Document:

Exhibit 4.3

    

  

   

    

  Execution Version

  

    

  

  
  

    NUSTAR LOGISTICS, L.P.,

    Issuer

    

    

    NUSTAR ENERGY L.P.,

    Guarantor

    

    

    NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.,

    Affiliate Guarantor

    

    

    and

    

    

    WELLS FARGO BANK, NATIONAL ASSOCIATION,

    Successor Trustee

    

    

    TENTH SUPPLEMENTAL INDENTURE

    

    

    Dated as of September 14, 2020

    

    

    to

    

    

    INDENTURE

    

    

    Dated as of July 15, 2002

     

    

    
      

              

    

    5.750% Senior Notes due 2025

    6.375% Senior Notes due 2030

    

    

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    
      	
              ARTICLE I THE NOTES

            	2
	 	
              Section 1.1

            	
              Designation of the Notes; Establishment of Form.

            	
              2

            
	 	
              Section 1.2

            	
              Amount.

            	
              3

            
	 	
              Section 1.3

            	
              Interest Rate.

            	
              3

            
	 	
              Section 1.4

            	
              Redemption.

            	
              4

              

            
	 	
              Section 1.5

            	
              Conversion.

            	
              4

            
	 	
              Section 1.6

            	
              Maturity.

            	
              4

            
	 	
              Section 1.7

            	
              Place of Payment.

            	
              4

            
	 	
              Section 1.8

            	
              Other Terms of the Notes.

            	
              4

            
	 	 
	
              ARTICLE II AMENDMENTS TO THE INDENTURE

            	 5
	 	
              Section 2.1

            	
              Definitions.

            	
              5

            
	 	
              Section 2.2

            	
              Consolidation, Merger, Conveyance, Transfer or Lease.

            	
              8

              

            
	 	
              Section 2.3

            	
              Covenants.

            	
              9

              

            
	 	
              Section 2.4

            	
              Events of Default.

            	
              14

            
	 	
              Section 2.5

            	
              Election to Redeem; Notice to Trustee.

            	
              15

            
	 	 
	
              ARTICLE III MISCELLANEOUS

            	 15
	 	
              Section 3.1

            	
              Execution as Supplemental Indenture

            	
              15

            
	 	
              Section 3.2

            	
              Responsibility for Recitals, Etc.

            	
              16

            
	 	
              Section 3.3

            	
              Provisions Binding on Partnership’s and Guarantor’s Successors

            	
              16

            
	 	
              Section 3.4

            	
              Governing Law

            	
              16

            
	 	
              Section 3.5

            	
              Execution and Counterparts

            	
              16

            
	 	
              Section 3.6

            	
              Capitalized Terms

            	
              16

            
	 	
              Section 3.7

            	
              Waiver of Jury Trial

            	
              16

            
	 	
              Section 3.8

            	
              U.S.A. PATRIOT Act

            	
              16

            
	 	
              Section 3.9

            	
              Limitations on Losses or Damages

            	
              17

            
	 	
              Section 3.10

            	
              Force Majeure

            	
              17

            

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    EXHIBIT A          Form of 5.750% Senior Notes due 2025

    EXHIBIT B          Form of 6.375% Senior Notes due 2030

    EXHIBIT C          Form of Supplemental Indenture

    

    

    

    

    
      i

      
        

    

    

    

    TENTH SUPPLEMENTAL INDENTURE, dated as of September 14, 2020 (this “Supplemental Indenture”), among NuStar Logistics, L.P. (formerly known as Valero Logistics Operations, L.P.), a Delaware limited partnership having its principal office at 19003 IH-10 West, San Antonio, Texas 78257 (the “Partnership”), NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the “Guarantor”), NuStar Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating Partnership, L.P.), a Delaware limited partnership and an Affiliate of the Partnership (the “Affiliate Guarantor”), and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of
      America, as successor trustee (the “Trustee”) to The Bank of New York Trust Company, N.A., which was successor trustee to The Bank of New York, a New York
      banking corporation, as trustee under the Original Indenture (as defined below).  This Supplemental Indenture amends and supplements the Original Indenture, as previously amended and supplemented by the Third Supplemental Indenture (as defined
      below).  The Original Indenture, as amended and supplemented by the Third Supplemental Indenture and as further amended and supplemented pursuant to this Supplemental Indenture, is referred to herein as the “Indenture”.

    

    

    RECITALS OF THE PARTNERSHIP

    

    

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

    

    

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

    

    

    WHEREAS, Section 901 of the Indenture provides, among other things, that the Partnership, the Guarantor, the Affiliate Guarantor and the
      Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Original Indenture.

    

    

    WHEREAS, Section 901 of the Original Indenture also permits the execution of supplemental indentures without the consent of any Holders
      to, among other things, (i) add to the covenants of the Partnership such further covenants, restrictions, conditions or provisions as the Partnership shall consider to be appropriate for the benefit of the Holders of all or any series of Securities,
      (ii) add any additional Defaults or Events of Default in respect of, all or any series of Securities, and (iii) change or eliminate any of the provisions of the Indenture, provided that, any such change or elimination shall become effective only when
      there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefits of such provision.

    

    

    
      
        

    

    
    WHEREAS, the Partnership desires to create two new series of the Securities, which series shall be designated as follows: (i) the
      “5.750% Senior Notes due 2025” (the “2025 Notes”); and (ii) the “6.375% Senior Notes due 2030” (the “2030 Notes” and, together with the 2025 Notes, the “Notes”); and all action on the part of the Partnership necessary to
      authorize the issuance of the Notes under the Indenture has been duly taken.

    

    

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

    

    

    WHEREAS, all acts and things necessary to make the Notes, when duly issued by the Partnership and when executed on behalf of the
      Partnership and completed, authenticated and delivered by the Trustee as provided in the Original Indenture and this Supplemental Indenture, the valid and binding obligations of the Partnership and to constitute these presents a valid and binding
      supplemental indenture and agreement according to its terms, have been done and performed.

    

    

    NOW, THEREFORE, this Supplemental Indenture Witnesseth:

    

    

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

    

    

    ARTICLE I

    THE NOTES

    

    

    Section 1.1          Designation of the Notes; Establishment of Form.

    

    

    (a)          A series of Securities
        designated “5.750% Senior Notes due 2025” is established hereby, and the form thereof (including the notation of the Guarantee and the notation of the Affiliate Guarantee) shall be substantially as set forth in Exhibit A hereto, which is incorporated into and shall be deemed a part of this Supplemental Indenture, in each case with such appropriate insertions, omissions, substitutions and other
        variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Partnership may deem appropriate or as may be required or
        appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which the 2025 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 2025 Notes, as evidenced by their execution thereof.

    

    

    (b)          A series of Securities
        designated “6.375% Senior Notes due 2030” is established hereby, and the form thereof (including the notation of the Guarantee and the notation of the Affiliate Guarantee) shall be substantially as set forth in Exhibit B hereto, which is incorporated into and shall be deemed a part of this Supplemental Indenture, in each case with such appropriate insertions, omissions, substitutions and other
        variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Partnership may deem appropriate or as may be required or
        appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which the 2030 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 2030 Notes, as evidenced by their execution thereof.

    

    

    
      2

      
        

    

    (c)          The 2025 Notes will
        initially be issued in permanent global form, substantially in the form set forth in Exhibit A hereto, as a Global Security, registered in the name of the
        Depositary or its nominee.  The 2030 Notes will initially be issued in permanent global form, substantially in the form set forth in Exhibit B hereto, as a
        Global Security, registered in the name of the Depositary or its nominee.  The Depository Trust Company (“DTC”) shall be the Depositary for such Global
        Securities.

    

    

    (d)          The Partnership initially
        appoints the Trustee to act as Paying Agent and Security Registrar with respect to the Notes.

    

    

    Section 1.2          Amount.

    

    

    (a)          The Trustee shall
        authenticate and deliver the 2025 Notes for original issue in an initial aggregate principal amount of up to $600,000,000 upon Partnership Order for the authentication and delivery of such aggregate principal amount of 2025 Notes.  The authorized
        aggregate principal amount of the 2025 Notes may be increased at any time hereafter and the series comprised thereby may be reopened for issuances of additional 2025 Notes, without the consent of any Holder.  The 2025 Notes issued on the date
        hereof and any such additional 2025 Notes that may be issued hereafter shall be part of the same series of Securities referred to herein as the “2025 Notes.”

    

    

    (b)          The Trustee shall
        authenticate and deliver the 2030 Notes for original issue in an initial aggregate principal amount of up to $600,000,000 upon Partnership Order for the authentication and delivery of such aggregate principal amount of 2030 Notes.  The authorized
        aggregate principal amount of the 2030 Notes may be increased at any time hereafter and the series comprised thereby may be reopened for issuances of additional 2030 Notes, without the consent of any Holder.  The 2030 Notes issued on the date
        hereof and any such additional 2030 Notes that may be issued hereafter shall be part of the same series of Securities referred to herein as the “2030 Notes.”

    

    

    Section 1.3          Interest Rate.

    

    

    (a)          The 2025 Notes shall bear
        interest as provided in the form thereof set forth in Exhibit A hereto and as provided in the Indenture.

    

    

    (b)          The 2030 Notes shall bear
        interest as provided in the form thereof set forth in Exhibit B hereto and as provided in the Indenture.

    

    

    
      3

      
        

    

    Section 1.4          Redemption.

    

    

    (a)          Except for any repurchase
        offers required to be made pursuant to Section 1013 of the Indenture, there shall be no sinking fund for the retirement of the Notes or other mandatory redemption obligation in respect thereof.

    

    

    (b)          The Partnership, at its
        option, may redeem any series of Notes at any time and from time to time, in accordance with the provisions of such series of Notes and Article XI of the Indenture.

    

    

    Section 1.5          Conversion.

    

    

    The Notes shall not be convertible into any other securities.

    

    

    Section 1.6          Maturity.

    

    

    (a)          The Stated Maturity of
        the 2025 Notes shall be October 1, 2025.

    

    

    (b)          The Stated Maturity of
        the 2030 Notes shall be October 1, 2030.

    

    

    Section 1.7          Place of Payment.

    

    

    Any Notes that may be issued in certificated, non-global form shall be payable at the corporate trust office of the Trustee, which
      office, on the date of this Supplemental Indenture, is located at 1445 Ross Avenue, Suite 4300, Dallas, Texas 75202, Attention: Corporate, Municipal & Escrow Services.  Notices and demands to or upon the Partnership, the Guarantor and the
      Affiliate Guarantor in respect of the Notes may be served at such office.

    

    

    Section 1.8          Other Terms of the Notes.

    

    

    (a)          Without limiting the
        foregoing provisions of this Article I, the terms of the 2025 Notes shall be as provided in the form thereof set forth in Exhibit A hereto and as provided in the Indenture.

    

    

    (b)          Without limiting the
        foregoing provisions of this Article I, the terms of the 2030 Notes shall be as provided in the form thereof set forth in Exhibit B hereto and as provided in the Indenture.

    

    

    
      4

      
        

    

    ARTICLE II

    AMENDMENTS TO THE INDENTURE

    

    

    The amendments and supplements contained in this Article

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

    

    

    Sections 2.1    Definitions.Section 101 of the Original Indenture is amended by deleting
      the defined term “Board of Directors” in its entirety and replacing it with the following corresponding term:

    

    

    ““Board of Directors”
      means, with respect to the Partnership or the Guarantor, the Board of Directors of the General Partner or of the Guarantor’s general partner, or of the general partner of the Guarantor’s general partner, as the case may be, or any authorized
      committee of such Board of Directors.”

    

    

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

    

    

    ““Beneficial Owner” has
      the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will
      be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
      condition.  The terms “Beneficially Owns” and “Beneficially Owned” have correlative meanings.  For purposes of this definition, a Person shall be deemed not to Beneficially Own securities that are the subject of a stock purchase agreement, merger
      agreement, amalgamation agreement, arrangement agreement or similar agreement until consummation of the transactions or, as applicable, series of related transactions contemplated thereby.

    

    

    “Change of Control” means
      the occurrence of any of the following:

    

    

    (a)          the
        direct or indirect lease, sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of (i) all or substantially all of the assets of the Partnership and its
        Subsidiaries taken as a whole or (ii) all of the assets of the Guarantor and its Subsidiaries taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than to one or more members of the NuStar Group,
        which disposition is followed by a Ratings Decline within 60 days thereafter;

    

    

    (b)          the
        adoption of a plan relating to the liquidation or dissolution of the Partnership or the Guarantor, or the removal of (i) the General Partner by the limited partners of the Partnership, (ii) the general partner of the Guarantor by the limited
        partners of the Guarantor or (iii) the general partner of the Guarantor’s general partner by the limited partners of the Guarantor’s general partner; or

    

    

    (c)          the
        consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than one or more members of the NuStar
        Group, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Partnership, the General Partner, the Guarantor, the Guarantor’s general partner or the general partner of the Guarantor’s general partner, in
        each case, measured by voting power rather than number of shares, units or the like, which occurrence is followed by a Ratings Decline within 60 days thereafter.

    

    

    
      5

      
        

    

    Notwithstanding the preceding, a conversion of the Partnership or the Guarantor from a limited partnership to a
      corporation, limited liability company or other form of entity or an exchange of all of the outstanding limited partnership interests for capital stock in a corporation, for member interests in a limited liability company or for Equity Interests in
      such other form of entity shall not constitute a Change of Control, so long as following such conversion or exchange, the NuStar Group Beneficially Owns, directly or indirectly, in the aggregate more than 50% of the Voting Stock of such entity, or
      continues to Beneficially Own, directly or indirectly, a sufficient percentage of Voting Stock of such entity to elect a majority of its directors, managers, trustees or other persons serving in a similar capacity for such entity.

    

    

    “Supplemental Indenture”
      means the Tenth Supplemental Indenture, dated as of September 14, 2020, among the Partnership, the Guarantor, the Affiliate Guarantor and the Trustee, which supplemental indenture amends and supplements the Original Indenture (as amended and
      supplemented by the Third Supplemental Indenture, dated as of July 1, 2005, among the Partnership, the Guarantor, the Affiliate Guarantor and the Trustee) in connection with the establishment of two series of Securities designated as “5.750% Senior
      Notes due 2025” and “6.375% Senior Notes due 2030.”

