applicable Securities.

     (b) Holders of Applicable Securities. A Person is deemed to be a holder of
Applicable Securities (each, a “Holder”) whenever such Person owns Applicable
Securities.

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SECTION 3. REGISTERED EXCHANGE OFFER

          (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission
policy (so long as the procedures set forth in Section 6(a) below are being or have been complied
with), Cinemark and the Guarantors shall (i) use their commercially reasonable best efforts to
cause to be filed with the Commission, not later than 90 days after the Closing Date, the Exchange
Offer Registration Statement under the Act relating to the Exchange Notes and the Exchange Offer,
(ii) use their commercially reasonable best efforts to cause such Exchange Offer Registration
Statement to be declared effective by the Commission at the earliest practicable time, but not
later than 180 days after the Closing Date, (iii) in connection with the foregoing, (A) file all
pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order
to cause such Exchange Offer Registration Statement to become effective, (B) if applicable, file a
post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A under
the Act and (C) cause all necessary filings in connection with the registration and qualification
of the Exchange Notes to be made under the Blue Sky laws of such jurisdictions as are necessary to
permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer
Registration Statement, commence and use their commercially reasonable best efforts to Consummate
the Exchange Offer. The Exchange Offer shall be on an appropriate form permitting registration of
the Exchange Notes to be offered in exchange for the Applicable Securities and to permit resales of
Securities held by Broker-Dealers as contemplated by Section 3(c) below. If, after such Exchange
Offer Registration Statement initially is declared effective by the Commission, the Exchange Offer
or the issuance of Exchange Notes thereunder or the sale of Applicable Securities pursuant thereto
as contemplated by Section 3(c) below is interfered with by any stop order, injunction or other
order or requirement of the Commission or any other governmental agency or court, such Exchange
Offer Registration Statement shall be deemed not to have become effective for purposes of this
Agreement during the period that such stop order, injunction or other similar order or requirement
shall remain in effect.

          (b) Cinemark and the Guarantors shall use their commercially reasonable best efforts to cause
the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange
Offer open for a period of not less than the minimum period required under applicable federal and
state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall
such period be less than 20 Business Days. Cinemark and the Guarantors shall cause the Exchange
Offer to comply with all applicable federal and state securities laws. No securities other than the
Securities shall be included in the Exchange Offer Registration Statement. Unless the Exchange
Offer shall not be permissible under applicable law or Commission policy, Cinemark and the
Guarantors shall use their commercially reasonable best efforts to cause the Exchange Offer to be
Consummated on the earliest practicable date after the Exchange Offer Registration Statement has
become effective, but not later than 30 days thereafter.

          (c) Cinemark shall indicate in a “Plan of Distribution” section contained in the Prospectus
included in the Exchange Offer Registration Statement that any Broker-Dealer who holds Notes that
are Applicable Securities and that were acquired for its own account as a result of market-making
activities or other trading activities (other than Applicable Securities acquired

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directly from Cinemark), may exchange such Notes pursuant to the Exchange Offer; provided, however,
such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Act and must,
therefore, deliver a prospectus meeting the requirements of the Act in connection with any resales
of the Exchange Notes received by such Broker-Dealer in the Exchange Offer, which prospectus
delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus
contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall
also contain all other information with respect to such resales by Broker-Dealers that the
Commission may require in order to permit such resales pursuant thereto, but such “Plan of
Distribution” shall not name any such Broker-Dealer or disclose the amount of Securities held by
any such Broker-Dealer except to the extent required by the Commission.

     Cinemark and the Guarantors shall use their commercially reasonable best efforts to keep the
Exchange Offer Registration Statement continuously effective, supplemented and amended as required
by the provisions of Section 6(c) below to the extent necessary to ensure that it is available for
resales of Securities acquired by Broker-Dealers for their own accounts as a result of
market-making activities or other trading activities, and to ensure that it conforms with the
requirements of this Agreement, the Act and the policies, rules and regulations of the Commission
as announced from time to time, for a period of twelve months from the date on which the Exchange
Offer Registration Statement is declared effective.

     Cinemark shall provide sufficient copies of the latest version of such Prospectus to
Broker-Dealers promptly upon request at any time during such period in order to facilitate such
resales.

SECTION 4. SHELF REGISTRATION

          (a) Shelf Registration. If (i) Cinemark and the Guarantors are not required to file an
Exchange Offer Registration Statement or consummate the Exchange Offer because the Exchange Offer
is not permitted by applicable law or Commission policy (so long as the procedures set forth in
Section 6(a) below are being or have been complied with) or (ii) any Holder of Applicable
Securities shall notify Cinemark on or prior to the 20th day following the Consummation of the
Exchange Offer that (A) such Holder is prohibited by a change in applicable law or Commission
policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Notes
to be acquired by it in the Exchange Offer to the public without delivering a prospectus and that
the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or
available for such resales by such Holder or (C) such Holder is a Broker-Dealer and owns Notes
acquired directly from Cinemark or an affiliate of Cinemark, then Cinemark and the Guarantors
shall:

     (x) use their commercially reasonable best efforts to cause to be filed a shelf
registration statement pursuant to Rule 415 under the Act, which may be an amendment to the
Exchange Offer Registration Statement (in either event, the
“Shelf Registration Statement”), on or prior to the 30th day after the obligation to
file such Shelf Registration Statement arises (and in any event within 210 days after the
Closing Date) (the “Shelf Filing Deadline”), which Shelf Registration Statement shall
provide for resales of all

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Applicable Securities, the Holders of which shall have provided the information required
pursuant to Section 4(b) hereof; and

     (y) use their commercially reasonable best efforts to cause such Shelf Registration
Statement to be declared effective by the Commission on or before the 180th day after the
obligation to file such Shelf Registration Statement arises.

Cinemark and the Guarantors shall use their commercially reasonable best efforts to keep such Shelf
Registration Statement continuously effective, supplemented and amended as required by the
provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available
for resales of Securities by the Holders of Applicable Securities entitled to the benefit of this
Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Act and
the policies, rules and regulations of the Commission as announced from time to time, for a period
of one year following the Closing Date.

          (b) Provision by Holders of Certain Information in Connection with the Shelf
Registration Statement. No Holder of Applicable Securities may include any of its Applicable
Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such
Holder furnishes to Cinemark in writing, within 20 Business Days after receipt of a request
therefor, such information as Cinemark may reasonably request specified in Item 507 and Item 508 of
Regulation S-K under the Act for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf
Registration Statement is being effected agrees to furnish promptly to Cinemark all information
required to be disclosed in order to make the information previously furnished to Cinemark by such
Holder not materially misleading. No Holder of Applicable Securities shall be entitled to
Additional Interest pursuant to Section 5 hereof unless and until such Holder shall have used its
best efforts to provide all such reasonably requested information.

SECTION 5. ADDITIONAL INTEREST

     If (i) any of the Registration Statements required by this Agreement is not filed with the
Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such
Registration Statements has not been declared effective by the Commission on or prior to the date
specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the
Exchange Offer has not been Consummated within 30 Business Days after the Effectiveness Target Date
with respect to the Exchange Offer Registration Statement or (iv) any Registration Statement
required by this Agreement is filed and declared effective but shall thereafter cease to be
effective or fail to be usable for its intended purpose without being succeeded within two Business
Days by a post-effective amendment to such Registration Statement that cures such failure and that
is itself immediately declared effective (each such event referred to in clauses (i) through (iv) above, a “Registration Default”), Cinemark and the Guarantors hereby agree to
pay, jointly and severally, additional cash interest (“Additional Interest”) to each Holder of
Applicable Securities. Such Additional Interest, with respect to the first 90-day period
immediately following the occurrence of each such Registration Default, shall equal an increase in
the annual interest rate on the Notes by 0.5%. The amount of Additional Interest will increase by
an additional 0.5% per annum with respect to each subsequent 90-day

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period relating to each such Registration Default until all Registration Defaults have been cured,
up to a maximum amount of Additional Interest for all Registration Defaults of 1.0% per annum. The
Securities will not accrue Additional Interest from and after the second anniversary of the Issue
Date even if Cinemark is not in compliance with its obligations under this Agreement. Cinemark
shall notify the Trustee within one Business Day after (i) each and every Registration Default and
(ii) the date the Registration Default has been so cured. Cinemark and the Guarantors shall,
jointly and severally, pay all accrued Additional Interest to Holders in New York, New York by wire
transfer of immediately available funds or by federal funds check in the same manner as interest is
paid under the Notes. Following the cure of all Registration Defaults relating to any particular
Applicable Securities, the accrual of Additional Interest with respect to such Applicable
Securities will cease. The parties agree that the obligation to pay Additional Interest will be the
sole remedy of Holders with respect to damages arising from a Registration Default (except as
provided in Section 12(a) hereof).

     All obligations of Cinemark and the Guarantors set forth in the preceding paragraph that are
outstanding with respect to any Applicable Security at the time such security ceases to be an
Applicable Security shall survive until such time as all such obligations with respect to such
Security shall have been satisfied in full.

SECTION 6. REGISTRATION PROCEDURES

          (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, Cinemark
and the Guarantors shall comply with all of the provisions of Section 6(c) below, shall use their
commercially reasonable best efforts to effect such exchange to permit the sale of Applicable
Securities being sold in accordance with the intended method or methods of distribution thereof,
and shall comply with all of the following provisions:

     (i) If in the reasonable opinion of counsel to Cinemark there is a question as to
whether the Exchange Offer is permitted by applicable law, Cinemark and the Guarantors
hereby agree to seek a no-action letter or other favorable decision from the Commission,
including oral advice from the staff of the Commission, allowing Cinemark and the
Guarantors to Consummate an Exchange Offer for such Notes. Cinemark and the Guarantors
hereby agree to pursue the issuance of such a decision to the Commission staff level but
shall not be required to take commercially unreasonable action to effect a change of
Commission policy. In connection with the foregoing, Cinemark and the Guarantors hereby
agree, however, to (A) participate in telephonic conferences with the Commission, (B)
deliver to the Commission staff an analysis prepared by counsel to Cinemark setting forth
the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer
should be permitted and (C) diligently pursue a resolution (which need not be favorable) by
the Commission staff of such matters.

     (ii) As a condition to its participation in the Exchange Offer pursuant to the terms
of this Agreement, each Holder of Applicable Securities shall furnish, upon the request of
Cinemark, prior to the Consummation thereof, a written representation to Cinemark (which
may be contained in the letter of transmittal contemplated by the Exchange Offer
Registration Statement) to the effect that (A) it is not an affiliate of

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Cinemark, (B) it is not engaged in, and does not intend to engage in, and has no
arrangement or understanding with any person to participate in, a distribution of the
Exchange Notes to be issued in the Exchange Offer and (C) it is acquiring the Exchange
Notes in its ordinary course of business. Each Holder hereby acknowledges and agrees that
any Broker-Dealer who acquired Notes directly from Cinemark or any affiliate of Cinemark
and any such Holder intending to use the Exchange Offer to participate in a distribution of
the securities to be acquired in the Exchange Offer (1) could not under Commission policy
as in effect on the date of this Agreement rely on the position of the Commission
enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital
Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to
Shearman & Sterling dated July 2, 1993, and similar no-action letters (including any
no-action letter obtained pursuant to clause (i) above), and (2) must comply with the
registration and prospectus delivery requirements of the Act in connection with a secondary
resale transaction and that such a secondary resale transaction should be covered by an
effective registration statement containing the selling security holder information
required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of
Exchange Notes obtained by such Holder in exchange for Notes acquired by such Holders
directly from Cinemark.

     (iii) Prior to effectiveness of the Exchange Offer Registration Statement, Cinemark
and the Guarantors shall provide a supplemental letter to the Commission stating that
Cinemark and the Guarantors are registering the Exchange Offer in reliance on the position
of the Commission enunciated in Exxon Capital Holdings Corporation (available May 13,
1988), Morgan Stanley and Co., Inc. (available June 5, 1991) and, if applicable, any
no-action letter obtained pursuant to clause (i) above. The supplemental letter shall
include a representation that Cinemark and the Guarantors have not entered into any
arrangement or understanding with any Person to distribute the Exchange Notes to be
received in the Exchange Offer and that, to the best of Cinemark’s information and belief,
each Holder participating in the Exchange Offer is acquiring the Exchange Notes in its
ordinary course of business and has no arrangement or understanding with any Person to
participate in the distribution of the Exchange Notes received in the Exchange Offer.

          (b) Shelf Registration Statement. In connection with the Shelf Registration Statement,
Cinemark and the Guarantors shall comply with all the provisions of Section 6(c) below and shall
use their commercially reasonable best efforts to effect such registration to permit the sale of
the Applicable Securities being sold in accordance with the intended method or methods of
distribution thereof in accordance with the provisions of Sections 4(a) and 6(c) hereof.

          (c) General Provisions. In connection with any Registration Statement and any related
Prospectus required by this Agreement to permit the sale or resale of
Applicable Securities (including, without limitation, any Registration Statement and the
related Prospectus required to permit resales of Securities by Broker-Dealers), Cinemark and the
Guarantors shall:

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     (i) use their commercially reasonable best efforts to keep such Registration Statement
continuously effective and provide all requisite financial statements for the period specified in
Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such
Registration Statement or the Prospectus contained therein (A) to contain a material misstatement
or omission or (B) not to be effective and usable for resale of Applicable Securities during the
period required by this Agreement, Cinemark and the Guarantors shall file promptly an appropriate
amendment to such Registration Statement, in the case of clause (A), correcting any such
misstatement or omission, and, in the case of either clause (A) or (B), use their commercially
reasonable best efforts to cause such amendment to be declared effective and such Registration
Statement and the related Prospectus to become usable for their intended purpose(s) as soon as
reasonably practicable thereafter;

     (ii) prepare and file with the Commission such amendments and post-effective amendments to the
Registration Statement as may be necessary to keep the Registration Statement effective for the
applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will
terminate when all Applicable Securities covered by such Registration Statement have been exchanged
or sold or until such Applicable Securities no longer constitute Applicable Securities or are no
longer outstanding; cause the Prospectus to be supplemented by any required Prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 under the Act, and to comply fully with the
applicable provisions of Rules 424 and 430A under the Act in a timely manner; and comply with the
provisions of the Act with respect to the disposition of all Applicable Securities covered by such
Registration Statement during the applicable period in accordance with the intended method or
methods of distribution by the sellers thereof set forth in such Registration Statement or
supplement to the Prospectus;

     (iii) advise promptly the underwriter(s), if any, and selling Holders and, if requested by
such Persons, confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement
or post-effective amendment has been filed, and, with respect to any Registration Statement or any
post-effective amendment thereto, when the same has become effective, (B) of any request by the
Commission for amendments to the Registration Statement or amendments or supplements to the
Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of
any stop order suspending the effectiveness of the Registration Statement under the Act or of the
suspension by any state securities commission of the qualification of the Applicable Securities for
offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding
purposes or (D) of the existence of any fact or the happening of any event that makes any statement
of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement
thereto, or any document incorporated by reference therein untrue, or that requires the making of
any additions to or changes in the Registration Statement or the Prospectus in order to make the
statements therein not misleading. If at any time the Commission shall issue any stop order
suspending the effectiveness of the Registration Statement, or any state securities commission or
other regulatory authority shall issue an order suspending the qualification or exemption from
qualification of the Applicable Securities under state securities or Blue Sky laws,

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Cinemark and the Guarantors shall use their commercially reasonable best efforts to obtain the
withdrawal or lifting of such order at the earliest practicable time;

     (iv) furnish to the Purchasers, each selling Holder named in any Registration Statement or
Prospectus and each of the underwriter(s) in connection with each such sale, if any, before filing
with the Commission, copies of any Registration Statement or any Prospectus included therein or any
amendments or supplements to any such Registration Statement or Prospectus if requested by such
person, which documents will be subject to the review of such Holders and underwriter(s) in
connection with each such sale, if any, for a period of at least five Business Days, and Cinemark
and the Guarantors will not file any such Registration Statement or Prospectus or any amendment or
supplement to any such Registration Statement or Prospectus to which a selling Holder of Applicable
Securities covered by such Registration Statement or the underwriter(s) in connection with each
such sale, if any, shall reasonably object within five Business Days after the receipt thereof. A
selling Holder or underwriter, if any, shall be deemed to have reasonably objected to such filing
if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to
be filed, contains a material misstatement or omission or fails to comply with the applicable
requirements of the Act;

     (v) promptly provide copies prior to the filing of any document that is to be incorporated by
reference into a Registration Statement or Prospectus, if requested by any selling Holders or the
underwriter(s), if any, within five Business Days after receipt of notification thereof from
Cinemark, of such document to the selling Holders and to the underwriter(s), if any; make
Cinemark’s representatives available for discussion of such document and other customary due
diligence matters; and include such information in such document prior to the filing thereof as
such selling Holders or underwriter(s), if any, reasonably may request;

     (vi) make available at reasonable times for inspection by the selling Holders, any underwriter
participating in any disposition pursuant to such Registration Statement, and any attorney or
accountant retained by such selling Holders or any of the underwriter(s), all financial and other
records, pertinent corporate documents and properties of Cinemark and its subsidiaries, and cause
Cinemark’s officers, directors and employees to supply all information reasonably requested by any
such Holder, underwriter, attorney or accountant in connection with such Registration Statement
subsequent to the filing thereof and prior to its effectiveness;

     (vii) if requested by any selling Holders or the underwriter(s) in connection with each such
sale, if any, promptly include in any Registration Statement or Prospectus, pursuant to a
supplement or post-effective amendment if necessary, such information as such selling Holders and
such underwriter(s), if any, may reasonably request to have included therein, including, without
limitation, information relating to the “Plan of Distribution” of the Applicable Securities,
information with respect to the principal amount of Applicable Securities being sold to such
underwriter(s), the purchase price being paid therefor and any other terms of the offering of the
Applicable Securities to be sold in such offering; and make all required filings of such Prospectus supplement or

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post-effective amendment as soon as practicable after Cinemark is notified of the matters to be
included in such Prospectus supplement or post-effective amendment;

     (viii) use their commercially reasonable best efforts to cause the Applicable Securities
covered by the Registration Statement to be rated with the appropriate rating agencies, if so
requested by the Holders of a majority in aggregate principal amount of Notes covered thereby or
the underwriter(s), if any;

     (ix) furnish to each selling Holder and each of the underwriter(s), if any, without charge, at
least one copy of the Registration Statement, as first filed with the Commission, and of each
amendment thereto, including all documents incorporated by reference therein and all exhibits if so
requested by such person;

     (x) deliver to each selling Holder and each of the underwriter(s) in connection with each such
sale, if any, without charge, as many copies of the Prospectus (including each preliminary
prospectus) and any amendment or supplement thereto as such Persons may reasonably request;
Cinemark and the Guarantors hereby consent to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in
connection with the offering and the sale of the Applicable Securities covered by the Prospectus or
any amendment or supplement thereto;

     (xi) enter into such agreements (including an underwriting agreement), and make such
representations and warranties, and take all such other actions in connection therewith in order to
expedite or facilitate the disposition of the Applicable Securities pursuant to any Registration
Statement contemplated by this Agreement, all to such extent as may be reasonably acceptable to
Cinemark and the Guarantors and reasonably requested by the Purchasers or by any Holder of
Applicable Securities or any underwriter in connection with any sale or resale pursuant to any
Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement
is entered into and whether or not the registration is an Underwritten Registration, Cinemark and
each of the Guarantors shall:

     (A) furnish to each Purchaser, each selling Holder and each underwriter, in such
substance and scope as they may reasonably request and as are customarily made by issuers
to underwriters in primary underwritten offerings, upon the date of the Consummation of the
Exchange Offer and, if applicable, upon the effectiveness of the Shelf Registration
Statement:

     (1) a certificate, dated the date of Consummation of the Exchange Offer or the
date of effectiveness of the Shelf Registration Statement, as the case may be,
signed by (x) the President or any Vice President and (y) a principal financial or
accounting officer of Cinemark and each of the Guarantors, confirming, as of the
date thereof, the matters set forth in paragraph (h) of Section 5 of the Purchase
Agreement and such other matters as such parties may reasonably request; provided that references to

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the “Offering Memorandum” in such certificate shall instead refer to the
Prospectus and references to the “Disclosure Package” in such certificate shall
instead refer to any time of sale information prepared in connection with such
Exchange Offer or Shelf Registration Statement, as the case may be;

