Document:

Tenth Supplemental Indenture

 Exhibit 4.2 
  
 ENBRIDGE ENERGY PARTNERS, L.P. 
 as Issuer 
  
  
 and 
  
  
 U.S. BANK NATIONAL ASSOCIATION 
 as Trustee 
  
 $500,000,000 
  
 5.20% NOTES DUE 2020 
  
 TENTH 
  
 SUPPLEMENTAL 
  
 INDENTURE 
  
  
  
  
 Dated as of March 2, 2010 
  
  
  

 TABLE OF CONTENTS 
  

					
	  	    	 	  	Page
	 ARTICLE I        
	    	ESTABLISHMENT OF NEW SERIES	  	1
			
	         Section 1.01.
	    	        Establishment of New Series	  	1
			
	 ARTICLE II        
	    	DEFINITIONS AND INCORPORATION BY REFERENCE	  	2
			
	         Section 2.01.
	    	        Definitions	  	2
			
	 ARTICLE III
	    	THE NOTES	  	2
			
	         Section 3.01.
	    	        Form	  	2
			
	         Section 3.02.
	    	        Issuance of Additional Notes	  	2
			
	         Section 3.03.
	    	        Transfer of Securities	  	2
			
	 ARTICLE IV
	    	REDEMPTION	  	2
			
	         Section 4.01.
	    	        Optional Redemption	  	2
			
	         Section 4.02.
	    	        Mandatory Redemption	  	3
			
	 ARTICLE V
	    	COVENANT SUPPLEMENTS	  	3
			
	         Section 5.01.
	    	        Covenants of the Partnership	  	3
			
	 ARTICLE VI
	    	ADDITIONAL EVENT OF DEFAULT	  	3
			
	         Section 6.01.
	    	        Events of Default	  	3
			
	 ARTICLE VII
	    	MISCELLANEOUS	  	3
			
	         Section 7.01.
	    	        Integral Part	  	3
			
	         Section 7.02.
	    	        Adoption, Ratification and Confirmation	  	3
			
	         Section 7.03.
	    	        Counterparts	  	3
			
	         Section 7.04.
	    	        Governing Law	  	4
			
	         Section 7.05.
	    	        Trustee Makes No Representation	  	4

  

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 TENTH SUPPLEMENTAL INDENTURE dated as of March 2, 2010 (this “Supplemental
Indenture”), between Enbridge Energy Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), and U.S. Bank National Association, a national banking association, as successor
trustee to SunTrust Bank (the “Trustee”), 
 W I T N E S S E T H: 
 WHEREAS, the Issuer has heretofore entered into an Indenture, dated as of May 27, 2003 (the “Original
Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture, as supplemented by this Supplemental
Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Original Indenture, the form and
terms of a new series of Debt Securities may at any time be established by a supplemental Indenture executed by the Issuer and the Trustee; 
 WHEREAS, the Issuer proposes to create under the Indenture a new series of Debt Securities; 
 WHEREAS, additional Debt Securities of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to
time pursuant to the Original Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions
necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding obligation of the Issuer have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows: 
 ARTICLE I 
 ESTABLISHMENT OF NEW SERIES 
 Section
1.01.    Establishment of New Series. 
 (a)    There is hereby established a new series
of Debt Securities to be issued under the Indenture, to be designated as the Issuer’s 5.20% Notes due 2020 (the “Notes”). 
 (b)    There are to be authenticated and delivered $500,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter there may be authenticated and delivered
an unlimited principal amount of Additional Notes. 
 (c)    The Notes shall be issued initially in the form
of one or more Global Securities in substantially the form set out in Exhibit A hereto. The Depositary with respect to the Notes shall be The Depository Trust Company. 
 (d)    Initially, there shall be no Subsidiary Guarantors. Each Note shall be dated the date of authentication thereof
and shall bear interest as provided in paragraph 1 of the form of Note in Exhibit A hereto. 
 (e)    If and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with, the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall
govern. 