    

    

    “Equity Interests” means:

    

    

    (a)          in the
        case of a corporation, corporate stock;

    

    

    (b)          in the
        case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

    

    

    (c)          in the
        case of a partnership or limited liability company, partnership or membership interests (whether general or limited);

    

    

    (d)          any
        other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuer; and

    

    

    (e)          all
        warrants, options or other rights to acquire any of the interests described in clauses (a) through (d) above (but excluding any debt security that is convertible into, or exchangeable for, any of the interests described in clauses (a) through (d)
        above).

    

    

    “Funded Debt” means all
      Debt maturing one year or more from the date of the creation thereof, all Debt directly or indirectly renewable or extendable, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one
      year or more from the date of the creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more.

    

    

    
      6

      
        

    

    “Investment Grade Rating”
      means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by Standard & Poor’s.

    

    

    “Moody’s” means Moody’s
      Investors Service, Inc. or any successor to the rating agency business thereof.

    

    

    “Notes” means each of the
      5.750% Senior Notes due 2025 and the 6.375% Senior Notes due 2030 of the Partnership, established pursuant to this Supplemental Indenture.  For all purposes of the Indenture, the term “Notes” shall also include any additional Notes of any series that
      may be issued under a supplemental indenture and any Notes of any series to be issued or authenticated upon transfer, replacement or exchange of Notes of such applicable series.

    

    

    “NuStar Group” means,
      collectively, NuStar GP Holdings, LLC, the Guarantor and each direct or indirect Subsidiary of either of them.

    

    

    “Other Affected Series”
      means any series of Securities (other than the Notes) to which the amendments of the Original Indenture set forth in Article II of this Supplemental Indenture
      shall have been made applicable.

    

    

    “Permitted Swap Agreements”
      means (a) Swap Agreements entered into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for
      speculative purposes, and (b) other Swap Agreements entered into in the ordinary course of business to hedge or mitigate risks to which it or any of its Subsidiaries is exposed in the conduct of its business or the management of its liabilities, and
      not for speculative purposes.

    

    

    “Rating Agency” means each
      of Standard & Poor’s and Moody’s, or if Standard & Poor’s or Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the
      Partnership (as certified by a resolution of the Board of Directors of the General Partner) which shall be substituted for Standard & Poor’s or Moody’s, or both, as the case may be.

    

    

    “Rating Category” means:

    

    

    (a)          with
        respect to S&P, any of the following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories); and

    

    

    (b)          with
        respect to Moody’s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories).

    

    

    “Ratings Decline” means,
      with respect to a series of Notes, a decrease in the rating of such series of Notes by both Moody’s and S&P by one or more gradations (including gradations within Rating Categories as well as between Rating Categories).  In determining whether
      the rating of a series of Notes has decreased by one or more gradations, gradations within Rating Categories, namely + or - for S&P, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the case of S&P, a ratings decline
      either from BB+ to BB or BB– to B+ will constitute a decrease of one gradation.

    

    

    
      7

      
        

    

    “Securitization Transaction”
      means any transaction in which the Partnership or any Subsidiary sells or otherwise transfers accounts receivable or other rights to payment (whether existing or arising in the future) and assets related thereto (a) to one or more purchasers or (b)
      to a special purpose entity that (i) borrows under a loan secured by or issues securities payable from such accounts receivable or other rights to payment (or undivided interests therein) and related assets or (ii) sells or otherwise transfers such
      accounts receivable or other rights to payment (or undivided interests therein) and related assets to one or more purchasers, whether or not amounts received in connection with the sale or other transfer of such accounts receivable or other rights to
      payment and related assets to an entity referred to in clause (a) or (b) above would under GAAP be accounted for as liabilities on a consolidated balance sheet of the Partnership.

    

    

    “Standard & Poor’s” or
      “S&P” means S&P Global Ratings, or any successor to the rating agency business thereof.

    

    

    “Subsidiary Guarantor”
      means, as at any date, any Subsidiary that has become and then is obligated as a guarantor as provided in Section 1011, not having been released pursuant to Section 1012.

    

    

    “Swap Agreement” means any
      agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
      financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of
      services provided by current or former directors, officers, employees or consultants of the Guarantor or any of its Subsidiaries shall be a Swap Agreement.

    

    

    “Voting Stock” of any
      Person as of any date means the Equity Interests of such Person pursuant to which the holders thereof have the general voting power under ordinary circumstances to vote in the election of members of the board of directors, managers, general partners
      or trustees of such Person (regardless of whether, at the time, Equity Interests of any other class or classes shall have, or might have, voting power by reason of the occurrence of any contingency) or, with respect to a partnership (whether general
      or limited) whose Equity Interest does not provide holders thereof the general voting power under ordinary circumstances to vote in the election of members of the board of directors, managers, general partners or trustees of such partnership, as
      applicable, the general partner interest in such partnership.”

    

    

    Section 2.2     Consolidation, Merger, Conveyance, Transfer or Lease.Article

      VIII of the Original Indenture is amended by restating Sections 801 and 802 in their entirety:

    

    

    “SECTION 801.  Partnership and Subsidiary Guarantors
          May Consolidate, Etc., Only on Certain Terms.

    

    

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

    

    

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

    

    

    
      8

      
        

    

    (2)          the
        surviving entity or successor Person is a Person organized and existing under the laws of the United States of America, any state thereof or the District of Columbia;

    

    

    (3)          immediately

        after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; and

    

    

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

    

    

    SECTION 802.  Successor Substituted.

    

    

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

    

    

    Section 2.3          Covenants.

    

    

    (a)          The period following
        clause (10) of Section 1006 of the Original Indenture shall be replaced with “; or”, and the following new clauses (11) and (12) shall be added immediately following clause (10) of Section 1006 of the Original Indenture in relation only to the
        Notes and the Securities of any Other Affected Series:

    

    

    “(11) any Lien on (i) cash and cash equivalents, (ii) any commodity account, deposit account or securities account
      maintained with or for the benefit of a counterparty to a Permitted Swap Agreement and any assets credited to such accounts and the proceeds of any of the foregoing and (iii) any contracts evidencing Permitted Swap Agreements, including rights to
      payment thereunder and the proceeds of any of the foregoing, in each case securing the Partnership’s obligations or obligations of the Guarantor, the Affiliate Guarantor or any Subsidiary under Permitted Swap Agreements; or

    

    

    
      9

      
        

    

    (12) any Lien granted on, or assignments or sales of, accounts receivable or other rights to payment and related
      assets in connection with Securitization Transactions.”

    

    

    (b)          Article X of the Original
        Indenture is amended by inserting the following new sections in their entirety:

    

    

    “SECTION 1011. Future Subsidiary Guarantors.

    

    

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

    

    

    SECTION 1012. Release of Guaranty.

    

    

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

    

    

    
      10

      
        

    

    Notwithstanding any other provisions of the Indenture, if at any time the Affiliate Guarantor does not guarantee any
      obligations of the Parent Guarantor or any of its Subsidiaries (including the Partnership) under any bank credit facility or any public debt instrument (other than pursuant to its Guarantee), then upon the Affiliate Guarantor giving written notice to
      the Trustee to the foregoing effect, the Affiliate Guarantor shall automatically be deemed to be released from its Guarantee and all of its obligations in respect of the Notes and shall no longer be a “Guarantor” hereunder.  However, if at any time
      after the Affiliate Guarantor is released from its Guarantee, the Affiliate Guarantor guarantees any obligations of the Parent Guarantor or any of its Subsidiaries (including the Partnership) under any bank credit facility or any public debt
      instrument other than the Notes, then the Affiliate Guarantor will (a) simultaneously therewith, automatically be deemed to be a “Guarantor” under the Indenture and have all obligations applicable to Guarantors under the Indenture and (b) provide a
      Guarantee of the Notes of any series pursuant to documentation satisfactory to the Trustee.

    

    

    SECTION 1013. Change of Control.

    

    

    (a)          If a Change of Control occurs with respect to the Notes of any series, each Holder of Notes of the applicable series shall have the right to require the Partnership to repurchase all or any part (equal to $2,000 or a whole multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to the offer described
          below (the “Change of Control Offer”).  In the Change of Control Offer,
          the Partnership shall offer a “Change of Control Payment” in cash equal
          to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of purchase (the “Change

            of Control Payment Date”), subject to the rights of any Holder in whose name a Note is registered on a record date occurring prior to the Change of Control
          Payment Date to receive interest due on an Interest Payment Date that is on or prior to such Change of Control Payment Date.  The Partnership shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws
          and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of the Notes of the applicable series as a
          result of a Change of Control.  To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 1013, the Partnership shall comply with the applicable securities laws and regulations and shall
          not be deemed to have breached their obligations under this Section 1013 by virtue of such compliance.

    

    

    (b)          Within 30 days following any Change of Control, the Partnership shall deliver, in accordance with the applicable procedures of the Depositary, a notice to each Holder of the applicable series of Notes, with a copy of such notice to the Trustee.  The notice, which shall govern the terms of the Change of Control Offer of the applicable series of Notes, shall state, among other things:

    

    

    (i)          that a
        Change of Control has occurred and a Change of Control Offer is being made as provided for herein, and that, although Holders are not required to tender their Notes, all Notes that are validly tendered shall be accepted for payment;

    

    

    
      11

      
        

    

    (ii)          the
        Change of Control Payment and the Change of Control Payment Date, which will be no earlier than 10 days and no later than 60 days after the date such notice is delivered in accordance with the applicable procedures of the Depositary;

    

    

    (iii)          that
        any Note accepted for payment pursuant to the Change of Control Offer (and duly paid for on the Change of Control Payment Date) shall cease to accrue interest after the Change of Control Payment Date;

    

    

    (iv)          that
        any Notes (or portions thereof) not validly tendered shall continue to accrue interest;

    

    

    (v)         that
        any Holder electing to have a Note purchased pursuant to any Change of Control Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by
        book-entry transfer, to the Partnership, a depositary, if appointed by the Partnership, or a Paying Agent at the address specified in the notice at least one (1) Business Day before the Change of Control Payment Date;

    

    

    (vi)         that
        Holders shall be entitled to withdraw their election if the Partnership, the depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Change of Control Offer, a facsimile transmission or letter setting
        forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; and

    

    

    (vii)        the
        instructions and any other information necessary to enable Holders to tender their Notes (or portions thereof) and have such Notes (or portions thereof) purchased pursuant to the Change of Control Offer.

    

    

    (c)          On or before the Change of Control Payment Date with respect to a series of Notes, the Partnership shall, to the extent lawful, accept for payment all Notes
        of the applicable series or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer.  Promptly after such acceptance, on the
          Change of Control Payment Date with respect to a series of Notes, the Partnership will:

    

    

    (i)          deposit by 11:00 a.m., New York City time, with the Paying Agent or depositary an amount equal to the Change of Control Payment in respect of all Notes of the applicable series or portions thereof so tendered; and

    

    

    (ii)          deliver or cause to be delivered to the Trustee for cancellation the Notes so accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes
        of the applicable series or portions thereof being purchased by the Partnership.

    

    

    
      12

      
        

    

     (d)         On the Change of Control Payment Date with respect to a series of Notes, the Paying Agent
          shall deliver to each Holder of Notes of the applicable series accepted for payment the Change of Control Payment for such Notes (or, if all the Notes are then
          in global form, make such payment in accordance with the applicable procedures of the Depositary), and the Partnership shall promptly issue a new Note (in each case, accompanied by a notation of the Guarantees duly endorsed by the Guarantor and
          the Affiliate Guarantor), and the Trustee shall promptly authenticate and deliver in accordance with the applicable procedures of the Depositary to each Holder such new Note equal in principal amount to any unpurchased portion of the Notes
          surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or a whole multiple of $1,000 in excess thereof.  The Partnership shall publicly announce the results of the Change of Control Offer on or as soon as
          practicable after the Change of Control Payment Date.

    

    

    (e)         The provisions described in this Section 1013 that require the Partnership to make a Change of Control Offer with respect to a series of Notes following a Change of Control shall be applicable regardless of whether any other provisions of the Indenture are applicable.

    

    

    (f)          Notwithstanding the other provisions of this Section 1013, the Partnership shall not be required to make a Change of Control Offer with respect to a series of Notes upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set
          forth in the Indenture applicable to a Change of Control Offer made by the Partnership and purchases all Notes of the applicable series validly tendered and not
          withdrawn under such Change of Control Offer, (2) notice of redemption of all outstanding Notes of the applicable series has been given pursuant to the
          Indenture, unless and until there is a default in payment of the applicable redemption price, or (3) in connection with or in contemplation of any Change of Control, the Partnership has made an offer to purchase (an “Alternate Offer”) any and all Notes of the applicable series validly tendered at a cash price equal to or higher than the Change of Control Payment and has purchased all Notes of the applicable series properly tendered in accordance with the terms of such Alternate Offer.

    

    

    (g)          A Change of Control Offer or Alternate Offer with respect to a series of Notes may be made
          in advance of a Change of Control, and conditioned upon the occurrence of the Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer or Alternate Offer.

    

    

    (h)          In the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes of the applicable series accept a Change of Control Offer or an Alternate Offer and the Partnership (or a third party making the Change of Control Offer or Alternate Offer as provided in Section 1013(f)) purchases all of the Notes
          of such series held by such Holders, the Partnership will have the right, upon not less than 10 nor more than 60 days’ notice, given not more than 30 days following the purchase pursuant to the Change of Control Offer or Alternate Offer described
          above, as the case may be, to redeem all of the Notes of the applicable series that remain outstanding following such purchase at a redemption price equal to the
          applicable Change of Control Payment or Alternate Offer price, as applicable, plus, to the extent not included in the Change of Control Payment or Alternate Offer price, as applicable, accrued and unpaid interest thereon, if any, to, but
          excluding, the date of redemption (subject to the right of holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the redemption date).

    

    

    
      13

      
        

    

    SECTION 1014. Termination of Covenants.