     (2) an opinion, dated the date of Consummation of the Exchange Offer or the
date of effectiveness of the Shelf Registration Statement, as the case may be, of
counsel for Cinemark and the Guarantors, covering the matters set forth in
paragraphs (c) and (d) of Section 5 of the Purchase Agreement and such other
matters as such parties may reasonably request, and in any event including a
statement to the effect that such counsel has participated in conferences with
officers and other representatives of Cinemark, representatives of the independent
public accountants for Cinemark, the Purchasers’ representatives and the
Purchasers’ counsel at which the contents of such Registration Statement and the
related Prospectus were discussed, although such counsel has not undertaken to
investigate or independently verify and does not assume any responsibility for,
the accuracy, completeness or fairness of such statements; and that such counsel
advises that, on the basis of the foregoing (relying as to materiality to a large
extent upon facts provided to such counsel by officers and other representatives
of Cinemark and without independent check or verification), no facts came to such
counsel’s attention that caused such counsel to believe that the applicable
Registration Statement, at the time such Registration Statement or any
post-effective amendment thereto became effective, and, in the case of the
Exchange Offer Registration Statement, as of the date of Consummation, contained
an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or that the Prospectus contained in such Registration Statement as of
its date and, in the case of the opinion dated the date of Consummation of the
Exchange Offer, as of the date of Consummation, contained an untrue statement of a
material fact or omitted to state a material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not
misleading. Without limiting the foregoing, such counsel may state further that
such counsel makes no comment with respect to, assumes no responsibility for, and
has not independently verified, the accuracy, completeness or fairness of the
financial statements, notes and schedules and other financial and statistical data
included in any Registration Statement contemplated by this Agreement or the
related Prospectus; and

     (3) a customary comfort letter, dated as of the date of Consummation of the
Exchange Offer or the date of effectiveness of the Shelf Registration Statement,
as the case may be, from Cinemark’s independent accountants, in the customary form and covering matters of

12

 

the type customarily covered in comfort letters by underwriters in connection with
primary underwritten offerings, and affirming the matters set forth in the comfort
letters delivered pursuant to Section 5(f) of the Purchase Agreement, without
exception;

     (B) set forth in full or incorporate by reference in the underwriting agreement, if
any, the indemnification provisions and procedures of Section 8 hereof with respect to all
parties to be indemnified pursuant to said Section;

     (C) deliver such other documents and certificates as may be reasonably requested by
such parties to evidence compliance with clause (A) above and with any customary conditions
contained in the underwriting agreement or other agreement entered into by Cinemark and the
Guarantors pursuant to this clause (xi), if any; and

     (D) if at any time the representations and warranties of Cinemark and each of the
Guarantors contemplated in clause (A)(1) above cease to be true and correct, Cinemark and
each of the Guarantors shall so advise the Purchasers and the underwriter(s), if any, and
each Holder promptly and, if requested by such Persons, shall confirm such advice in
writing;

     (xii) prior to any public offering of Applicable Securities, cooperate with the selling
Holders, the underwriter(s), if any, and their respective counsel in connection with the
registration and qualification of the Applicable Securities under the securities or Blue Sky laws
of such jurisdictions as the selling Holders or underwriter(s), if any, may reasonably request and
do any and all other acts or things necessary or advisable (including, without limitation, the
imposition of such restrictions on offers or sales of the Securities as are referred to in Section
3(b) hereof) to enable the disposition in such jurisdictions of the Applicable Securities covered
by the applicable Registration Statement; provided, however, that neither Cinemark nor any
Guarantor shall be required to register or qualify as a foreign corporation where it is not now so
qualified or to take any action that would subject it to the service of process in suits or to
taxation, except as to matters and transactions relating to the Registration Statement, in any
jurisdiction where it is not now so subject;

     (xiii) shall issue, upon the request of any Holder of Notes covered by the Shelf Registration
Statement, Exchange Notes having an aggregate principal amount equal to the aggregate principal
amount of Notes surrendered to Cinemark by such Holder in exchange therefor or being sold by such
Holder; such Exchange Notes to be registered in the name of such Holder or in the name of the
purchaser(s) of such Exchange Notes, as the case may be; in return, the Notes held by such Holder
shall be surrendered to Cinemark for cancellation;

     (xiv) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the
timely preparation and delivery of certificates representing Applicable Securities to be sold and not bearing any restrictive legends; and to register such

13

 

Applicable Securities in such denominations (which denominations shall be of $1,000 and integral
multiples thereof) and such names as the Holders or the underwriter(s), if any, may request at
least two Business Days prior to any such sale of Applicable Securities made by such
underwriter(s);

     (xv) use their commercially reasonable best efforts to cause the Applicable Securities covered
by the Registration Statement to be registered with or approved by such other governmental agencies
or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s),
if any, to consummate the disposition of such Applicable Securities;

     (xvi) if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have
occurred, prepare a supplement or post-effective amendment to the Registration Statement or related
Prospectus or any document incorporated therein by reference or file any other required document so
that, as thereafter delivered to the purchasers of Applicable Securities, the Prospectus will not
contain an untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein not misleading;

     (xvii) provide a CUSIP number for all Applicable Securities not later than the effective date
of the Registration Statement covering such Applicable Securities and provide the Trustee under the
Indenture with printed certificates for the Applicable Securities which are in a form eligible for
deposit with the Depository Trust Company;

     (xviii) cooperate and assist in any filings required to be made with FINRA and in the
performance of any due diligence investigation by any underwriter (including any “qualified
independent underwriter”) that is required to be retained in accordance with the rules and
regulations of FINRA, and use their commercially reasonable best efforts to cause such Registration
Statement to become effective and approved by such governmental agencies or authorities as may be
necessary to enable the Holders selling Applicable Securities to consummate the disposition of such
Applicable Securities;

     (xix) otherwise use their commercially reasonable best efforts to comply with all applicable
rules and regulations of the Commission, and make generally available to Holders, as soon as
reasonably practicable, a consolidated earnings statement meeting the requirements of Rule 158
under the Act (which need not be audited) covering a 12-month period (A) beginning at the end of
any fiscal quarter in which Applicable Securities are sold to underwriters in a firm or best
efforts Underwritten Offering or (B) if not sold to underwriters in such an Underwritten Offering,
commencing with the first month of Cinemark’s first fiscal quarter commencing after the effective
date of the Registration Statement;

     (xx) cause the Indenture to be qualified under the TIA not later than the effective date of
the first Registration Statement required by this Agreement, and, in connection therewith,
cooperate, with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in

14

 

accordance with the terms of the TIA; and execute, and use their commercially
reasonable best efforts to cause the Trustee to execute, all documents that may be required
to effect such changes and all other forms and documents required to be filed with the
Commission to enable such Indenture to be so qualified in a timely manner;

     (xxi) provide promptly to each Holder upon request each document filed with the
Commission pursuant to the requirements of Section 13 or Section 15 of the Exchange Act;

     (xxii) use their commercially reasonable best efforts to cause all Applicable
Securities covered by the Registration Statement to be listed on each securities exchange
on which similar securities issued by Cinemark are then listed if requested by the Holders
of a majority in aggregate principal amount of Notes covered by such Registration Statement
or the managing underwriter(s), if any; and

     (xxiii) to the extent any Free Writing Prospectus is used, file with the Commission
any Free Writing Prospectus that is required to be filed by Cinemark or the Guarantors with
the Commission in accordance with the Act and to retain any Free Writing Prospectus not
required to be filed.

          (d) Restrictions on Holders. Each Holder agrees by acquisition of an Applicable
Security that, upon receipt of any notice from Cinemark of the existence of any fact of the kind
described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of
Applicable Securities pursuant to the applicable Registration Statement until such Holder’s receipt
of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof,
or until it is advised in writing (the “Advice”) by Cinemark that the use of the Prospectus
may be resumed, and has received copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus. If so directed by Cinemark, each Holder will deliver
to Cinemark (at Cinemark’s expense) all copies, other than permanent file copies then in such
Holder’s possession, of the Prospectus covering such Applicable Securities that was current at the
time of receipt of such notice. In the event Cinemark shall give any such notice, the time period
regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as
applicable, shall be extended by the number of days during the period from and including the date
of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when
each selling Holder covered by such Registration Statement shall have received the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received
the Advice.

SECTION 7. REGISTRATION EXPENSES

          (a) All expenses incident to Cinemark and the Guarantors’ performance of or compliance with
this Agreement will be borne jointly and severally by Cinemark and
the Guarantors, regardless of whether a Registration Statement becomes effective, including
without limitation: (i) all registration and filing fees and expenses (including filings made by
any Purchaser or Holder with FINRA (and, if applicable, the reasonable fees and expenses of any
“qualified independent underwriter” and its counsel that may be required by the rules and

15

 

regulations of FINRA)); (ii) all fees and expenses incurred in connection with compliance with
federal securities and state Blue Sky or securities laws; (iii) all expenses of printing (including
printing certificates for the Exchange Notes to be issued in the Exchange Offer and printing of
Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of
counsel for Cinemark, and in accordance with Section 7(b) below, the Holders of Applicable
Securities; (v) if applicable, all application and filing fees in connection with listing
Securities on a national securities exchange or automated quotation system pursuant to the
requirements hereof; and (vi) all fees and disbursements of independent certified public
accountants of Cinemark (including the expenses of any special audit and comfort letters required
by or incident to such performance).

     Cinemark and the Guarantors will bear their internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the
expenses of any annual audit and the fees and expenses of any Person, including special experts,
retained by Cinemark and/or any Guarantor.

          (b) In connection with any Registration Statement required by this Agreement (including,
without limitation, the Exchange Offer Registration Statement and the Shelf Registration
Statement), Cinemark and the Guarantors will reimburse the Purchasers and the Holders of
Applicable Securities being tendered in the Exchange Offer and/or resold pursuant to the “Plan of
Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the
Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more
than one counsel, which shall be Simpson Thacher & Bartlett LLP or such other counsel as may be
chosen by the Holders of a majority in principal amount of the Applicable Securities for whose
benefit such Registration Statement is being prepared.

SECTION 8. INDEMNIFICATION

          (a) Cinemark and the Guarantors agree, jointly and severally, to indemnify and hold harmless,
to the fullest extent permitted by applicable law, each of the Holders, each person, if any, who
controls any Holder within the meaning of Section 15 of the Act or Section 20(a) of the Exchange
Act and the respective officers, directors, partners, employees, representatives and agents of each
Holder or any controlling person, against any and all losses, liabilities, claims, damages and
expenses whatsoever (including but not limited to reasonable attorneys’ fees and any and all
reasonable expenses whatsoever incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim whatsoever, and any and all amounts paid in
settlement of any claim or litigation) (collectively, “Losses”), joint or several, to which
they or any of them may become subject under the Act, the Exchange Act or otherwise, insofar as
such losses, liabilities, claims, damages or expenses (or actions in respect thereof) arise out of
or are based upon any untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement or Prospectus, or in any supplement thereto or amendment thereof, or
arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that neither Cinemark nor any Guarantor will be liable in any such
case to the extent, but only to the extent, that any such Loss arises out of or is based upon any
such untrue statement

16

 

or alleged untrue statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to Cinemark and the Guarantors by or on behalf of any
Holders expressly for use therein. This indemnity will be in addition to any liability which
Cinemark or any Guarantor may otherwise have, including, under this Agreement.

          (b) Each of the Holders agrees, severally and not jointly, to indemnify and hold harmless
Cinemark, each of the Guarantors, each person, if any, who controls Cinemark or any Guarantor
within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and the respective
officers, directors, partners, employees, representatives and agents of Cinemark or any Guarantor
or any controlling person, against any and all Losses, joint or several, to which they or any of
them may become subject under the Act, the Exchange Act or otherwise, insofar as such losses,
liabilities, claims, damages or expenses (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus, or in any amendment thereof or supplement thereto, or arise
out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, in each case to the extent, but only to the extent,
that any such loss, liability, claim, damage or expense arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with written information furnished to Cinemark and the Guarantors by or on behalf
of such Holder expressly for use therein; provided, however, that in no case shall any Holder be
liable or responsible for any amount in excess of the dollar amount of the proceeds received by
such Holder upon the sale of the Securities giving rise to such indemnification obligation, unless
such Losses are a result of the gross negligence or willful misconduct of such Holder as determined
in a final judgment by a court of competent jurisdiction. This indemnity will be in addition to any
liability which any Holder may otherwise have, including under this Agreement.

          (c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice
of the commencement of any action, such indemnified party shall, if a claim in respect thereof is
to be made against the indemnifying party under such subsection, notify each party against whom
indemnification is to be sought, in writing of the commencement thereof (but the failure so to
notify an indemnifying party shall not relieve it from any liability which it may have under this
Section 8 except to the extent that it has been prejudiced in any material respect by such failure
or from any liability which it may otherwise have). In case any such action is brought against any
indemnified party, and it notifies an indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein, and to the extent it may elect by
written notice delivered to the indemnified party promptly after receiving the aforesaid notice
from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to
such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have
the right to employ its or their own counsel in any
such case, but the fees and expenses of such counsel shall be at the expense of such
indemnified party or parties unless (i) the employment of such counsel shall have been authorized
in writing by the indemnifying parties in connection with the defense of such action and the
indemnifying party has agreed in writing to pay the fees and expenses of such counsel, (ii) the
indemnifying parties shall not have employed counsel to take charge of the defense of such action
within a reasonable

17

 

time after notice of commencement of the action, or (iii) such indemnified party or parties shall
have concluded, upon the advice of counsel, 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 counsel shall be borne by the indemnifying parties; provided, however, that the
indemnifying party under subsection (a) or (b) above, shall only be liable for the legal expenses
of one counsel (in addition to any local counsel) for all indemnified parties in each jurisdiction
in which any claim or action is brought. Anything in this subsection to the contrary
notwithstanding, an indemnifying party shall not be liable for any settlement of any claim or
action effected without its written consent; provided, however, that such consent was not
unreasonably withheld.

          (d) In order to provide for contribution in circumstances in which the indemnification
provided for in this Section 8 is for any reason held to be unavailable or is insufficient to hold
harmless a party indemnified hereunder, Cinemark and the Guarantors, on the one hand, and each
Holder, on the other hand, shall contribute to the aggregate losses, claims, damages, liabilities
and expenses of the nature contemplated by such indemnification provision (including any
investigation, legal and other expenses incurred in connection with, and any amount paid in
settlement of, any action, suit or proceeding or any claims asserted, but after deducting in the
case of losses, claims, damages, liabilities and expenses suffered by Cinemark and the Guarantors,
any contribution received by Cinemark and the Guarantors from persons, other than the Holders, who
may also be liable for contribution, including persons who control either Cinemark or any Guarantor
within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act) to which
Cinemark, any Guarantor and any Holder may be subject, in such proportion as is appropriate to
reflect the relative benefits received by Cinemark and the Guarantors, on the one hand, and any
such Holder, on the other hand, or, if such allocation is not permitted by applicable law or if
indemnification is not available as a result of the indemnifying party not having received notice
as provided in this Section 8, in such proportion as is appropriate to reflect not only the
relative benefits referred to above but also the relative fault of Cinemark and the Guarantors, on
the one hand, and the Holders, on the other hand, in connection with the statements or omissions
which resulted in such losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative benefits received by Cinemark and the Guarantors,
on the one hand, and any Holder, on the other hand, shall be deemed to be in the same proportion as
(x) the total proceeds from the offering of the Securities (net of discounts and commissions but
before deducting expenses) received by Cinemark and the Guarantors and (y) the total proceeds
received by such Holder upon its sale of Securities which would otherwise give rise to the
indemnification obligation, respectively. The relative fault of Cinemark and the Guarantors, on the
one hand, and of the Holders, on the other hand, shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by Cinemark and the
Guarantors or the
Holders and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. Cinemark, each of the Guarantors and each Holder
agree that it would not be just and equitable if contribution pursuant to this Section 8 were
determined by pro rata allocation or by any other method of allocation which does not take into
account the equitable considerations

18

 

referred to above. Notwithstanding the provisions of this Section 8, (i) no Holder shall be
required to contribute, in the aggregate, any amount in excess of the dollar amount by which the
proceeds received by such Holder with respect to the sale of its Securities exceeds the amount of
any damages which such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 8, each person, if any, who controls a Holder within the meaning of Section 15 of
the Act or Section 20(a) of the Exchange Act and the respective officers, directors, partners,
employees, representatives and agents of a Holder or any controlling person shall have the same
rights to contribution as such Holder, and each person, if any, who controls Cinemark or any
Guarantor within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and the
respective officers, directors, partners, employees, representatives and agents of Cinemark or any
Guarantor or any controlling person shall have the same rights to contribution as Cinemark and each
of the Guarantors, subject in each case to clauses (i) and (ii) of this Section 8(d). 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
another party or parties under this Section 8, notify such party or parties from whom contribution
may be sought, but the failure to so notify such party or parties shall not relieve the party or
parties from whom contribution may be sought from any obligation it or they may have under this
Section 8 or otherwise.

SECTION 9. RULE 144A

     Cinemark and the Guarantors hereby agree with each Holder, for so long as any Applicable
Securities remain outstanding, to make available to any Holder or beneficial owner of Applicable
Securities in connection with any sale thereof and any prospective purchaser of such Applicable
Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Act in order to permit resales of such Applicable Securities pursuant to Rule 144A.

SECTION 10. UNDERWRITTEN REGISTRATIONS

     No Holder may participate in any Underwritten Registration hereunder unless such Holder (a)
agrees to sell such Holder’s Applicable Securities on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such arrangements and (b)
completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting
agreements, lock-up letters and other documents required under the terms of such underwriting
arrangements.

SECTION 11. SELECTION OF UNDERWRITERS

     The Holders of Applicable Securities covered by the Shelf Registration Statement
who desire to do so may sell such Applicable Securities in an Underwritten Offering. In any
such Underwritten Offering, the investment banker or investment bankers and manager or managers
that will administer the offering will be selected by the Holders of a majority in aggregate

19

 

principal amount of the Applicable Securities included in such offering; provided that such
investment bankers and managers must be reasonably satisfactory to Cinemark (it being understood
that Barclays Capital Inc. is reasonably satisfactory); such investment bankers and manager or
managers are referred to herein as the “underwriters”.

SECTION 12. MISCELLANEOUS

          (a) Remedies. Cinemark and the Guarantors agree that monetary damages (including the
Additional Interest contemplated hereby) would not be adequate compensation for any loss incurred
by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the
defense in any action for specific performance that a remedy at law would be adequate.

          (b) No Inconsistent Agreements. Neither Cinemark nor any Guarantor will, on or after
the date of this Agreement, enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with
the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with,
and are not inconsistent with, the rights granted to the holders of Cinemark’s securities under any
agreement in effect on the date hereof.

          (c) Adjustments Affecting the Securities. Neither Cinemark nor any Guarantor will
take any action, or permit any change to occur, with respect to the Securities that would
materially and adversely affect the ability of the Holders to Consummate any Exchange Offer.

          (d) Amendments and Waivers. The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may
not be given unless Cinemark has obtained the written consent of Holders of a majority of the
outstanding principal amount of Applicable Securities. Notwithstanding the foregoing, a waiver or
consent to departure from the provisions hereof that relates exclusively to the rights of Holders
whose securities are being tendered pursuant to the Exchange Offer or registered pursuant to the
Shelf Registration and that does not affect directly or indirectly the rights of other Holders
whose securities are not being tendered pursuant to such Exchange Offer or registered pursuant to
the Shelf Registration, may be given by the Holders of a majority of the outstanding principal
amount of Applicable Securities being tendered or registered, as applicable.

          (e) Notices. All notices and other communications provided for, or permitted
hereunder, shall be made in writing by hand-delivery, first-class mail (registered or certified,
return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:

     (i) if to a Holder, at the address set forth on the records of the Registrar under the
Indenture, with a copy to the Registrar under the Indenture; and

     (ii) if to Cinemark:

Cinemark USA, Inc.

3900 Dallas Parkway

20

 

Suite 500

Plano, Texas 75093

Phone No.: (972) 665-1000

Telecopier No.: (972) 665-1004

Attention: Michael Cavalier

                    with a copy to:

Akin, Gump, Strauss, Hauer & Feld, L.L.P.

1700 Pacific Avenue, Suite 4100

Dallas, Texas 75201

Phone No.: (214) 969-2800

Telecopier No.: (214) 969-4343

Attention: Terry M. Schpok, P.C.

     All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if
telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing
overnight delivery.

     Copies of all such notices, demands or other communications shall be concurrently delivered by
the Person giving the same to the Trustee at the address specified in the Indenture.