 ARTICLE II 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section
2.01.    Definitions.    All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Original Indenture. The following are additional definitions used in
this Supplemental Indenture: 
 “Additional Notes” has the meaning assigned to it in Section 3.02 hereof.

 “Notes” has the meaning assigned to it in Section 1.01(a) hereof. 
 ARTICLE III 
 THE NOTES 
 Section 3.01.    Form.    The Notes shall be issued
initially in the form of one or more Global Securities, and the Notes and Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this
Supplemental Indenture, and the Issuer and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Section 3.02.    Issuance of Additional Notes.    The Issuer may, from time to time, issue an
unlimited amount of additional Notes (“Additional Notes”) under the Indenture, which shall be issued in the same form as the Notes issued on the Issue Date and which shall have identical terms as the Notes issued on the Issue Date
other than with respect to the issue date, issue price and date of first payment of interest. The Notes issued on the Issue Date shall be limited in aggregate principal amount to $500,000,000. The Notes issued on the Issue Date and any Additional
Notes subsequently issued shall be treated as a single series for purposes of giving of notices, consents, waivers, amendments and taking any other action permitted under the Indenture and for purposes of interest accrual and redemptions.

 Section 3.03.    Transfer of Securities. 
 (a)    When Notes are presented to the Registrar with the request to register the transfer of such Notes or exchange
such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange in accordance with Article II of the Original Indenture. 
 (b)    Each security certificate evidencing the Global Securities shall bear a legend substantially in the form set
forth in Section 2.15(a) of the Original Indenture. 
 ARTICLE IV 
 REDEMPTION 
 Section 4.01.    Optional Redemption. 
 (a)    At its option, the Issuer may
choose to redeem all or any portion of the Notes, at once or from time to time. 
 (b)    To redeem the
Notes, the Issuer must pay a redemption price in an amount determined in accordance with the provisions of paragraph 5 of the form of Note in Exhibit A hereto, plus accrued and unpaid interest, if any, to the Redemption Date (subject to
the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). 
 (c)    Any redemption pursuant to this Section 4.01 shall otherwise be made pursuant to the provisions of Sections 3.01 through 3.03 of the Original Indenture. The actual redemption price, calculated as
provided in

  

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paragraph 5 of the form of Note in Exhibit A hereto, shall be certified in writing to the Issuer and the Trustee by the Independent Investment Banker (as defined in such paragraph 5) no
later than two Business Days prior to each Redemption Date. 
 Section 4.02.    Mandatory
Redemption.    The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes and shall have no obligation to repurchase any Notes at the option of the Holders. 
 ARTICLE V 
 COVENANT SUPPLEMENTS 
 Section 5.01.    Covenants of the
Partnership.    Article IV of the Original Indenture is hereby supplemented, but only in relation to the Notes, by the addition of the following new Section at the end of Article IV: 
 “Section 4.14.    Subsidiary Guarantees.    If any Subsidiary of the Partnership that is not
then a Subsidiary Guarantor becomes a guarantor or co-obligor of any Funded Debt of the Partnership, in either case after the Issue Date, then the Partnership shall cause such Subsidiary to promptly execute and deliver a supplemental indenture,
substantially in the form of Exhibit B hereto, providing for the Guarantee of the payment of the Notes pursuant to Article XIV hereof.” 
 ARTICLE VI 
 ADDITIONAL EVENT OF DEFAULT 
 Section 6.01.    Events of Default.    The following shall be deemed an Event of Default only with
respect to the Notes as provided in Section 6.01(h) of the Original Indenture: 
 “(h) default by the
Partnership or any of its Subsidiaries in the payment at the Stated Maturity, after the expiration of any applicable grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in excess of the
greater of $25 million and 2% of total partners’ capital in the Partnership, or acceleration of any Debt having a principal amount in excess of the greater of such amounts so that it becomes due and payable prior to its Stated Maturity and such
acceleration is not rescinded within 30 days after the date on which written notice specifying such default shall have been given to the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in aggregate
principal amount of the Notes at the time Outstanding. The occurrence and continuance of a default under the foregoing shall be deemed an Event of Default under Section 6.01(h) of the Original Indenture with respect to the Notes.”