    

    

    If at any time, with respect to a series of Notes, (a) the Notes of such series have an Investment Grade
        Rating from either of the Rating Agencies, (b) no Default has occurred and is continuing under the Indenture and (c) the Partnership has delivered to the Trustee an Officers’ Certificate certifying to (a) and (b) of this Section 1014 (the
        occurrence of the events described in the foregoing clauses (a), (b) and (c) being collectively referred to as a “Covenant Termination Event”), the Partnership and its Subsidiaries shall no longer be subject to the provisions of Section 1013 of the
        Indenture and paragraph 8 of Section 501 of the Indenture.  However, the Partnership and its Subsidiaries will remain subject to all of the other provisions of the Indenture.

    

    

    The Trustee shall not have any
        obligation to monitor the ratings of the Notes of any series, the occurrence or date of any Covenant Termination Event and may rely conclusively on the Officers’
        Certificate referenced above with respect to the same.  The Trustee shall not have any obligation to notify the Holders of the occurrence or date of any Covenant Termination Event, but may provide a copy of such Officers’ Certificate to any Holder
        upon request.”

    

    

    Section 2.4          Events of
          Default.

    

    

    (a)          Section 501 of the
        Original Indenture is amended by restating clause (4) of Section 501 in its entirety in relation only to the Notes and the Securities of any Other Affected Series:

    

    

    “(4) failure to pay any principal of, or premium or interest on, Debt of the Partnership for the repayment of money
      borrowed in excess of $50 million when due, whether at stated maturity (after the expiration of any applicable grace periods) or upon acceleration of the maturity thereof, if such indebtedness is not discharged, or such acceleration is not annulled,
      within 30 days after written notice is given by the Trustee to the Partnership, or the Trustee and the Partnership are given written notice by the Holders of at least 25% in principal amount of the Outstanding Securities of that series, specifying
      such Default and requiring it to be remedied, and stating that such notice is a Notice of Default under this Indenture;”

    

    

    
      14

      
        

    

    (b)          The period following
        clause (7) of Section 501 of the Original Indenture shall be replaced with “; or” and the following new clause (8) shall be added immediately following clause (7) of Section 501 of the Original Indenture, as amended by Section 2.4(a) hereof, in
        relation only to the Notes and the Securities of any Other Affected Series:

    

    

    “(8) failure by the Partnership to comply for 90 days with Section 1013 of the Indenture after written notice is
      given by the Trustee to the Partnership, or the Trustee and the Partnership are given written notice by the Holders of at least 25% in principal amount of the Outstanding Securities of that series, specifying such Default and requiring it to be
      remedied, and stating that such notice is a Notice of Default under this Indenture.”

    

    

    Section 2.5          Election to Redeem; Notice to Trustee.

    

    

    Article XI of the Original Indenture is amended by restating Section 1102 in its entirety:

    

    

    “SECTION 1102. Election to Redeem; Notice to Trustee. 

      The election of the Partnership to redeem any Securities shall be evidenced by a Board Resolution.  In case of any redemption at the election of the Partnership of less than all the Securities of any series, the Partnership shall, not less than 10
      nor more than 60 days prior to the Redemption Date fixed by the Partnership (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be
      redeemed and, if applicable, of the tenor of the Securities to be redeemed.  In the case of any redemption of Securities (1) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
      Indenture, or (2) pursuant to an election of the Partnership which is subject to a condition specified in the terms of such Securities, the Partnership shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such
      restriction or condition.”

    

    

    Article XI of the Original Indenture is amended by restating the first paragraph of Section 1104 as follows:

    

    

    “Notice of redemption shall be given by first-class mail (if international mail, by air mail), postage prepaid, mailed not less than 10
      nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing in the Security Register or delivered in accordance with the applicable procedures of the Depositary, not less than 10 nor more
      than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed.”

    

    

    ARTICLE III

    MISCELLANEOUS

    

    

    Section 3.1    Execution as Supplemental Indenture.  This Supplemental Indenture is
      executed and shall be construed as an indenture supplemental to the Original Indenture and, as provided in the Original Indenture, this Supplemental Indenture forms a part thereof.  Except as herein expressly otherwise defined, the use of the terms
      and expressions herein is in accordance with the definitions, uses and constructions contained in the Original Indenture.

    

    

    
      15

      
        

    

    Section 3.2    Responsibility for Recitals, Etc.  The statements herein and in the
      Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Partnership, and the Trustee assumes no responsibility for the correctness thereof.  The Trustee makes no representations as to the validity or
      sufficiency of this Supplemental Indenture or of the Notes.  The Trustee shall not be accountable for the use or application by the Partnership of the Notes or of the proceeds thereof.

    

    

    Section 3.3    Provisions Binding on Partnership’s and Guarantor’s Successors.  All the
      covenants, stipulations, promises and agreements in this Supplemental Indenture contained by each of the Partnership, the Guarantor and the Affiliate Guarantor shall bind its respective successors and assigns regardless of whether so expressed.

    

    

    Section 3.4    Governing Law.  THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE
      GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    

    

    Section 3.5    Execution and Counterparts.  This Supplemental Indenture may be executed
      with counterpart signature pages or in any number of counterparts, each of which shall be an original but such counterparts shall together constitute but one and the same instrument. The words “execution,” “signed,” “signature,” and words of like
      import in this Supplemental Indenture or in any other certificate, agreement or other document related to this Supplemental Indenture shall include images of manually executed signatures transmitted by facsimile or other electronic format (including,
      without limitation, “pdf”, “tif” or “jpg”).  The use of electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal
      effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
      New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

    

    

    Section 3.6    Capitalized Terms.  Capitalized terms not otherwise defined in this
      Supplemental Indenture shall have the respective meanings assigned to them in the Original Indenture.

    

    

    Section 3.7    Waiver of Jury Trial.  THE PARTNERSHIP, THE GUARANTOR, THE AFFILIATE
      GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES, THE GUARANTEES
      THEREOF OR THE TRANSACTIONS CONTEMPLATED HEREBY.

    

    

    Section 3.8    U.S.A. PATRIOT Act.  The parties hereto acknowledge that in accordance
      with Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The parties to this
      Supplemental Indenture agree that they shall provide the Trustee with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act.

    

    

    
      16

      
        

    

    Section 3.9    Limitations on Losses or Damages.  The Trustee will not be responsible
      or liable for any punitive, special, indirect or consequential loss or damage of any kind whatsoever (including lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

    

    

    Section 3.10  Force
          Majeure.  The Trustee will not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility under the Indenture or the Notes arising out of or caused, directly or indirectly, by circumstances
      beyond its control (including fire, riots, strikes or work stoppages for any reason, embargos, governmental actions or any act or provision of any present or future law or regulation or governmental authority, nuclear or natural catastrophe, act of
      God or war, civil or military unrest, local or national disturbance or disaster, act of terrorism, interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services or unavailability of the Federal Reserve
      Bank wire or facsimile or other wire or communication facility), it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the U.S. banking industry to resume performance as soon as practicable
      under the circumstances.

    

    

    (The remainder of this page is intentionally blank.)

    

    

    

    

    

    

    
      17

      
        

    

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

    

    

    
      	 	Partnership:
	 	 
	 	
              NUSTAR LOGISTICS, L.P.

            
	 	 
	 	 	 
	 	By:

            	
              NUSTAR GP, INC.,

              

              its General Partner

              

            
	 	 	 
	 	 	 
	
              

              

            	
              By: 

            	/s/ Thomas R. Shoaf

            
	 	 	Name: 

            	Thomas R. Shoaf
	 	 	Title: 

            	Executive Vice President and Chief Financial Officer

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

    

    
      	 	Guarantor:
	 	 
	 	NUSTAR ENERGY L.P.
	 	 
	 	By:	
              RIVERWALK LOGISTICS, L.P.,

              its General Partner 

            
	 	 	 
	 	

            	 
	 	By: 

            	
              NUSTAR GP, LLC,

               its General Partner

            
	 	 	 
	 	 	 
	

            	
              By: 

            	/s/ Thomas R. Shoaf
	 	 	Name:	Thomas R. Shoaf
	 	 	Title:	
              Executive Vice President and Chief Financial Officer

            

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    
      	 	Affiliate Guarantor:
	 	 
	 	
              NUSTAR PIPELINE OPERATING

               PARTNERSHIP L.P.

            
	 	 	 
	 	By:

            	
              NUSTAR PIPELINE COMPANY, LLC,

              its General Partner

            
	 	 	 
	 	 	 
	

            	
              By: 

            	/s/ Thomas R. Shoaf
	 	 	Name:	Thomas R. Shoaf
	 	 	Title:	Executive Vice President and Chief Financial Officer

    

     

    

    

     

    

     

    

    	 	
            WELLS FARGO BANK, NATIONAL ASSOCIATION,

             as trustee

          
	 	 	 
	

          	
            By: 

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

     

    

     

    

    

    Tenth Supplemental Indenture — Signature Page

    

    
      
        

    

    
     Exhibit A

    

     

    

    FORM OF 5.750% SENIOR NOTE DUE 2025

    

    

    [FACE OF SECURITY]

    

    

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

    

    

    UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE
      PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND
      ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH
      AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

    

    

    CUSIP No. 67059T AG0

    

    

    NUSTAR LOGISTICS, L.P.

    5.750% SENIOR NOTE DUE 2025

    

    

    
      	
              No.

            	
                U.S. $            

                

            

    

             

      

    

    

    NUSTAR LOGISTICS, L.P., (formerly known as VALERO LOGISTICS OPERATIONS, L.P.), a Delaware limited partnership (herein called the “Partnership,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to __________, or
      registered assigns, the principal sum of _____________ United States Dollars on October 1, 2025, and to pay interest thereon from September 14, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
      semi-annually on April 1 and October 1 in each year, commencing April 1, 2021 at the rate of 5.750% per annum, until the principal hereof is paid or made available for payment.  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 March 15 or September 15 (regardless of whether a Business Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for shall
      forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
      payment of such Defaulted Interest to be fixed by the Partnership, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to any Special Record Date, or be paid at such time in any other lawful manner not
      inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as
      more fully provided in such Indenture.

    

    

    

    

    
      

      1  Insert in Global Securities only.

      

    

    
      Exhibit A-1

      
        

    

    [Payment of the principal of (and premium, if any) and interest on this Security will be made by transfer of immediately available funds
      to a bank account in the Borough of Manhattan, The City of New York designated by the Holder in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.]2

    

    

    [Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Partnership
      maintained for that purpose in Dallas, Texas, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Partnership by United States Dollar check mailed to the addresses of the Persons entitled thereto as such addresses shall appear
      in the Security Register or by transfer to a United States Dollar account maintained by the payee with a bank in Dallas, Texas (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date prior to
      the applicable Interest Payment Date).]3

    

    

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

    

    

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

    

    

    
      

      2  Insert in Global Securities only.

      

      3  Insert in Definitive Securities only.

      

    

    
      Exhibit A-2

      
        

    

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

    

    

    
      	
              Dated:

            	NUSTAR LOGISTICS, L.P.
	 	 
	 	By:

            	
              NUSTAR GP, Inc.,

              

              its General Partner

              

            
	 	 	 
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:	 
	 	 	Title:	 

    

    

    

    

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

    

    

    
      
        	
                Dated:

              	WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE
	 	 	 
	 	 	 
	

              	
                By: 

              	

              
	 	 	Authorized Signatory

              

      

    

    

    

    

    

    

    
      Exhibit A-3

      
        

    

    [FORM OF REVERSE OF SECURITY]

    

    

    NUSTAR LOGISTICS, L.P.

    5.750% SENIOR NOTE DUE 2025

    

    

    This Security is one of a duly authorized issue of senior securities of the Partnership (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 15, 2002 (the “Original Indenture”), among the Partnership, the Guarantor (defined below) and The Bank of New York, as trustee, as amended and supplemented by the Third Supplemental Indenture thereto, dated as of July 1, 2005 (the “Third Supplemental Indenture”), among the Partnership, the Guarantor, the Affiliate Guarantor (as defined below) and The Bank of New York Trust Company, N.A., as
      successor trustee to The Bank of New York, as trustee.  The Original Indenture, as amended and supplemented by the Third Supplemental Indenture and as further amended and supplemented pursuant to the Tenth Supplemental Indenture thereto, dated as of
      September 14, 2020, among the Partnership, the Guarantor, the Affiliate Guarantor and Wells Fargo Bank, National Association, as successor trustee, is referred to herein as the “Indenture.” The trustee under the Indenture (including any successor trustee under the Indenture) is referred to herein as the “Trustee.”

    

    

    Reference is made hereby to the Indenture (including all indentures supplemental thereto) for a statement of the respective rights,
      limitations of rights, obligations, duties and immunities thereunder of the Partnership, the Guarantor, the Affiliate Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
      authenticated and delivered.  As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at
      different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the
      Indenture provided or permitted.  This Security is one of the series designated on the face hereof.

    

    

    This Security is the senior unsecured obligation of the Partnership and is guaranteed pursuant to (i) a guarantee (the “Guarantee”) by NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the “Guarantor”) and (ii) a guarantee (the “Affiliate Guarantee”) by NuStar Pipeline Operating Partnership L.P. (formerly
      known as Kaneb Pipe Line Operating Partnership, L.P.), a Delaware limited partnership and an Affiliate of the Partnership (the “Affiliate Guarantor”).

    

    

    
      Exhibit A-4

      
        

    

    The Securities of this series are subject to redemption upon not less than 10 nor more than 60 days’ notice by delivery (in accordance
      with the applicable procedures of the Depositary), at any time as a whole or from time to time in part, at the election of the Partnership.  If the Partnership redeems the Securities pursuant to this paragraph before the Par Call Date, the Securities
      will be redeemed at a Redemption Price equal to the greater of (1) 100% of the principal amount of this Security then Outstanding to be redeemed, or (2) the sum of the present values of the remaining scheduled payments of principal and interest
      (exclusive of interest accrued to the Redemption Date) on the Securities to be redeemed that would have been due if the Securities matured on the Par Call Date, computed by discounting such payments from their respective scheduled dates of payment to
      the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of 50 basis points plus the Adjusted Treasury Rate on the third Business Day prior to the Redemption Date, as calculated
      by an Independent Investment Banker, plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date.  If the Partnership redeems the Securities pursuant to this paragraph on or after the Par Call Date, the
      redemption price will equal 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date.  If the Independent Investment Banker is unwilling or unable to make
      the calculation, the Partnership will appoint an independent investment banking institution of national standing to make the calculation.

