Document:

Exhibit
4.1

 

COMMON STOCK PURCHASE WARRANT

 

AVI BIOPHARMA, INC.

 

	
  Cusip
  [           ]

  	
   

  
	
  Warrant Shares:
  [           ]

  	
  Initial Exercise
  Date: February 25, 2010

  

 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”)
certifies that, for value received,                        
(the “Holder”) is entitled, upon the terms and subject to the
limitations on exercise and the conditions hereinafter set forth, at any time
on or after the six month anniversary of the date hereof (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. Pacific time on August 25,
2014 (the “Termination Date”) but not thereafter, to subscribe for and
purchase from AVI Biopharma, Inc., an Oregon corporation (the “Company”),
up to               
shares (the “Warrant Shares”) of Common Stock.  The purchase price of one share of Common
Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.                                            Definitions.  Capitalized terms used and not otherwise
defined herein shall have the meanings set forth in that certain Underwriting
Agreement (the “Underwriting Agreement”), dated August 20, 2009, between the Company and the signatories
thereto.

 

Section 2.                                            Exercise.

 

a)                                      Exercise of Warrant. 
Exercise of the purchase rights represented by this Warrant may be made,
in whole or in part, at any time or times on or after the Initial Exercise Date
and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the
registered Holder at the address of the Holder appearing on the books of the
Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed
hereto; and, within three (3) Trading Days of the date said Notice of
Exercise is delivered to the Company, the Company shall have received payment
of the aggregate Exercise Price of the shares thereby purchased by wire
transfer or cashier’s check drawn on a United States bank of, if available,
pursuant to the cashless exercise procedure specified in Section 2(c) below.  Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares
available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within
three (3) Trading Days of the date the final Notice of Exercise is
delivered to the Company.  Partial
exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant Shares available hereunder shall have the effect of lowering
the outstanding number of Warrant Shares purchasable hereunder in an amount
equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain
records showing the number of Warrant Shares purchased and the date of such
purchases.  The Company shall deliver any
objection to any Notice of Exercise Form within 1 Business Day of receipt
of such notice.  The Holder
and any

 

1

 

assignee, by acceptance of this
Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the purchase of a portion of the Warrant Shares hereunder,
the number of Warrant Shares available for purchase hereunder at any given time
may be less than the amount stated on the face hereof.

 

b)                                     Exercise Price. 
The exercise price per share of the Common Stock under this Warrant
shall be $1.78, subject to adjustment hereunder
(the “Exercise Price”).

 

c)                                      Cashless Exercise. 
If at the time of exercise hereof there is no effective registration
statement registering, or the prospectus contained therein is not available for
use, the issuance of the Warrant Shares to the Holder, then this Warrant may
also be exercised, in whole or in part, at such time by means of a “cashless
exercise” in which the Holder shall be entitled to receive a certificate for
the number of Warrant Shares equal to the quotient obtained by dividing [(A-B)
(X)] by (A), where:

 

(A) =  the VWAP on the Trading Day immediately
preceding the date on which Holder elects to exercise this Warrant by means of
a “cashless exercise,” as set forth in the applicable Notice of Exercise;

 

(B) =   the Exercise Price of this Warrant, as
adjusted hereunder; and

 

(X) =  the number of Warrant Shares that would
be issuable upon exercise of this Warrant in accordance with the terms of this
Warrant if such exercise were by means of a cash exercise rather than a
cashless exercise.

 

“VWAP” means, for any
date, the price determined by the first of the following clauses that applies: (a) if
the Common Stock is then listed or quoted on a Trading Market, the daily volume
weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed
or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New
York City time), (b)  if the OTC Bulletin Board is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock
is not then listed or quoted for trading on the OTC Bulletin Board and if
prices for the Common Stock are then reported in the “Pink Sheets” published by
Pink OTC Markets, Inc. (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per share of the
Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected
in good faith by the Company.

 

d)                                     Mechanics of Exercise.