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01.    Integral
Part.    This Supplemental Indenture constitutes an integral part of the Indenture. 
 Section
7.02.    Adoption, Ratification and Confirmation.    The Original Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

Section 7.03.    Counterparts.    This Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 
  

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 Section 7.04.    Governing Law.    THIS SUPPLEMENTAL
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section
7.05.    Trustee Makes No Representation.    The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 [Signatures on following page] 
  

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 SIGNATURES 
  

					
	 ISSUER:
	 		 	
	
	 ENBRIDGE ENERGY PARTNERS, L.P.

		
	 By:
	 	 Enbridge Energy Management, L.L.C.
 as delegate of Enbridge Energy Company, Inc.,
 its General Partner

			
		 	By:	 	/s/    Mark A. Maki        
		 		 	 
		 		 	Mark A. Maki
		 		 	Vice President - Finance
	
	 TRUSTEE:

	
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

			
		 	By:	 	/s/    Felicia Powell        
		 		 	 
		 		 	Name: Felicia Powell
		 		 	Title: Assistant Vice President

 EXHIBIT A 
 (Form of Face of Note) 
  

									
	 No.
	  		  		  	$	  	
		  	 	  		  		  	 
	 ISIN US29250RAS58
	  		  	CUSIP No. 29250R AS5

 ENBRIDGE ENERGY PARTNERS, L.P. 
 5.20% Notes due 2020 
 Enbridge Energy Partners, L.P., a Delaware limited partnership, promises to pay to
                                         
                   , or registered assigns, the principal sum of
                                 Dollars [or such greater or lesser amount as may
be endorsed on the Schedule attached hereto]1 on
March 15, 2020. 
 Interest Payment Dates: March 15 and September 15, commencing September 15, 2010 
 Record Dates: March 1 and September 1 
  

					
	 ENBRIDGE ENERGY PARTNERS, L.P.

		
	 By:
	 	Enbridge Energy Management, L.L.C. as delegate of Enbridge Energy Company, Inc., its General Partner

			
		 	By:	 	
		 		 	 
		 		 	Name:
		 		 	Title:

 TRUSTEE’S CERTIFICATE 
 OF AUTHENTICATION 
 This is one of
the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, as Trustee

		
	 By:
	 	
		 	 
		 	Authorized Signatory

 Dated
                                     
  
  

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

  

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 (Form of Back of Note) 
 5.20% Notes due 2020 
 [UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]2 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1.    Interest.    Enbridge Energy Partners, L.P., a Delaware limited partnership
(the “Partnership” or the “Issuer”), promises to pay interest on the principal amount of this Note at 5.20% per annum from March 2, 2010 until maturity. The Issuer shall pay interest semi-annually on
March 15 and September 15 of each such year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be September 15, 2010. The Issuer shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the same rate; and it shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day
months. 
  
 2.    Method of Payment.    The Issuer shall pay interest on the Notes (except Defaulted Interest) to the Persons who are registered Holders of Notes at the close of business on the March 1 and
September 1 immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.17 of the Original Indenture with respect to
Defaulted Interest, and the Issuer shall pay principal (and premium, if any) of the Notes upon surrender thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable as to principal, premium, if any,
and interest at the office or agency of the Trustee maintained for such purpose (which initially is c/o U.S. Bank National Association, 100 Wall Street, 16th Floor, New York, New York 10005), or, at the option of the Issuer, payment of interest may be made by check mailed to
the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of, and interest and premium, if any, on, (a) each Global
Security and (b) all other Notes aggregating at least $1,000,000 in principal amount the Holder of which shall have provided wire transfer

  
  

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

  