    

    

    For purposes of determining the Redemption Price, the following definitions are applicable:

    

    

    “Adjusted Treasury Rate” means the yield,
      under the heading that represents the average for the week immediately preceding the week of publication, appearing in the then most recently published statistical release designated as the Selected Interest Rates (Daily)—H.15 release or any
      successor publication that is published or made available weekly by the Board of Governors of the Federal Reserve System and which contains yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury
      Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of this Security, yields for the two published maturities most closely corresponding to
      the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or if such release (or any successor release) is not
      published during the week including or immediately preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for
      the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

    

    

    “Comparable Treasury Issue” means the U.S.
      Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of this Security that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
      issues of corporate debt securities of comparable maturity to the remaining term of this Security, calculated as if the maturity date of the Security was the Par Call Date or, if, in the reasonable judgment of the Independent Investment Banker, there
      is no such security, then the Comparable Treasury Issue will mean the U.S. Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity or maturities comparable to the remaining term of
      this Security, calculated as if the maturity date of the Security was the Par Call Date.

    

    

    “Comparable Treasury Price” means (1) the
      average of five Reference Treasury Dealer Quotations, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the
      average of all such quotations.

    

    

    
      Exhibit A-5

      
        

    

    “Independent Investment Banker” means any of
      Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC and any successor firm selected by the Partnership,
      or if any such firm is unwilling or unable to serve as such, an independent investment banking institution of national standing appointed by the Partnership.

    

    

    “Par Call Date” means July 1, 2025.

    

    

    “Reference Treasury Dealer” means each of up
      to five dealers to be selected by the Partnership; provided that if any of the foregoing ceases to be, and has no affiliate that is, a primary
      U.S. governmental securities dealer (a “Primary Treasury Dealer”), the Partnership will substitute for it another Primary Treasury Dealer.

    

    

    “Reference Treasury Dealer Quotations” means
      the average, as determined by the Reference Treasury Dealer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker and the
      Trustee at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

    

    

    In the case of any redemption of Securities, interest installments due on or prior to the Redemption Date will be payable to the Holders
      of such Securities, or one or more predecessor Securities, of record at the close of business on the relevant record date referred to on the face hereof.  Securities (or portions thereof) for whose redemption and payment provision is made in
      accordance with the Indenture shall cease to bear interest from and after the Redemption Date.

    

    

    Any notice to the Holders of the Securities of a redemption will include the appropriate calculation of the Redemption Price, but need
      not include the Redemption Price itself.  The actual Redemption Price, calculated as provided above, will be set forth in an Officers’ Certificate, which shall also include the calculation of such Redemption Price in reasonable detail, delivered to
      the Trustee no later than two Business Days prior to the Redemption Date.

    

    

    Securities shall only be redeemed in amounts of $2,000 or whole multiples of $1,000 in excess thereof.

    

    

    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.  In the event of any partial redemption, selection of the Securities for redemption will be made by the Trustee on a pro rata basis (or, in the case of Securities issued in global form, by such method as the Depositary may require).

    

    

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

    

    

    
      Exhibit A-6

      
        

    

    Upon the occurrence of a Change of Control, the Partnership will make an offer to purchase all or any part (equal to $2,000 or whole
      multiples of $1,000 in excess thereof) of each Holder’s Securities of this series (the “Change of Control Offer”) at a price in cash equal to 101% of the
      aggregate principal amount of Securities repurchased, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of purchase.  Within 30 days following any Change of Control, the Partnership will deliver, in accordance with the
      applicable procedures of the Depositary, a notice to each such Holder of Securities of this series setting forth the procedures governing the Change of Control Offer as required by the Indenture and information regarding such other matters as is
      required under and as more fully provided in Section 1013 of the Indenture.  As more fully provided in Section 1013 of the Indenture, the Holder of this Security may elect to have this Security or a portion hereof in an authorized denomination
      purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below and tendering this Security pursuant to the Change of Control Offer.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      Exhibit A-7

      
        

    

    The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities
      except as described in the Indenture and will not be considered the Holders hereof for any purpose under the Indenture.]4

    

    

    [As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the
      Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Partnership in Dallas, Texas, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Partnership
      and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for a like aggregate principal
      amount, will be issued to the designated transferee or transferees.]5

    

    

    The Securities of this series are issuable only in registered form, without coupons, in minimum denominations of U.S. $2,000 and any
      whole multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of
      like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

    

    

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

    

    

    Prior to due presentment of this Security for registration of transfer, the Partnership, the Trustee and any agent of the Partnership or
      the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security be overdue, and neither the Partnership, the Trustee nor any such agent shall be affected by notice
      to the contrary.

    

    

    Obligations of the Partnership under the Indenture and the Securities thereunder, including this Security, are non-recourse to NuStar
      GP, Inc. (the “General Partner”) and the general partner of the Guarantor, as applicable, and their Affiliates (other than the Partnership, the Guarantor and
      the Affiliate Guarantor), and payable only out of cash flow and assets of the Partnership, the Guarantor or the Affiliate Guarantor, as the case may be.  The Trustee, and each Holder of a Security by their respective acceptance hereof, will be deemed
      to have agreed in the Indenture that (1) neither the General Partner, the general partner of the Guarantor, the general partner of the Affiliate Guarantor nor their respective assets (nor any of its Affiliates other than the Partnership, the
      Guarantor and the Affiliate Guarantor, nor their respective assets) shall be liable for any of the obligations of the Partnership, the Guarantor or the Affiliate Guarantor under the Indenture or such Securities, including this Security, and (2) no
      director, officer, employee, stockholder or unitholder, as such, of the Partnership, the Guarantor, the Affiliate Guarantor, the Trustee, the General Partner, the general partner of the Guarantor, the general partner of the Affiliate Guarantor or any
      Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Partnership, the Guarantor or the Affiliate Guarantor under the Indenture or such Securities by reason of his, her or its status.

    

    

    
      

      4  Insert in Global Securities only.

      

      5  Insert in Definitive Securities only.

      

    

    
      Exhibit A-8

      
        

    

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

    

    

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

    

    

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

    

    

    
      Exhibit A-9

      
        

    

    ASSIGNMENT FORM6

    

    

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

    

    

              

    

    
      	
               

            
	
               (Please Print or Typewrite Name and Address of Assignee)

            

       

      

       

      

       

      

       

      

    

    the within instrument of NUSTAR LOGISTICS, L.P. and does hereby irrevocably constitute and appoint Attorney to transfer said instrument on the books of the
      within-named Partnership, with full power of substitution in the premises.

     

    

    
      	
              Please Insert Social Security or Other Identifying Number of Assignee:

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Date:

            	
               

            	
              Your Signature:

            	
               

            
	
               

            	
               

            	
               

            	
              (Sign exactly as name appears on the other side of this Note)

            

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

     

    

     

    

    	
            Signature Guarantee:     

            

          	 
	
             

          	  (Participant in a Recognized Signature Guaranty Medallion Program)

    

    

    

    

                   

      

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

    

    

    

    

    
      

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

      

    

    
      Exhibit A-10

      
        

    

    OPTION OF HOLDER TO ELECT PURCHASE

    

    

    If you want to elect to have this Security purchased by the Partnership pursuant to Section 1013 of the Indenture, check the appropriate
      box below:

    

    

    [     ] Section 1013

    

    

    If you want to elect to have only part of the Security purchased by the Partnership pursuant to Section 1013 of the Indenture, state the
      amount you elect to have purchased:

    

    

    $_______________

     

    

    
      	 	 	 	 	 
	Date:	
               

            	
               

            	Your Signature:	
               

            
	
               

            	
               

            	
               

            	
               

            	
              (Sign exactly as name appears on the

               other side of this Note)

            

       

      

       

      

       

      

       

      

       

      

      
        	
                 

              	
                 

              	
                 

              	
                Tax Identification No.:

              	
                 

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              
	
                Signature Guarantee:

              	
                 

              	
                 

              	
                 

              	
                 

              
	 	 (Participant in a Recognized Signature Guaranty Medallion Program)  	 

      

    

                    

    
    

    

    

    

    
      Exhibit A-11

      
        

    

    NOTATION OF GUARANTEE

    

    

    The Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely
      guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the
      Indenture and the Securities by the Partnership.

    

    

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

    

    

    

    

    
      	 	Guarantor:
	 	 
	 	NUSTAR ENERGY L.P.
	 	 	 
	 	By:	
              RIVERWALK LOGISTICS, L.P.

              Its General Partner

                

            
	 	 	 
	 	By:	
              NUSTAR GP, LLC,

              its General Partner

                

            
	 	 	 
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:

    

    

    

    

    

              

      

    

    
      Exhibit A-12

      
        

    

    NOTATION OF AFFILIATE GUARANTEE

    

    

    The Affiliate Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and
      absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and
      payable under the Indenture and the Securities by the Partnership.

    

    

    The obligations of the Affiliate Guarantor to the Holders of Securities and to the Trustee pursuant to the Affiliate Guarantee and the
      Indenture are expressly set forth in Article XV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Affiliate Guarantee.

    

    

    
      	 	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
	 	 	 
	 	By:

            	
              NUSTAR PIPELINE COMPANY, LLC

              its General Partner

                

            
	 	 	 
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:

    

    

    

    

    

    

    

    

    
      Exhibit A-13

      
        

    

    
     Exhibit B

    

     

    

    FORM OF 6.375% SENIOR NOTE DUE 2030

    

    

    [FACE OF SECURITY]

    

    

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

    

    

    UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE
      PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND
      ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH
      AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

    

    

    CUSIP No. 67059T AH8

    

    

    NUSTAR LOGISTICS, L.P.

    6.375% SENIOR NOTE DUE 2030

    

    

     
      	
              No.

            	
                U.S. $          

                

            

    

             

      

    

    

    NUSTAR LOGISTICS, L.P., (formerly known as VALERO LOGISTICS OPERATIONS, L.P.), a Delaware limited partnership (herein called the “Partnership,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to __________, or
      registered assigns, the principal sum of _____________ United States Dollars on October 1, 2030, and to pay interest thereon from September 14, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
      semi-annually on April 1 and October 1 in each year, commencing April 1, 2021 at the rate of 6.375% per annum, until the principal hereof is paid or made available for payment.  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 March 15 or September 15 (regardless of whether a Business Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or duly provided for shall
      forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
      payment of such Defaulted Interest to be fixed by the Partnership, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to any Special Record Date, or be paid at such time in any other lawful manner not
      inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or traded, and upon such notice as may be required by such exchange or automated quotation system, all as
      more fully provided in such Indenture.

    

    

    
      

      1  Insert in Global Securities only.

    

    
      Exhibit B-1

      
        

    

    [Payment of the principal of (and premium, if any) and interest on this Security will be made by transfer of immediately available funds
      to a bank account in the Borough of Manhattan, The City of New York designated by the Holder in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.]2

    

    

    [Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Partnership
      maintained for that purpose in Dallas, Texas, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Partnership by United States Dollar check mailed to the addresses of the Persons entitled thereto as such addresses shall appear
      in the Security Register or by transfer to a United States Dollar account maintained by the payee with a bank in Dallas, Texas (so long as the applicable Paying Agent has received proper transfer instructions in writing by the Record Date prior to
      the applicable Interest Payment Date).]3

    

    

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

    

    

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

    

    

    
      

      2  Insert in Global Securities only.

      3  Insert in Definitive Securities only.

      

    

    
      Exhibit B-2

      
        

    

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

    

    

    
      	
              Dated:

            	NUSTAR LOGISTICS, L.P.
	 	 	 
	 	By:

            	
              NUSTAR GP, Inc., 

              

              its General Partner

              

            
	 	 	 
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:	 
	 	 	Title:	 

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

     

    

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

    

    

    
      	
              Dated:

            	
              WELLS FARGO BANK, NATIONAL ASSOCIATION, 

              AS TRUSTEE

            
	 	 	 
	 	 	 
	

            	
              By: 

            	

            
	 	 	Authorized Signatory

            

    

    

    

    

    

    

    
      Exhibit B-3

      
        

    

    [FORM OF REVERSE OF SECURITY]

    

    

    NUSTAR LOGISTICS, L.P.

    6.375% SENIOR NOTE DUE 2030

    

    

    This Security is one of a duly authorized issue of senior securities of the Partnership (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 15, 2002 (the “Original Indenture”), among the Partnership, the Guarantor (defined below) and The Bank of New York, as trustee, as amended and supplemented by the Third Supplemental Indenture thereto, dated as of July 1, 2005 (the “Third Supplemental Indenture”), among the Partnership, the Guarantor, the Affiliate Guarantor (as defined below) and The Bank of New York Trust Company, N.A., as
      successor trustee to The Bank of New York, as trustee.  The Original Indenture, as amended and supplemented by the Third Supplemental Indenture and as further amended and supplemented pursuant to the Tenth Supplemental Indenture thereto, dated as of
      September 14, 2020, among the Partnership, the Guarantor, the Affiliate Guarantor and Wells Fargo Bank, National Association, as successor trustee, is referred to herein as the “Indenture.” The trustee under the Indenture (including any successor trustee under the Indenture) is referred to herein as the “Trustee.”

    

    

    Reference is made hereby to the Indenture (including all indentures supplemental thereto) for a statement of the respective rights,
      limitations of rights, obligations, duties and immunities thereunder of the Partnership, the Guarantor, the Affiliate Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
      authenticated and delivered.  As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at
      different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of Default and may otherwise vary as in the
      Indenture provided or permitted.  This Security is one of the series designated on the face hereof.

    

    

    This Security is the senior unsecured obligation of the Partnership and is guaranteed pursuant to (i) a guarantee (the “Guarantee”) by NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the “Guarantor”) and (ii) a guarantee (the “Affiliate Guarantee”) by NuStar Pipeline Operating Partnership L.P. (formerly
      known as Kaneb Pipe Line Operating Partnership, L.P.), a Delaware limited partnership and an Affiliate of the Partnership (the “Affiliate Guarantor”).