 

i.      Delivery of Certificates Upon Exercise.  Certificates for shares purchased hereunder
shall be transmitted by the Transfer Agent to the Holder by crediting the
account of the Holder’s prime broker with the Depository Trust Company through
its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company
is then a participant in

 

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such system, and
otherwise by physical delivery to the address specified by the Holder in the
Notice of Exercise by the date that is three (3) Trading Days after the
latest of (A) the delivery to the Company of the Notice of Exercise Form, (B) surrender
of this Warrant (if required) and (C) payment of the aggregate Exercise
Price as set forth above (including by cashless exercise, if permitted) (such
date, the “Warrant Share Delivery Date”).  This Warrant shall be deemed to have been
exercised on the first date on which all of the foregoing have been delivered
to the Company.  The Warrant Shares shall
be deemed to have been issued, and Holder or any other person so designated to
be named therein shall be deemed to have become a holder of record of such
shares for all purposes, as of the date the Warrant has been exercised, with
payment to the Company of the Exercise Price (or by cashless exercise, if
permitted) and all taxes required to be paid by the Holder, if any, pursuant to
Section 2(d)(vi) prior to the issuance of such shares, having been
paid. If the Company fails for any reason to deliver to the Holder certificates
evidencing the Warrant Shares subject to a Notice of Exercise by the Warrant
Share Delivery Date, the Company shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares
subject to such exercise (based on the VWAP of the Common Stock on the date of
the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages begin to
accrue) for each Trading Day after such Warrant Share Delivery Date until such
certificates are delivered or the Holder rescinds such exercise.

 

ii.     Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in
part, the Company shall, at the request of the Holder and upon surrender of
this Warrant certificate, at the time of delivery of the certificate or
certificates representing Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares
called for by this Warrant, which new Warrant shall in all other respects be
identical with this Warrant.

 

iii.    Rescission Rights.  If the Company fails to cause the Transfer
Agent to transmit to the Holder a certificate or the certificates representing
the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share
Delivery Date, then, the Holder will have the right to rescind such exercise.

 

iv.    Compensation for Buy-In on Failure to
Timely Deliver Certificates Upon Exercise. 
In addition to any other rights available to the Holder, if the Company
fails to cause the Transfer Agent to transmit to the Holder a certificate or
the certificates representing the Warrant Shares pursuant to an exercise on or
before the Warrant Share Delivery Date, and if after such date the Holder is
required by its broker to purchase (in an open market transaction or otherwise)
or the Holder’s brokerage firm

 

3

 

otherwise purchases,
shares of Common Stock to deliver in satisfaction of a sale by the Holder of
the Warrant Shares which the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the
amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased
exceeds (y) the amount obtained by multiplying (1) the number of
Warrant Shares that the Company was required to deliver to the Holder in
connection with the exercise at issue times (2) the price at which the
sell order giving rise to such purchase obligation was executed, and (B) at
the option of the Holder, either reinstate the portion of the Warrant and
equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder
the number of shares of Common Stock that would have been issued had the
Company timely complied with its exercise and delivery obligations
hereunder.  For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a
Buy-In with respect to an attempted exercise of shares of Common Stock with an
aggregate sale price giving rise to such purchase obligation of $10,000, under
clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In
and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of the Warrant
as required pursuant to the terms hereof.

 

v.     No Fractional Shares or Scrip.  No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the
Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final
fraction in an amount equal to such fraction multiplied by the Exercise Price
or round up to the next whole share.

 

vi.    Charges, Taxes and Expenses.  Issuance of certificates for Warrant Shares
shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such certificate, all of
which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; provided, however, that in the event
certificates for Warrant Shares are to be issued in a name other than the name
of the Holder, this Warrant when surrendered for exercise shall be accompanied
by the Assignment Form

 

4

 

attached hereto duly
executed by the Holder and the Company may require, as a condition thereto, the
payment of a sum sufficient to reimburse it for any transfer tax incidental
thereto.