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instructions to the Issuer or the paying agent on or prior to the applicable record date. Such payment shall be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. 
 3.    Paying Agent and
Registrar.    Initially, U.S. Bank National Association, the successor Trustee under the Indenture, shall act as paying agent and Registrar. The Issuer may change any paying agent or Registrar without notice to any Holder. The
Partnership may act in any such capacity. 
 4.    Indenture.    The Issuer issued the
Notes under an Indenture dated as of May 27, 2003 (the “Original Indenture”), as supplemented by the Tenth Supplemental Indenture dated as of March 2, 2010 (the “Supplemental Indenture” and, together
with the Original Indenture, the “Indenture”), between the Issuer and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are the obligation of the Issuer, initially in aggregate principal amount of $500,000,000. The Issuer may issue an unlimited aggregate principal
amount of Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as the same series (with identical terms other than with respect to the issue date, issue price
and first payment of interest) as the initial Note for the purposes indicated in Section 3.02 of the Supplemental Indenture). Initially, the Notes are not guaranteed, but in the future they may be guaranteed by one or more Subsidiary Guarantors
on the conditions and subject to the terms provided in Section 4.14 of the Indenture and Article XIV of the Original Indenture. 
 5.    Optional Redemption. 
 (a) At its option, the Issuer may choose to redeem all or any portion
of the Notes, at once or from time to time. 
 (b) To redeem the Notes, the Issuer must pay a redemption price equal to the
greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis points, plus, in either case, accrued and unpaid interest,
if any, to the Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date). The actual redemption price will be calculated and certified to the Trustee and the
Partnership by the Independent Investment Banker. 
 For purposes of determining the redemption price, the following definitions
shall apply: 
 “Comparable Treasury Issue” means the United States Treasury security or securities selected by
the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes to be redeemed. 
 “Comparable Treasury Price” means, for any Redemption Date, (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated and Wells Fargo Securities, LLC, as specified by the Partnership, and any
successor firm, or if such

  

 A-3 

 
firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the
Partnership. 
 “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Morgan
Stanley & Co. Incorporated and a Primary Treasury Dealer (defined herein) selected by Wells Fargo Securities, LLC plus one other dealer selected by the Trustee that is a primary U.S. government securities dealer in New York City (a
“Primary Treasury Dealer”) and their respective successors; provided, however, that if either of the Reference Treasury Dealers ceases to be a Primary Treasury Dealer, then such other primary U.S. government securities dealers as may be
substituted by the Trustee. 
 “Reference Treasury Dealer Quotations” means, for each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference
Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Treasury
Rate” means, with respect to any Redemption Date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated
“H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity
under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Notes to be redeemed, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if
such release (or any successor release) is not published during the week in which the calculation date falls (or in the immediately preceding week if the calculation date falls on any day prior to the usual publication date for such release) or does
not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. Any weekly average yields calculated by interpolation or extrapolation will be rounded to the
nearest 1/100th of 1%, with any figure of 1/200th of 1% or above being rounded upward. 
 6.    Mandatory
Redemption.    The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes or to repurchase them at the option of the Holders. 
 7.    Notice of Redemption.    Notice of redemption shall be mailed at least 30 days but not more
than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at its registered address. Notes may be redeemed in part in multiples of $1,000. On and after the Redemption Date interest shall cease to accrue on Notes or
portions thereof called for redemption and with respect to which the redemption price has been paid. 
 8.    Denominations, Transfer, Exchange.    The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any
taxes or other governmental charges imposed in relation thereto. 
 9.    Persons Deemed
Owners.    The registered Holder of a Note shall be treated as its owner for all purposes. 
 10.    Amendment, Supplement and Waiver.    Subject to certain exceptions, the Indenture may be amended or supplemented with the consent of the Holders of not less than a majority in aggregate
principal amount of the

  