    

    

    
      Exhibit B-4

      
        

    

    The Securities of this series are subject to redemption upon not less than 10 nor more than 60 days’ notice by delivery (in accordance
      with the applicable procedures of the Depositary), at any time as a whole or from time to time in part, at the election of the Partnership.  If the Partnership redeems the Securities pursuant to this paragraph before the Par Call Date, the Securities
      will be redeemed at a Redemption Price equal to the greater of (1) 100% of the principal amount of this Security then Outstanding to be redeemed, or (2) the sum of the present values of the remaining scheduled payments of principal and interest
      (exclusive of interest accrued to the Redemption Date) on the Securities to be redeemed that would have been due if the Securities matured on the Par Call Date, computed by discounting such payments from their respective scheduled dates of payment to
      the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of 50 basis points plus the Adjusted Treasury Rate on the third Business Day prior to the Redemption Date, as calculated
      by an Independent Investment Banker, plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date.  If the Partnership redeems the Securities pursuant to this paragraph on or after the Par Call Date, the
      redemption price will equal 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date.  If the Independent Investment Banker is unwilling or unable to make
      the calculation, the Partnership will appoint an independent investment banking institution of national standing to make the calculation.

    

    

    For purposes of determining the Redemption Price, the following definitions are applicable:

    

    

    “Adjusted Treasury Rate” means the yield,
      under the heading that represents the average for the week immediately preceding the week of publication, appearing in the then most recently published statistical release designated as the Selected Interest Rates (Daily)—H.15 release or any
      successor publication that is published or made available weekly by the Board of Governors of the Federal Reserve System and which contains yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury
      Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of this Security, yields for the two published maturities most closely corresponding to
      the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or if such release (or any successor release) is not
      published during the week including or immediately preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for
      the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

    

    

    “Comparable Treasury Issue” means the U.S.
      Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of this Security that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
      issues of corporate debt securities of comparable maturity to the remaining term of this Security, calculated as if the maturity date of the Security was the Par Call Date or, if, in the reasonable judgment of the Independent Investment Banker, there
      is no such security, then the Comparable Treasury Issue will mean the U.S. Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity or maturities comparable to the remaining term of
      this Security, calculated as if the maturity date of the Security was the Par Call Date.

    

    

    “Comparable Treasury Price” means (1) the
      average of five Reference Treasury Dealer Quotations, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the
      average of all such quotations.

    

    

    
      Exhibit B-5

      
        

    

    “Independent Investment Banker” means any of
      Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC and any successor firm selected by the Partnership,
      or if any such firm is unwilling or unable to serve as such, an independent investment banking institution of national standing appointed by the Partnership.

    

    

    “Par Call Date” means April 1, 2030.

    

    

    “Reference Treasury Dealer” means each of up
      to five dealers to be selected by the Partnership; provided that if any of the foregoing ceases to be, and has no affiliate that is, a primary
      U.S. governmental securities dealer (a “Primary Treasury Dealer”), the Partnership will substitute for it another Primary Treasury Dealer.

    

    

    “Reference Treasury Dealer Quotations” means
      the average, as determined by the Reference Treasury Dealer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker and the
      Trustee at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

    

    

    In the case of any redemption of Securities, interest installments due on or prior to the Redemption Date will be payable to the Holders
      of such Securities, or one or more predecessor Securities, of record at the close of business on the relevant record date referred to on the face hereof.  Securities (or portions thereof) for whose redemption and payment provision is made in
      accordance with the Indenture shall cease to bear interest from and after the Redemption Date.

    

    

    Any notice to the Holders of the Securities of a redemption will include the appropriate calculation of the Redemption Price, but need
      not include the Redemption Price itself.  The actual Redemption Price, calculated as provided above, will be set forth in an Officers’ Certificate, which shall also include the calculation of such Redemption Price in reasonable detail, delivered to
      the Trustee no later than two Business Days prior to the Redemption Date.

    

    

    Securities shall only be redeemed in amounts of $2,000 or whole multiples of $1,000 in excess thereof.

    

    

    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.  In the event of any partial redemption, selection of the Securities for redemption will be made by the Trustee on a pro rata basis (or, in the case of Securities issued in global form, by such method as the Depositary may require).

    

    

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

    

    

    
      Exhibit B-6

      
        

    

    Upon the occurrence of a Change of Control, the Partnership will make an offer to purchase all or any part (equal to $2,000 or whole
      multiples of $1,000 in excess thereof) of each Holder’s Securities of this series (the “Change of Control Offer”) at a price in cash equal to 101% of the
      aggregate principal amount of Securities repurchased, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of purchase.  Within 30 days following any Change of Control, the Partnership will deliver, in accordance with the
      applicable procedures of the Depositary, a notice to each such Holder of Securities of this series setting forth the procedures governing the Change of Control Offer as required by the Indenture and information regarding such other matters as is
      required under and as more fully provided in Section 1013 of the Indenture.  As more fully provided in Section 1013 of the Indenture, the Holder of this Security may elect to have this Security or a portion hereof in an authorized denomination
      purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing below and tendering this Security pursuant to the Change of Control Offer.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      Exhibit B-7

      
        

    

    The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities
      except as described in the Indenture and will not be considered the Holders hereof for any purpose under the Indenture.]4

    

    

    [As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the
      Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Partnership in Dallas, Texas, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Partnership
      and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for a like aggregate principal
      amount, will be issued to the designated transferee or transferees.]5

    

    

    The Securities of this series are issuable only in registered form, without coupons, in minimum denominations of U.S. $2,000 and any
      whole multiples of $1,000 in excess thereof.  As provided in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of
      like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

    

    

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

    

    

    Prior to due presentment of this Security for registration of transfer, the Partnership, the Trustee and any agent of the Partnership or
      the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, regardless of whether this Security be overdue, and neither the Partnership, the Trustee nor any such agent shall be affected by notice
      to the contrary.

    

    

    Obligations of the Partnership under the Indenture and the Securities thereunder, including this Security, are non-recourse to NuStar
      GP, Inc. (the “General Partner”) and the general partner of the Guarantor, as applicable, and their Affiliates (other than the Partnership, the Guarantor and
      the Affiliate Guarantor), and payable only out of cash flow and assets of the Partnership, the Guarantor or the Affiliate Guarantor, as the case may be.  The Trustee, and each Holder of a Security by their respective acceptance hereof, will be deemed
      to have agreed in the Indenture that (1) neither the General Partner, the general partner of the Guarantor, the general partner of the Affiliate Guarantor nor their respective assets (nor any of its Affiliates other than the Partnership, the
      Guarantor and the Affiliate Guarantor, nor their respective assets) shall be liable for any of the obligations of the Partnership, the Guarantor or the Affiliate Guarantor under the Indenture or such Securities, including this Security, and (2) no
      director, officer, employee, stockholder or unitholder, as such, of the Partnership, the Guarantor, the Affiliate Guarantor, the Trustee, the General Partner, the general partner of the Guarantor, the general partner of the Affiliate Guarantor or any
      Affiliate of any of the foregoing entities shall have any personal liability in respect of the obligations of the Partnership, the Guarantor or the Affiliate Guarantor under the Indenture or such Securities by reason of his, her or its status.

    

    

    
      

      4  Insert in Global Securities only.

      5  Insert in Definitive Securities only. 

    

    
      Exhibit B-8

      
        

    

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

    

    

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

    

    

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

    

    

    
      Exhibit B-9

      
        

    

    ASSIGNMENT FORM6

    

    

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

     

    

    
      	

            
	
               (Please Print or Typewrite Name and Address of Assignee)

            

    

    

    

    the within instrument of NUSTAR LOGISTICS, L.P. and does hereby irrevocably constitute and appoint Attorney to transfer said instrument on the books of the
      within-named Partnership, with full power of substitution in the premises.

     

    

    
      	
              Please Insert Social Security or Other Identifying Number of Assignee:

            	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            	
               

            
	
              Date:

            	
               

            	
              Your Signature:

            	
               

            
	
               

            	
               

            	
               

            	
              (Sign exactly as name appears on the other side of this Note)

            

       

      

    

     

    

    

    

    
      	
              Signature Guarantee:

            	
               

            	
               

            	
               

            	
               

            
	
               

            	
              (Participant in a Recognized Signature Guaranty Medallion Program)

            	
               

            

    

                       

      

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

    

    

    

    

    

    

    
      

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

      

    

    
      Exhibit B-10

      
        

    

    OPTION OF HOLDER TO ELECT PURCHASE

    

    

    If you want to elect to have this Security purchased by the Partnership pursuant to Section 1013 of the Indenture, check the appropriate
      box below:

    

    

    [     ] Section 1013

    

    

    If you want to elect to have only part of the Security purchased by the Partnership pursuant to Section 1013 of the Indenture, state the
      amount you elect to have purchased:

    

    

    $_______________

    

    

     
      	 	 	 	 	 
	Date:	
               

            	
               

            	Your Signature:	
               

            
	
               

            	
               

            	
               

            	
               

            	
              (Sign exactly as name appears on the

               other side of this Note)

            

       

      

      	
               

            	
               

            	
               

            	
              Tax Identification No.:

            	
               

            
	
               

            	
               

            	
               

            	
               

            	
               

            
	
              Signature Guarantee:

            	
               

            	
               

            	
               

            	
               

            
	 	 (Participant in a Recognized Signature Guaranty Medallion Program)  	 

    

     

      

                                                                

    

    

    

    
      Exhibit B-11

      
        

    

    NOTATION OF GUARANTEE

    

    

    The Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and absolutely
      guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and payable under the
      Indenture and the Securities by the Partnership.

    

    

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

    

    

    

    

    
      	 	Guarantor:
	 	 
	 	NUSTAR ENERGY L.P.
	 	 	 
	 	By:

            	
              RIVERWALK LOGISTICS, L.P.

              Its General Partner

                

            
	 	 	 
	 	By:

            	
              NUSTAR GP, LLC,

              its General Partner

                

            
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:
	 	 	 

    

    

    

    

    

    

    
      Exhibit B-12

      
        

    

    NOTATION OF AFFILIATE GUARANTEE

    

    

    The Affiliate Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully, unconditionally and
      absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities and all other amounts due and
      payable under the Indenture and the Securities by the Partnership.

    

    

    The obligations of the Affiliate Guarantor to the Holders of Securities and to the Trustee pursuant to the Affiliate Guarantee and the
      Indenture are expressly set forth in Article XV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Affiliate Guarantee.

    

    

    
      	 	NUSTAR PIPELINE OPERATING PARTNERSHIP L.P.
	 	 	 
	 	By:

            	
              NUSTAR PIPELINE COMPANY, LLC

              its General Partner

                

            
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:

      

      

    

    
      Exhibit B-13

      
        

    

    
     Exhibit C

    

     

    

    [FORM OF SUPPLEMENTAL INDENTURE]

    

    

    SUPPLEMENTAL INDENTURE, dated as of ______________, _______ (this “Supplemental Indenture”), among (i) NuStar Logistics, L.P. (formerly known as Valero Logistics Operations, L.P.), a Delaware limited partnership (the “Partnership”), NuStar Energy L.P. (formerly known as Valero L.P.), a Delaware limited partnership (the “Guarantor”), (iii) NuStar
      Pipeline Operating Partnership L.P. (formerly known as Kaneb Pipe Line Operating Partnership, L.P.), a Delaware limited Partnership (the “Affiliate Guarantor”),

      (iv) [Name of Subsidiary Guarantor], a _________________ and a subsidiary of the Partnership (the “Subsidiary Guarantor”) and (iv) [Name of Trustee], a
      _______________, as trustee (the “Trustee”).

    

    

    RECITALS OF THE PARTNERSHIP

    

    

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

    

    

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

    

    

    WHEREAS, pursuant to the provisions of Sections 201, 301 and 901 of the Original Indenture, as the same has been and may from time to
      time hereafter be amended and supplemented (as at any time so amended and supplemented, the “Indenture”), the Partnership has established one or more series of
      Securities (herein called “Securities of the Affected Series”) to which the amendments of the Original Indenture contained in Article II of the Tenth
      Supplemental Indenture thereto dated as of September 14, 2020 (the “Tenth Supplemental Indenture”) have been made applicable, and Section 1011 of the Indenture
      provides that under certain circumstances the Partnership is required to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall guarantee the payment of the
      Securities of the Affected Series pursuant to a guarantee on the terms and conditions set forth herein.

    

    

    
      Exhibit C-1

      
        

    

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

    

    

    NOW, THEREFORE, this Supplemental Indenture Witnesseth:

    

    

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

    

    

    ARTICLE IV

    AMENDMENTS TO THE INDENTURE

    

    

    The amendments and supplements contained herein shall apply to the Securities of the Affected Series only and not to any other series of
      Securities issued under the Indenture, and any covenants provided herein are expressly being included solely for the benefit of the Securities of the Affected Series and the Holders thereof.  These amendments and supplements shall be effective only
      for so long as there remains any Securities of the Affected Series Outstanding.

    

    

    Section 4.01  Definitions.  Section 101 of
      the Indenture is amended and supplemented by inserting in the appropriate alphabetical position, the following definition:

    

    

    “Securities of the Affected Series” means the
      Notes and Securities of each other series to which the amendments of the Original Indenture contained in Article II of the Tenth Supplemental Indenture have been made applicable.

    

    

    SECTION 4.02  Unconditional Guarantee. 

      Unless such amendment shall have been effected by a previous supplemental indenture, the Indenture shall be amended and supplemented by inserting the following new Article XVI immediately after Article XV of the Indenture:

    

    

    “ARTICLE XVI

    

    

    Section 1601.  Unconditional Guarantee.

    

    

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

    

    

    
      Exhibit C-2

      
        

    

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

    

    

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

    

    

    
      Exhibit C-3

      
        

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      Exhibit C-4

      
        

    

    SECTION 1602.  Limitation of Subsidiary Guarantor’s
          Liability.

