Document:

exv4w1

Exhibit 4.1

 

BUCKEYE PARTNERS, L.P.

Issuer

and

U.S. BANK NATIONAL ASSOCIATION

Trustee

SEVENTH SUPPLEMENTAL INDENTURE

Dated as of January 13, 2011

To

INDENTURE

Dated as of July 10, 2003

4.875% Notes due 2021

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	 
	 	 	Page	 
	ARTICLE 1 Relation to Indenture; Definitions
	 	 	1	 
	SECTION 1.01. Relation to Indenture
	 	 	1	 
	SECTION 1.02. Definitions
	 	 	2	 
	SECTION 1.03. General References
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 2 The Series of Securities
	 	 	2	 
	SECTION 2.01. The Form and Title of the Securities
	 	 	2	 
	SECTION 2.02. Amount
	 	 	2	 
	SECTION 2.03. Stated Maturity
	 	 	2	 
	SECTION 2.04. Interest and Interest Rates
	 	 	2	 
	SECTION 2.05. Place of Payment
	 	 	3	 
	SECTION 2.06. Special Mandatory Redemption
	 	 	3	 
	SECTION 2.07. Optional Redemption
	 	 	3	 
	SECTION 2.08. Defeasance and Discharge; Covenant Defeasance
	 	 	3	 
	SECTION 2.09. Global Securities
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 3 Events of Default
	 	 	4	 
	SECTION 3.01. Additional Event of Default
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 4 Covenants
	 	 	4	 
	SECTION 4.01. Additional Covenant
	 	 	4	 
	 
	 	 	 	 
	ARTICLE 5 Miscellaneous
	 	 	5	 
	SECTION 5.01. Certain Trustee Matters
	 	 	5	 
	SECTION 5.02. Continued Effect
	 	 	5	 
	SECTION 5.03. Governing Law
	 	 	5	 
	SECTION 5.04. Counterparts
	 	 	6	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	Exhibit A: Form of Note
	 	 	 	 

Seventh Supplemental Indenture

 

 

     SEVENTH SUPPLEMENTAL INDENTURE, dated as of January 13, 2011 (this “Seventh Supplemental
Indenture”), between Buckeye Partners, L.P., a Delaware limited partnership (the
“Partnership”), having its principal office at 1 Greenway Plaza, Suite 600, Houston, Texas 77056,
and U.S. Bank National Association, a national banking association organized and existing
under the laws of the United States of America (as successor-in-interest to SunTrust
Bank), as trustee under the Indenture referred to below (in such capacity, the “Trustee”).

RECITALS OF THE PARTNERSHIP

     WHEREAS, the Partnership and the Trustee have heretofore entered into an Indenture, dated as
of July 10, 2003 (the “Original Indenture”), as amended and supplemented by the First Supplemental
Indenture thereto dated as of July 10, 2003 (the “First Supplemental Indenture”), the Second
Supplemental Indenture thereto dated as of August 19, 2003 (the “Second Supplemental Indenture”),
the Third Supplemental Indenture thereto dated as of October 12, 2004 (the “Third Supplemental
Indenture”). the Fourth Supplemental Indenture thereto dated as of June 30, 2005 (the “Fourth
Supplemental Indenture”), the Fifth Supplemental Indenture thereto dated as of January 11, 2008
(the “Fifth Supplemental Indenture”), and the Sixth Supplemental Indenture thereto dated as of
August 18, 2009 (the “Sixth Supplemental Indenture”) (the Original Indenture, as supplemented from
time to time, including without limitation pursuant to the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the
Fifth Supplemental Indenture, the Sixth Supplemental Indenture and this Seventh Supplemental
Indenture, being referred to herein as the “Indenture”); and

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

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

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

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

ARTICLE 1

Relation to Indenture; Definitions

     SECTION 1.01. Relation to Indenture.

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

Seventh Supplemental Indenture

 

 

     SECTION 1.02. Definitions.

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

     SECTION 1.03. General References.

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

ARTICLE 2

The Series of Securities

     SECTION 2.01. The Form and Title of the Securities.

     There is hereby established a new series of Securities to be issued under the Indenture and to
be designated as the Partnership’s 4.875% Notes due 2021 (the “Notes”). The Notes shall be
substantially in the form attached as Exhibit A hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by the
Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as the Partnership may deem appropriate or as may be required or
appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of
any securities exchange or automated quotation system on which the Notes may be listed or traded,
or to conform to general usage, or as may, consistently with the Indenture, be determined by the
officers executing such Notes, as evidenced by their execution thereof.

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

     SECTION 2.02. Amount.