 A-4 

 
then Outstanding Notes, and any existing default or compliance with any provision of the Indenture relating to the Notes may be waived with the consent of the Holders of not less than a majority
in aggregate principal amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the Indenture may be amended or supplemented for any of the purposes set forth in Section 9.01 of the Indenture, including to cure any
ambiguity, defect or inconsistency, to provide for the assumption of the Issuer’s obligations to Holders of the Notes in case of a merger or consolidation of the Issuer or sale of all or substantially all of the Issuer’s assets, to add or
release Subsidiary Guarantors pursuant to the terms of the Indenture, to make any change that does not adversely affect the rights under the Indenture of any Holder of the Notes, to comply with the requirements of the SEC to permit the qualification
of the Indenture under the TIA, to evidence or provide for the acceptance of appointment under the Indenture of a successor or separate Trustee, to add to the covenants of the Issuer or any Subsidiary Guarantor, to secure the Notes or the Guarantee
or to establish the form or terms of any other series of Debt Securities. 
 11.    Defaults and
Remedies.    Events of Default with respect to the Notes include: (i) default for 30 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal of or premium, if any, on the
Notes when due at Stated Maturity, upon redemption or otherwise; (iii) failure by the Partnership or any Subsidiary Guarantor for 60 days after notice to comply with any of its other covenants or agreements in the Indenture relating to the
Notes; (iv) default by the Partnership or any of its Subsidiaries in the payment at the Stated Maturity, after the expiration of any applicable grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a
principal amount in excess of the greater of $25 million and 2% of total partners’ capital in the Partnership, or acceleration of any Debt having a principal amount in excess of the greater of such amounts so that it becomes due and payable
prior to its Stated Maturity and such acceleration is not rescinded within 30 days after notice; (v) except as permitted by the Indenture, any Guarantee shall be held in any judicial proceeding to be null and void or shall cease to be in full
force and effect or any Subsidiary Guarantor shall deny or disaffirm its obligations under the Indenture or its Guarantee; and (vi) certain events of bankruptcy, insolvency or reorganization with respect to the Issuer or, if and so long as the
Notes are guaranteed by a Subsidiary Guarantor, such Subsidiary Guarantor. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all the
Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all Outstanding Notes shall become due and payable without further action or notice. Holders may
not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes may direct the Trustee in its exercise of any
trust or power. If and so long as the Trustee in good faith so determines, the Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of
principal, premium, if any, or interest) if it determines that withholding notice is in their interests. The Holders of not less than a majority in aggregate principal amount of the Notes then Outstanding by written notice to the Trustee may on
behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, the principal of, or premium, if any,
on, the Notes. The Partnership is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Partnership is required within 30 days after the occurrence of any Default or Event of Default, to deliver to
the Trustee a statement specifying such Default or Event of Default and certain additional information. 
 12.    Trustee Dealings with Issuer.    The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may
otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. 
 13.    No Recourse
Against Others.    The General Partner, Enbridge Energy Management, L.L.C., and their respective directors, officers, employees, incorporators, members and stockholders, as such, shall have no liability for any obligations of the
Issuer or the Subsidiary Guarantors under the Notes, the Indenture or the Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each

  

 A-5 

 
Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
 14.    Authentication.    This Note shall not be valid until authenticated by the manual signature
of the Trustee or an authenticating agent. 
 15.    Abbreviations.    Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). 
 16.    CUSIP and ISIN
Numbers.    Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use
CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon. 
 The Issuer shall furnish to any Holder upon written request
and without charge a copy of the Indenture. Requests may be made to: 
 Enbridge Energy Partners, L.P. 
 1100 Louisiana Street, Suite 3300 
 Houston, Texas 77002-5217 
 Attention: General Counsel 
  

 A-6 

 Assignment Form 
 To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 
  
  
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  
  
  
  
  
  
  
  
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                     
 agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

					
	 Date:
	  		  	
		  	 	  	

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

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

  

 A-7 

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE1 
 The original principal amount of this Global Note is $500,000,000. The following increases or decreases in this Global Note have been made:

  