          (f) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including without limitation and
without the need for an express assignment, subsequent Holders of Applicable Securities; provided,
however, that this Agreement shall not inure to the benefit of or be binding upon a successor or
assign of a Holder unless and to the extent such successor or assign acquired Applicable Securities
from such Holder.

          (g) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original and all of which taken together shall constitute one and the same agreement.

          (h) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof.

          (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

          (j) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable,
the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.

21

 

          (k) Entire Agreement. This Agreement together with the other Transaction Documents
(as defined in the Purchase Agreement) is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding
of the parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein with respect
to the registration rights granted by Cinemark and the Guarantors with respect to the Applicable
Securities. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter.

[Signatures on the following page]

22

 

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

	 	 	 	 	 
	 	CINEMARK USA, INC. 

CINEMARK, L.L.C.

SUNNYMEAD CINEMA CORP. 

CINEMARK PROPERTIES, INC.

GREELEY HOLDINGS, INC. 

TRANS TEXAS CINEMA, INC. 

CINEMARK MEXICO (USA), INC.

CINEMARK LEASING COMPANY

CINEMARK PARTNERS I, INC.

MULTIPLEX SERVICES, INC. 

CNMK TEXAS PROPERTIES, LLC

BRASIL HOLDINGS, L.L.C. 

CINEMARK CONCESSIONS, LLC. 

CENTURY THEATRES, INC. 

MARIN THEATRE MANAGEMENT, LLC

CENTURY THEATRES NG, LLC

CINEARTS, LLC

CINEARTS SACRAMENTO, LLC 

CORTE MADERA THEATRES, LLC 

NOVATO THEATRES, LLC

SAN RAFAEL THEATRES, LLC

NORTHBAY THEATRES, LLC 

CENTURY THEATRES SUMMIT SIERRA, LLC

CENTURY THEATRES SEATTLE, LLC

CNMK INVESTMENTS, INC.

 	 
	 	By:  	/s/ Robert Copple	 
	 	 	Name:  	Robert Copple 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	MULTIPLEX PROPERTIES, INC.

 	 
	 	By:  	/s/ Vatoni Ragsdale 	 
	 	 	Name:  	Vatoni Ragsdale 	 
	 	 	Title:  	President 	 
	 

[CUSA — Registration Rights Agreement]

 

 

	 	 	 	 	 
	 	LAREDO THEATRE, LTD., 

By CNMK Texas
Properties, LLC, 

its general partner

 	 
	 	By:  	/s/ Robert Copple	 
	 	 	Name:  	Robert Copple 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

[CUSA — Registration Rights Agreement]

 

 

Accepted:

BARCLAYS CAPITAL INC. 
MORGAN STANLEY & CO.
LLC
 DEUTSCHE BANK SECURITIES INC.

NOMURA SECURITIES INTERNATIONAL, INC.
 WELLS FARGO
SECURITIES, LLC

BY BARCLAYS CAPITAL INC.

	 	 	 	 	 
	 	 
	By:  	/s/ Chad A. Harding 	 
	 	Authorized Representative 	 
	 	 	 
	 

[CUSA — Registration Rights Agreement]exv4w1

Exhibit 4.1

Execution Version

 

 

SPECTRA ENERGY PARTNERS, LP

as Issuer,

ANY SUBSIDIARY GUARANTORS PARTY HERETO,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

INDENTURE

Dated as of June 9, 2011

Debt Securities

 

 

 

 

CROSS-REFERENCE TABLE

	 	 	 
	TIA Section	 	Indenture Section
	310 (a)
	 	7.10
	  (b)
	 	7.10
	  (c)
	 	N.A.
	311 (a)
	 	7.11
	  (b)
	 	7.11
	  (c)
	 	N.A.
	312 (a)
	 	5.01
	  (b)
	 	5.02
	  (c)
	 	5.02
	313 (a)
	 	5.03
	  (b)
	 	5.03
	  (c)
	 	13.03
	  (d)
	 	5.03
	314 (a)
	 	4.05, 4.06
	  (b)
	 	N.A.
	  (c)(1)
	 	13.05
	  (c)(2)
	 	13.05
	  (c)(3)
	 	N.A.
	  (d)
	 	N.A.
	  (e)
	 	13.05
	  (f)
	 	N.A.
	315 (a)
	 	7.01
	  (b)
	 	6.07 & 13.03
	  (c)
	 	7.01
	  (d)
	 	7.01
	  (e)
	 	6.08
	316 (a) (last sentence)
	 	1.01
	  (a)(1)(A)
	 	6.06
	  (a)(1)(B)
	 	6.06
	  (a)(2)
	 	9.01(d)
	  (b)
	 	6.04
	  (c)
	 	5.04
	317 (a)(1)
	 	6.02
	  (a)(2)
	 	6.02
	  (b)
	 	4.04
	318 (a)
	 	13.07

N.A. means Not Applicable

NOTE: This Cross-Reference table shall not, for any purpose, be deemed part of this Indenture.

i

 

TABLE OF CONTENTS

Page

	 	 	 	 	 

	ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 	 
	 
	 	 	 	 
	Section 1.01. Definitions

	 	 	1	 
	Section 1.02. Other Definitions

	 	 	7	 
	Section 1.03. Incorporation by Reference of Trust Indenture Act

	 	 	7	 
	Section 1.04. Rules of Construction

	 	 	7	 
	ARTICLE II

DEBT SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Forms Generally

	 	 	7	 
	Section 2.02. Form of Trustee’s Certificate of Authentication

	 	 	8	 
	Section 2.03. Principal Amount; Issuable in Series

	 	 	8	 
	Section 2.04. Execution of Debt Securities

	 	 	10	 
	Section 2.05. Authentication and Delivery of Debt Securities

	 	 	11	 
	Section 2.06. Denomination of Debt Securities

	 	 	12	 
	Section 2.07. Registration of Transfer and Exchange

	 	 	13	 
	Section 2.08. Temporary Debt Securities

	 	 	14	 
	Section 2.09. Mutilated, Destroyed, Lost or Stolen Debt Securities

	 	 	15	 
	Section 2.10. Cancellation of Surrendered Debt Securities

	 	 	15	 
	Section 2.11. Provisions of the Indenture and Debt Securities for the Sole Benefit of the
Parties and the Holders

	 	 	16	 
	Section 2.12. Payment of Interest; Interest Rights Preserved

	 	 	16	 
	Section 2.13. Securities Denominated in Dollars

	 	 	16	 
	Section 2.14. Wire Transfers

	 	 	16	 
	Section 2.15. Securities Issuable in the Form of a Global Security

	 	 	16	 
	Section 2.16. Medium Term Securities

	 	 	19	 
	Section 2.17. Defaulted Interest

	 	 	20	 
	Section 2.18. CUSIP and ISIN Numbers

	 	 	20	 
	 
	 	 	 	 
	ARTICLE III

REDEMPTION OF DEBT SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Applicability of Article

	 	 	21	 
	Section 3.02. Notice of Redemption; Selection of Debt Securities

	 	 	21	 
	Section 3.03. Payment of Debt Securities Called for Redemption

	 	 	22	 
	Section 3.04. Mandatory and Optional Sinking Funds

	 	 	23	 
	Section 3.05. Redemption of Debt Securities for Sinking Fund

	 	 	23	 
	 
	 	 	 	 
	ARTICLE IV

PARTICULAR COVENANTS OF THE PARTNERSHIP
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Payment of Principal of, and Premium, If Any, and Interest on, Debt
Securities

	 	 	25	 

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Page

	 	 	 	 	 

	Section 4.02. Maintenance of Offices or Agencies for Registration of Transfer, Exchange
and Payment of Debt Securities

	 	 	25	 
	Section 4.03. Appointment to Fill a Vacancy in the Office of Trustee

	 	 	26	 
	Section 4.04. Duties of Paying Agents, etc

	 	 	26	 
	Section 4.05. SEC Reports; Financial Statements

	 	 	27	 
	Section 4.06. Compliance Certificate

	 	 	27	 
	Section 4.07. Further Instruments and Acts

	 	 	28	 
	Section 4.08. Existence

	 	 	28	 
	Section 4.09. Maintenance of Properties

	 	 	28	 
	Section 4.10. Payment of Taxes and Other Claims

	 	 	28	 
	Section 4.11. Waiver of Certain Covenants

	 	 	29	 
	 
	 	 	 	 
	ARTICLE V

HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Partnership to Furnish Trustee Information as to Names and Addresses of
Holders; Preservation of Information

	 	 	29	 
	Section 5.02. Communications to Holders

	 	 	29	 
	Section 5.03. Reports by Trustee

	 	 	30	 
	Section 5.04. Record Dates for Action by Holders

	 	 	30	 
	 
	 	 	 	 
	ARTICLE VI

REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Events of Default

	 	 	30	 
	Section 6.02. Collection of Debt by Trustee, etc.

	 	 	32	 
	Section 6.03. Application of Money Collected by Trustee

	 	 	34	 
	Section 6.04. Limitation on Suits by Holders

	 	 	34	 
	Section 6.05. Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver
of Default

	 	 	35	 
	Section 6.06. Rights of Holders of Majority in Principal Amount of Debt Securities to
Direct Trustee and to Waive Default

	 	 	35	 
	Section 6.07. Trustee to Give Notice of Defaults Known to It, but May Withhold Such
Notice in Certain Circumstances

	 	 	36	 
	Section 6.08. Requirement of an Undertaking to Pay Costs in Certain Suits under the
Indenture or Against the Trustee

	 	 	36	 
	 
	 	 	 	 
	ARTICLE VII

CONCERNING THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Certain Duties and Responsibilities

	 	 	37	 
	Section 7.02. Certain Rights of Trustee

	 	 	38	 
	Section 7.03. Trustee Not Liable for Recitals in Indenture or in Debt Securities

	 	 	39	 
	Section 7.04. Trustee, Paying Agent or Registrar May Own Debt Securities

	 	 	40	 
	Section 7.05. Money Received by Trustee to Be Held in Trust

	 	 	40	 
	Section 7.06. Compensation and Reimbursement

	 	 	40	 
	Section 7.07. Right of Trustee to Rely on an Officers’ Certificate Where No Other
Evidence Specifically Prescribed

	 	 	41	 
	Section 7.08. Separate Trustee; Replacement of Trustee

	 	 	41	 

iii

 

Page

	 	 	 	 	 

	Section 7.09. Successor Trustee by Merger

	 	 	42	 
	Section 7.10. Eligibility; Disqualification

	 	 	42	 
	Section 7.11. Preferential Collection of Claims Against Partnership

	 	 	43	 
	Section 7.12. Compliance with Tax Laws

	 	 	43	 
	 
	 	 	 	 
	ARTICLE VIII

CONCERNING THE HOLDERS
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. Evidence of Action by Holders

	 	 	43	 
	Section 8.02. Proof of Execution of Instruments and of Holding of Debt Securities

	 	 	43	 
	Section 8.03. Who May Be Deemed Owner of Debt Securities

	 	 	43	 
	Section 8.04. Instruments Executed by Holders Bind Future Holders

	 	 	44	 
	 
	 	 	 	 
	ARTICLE IX

SUPPLEMENTAL INDENTURES
	 	 	 	 
	 
	 	 	 	 
	Section 9.01. Purposes for Which Supplemental Indenture May Be Entered into Without
Consent of Holders

	 	 	45	 
	Section 9.02. Modification of Indenture with Consent of Holders of Debt Securities

	 	 	46	 
	Section 9.03. Effect of Supplemental Indentures

	 	 	47	 
	Section 9.04. Debt Securities May Bear Notation of Changes by Supplemental Indentures

	 	 	48	 
	 
	 	 	 	 
	ARTICLE X

CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	 	 	 	 
	 
	 	 	 	 
	Section 10.01. Consolidations and Mergers of the Partnership

	 	 	48	 
	Section 10.02. Rights and Duties of Successor Person

	 	 	48	 
	 
	 	 	 	 
	ARTICLE XI

SATISFACTION AND DISCHARGE OF

INDENTURE; DEFEASANCE; UNCLAIMED MONEY
	 	 	 	 
	 
	 	 	 	 
	Section 11.01. Applicability of Article

	 	 	49	 
	Section 11.02. Satisfaction and Discharge of Indenture; Defeasance

	 	 	49	 
	Section 11.03. Conditions of Defeasance

	 	 	50	 
	Section 11.04. Application of Trust Money

	 	 	51	 
	Section 11.05. Repayment to Partnership

	 	 	52	 
	Section 11.06. Indemnity for U.S. Government Obligations

	 	 	52	 
	Section 11.07. Reinstatement

	 	 	52	 
	 
	 	 	 	 
	ARTICLE XII

[RESERVED]
	 	 	 	 
	 
	 	 	 	 
	ARTICLE XIII

MISCELLANEOUS PROVISIONS
	 	 	 	 
	 
	 	 	 	 
	Section 13.01. Successors and Assigns of Partnership Bound by Indenture

	 	 	52	 
	Section 13.02. Acts of Board, Committee or Officer of Successor Person Valid

	 	 	52	 
	Section 13.03. Required Notices or Demands

	 	 	52	 

iv

 

Page

	 	 	 	 	 

	Section 13.04. Indenture and Debt Securities to Be Construed in Accordance with the Laws
of the State of New York

	 	 	54	 
	Section 13.05. Officers’ Certificate and Opinion of Counsel to Be Furnished upon
Application or Demand by the Partnership

	 	 	54	 
	Section 13.06. Payments Due on Legal Holidays

	 	 	54	 
	Section 13.07. Provisions Required by TIA to Control

	 	 	54	 
	Section 13.08. Computation of Interest on Debt Securities

	 	 	55	 
	Section 13.09. Rules by Trustee, Paying Agent and Registrar

	 	 	55	 
	Section 13.10. No Recourse Against Others

	 	 	55	 
	Section 13.11. Severability

	 	 	55	 
	Section 13.12. Effect of Headings

	 	 	55	 
	Section 13.13. Indenture May Be Executed in Counterparts

	 	 	55	 
	 
	 	 	 	 
	ARTICLE XIV

GUARANTEE
	 	 	 	 
	 
	 	 	 	 
	Section 14.01. Unconditional Guarantee

	 	 	55	 
	Section 14.02. Execution and Delivery of Guarantee

	 	 	57	 
	Section 14.03. Limitation on Subsidiary Guarantors’ Liability

	 	 	58	 
	Section 14.04. Release of Subsidiary Guarantors from Guarantee

	 	 	58	 
	Section 14.05. Subsidiary Guarantor Contribution

	 	 	59	 

	 	 	 

	Notation of Guarantee
	 	Annex A

v

 

     THIS INDENTURE dated as of June 9, 2011 is among Spectra Energy Partners, LP, a Delaware
limited partnership (the “Partnership”), any Subsidiary Guarantors (as defined herein) that may
become parties hereto, and Wells Fargo Bank, National Association, a national banking association,
as trustee (the “Trustee”).

RECITALS OF THE PARTNERSHIP AND ANY SUBSIDIARY GUARANTORS

     The Partnership and any Subsidiary Guarantors have duly authorized the execution and delivery
of this Indenture to provide for the issuance from time to time of the Partnership’s debentures,
notes, bonds or other evidences of indebtedness to be issued in one or more series unlimited as to
principal amount (herein called the “Debt Securities”), and the Guarantee by each of the Subsidiary
Guarantors of the Debt Securities, as in this Indenture provided.

     The Partnership and any Subsidiary Guarantors are members of the same consolidated group of
companies. Any Subsidiary Guarantors will derive direct and indirect economic benefit from the
issuance of the Debt Securities. Accordingly, any Subsidiary Guarantor has duly authorized the
execution and delivery of this Indenture to provide for its full, unconditional and joint and
several guarantee of the Debt Securities to the extent provided in or pursuant to this Indenture.

     All things necessary to make this Indenture a valid agreement of the Partnership and any
Subsidiary Guarantors, in accordance with its terms, have been done.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH

     That in order to declare the terms and conditions upon which the Debt Securities are
authenticated, issued and delivered, and in consideration of the premises, and of the purchase and
acceptance of the Debt Securities by the holders thereof, the Partnership, any Subsidiary
Guarantors and the Trustee covenant and agree with one other, for the benefit of the respective
Holders from time to time of the Debt Securities or any series thereof, as follows:

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.01. Definitions.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. The Trustee may request and may
conclusively rely upon an Officers’ Certificate to determine whether any Person is an Affiliate of
any specified Person.

     “Agent” means any Registrar or paying agent.

 

 

     “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors.

     “Board of Directors” means the board of directors of the General Partner or any authorized
committee of the board of directors of the General Partner or any directors and/or officers of the
General Partner to whom such board of directors or such committee shall have duly delegated its
authority to act hereunder. If the Partnership shall change its form of entity to other than a
limited partnership, the references to the board of directors of the General Partner shall mean the
board of directors (or other comparable governing body) of the Partnership.

     “Business Day” means any day other than a Legal Holiday.

     The term “capital stock” of any Person means and includes any and all shares, rights to
purchase, warrants or options (whether or not currently exercisable), participations or other
equivalents of or interests in (however designated) the equity (which includes, but is not limited
to, common stock, preferred stock and partnership and joint venture interests) of such Person
(excluding any debt securities that are convertible into, or exchangeable for, such equity).

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

     “Debt” of any Person at any date means any obligation created or assumed by such Person for
the repayment of borrowed money and any guarantee thereof.

     “Debt Security” or “Debt Securities” has the meaning stated in the first recital of this
Indenture and more particularly means any debt security or debt securities, as the case may be, of
any series authenticated and delivered under this Indenture.

     “Default” means any event, act or condition that is, or after notice or the passage of time or
both would be, an Event of Default.

     “Depositary” means, unless otherwise specified by the Partnership pursuant to either Section
2.03 or 2.15, with respect to Debt Securities of any series issuable or issued in whole or in part
in the form of one or more Global Securities, The Depository Trust Company, New York, New York, or
any successor thereto registered as a clearing agency under the Exchange Act or other applicable
statute or regulations.

     “Dollar” or “$” means such currency of the United States as at the time of payment is legal
tender for the payment of public and private debts.

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

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

2

 

     “GAAP” means generally accepted accounting principles in the United States, as in effect from
time to time.

     “General Partner” means Spectra Energy Partners GP, LLC, a Delaware limited liability company,
and its successors as general partner of the general partner of the Partnership.

     “Global Security” means with respect to any series of Debt Securities issued hereunder, a Debt
Security which is executed by the Partnership and authenticated and delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and
any Indentures supplemental hereto, or resolution of the Board of Directors and set forth in an
Officers’ Certificate, which shall be registered in the name of the Depositary or its nominee and
which shall represent, and shall be denominated in an amount equal to the aggregate principal
amount of, all the Outstanding Debt Securities of such series or any portion thereof, in either
case having the same terms, including, without limitation, the same original issue date, date or
dates on which principal is due and interest rate or method of determining interest.

     The term “guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Debt or other obligation of any other Person and any obligation, direct
or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Debt or other obligation of such other Person (whether
arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial statement conditions or
otherwise) or (b) entered into for purposes of assuring in any other manner the obligee of such
Debt or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided, however, that the term “guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business. The term “guarantee”
used as a verb has a corresponding meaning.

     “Holder,” “Holder of Debt Securities” or other similar terms means, a Person in whose name a
Debt Security is registered in the Debt Security Register (as defined in Section 2.07(a)).

     “Indenture” means this instrument as originally executed, or, if amended or supplemented as
herein provided, as so amended or supplemented and shall include the form and terms of particular
series of Debt Securities as contemplated hereunder, whether or not a supplemental Indenture is
entered into with respect thereto.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City
of Houston or at a Place of Payment are authorized by law, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the
intervening period.

     “Lien” means, with respect to any asset, any mortgage, lien, security interest, pledge, charge
or other encumbrance of any kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law.

3

 

     “Officer” means, with respect to a Person, the Chairman of the Board, the President, any Vice
President, the Treasurer, any Assistant Treasurer, Controller, Secretary, Assistant Secretary or
any Assistant Vice President of such Person.

     “Officers’ Certificate” means a certificate signed by two Officers of the General Partner, one
of whom must be the General Partner’s chief executive officer, chief financial officer or chief
accounting officer (or if the Partnership shall change its form of entity to other than a limited
partnership, by Persons, officers, members, agents and others holding positions comparable to those
of the foregoing nature, as applicable).

     “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the
Trustee. The counsel may be an employee of or counsel to the Partnership or the Trustee.

     “Original Issue Discount Debt Security” means any Debt Security that provides for an amount
less than the principal amount thereof to be due and payable upon a declaration of acceleration of
the maturity thereof pursuant to Section 6.01.