     The aggregate principal amount of the Notes which may be authenticated and delivered pursuant
hereto is unlimited. The Trustee shall initially authenticate and deliver Notes for original issue
in an initial aggregate principal amount of up to $650,000,000 upon delivery to the Trustee of a
Partnership Order for the authentication and delivery of such Notes. The aggregate principal
amount of the Notes to be issued hereunder may be increased at any time hereafter and the series
may be reopened for issuances of additional Notes, upon Partnership Order without the consent of
any Holder. The Notes issued on the date hereof and any such additional Notes that may be issued
hereafter shall be part of the same series of Securities for all purposes under the Indenture.

     SECTION 2.03. Stated Maturity.

     The Notes may be issued on any Business Day on or after January 13, 2011, and the Stated
Maturity of the Notes shall be February 1, 2021.

     SECTION 2.04. Interest and Interest Rates.

     The rate or rates at which the Notes shall bear interest, the date or dates from which such
interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and
the Regular

Seventh Supplemental Indenture

2

 

Record Date for any interest payable on any Interest Payment Date, in each case, shall be as
set forth in the form of Note set forth as Exhibit A hereto.

     SECTION 2.05. Place of Payment.

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

     SECTION 2.06. Special Mandatory Redemption.

     If, for any reason, (1) the BORCO Acquisition is not consummated on or prior to 5:00 p.m., New
York City time, on April 18, 2011 or (2) the BORCO Purchase Agreement is terminated on or prior to
5:00 p.m., New York City time, on April 18, 2011, the Partnership shall redeem all of the Notes
then Outstanding on the Special Mandatory Redemption Date at the Special Mandatory Redemption
Price. The Partnership shall mail notice of a special mandatory redemption pursuant to this
Section 2.06 promptly after the occurrence of the event triggering the special mandatory redemption
to each Holder of the Notes at its registered address. If funds sufficient to pay the Special
Mandatory Redemption Price of all of the Notes to be redeemed on the Special Mandatory Redemption
Date are deposited with the Paying Agent on or before such Special Mandatory Redemption Date, on
and after such Special Mandatory Redemption Date the Notes will cease to bear interest.

     “BORCO Acquisition” means the acquisition by the Partnership of an 80% interest in FR Borco
Coop Holdings, L.P., the indirect owner of Bahamas Oil Refining Company International Limited,
pursuant to the terms of the BORCO Purchase Agreement.

     “BORCO Purchase Agreement” means the Sale and Purchase Agreement, dated as of December 18,
2010, as amended by Amendment No. 1 to Sale and Purchase Agreement, dated as of December 23, 2010,
by and among Buckeye Atlantic Holdings LLC, FR XI Offshore AIV, L.P. and FR Borco GP Ltd., as
amended from time to time.

     “Special Mandatory Redemption Date” means the earlier to occur of (1) May 18, 2011 if the
BORCO Acquisition has not been completed on or prior to 5:00 p.m., New York City time, on April 18,
2011 or (2) the 30th day (or if such day is not a Business Day, the first Business Day thereafter)
following the termination of the BORCO Purchase Agreement for any reason.

     “Special Mandatory Redemption Price” means 101% of the aggregate principal amount of the Notes
then Outstanding, plus accrued and unpaid interest from the date of initial issuance to but
excluding the Special Mandatory Redemption Date.

     SECTION 2.07. Optional Redemption.

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

     At any time on or after the date that is three months prior to maturity, the Partnership may
redeem the Notes, in whole or in part, at its option at par plus accrued and unpaid interest
thereon to, but excluding, the date of redemption.

     SECTION 2.08. Defeasance and Discharge; Covenant Defeasance.

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

Seventh Supplemental Indenture

3

 

     SECTION 2.09. Global Securities.

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

ARTICLE 3

Events of Default

     SECTION 3.01. Additional Event of Default.

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

ARTICLE 4

Covenants

     SECTION 4.01. Additional Covenant.

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

     SEC Reports; Financial Statements.

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

     (2) If such filings are not then permitted by the Commission, or such filings are not
generally available on the Internet free of charge, from and after the Issue Date of the
Notes, the

Seventh Supplemental Indenture

4

 

Partnership shall provide the Trustee with, and the Trustee, at the Partnership’s
expense, will mail to any Holder of Notes requesting in writing to the Trustee copies of,
such annual, quarterly and other periodic report specified in Sections 13 and 15(d) of the
Exchange Act within 15 days after its Required Filing Date; provided, however, the Trustee
shall have no liability whatsoever with respect to the mailing and delivery of such reports
to the Holders.

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

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

ARTICLE 5

Miscellaneous

     SECTION 5.01. Certain Trustee Matters.