 

vii.   Closing of Books.  The Company will not close its stockholder
books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

e)                                      Holder’s Exercise Limitations. 
The Company shall not effect any exercise of this Warrant, and the
Holder shall not have the right to exercise any portion of this Warrant,
pursuant to Section 2 or otherwise, to the extent that after giving effect
to such issuance after exercise as set forth on the applicable Notice of
Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s
Affiliates), would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below).  For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by the Holder and its
Affiliates shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of shares of Common Stock which would be
issuable upon (i) exercise of the remaining, nonexercised portion of this
Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other Common
Stock Equivalents) subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of
its Affiliates.  Except as set forth in the preceding sentence, for
purposes of this Section 2(e), beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder, it being acknowledged by the Holder that
the Company is not representing to the Holder that such calculation is in
compliance with Section 13(d) of the Exchange Act and the Holder is
solely responsible for any schedules required to be filed in accordance
therewith.   To the extent that the
limitation contained in this Section 2(e) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates) and of which portion of this
Warrant is exercisable shall be in the sole discretion of the Holder, and the
submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates) and of which
portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or
confirm the accuracy of such determination.  
In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in
determining the number of outstanding shares of Common Stock, the Holder may
rely on the number of outstanding shares of Common Stock as reflected in (A) the
Company’s most recent periodic or annual report filed with the Commission, as
the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth
the number of shares of Common Stock outstanding.  Upon the written or
oral request of the Holder, the

 

5

 

Company shall within two
Trading Days confirm orally and in writing to the Holder the number of shares
of Common Stock then outstanding.  In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by
the Holder or its Affiliates since the date as of which such number of
outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. 
The Holder, upon not less than 61 days’ prior notice to the Company, may
increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e),
provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of
the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock upon exercise of this Warrant
held by the Holder and the provisions of this Section 2(e) shall
continue to apply.  Any such increase or decrease
will not be effective until the 61st day after such notice is delivered to the
Company.  The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in
strict conformity with the terms of this Section 2(e) to correct this
paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make
changes or supplements necessary or desirable to properly give effect to such
limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

 

Section 3.                                            Certain Adjustments.

 

a)                                      Stock Dividends and Splits. If the Company, at any time while this
Warrant is outstanding: (i) pays a stock dividend or otherwise makes a
distribution or distributions on shares of its Common Stock or any other equity
or equity equivalent securities payable in shares of Common Stock (which, for
avoidance of doubt, shall not include any shares of Common Stock issued by the
Company upon exercise of this Warrant), (ii) subdivides outstanding shares
of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a
smaller number of shares, or (iv) issues by reclassification of shares of
the Common Stock any shares of capital stock of the Company, then in each case
the Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding treasury shares, if
any) outstanding immediately before such event and of which the denominator
shall be the number of shares of Common Stock outstanding immediately after
such event, and the number of shares issuable upon exercise of this Warrant
shall be proportionately adjusted such that the aggregate Exercise Price of
this Warrant shall remain unchanged.  Any
adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination
or re-classification.

 

b)                                     Subsequent Rights Offerings. 
If the Company, at any time while the Warrant is outstanding, shall
issue rights, options or warrants to all holders of Common Stock (and not to
the Holders) entitling them to subscribe for or purchase shares of

 

6

 

Common Stock at a price
per share less than the VWAP on the record date mentioned below, then, the
Exercise Price shall be multiplied by a fraction, of which the denominator
shall be the number of shares of the Common Stock outstanding on the date of
issuance of such rights, options or warrants plus the number of additional
shares of Common Stock offered for subscription or purchase, and of which the
numerator shall be the number of shares of the Common Stock outstanding on the
date of issuance of such rights, options or warrants plus the number of shares
which the aggregate offering price of the total number of shares so offered
(assuming receipt by the Company in full of all consideration payable upon
exercise of such rights, options or warrants) would purchase at such VWAP.  Such adjustment shall be made whenever such
rights, options or warrants are issued, and shall become effective immediately
after the record date for the determination of stockholders entitled to receive
such rights, options or warrants.