    

    

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

    

    

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

    

    

    To further evidence the Subsidiary Guarantees, the Subsidiary Guarantor hereby agrees that a notation of such Subsidiary Guarantees in
      substantially the form set forth below in Section 1604 shall be endorsed on each of the Securities of the Affected Series authenticated and delivered by the Trustee and executed by either manual or facsimile signature of an officer of the Subsidiary
      Guarantor; provided that failure to include such notation on any of the Securities of the Affected Series shall not affect the validity of the
      Subsidiary Guarantees.

    

    

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

    

    

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

    

    

    
      Exhibit C-5

      
        

    

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

    

    

    FORM OF NOTATION ON SECURITY RELATING TO SUBSIDIARY GUARANTEE

    

    

    The undersigned Subsidiary Guarantor (which term includes any successor Person in such capacity under the Indenture), has fully,
      unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if any, and interest on the Securities of this series
      and all other amounts due and payable under the Indenture and the Securities of this series by the Partnership.

    

    

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

    

    

    
      	 	Subsidiary Guarantor:
	 	 
	 	[NAME OF SUBSIDIARY GUARANTOR]
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:
	 	 	 

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    ARTICLE V

    MISCELLANEOUS

    

    

    SECTION 5.01 Execution as Supplemental Indenture. 

      By its execution and delivery of this Supplemental Indenture, the undersigned Subsidiary Guarantor agrees to be bound by the provisions of the Indenture, including those of Article XVI thereof, as the same relate to the Notes and all other Securities
      of the Affected Series.  This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Indenture and, as provided in the Indenture, this Supplemental Indenture forms a part thereof.  Except as herein expressly
      otherwise defined, the use of the terms and expressions herein is in accordance with the definitions, uses and constructions contained in the Indenture.

    

    

    SECTION 5.02 Responsibility for Recitals, Etc. 
      The recitals herein and in the Securities of the Affected Series (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Partnership, and the Trustee assumes no responsibility for the correctness thereof.  The
      Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Securities of the Affected Series.  The Trustee shall not be accountable for the use or application by the Partnership of the Securities of
      the Affected Series or of the proceeds thereof.

    

    

    SECTION 5.03 Provisions Binding on Partnership’s,
          Guarantor’s and Subsidiary Guarantor’s Successors.  All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by the Partnership with the Guarantor, the Affiliate Guarantor or the undersigned
      Subsidiary Guarantor shall bind its successors and assigns whether so expressed or not.

    

    

    
      Exhibit C-6

      
        

    

    SECTION 5.04 Governing Law.  THIS
      SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    

    

    SECTION 5.05 Execution and Counterparts. 
      This Supplemental Indenture may be executed with counterpart signature pages or in any number of counterparts, each of which shall be an original but such counterparts shall together constitute but one and the same instrument. The words “execution,”
      “signed,” “signature,” and words of like import in this Supplemental Indenture or in any other certificate, agreement or other document related to this Supplemental Indenture shall include images of manually executed signatures transmitted by
      facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”).  The use of electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by
      electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic
      Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform
      Commercial Code.

    

    

    SECTION 5.06 Capitalized Terms.  Capitalized
      terms not otherwise defined in this Supplemental Indenture shall have the respective meanings assigned to them in the Indenture.”

    

    

    (The remainder of this page is intentionally blank.)

    

    

    

    

    

    

    
      Exhibit C-7

      
        

    

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

    

    

    
      	 	
              Partnership:

            
	 	 
	 	NUSTAR LOGISTICS, L.P.
	 	 	 
	 	By:

            	
              NuStar GP, Inc.,

              its General Partner

                

            
	 	 	 
	
              

              

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    

    
      	 	Guarantor:
	 	 
	 	NUSTAR ENERGY L.P.
	 	 	 
	 	By:

            	
              Riverwalk Logistics, L.P.,

                its General Partner

              

            
	 	 	 
	 	By:

            	
              NuStar GP, LLC,

              its General Partner

                

            
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    

    
      	 	Affiliate Guarantor:
	 	 
	 	
              NUSTAR PIPELINE OPERATING 

              PARTNERSHIP L.P.

            
	 	 	 
	 	By:

            	
              NUSTAR PIPELINE COMPANY, LLC,

              its General Partner

                

            
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    

    
      	 	Subsidiary Guarantor:
	 	 	 
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

    

    

    
      	 	Trustee:

            
	 	 
	 	[NAME OF TRUSTEE], AS TRUSTEE
	 	 	 
	

            	
              By: 

            	

            
	 	 	Name:
	 	 	Title:
	 	 	 

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

       

      

    

    

    

    

  

  Exhibit C-8Document

Agreement No. 00065626SLA
CREDIT AGREEMENT
THIS CREDIT AGREEMENT (this “Agreement”), dated as of _________________________ is entered into by and between Golden Grain Energy, LLC, Mason City, Iowa, a limited liability company (the “Borrower”), and FARM CREDIT SERVICES OF AMERICA, FLCA and FARM CREDIT SERVICES OF AMERICA, PCA, a federally-chartered instrumentality of the United States (“Lender”). 
RECITALS
(A) The Borrower and Lender are parties to that certain Master Loan Agreement dated as of June 24, 2014 (the “Existing Agreement”).  Pursuant to the terms of the Existing Agreement, the parties entered into one or more Supplements and/or Promissory Notes and Supplements thereunder (the “Existing Promissory Note(s) and Supplement(s)”).  The Borrower and Lender now desire to amend and restate the Existing Agreement and to apply this Agreement to the Existing Promissory Note(s) and Supplement(s), as well as any new Promissory Note(s) that may be issued hereunder.  For that reason and for valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Borrower and Lender hereby agree that the Existing Agreement will be amended and restated by this Agreement, provided, however, this Agreement is not a novation of the Existing Agreement and all security under the Existing Agreement shall remain in full force and effect under this Agreement.

In consideration of the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and Lender agree as follows:

ARTICLE 1.Defined Terms; Accounting Principles.  Certain capitalized terms used in this Agreement bear the definitions given to them in this Agreement.  References to accounting standards are to United States generally accepted accounting principles, consistently applied (the “Accounting Standards”).
ARTICLE 2.The Facilities.
a.Promissory Note.  In the event the Borrower desires to borrow from Lender and Lender is willing to lend to the Borrower, or in the event the parties desire to consolidate any existing loans hereunder, the parties will enter into a promissory note (a “Promissory Note”).  Each Promissory Note will set forth Lender’s commitment to make a loan or loans to the Borrower, the amount of the loan(s), the purpose of the loan(s), the interest rate or rate options applicable to the loan(s), the repayment terms of the loan(s), and any other terms and conditions applicable to the particular loan(s).  Each Promissory Note will also contain the Borrower’s promise to make payments of interest on the unpaid principal balance of the loan(s), and fees and premiums, if any, and to repay the principal balance of the loan(s).  Each loan will be governed by the terms and conditions contained in this Agreement and in the Promissory Note relating to that loan.
b.Sale of Participation Interests and Appointment of Administrative Agent.  The Borrower acknowledges that concurrent with the execution of this Credit Agreement and related Promissory Note(s), Lender is selling a participation interest in this Credit Agreement and each Promissory Note to CoBank, FCB, an affiliate of CoBank, ACB (“CoBank”).  Pursuant to an Administrative Agency Agreement and Intercreditor Agreement dated of even date herewith (“Agency 
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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

Agreement”), Lender has appointed CoBank as Administrative Agent (“Agent”) in place of Lender hereunder and under each Promissory Note and any security documents to be executed hereunder.  All advances of funds hereunder shall be made by Agent, all repayments by the Borrower hereunder shall be made to Agent, and all notices to be made to Lender hereunder shall be made to Agent.  Agent shall be solely responsible for the administration of this agreement, each Promissory Note and the security documents to be executed by the Borrower hereunder and the enforcement of all rights and remedies of Lender hereunder and thereunder.  The Borrower acknowledges the appointment of Agent and consents to such appointment.
c.Availability.  Loans will be made available on any day on which Agent and the Federal Reserve Banks are open for business (a “Business Day”) upon the telephonic or written request of an authorized employee of the Borrower.  Requests for loans must be received by 12:00 p.m. Denver, Colorado time on the date the loan is desired.  Loans will be made available by wire transfer of immediately available funds.  Wire transfers will be made to such account or accounts as may be authorized by the Borrower.
d.Security.  The Borrower’s obligations under this Agreement, each Promissory Note, and each interest rate swap, hedge, cap, collar, forward fix or similar agreement, including any master agreement published by the International Swap and Derivatives Association, Inc., between the Borrower and Lender and/or CoBank, designed to protect the Borrower from fluctuations in interest rates (the “Interest Rate Agreement”) will be secured by a statutory first lien on all equity that the Borrower may now own or hereafter acquire or be allocated in Lender (including Lender’s parent company, as applicable) and/or CoBank.  In addition, except as otherwise provided in a Promissory Note or in a closing instruction letter signed by the parties (an “Instruction Letter”), the Borrower’s obligations hereunder and under each Promissory Note will be:
i.secured by a first priority lien (subject only to exceptions approved in writing by Agent) on all real and personal property of the Borrower, whether now existing or hereafter acquired.  The Borrower agrees to take such steps, including, without limitation, the execution and recordation or filing, as applicable, of mortgages, deeds of trust, security agreements, intercreditor or parity agreements, pledge agreements, control agreements, financing statements, and amendments to any of the foregoing, and such other instruments and documents as Agent may require to enable Agent to obtain, perfect, and maintain a lien on such property, and the payment of any applicable mortgage recording, documentary stamp, or intangible taxes; and
ii.guaranteed by an unsecured or secured, limited or continuing guarantee of payment, in form and substance and from such parties as may be required by Agent from time to time. If Agent requires such guarantee(s) to be secured by lien on the real and/or personal property of a guarantor (a “Guarantor”), Borrower will cause each Guarantor to take such steps, including, without limitation, the execution and recordation or filing, as applicable, of mortgages, deeds of trust, security agreements, pledge agreements, control agreements, financing statements, and amendments to any of the foregoing, and such other instruments and documents as Agent may require to enable Agent to obtain, perfect, and maintain a lien on such property, and the payment of any applicable mortgage recording, documentary stamp, or intangible taxes.
iii.In addition, the Borrower agrees, as may be required by Agent from time to time, to provide to Agent ALTA lender’s policies of title insurance in face amounts and from title companies acceptable to Agent insuring the lien under any mortgage or deed of trust granted by the Borrower or any Guarantor to 

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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

Agent and Lender. The Borrower agrees to pay the cost of such title policies, together with such endorsements as may be reasonably requested by Agent.
e.Payments Generally.  The Borrower’s obligation to repay each loan will be evidenced by a Promissory Note.  Agent will maintain a record of all loans, the interest accrued thereon, and all payments made with respect thereto, and such record will, absent proof of manifest error, be conclusive evidence of the outstanding principal and interest on the loans.  Payments under each Promissory Note will be made by wire transfer of immediately available funds, by check, or by automated clearing house (ACH) or other similar cash handling processes as specified by separate agreement between the Borrower and Agent.  Wire transfers will be made to ABA No. 307088754 for advice to and credit of “CoBANK” (or to such other account as Agent may direct by notice).  The Borrower will give Agent telephonic notice no later than 12:00 p.m. Denver, Colorado time on the day the Borrower intends to pay by wire of such intent, and funds received after 3:00 p.m. Denver, Colorado time will be credited on the next Business Day.  Checks will be mailed to CoBANK, Department 167, Denver, Colorado 80291-0167 (or to such other place as Agent may direct by notice).  Credit for payment by check will not be given until the later of the next Business Day after receipt of the check or the day on which Agent receives immediately available funds. If any installment of principal or interest is due on a date that is not a Business Day, then such installment will be due and payable on the next Business Day.  
f.Broken Funding Surcharge.  Notwithstanding the terms of any Promissory Note giving the Borrower the right to repay any loan prior to the date it would otherwise be due and payable, the Borrower agrees to provide three Business Days’ prior written notice for any prepayment of a fixed rate balance and to pay to Agent a broken funding surcharge in the amount set forth below in the event the Borrower:  (a) repays any fixed rate balance prior to the last day of its fixed rate period (whether such payment is made voluntarily, as a result of an acceleration, or otherwise); (b) converts any fixed rate balance to another fixed rate or to a variable rate prior to the last day of the fixed rate period applicable to such balance; or (c) fails to borrow any fixed rate balance on the date scheduled therefor.  The surcharge will be in an amount equal to the greater of (1) the present value of any funding losses imputed by Lender and/or Agent to have been incurred as a result of such payment, conversion or failure or (2) $300.00.  Notwithstanding the foregoing, in the event any fixed rate balance is repaid as a result of the Borrower refinancing the loan with another lender or by other means, then in lieu of the foregoing, the Borrower will pay to Agent a surcharge in an amount sufficient (on a present value basis) to enable Lender and/or Agent to maintain the yield it would have earned during the fixed rate period on the amount repaid.  Any surcharge will be determined and calculated in accordance with methodology established by Lender and Agent, copies of which will be made available upon request.  Notwithstanding the foregoing, in the event of a conflict between the provisions of this section and of the broken funding charge section of a forward fix agreement between Agent and the Borrower, the provisions of the forward fix agreement will control.
g.Taxes; Change in Law.  Any payment by the Borrower to Agent will be made net of any taxes (other than income and similar taxes imposed on or measured by Lender’s and/or Agent’s overall net income).  If any change in any law, rule, regulation, code, ordinance, order or the like to which the Borrower is subject, including, without limitation, all laws relating to environmental protection, and taxes (collectively, “Laws”), increases the cost of making or maintaining any loan (or any associated commitment to lend), or reduces the amount received or receivable by Agent hereunder then, upon request, the Borrower will pay to Agent such additional amount as will compensate Lender and/or Agent for such additional costs incurred or reduction suffered.