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

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

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

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

     SECTION 5.02. Continued Effect.

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

     SECTION 5.03. Governing Law.

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

Seventh Supplemental Indenture

5

 

     SECTION 5.04. Counterparts.

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

[Remainder of Page Intentionally Left Blank]

Seventh Supplemental Indenture

6

 

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

	 	 	 	 	 
	 	BUCKEYE PARTNERS, L.P.

By: BUCKEYE GP LLC

Its General Partner

 	 

	 	 	 	 	 
	 	 	 
	 	By:  	              /s/ William H. Schmidt, Jr.
 	 
	 	 	Name:  	William H. Schmidt, Jr. 	 
	 	 	Title:  	Vice President and General Counsel 	 
	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ Jack Ellerin
 	 
	 	 	Name: 	  Jack Ellerin
	 
	 	 	Title:  	Authorized Officer 	 
	 

Seventh Supplemental Indenture

 

 

EXHIBIT A

[FORM OF FACE OF NOTE]

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

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

BUCKEYE PARTNERS, L.P.

4.875% Notes due 2021

			
	No. [___]
	 	U.S.$[_________]

CUSIP No. 118230 AJ0

     BUCKEYE PARTNERS, L.P., a Delaware limited partnership (herein called the “Partnership”, which
term includes any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SIX
HUNDRED FIFTY MILLION United States Dollars on February 1, 2021, and to pay interest thereon from
January 13, 2011, or from the most recent Interest Payment Date to which interest has been paid or
duly provided for, semi-annually on February 1 and August 1 in each year, commencing on August 1,
2011, at the rate of 4.875% per annum, until the principal hereof is paid or made available for
payment and at the rate of 4.875% per annum on any overdue principal and premium and on any overdue
installment of interest. The amount of interest payable for any period shall be computed on the
basis of twelve 30-day months and a 360-day year. The amount of interest payable for any partial
period shall be computed on the basis of a 360-day year of twelve 30-day months and the days
elapsed in any partial month. In the event that any date on which interest is payable on this
Security is not a Business Day, then a payment of the interest payable on such date will be made on
the next succeeding day which is a Business Day (and without any interest or other payment in
respect of any such delay) with the same force and effect as if made on the date the payment was
originally payable. A “Business Day” shall mean, when used with respect to any Place of Payment,
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law, executive order or
regulation to close. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the
“Regular Record Date” for such interest, which shall be the January 15 or July 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given
to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange or automated quotation system on which the Securities of this series may be
listed or traded, and upon such notice as may be required by such exchange or automated quotation
system, all as more fully provided in such Indenture.

 

 

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

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

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

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

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

Dated: ________, ____

	 	 	 	 	 
	 	 BUCKEYE PARTNERS, L.P.

By: BUCKEYE GP LLC

its General Partner

 	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

	 	 	 	 	 
	By:  	 	 
	 	Authorized Signatory 	 
	 	 	 	 

 

 

	 	 	 	 	 

[REVERSE OF NOTE]

BUCKEYE PARTNERS, L.P.

4.875% Notes due 2019

     This Security is one of a duly authorized issue of securities of the Partnership (the
“Securities”), issued and to be issued in one or more series under an Indenture dated as of July
10, 2003, as amended and supplemented by the First Supplemental Indenture thereto dated as of July
10, 2003, as further amended and supplemented by the Second Supplemental Indenture thereto dated as
of August 19, 2003, as further amended and supplemented by the Third Supplemental Indenture thereto
dated as of October 12, 2004, as further amended and supplemented by the Fourth Supplemental
Indenture thereto dated as of June 30, 2005, as further amended and supplemented by the Fifth
Supplemental Indenture thereto dated as of January 11, 2008, as further amended and supplemented by
the Sixth Supplemental Indenture thereto dated as of August 18, 2009, and as further amended and
supplemented by the Seventh Supplemental Indenture thereto dated as of January 13, 2011 (such
Indenture, as so amended and supplemented being referred to herein as the “Indenture”), between the
Partnership and U.S. Bank National Association, a national banking association organized and
existing under the laws of the United States of America (as successor-in-interest to SunTrust
Bank), as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, obligations, duties and immunities thereunder of
the Partnership, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof.

     If, for any reason, (1) the BORCO Acquisition is not consummated on or prior to 5:00 p.m., New
York City time, on April 18, 2011 or (2) the BORCO Purchase Agreement is terminated on or prior to
5:00 p.m., New York City time, on April 18, 2011, the Partnership shall redeem all of the
Securities on the Special Mandatory Redemption Date at the Special Mandatory Redemption Price. The
Partnership shall mail notice of a special mandatory redemption pursuant to this paragraph promptly
after the occurrence of the event triggering the special mandatory redemption to the Holder at its
registered address. If funds sufficient to pay the Special Mandatory Redemption Price of all of the
Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Paying
Agent on or before such Special Mandatory Redemption Date, on and after such Special Mandatory
Redemption Date the Securities will cease to bear interest.