 

c)             Pro Rata Distributions.  If the Company, at any time while this
Warrant is outstanding, shall distribute to all holders of Common Stock (and
not to the Holders) evidences of its indebtedness or assets (including cash and
cash dividends) or rights or warrants to subscribe for or purchase any security
other than the Common Stock (which shall be subject to Section 3(b)), then
in each such case the Exercise Price shall be adjusted by multiplying the
Exercise Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such distribution by a
fraction of which the denominator shall be the VWAP determined as of the record
date mentioned above, and of which the numerator shall be such VWAP on such
record date less the then per share fair market value at such record date of
the portion of such assets or evidence of indebtedness so distributed
applicable to one outstanding share of the Common Stock as determined by the
Board of Directors in good faith.  In
either case the adjustments shall be described in a statement provided to the
Holder of the portion of assets or evidences of indebtedness so distributed or
such subscription rights applicable to one share of Common Stock.  Such adjustment shall be made whenever any
such distribution is made and shall become effective immediately after the
record date mentioned above.

 

d)            Fundamental Transaction. If, at any time while
this Warrant is outstanding, (i) the Company,
directly or indirectly, in one or more related transactions effects any merger or consolidation of
the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect,
purchase offer, tender offer or exchange offer (whether by the Company or
another Person) is completed pursuant to which holders of Common Stock are
permitted to sell, tender or exchange their shares for other securities, cash
or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or
exchanged for other securities, cash or property, (each a “Fundamental
Transaction”), then, upon any
subsequent exercise of this Warrant, the Holder
shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such
Fundamental Transaction (without regard to any limitation in Section 2(e) on
the exercise of this

 

7

 

Warrant), the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this
Warrant). 
For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in
respect of one share of Common Stock in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration.  If
holders of Common Stock are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration it receives upon any
exercise of this Warrant following such Fundamental Transaction.  Notwithstanding anything to the contrary, in
the event of a Fundamental Transaction that is (1) an all cash
transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3
under the Exchange Act, or (3) a Fundamental Transaction involving a
person or entity not traded on a national securities exchange, including, but
not limited to, the Nasdaq Global Select Market, the Nasdaq Global Market, or
the Nasdaq Capital Market, the Company or any Successor Entity (as defined
below) shall, at the Holder’s option, exercisable at any time concurrently
with, or within 30 days after, the consummation of the Fundamental Transaction,
purchase this Warrant from the Holder by paying to the Holder an amount of cash
equal to the Black Scholes Value of the remaining unexercised portion of this
Warrant on the date of the consummation of such Fundamental Transaction.  “Black
Scholes Value” means the value of this Warrant based on the Black
and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
determined as of the day of consummation of the applicable Fundamental
Transaction for pricing purposes and reflecting (A) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the time
between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date, (B) an expected volatility equal to
the greater of 100% and the 100 day volatility obtained from the HVT function
on Bloomberg as of the Trading Day immediately following the public
announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the sum of the price per
share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction and (D) a
remaining option time equal to the time between the date of the public
announcement of the applicable Fundamental Transaction and the Termination
Date.  The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction
Documents in accordance with the provisions of this Section 3(e) pursuant
to written agreements in form and substance reasonably satisfactory to the
Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the holder of this Warrant,
deliver to the Holder in exchange for this Warrant a security of the Successor
Entity evidenced by a written instrument

 

8

 

substantially
similar in form and substance to this Warrant which is exercisable for a
corresponding number of shares of capital stock of such Successor Entity (or
its parent entity) equivalent to the shares of Common Stock acquirable and
receivable upon exercise of this Warrant (without regard to any limitations on
the exercise of this Warrant) prior to such Fundamental Transaction, and with
an exercise price which applies the exercise price hereunder to such shares of
capital stock (but taking into account the relative value of the shares of
Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon
the occurrence of any such Fundamental Transaction, the Successor Entity shall
succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the
Successor Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this Warrant and the
other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

e)                                      Calculations. All calculations under this Section 3
shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of
Common Stock deemed to be issued and outstanding as of a given date shall be
the sum of the number of shares of Common Stock (excluding treasury shares, if
any) issued and outstanding.

 

f)                                        Notice to Holder.

 

i.      Adjustment to Exercise Price. Whenever the Exercise
Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly mail to the Holder a notice setting forth the Exercise Price
after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. If the Company enters into a Variable Rate
Transaction, despite the prohibition thereon in the Purchase Agreement, the
Company shall be deemed to have issued Common Stock or Common Stock Equivalents
at the lowest possible conversion or exercise price at which such securities
may be converted or exercised.