									
	Date of Exchange	  	 Amount of decrease in
 Principal Amount of this
Global Note
	  	Amount of increase in
Principal Amount of this
Global Note	  	Principal Amount of this
Global Note following such
decrease (or increase)	  	Signature of authorized
signatory of Trustee or
Note Custodian

  
  

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

  

 A-8 

 EXHIBIT B 
 FORM OF SUPPLEMENTAL INDENTURE 
 SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of             ,             , among Enbridge Energy Partners, L.P., a
Delaware limited partnership (the “Partnership” or the “Issuer”),             (the “Subsidiary Guarantor”), a direct or indirect
subsidiary of the Partnership, and U.S. Bank National Association, a national banking association, as successor trustee to SunTrust Bank, as trustee under the indenture referred to below (the “Trustee”), 
 W I T N E S S E T H: 
 WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated as of May 27, 2003, as supplemented by the Tenth
Supplemental Indenture (the “Tenth Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) dated as of March 2, 2010, between the Issuer and the Trustee, providing for the issuance
of the Issuer’s 5.20% Notes due 2020 (the “Notes”); 
 WHEREAS, Section 4.14 of the Indenture
provides that under certain circumstances the Partnership is required to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of
the Issuer’s obligations under the Notes pursuant to a Guarantee on the terms and conditions set forth herein; and 
 WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Issuer and the Trustee are authorized to execute and deliver this Supplemental Indenture; 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Issuer, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 
 1.    Definitions.    (a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 (b)    For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the
context otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and
“hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 
 2.    Agreement to Guarantee.    The Subsidiary Guarantor hereby agrees, jointly and severally with
any other Subsidiary Guarantors under the Indenture, to guarantee the Issuer’s obligations under the Notes and all other amounts due and payable under the Indenture on the terms and subject to the conditions set forth in Article XIV of the
Original Indenture and to be bound by all other applicable provisions of the Indenture. To further evidence the Guarantee set forth in Section 14.01 of the Original Indenture, the Subsidiary Guarantor is executing a notation relating to such
Guarantee, substantially in the form attached to the Original Indenture as Annex A. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
  

 B-1 

 3.    GOVERNING LAW.    THIS SUPPLEMENTAL INDENTURE
SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 4.    Trustee Makes No Representation.    The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 5.    Counterparts.    The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
 6.    Effect of Headings.    The Section headings herein are for convenience only and shall not affect the construction thereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above
written. 
  

					
	ENBRIDGE ENERGY PARTNERS, L.P.
	    By:	 	 Enbridge Energy Management, L.L.C.
 as delegate of Enbridge Energy Company, Inc.,
 its General Partner

			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
	
	(SUBSIDIARY GUARANTOR)
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
		 	By:	 	 
		 		 	Name:
		 		 	Title:

  

 B-2Form of Non-Qualified Option Agreement

 NON-QUALIFIED STOCK OPTION AGREEMENT 
  
 THIS AGREEMENT, entered into as of the Grant Date (as defined in
Section 1), by and between the Participant and Intervest Bancshares Corporation (the “Company”); 
 WITNESSETH
THAT: 
 WHEREAS, the Company maintains the Intervest Bancshares Corporation Long-Term Incentive Plan (the
“Plan”), which is incorporated into and forms a part of this Agreement, and the Participant has been selected by the committee administering the Plan (the “Committee”) to receive a Non-Qualified Stock Option Award under the Plan;