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

	 	(a)	 	Debt Securities of that series theretofore canceled by the Trustee or
delivered to the Trustee for cancellation;

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

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

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Debt Securities of any series have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Debt Securities owned by the Partnership or any other obligor
upon the Debt Securities or any Affiliate of the Partnership or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Debt Securities which a Responsible Officer actually knows to be

4

 

so owned shall be so disregarded. Debt Securities so owned which have been pledged in good faith
may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Debt Securities and that the pledgee is not the
Partnership or any other obligor upon the Debt Securities or an Affiliate of the Partnership or of
such other obligor. In determining whether the Holders of the requisite principal amount of
Outstanding Debt Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Debt Security that
shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof
that would be due and payable as of the date of such determination upon a declaration of
acceleration of the maturity thereof pursuant to Section 6.01.

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

     “Partnership Request” and “Partnership Order” mean, respectively, a written request or order
signed in the name of the Partnership by the Chairman of the Board, the President or a Vice
President of the General Partner, and by the Treasurer, an Assistant Treasurer, the Controller, an
Assistant Controller, the Secretary or an Assistant Secretary of the General Partner, and delivered
to the Trustee, or if the Partnership shall change its form of entity to other than a limited
partnership, by Persons or officers, members, agents and others holding positions comparable to
those of the foregoing nature, as applicable.

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

     “Redemption Date,” when used with respect to any Debt Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture.

     “Responsible Officer” means, when used with respect to the Trustee, any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred because of such
person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture.

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended, and any successor statute.

     “Stated Maturity” means, with respect to any security, the date specified in such security as
the fixed date on which the payment of principal of such security is due and payable, including
pursuant to any mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the

5

 

happening of any contingency beyond the control of the issuer unless such contingency has
occurred).

     “Subsidiary” of any Person means:

	 	(1)	 	any corporation, association or other business entity (other than a
partnership) of which more than 50% of the total voting power of equity
interests entitled, without regard to the occurrence of any contingency, to
vote in the election of directors, managers, trustees or equivalent Persons
thereof, is at the time of determination owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of such
Person or a combination thereof; or
	 
	 	(2)	 	in the case of a partnership, more than 50% of the partners’ equity
interests, considering all partners’ equity interests as a single class, is at
such time of determination owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of such Person or a combination
thereof.

     “Subsidiary Guarantors” means any Subsidiary of the Partnership that may execute this
Indenture, or a supplement thereto, for the purpose of providing a Guarantee of Debt Securities
pursuant to this Indenture, in each case until a successor Person or Persons shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter “Subsidiary Guarantors”
shall mean such successor Person or Persons.

     “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date of this
Indenture as originally executed and, to the extent required by law, as amended.

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

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

     “U.S. Government Obligations” means direct obligations of the United States of America,
obligations on which the payment of principal and interest is fully guaranteed by the United States
of America or obligations or guarantees for the payment of which the full faith and credit of the
United States of America is pledged.

     “Yield to Maturity” means the yield to maturity, calculated at the time of issuance of a
series of Debt Securities, or, if applicable, at the most recent redetermination of interest on
such series and calculated in accordance with accepted financial practice.

6

 

Section 1.02. Other Definitions.

	 	 	 	 	 
	Term	 	Defined in Section	 
	“Debt Security Register”
	 	 	2.07	 
	“Defaulted Interest”
	 	 	2.17	 
	“Event of Default”
	 	 	6.01	 
	“Funding Guarantor”
	 	 	14.05	 
	“Guarantee”
	 	 	14.01	 
	“Place of Payment”
	 	 	2.03	 
	“Registrar”
	 	 	2.07	 
	“Successor Person”
	 	 	10.01	 

     Section 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture.

     All terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule under the TIA have the meanings so assigned to them.

     Section 1.04. Rules of Construction. Unless the context otherwise requires:

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

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

     (c) “or” is not exclusive;

     (d) words in the singular include the plural, and in the plural include the singular;

     (e) provisions apply to successive events and transactions; and

     (f) the principal amount of any noninterest bearing or other discount security at any date
shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated
such date prepared in accordance with GAAP.

ARTICLE II

DEBT SECURITIES

     Section 2.01. Forms Generally. The Debt Securities of each series shall be in substantially the form
established without the approval of any Holder by or pursuant to a resolution of the Board of
Directors or in one or more Indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as the Partnership may deem appropriate (and, if not contained in a supplemental Indenture
entered into in accordance with Article IX, as are not prohibited by the provisions of this
Indenture) or as may be required or appropriate to comply with any law or with any rules made
pursuant thereto or with any rules of

7

 

any securities exchange on which such series of Debt
Securities may be listed, or to conform to general usage, or as may, consistently herewith, be
determined by the officers executing such Debt Securities as evidenced by their execution of the
Debt Securities.

     The definitive Debt Securities of each series shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined by the officers
executing such Debt Securities, as evidenced by their execution of such Debt Securities.

     Section 2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication on all Debt Securities authenticated by the Trustee shall be in substantially the
following form:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 	Wells Fargo Bank, National Association

As Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

     Section 2.03. Principal Amount; Issuable in Series. The aggregate principal amount of Debt Securities
which may be issued, executed, authenticated, delivered and outstanding under this Indenture is
unlimited.

     The Debt Securities may be issued in one or more series in fully registered form. There shall
be established, without the approval of any Holders, in or pursuant to a resolution of the Board of
Directors and set forth in an Officers’ Certificate, or established in one or more Indentures
supplemental hereto, prior to the issuance of Debt Securities of any series any or all of the
following:

     (a) the title of the Debt Securities of the series (which shall distinguish the Debt
Securities of the series from all other Debt Securities);

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

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

     (d) the rate or rates (which may be fixed or variable) at which the Debt Securities of the
series shall bear interest, if any, or the method of determining such rate or rates, the date or
dates from which such interest shall accrue, the interest payment dates on which such interest

8

 

shall be payable, or the method by which such date will be determined, the record dates for the
determination of Holders thereof to whom such interest is payable, or the method by which such date
will be determined; and the basis upon which interest will be calculated if other than that of a
360-day year of twelve thirty-day months;

     (e) the place or places, if any, in addition to the corporate trust office of the Trustee in
New York, New York, where the principal of, and premium, if any, and interest on, Debt Securities
of the series shall be payable (“Place of Payment”);

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

     (g) whether Debt Securities of the series are entitled to the benefits of the Guarantee of any
Subsidiary Guarantor pursuant to this Indenture;

     (h) the obligation, if any, of the Partnership to redeem, purchase or repay Debt Securities of
the series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof, and the price or prices at which and the period or periods within which and the terms and
conditions upon which Debt Securities of the series shall be redeemed, purchased or repaid, in
whole or in part, pursuant to such obligations;

     (i) the terms, if any, upon which the Debt Securities of the series may be convertible into or
exchanged for capital stock (which may be represented by depositary shares), other Debt Securities
or warrants for capital stock or Debt or other securities of any kind of the Partnership or any
other obligor and the terms and conditions upon which such conversion or exchange shall be
effected, including the initial conversion or exchange price or rate, the conversion or exchange
period and any other provision in addition to or in lieu of those described herein;

     (j) if other than denominations of $1,000 and any integral multiple thereof, the denominations
in which Debt Securities of the series shall be issuable;

     (k) if the amount of principal of or any premium or interest on Debt Securities of the series
may be determined with reference to an index or pursuant to a formula, the manner in which such
amounts will be determined;

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

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

9

 

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

     (o) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the
Debt Securities of the series of any properties, assets, money, proceeds, securities or other
collateral, including whether certain provisions of the TIA are applicable and any corresponding
changes to provisions of this Indenture as currently in effect;

     (p) any addition to or change in the Events of Default with respect to the Debt Securities of
the series and any change in the right of the Trustee or the Holders to declare the principal of,
and premium and interest on, such Debt Securities due and payable;

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

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

     (s) the applicability of, and any addition to or change in the covenants and definitions
currently set forth in this Indenture or in the terms currently set forth in Article X, including
conditioning any merger, conveyance, transfer or lease permitted by Article X upon the satisfaction
of any Debt coverage standard by the Partnership and Successor Person;

     (t) with regard to Debt Securities of the series that do not bear interest, the dates for
certain required reports to the Trustee; and

     (u) any other terms of the Debt Securities of the series (which terms shall not be prohibited
by the provisions of this Indenture).

     All Debt Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to such resolution of the Board
of Directors and as set forth in such Officers’ Certificate or in any such Indenture supplemental
hereto.

     Section 2.04. Execution of Debt Securities. The Debt Securities shall be signed on behalf of the
Partnership by the Chairman of the Board, the President or a Vice President of the General Partner
and, if the seal of the General Partner is reproduced thereon, it shall be attested by its
Secretary, an Assistant Secretary, a Treasurer or an Assistant Treasurer. Such signatures upon the
Debt Securities may be the manual or facsimile signatures of the present or any future such
authorized officers and may be imprinted or
otherwise reproduced on the Debt Securities. The seal of the General Partner, if any, may be in
the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on
the Debt Securities.

10

 

     Only such Debt Securities as shall bear thereon a certificate of authentication substantially
in the form hereinbefore recited, signed manually by the Trustee, shall be entitled to the benefits
of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon
any Debt Security executed by the General Partner on behalf of the Partnership shall be conclusive
evidence that the Debt Security so authenticated has been duly authenticated and delivered
hereunder.

     In case any officer of the General Partner who shall have signed any of the Debt Securities
shall cease to be such officer before the Debt Securities so signed shall have been authenticated
and delivered by the Trustee, or disposed of by the Partnership, such Debt Securities nevertheless
may be authenticated and delivered or disposed of as though the Person who signed such Debt
Securities had not ceased to be such officer of the General Partner; and any Debt Security may be
signed on behalf of the General Partner by such Persons as, at the actual date of the execution of
such Debt Security, shall be the proper officers of the General Partner, although at the date of
such Debt Security or of the execution of this Indenture any such Person was not such officer.

     Section 2.05. Authentication and Delivery of Debt Securities. At any time and from time to time after
the execution and delivery of this Indenture, the Partnership may deliver Debt Securities of any
series executed by the Partnership to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver said Debt Securities to or upon a Partnership Order. In
authenticating such Debt Securities, and accepting the additional responsibilities under this
Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and
(subject to Section 7.01) shall be fully protected in relying upon:

     (a) a copy of any resolution or resolutions of the Board of Directors, certified by the
Secretary or Assistant Secretary of the General Partner, authorizing the terms of issuance of any
series of Debt Securities;

     (b) an executed supplemental Indenture, if any;

     (c) an Officers’ Certificate; and

     (d) an Opinion of Counsel prepared in accordance with Section 13.05 which shall also state:

	 	     (i) that the form of such Debt Securities has been established by or pursuant to a
resolution of the Board of Directors or by a supplemental Indenture as permitted by Section
2.01 in conformity with the provisions of this Indenture;
	 
	 	     (ii) that the terms of such Debt Securities have been established by or pursuant to a
resolution of the Board of Directors or by a supplemental Indenture as permitted by Section
2.03 in conformity with the provisions of this Indenture;
	 
	 	     (iii) that such Debt Securities, when authenticated and delivered by the Trustee and
issued by the Partnership in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the
Partnership, enforceable in accordance with their terms except as the

11

 

enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally and rights of acceleration and the availability of equitable
remedies may be limited by equitable principles of general applicability;

	 	     (iv) that the Partnership has the partnership power to issue such Debt Securities and
has duly taken all necessary partnership action with respect to such issuance;
	 
	 	     (v) that the issuance of such Debt Securities will not contravene the organizational
documents of the Partnership or result in any material violation of any of the terms or
provisions of any law or regulation or of any material indenture, mortgage or other
agreement known to such counsel by which the Partnership is bound;
	 
	 	     (vi) that authentication and delivery of such Debt Securities and the execution and
delivery of any supplemental Indenture will not violate the terms of this Indenture; and
	 
	 	     (vii) such other matters as the Trustee may reasonably request.

     Such Opinion of Counsel need express no opinion as to whether a court in the United States
would render a money judgment in a currency other than that of the United States.

     The Trustee shall have the right to decline to authenticate and deliver any Debt Securities
under this Section 2.05 if the Trustee, being advised by counsel, determines that such action may
not lawfully be taken or if the Trustee in good faith by its board of directors or trustees,
executive committee or a trust committee of directors, trustees or officers (or any combination
thereof) shall determine that such action would expose the Trustee to personal liability to
existing Holders.

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

     Unless otherwise provided in the form of Debt Security for any series, each Debt Security
shall be dated the date of its authentication.

     Section 2.06. Denomination of Debt Securities. Unless otherwise provided in the form of Debt Security
for any series, the Debt Securities of each series shall be issuable only as fully registered Debt
Securities in such Dollar
denominations as shall be specified or contemplated by Section 2.03. In the absence of any such
specification with respect to the Debt Securities of any series, the Debt Securities of such series
shall be issuable in denominations of $1,000 and any integral multiple thereof.

12

 

     Section 2.07. Registration of Transfer and Exchange.

     (a) The Partnership shall keep or cause to be kept a register for each series of Debt
Securities issued hereunder (hereinafter collectively referred to as the “Debt Security Register”),
in which, subject to such reasonable regulations as it may prescribe, the Partnership shall provide
for the registration of all Debt Securities and the transfer of Debt Securities as in this Article
II provided. At all reasonable times the Debt Security Register shall be open for inspection by
the Trustee. Subject to Section 2.15, upon due presentment for registration of transfer of any
Debt Security at any office or agency to be maintained by the Partnership in accordance with the
provisions of Section 4.02, the Partnership shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new Debt Security or Debt Securities of
authorized denominations for a like aggregate principal amount. In no event may Debt Securities be
issued as, or exchanged for, bearer securities.

     Unless and until otherwise determined by the Partnership, the Debt Security Register shall be
kept at the corporate trust office of the Trustee referred to in Section 13.03 and, for this
purpose, the Trustee shall be designated “Registrar.”

     Debt Securities of any series (other than a Global Security, except as set forth below) may be
exchanged for a like aggregate principal amount of Debt Securities of the same series of other
authorized denominations. Subject to Section 2.15, Debt Securities to be exchanged shall be
surrendered at the office or agency to be maintained by the Partnership as provided in Section
4.02, and the Partnership shall execute and the Trustee shall authenticate and deliver in exchange
therefor the Debt Security or Debt Securities which the Holder making the exchange shall be
entitled to receive.

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

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

     No service charge shall be made for any exchange or registration of transfer of Debt
Securities (except as provided by Section 2.09), but the Partnership may require payment of a sum
sufficient to cover any tax, fee, assessment or other governmental charge that may be imposed in
relation thereto, other than those expressly provided in this Indenture to be made at the
Partnership’s own expense or without expense or without charge to the Holders.

     The Partnership shall not be required (i) to issue, register the transfer of or exchange any
Debt Securities for a period of 15 days next preceding any mailing of notice of redemption of
Debt Securities of such series or (ii) to register the transfer of or exchange any Debt
Securities selected, called or being called for redemption.

13

 

     Prior to the due presentation for registration of transfer of any Debt Security, the
Partnership, the Subsidiary Guarantors, the Trustee, any paying agent or any Registrar may deem and
treat the Person in whose name a Debt Security is registered as the absolute owner of such Debt
Security for the purpose of receiving payment of or on account of the principal of, and premium, if
any, and (subject to Section 2.12) interest on, such Debt Security and for all other purposes
whatsoever, whether or not such Debt Security is overdue, and none of the Partnership, the
Subsidiary Guarantors, the Trustee, any paying agent or any Registrar shall be affected by notice
to the contrary.

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

     Section 2.08. Temporary Debt Securities. Pending the preparation of definitive Debt Securities of any
series, the Partnership may execute and the Trustee shall authenticate and deliver temporary Debt
Securities (printed, lithographed, photocopied, typewritten or otherwise produced) of any
authorized denomination, and substantially in the form of the definitive Debt Securities in lieu of
which they are issued, in registered form with such omissions, insertions and variations as may be
appropriate for temporary Debt Securities, all as may be determined by the Partnership with the
concurrence of the Trustee. Temporary Debt Securities may contain such reference to any provisions
of this Indenture as may be appropriate. Every temporary Debt Security shall be executed by the
Partnership and be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Debt Securities.

     If temporary Debt Securities of any series are issued, the Partnership will cause definitive
Debt Securities of such series to be prepared without unreasonable delay. After the preparation of
definitive Debt Securities of such series, the temporary Debt Securities of such series shall be
exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt
Securities of such series at the office or agency of the Partnership at a Place of Payment for such
series, without charge to the Holder thereof, except as provided in Section 2.07 in connection with
a transfer. Upon surrender for cancellation of any one or more temporary Debt Securities of any
series, the Partnership shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Debt Securities of the same series of authorized
denominations and of like tenor. Until so exchanged, temporary Debt Securities of any series shall
in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities
of such series.

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

14

 

     Section 2.09. Mutilated, Destroyed, Lost or Stolen Debt Securities. If (a) any mutilated Debt Security
is surrendered to the Trustee at its corporate trust office or (b) the Partnership and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security, and
there is delivered to the Partnership and the Trustee such security or indemnity as may be required
by them to save each of them and any paying agent harmless, and neither the Partnership nor the
Trustee receives notice that such Debt Security has been acquired by a protected purchaser, then
the Partnership shall execute and, upon a Partnership Order, the Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Debt Security,
a new Debt Security of the same series of like tenor, form, terms and principal amount, bearing a
number not contemporaneously Outstanding. Upon the issuance of any substituted Debt Security, the
Partnership or the Trustee may require the payment of a sum sufficient to cover any tax, fee,
assessment or other governmental charge that may be imposed in relation thereto and any other
expenses connected therewith. In case any Debt Security which has matured or is about to mature or
which has been called for redemption shall become mutilated or be destroyed, lost or stolen, the
Partnership may, instead of issuing a substituted Debt Security, pay or authorize the payment of
the same (without surrender thereof except in the case of a mutilated Debt Security) if the
applicant for such payment shall furnish the Partnership and the Trustee with such security or
indemnity as either may require to save it harmless from all risk, however remote, and, in case of
destruction, loss or theft, evidence to the satisfaction of the Partnership and the Trustee of the
destruction, loss or theft of such Debt Security and of the ownership thereof.

     Every substituted Debt Security of any series issued pursuant to the provisions of this
Section 2.09 by virtue of the fact that any Debt Security is destroyed, lost or stolen shall
constitute an original additional contractual obligation of the Partnership, whether or not the
destroyed, lost or stolen Debt Security shall be found at any time, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Debt Securities
of that series duly issued hereunder. All Debt Securities shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Debt Securities, and shall preclude any and all other rights
or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with
respect to the replacement or payment of negotiable instruments or other securities without their
surrender.

     Section 2.10. Cancellation of Surrendered Debt Securities. All Debt Securities surrendered for payment,
redemption, registration of transfer or exchange shall, if surrendered to the Partnership or any
paying agent or a Registrar, be delivered to the Trustee for cancellation by it, or if surrendered
to the Trustee, shall be canceled by it, and no Debt Securities shall be issued in lieu thereof
except as expressly permitted by any of the provisions of this Indenture. All canceled Debt
Securities held by the Trustee shall be destroyed (subject to the record retention requirements of
the Exchange Act) and certification of their
destruction delivered to the Partnership, unless otherwise directed. On request of the
Partnership, the Trustee shall deliver to the Partnership canceled Debt Securities held by the
Trustee. If the Partnership shall acquire any of the Debt Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the Debt represented thereby unless and until
the same are delivered or surrendered to the Trustee for cancellation. The Partnership may not
issue new Debt Securities to replace Debt Securities it has redeemed, paid or delivered to the
Trustee for cancellation.

15

 

     Section 2.11. Provisions of the Indenture and Debt Securities for the Sole Benefit of the Parties and
the Holders. Nothing in this Indenture or in the Debt Securities, expressed or implied, shall
give or be construed to give to any Person, other than the parties hereto, the Holders or any
Registrar or paying agent, any legal or equitable right, remedy or claim under or in respect of
this Indenture, or under any covenant, condition or provision herein contained; all its covenants,
conditions and provisions being for the sole benefit of the parties hereto, the Holders and any
Registrar and paying agents.

     Section 2.12. Payment of Interest; Interest Rights Preserved.