 

ii.     Notice to Allow Exercise by Holder.
If (A) the Company shall declare a dividend (or any other distribution in
whatever form) on the Common Stock, (B) the Company shall declare a
special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights
or warrants to subscribe for or purchase any shares of capital stock of any
class or of any rights, (D) the approval of any stockholders of the Company
shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which the Company is a party, any sale or
transfer of all or substantially all of the assets of the 

 

9

 

Company, or any
compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property, or (E) the Company shall authorize the
voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be mailed to the
Holder at its last address as it shall appear upon the Warrant Register of the
Company, at least 20 calendar days prior to the applicable record or effective
date hereinafter specified, a notice stating (x) the date on which a record is
to be taken for the purpose of such dividend, distribution, redemption, rights
or warrants, or if a record is not to be taken, the date as of which the
holders of the Common Stock of record to be entitled to such dividend,
distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or
share exchange is expected to become effective or close, and the date as of
which it is expected that holders of the Common Stock of record shall be
entitled to exchange their shares of the Common Stock for securities, cash or
other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice
or any defect therein or in the mailing thereof shall not affect the validity
of the corporate action required to be specified in such notice.  To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding
the Company or any of the Subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise
this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice except as may otherwise be
expressly set forth herein.

 

Section 4.                                            Transfer of
Warrant.

 

a)                                      Transferability. 
This Warrant and all rights hereunder are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or
its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon
the making of such transfer.  Upon such
surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as
applicable, and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be cancelled.  The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

b)                                     New Warrants. This Warrant may be divided or combined
with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Holder or its agent or
attorney.  Subject to compliance with Section

 

10

 

4(a), as to any transfer
which may be involved in such division or combination, the Company shall
execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants
issued on transfers or exchanges shall be dated the initial issuance date set
forth on the first page of this Warrant and shall be identical with this
Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)                                      Warrant Register. The Company shall register this
Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time.  The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any
exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual notice to the contrary.

 

d)                                     Representation by the Holder. 
The Holder, by the acceptance hereof, represents and warrants that it is
acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant
Shares issuable upon such exercise, for its own account and not with a view to
or for distributing or reselling such Warrant Shares or any part thereof in
violation of the Securities Act or any applicable state securities law, except
pursuant to sales registered or exempted under the Securities Act.

 

Section 5.                                            Miscellaneous.

 

a)                                      No Rights as Stockholder Until Exercise. 
This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as
set forth in Section 2(d)(i).

 

b)                                     Loss, Theft, Destruction or Mutilation of
Warrant. The
Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant or any stock certificate relating to the Warrant Shares, and in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to
it (which, in the case of the Warrant, shall not include the posting of any
bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or
stock certificate of like tenor and dated as of such cancellation, in lieu of
such Warrant or stock certificate.

 

c)                                      Saturdays, Sundays, Holidays, etc. 
If the last or appointed day for the taking of any action or the
expiration of any right required or granted herein shall not be a Business Day,
then, such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

d)                                     Authorized Shares.

 

The Company covenants that, during the period the Warrant is
outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares
upon the exercise of any purchase rights under this Warrant.  The Company

 

11

 

further covenants that its issuance of this Warrant
shall constitute full authority to its officers who are charged with the duty
of executing stock certificates to execute and issue the necessary certificates
for the Warrant Shares upon the exercise of the purchase rights under this
Warrant.  The Company will take all such
reasonable action as may be necessary to assure that such Warrant Shares may be
issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed.  The Company
covenants that all Warrant Shares which may be issued upon the exercise of the
purchase rights represented by this Warrant will, upon exercise of the purchase
rights represented by this Warrant and payment for such Warrant Shares in
accordance herewith, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges created by the Company
in respect of the issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

 

Except and to the extent as waived or consented to by
the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good
faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of the
Holder as set forth in this Warrant against impairment.  Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be
necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable Warrant Shares upon the exercise of this
Warrant and (iii) use commercially reasonable efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having
jurisdiction thereof, as may be, necessary to enable the Company to perform its
obligations under this Warrant.