 NOW, THEREFORE, IT IS AGREED, by and between the Company and the Participant, as follows: 
 1.        Terms of Award.  The following terms used in this Agreement shall have
the meanings set forth in this Section 1: 
    (a)        The
“Participant” is «First_Name» «Last_Name» 
    (b)        The Grant Date is December 10, 2009 
    (c)        The number of “Covered Shares” is 300 shares of Class A Common Stock 
    (d)        The “Initial Exercise Date” is the One Year anniversary of the Grant Date 
    (e)        The Exercise Price is $4.02 per share. 
 Other terms used in this Agreement are defined in Section 8 or elsewhere in this Agreement. 
 2.        Award and Exercise Price.  The Participant is hereby granted an option
(the “Option”) to purchase the number of Covered Shares of Stock at the Exercise Price per share as set forth in Section 1. The Option is not intended to qualify as an “Incentive Stock Option,” as defined in the Plan and in
Section 422(b) of the Code. 
 3.        Date of Exercise.  The
Option shall become exercisable as follows: (a) with respect to One Third of the Covered Shares as of the Initial Exercise Date, or December 10, 2010; (b) with respect to an additional One Third of the Covered Shares on the second
anniversary of the Grant Date, or December 10, 2011; and (c) with respect to the remaining One Third of the Covered Shares on the third anniversary of the Grant Date, or December 10, 2012. 
 The Option shall not become exercisable in accordance with the foregoing schedule as of any date subsequent to the Participant’s Date
of Termination (as defined herein). Exercisability under this schedule is cumulative, and after the Option becomes exercisable under the schedule with

 
respect to any portion of the Covered Shares, it shall continue to be exercisable with respect to that portion of the Covered Shares until the Option expires. Notwithstanding the foregoing
provisions of this Section 3, the Option shall become immediately exercisable with respect to all of the Covered Shares (e.g., 100% vested) as follows: 
 (a)      Following the Initial Exercise Date, the Option shall become fully exercisable (e.g., 100% vested) upon the date of the Participant’s Date of Termination by
reason of the Participant’s death or disability; and 
 (b)      The Option shall become
fully exercisable (e.g., 100% vested) upon the date of a Change in Control, if the Participant’s Date of Termination does not occur before the Change in Control. 
 4.        Expiration.  The Option, to the extent not theretofore exercised, shall not be exercisable on or after the Expiration Date. The
“Expiration Date” shall be earliest to occur of: 
 (a)      the ten-year
anniversary of the Grant Date; 
 (b)      if the Participant’s Date of Termination occurs by
reason of Disability or death, the one-year anniversary of such Date of Termination; 
 (c)      If the Participant’s Date of Termination occurs for reasons other than death or Disability, ninety (90) days after the Date of Termination. 
 In the event of the Participant’s death while in the employ of the Company, the Participant’s executors or administrators (or the
person or persons to whom the Participant’s rights under the Option shall have passed by the Participant’s will or by the laws of descent and distribution) may exercise any unexercised portion of the Option. No extension of time beyond the
Participant’s Date of Termination shall permit exercise beyond the date such Option would otherwise expire if no termination had occurred. 
 5.        Method of Option Exercise.  The Option may be exercised in whole or in part by filing a written notice with the Secretary of the Company
at its corporate headquarters prior to the Expiration Date. Such notice shall (a) specify the number of shares of Stock which the Participant elects to purchase; provided, however, that not less than ten (10) shares of Stock may be
purchased at any one time unless the number purchased is the total number of shares available for purchase at that time under the Option, and (b) be accompanied by payment of the Exercise Price for such shares of Stock indicated by the
Participant’s election. Payment shall be by cash or by check payable to the Company, or, at the discretion of the Committee at any time: (a) all or a portion of the Exercise Price may be paid by the Participant by delivery of shares of
Stock acceptable to the Committee (including, if the Committee so approves, the withholding of shares otherwise issuable upon exercise of the Option) and having an aggregate Fair Market Value (valued as of the date of exercise) that is equal to the
amount of cash that would otherwise be required; and (b) the Participant may pay the Exercise Price by authorizing a third party to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the Option and remit to
the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any tax withholding resulting from such exercise. 
  