     (a) Interest on any Debt Security that is payable and is punctually paid or duly provided for
on any interest payment date shall be paid to the Person in whose name such Debt Security is
registered at the close of business on the regular record date for such interest notwithstanding
the cancellation of such Debt Security upon any transfer or exchange subsequent to the regular
record date. Payment of interest on Debt Securities shall be made at the corporate trust office of
the Trustee (except as otherwise specified pursuant to Section 2.03), or at the option of the
Partnership, by check mailed to the address of the Person entitled thereto as such address shall
appear in the Debt Security Register or, if provided pursuant to Section 2.03 and in accordance
with arrangements satisfactory to the Trustee, at the option of the Holder by wire transfer to an
account designated by the Holder.

     (b) Subject to the foregoing provisions of this Section 2.12 and Section 2.17, each Debt
Security of a particular series delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Debt Security of the same series shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other Debt Security.

     Section 2.13. Securities Denominated in Dollars. Except as otherwise specified pursuant to Section 2.03
for Debt Securities of any series, payment of the principal of, and premium, if any, and interest
on, Debt Securities of such series will be made in Dollars.

     Section 2.14. Wire Transfers. Notwithstanding any other provision to the contrary in this Indenture, the
Partnership may make any payment of money required to be deposited with the Trustee on account of
principal of, or premium, if any, or interest on, the Debt Securities (whether pursuant to optional
or mandatory redemption payments, interest payments or otherwise) by wire transfer in immediately
available funds to an account designated by the Trustee by 11:00 a.m., New York City time, on the
date such money is to be paid to the Holders of the Debt Securities in accordance with the terms
hereof.

     Section 2.15. Securities Issuable in the Form of a Global Security.

     (a) If the Partnership shall establish pursuant to Sections 2.01 and 2.03 that the Debt
Securities of a particular series are to be issued in whole or in part in the form of one or more
Global Securities, then the Partnership shall execute and the Trustee or its agent shall, in
accordance with Section 2.05, authenticate and deliver, such Global Security or Securities, which
shall represent, and shall be denominated in an amount equal to the aggregate principal amount
of, the Outstanding Debt Securities of such series to be represented by such Global Security or
Securities, or such portion thereof as the Partnership shall specify in an Officers’ Certificate,

16

 

shall be registered in the name of the Depositary for such Global Security or Securities or its
nominee, shall be delivered by the Trustee or its agent to the Depositary or pursuant to the
Depositary’s instruction and shall bear a legend substantially to the following effect:

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

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

or such other legend as may then be required by the Depositary for such Global Security or
Securities.

     (b) Notwithstanding any other provision of this Section 2.15 or of Section 2.07 to the
contrary, and subject to the provisions of paragraph (c) below, unless the terms of a Global
Security expressly permit such Global Security to be exchanged in whole or in part for definitive
Debt Securities in registered form, a Global Security may be transferred, in whole but not in part
and in the manner provided in Section 2.07, only by the Depositary to a nominee of the Depositary
for such Global Security, or by a nominee of the Depositary to the Depositary or another nominee of
the Depositary, or by the Depositary or a nominee of the Depositary to a successor Depositary for
such Global Security selected or approved by the Partnership, or to a nominee of such successor
Depositary.

(c) (i) If at any time the Depositary for a Global Security or Securities notifies the
Partnership that it is unwilling or unable to continue as Depositary for such Global
Security or Securities or if at any time the Depositary for the Debt Securities for such
series shall no longer be eligible or in good standing under the Exchange Act or other
applicable statute, rule or regulation, the Partnership shall appoint a successor Depositary
with respect to such Global Security or Securities. If a successor Depositary for such
Global Security or Securities is not appointed by the Partnership within 90 days after the
Partnership receives such notice or becomes aware of such ineligibility, the Partnership
shall execute, and the Trustee or its agent, upon receipt of a Partnership Order for the
authentication and delivery of such individual Debt
Securities of such series in exchange for such Global Security or Securities, will authenticate and deliver, individual Debt

17

 

Securities of such series of like tenor and terms in definitive form in an aggregate
principal amount equal to the principal amount of the Global Security or Securities in
exchange for such Global Security or Securities.

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

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

(iv) In any exchange provided for in any of the preceding three paragraphs, the Partnership
will execute and the Trustee or its agent will authenticate and deliver individual Debt
Securities. Upon the exchange of the entire principal amount of a Global Security for
individual Debt Securities, such Global Security shall be canceled by the Trustee or its
agent. Except as provided in the preceding paragraph, Debt Securities issued in exchange
for a Global Security pursuant to this Section 2.15 shall be registered in such names and in
such authorized denominations as the Depositary for such Global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the
Trustee or the Registrar. The Trustee or the Registrar shall deliver such Debt Securities
to the Persons in whose names such Debt Securities are so registered.

(v) Payments in respect of the principal of and interest on any Debt Securities issued in
global form and registered in the name of the Depositary or its nominee will be payable to
the Depositary or such nominee in its capacity as the registered owner of such Global
Security. The Partnership, the Subsidiary Guarantors and the Trustee may treat the Person
in whose name the Debt Securities, including the Global Security, are registered as the
owner thereof for the purpose of receiving such payments and for any

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and all other purposes
whatsoever. None of the Partnership, the Subsidiary Guarantors,
the Trustee, any Registrar, the paying agent or any agent of the Partnership or the Trustee
will have any responsibility or liability for any aspect of the records relating to or
payments made on account of the beneficial ownership interests of the Global Security by the
Depositary or its nominee or any of the Depositary’s direct or indirect participants, or for
maintaining, supervising or reviewing any records of the Depositary, its nominee or any of
its direct or indirect participants relating to the beneficial ownership interests of the
Global Security, the payments to the beneficial owners of the Global Security of amounts
paid to the Depositary or its nominee, or any other matter relating to the actions and
practices of the Depositary, its nominee or any of its direct or indirect participants.
None of the Partnership, the Subsidiary Guarantors, the Trustee or any such agent will be
liable for any delay by the Depositary, its nominee, or any of its direct or indirect
participants in identifying the beneficial owners of the Debt Securities, and the
Partnership and the Trustee may conclusively rely on, and will be protected in relying on,
instructions from the Depositary or its nominee for all purposes (including with respect to
the registration and delivery, and the respective principal amounts, of the individual Debt
Securities to be issued).

(vi) Neither the Trustee nor any Agent shall have any responsibility for any actions taken
or not taken by the Depositary.

     Section 2.16. Medium Term Securities. Notwithstanding any contrary provision herein, if all Debt
Securities of a series are not to be originally issued at one time, it shall not be necessary for
the Partnership to deliver to the Trustee an Officers’ Certificate, resolutions of the Board of
Directors, supplemental Indenture, Opinion of Counsel or written order or any other document
otherwise required pursuant to Section 2.01, 2.03, 2.05 or 13.05 at or prior to the time of
authentication of each Debt Security of such series if such documents are delivered to the Trustee
or its agent at or prior to the authentication upon original issuance of the first such Debt
Security of such series to be issued; provided, that any subsequent request by the Partnership to
the Trustee to authenticate Debt Securities of such series upon original issuance shall constitute
a representation and warranty by the Partnership that, as of the date of such request, the
statements made in the Officers’ Certificate delivered pursuant to Section 2.05 or 13.05 shall be
true and correct as if made on such date and that the Opinion of Counsel delivered at or prior to
such time of authentication of an original issuance of Debt Securities shall specifically state
that it shall relate to all subsequent issuances of Debt Securities of such series that are
identical to the Debt Securities issued in the first issuance of Debt Securities of such series.

     A Partnership Order delivered by the Partnership to the Trustee in the circumstances set forth
in the preceding paragraph, may provide that Debt Securities which are the subject thereof will be
authenticated and delivered by the Trustee or its agent on original issue from time to time upon
the telephonic or written order of Persons designated in such written order (any such telephonic
instructions to be promptly confirmed in writing by such Person) and that such Persons are
authorized to determine, consistent with the Officers’ Certificate, supplemental Indenture or
resolution of the Board of Directors relating to such written order, such terms and conditions of
such Debt Securities as are specified in such Officers’ Certificate, supplemental Indenture or such
resolution.

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     Section 2.17. Defaulted Interest. Any interest on any Debt Security of a particular series which is payable, but is not punctually
paid or duly provided for, on the dates and in the manner provided in the Debt Securities of such
series and in this Indenture (herein called “Defaulted Interest”) shall forthwith cease to be
payable to the Holder thereof on the relevant record date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Partnership, at its election in each case, as provided
in clause (i) or (ii) below:

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

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

     Section 2.18. CUSIP and ISIN Numbers. The Partnership in issuing the Debt Securities may use “CUSIP” and
corresponding “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
and corresponding “ISIN” numbers in notices of redemption as a convenience to Holders; provided
that any such notice may state that no representation is made as to the accuracy of such numbers
either as printed on the Debt Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the Debt Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The
Partnership will promptly notify the Trustee in writing of any change in the “CUSIP” and “ISIN”
numbers.

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ARTICLE III

REDEMPTION OF DEBT SECURITIES

     Section 3.01. Applicability of Article. The provisions of this Article shall be applicable to the Debt
Securities of any series which are redeemable before their Stated Maturity except as otherwise
specified as contemplated by Section 2.03 for Debt Securities of such series.

     Section 3.02. Notice of Redemption; Selection of Debt Securities. In case the Partnership shall desire
to exercise the right to redeem all or, as the case may be, any part of the Debt Securities of any
series in accordance with their terms, by resolution of the Board of Directors or a supplemental
Indenture, the Partnership shall fix a date for redemption and shall give notice of such redemption
at least 30 and not more than 60 days prior to the date fixed for redemption to the Holders of Debt
Securities of such series so to be redeemed as a whole or in part, in the manner provided in
Section 13.03; provided, however, such notice may be given more than 60 days prior to the
Redemption Date if the notice is given in connection with a satisfaction and discharge pursuant to
Section 11.02(a). The notice if given in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the Holder receives such notice. In any case, failure to
give such notice or any defect in the notice to the Holder of any Debt Security of a series
designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Debt Security of such series.

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

     At least five days before giving of any notice of redemption, unless the Trustee consents to a
shorter period, the Partnership shall give written notice to the Trustee of the Redemption Date,
the principal amount of Debt Securities to be redeemed and the series and terms of the

21

 

Debt Securities pursuant to which such redemption will occur. Such notice shall be
accompanied by an Officers’ Certificate and an Opinion of Counsel from the Partnership to the
effect that such redemption will comply with the conditions herein, and such notice may be revoked
at any time prior to the giving of a notice of redemption to the Holders pursuant to this Section
3.02. If fewer than all the Debt Securities of a series are to be redeemed, the record date
relating to such redemption shall be selected by the Partnership and given in writing to the
Trustee, which record date shall be not less than 15 days after the date of notice to the Trustee.

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

     If less than all the Debt Securities of like tenor and terms of a series are to be redeemed
(other than pursuant to a mandatory sinking fund), the Trustee shall select, on a pro rata basis,
by lot or by such other method as in its sole discretion it shall deem appropriate and fair
(subject to the procedures of the Depositary), the Debt Securities of that series or portions
thereof (in multiples of $1,000) to be redeemed. In any case where more than one Debt Security of
such series is registered in the same name, the Trustee in its discretion may treat the aggregate
principal amount so registered as if it were represented by one Debt Security of such series. The
Trustee shall promptly notify the Partnership in writing of the Debt Securities selected for
redemption and, in the case of any Debt Securities selected for partial redemption, the principal
amount thereof to be redeemed. If any Debt Security called for redemption shall not be so paid
upon surrender thereof on such Redemption Date, the principal, premium, if any, and interest shall
bear interest until paid from the Redemption Date at the rate borne by the Debt Securities of that
series. If less than all the Debt Securities of unlike tenor and terms of a series are to be
redeemed, the particular Debt Securities to be redeemed shall be selected by the Partnership.
Provisions of this Indenture that apply to Debt Securities called for redemption also apply to
portions of Debt Securities called for redemption.

     Section 3.03. Payment of Debt Securities Called for Redemption. If notice of redemption has been given
as provided in Section 3.02, the Debt Securities or portions of Debt Securities of the series with
respect to which such notice has been given shall become due and payable on the date and at the
Place or Places of Payment stated in such notice at the applicable redemption price, together with
any interest accrued to the Redemption Date, and on and after said date (unless the Partnership
shall default in the payment of such Debt Securities at the applicable redemption price, together
with any interest accrued to said date) any interest on the Debt Securities or portions of Debt
Securities of any series so called for redemption shall cease to accrue, and any original issue
discount in the case of Original Issue Discount Securities shall cease to accrue. On presentation
and surrender of such Debt Securities at the Place or Places of Payment in said notice specified,
the said Debt Securities or the specified portions thereof shall be paid and redeemed by the
Partnership at the applicable redemption price, together with any interest accrued thereon to the
Redemption Date.

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

     Section 3.04. Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment
provided for by the terms of Debt Securities of any series, resolution of the Board of Directors or
a supplemental Indenture is herein referred to as a “mandatory sinking fund payment,” and any
payment in excess of such minimum amount provided for by the terms of Debt Securities of any
series, resolution of the Board of Directors or a supplemental Indenture is herein referred to as
an “optional sinking fund payment.”

     In lieu of making all or any part of any mandatory sinking fund payment with respect to any
Debt Securities of a series in cash, the Partnership may at its option (a) deliver to the Trustee
Debt Securities of that series theretofore purchased or otherwise acquired by the Partnership or
(b) receive credit for the principal amount of Debt Securities of that series which have been
redeemed either at the election of the Partnership pursuant to the terms of such Debt Securities or
through the application of permitted optional sinking fund payments pursuant to the terms of such
Debt Securities, resolution or supplemental Indenture; provided, that such Debt Securities have not
been previously so credited. Such Debt Securities shall be received and credited for such purpose
by the Trustee at the redemption price specified in such Debt Securities, resolution or
supplemental Indenture for redemption through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly.

     Section 3.05. Redemption of Debt Securities for Sinking Fund. Not less than 60 days prior to each
sinking fund payment date for any series of Debt Securities, the Partnership will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, any resolution or supplemental Indenture, the
portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if
any, which is to be satisfied by delivering and crediting Debt Securities of that series pursuant
to this Section 3.05 (which Debt Securities, if not previously redeemed, will accompany such
certificate) and whether the Partnership intends to exercise its right to make any permitted
optional sinking fund payment with respect to such series. Such certificate shall also state that
no Event of Default has occurred and is continuing with respect to such series. Such certificate
shall be irrevocable and upon its delivery the Partnership shall be

23

 

obligated to make the cash payment or payments therein referred to, if any,
by 11 a.m., New York City time, on the next succeeding sinking fund payment date. Failure of the
Partnership to deliver such certificate (or to deliver the Debt Securities specified in this
paragraph) shall not constitute a Default, but such failure shall require that the sinking fund
payment due on the next succeeding sinking fund payment date for that series shall be paid entirely
in cash and shall be sufficient to redeem the principal amount of such Debt Securities subject to a
mandatory sinking fund payment without the option to deliver or credit Debt Securities as provided
in this Section 3.05 and without the right to make any optional sinking fund payment, if any, with
respect to such series.

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

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

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

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Default shall have been cured or waived as provided herein, such money shall thereafter be applied on the next sinking fund payment date for
such Debt Securities on which such money may be applied pursuant to the provisions of this Section
3.05.

ARTICLE IV

PARTICULAR COVENANTS OF THE PARTNERSHIP

     Section 4.01. Payment of Principal of, and Premium, If Any, and Interest on, Debt Securities. The
Partnership, for the benefit of each series of Debt Securities, will duly and punctually pay or
cause to be paid the principal of, and premium, if any, and interest on, each of the Debt
Securities at the place, at the respective times and in the manner provided herein or in the Debt
Securities. Each installment of interest on the Debt Securities (other than those represented by a
Global Security) may at the Partnership’s option be paid by mailing checks for such interest
payable to the Person entitled thereto pursuant to Section 2.07(a) to the address of such Person as
it appears on the Debt Security Register.

     Principal of and premium and interest on Debt Securities of any series shall be considered
paid on the date due if, by 11 a.m., New York City time, on such date the Trustee or any paying
agent holds in accordance with this Indenture money sufficient to pay all principal, premium and
interest then due.

     The Partnership shall pay interest on overdue principal or premium, if any, at the rate
specified therefor in the Debt Securities and it shall pay interest on overdue installments of
interest at the same rate to the extent lawful.

     Section 4.02. Maintenance of Offices or Agencies for Registration of Transfer, Exchange and Payment of Debt
Securities. The Partnership will maintain in New York, New York and in any other Place of
Payment for any series of Debt Securities an office or agency where Debt Securities of such series
may be presented or surrendered for payment. Initially, such office or agency shall be the office
of the Trustee at 45 Broadway, 14th Floor, New York, New York 10006-3007. The
Partnership shall also maintain (in or outside such Place of Payment) an office or agency where
Debt Securities of such series may be surrendered for transfer or exchange and where notices and
demands to or upon the Partnership in respect of the Debt Securities of such series and this
Indenture may be served. Initially, such office or agency shall be the office of the Trustee
referred to in Section 13.03. The Partnership will give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the
Partnership shall fail to maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the office of the Trustee referred to in Section 13.03, and the Partnership hereby
appoints the Trustee as its agent to receive all presentations, surrenders, notices and demands.

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

25

 

additional designation or rescission of designation and any change in the location of any
such different or additional office or agency.

     Section 4.03. Appointment to Fill a Vacancy in the Office of Trustee. The Partnership, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided
in Section 7.08, a Trustee, so that there shall at all times be a Trustee hereunder with respect to
each series of Debt Securities.

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

     (i) that it will hold all sums held by it as such agent for the payment of the
principal of, and premium, if any, or interest on, the Debt Securities of any series
(whether such sums have been paid to it by the Partnership or by any other obligor on the
Debt Securities of such series) in trust for the benefit of the Holders of the Debt
Securities of such series;

     (ii) that it will give the Trustee notice of any failure by the Partnership (or by any
other obligor on the Debt Securities of such series) to make any payment of the principal
of, and premium, if any, or interest on, the Debt Securities of such series when the same
shall be due and payable; and

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

     (b) If the Partnership shall act as its own paying agent, it will, by 11 a.m., New York City
time, on each due date of the principal of, and premium, if any, or interest on, the Debt
Securities of any series, set aside, segregate and hold in trust for the benefit of the Holders of
the Debt Securities of such series a sum sufficient to pay such principal, premium, if any, or
interest so becoming due. The Partnership will promptly notify the Trustee of any failure by the
Partnership to take such action or the failure by any other obligor on such Debt Securities to make
any payment of the principal of, and premium, if any, or interest on, such Debt Securities when the
same shall be due and payable.

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

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

26

 

     (e) Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 4.04 is subject to the provisions of Section 11.05.

     Section 4.05. SEC Reports; Financial Statements.

     (a) The Partnership shall, so long as any of the Debt Securities are Outstanding, file with
the Trustee, within 15 days after it files the same with the SEC, copies of the annual reports and
the information, documents and other reports (or copies of such portions of any of the foregoing as
the SEC may by rules and regulations prescribe) that the Partnership is required to file with the
SEC pursuant to Section 13 or 15(d) of the Exchange Act. If the Partnership is not subject to the
requirements of such Section 13 or 15(d), the Partnership shall file with the Trustee, within 15
days after it would have been required to file the same with the SEC, financial statements,
including any notes thereto (and with respect to annual reports, an auditors’ report by a firm of
established national reputation), and a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” both comparable to that which the Partnership would have been
required to include in such annual reports, information, documents or other reports if the
Partnership had been subject to the requirements of such Section 13 or 15(d). The Partnership
shall also comply with the provisions of TIA Section 314(a).

     (b) If the Partnership is required to furnish annual or quarterly reports to its capital
stockholders pursuant to the Exchange Act, the Partnership shall, so long as any of the Debt
Securities are outstanding, cause any annual report furnished to its capital stockholders generally
and any quarterly or other financial reports furnished by it to its capital stockholders generally
to be filed with the Trustee and mailed to the Holders in the manner and to the extent provided in
Section 5.03.

     (c) 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
under this Section.

     (d) Delivery of the above information, documents and other reports to the Trustee under this
Section 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).

     (e) Information required to be delivered pursuant to Sections 4.05(a) and/or 4.05(c) shall be
deemed to have been delivered on the date on which such information has been posted on the
Securities and Exchange Commission website on the Internet at sec.gov/edaux/searches.htm, or at
another website identified in a notice provided to the Trustee and accessible by the Holders
without charge.

     Section 4.06. Compliance Certificate.