 

Before taking any action which would result in an
adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e)                                      Jurisdiction. All questions concerning the
construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the provisions of the Purchase Agreement.

 

f)                                        Registration under the Securities Act;
Obtaining Stock Exchange Listings. The Company shall use its commercially reasonable
efforts to keep a shelf registration statement continuously effective under the
Securities Act providing for the registration of, and the issuance on a
continuous or delayed basis by the Company of, Warrant Shares

 

12

 

to be issued upon the
exercise of Warrants pursuant to Rule 415 under the Securities Act and/or
any similar rule that may be adopted by the Securities and Exchange
Commission; provided, however, that the Company may suspend the use of the
shelf registration statement for the registration of any Warrant Shares,
without incurring any additional obligations to the holders of the Warrants,
for a period not to exceed 90 consecutive days or an aggregate of 120 days in
any 12-month period if the Company shall have determined in good faith that
because of valid business reasons (not including the avoidance of the Company’s
obligations hereunder), including the acquisition and divestiture of assets,
pending corporate developments, public filings with the Securities and Exchange
Commission and similar events, it is in the best interests of the Company to
suspend the use of such shelf registration statement.  If a shelf
registration statement is not available for the registration and use of Warrant
Shares upon exercise of Warrants, this shall not relieve any obligation of the
Company to deliver Warrant Shares upon the exercise of Warrants, even if they
are not registered under the Securities Act.

 

g)                                     Nonwaiver and Expenses. 
No course of dealing or any delay or failure to exercise any right
hereunder on the part of the Holder shall operate as a waiver of such right or
otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this
Warrant or the Purchase Agreement, if the Company willfully and knowingly fails
to comply with any provision of this Warrant, which results in any material
damages to the Holder, the Company shall pay to the Holder such amounts as
shall be sufficient to cover any costs and expenses including, but not limited
to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in
otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)                                     Notices.  Any notice,
request or other document required or permitted to be given or delivered to the
Holder by the Company shall be delivered in accordance with the notice
provisions of the Purchase Agreement.

 

i)                                         Limitation of Liability. 
No provision hereof, in the absence of any affirmative action by the
Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Holder, shall give rise to any
liability of the Holder for the purchase price of any Common Stock or as a stockholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

 

j)                                         Remedies.  The Holder,
in addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights
under this Warrant.  The Company agrees
that monetary damages would not be adequate compensation for any loss incurred
by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance
that a remedy at law would be adequate.

 

k)                                      Successors and Assigns. 
Subject to applicable securities laws, this Warrant and the rights and
obligations evidenced hereby shall inure to the benefit of and be binding upon
the successors and permitted assigns of the Company and the successors

 

13

 

and permitted assigns of
the Holder.  The provisions of this
Warrant are intended to be for the benefit of the Holder from time to time of
this Warrant and shall be enforceable by the Holder or holder of Warrant
Shares.

 

l)                                         Amendment.  This Warrant
may be modified or amended or the provisions hereof waived with the written
consent of the Company and the Holder.

 

m)                                   Severability. 
Wherever possible, each provision of this Warrant shall be interpreted
in such manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provisions or the
remaining provisions of this Warrant.

 

n)                                     Headings.  The headings
used in this Warrant are for the convenience of reference only and shall not,
for any purpose, be deemed a part of this Warrant.

 

********************

 

(Signature Pages Follow)

 

14

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly
authorized as of the date first above indicated.

 

 

	
   

  	
  AVI BIOPHARMA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

15

 

NOTICE OF EXERCISE

 

TO:         AVI BIOPHARMA, INC.

 

(1)   The undersigned hereby elects to purchase                  
Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price
in full, together with all applicable transfer taxes, if any.

 

(2)   Payment shall take the form of (check
applicable box):

 

o in lawful money of the United States; or

 

o [if permitted] the cancellation of such
number of Warrant Shares as is necessary, in accordance with the formula set
forth in subsection 2(c), to exercise this Warrant with respect to the maximum
number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c).