 2 

 6.        Withholding.  All
distributions under this Agreement are subject to withholding of all applicable taxes. At the election of the Participant, and subject to such rules as may be established by the Committee, such withholding obligations may be satisfied through the
surrender of shares of Stock which the Participant already owns, or to which the Participant is otherwise entitled under the Plan. 
 7.        Transferability.  Except as otherwise provided in this Section 7, the Option is not transferable other than as designated by the Participant by will or by the laws of
descent and distribution, and during the Participant’s life, may be exercised only by the Participant or by the Participant’s guardian or legal representative. However, the Participant, with the approval of the Committee, may transfer the
Option for no consideration to or for the benefit of the Participant’s Immediate Family (including, without limitation, to a trust for the benefit of the Participant’s Immediate Family or to a partnership or limited liability company for
one or more members of the Participant’s Immediate Family), subject to such limits as the Committee may establish, and the transferee shall remain subject to all the terms and conditions applicable to the Option prior to such transfer.
The foregoing right to transfer Option shall apply to the right to consent to amendments to this Agreement and, in the discretion of the Committee, shall also apply to the right to transfer ancillary rights associated with the Option. The term
“Immediate Family” shall mean the Participant’s spouse, parents, children, stepchildren, adoptive relationships, sisters, brothers and grandchildren (and, for this purpose, shall also include the Participant). 
 8.        Definitions.  For purposes of this Agreement, the terms listed below
shall be defined as follows: 
 (a)      Date of Termination.  The
Participant’s “Date of Termination” shall be the first day occurring on or after the Grant Date on which the Participant’s employment with the Company or a Related Company, in the case of an employee, or service on the Board of
Directors, in the case of a Director, terminates for any reason; provided that a termination of employment shall not be deemed to occur by reason of a transfer of the Participant between the Company and a Related Company or between two Related
Companies; and further provided that the Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Company or a Related Company approved by the Participant’s employer. If, as a
result of a sale or other transaction, the Participant’s employer ceases to be a Related Company (and the Participant’s employer is or becomes an entity that is separate from the Company), the occurrence of such transaction shall be
treated as the Participant’s Date of Termination caused by the Participant being discharged by the employer. 
 (b)      Disability.  Except as otherwise provided by the Committee, the Participant shall be considered to have a “Disability” during the period in which the Participant is unable,
by reason of a medically determinable physical or mental impairment, to engage in any substantial gainful activity, which condition, in the opinion of a physician selected by the Committee, is expected to have a duration of not less than 120 days.

 (c)      Plan Definitions.  Except where the context clearly implies or
indicates the contrary, a word, term, or phrase used in the Plan is similarly used in this Agreement. 
 9.        Heirs and Successors.  This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether
by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and

  

 3 

 
business. In the event of the Participant’s death prior to exercise of this Option, the Option may be exercised by the estate of the Participant to the extent such exercise is otherwise
permitted by the Agreement. Subject to the terms of the Plan, any benefits distributable to the Participant under this Agreement that are not paid at the time of the Participant’s death shall be paid at the time and in the form determined in
accordance with the provisions of this Agreement and the Plan, to the beneficiary designated by the Participant in writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to
designate a beneficiary, or if the designated beneficiary of the deceased Participant dies before the Participant or before complete payment of the amounts distributable under this Agreement, the amounts to be paid under this Agreement shall be paid
to the legal representative or representatives of the estate of the last to die of the Participant and the beneficiary. 
 10.        Administration.  The authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee shall have all
powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding. 
 11.        Plan Definitions.  Notwithstanding anything in this Agreement to the
contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company. 
 12.        Amendment.  This Agreement may be amended by written Agreement of the
Participant and the Company, without the consent of any other person. 
 13.        Applicable Law.  This Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York without giving effect to any choice or
conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. 
 IN WITNESS WHEREOF, the Participant has executed this Agreement, and the Company has caused these presents to be executed in its name and on
its behalf, all as of the Grant Date. 
  

			
	 Participant

	
	  

	«First_Name» «Last_Name»
	
	 Intervest Bancshares Corporation

		
	 By:
	 	  

		 	     Lowell S. Dansker

	 Its:
	 	     Chairman & CEO

  

 4

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