     (a) The Partnership shall, so long as any of the Debt Securities are Outstanding, deliver to
the Trustee, within 120 days after the end of each fiscal year of the Partnership (beginning with
the fiscal year ending December 31, 2011), an Officers’ Certificate, on behalf of itself and each
of the Subsidiary Guarantors, stating that a review of the activities of the

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Partnership and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers of the General Partner with a view to determining whether each of the Partnership and the
Subsidiary Guarantors has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such certificate, that to the best
of his knowledge each of the Partnership and the Subsidiary Guarantors has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof, without
regard to any grace period or requirement of notice required by this Indenture (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of Default of which
such Officer may have knowledge and what action the Partnership or any Subsidiary Guarantor is
taking or proposes to take with respect thereto).

     (b) The Partnership shall, so long as any of the Debt Securities are Outstanding, deliver to
the Trustee within 30 days after the occurrence of any Default or Event of Default under this
Indenture, an Officers’ Certificate specifying such Default or Event of Default, the status thereof
and what curative action the Partnership is taking or proposes to take with respect thereto.

     Section 4.07. Further Instruments and Acts. The Partnership will, upon request of the Trustee, execute
and deliver such further instruments and do such further acts as may reasonably be necessary or
proper to carry out more effectually the purposes of this Indenture.

     Section 4.08. Existence. Except as permitted by Article X hereof, the Partnership shall do or cause to
be done all things necessary to preserve and keep in full force and effect its existence and all
rights (charter and statutory) and franchises of the Partnership, provided that the Partnership
shall not be required to preserve any such right or franchise, if the Partnership shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the
Partnership.

     Section 4.09. Maintenance of Properties. The Partnership shall cause all properties owned by the
Partnership or any of its Subsidiaries or used or held for use in the conduct of its business or
the business of any such Subsidiary to be maintained and kept in good condition, repair and working
order (reasonable wear and tear excepted) and supplied with all necessary equipment and will cause
to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all
as in the judgment of the Partnership may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times; provided that
nothing in this Section shall prevent the Partnership from discontinuing the operation or
maintenance of any of such properties if such discontinuance is, in the judgment of the
Partnership, desirable in the conduct
of its business or the business of any such Subsidiary and not disadvantageous in any material
respect to the Holders.

     Section 4.10. Payment of Taxes and Other Claims. The Partnership shall pay or discharge or cause to be
paid or discharged, before the same shall become delinquent, (i) all taxes, assessments and
governmental charges levied or imposed upon the Partnership or any of its Subsidiaries or upon the
income, profits or property of the Partnership or any of its Subsidiaries, and (ii) all lawful
claims for labor, materials and supplies which, if unpaid, might by law become a Lien upon the
property of the Partnership or any of its Subsidiaries; provided

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that the Partnership shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith by appropriate
proceedings.

     Section 4.11. Waiver of Certain Covenants. The Partnership and the Subsidiary Guarantors may, with
respect to the Debt Securities of any series, omit in any particular instance to comply with any
covenant set forth in this Article IV (except Sections 4.01 through 4.08) or made applicable to
such Debt Securities pursuant to Section 2.03, if, before or after the time for such compliance,
the Holders of at least a majority in principal amount of the Outstanding Debt Securities of each
series affected, waive such compliance in such instance with such covenant, but no such waiver
shall extend to or affect such covenant except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Partnership and the Subsidiary Guarantors and
the duties of the Trustee in respect of any such covenant shall remain in full force and effect.

ARTICLE V

HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE

     Section 5.01. Partnership to Furnish Trustee Information as to Names and Addresses of Holders; Preservation
of Information. The Partnership covenants and agrees that it will furnish or cause to be
furnished to the Trustee with respect to the Debt Securities of each series:

     (a) not more than 10 days after each record date with respect to the payment of interest, if
any, a list, in such form as the Trustee may reasonably require, of the names and addresses of the
Holders as of such record date, and

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

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

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

     The Trustee may destroy any list furnished to it as provided in this Section 5.01 upon receipt
of a new list so furnished.

     Section 5.02. Communications to Holders. Holders may communicate pursuant to Section 312(b) of the TIA
with other Holders with respect to their rights under this Indenture or the Debt Securities. The
Partnership, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c)
of the TIA.

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     Section 5.03. Reports by Trustee. Within 60 days after each January 31, beginning with the first January
31 following the date of this Indenture, and in any event on or before April 1 in each year, the
Trustee shall mail to Holders a brief report dated as of such January 31 that complies with TIA
Section 313(a); provided, however, that if no event described in TIA Section 313(a) has occurred
within the twelve months preceding the reporting date, no report need be transmitted. The Trustee
also shall comply with TIA Section 313(b).

     Reports pursuant to this Section 5.03 shall be transmitted by mail:

     (a) to all Holders, as the names and addresses of such Holders appear in the Debt Security
Register; and

     (b) except in the cases of reports under Section 313(b)(2) of the TIA, to each Holder of a
Debt Security of any series whose name and address appear in the information preserved at the time
by the Trustee in accordance with Section 5.01.

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

     Section 5.04. Record Dates for Action by Holders. If the Partnership shall solicit from the Holders of
Debt Securities of any series any action (including the making of any demand or request, the giving
of any direction, notice, consent or waiver or the taking of any other action), the Partnership
may, at its option, by resolution of the Board of Directors, fix in advance a record date for the
determination of Holders of Debt Securities entitled to take such action, but the Partnership shall
have no obligation to do so. Any such record date shall be fixed at the Partnership’s discretion.
If such a record date is fixed, such action may be sought or given before or after the record date,
but only the Holders of Debt Securities of record at the close of business on such record date
shall be deemed to be Holders of Debt Securities for the purpose of determining whether Holders of
the requisite proportion of
Debt Securities of such series Outstanding have authorized or agreed or consented to such action,
and for that purpose the Debt Securities of such series Outstanding shall be computed as of such
record date.

ARTICLE VI

REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT

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

     (a) default in the payment of any installment of interest upon any Debt Securities of that
series as and when the same shall become due and payable, and continuance of such default for a
period of 30 days; or

     (b) default in the payment of the principal of or premium, if any, on any Debt Securities of
that series as and when the same shall become due and payable, whether at Stated Maturity, upon
redemption, by declaration, upon required repurchase or otherwise; or

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     (c) default in the payment of any sinking fund payment with respect to any Debt Securities of
that series as and when the same shall become due and payable; or

     (d) failure on the part of the Partnership, or if any series of Debt Securities Outstanding
under this Indenture is entitled to the benefits of a Guarantee, any of the Subsidiary Guarantors,
duly to observe or perform any other of the covenants or agreements on the part of the Partnership,
or, if applicable, any of the Subsidiary Guarantors, in the Debt Securities of that series, in any
resolution of the Board of Directors authorizing the issuance of that series of Debt Securities, in
this Indenture with respect to such series or in any supplemental Indenture with respect to such
series (other than a covenant a default in the performance of which is elsewhere in this Section
specifically dealt with), continuing for a period of 60 days after the date on which written notice
specifying such failure and requiring the Partnership, or if applicable, the Subsidiary Guarantor,
to remedy the same shall have been given, to the Partnership, or if applicable, the Subsidiary
Guarantor, by the Trustee or to the Partnership, or if applicable, the Subsidiary Guarantor, and
the Trustee by the Holders of at least 25% in aggregate principal amount of the Debt Securities of
that series at the time Outstanding; or

     (e) the Partnership, or if any series of Debt Securities Outstanding under this Indenture is
entitled to the benefits of a Guarantee, any of the Subsidiary Guarantors, pursuant to or within
the meaning of any Bankruptcy Law,

     (i) commences a voluntary case,

     (ii) consents to the entry of an order for relief against it in an involuntary case,

     (iii) consents to the appointment of a Custodian of it or for all or substantially all
of its property; or

     (iv) makes a general assignment for the benefit of its creditors;

     (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

     (i) is for relief against the Partnership, or if any series of Debt Securities
Outstanding under this Indenture is entitled to the benefits of a Guarantee, any of the
Subsidiary Guarantors, as debtor in an involuntary case,

     (ii) appoints a Custodian of the Partnership, or if any series of Debt Securities
Outstanding under this Indenture is entitled to the benefits of a Guarantee, any of the
Subsidiary Guarantors, or a Custodian for all or substantially all of the property of the
Partnership, or if applicable, any of the Subsidiary Guarantors, or

     (iii) orders the liquidation of the Partnership, or if any series of Debt Securities
Outstanding under this Indenture is entitled to the benefits of a Guarantee, any of the
Subsidiary Guarantors,

and the order or decree remains unstayed and in effect for 60 days;

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     (g) if any series of Debt Securities Outstanding under this Indenture is entitled to the
benefits of a Guarantee, the Guarantee of any of the Subsidiary Guarantors ceases to be in full
force and effect with respect to Debt Securities of that series (except as otherwise provided in
this Indenture) or is declared null and void in a judicial proceeding or any of the Subsidiary
Guarantors denies or disaffirms its obligations under this Indenture or such Guarantee; or

     (h) any other Event of Default provided with respect to Debt Securities of that series;

then and in each and every case that an Event of Default described in clause (a), (b), (c), (d),
(g), or (h) with respect to Debt Securities of that series at the time Outstanding occurs and is
continuing, unless the principal of, premium, if any, and interest on all the Debt Securities of
that series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Debt Securities of that series then Outstanding
hereunder, by notice in writing to the Partnership (and to the Trustee if given by Holders), may
declare the entire principal of (or, if the Debt Securities of that series are Original Issue
Discount Debt Securities, such portion of the principal amount as may be specified in the terms of
that series), premium, if any, and accrued and unpaid interest on all the Debt Securities of that
series to be due and payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, anything in this Indenture or in the Debt Securities of that
series contained to the contrary notwithstanding. If an Event of Default described in clause (e)
or (f) occurs, then and in each and every such case, unless the principal of and interest on all
the Debt Securities shall have become due and payable, the entire principal of (or, if any Debt
Securities are Original Issue Discount Debt Securities, such portion of the principal amount as may
be specified in the terms of that series), premium, if any, and accrued and unpaid interest on all
the Debt Securities then Outstanding hereunder shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any Holders, anything in
this Indenture or in the Debt Securities contained to the contrary notwithstanding.

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

     Section 6.02. Collection of Debt by Trustee, etc. If an Event of Default occurs and is continuing, the
Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to
institute any action or proceedings at law or in equity for the collection of the sums so due and
unpaid or enforce the performance of any provision of the Debt Securities of the affected series or
this Indenture, and may prosecute any such action or proceedings to judgment or final decree, and
may enforce any such judgment or final decree against any of the Subsidiary Guarantors or
the Partnership or any other obligor upon the Debt Securities of such series (and collect in the manner
provided by law out of the property of any of the Subsidiary Guarantors or 

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the Partnership or any
other obligor upon the Debt Securities of such series wherever situated the money adjudged or
decreed to be payable).

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

     All rights of action and of asserting claims under this Indenture, or under any of the Debt
Securities of any series, may be enforced by the Trustee without the possession of any such Debt
Securities, or the production thereof in any trial or other proceedings relative thereto, and any
such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment (except for any amounts payable to the Trustee
pursuant to Section 7.06) shall be for the ratable benefit of the Holders of all the Debt
Securities in respect of which such action was taken.

     In case of an Event of Default hereunder the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or
in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

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     Section 6.03. Application of Money Collected by Trustee. Any money or other property collected by the
Trustee pursuant to Section 6.02 with respect to Debt Securities of any series shall be applied, in
the order following, at the date or dates fixed by the Trustee for the distribution of such money
or other property, upon presentation of the several Debt Securities of such series in respect of
which money or other property have been collected, and the notation thereon of the payment, if only
partially paid, and upon surrender thereof if fully paid:

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

     SECOND: In case the principal of the Outstanding Debt Securities in respect of which such
money has been collected shall not have become due, to the payment of interest on the Debt
Securities of such series in the order of the maturity of the installments of such interest, with
interest (to the extent that such interest has been collected by the Trustee) upon the overdue
installments of interest at the rate or Yield to Maturity (in the case of Original Issue Discount
Debt Securities) borne by the Debt Securities of such series, such payments to be made ratably to
the Persons entitled thereto, without discrimination or preference;

     THIRD: In case the principal of the Outstanding Debt Securities in respect of which such
money has been collected shall have become due, by declaration or otherwise, to the payment of the
whole amount then owing and unpaid upon the Debt Securities of such series for principal and
premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to
the extent that such interest has been collected by the Trustee) upon overdue installments of
interest at the rate or Yield to Maturity (in the case of Original Issue Discount Debt Securities)
borne by the Debt Securities of such series; and, in case such money shall be insufficient to pay
in full the whole amount so due and unpaid upon the Debt Securities of such series, then to the
payment of such principal and premium, if any, and interest, without preference or priority of

     principal and premium, if any, over interest, or of interest over principal and premium, if
any, or of any installment of interest over any other installment of interest, or of any Debt
Security of such series over any Debt Security of such series, ratably to the aggregate of such
principal and premium, if any, and interest; and

     FOURTH: The remainder, if any, shall be paid to any of the Subsidiary Guarantors or the
Partnership, as applicable, its successors or assigns, or to whomsoever may be lawfully entitled to
receive the same, or as a court of competent jurisdiction may direct.

     The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.03. At least 15 days before such record date, the Partnership shall mail to each Holder
and the Trustee a notice that states the record date, the payment date and amount to be paid.

     Section 6.04. Limitation on Suits by Holders. No Holder of any Debt Security of any series shall have
any right by virtue or by availing of any provision of this Indenture to institute any action or
proceeding at law or in equity or in bankruptcy or otherwise, upon or under or with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless such Holder previously shall have given to the Trustee written notice of an Event of Default
with respect to Debt Securities of that same series and of the continuance thereof and unless the
Holders of not less than 25% in aggregate principal amount of

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the Outstanding Debt Securities of that series shall have made written request upon the Trustee to institute such action or
proceedings in respect of such Event of Default in its own name as Trustee hereunder and shall have
offered to the Trustee such indemnity or security as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Trustee, for 60 days after its receipt of
such notice, request and offer of indemnity or security shall have failed to institute any such
action or proceedings and no direction inconsistent with such written request shall have been given
to the Trustee pursuant to Section 6.06; it being understood and intended, and being expressly
covenanted by the Holder of every Debt Security with every other Holder and the Trustee, that no
one or more Holders shall have any right in any manner whatever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of any Holders, or to obtain
or seek to obtain priority over or preference to any other such Holder (it being understood that
the Trustee does not have an affirmative duty to ascertain whether or not such use by a Holder
affects, disturbs or prejudices the rights of, or obtains priority over or preference to, any other
such Holder), or to enforce any right under this Indenture, except in the manner herein provided
and for the equal, ratable and common benefit of all such Holders. For the protection and
enforcement of the provisions of this Section 6.04, each and every Holder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

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

     Section 6.05. Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of Default. All
powers and remedies given by this Article VI to the Trustee or to the Holders shall, to the extent
permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and
remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce
the performance or observance of the covenants and agreements contained in this Indenture, and no
delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any
Default occurring and continuing as aforesaid, shall impair any such right or power, or shall be
construed to be a waiver of any such Default or an acquiescence therein; and, subject to the
provisions of Section 6.04, every power and remedy given by this Article VI or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed
expedient, by the Trustee or by the Holders.

     Section 6.06. Rights of Holders of Majority in Principal Amount of Debt Securities to Direct Trustee and to
Waive Default. The Holders of not less than a majority in aggregate principal amount of the
Debt Securities of any series at the time Outstanding shall have the right to direct the time,
method, and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any right, trust or power conferred on the Trustee, with respect to the Debt Securities
of such series; provided, however, that such direction shall not be otherwise than in accordance
with law and the provisions of this Indenture, and that subject to the provisions of Section 7.01,
the Trustee shall have the right to decline to follow any such direction if the Trustee being
advised by counsel shall determine that the action so directed may not lawfully be taken or is
inconsistent with any provision of this Indenture, or if the Trustee shall by a

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Responsible Officer or officers determine that the action so directed would involve it in
personal liability or would be unduly prejudicial to Holders of Debt Securities of such series not
taking part in such direction; and provided, further, however, that nothing contained in this
Indenture shall impair the right of the Trustee to take any action deemed proper by the Trustee and
which is not inconsistent with such direction by such Holders. The Holders of a majority in
aggregate principal amount of the Debt Securities of that series at the time Outstanding may on
behalf of the Holders of all the Debt Securities of that series waive any past Default or Event of
Default and its consequences for that series, except a Default or Event of Default in the payment
of the principal of, and premium, if any, or interest on, any of the Debt Securities and a Default
or Event of Default in respect of a provision that under Section 9.02 cannot be amended without the
consent of each Holder affected thereby. In case of any such waiver, such Default shall cease to
exist, any Event of Default arising therefrom shall be deemed to have been cured for every purpose
of this Indenture, and the Subsidiary Guarantors, the Partnership, the Trustee and the Holders of
the Debt Securities of that series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or
Event of Default or impair any right consequent thereon.

     Section 6.07. Trustee to Give Notice of Defaults Known to It, but May Withhold Such Notice in Certain
Circumstances. The Trustee shall, within 90 days after the occurrence of a Default known to it
with respect to a series of Debt Securities, give to the Holders thereof, in the manner provided in
Section 13.03, notice of all Defaults with respect to such series known to the Trustee, unless such
Defaults shall have been cured or waived before the giving of such notice; provided, that, except
in the case of Default in the payment of the principal of, or premium, if any, or interest on, any
of the Debt Securities of such series or in the making of any sinking fund payment with respect to
the Debt Securities of such series, the Trustee shall be protected in withholding such notice if
and so long as the board of directors, the executive committee, or a trust committee of directors
or Responsible Officers, of the Trustee in good faith determines that the withholding of such
notice is in the interests of the Holders thereof.

     Section 6.08. Requirement of an Undertaking to Pay Costs in Certain Suits under the Indenture or Against the
Trustee. All parties to this Indenture agree, and each Holder of any Debt Security by his
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit in the manner and to the extent provided
in the TIA, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of
this Section 6.08 shall not apply to any suit instituted by the Trustee, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than 25 percent in principal amount
of the Outstanding Debt Securities of that series or to any suit instituted by any Holder for the
enforcement of the payment of the principal of, or premium, if any, or interest on, any Debt
Security on or after the due date for such payment expressed in such Debt Security.

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ARTICLE VII

CONCERNING THE TRUSTEE

     Section 7.01. Certain Duties and Responsibilities. The Trustee, prior to the occurrence of an Event of
Default and after the curing or waiving of all Events of Default which may have occurred,
undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the
Trustee. In case an Event of Default has occurred (which has not been cured or waived), the
Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the
same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

     No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act, its own bad faith or its own willful
misconduct, except that:

     (a) this paragraph shall not be construed to limit the effect of the first paragraph of this
Section 7.01;

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

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

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

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

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

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or exercising any trust or power conferred upon the Trustee, under this Indenture with
respect to Debt Securities of such series.

     None of the provisions of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any personal financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds
for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

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

     Section 7.02. Certain Rights of Trustee. Except as otherwise provided in Section 7.01:

     (a) the Trustee may conclusively rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note or other paper or document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by
the proper party or parties;

     (b) any request, direction, order or demand of the Partnership mentioned herein shall be
sufficiently evidenced by a Partnership Order or Partnership Request (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant
Secretary of the General Partner;

     (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, conclusively rely upon an Officers’ Certificate

     (d) the Trustee may consult with counsel, and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or
suffered or omitted by it hereunder in good faith and in accordance with such advice or Opinion of
Counsel;

     (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Holders of Debt Securities of
any series pursuant to the provisions of this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and
liabilities which may be incurred therein or thereby;

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

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

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

     (i) in no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action;

     (j) the Trustee shall not be deemed to have notice of any Default or Event of Default unless
a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a default is received by the Trustee at the corporate trust office of
the Trustee referred to in Section 13.03, and such notice references the Debt Securities of a
series and this Indenture;

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

     (l) the Trustee shall not be required to give any bond or surety in respect of the performance
of its powers and duties hereunder; and

     (m) if any property other than cash shall at any time be subject to a Lien in favor of the
Holders, the Trustee, if and to the extent authorized by a receivership or bankruptcy court of
competent jurisdiction or by the supplemental instrument subjecting such property to such Lien,
shall be entitled to make advances for the purpose of preserving such property or of discharging
tax Liens or other prior Liens or encumbrances thereon.