 

(3)   Please issue a certificate or certificates
representing said Warrant Shares in the name of the undersigned or in such
other name as is specified below:

 

 

The Warrant Shares shall be delivered to the following DWAC Account
Number or by physical delivery of a certificate to:

 

 

 

 

[SIGNATURE OF
HOLDER]

 

	
  Name of
  Investing Entity:

  	
   

  
	
  Signature
  of Authorized Signatory of Investing Entity:

  	
   

  
	
  Name of
  Authorized Signatory:

  	
   

  
	
  Title of
  Authorized Signatory:

  	
   

  
	
  Date:

  	
   

  
						

 

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information. 

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [        ]
all of or [               ]
shares of the foregoing Warrant and all rights evidenced thereby are hereby
assigned to

 

                                                                                                                                          
whose address is

                                                                                                                                                                                     .

 

 

Dated:                               ,               

 

 

	
   

  	
  Holder’s
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Holder’s
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guaranteed: 

  	
   

  	
   

  
					

 

 

NOTE:  The signature to this
Assignment Form must correspond with the name as it appears on the face of
the Warrant, without alteration or enlargement or any change whatsoever, and
must be guaranteed by a bank or trust company. 
Officers of corporations and those acting in a fiduciary or other
representative capacity should file proper evidence of authority to assign the
foregoing Warrant.Exhibit 4.1

 

 

 

 

BUCKEYE PARTNERS, L.P.

 

 

Issuer

 

 

and

 

 

U.S. BANK NATIONAL ASSOCIATION

 

 

Trustee

 

 

SIXTH SUPPLEMENTAL INDENTURE

 

 

Dated as of August 18, 2009

 

 

To

 

INDENTURE

 

Dated as of July 10, 2003

 

 

5.50% Notes due 2019

 

 

 

 

 

TABLE OF
CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE 1 Relation to Indenture; Definitions

  	
  1

  
	
  SECTION 1.01. Relation to
  Indenture

  	
  1

  
	
  SECTION 1.02. Definitions

  	
  1

  
	
  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. Optional
  Redemption

  	
  3

  
	
  SECTION 2.07. Defeasance and
  Discharge; Covenant Defeasance

  	
  3

  
	
  SECTION 2.08. Global Securities

  	
  3

  
	
   

  	
   

  
	
  ARTICLE 3 Events of Default

  	
  3

  
	
  SECTION 3.01. Additional Event of Default

  	
  3

  
	
   

  	
   

  
	
  ARTICLE 4 Covenants

  	
  3

  
	
  SECTION 4.01. Additional Covenant

  	
  3

  
	
   

  	
   

  
	
  ARTICLE 5 Miscellaneous

  	
  4

  
	
  SECTION 5.01. Certain Trustee
  Matters

  	
  4

  
	
  SECTION 5.02. Continued Effect

  	
  4

  
	
  SECTION 5.03. Governing Law

  	
  5

  
	
  SECTION 5.04. Counterparts

  	
  5

  
	
   

  	
   

  
	
  EXHIBITS

  	
   

  
	
   

  	
   

  
	
  Exhibit A: Form of
  Note

  	
   

  

 

 

SIXTH SUPPLEMENTAL INDENTURE, dated as of August 18,
2009 (this “Sixth 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”) and the Fifth Supplemental Indenture thereto dated as of
January 11, 2008 (the “Fifth 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 and this
Sixth 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
Sixth Supplemental Indenture, the valid and binding obligations of the
Partnership and to make this Sixth 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 Sixth Supplemental Indenture constitutes an integral part of
the Indenture.

 

SECTION 1.02.  Definitions.

 

For all purposes
of this Sixth 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 Sixth Supplemental Indenture to Articles and Sections, unless otherwise
specified, refer to the corresponding Articles and Sections of this Sixth
Supplemental Indenture; and the term “herein”, “hereof”, “hereunder” and
any other word of similar import refers to this Sixth Supplemental Indenture.

 

ARTICLE 2

THE SERIES OF SECURITIES

 

SECTION 2.01.  The Form and Title of
the Securities.

 

There is hereby
established a new series of Securities to be issued under the Indenture and to
be designated as the Partnership’s 5.50% Notes due 2019 (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 Sixth 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 Sixth 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 $275,000,000 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 August 18, 2009, and the Stated
Maturity of the Notes shall be August 15, 2019.