     “BORCO Acquisition” means the acquisition by the Partnership of an 80% interest in FR Borco
Coop Holdings, L.P., the indirect owner of Bahamas Oil Refining Company International Limited,
pursuant to the terms of the BORCO Purchase Agreement.

     “BORCO Purchase Agreement” means the Sale and Purchase Agreement, dated as of December 18,
2010, as amended by Amendment No. 1 to Sale and Purchase Agreement, dated as of December 23, 2010,
by and among Buckeye Atlantic Holdings LLC, FR XI Offshore AIV, L.P. and FR Borco GP Ltd., as
amended from time to time.

     “Special Mandatory Redemption Date” means the earlier to occur of (1) May 18, 2011 if the
BORCO Acquisition has not been completed on or prior to 5:00 p.m., New York City time, on April 18,
2011 or (2) the 30th day (or if such day is not a Business Day, the first Business Day thereafter)
following the termination of the BORCO Purchase Agreement for any reason.

     “Special Mandatory Redemption Price” means 101% of the aggregate principal amount of the Notes
then Outstanding, plus accrued and unpaid interest from the date of initial issuance to but
excluding the Special Mandatory Redemption Date.

     This Security is redeemable, in whole or in part, at the Partnership’s option at any time
prior to the date that is three months prior to maturity at a redemption price equal to the greater
of (a) 100% of the principal amount of this Security, and (b) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal
and interest (not including any portion of those payments of interest accrued as of the date of
redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 25 basis
points, plus, in each case, accrued and unpaid interest to the date of redemption.

 

 

     At any time on or after the date that is three months prior to maturity, this Security is
redeemable, in whole or in part, at the Partnership’s option at par plus accrued and unpaid
interest thereon to, but excluding, the date of redemption.

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

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

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of this Security that would
be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of
this Security.

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

     “Quotation Agent” means Barclays Capital Inc. or another Reference Treasury Dealer (as defined
below) appointed by the Partnership.

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

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

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

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

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

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

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Partnership and the rights of the Holders of
the Securities of each series to be affected under the Indenture at any time by the Partnership and
the Trustee with the consent of not less than the Holders of a majority in aggregate principal
amount of the Outstanding Securities of all series to be affected (voting as one class). The
Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Outstanding Securities of all affected series (voting as one class), on behalf of the
Holders of all Securities of such series, to waive compliance by the Partnership with certain
provisions of the Indenture. The Indenture permits, with certain exceptions as therein provided,
the Holders of a majority in principal amount of

 

Securities of any series then Outstanding to waive past defaults under the Indenture with
respect to such series and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and all holders of Securities of which
this Security is a Predecessor Security, whether or not notation of such consent or waiver is made
upon this or any other Security.

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

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

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

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

     [If a Definitive Security, insert—As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registerable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of
the Partnership in The City of New York, or, subject to any laws or regulations applicable thereto
and to the right of the Partnership (limited as provided in the Indenture) to rescind the
designation of any such transfer agent, at the offices of _________________ in the Borough of
Manhattan, The City of New York, and at such other offices or agencies as the Partnership may
designate, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Partnership and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.]

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

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

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

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

 

officer, employee, stockholder or unitholder, as such, of the Partnership, the Trustee, the General
Partner or any
 Affiliate of any of the foregoing entities shall have any personal liability in respect of the
obligations of the Partnership under the Indenture or such Securities by reason of his, her or its
status.

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

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

 

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

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

Please Insert Social Security or
Other Identifying Number of Assignee:

	 	 	 

	 

	 	 
	 
	 	 
	Dated:

	 	 
	 

	 	(Signature)

Signature Guarantee:

(Participant in a Recognized Signature
Guaranty Medallion Program)

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

 

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

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITY

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

	 	 	 	 	 	 	 	 	 

	Date of Exchange
	 	Amount of Decrease

in Principal Amount

of this Global

Security
	 	Amount of Increase

in Principal Amount

of this

Global Security
	 	Principal Amount of

this Global

Security following

such decrease

(or increase)
	 	Signature of

authorized officer

of Trustee or

Depositary]Exhibit 10.1

Exhibit 10.1

 FOURTH AMENDMENT TO 

MASTER SPONSORED RESEARCH AGREEMENT

This Fourth Amendment, dated as of January 18, 2011 (this “Fourth Amendment”), by and between
THE OHIO STATE UNIVERSITY RESEARCH FOUNDATION, on behalf of Ohio State University, a university
with a principal place of business at 1960 Kenny Road, Columbus, OH 43210 (“Institution”), and
NEUROLOGIX, INC., a Delaware corporation with a principal place of business at One Bridge Plaza,
Fort Lee, New Jersey, 07024 (“Sponsor”).