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Golden Grain Energy, LLC
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Agreement No. 00065626SLA

ARTICLE 2.Conditions Precedent.
a.Conditions to Initial Promissory Note.  Lender’s obligation to extend credit under the initial Promissory Note hereunder is subject to the condition precedent that Agent receive, in form and substance satisfactory to Agent, each of the following:
1.This Agreement.  A duly executed copy of this Agreement, the other Loan Documents (as defined below), the Instruction Letter accompanying this Agreement, and all instruments and documents contemplated hereby and thereby.
2.Banking Service Agreements.  A duly completed and executed copy of any banking service agreement, including any agreement relating to the provision by CoBank of cash management services, required by Agent from time to time.  Agent will be entitled to rely on (and will incur no liability to the Borrower in acting on) any request or direction furnished in accordance with the terms thereof.
b.Conditions to Each Promissory Note.  Lender’s obligations to extend credit under each Promissory Note hereunder, including the initial Promissory Note, is subject to the condition precedent that Agent receive, in form and substance satisfactory to Agent, each of the following:
3.Promissory Note.  A duly executed copy of the Promissory Note and all instruments and documents contemplated by the Promissory Note.
4.Instruction Letter.  Any and all items or requirements detailed in an Instruction Letter.
5.Evidence of Perfection.  Such evidence as Agent may require that it has duly perfected liens as required under this Agreement.
6.Evidence of Authority.  Such certified board resolutions, certificates of incumbency, and other evidence that Agent may require that the Promissory Note, all instruments and documents executed in connection therewith, and, in the case of the initial Promissory Note hereto, this Agreement, the other Loan Documents (as defined below) and all instruments and documents executed in connection herewith and therewith, including any security documents, have been duly authorized and executed.
7.Fees and Other Charges.  Any fees or other charges provided for herein, in the Promissory Note or in any invoice provided by Agent.
8.Insurance.  Such evidence as Agent may require that the Borrower is in compliance with Section 5.4 below.
c.Conditions to Each Loan.  Lender’s obligation under each Promissory Note to make any loan to the Borrower thereunder is subject to the condition that no “Event of Default” (as defined in Section 8.1 below) or event that, with the giving of notice and/or the passage of time and/or the occurrence of any other condition, would ripen into an Event of Default (a “Potential Default”) will have occurred and be continuing or would be caused by the making of such loan.
ARTICLE 2.Representations and Warranties.  
The execution by the Borrower of this Agreement and each Promissory Note hereunder, or any renewal or extension by Agent on behalf of Lender of any Promissory Note hereunder, will constitute a representation and warranty by the Borrower that:

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Golden Grain Energy, LLC
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Agreement No. 00065626SLA

a.Instruction Letter; Loan Documents.  Each representation and warranty and all information set forth in any Instruction Letter and/or any of the Loan Documents (as defined below) and/or any other document submitted in connection with, or to induce Lender to enter into, such Promissory Note is correct in all material respects as of the date of such Promissory Note.
b.Compliance; Legal Proceedings.  Each Loan Party (as defined below) and its Subsidiaries (as defined below) and all property owned or leased or proposed to be acquired with the proceeds of any Promissory Note hereunder by each Loan Party and/or its Subsidiaries and all of its/their operations are in compliance with all applicable Laws and the terms of the Loan Documents and no Event of Default or Potential Default exists or is continuing.  In addition, there are no pending legal, arbitration, or governmental actions or proceedings to which any Loan Party or any Subsidiary is a party or to which any of its or any Subsidiaries’ property is subject which, if adversely determined, might have a material adverse effect on the financial condition, operations, properties, profits, or business of any Loan Party or any Subsidiary, and to the best of each Loan Party’s knowledge, no such actions or proceedings are threatened or contemplated.  “Loan Party” means the Borrower and any Guarantor.
c.Organization; Good Standing.  Each Loan Party (a) is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization, (b) has the lawful power to own or lease its properties and to engage in the business it conducts or proposes to conduct, and (c) is duly qualified and in good standing in each jurisdiction where the property owned or leased by it or the nature of the business transacted by it makes such qualification necessary.
d.Binding Agreement.  The Loan Documents constitute legal, valid, and binding obligations of each Loan Party that are enforceable in accordance with their terms.
e.Conflicting Agreements.  Neither this Agreement nor any Promissory Note, Interest Rate Agreement, or other instrument or document securing or otherwise relating hereto or to any Promissory Note (each a “Loan Document” and collectively, at any time, the “Loan Documents”) conflicts with, or constitutes (with or without the giving of notice and/or the passage of time and/or the occurrence of any other condition) a default under, any other agreement to which the Borrower is a party or by which it or any of its property may be bound or affected, and does not conflict with any provision of its bylaws, articles of incorporation or other organizational documents.
f.Consents and Approvals.  No consent, permission, authorization, order or license of any governmental authority or of any party to any agreement to which each Loan Party is a party or by which it or any of its property may be bound or affected, is necessary in connection with the project, acquisition or other activity being financed by such Promissory Note, or the execution, delivery, performance or enforcement of any Loan Document, except as have been obtained and are in full force and effect.
g.Budgets; Full Disclosure.  All budgets, projections, feasibility studies, and other documentation submitted by the Borrower or its Affiliates (as defined below) to Agent in connection with, or to induce Lender to enter into, such Promissory Note are based upon assumptions that are reasonable and realistic, and as of the date of such Promissory Note, no fact has come to light, and no event has occurred, that would cause any assumption made therein to not be reasonable or realistic.  No Loan Document or other certificate, statement, agreement, or document furnished to Agent in connection with this Agreement or any other Loan Document (a) 

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contains any untrue statement of a material fact, or (b) fails to state a material fact necessary in order to make the statements contained herein or therein, in light of the circumstances under which they were made, not misleading.  The Borrower is not aware of any Material Adverse Change that has not been disclosed in writing to Agent.  “Affiliate” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency, (1) that directly or indirectly controls, is controlled by, or is under common control with the Borrower, (2) that beneficially owns or holds 5% or more of any class of the voting or other equity interests of the Borrower, or (3) 5% or more of any class of voting interests or other equity interests of which is beneficially owned or held, directly or indirectly, by the Borrower.  A “Material Adverse Change” means any material adverse change, as reasonably determined by Agent, in the condition, financial or otherwise, operations, business, liabilities (actual or contingent) or properties of a Loan Party or Subsidiary or in its ability to perform its obligations hereunder, under any security instrument or document, or under any other Loan Document.
h.Accurate Financial Information.  Each submission of financial information or documents relating to a Loan Party will constitute a representation and warranty by the Loan Party that such information and documents (a) are true and accurate in all material respects, and (b) do not fail to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not misleading, and (c) have been reviewed by a Principal Financial Officer of the Borrower or, as applicable, the relevant Loan Party.  As used herein, the term “Principal Financial Officer” means an officer of the applicable Loan Party responsible for overseeing the financial activities of the Loan Party.
i.ERISA.  The Borrower and its Subsidiaries are in compliance in all material respects with the applicable provisions of the Employee Retirement Income Security Act of 1974, and the regulations and published interpretations thereunder from time to time (“ERISA”).
j.Margin Stock.  No Loan Party is not engaged or intends to engage principally, or as one of its important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation U, T or X as promulgated by the Board of Governors of the Federal Reserve System of the United States of America (the “Board”)).  No part of the proceeds of any loan made by Lender to the Borrower has been or will be used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or in any way that is inconsistent with the provisions of the regulations of the Board.  No Loan Party or any Subsidiary of any Loan Party holds or intends to hold margin stock in such amounts that more than 25% of the reasonable value of the assets of any Loan Party or Subsidiary of any Loan Party are or will be represented by margin stock.
ARTICLE 2.Affirmative Covenants.  
Unless otherwise agreed to in writing by Agent, while this Agreement is in effect, the Borrower agrees to, and with respect to Sections 5.3, 5.4, 5.5, and 5.8, agrees to cause each subsidiary, if any, listed on SCHEDULE 5.0 attached hereto (singularly a “Subsidiary”, and collectively the “Subsidiaries”) to:

a.Reports and Notices.  Furnish to Agent:

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9.Annual Financial Statements.  As soon as available, but in no event more than 90 days after the end of each fiscal year of the Borrower occurring during the term hereof, annual consolidated and consolidating financial statements of the Borrower and its consolidated Subsidiaries, prepared in accordance with the Accounting Standards.  Such financial statements will:  (1) be audited by independent certified public accountants selected by the Borrower and acceptable to Agent; (2) be accompanied by a report of such accountants containing an opinion thereon acceptable to Agent; (3) be prepared in reasonable detail and in comparative form; and (4) include a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flows, and all notes and schedules relating thereto.
10.Interim Financial Statements.  As soon as available, but in no event more than 30 days after the end of each month (other than the last month in each fiscal year of the Borrower), a consolidated balance sheet of the Borrower and its consolidated Subsidiaries, as of the end of such month, a consolidated statement of income for the Borrower and its consolidated Subsidiaries, for such period and for the period year to date, and such other interim statements as Agent may specifically request, all prepared in reasonable detail and in comparative form in accordance with the Accounting Standards; and, if required by written notice from Agent, certified by a Principal Financial Officer of the Borrower.
11.Notice of Default.  Promptly after becoming aware thereof, notice of the occurrence of an Event of Default or a Potential Default, including, without limitation, any error in the Borrower’s financial information previously provided to Agent and the occurrence of any breach, default, event of default or event that, with the giving of notice and/or the passage of time and/or the occurrence of any other condition, would become a breach, default or event of default under any loan agreement, indenture, mortgage, or other credit or security agreement or instrument to which a Loan Party is a party or by which it or any of its property may be bound or affected.
12.Notice of Litigation, Environmental Matters, Etc.  Promptly after becoming aware thereof, notice of:  (1) the commencement of any action, suit or proceeding before any court, arbitrator or governmental department, commission, board, bureau, agency, or instrumentality having jurisdiction over any Loan Party or any Subsidiary, that, if adversely decided, could result in a Material Adverse Change; (2) the receipt of any notice, indictment, pleading or other communication alleging a condition that may require any Loan Party or any Subsidiary to undertake or to contribute to a clean-up or other response under any environmental Law, or that seeks penalties, damages, injunctive relief, criminal sanctions or other relief as a result of an alleged violation of any such Law, or that claims personal injury or property damage as a result of environmental factors or conditions; and (3) any matter that could cause a Material Adverse Change, including any decision of any regulatory authority or commission.
13.Notice of Certain Events.  (1) Notice at least 30 days prior thereto, of any change in the Borrower’s name or corporate structure; (2) notice at least 30 days prior thereto, of any change in the Borrower’s organizational documents or membership and marketing agreements (or similar documents), which changes must be approved in writing by Agent in its reasonable discretion; (3) notice at least 30 days prior thereto, of any change in the principal place of business of the Borrower or the office where its records concerning its accounts are kept; and (4) as soon as available after any changes thereto, copies of the Borrower’s organizational documents or membership and marketing agreements (or similar documents), in each case certified by the Borrower’s Secretary or equivalent officer acceptable to Agent.
14.Compliance Certificates.  Together with each set of financial statements furnished to Agent pursuant to Section 5.1(a) and Section 5.1(b) above, as applicable, a certificate of a Principal Financial Officer of the Borrower, in form and content acceptable to Agent:  (1) certifying that no Event 

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of Default or Potential Default occurred during the period covered by such statement(s) or, if an Event of Default or Potential Default occurred, a description thereof and of all actions taken or to be taken to remedy same; and (2) setting forth calculations showing compliance with the financial covenants set forth in Article 7 below.
b.Instruction Letter.  Comply with any and all requirements detailed in an Instruction Letter.
c.Corporate Existence, Etc.  Preserve and keep in full force and effect its existence and good standing in the jurisdiction of its incorporation or formation, qualify and remain qualified to transact business in all jurisdictions where such qualification is required, and obtain and maintain all licenses, certificates, permits, authorizations, approvals, and the like that are material to the conduct of its business or required by any Law.
d.Insurance.  
e.Maintain insurance with reputable and financially sound insurance companies or associations, including self-insurance to the extent customary, acceptable to Agent in such amounts and covering such risks as are usually carried by companies engaged in the same or similar business and similarly situated, and make such increases in the type or amount of coverage as Agent may reasonably request.  All such policies insuring any collateral for the Borrower’s obligations to Lender and Agent will have additional insured, mortgagee and lender’s loss payee clauses or endorsements, as applicable, in form and substance satisfactory to Agent.  At Agent’s request, the Borrower agrees to deliver to Agent such proof of compliance with this section as Agent may require.
a.Property Maintenance.  Maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and make all alterations, replacements, and improvements thereto as may from time to time be necessary in order to ensure that its properties remain in good working order and condition.  The Borrower agrees that at Agent’s request, which request may not be made more than once a year, the Borrower will furnish to Agent a report on the condition of the Borrower’s property prepared by a professional engineer satisfactory to Agent.
b.Inspection.  Permit Agent or its agents, upon reasonable notice and during normal business hours or at such other times as the parties may agree, to inspect and visit any of its properties, examine and make excerpts from its books and records, and to discuss its business affairs, finances and accounts with its officers, directors, employees, and independent certified public accountants and to conduct reviews of any collateral.  Without limiting the foregoing, the Borrower will permit Agent, through an employee of Agent or through an independent third party contracted by Agent, to conduct on an annual basis a review of the collateral covered by any security instruments or documents provided to Agent pursuant to this Agreement.  The Borrower further agrees to pay to Agent a collateral inspection fee designated by Agent and reimburse Agent all reasonable costs and expenses incurred by Agent in connection with such collateral inspection reviews performed by Agent employees or its agents.