 

SECTION 2.04.  Interest and Interest Rates.

 

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

 

2

 

SECTION 2.05.  Place of Payment.

 

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

 

SECTION 2.06.  Optional Redemption.

 

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

 

SECTION 2.07.  Defeasance and Discharge;
Covenant Defeasance.

 

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

 

SECTION 2.08.  Global Securities.

 

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

 

ARTICLE 3

EVENTS OF DEFAULT

 

SECTION 3.01.  Additional
Event of Default

 

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

 

ARTICLE 4

COVENANTS

 

SECTION 4.01.  Additional
Covenant

 

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

 

3

 

SEC
Reports; Financial Statements.

 

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

 

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

 

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

 

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

 

ARTICLE 5

MISCELLANEOUS

 

SECTION 5.01.  Certain Trustee Matters.

 

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

 

The Trustee makes
no representations as to the validity or sufficiency of this Sixth 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 Sixth 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 Sixth Supplemental Indenture, the
Original Indenture (as supplemented and amended by the First Supplemental
Indenture, the Second 

 

4

 

Supplemental Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture and the Fifth 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 and this
Sixth Supplemental Indenture) is in all respects hereby ratified and
confirmed.  This Sixth 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 Sixth
Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York.

 

SECTION 5.04.  Counterparts.

 

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

 

[Remainder of Page Intentionally Left
Blank]

 

5

 

IN WITNESS
WHEREOF, the parties hereto have caused this Sixth 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/

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
  Authorized Officer

  

 

 

EXHIBIT A

 

[FORM OF FACE
OF NOTE]

 

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

 

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

 

BUCKEYE PARTNERS, L.P.

 

5.50% Notes due 2019

 

	
  No. 001

  	
  U.S.
  $275,000,000

  
	
   

  	
   

  
	
  CUSIP
  No. 118230AH4

  	
   

  

 

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 TWO
HUNDRED SEVENTY FIVE MILLION United States Dollars on August 15, 2019, and
to pay interest thereon from August 18, 2009, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on February 15 and August 15 in each year, commencing
on February 15, 2010, at the rate of 5.50% per annum, until the principal hereof is paid or made available
for payment and at the rate of 5.50%
per annum on any overdue principal and premium and on any overdue installment
of interest.  The amount of interest
payable for any period shall be computed on the basis of twelve 30-day months
and a 360-day year.  The amount of interest
payable for any partial period shall be computed on the basis of a 360-day year
of twelve 30-day months and the days elapsed in any partial month.  In the event that any date on which interest
is payable on this Security is not a Business Day, then a payment of the
interest payable on such date will be made on the next succeeding day which is
a Business Day (and without any interest or other payment in respect of any
such delay) with the same force and effect as if made on the date the payment
was originally payable.  A “Business Day” shall mean, when used with respect to any
Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which is
not a day on which banking institutions in that Place of Payment are authorized
or obligated by law, executive order or regulation to close.  The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the “Regular Record Date” for such interest, which shall be the February 1 or August 1
(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.

 

A-1

 

[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

  	
   

  

 

A-2

 

[REVERSE
OF NOTE]

 

BUCKEYE PARTNERS, L.P.

 

5.50% 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, and as further amended and supplemented by the Sixth
Supplemental Indenture thereto dated as of August 18, 2009  (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.

 

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

 

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

 

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

 

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

 

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

 

“Quotation Agent” means 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 

 

A-3

 

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

 

A-4

 

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.

 

A-5

 

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

 

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

 

Please Insert Social Security or 

Other Identifying Number of Assignee:

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Signature)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
  (Participant in a Recognized Signature

  
	
  Guaranty Medallion Program)

  
					

 

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

 

A-6

 

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

 

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITY

 

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

 

	
  Date of Exchange

  	
   

  	
  Amount of

  Decrease in

  Principal

  Amount of this

  Global Security

  	
   

  	
  Amount of

  Increase in

  Principal Amount

  of this 

  Global Security

  	
   

  	
  Principal Amount

  of this Global

  Security following

  such decrease 

  (or increase)

  	
   

  	
  Signature of

  authorized officer

  of Trustee or

  Depositary]

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-7

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