WHEREAS, Institution and Sponsor are parties to that certain Master Sponsored Research
Agreement, dated as of May 10, 2006, as amended May 29, 2008, October 29, 2008 and September 24,
2009 (as so amended, the “Agreement”), which provides for certain research and rights relating to
the development of gene therapy approaches to neurodegenerative disorders and other fields, as more
fully specified in the Agreement;

WHEREAS, the term of the Agreement ended on November 10, 2010; and

WHEREAS, Institution and Sponsor wish to continue and renew the Agreement, effective as of
November 10, 2010, to continue for a one-year period ending on November 10, 2011, on the terms and
conditions set forth herein.

NOW, THEREFORE, Institution and Sponsor hereby agree as follows:

1. Unless otherwise specifically provided herein, all terms used and capitalized in this
Fourth Amendment, but which are not defined herein, shall be deemed to have the respective meanings
set forth in the Agreement.

2. Section 1.1 of the Agreement is hereby amended by deleting the first sentence and replacing
it with the following:

“Sponsor shall pay Institution a total of One Hundred Sixty-Six Thousand and Six Hundred
Sixty-Six Dollars ($166,666) (the “Fee”) for the period commencing November 10, 2010 and
ending on November 10, 2011 (such period, the “Fourth Renewal Term”) in accordance with
Article 6 hereof.”

3. Section 6.1 of the Agreement is hereby amended by deleting the entire section in its
entirety and replacing it with the following:

“6.1 Sponsor shall pay the Fee to Institution for the Fourth Renewal Term in two (2) equal
installments of Eighty-Three Thousand Three Hundred and Thirty-Three Dollars U.S. ($83,333),
with the first payment due on January 18, 2011 and the remaining payment due six (6) months
thereafter.”

4. Section 7 of the Agreement is hereby amended by deleting the section in its entirety and
replacing it with the following:

 

1

 

“7. Term and Research Period

This Agreement shall continue in effect from November 10, 2010 through November 10, 2011,
unless sooner terminated in accordance with the provisions of Section 8 of this Agreement.”

5. Section 9.4 of the Agreement is hereby amended by deleting the last sentence and replacing
it with the following:

“Institution shall also send a copy of any notice it sends to Sponsor or Principal
Investigator to Sponsor’s counsel, David B. Hertzog, Winston & Strawn LLP, 200 Park Avenue,
New York, NY 10166.”

6. Section 9.12 of the Agreement is hereby amended by deleting the rest of the text following
the phrase “With a copy sent to:” and replacing it with the following:

	 	 	 	 	 
	 

	 	“ 
	 	David B. Hertzog
	 

	 	 	 	Winston & Strawn LLP
	 

	 	 	 	200 Park Avenue
	 

	 	 	 	New York, NY 10166”

7. Except as amended hereby, the Agreement, and the terms and provisions thereof, shall remain
in full force and effect.

8. This Fourth Amendment shall not be effective until executed by the parties hereto and may
be executed in several counterparts, each of which will constitute an original instrument and all
of which will together constitute one and the same instrument. This Fourth Amendment may be
executed by the delivery of copies of the signatures of the parties hereto by facsimile or
electronic exchange.

9. This Fourth Amendment shall be construed, interpreted, applied and governed in all respects
in accordance with the laws of the State of Ohio, without regard to such State’s conflicts or
choice of laws provisions.

[Signature page follows]

 

2

 

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

	 	 	 	 	 
	 	THE OHIO STATE UNIVERSITY RESEARCH FOUNDATION

 	 
	 	By:  	/s/ Kristy A. Baker
 	 
	 	Name:  	Kristy A. Baker, CRA 	 
	 	Title:  	Director, Office for Business & Industry Contracts 	 
	 

	 	 	 	 	 
	 	NEUROLOGIX, INC.

 	 
	 	By:  	/s/ Clark A. Johnson
 	 
	 	Name:  	Clark A. Johnson 	 
	 	Title:  	President and Chief Executive Officer 	 
	 
	 	 	 
	 	By:  	  /s/ Marc L. Panoff
 	 
	 	Name:  	Marc L. Panoff 	 
	 	Title:  	Chief Financial Officer, Treasurer and Secretary

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