     Section 7.03. Trustee Not Liable for Recitals in Indenture or in Debt Securities. The recitals contained
herein, in the Debt Securities (except the Trustee’s certificate of authentication) shall be taken
as the statements of the Partnership, and the Trustee assumes no responsibility for the correctness
of the same. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Debt Securities of any series, except that the
Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate
the Debt Securities and perform its obligations hereunder, and that the statements made by it or to
be made by it in a Statement of Eligibility and Qualification on Form T-1 supplied to the

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Partnership are true and accurate. The Trustee shall not be accountable for the use or application
by the Partnership of any of the Debt Securities or of the proceeds thereof.

     Section 7.04. Trustee, Paying Agent or Registrar May Own Debt Securities. The Trustee or any paying
agent or Registrar, in its individual or any other capacity, may become the owner or pledgee of
Debt Securities and subject to the provisions of the TIA relating to conflicts of interest and
preferential claims may otherwise deal with the Partnership with the same rights it would have if
it were not Trustee, paying agent or Registrar.

     Section 7.05. Money Received by Trustee to Be Held in Trust. Subject to the provisions of Section 11.05,
all money received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which it was received, but need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder. So long as no Event of Default shall have occurred and be continuing,
all interest allowed on any such money shall be paid from time to time to the Partnership upon a
Partnership Order.

     Section 7.06. Compensation and Reimbursement. The Partnership covenants and agrees to pay in Dollars to
the Trustee from time to time, and the Trustee shall be entitled to, such compensation as the
Partnership and the Trustee shall from time to time agree in writing for all services rendered by
it hereunder (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust), including, without limitation, paying agent and Registrar, and,
except as otherwise expressly provided herein, the Partnership will pay or reimburse in Dollars the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents, attorneys and counsel and of all
Persons not regularly in its employ), including without limitation, Section 6.02, except any such
expense, disbursement or advances as may arise from its negligence, willful misconduct or bad
faith. The Partnership also covenants to indemnify and defend the Trustee for, and to hold it
harmless against, any loss, liability or expense incurred without negligence, willful misconduct or
bad faith on the part of the Trustee, arising out of or in connection with the acceptance or
administration of this trust or trusts hereunder, including the reasonable costs and expenses of
defending itself against any claim of liability in connection with the exercise or performance of
any of its powers or duties hereunder. The obligations of the Partnership under this Section 7.06
to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional Debt hereunder and shall survive the
satisfaction and discharge of this Indenture. The Partnership and the Holders agree that such
additional Debt shall be secured by a Lien prior to that of the Debt Securities upon all property
and funds held or
collected by the Trustee, as such, except funds held in trust for the payment of principal of, and
premium, if any, or interest on, particular Debt Securities.

     When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(e) or (f) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law.

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     Section 7.07. Right of Trustee to Rely on an Officers’ Certificate Where No Other Evidence Specifically
Prescribed. Except as otherwise provided in Section 7.01, whenever in the administration of
the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee and such certificate, in the
absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted by it under the provisions of this Indenture upon the
faith thereof.

     Section 7.08. Separate Trustee; Replacement of Trustee. The Partnership may, but need not, appoint a
separate Trustee for any one or more series of Debt Securities. The Trustee may resign with
respect to one or more or all series of Debt Securities at any time by giving notice to the
Partnership. The Holders of a majority in principal amount of the Debt Securities of a particular
series may remove the Trustee for such series and only such series by so notifying the Trustee and
may appoint a successor Trustee. The Partnership may at any time remove the Trustee with respect
to the Debt Securities of any particular series by giving the Trustee written notice of removal and
thereupon appoint a successor trustee, provided that (i) no Default exists at time of such
removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section
7.8 and (iii) the corporate trust business of the successor Trustee is of nationally recognized
standing. The Partnership shall remove the Trustee if:

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

     (b) the Trustee is adjudged bankrupt or insolvent;

     (c) a Custodian takes charge of the Trustee or its property; or

     (d) the Trustee otherwise becomes incapable of acting.

If the Trustee resigns, is removed by the Partnership or by the Holders of a majority in principal
amount of the Debt Securities of a particular series and such Holders do not reasonably promptly
appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the
Trustee in such event being referred to herein as the retiring Trustee), the Partnership shall
promptly appoint a successor Trustee. No resignation or removal of the Trustee and no appointment
of a successor Trustee shall become effective until the acceptance of appointment by the successor
Trustee in accordance with the applicable requirements of this Section 7.08.

     A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Partnership. Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders of Debt Securities of each applicable series. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the Lien provided for
in Section 7.06.

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     If a successor Trustee does not take office within 30 days after the retiring Trustee gives
notice of resignation or is removed, the retiring Trustee, at the expense of the Partnership, or
the Holders of 25% in principal amount of the Debt Securities of any applicable series may petition
any court of competent jurisdiction for the appointment of a successor Trustee for the Debt
Securities of such series.

     If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of any
applicable series may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee for the Debt Securities of such series.

     Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the
Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring
Trustee.

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

     Section 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or
transfers all or substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation or banking association
without any further act shall be the successor Trustee.

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

     Section 7.10.
Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA. The
Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition. No obligor upon the Debt Securities of a particular
series or Person directly or indirectly controlling, controlled by or under common control with
such obligor shall serve as

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Trustee for the Debt Securities of such series. The Trustee shall
comply with Section 310(b) of the TIA; provided, however, that there shall be excluded from the
operation of Section 310(b)(1) of the TIA this Indenture or any indenture or indentures under which
other securities or certificates of interest or participation in other securities of the
Partnership are outstanding if the requirements for such exclusion set forth in Section 310(b)(1)
of the TIA are met.

     Section 7.11. Preferential Collection of Claims Against Partnership. The Trustee shall comply with
Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA.
A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the
extent indicated therein.

     Section 7.12. Compliance with Tax Laws. The Trustee hereby agrees to comply with all U.S. Federal income
tax information reporting and withholding requirements applicable to it with respect to payments of
premium (if any) and interest on the Debt Securities, whether acting as Trustee, Registrar, paying
agent or otherwise with respect to the Debt Securities.

ARTICLE VIII

CONCERNING THE HOLDERS

     Section 8.01. Evidence of Action by Holders. Whenever in this Indenture it is provided that the Holders
of a specified percentage in aggregate principal amount of the Debt Securities of any or all series
may take action (including the making of any demand or request, the giving of any direction,
notice, consent or waiver or the taking of any other action) the fact that at the time of taking
any such action the Holders of such specified percentage have joined therein may be evidenced (a)
by any instrument or any number of instruments of similar tenor executed by Holders in Person or by
agent or proxy appointed in writing, (b) by the record of the Holders voting in favor thereof at
any meeting of Holders duly called and held in accordance with the provisions of this Indenture,
(c) by a combination of such instrument or instruments and any such record of such a meeting of
Holders or (d) in the case of Debt Securities evidenced by a Global Security, by any electronic
transmission or other message, whether or not in written format, that complies with the
Depositary’s applicable procedures.

     Section 8.02. Proof of Execution of Instruments and of Holding of Debt Securities. Subject to the
provisions of Sections 7.01, 7.02 and 13.09, proof of the execution of any instrument by a Holder
or his agent or proxy shall be sufficient if made in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the
Trustee. The ownership of Debt Securities of any series shall be proved by the Debt Security Register or by a certificate of the Registrar for such series. The Trustee may
require such additional proof of any matter referred to in this Section 8.02 as it shall deem
necessary.

     Section 8.03. Who May Be Deemed Owner of Debt Securities. Prior to due presentment for registration of
transfer of any Debt Security, the Partnership, the Subsidiary Guarantors, the Trustee, any paying
agent and any Registrar may deem and treat the Person in whose name any Debt Security shall be
registered upon the books of the Partnership as the absolute owner of such Debt Security (whether
or not such Debt Security shall be overdue and notwithstanding any notation of ownership or other
writing thereon) for the purpose of receiving

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payment of or on account of the principal of and
premium, if any, and (subject to Section 2.12) interest on such Debt Security and for all other
purposes, and neither the Partnership nor the Subsidiary Guarantors nor the Trustee nor any paying
agent nor any Registrar shall be affected by any notice to the contrary; and all such payments so
made to any such Holder for the time being, or upon his order, shall be valid and, to the extent of
the sum or sums so paid, effectual to satisfy and discharge the liability for money payable upon
any such Debt Security.

     None of the Partnership, the Subsidiary Guarantors, the Trustee or any agent of the Trustee,
any paying agent or any Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests in a Global
Security or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests, or for any action taken or any failure to act by a Depositary with respect to
any Debt Securities including, without limitation, any failure of the owner of a beneficial
interest in such Debt Securities to receive any payments or notices provided hereunder or for the
selection of beneficial interests in such Debt Securities to be redeemed.

     Section 8.04. Instruments Executed by Holders Bind Future Holders. At any time prior to (but not after)
the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
Holders of the percentage in aggregate principal amount of the Debt Securities of any series
specified in this Indenture in connection with such action and subject to the following paragraph,
any Holder of a Debt Security which is shown by the evidence to be included in the Debt Securities
the Holders of which have consented to such action may, by filing written notice with the Trustee
at its corporate trust office and upon proof of holding as provided in Section 8.02, revoke such
action so far as concerns such Debt Security. Except as aforesaid any such action taken by the
Holder of any Debt Security shall be conclusive and binding upon such Holder and upon all future
Holders and owners of such Debt Security and of any Debt Security issued upon transfer thereof or
in exchange or substitution therefor, irrespective of whether or not any notation in regard thereto
is made upon such Debt Security or such other Debt Securities. Any action taken by the Holders of
the percentage in aggregate principal amount of the Debt Securities of any series specified in this
Indenture in connection with such action shall be conclusively binding upon the Partnership, the
Subsidiary Guarantors, the Trustee and the Holders of all the Debt Securities of such series.

     The Partnership may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders of Debt Securities entitled to give their consent or take any other action
required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders of Debt
Securities at such record date (or their duly designated proxies), and only those Persons, shall be
entitled to give such consent or to revoke any consent previously given or to take any such action,
whether or not such Persons continue to be Holders of Debt Securities after such record date. No
such consent shall be valid or effective for more than 120 days after such record date unless the
consent of the Holders of the percentage in aggregate principal amount of the Debt Securities of
such series specified in this Indenture shall have been received within such 120-day period.

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ARTICLE IX

SUPPLEMENTAL INDENTURES

     Section 9.01. Purposes for Which Supplemental Indenture May Be Entered into Without Consent of Holders.
The Partnership, the Subsidiary Guarantors and the Trustee may from time to time and at any time,
without the consent of Holders, enter into an Indenture or Indentures supplemental hereto (which
shall conform to the provisions of the TIA as in force at the date of the execution thereof) for
one or more of the following purposes:

     (a) to evidence the succession pursuant to Article X of another Person to the Partnership, or
successive successions, and the assumption by the Successor Person (as defined in Section 10.01) of
the covenants, agreements and obligations of the Partnership in this Indenture and in the Debt
Securities;

     (b) to surrender any right or power herein conferred upon the Partnership or the Subsidiary
Guarantors, to add to the covenants of the Partnership or the Subsidiary Guarantors such further
covenants, restrictions, conditions or provisions for the protection of the Holders of all or any
series of Debt Securities (and if such covenants are to be for the benefit of less than all series
of Debt Securities, stating that such covenants are expressly being included solely for the benefit
of such series) as the Board of Directors shall consider to be for the protection of the Holders of
such Debt Securities, and to make the occurrence, or the occurrence and continuance, of a Default
in any of such additional covenants, restrictions, conditions or provisions a Default or an Event
of Default permitting the enforcement of all or any of the several remedies provided in this
Indenture; provided, that in respect of any such additional covenant, restriction, condition or
provision such supplemental Indenture may provide for a particular period of grace after Default
(which period may be shorter or longer than that allowed in the case of other Defaults) or may
provide for an immediate enforcement upon such Default or may limit the remedies available to the
Trustee upon such Default or may limit the right of the Holders of a majority in aggregate
principal amount of any or all series of Debt Securities to waive such default;

     (c) to cure any ambiguity or omission or to correct or supplement any provision contained
herein, in any supplemental Indenture or in any Debt Securities of any series that may be defective
or inconsistent with any other provision contained herein, in any supplemental Indenture or in the
Debt Securities of such series;

     (d) to permit the qualification of this Indenture or any Indenture supplemental hereto under
the TIA as then in effect, except that nothing herein contained shall permit or authorize the
inclusion in any Indenture supplemental hereto of the provisions referred to in Section 316(a)(2)
of the TIA;

     (e) [intentionally omitted];

     (f) to reflect the release of any Subsidiary Guarantor in accordance with Article XIV;

     (g) to add Subsidiary Guarantors with respect to any or all of the Debt Securities or to
secure any or all of the Debt Securities or a Guarantee;

     (h) to make any change that does not adversely affect the rights of any Holder;

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     (i) to add to, change or eliminate any of the provisions of this Indenture in respect of one
or more series of Debt Securities; provided, however, that any such addition, change or elimination
not otherwise permitted under this Section 9.01 shall neither apply to any Debt Security of any
series created prior to the execution of such supplemental Indenture and entitled to the benefit of
such provision nor modify the rights of the Holder of any such Debt Security with respect to such
provision or shall become effective only when there is no such Debt Security Outstanding;

     (j) to evidence and provide for the acceptance of appointment hereunder by a successor or
separate Trustee with respect to the Debt Securities of one or more series and to add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee; and

     (k) to establish the form or terms of Debt Securities of any series as permitted by Sections
2.01 and 2.03.

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

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

     Section 9.02. Modification of Indenture with Consent of Holders of Debt Securities. Without notice to
any Holder but with the consent (evidenced as provided in Section 8.01) of the Holders of a
majority in aggregate principal amount of the Outstanding Debt Securities of each series affected
by such supplemental Indenture (including consents obtained in connection with a tender offer or
exchange offer for any such series of Debt Securities), the Partnership and the Subsidiary
Guarantors, when authorized by resolutions of the Board of Directors, and the Trustee may from time
to time and at any time enter into an Indenture or Indentures supplemental hereto (which shall
conform to the provisions of the TIA as in force at the date of execution thereof) for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental Indenture or of modifying in any manner the rights of the Holders
of the Debt Securities of such series; provided, that no such supplemental Indenture, without the
consent of the Holders of each Debt Security so affected, shall:

     (a) reduce the percentage in principal amount of Debt Securities of any series whose Holders
must consent to an amendment;

     (b) reduce the rate of or extend the time for payment of interest on any Debt Security;

     (c) reduce the principal of or extend the Stated Maturity of any Debt Security;

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     (d) reduce the premium payable upon the redemption of any Debt Security or change the time at
which any Debt Security may or shall be redeemed in accordance with Article III;

     (e) make any Debt Security payable in a currency other than that stated in such Debt Security;

     (f) impair the right of any Holder to receive payment of premium, if any, principal of and
interest on such Holder’s Debt Securities on or after the due dates therefor or to institute suit
for the enforcement of any payment on or with respect to such Holder’s Debt Securities;

     (g) release any security that may have been granted in respect of the Debt Securities or a
Guarantee;

     (h) make any change in Section 6.06 or this Section 9.02; or

     (i) except as provided in Section 11.02(b) or 14.04, release any of the Subsidiary Guarantors
or modify a Guarantee in any manner adverse to the Holders.

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

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

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

     After an amendment under this Section 9.02 becomes effective, the Partnership shall mail to
Holders of Debt Securities of each series affected thereby a notice briefly describing such
amendment. The failure to give such notice to all such Holders, or any defect therein, shall not
impair or affect the validity of an amendment under this Section 9.02.

     Section 9.03. Effect of Supplemental Indentures. Upon the execution of any supplemental Indenture
pursuant to the provisions of this Article IX, this Indenture shall be and be deemed to be modified
and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Partnership, the Subsidiary
Guarantors and the Holders shall thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments, and all the

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terms and conditions of any such
supplemental Indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

     The Trustee, subject to the provisions of Sections 7.01 and 7.02, may receive an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any such supplemental Indenture
complies with the provisions of this Article IX.

     Section 9.04. Debt Securities May Bear Notation of Changes by Supplemental Indentures. Debt Securities
of any series authenticated and delivered after the execution of any supplemental Indenture
pursuant to the provisions of this Article IX may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such supplemental
Indenture. New Debt Securities of any series so modified as to conform, in the opinion of the
Trustee and the Board of Directors, to any modification of this Indenture contained in any such
supplemental Indenture may be prepared and executed by the Partnership, authenticated by the
Trustee and delivered in exchange for the Debt Securities of such series then Outstanding. Failure
to make the appropriate notation or to issue a new Debt Security of such series shall not affect
the validity of such amendment.

ARTICLE X

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

     Section 10.01. Consolidations and Mergers of the Partnership. The Partnership shall not consolidate or
amalgamate with or merge with or into any Person, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all its assets to any Person, whether in a single transaction or a
series of related transactions, except (1) in accordance with the provisions of its partnership
agreement, and (2) unless: (a) either (i) the Partnership shall be the surviving Person in the
case of a merger or (ii) the resulting, surviving or transferee Person if other than the
Partnership (the “Successor Person”), shall be a partnership, limited liability company or
corporation organized and existing under the laws of the United States, any State thereof or the
District of Columbia and the Successor Person shall expressly assume, by an Indenture supplemental
hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the
obligations of the Partnership under this Indenture and the Debt Securities according to their
tenor; (b) immediately after giving effect to such transaction or series of transactions (and
treating any Debt which becomes an obligation of the Successor Person or any Subsidiary of the
Successor Person as a result of such transaction or series of transactions as having been incurred
by the Successor Person or such Subsidiary at the time of such transaction or series of
transactions), no Default or Event of Default would occur or be continuing; (c) if the Partnership
is not the continuing Person, then each Subsidiary Guarantor, unless it has become the Successor
Person, shall confirm that its Guarantee shall continue to apply to the obligations under the Debt
Securities and this Indenture; and (d) the Partnership shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger, sale or disposition and such supplemental Indenture (if any) comply with this
Indenture.

     Section 10.02. Rights and Duties of Successor Person. In case of any consolidation, amalgamation or
merger where the Partnership is not the continuing Person, or disposition of all or substantially
all of the assets of the Partnership in accordance with Section 10.01, the

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Successor Person shall
succeed to and be substituted for the Partnership with the same effect as if it had been named
herein as the respective party to this Indenture, and the predecessor entity shall be released from
all liabilities and obligations under this Indenture and the Debt Securities, except that no such
release will occur in the case of a lease of all or substantially all of the assets of the
Partnership. The Successor Person thereupon may cause to be signed, and may issue either in its
own name or in the name of the Partnership, any or all the Debt Securities issuable hereunder which
theretofore shall not have been signed by the Partnership and delivered to the Trustee; and, upon
the order of the Successor Person, instead of the Partnership, and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall
deliver any Debt Securities which previously shall have been signed and delivered by the officers
of the General Partner on behalf of the Partnership to the Trustee for authentication, and any Debt
Securities which the Successor Person thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Debt Securities so issued shall in all respects have the same
legal rank and benefit under this Indenture as the Debt Securities theretofore or thereafter issued
in accordance with the terms of this Indenture as though all such Debt Securities had been issued
at the date of the execution hereof.

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

ARTICLE XI

SATISFACTION AND DISCHARGE OF

INDENTURE; DEFEASANCE; UNCLAIMED MONEY

     Section 11.01. Applicability of Article. The provisions of this Article XI relating to either the
satisfaction and discharge or the defeasance of Debt Securities shall be applicable to each series
of Debt Securities except as otherwise specified pursuant to Section 2.03 for Debt Securities of
such series.

     Section 11.02. Satisfaction and Discharge of Indenture; Defeasance.

     (a) (i) If at any time the Partnership shall have delivered to the Trustee for cancellation
all Debt Securities of any series theretofore authenticated and delivered (other than any Debt
Securities of such series which shall have been destroyed, lost or stolen and which shall have been
replaced or paid as provided in Section 2.09 and Debt Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Partnership as provided in
Section 11.05) or (ii) all Debt Securities of such series not theretofore delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to become due and payable
within one year or are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption, and (1) the Partnership shall irrevocably
deposit with the Trustee as trust funds money, U.S. Government Obligations or a combination thereof
sufficient to pay at Stated Maturity or upon redemption all Debt Securities of such series not
theretofore delivered to the Trustee for cancellation, including principal and premium, if any, and
interest due or to become due on such date of Stated Maturity or Redemption Date, as the case may
be, and (2) the Partnership shall deliver to the Trustee a certificate to the effect described in
Section 11.03(b) hereof, and if in the case described in either

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of the preceding clauses (i) and
(ii) the Partnership shall also pay or cause to be paid all other sums then due and payable
hereunder by the Partnership with respect to the Debt Securities of such series, then this
Indenture shall cease to be of further effect with respect to the Debt Securities of such series,
and the Trustee, on demand of the Partnership accompanied by an Officers’ Certificate and an
Opinion of Counsel and at the cost and expense of the Partnership, shall execute proper instruments
acknowledging satisfaction of and discharging this Indenture with respect to the Debt Securities of
such series.

     (b) Subject to Sections 11.02(c), 11.03 and 11.07, the Partnership at any time may terminate,
with respect to Debt Securities of a particular series, all its obligations under the Debt
Securities of such series and this Indenture with respect to the Debt Securities of such series
(“legal defeasance option”) or the operation of (x) any covenant made applicable to such Debt
Securities pursuant to Section 2.03, (y) Sections 6.01(d), (g) and (h) (except to the extent
covenants or agreements referenced in Section 6.01(d) remain applicable) and (z), as they relate to
the Subsidiary Guarantors only, Sections 6.01(e) and (f) (“covenant defeasance option”). If the
Partnership exercises either its legal defeasance option or its covenant defeasance option with
respect to Debt Securities of a particular series that are entitled to the benefit of a Guarantee,
the Guarantee will terminate with respect to that series of Debt Securities and be automatically
released and discharged and any security that may have been granted in respect of such series shall
be automatically released. The Partnership may exercise its legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option.

     If the Partnership exercises its legal defeasance option, payment of the Debt Securities of
the defeased series may not be accelerated because of an Event of Default. If the Partnership
exercises its covenant defeasance option, payment of the Debt Securities of the defeased series may
not be accelerated because of an Event of Default specified in Sections 6.01(d), (g) and (h) and,
with respect to the Subsidiary Guarantors only, Sections 6.01(e) and (f) (except to the extent
covenants or agreements referenced in Section 6.01(d) remain applicable).

     Upon satisfaction of the conditions set forth herein and upon request of the Partnership, the
Trustee shall acknowledge in writing the discharge of those obligations that the Partnership
terminates.

     (c) Notwithstanding clauses (a) and (b) above, the Partnership’s obligations in Sections 2.07,
2.09, 4.02, 4.04, 4.05(a), 4.06(a), 5.01, 7.06, 11.05, 11.06 and 11.07 shall survive until the Debt
Securities of the defeased series have been paid in full. Thereafter, the Partnership’s
obligations in Sections 7.06, 11.05 and 11.06 shall survive.

     Section 11.03. Conditions of Defeasance. The Partnership may exercise its legal defeasance option or its
covenant defeasance option with respect to Debt Securities of a particular series only if:

     (a) the Partnership irrevocably deposits in trust with the Trustee money, U.S. Government
Obligations or a combination thereof for the payment of principal of, and premium, if any, and
interest on, the Debt Securities of such series to Stated Maturity or redemption, as the case may
be;

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

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

     (d) no Default has occurred and is continuing on the date of such deposit and after giving
effect thereto;

     (e) the deposit does not constitute a default under any other agreement binding on the
Partnership;

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

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

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

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

     Before or after a deposit, the Partnership may make arrangements satisfactory to the Trustee
for the redemption of Debt Securities of such series at a future date in accordance with Article
III.

     Section 11.04. Application of Trust Money. The Trustee shall hold in trust money or U.S. Government
Obligations deposited with it pursuant to this Article XI. It shall apply the deposited money and
the money from U.S. Government Obligations through any paying agent

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and in accordance with this
Indenture to the payment of principal of, and premium, if any, and interest on, the Debt Securities
of the defeased series.

     Section 11.05. Repayment to Partnership. The Trustee and any paying agent shall promptly turn over to the
Partnership upon request any excess money or securities held by them at any time.

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

     Section 11.06. Indemnity for U.S. Government Obligations. The Partnership shall pay and shall indemnify
the Trustee and the Holders against any tax, fee or other charge imposed on or assessed against
deposited U.S. Government Obligations or the principal and interest received on such U.S.
Government Obligations.

     Section 11.07. Reinstatement. If the Trustee or any paying agent is unable to apply any money or U.S.
Government Obligations in accordance with this Article XI by reason of any legal proceeding or by
reason of any order or judgment of any court or government authority enjoining, restraining or
otherwise prohibiting such application, the Partnership’s obligations under this Indenture and the
Debt Securities of the defeased series shall be revived and reinstated as though no deposit had
occurred pursuant to this Article XI until such time as the Trustee or any paying agent is
permitted to apply all such money or U.S. Government Obligations in accordance with this Article
XI.

ARTICLE XII

[RESERVED]

     This Article XII has been intentionally omitted.

ARTICLE XIII

MISCELLANEOUS PROVISIONS

     Section 13.01. Successors and Assigns of Partnership Bound by Indenture. All the covenants, stipulations,
promises and agreements in this Indenture contained by or in behalf of the Partnership, the
Subsidiary Guarantors or the Trustee shall bind their respective successors and assigns, whether so
expressed or not.

     Section 13.02. Acts of Board, Committee or Officer of Successor Person Valid. Any act or proceeding
authorized or required by any provision of this Indenture to be done or performed by any board,
committee or officer of the General Partner on behalf of the Partnership shall and may be done and
performed with like force and effect by the like board, committee or officer of any Successor
Person.

     Section 13.03. Required Notices or Demands. Any notice or communication by the Partnership, the
Subsidiary Guarantors or the Trustee to the others is duly given if in writing (in the English
language) and delivered in Person or mailed by registered or certified mail (return

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receipt
requested), telecopier or overnight air courier guaranteeing next day delivery, to the other’s
address:

If to the Partnership or any of the Subsidiary Guarantors:

Spectra Energy Partners, LP

5400 Westheimer Court

Houston, Texas 77056

Attention: Chief Financial Officer

Telecopy No. (713) 386-3122

If to the Trustee:

Wells Fargo Bank, National Association

1445 Ross Avenue, 2nd Floor

Dallas, Texas 75202-2812

Attention: Corporate Trust Services

Telecopy No.: (214) 777-4086

     The Partnership, the Subsidiary Guarantors or the Trustee by notice to the others may
designate additional or different addresses for subsequent notices or communications.

     All notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; on the first Business Day on or after being sent, if telecopied and the sender
receives confirmation of successful transmission; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery.

     Any notice required or permitted to a Holder by the Partnership, the Subsidiary Guarantors or
the Trustee pursuant to the provisions of this Indenture shall be deemed to be properly mailed by
being deposited postage prepaid in a post office letter box in the United States addressed to such
Holder at the address of such Holder as shown on the Debt Security Register. Any report pursuant
to Section 313 of the TIA shall be transmitted in compliance with subsection (c) therein.

     Notwithstanding the foregoing, any notice to Holders of Floating Rate Debt Securities
regarding the determination of a periodic rate of interest, if such notice is required pursuant to
Section 2.03, shall be sufficiently given if given in the manner specified pursuant to
Section 2.03.

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

     In the event it shall be impracticable to give notice by publication, then such notification
as shall be given with the approval of the Trustee shall constitute sufficient notice for every
purpose hereunder.

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

     Section 13.04. Indenture and Debt Securities to Be Construed in Accordance with the Laws of the State of New
York. THIS INDENTURE, EACH DEBT SECURITY AND EACH GUARANTEE SHALL BE DEEMED TO BE NEW YORK
CONTRACTS, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
SAID STATE.

     Section 13.05. Officers’ Certificate and Opinion of Counsel to Be Furnished upon Application or Demand by the
Partnership. Upon any application or demand by the Partnership to the Trustee to take any
action under any of the provisions of this Indenture, the Partnership shall furnish to the Trustee
an Officers’ Certificate stating that all covenants and conditions precedent provided for in this
Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating
that, in the opinion of such counsel, all such covenants and conditions precedent have been
complied with, except that in the case of any such application or demand as to which the furnishing
of such document is specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be furnished.

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

     Section 13.06. Payments Due on Legal Holidays. In any case where the date of maturity of interest on or
principal of and premium, if any, on the Debt Securities of a series shall not be a Business Day at
any Place of Payment for the Debt Securities of such series, then payment of interest or principal
and premium, if any, need not be made on such date at such Place of Payment, but may be made on the
next succeeding Business Day at such Place of Payment with the same force and effect as if made on
the date of maturity, and no interest shall accrue for the period after such date. If a record
date is not a Business Day, the record date shall not be affected.

     Section 13.07. Provisions Required by TIA to Control. If and to the extent that any provision of this
Indenture limits, qualifies or conflicts with another provision included in this Indenture which is
required to be included in this Indenture by any of Sections 310 to 318, inclusive, of the TIA,
such required provision shall control.

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     Section 13.08. Computation of Interest on Debt Securities. Interest, if any, on the Debt Securities shall
be computed on the basis of a 360-day year of twelve 30-day months, except as may otherwise be
provided pursuant to Section 2.03.

     Section 13.09. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for
action by or a meeting of Holders. The Registrar and any paying agent may make reasonable rules
for their functions.

     Section 13.10. No Recourse Against Others. The partners, directors, officers, employees, incorporators
and members of each of the Partnership and the Subsidiary Guarantors, as such, shall have no
liability for any obligations of the Subsidiary Guarantors or the Partnership under the Debt
Securities, this Indenture or any Guarantee or for any claim based on, in respect of, or by reason
of, such obligations or their creation. By accepting a Debt Security, each Holder shall waive and
release all such liability. The waiver and release shall be part of the consideration for the
issue of the Debt Securities.

     Section 13.11. Severability. In case any provision in this Indenture or the Debt Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 13.12. Effect of Headings. The article and section headings herein and in the Table of Contents
are for convenience only and shall not affect the construction hereof.

     Section 13.13. Indenture May Be Executed in Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute
but one and the same instrument.

     Section 13.14. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

ARTICLE XIV

GUARANTEE

     Section 14.01. Unconditional Guarantee.

     (a) Notwithstanding any provision of this Article XIV to the contrary, the provisions of this
Article XIV shall be applicable only to, and inure solely to the benefit of, the Debt Securities of
any series designated, pursuant to Section 2.03, as entitled to the benefits of the Guarantee of
any of the Subsidiary Guarantors.

     (b) For value received, each of the Subsidiary Guarantors hereby fully, unconditionally and
absolutely guarantees (the “Guarantee”) to the Holders and to the Trustee

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the due and punctual
payment of the principal of, and premium, if any, and interest on the Debt Securities and all other
amounts due and payable under this Indenture and the Debt Securities by the Partnership, when and
as such principal, premium, if any, interest and other amounts shall become due and payable,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise,
according to the terms of the Debt Securities and this Indenture, subject to the limitations set
forth in Section 14.03.

     (c) Failing payment when due of any amount guaranteed pursuant to its Guarantee, for whatever
reason, each of the Subsidiary Guarantors will be jointly and severally obligated to pay the same
immediately. The Guarantee hereunder is intended to be a general, unsecured, senior obligation of
each of the Subsidiary Guarantors and will rank pari passu in right of payment with all Debt of
such Subsidiary Guarantor that is not, by its terms, expressly subordinated in right of payment to
the Guarantee. Each of the Subsidiary Guarantors hereby agrees that its obligations hereunder
shall be full, unconditional and absolute, irrespective of the validity, regularity or
enforceability of the Debt Securities, its Guarantee (including the Guarantee of any other
Subsidiary Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver
or consent by the Trustee or any Holder of the Debt Securities with respect to any provisions
hereof or thereof, the recovery of any judgment against the Partnership or any other Subsidiary
Guarantor, or any action to enforce the same or any other circumstances which might otherwise
constitute a legal or equitable discharge or defense of any of the Subsidiary Guarantors. Each of
the Subsidiary Guarantors hereby agrees that in the event of a default in payment of the principal
of, or premium, if any, or interest on the Debt Securities, whether at the Stated Maturity or by
declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted
by the Trustee on behalf of the Holders or, subject to Section 6.04, by the Holders, on the terms
and conditions set forth in this Indenture, directly against such Subsidiary Guarantor to enforce
its Guarantee without first proceeding against the Partnership or any other Subsidiary Guarantor.

     (d) The obligations of each of the Subsidiary Guarantors under this Article XIV shall be as
aforesaid full, unconditional and absolute and shall not be impaired, modified, released or limited
by any occurrence or condition whatsoever, including, without limitation, (A) any compromise,
settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in,
any of the obligations and liabilities of the Partnership or any of the Subsidiary Guarantors
contained in the Debt Securities or this Indenture, (B) any impairment, modification, release or
limitation of the liability of the Partnership, any of the Subsidiary Guarantors 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, (C) the assertion or exercise by the Partnership, any of the
Subsidiary Guarantors or the Trustee of any rights or remedies under the Debt Securities or this
Indenture or their delay in or failure to assert or exercise any such rights or remedies, (D) the
assignment or the purported assignment of any property as security for the Debt Securities,
including all or any part of the rights of the Partnership or any of the Subsidiary Guarantors
under this Indenture, (E) the extension of the time for payment by the Partnership or any of the
Subsidiary Guarantors of any payments or other sums or any part thereof owing or payable under any
of the terms and provisions of the Debt Securities or this Indenture or of the time for performance
by the Partnership or any of the Subsidiary Guarantors of any other obligations under or arising
out of any such terms and provisions or the extension or the renewal

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of any thereof, (F) the
modification or amendment (whether material or otherwise) of any duty, agreement or obligation of
the Partnership or any of the Subsidiary Guarantors set forth in this Indenture, (G) the voluntary
or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of
the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment
for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other
similar proceeding affecting, the Partnership or any of the Subsidiary Guarantors or any of their
respective assets, or the disaffirmance of the Debt Securities, the Guarantee or this Indenture in
any such proceeding, (H) the release or discharge of the Partnership or any of the Subsidiary
Guarantors from the performance or observance of any agreement, covenant, term or condition
contained in any of such instruments by operation of law, (I) the unenforceability of the Debt
Securities, any other Guarantee or this Indenture or (J) any other circumstances (other than
payment in full or discharge of all amounts guaranteed pursuant to the Guarantee) which might
otherwise constitute a legal or equitable discharge of a surety or guarantor.

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

     (f) Each of the Subsidiary Guarantors shall be subrogated to all rights of the Holders and the
Trustee against the Partnership in respect of any amounts paid by such 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 until all of the Debt Securities and each Guarantee shall have been paid in
full or discharged.

     Section 14.02. Execution and Delivery of Notation of Guarantee. To further evidence its Guarantee set
forth in Section 14.01, each of the Subsidiary Guarantors hereby agrees that a notation relating to
such Guarantee, substantially in the form attached hereto as Annex A, shall be endorsed on each
Debt Security entitled to the benefits of the Guarantee authenticated and delivered by the Trustee
and executed by either manual or facsimile signature of an officer of such Subsidiary Guarantor, or
in the case of a Subsidiary Guarantor that is a limited partnership, an officer of the general
partner of such Subsidiary Guarantor. Each of the Subsidiary Guarantors hereby agrees that its
Guarantee set forth in Section 14.01 shall remain in full force and effect notwithstanding any
failure to endorse on each Debt Security a notation relating to the Guarantee. If any officer of
any Subsidiary Guarantor, or in the case of a Subsidiary Guarantor

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that is a limited partnership,
any officer of the general partner of the Subsidiary Guarantor, whose signature is on this
Indenture or a Debt Security no longer holds that office at the time the Trustee authenticates such
Debt Security or at any time thereafter, the Guarantee of such Debt Security shall be valid
nevertheless. The delivery of any Debt Security by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf of
each of the Subsidiary Guarantors.

     The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions herein
set forth.

     Section 14.03. Limitation on Subsidiary Guarantors’ Liability. Each Subsidiary Guarantor and by its
acceptance hereof each Holder of a Debt Security entitled to the benefits of a Guarantee hereby
confirm that it is the intention of all such parties that the guarantee by such Subsidiary
Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes
of any federal or state law. To effectuate the foregoing intention, the Holders of a Debt Security
entitled to the benefits of a Guarantee and the Subsidiary Guarantors hereby irrevocably agree that
the obligations of each Subsidiary Guarantor under its Guarantee shall be limited to the maximum
amount as will, after giving effect to all other contingent and fixed liabilities of such
Subsidiary Guarantor and to any collections from or payments made by or on behalf of any other
Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under its
Guarantee, result in the obligations of such Subsidiary Guarantor under its Guarantee not
constituting a fraudulent conveyance or fraudulent transfer under federal or state law.

     Section 14.04. Release of Subsidiary Guarantors from Guarantee.

     (a) Notwithstanding any other provisions of this Indenture, the Guarantee of any Subsidiary
Guarantor may be released upon the terms and subject to the conditions set forth in Section 11.02
and in this Section 14.04. Provided that no Default shall have occurred and shall be continuing
under this Indenture, any Guarantee incurred by a Subsidiary Guarantor pursuant to this Article XIV
shall be unconditionally released and discharged (i) automatically upon (A) any sale, exchange or
transfer, whether by way of merger or otherwise, to any Person that is not an Affiliate of the
Partnership, of all of the Partnership’s direct or indirect limited liability company or other
equity interests in such Subsidiary Guarantor (provided such sale, exchange or transfer is not
prohibited by this Indenture) or (B) the merger of such Subsidiary Guarantor into the Partnership
or any other Subsidiary Guarantor or the liquidation and dissolution of such Subsidiary Guarantor
(in each case to the extent not prohibited by this Indenture) or (ii) following delivery of a
written notice of such release or discharge by the Partnership to the Trustee, upon the release or
discharge of all guarantees by such Subsidiary Guarantor of any Debt of the Partnership other than
obligations arising under this Indenture and any Debt Securities issued hereunder, except a
discharge or release by or as a result of payment under such guarantees.

     (b) The Trustee shall deliver an appropriate instrument evidencing any release of a Subsidiary
Guarantor from its Guarantee upon receipt of a Partnership Request accompanied by an Officers’
Certificate and an Opinion of Counsel to the effect that the Subsidiary Guarantor is entitled to
such release in accordance with the provisions of this Indenture. Any Subsidiary

58

 

Guarantor not so
released shall remain liable for the full amount of principal of and premium, if any, and interest
on the Debt Securities entitled to the benefits of such Guarantee as provided in this Indenture,
subject to the limitations of Section 14.03.

     (c) If at any time following any release and discharge of the Guarantee of a Subsidiary
Guarantor pursuant to the provisions of clause (ii) of Section 14.04(a) such Subsidiary Guarantor
shall again guarantee any Debt of the Partnership other than obligations arising under this
Indenture and any Debt Securities issued hereunder, thereupon the Partnership shall cause such
Subsidiary Guarantor to execute and deliver to the Trustee an Indenture supplemental hereto, in
form satisfactory to the Trustee, in order to effect its Guarantee once again.

     Section 14.05. Subsidiary Guarantor Contribution. In order to provide for just and equitable contribution
among the Subsidiary Guarantors, the Subsidiary Guarantors hereby agree, inter se, that in the
event any payment or distribution is made by any Subsidiary Guarantor (a “Funding Guarantor”) under
its Guarantee, such Funding Guarantor shall be entitled to a contribution from each other
Subsidiary Guarantor (if any) in a pro rata amount based on the net assets of each Subsidiary
Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that
Funding Guarantor in discharging the Partnership’s obligations with respect to the Debt Securities
or any other Subsidiary Guarantor’s obligations with respect to its Guarantee.

[Remainder of This Page Intentionally Left Blank.]

59

 

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

	 	 	 	 	 
	 	Spectra Energy Partners, LP

 	 
	 	By:  	SPECTRA ENERGY PARTNERS (DE)
 	 
	 	 	GP, LP 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	             SPECTRA ENERGY PARTNERS GP, LLC
 	 
	 	 	its General Partner      	 
	 	 	 
	 	By:  	             /s/ Gregory J. Rizzo
 	 
	 	 	Name:  	Gregory J. Rizzo 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	Wells Fargo Bank, National Association

 	 
	 	By:  	/s/ Patrick Giordano
 	 
	 	 	Name:  	Patrick Giordano 	 
	 	 	Title:  	Vice President 	 

60

 

	 	 	 	 	 

ANNEX A

NOTATION OF GUARANTEE

     Each of the Subsidiary Guarantors (which term includes any successor Person 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 Debt Securities and all other amounts due
and payable under the Indenture and the Debt Securities by the Partnership.

     The obligations of each of the Subsidiary Guarantors to the Holders of Debt Securities and to
the Trustee pursuant to its 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.

	 	 	 	 	 
	 	[Subsidiary Guarantors]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-1

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