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c.Books and Records.  Maintain and keep proper books and records of account in which full, true and correct entries of all its dealings, business and financial affairs will be made in accordance with the Accounting Standards.
d.Compliance With Laws.  Comply in all material respects with all Laws and any patron or member investment program applicable to the Borrower.  In addition, the Borrower agrees to cause all persons occupying or present on any of its properties, and to cause each Subsidiary to cause all persons occupying or present on any of its properties, to comply in all material respects with all Laws relating to such properties.
e.Further Assurances and Other Information.  From time to time and at its expense, execute and deliver such documents and do such other acts and things as Agent in its sole discretion may deem necessary or advisable from time to time in order to more fully carry out the provisions and purpose of the Loan Documents, including delivery of such other information regarding the condition or operations, financial or otherwise, of a Loan Party or Subsidiary as Agent may from time to time reasonably request, including, but not limited to, copies of all pleadings, notices and communications referred to in Section 5.1(d) above.
f.Delivery of Original Loan Documents.  If executed copies of any Loan Documents are delivered to Agent as provided in Article 3 above, immediately deliver to Agent the original executed versions of such Loan Documents.
g.Indemnity for Taxes.  At all times indemnify and hold and save Lender and Agent harmless from and against any and all actions or causes of action, claims, demands, liabilities, loss, damage or expense of whatsoever kind and nature incurred by Lender and/or Agent as a result of the non-payment of any documentary stamp tax, intangible tax, interest or penalties associated therewith or any other local, state or federal assessment required to be paid, but not paid in conjunction with the indebtedness evidenced by the Loan Documents.  The Borrower agrees to pay to Agent, its successors and assigns, all sums of money requested by Agent hereunder within ten days of such request, which Lender and/or Agent will or may advance, pay or cause to be paid, or become liable to pay, on account of or in connection with failure to pay as required by the regulations of the governmental authority so imposing said payment.  Agent will be entitled to charge for any and all disbursements made by it in good faith, under the reasonable belief that it or the Borrower is or was liable for the amount so assessed.  Any default by the Borrower in making any payments required under this covenant will constitute a payment Event of Default under the Loan Documents and Agent may, at its option, declare the entire amount of principal plus accrued interest thereon due and payable without notice or demand.
h.ERISA.  The Borrower and its Subsidiaries, for so long as this Agreement remains outstanding, will remain in compliance in all material respects with the applicable provisions of ERISA, the failure to comply with which has or may cause a Material Adverse Change.
ARTICLE 2.Negative Covenants. 
Unless otherwise agreed to in writing by Agent, while this Agreement is in effect, the Borrower will not and will not permit its Subsidiaries to:
a.Other Indebtedness.  Create, incur, assume or allow to exist, directly or indirectly, any indebtedness or liability for borrowed money (including trade or bankers’ acceptances), letters of credit, or for the deferred purchase price of property or services (including leases that should be capitalized on the books of the lessee in accordance with the Accounting Standards), except for:

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Mason City, Iowa
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15.debt to Lender and/or CoBank.
16.accounts payable to trade creditors incurred in the ordinary course of business.
17.current operating liabilities (other than for borrowed money) incurred in the ordinary course of business.
18.capitalized leases with Farm Credit Leasing Services Corporation.
19.debt of the Borrower to The Paycheck Protection Program loan under the Coronavirus Aid, Relief and Economic Security Act obtained from Ceresco Union Savings Bank in an amount not to exceed $860,500.00 on terms and conditions satisfactory to Lender.
20.debt of the Borrower to other lenders and finance companies in an aggregate amount not to exceed $500,000.00.
b.Contingent Liabilities.  Assume, guarantee, become liable as a surety, endorse, contingently agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other agreement designed to ensure any creditor against loss), for or on account of the obligation of any person or entity, except:
1.by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of the Borrower’s business.
c.Liens.  Create, incur, assume, or allow to exist any mortgage, deed of trust, pledge, lien (including the lien of an attachment, judgment, or execution), security interest, or other encumbrance of any kind upon any of its property, real or personal (collectively, “Liens”).  The foregoing restrictions will not apply to:
2.Liens in favor of Lender and/or CoBank.
3.Liens for taxes, assessments, or governmental charges that are not past due.
4.Liens and deposits under workers’ compensation, unemployment insurance, and social security Laws.
5.Liens and deposits to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), and like obligations arising in the ordinary course of business as conducted on the date hereof.
6.Liens imposed by Law in favor of mechanics, materialmen, warehousemen, and like persons that secure obligations that are not past due.
7.Easements, rights-of-way, restrictions, and other similar encumbrances which, in the aggregate, do not materially interfere with the occupation, use, and enjoyment of the property or assets encumbered thereby in the normal course of its business or materially impair the value of the property subject thereto.
8.Liens in favor of Farm Credit Leasing Services Corporation.

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9.Liens to secure indebtedness permitted hereunder.
d.Transactions with Affiliates.  Enter into any transaction with any Affiliate except in the ordinary course of and pursuant to the reasonable requirements of its business and upon fair and reasonable terms no less favorable to it than it would obtain in a comparable arm’s-length transaction with a person or entity that was not an Affiliate.
e.Loans and Investments.  Make any loan or advance to any person or entity, or purchase any capital stock, obligations or other securities of, make any capital contributions to, or otherwise invest in any person or entity, or form or create any partnerships or joint ventures, except:
1.trade credit extended in the ordinary course of business.
2.equity in, or obligation of, Lender and/or CoBank.
f.Loans and New Entities.  Make any loan or advance to any person or entity, or form or create any partnerships or joint ventures except: (a) partnerships or joint ventures engaged in the acquisition, storage or processing of materials required for the production of ethanol; (b) partnerships or joint ventures engaged in the production, storage, transportation or marketing of ethanol or coproducts from the production of ethanol; and (c) trade credit extended in the ordinary course of business.  

g.Dividends and Distributions.  Declare or pay any dividends, or make any distribution of assets to the members/owners, or purchase, redeem, retire or otherwise acquire for value any of its equity, or allocate or otherwise set apart any sum for any of the foregoing, except that for each fiscal year of the Borrower, the Borrower may make distributions to its members/owners of up to 100% of its prior fiscal year’s net income provided that: (a) Working Capital is not less than $30,000,000.00 following such distributions and (b) Borrower is in compliance with all loan covenants, terms and conditions.
h.Operating / Capital Leases.  Create, incur, assume, or permit to exist any obligation as lessee under operating leases (as defined below) for the rental or hire of any real or personal property except:

(a) railroad leases. 

(b) railcar leases provided, however, no such lease will exceed an initial or extended term of 120 months. 

(c) other leases which in the aggregate do not require Borrower or any Subsidiary to make scheduled payments to the lessors in any fiscal year of the Borrower in excess of $100,000.00.

 “Operating Lease” shall have the meaning given to it under Accounting Principles existing on the date hereof and such meaning shall be used in preparing statements required by Sections 5.1(a) and 5.1(b).

i.Mergers, Acquisitions, Etc.  Merge or consolidate with any other entity or acquire all or a material part of the assets of any other person or entity, or form or create any new 

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Subsidiary, or commence operations under any other name, organization, or entity, including any joint venture.
j.Transfer of Assets.  Sell, transfer, lease, or otherwise dispose of any of its assets, except:  (a) in the ordinary course of business; and (b) the sale, transfer or disposal of any obsolete or worn-out assets that are no longer necessary or required in the conduct of the Borrower’s business.
k.Change in Business.  Engage in any business activities or operations substantially different from or unrelated to the Borrower’s present business activities or operations.
l.Use of Proceeds.  Use the proceeds of any loan made by Lender to the Borrower, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the Board) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.
ARTICLE 2.Financial Covenants.
  Unless otherwise agreed to in writing by Agent, while this Agreement is in effect:

a.Working Capital.  The Borrower will have at the end of each period for which financial statements are required to be furnished pursuant to this Agreement an excess of consolidated current assets over consolidated current liabilities of not less than $25,000,000, except that in determining consolidated current assets, any amount available under any revolving term promissory note with Lender hereunder (less the amount that would be considered a current liability if fully advanced hereto) may be included (all as determined in accordance with the Accounting Standards).
b.Debt Service Coverage Ratio.  Beginning with fiscal year 2021, the Borrower will have at the end of each fiscal year of the Borrower a Debt Service Coverage Ratio (as defined below) for such year of not less than 2.00 to 1.00.  For purposes hereof, “Debt Service Coverage Ratio” means: (a) net income (after taxes), plus depreciation and amortization, minus non-cash income from patronage/investments,  minus extraordinary gains (plus losses), minus gains (plus losses) on asset sales; divided by (b) $5,000,000.00 (all as determined in accordance with the Accounting Standards).
ARTICLE 2.Default.
a.Each of the following will constitute an “Event of Default” hereunder:
3.Payment Default.  The Borrower should fail to make any payment to Agent when due, or should fail to purchase any equity in Agent and/or Lender or Lender’s parent Association as and when required by the Capital Plan and/or Bylaws of Agent and/or Lender or its parent Association.
4.Representations and Warranties.  Any representation, warranty, certification or statement of fact made at any time by the Borrower, herein or in any other Loan Document, or in any certificate, other instrument or statement furnished to Agent by or on behalf of the Borrower, will have been false or misleading in any material respect as of the time it was made or furnished.

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Mason City, Iowa
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5.Covenants.  The Borrower will default in the observance or performance of any covenant set forth in Article 5 (other than Sections 5.1(c), 5.1(d), 5.1(e)(1), 5.1(e)(2), and 5.2 above), and such default continues for 30 days after written notice thereof will have been delivered to the Borrower by Agent.
6.Other Covenants and Agreements.  The Borrower will default in the observance or performance of Sections 5.1(c), 5.1(d), 5.1(e)(1), 5.1(e)(2), and 5.2 or any other covenant or agreement contained herein or in any other Loan Document or if Borrower uses the proceeds of any loan for any unauthorized purpose.
7.Cross Default.  Any Loan Party should, after any applicable grace period, breach or be in default under the terms of any other Loan Document (including, without limitation, any security instrument or document) or any other agreement between any Loan Party and Lender or CoBank, or between any Loan Party and any Affiliate of Lender or CoBank, including without limitation Farm Credit Leasing Services Corporation.
8.Other Indebtedness.  Any Loan Party or Subsidiary should fail to pay when due any indebtedness to any other person or entity for borrowed money or any long-term obligation for the deferred purchase price of property (including any capitalized lease), or any other event occurs that, under any agreement or instrument relating to such indebtedness or obligation, has the effect of accelerating or permitting the acceleration of such indebtedness or obligation, whether or not such indebtedness or obligation is actually accelerated or the right to accelerate is conditioned on the giving of notice, the passage of time, or otherwise.
9.Judgments.  A judgment, decree, or order for the payment of money will have been rendered against any Loan Party and either:  (1) enforcement proceedings will have been commenced; (2) a Lien prohibited by this Agreement, any security instrument, or any other Loan Document, will have been obtained; or (3) such judgment, decree, or order will continue unsatisfied and in effect for a period of 30 consecutive days without being vacated, discharged, satisfied, bonded, or stayed pending appeal.
10.Loan Document Unenforceable.  Any of the Loan Documents ceases to be a legal, valid, and binding agreement enforceable against any Loan Party or is in any way terminated (except in accordance with its terms) or becomes or is declared ineffective or inoperative.
11.Revocation of Guaranty.  Any guaranty, suretyship, subordination agreement, maintenance agreement, or other agreement furnished in connection with the Borrower’s obligations hereunder and under any Promissory Note will, at any time, cease to be in full force and effect, or will be revoked or declared null and void, or the validity thereof will be contested by the Guarantor, surety or other maker thereof, or the Guarantor will deny any further liability or obligations thereunder, or will fail to perform its obligations thereunder, or any representation or warranty set forth therein will be breached, or the Guarantor will breach or be in default under the terms of any other agreement with Lender and/or Agent (including any loan agreement or security agreement), or a default set forth in sections (f) through (h) will occur with respect to the Guarantor.
12.Insolvency, Etc.  Any Loan Party or Subsidiary will:  (1) become insolvent or will generally not, or will be unable to, or will admit in writing its inability to, pay its debts as they become due; or (2) suspend its business operations or a material part thereof or make an assignment for the benefit of creditors; or (3) apply for, consent to, or acquiesce in the appointment of a trustee, receiver, or other custodian for it or any of its property; or (4) have commenced against it any action or proceeding for the 

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appointment of a trustee, receiver, or other custodian and such action or proceeding is not dismissed within 30 days of the date thereof, or a trustee, receiver, or other custodian is appointed for all or any part of its property; or (5) receive notice from any regulatory or governmental authority to the effect that such authority intends to replace the management of any Loan Party or assume control over any Loan Party or Subsidiary; or (6) commence or have commenced against it any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, or liquidation law of any jurisdiction.
13.Material Adverse Change.  Any Material Adverse Change occurs, as reasonably determined by Agent.
b.Remedies. Upon the occurrence and during the continuance of an Event of Default or Potential Default, neither Lender nor Agent will have any obligation to extend or continue to extend credit to the Borrower and may discontinue doing so at any time without prior notice or other limitation.  In addition, upon the occurrence and during the continuance of any Event of Default, Lender and Agent may, upon notice to the Borrower:
14.Termination and Acceleration.  Terminate any commitment and declare the unpaid principal balance of the loans, all accrued interest thereon, and all other amounts payable under this Agreement, each Promissory Note, and all other Loan Documents to be immediately due and payable.  Upon such a declaration, the unpaid principal balance of the loans and all such other amounts will become immediately due and payable, without protest, presentment, demand, or further notice of any kind, all of which are hereby expressly waived by the Borrower.
15.Enforcement.  Proceed to protect, exercise, and enforce such rights and remedies as may be provided by this Agreement, any security instrument or document, any other Loan Document, or under Law.  Each and every one of such rights and remedies will be cumulative and may be exercised from time to time, and no failure on the part of Lender or Agent to exercise, and no delay in exercising, any right or remedy will operate as a waiver thereof, and no single or partial exercise of any right or remedy will preclude any future or other exercise thereof, or the exercise of any other right.  Without limiting the foregoing, Agent may hold and/or set off and apply against the Borrower’s obligations to Lender the proceeds of any equity in Lender or Lender’s parent Association, any cash collateral held by Lender or Agent, or any balances held by Lender or Agent for the Borrower’s account (whether or not such balances are then due).
16.Application of Funds.  Agent may apply all payments received by it to the Borrower’s obligations to Lender in such order and manner as Agent may elect in its sole discretion.
4.Interest upon Default.  In addition to the rights and remedies set forth above and notwithstanding any Promissory Note:  (1) upon the occurrence and during the continuance of an Event of Default, at Lender and/or Agent’s option in each instance, the entire indebtedness outstanding hereunder and under each Promissory Note will bear interest from the date of such Event of Default until such Event of Default will have been waived or cured in a manner satisfactory to Lender and Agent at 4.00% per annum in excess of the rate(s) of interest that would otherwise be in effect on that loan under the terms of the applicable Promissory Note; and (2) after the maturity of any loan (whether as a result of acceleration or otherwise), the unpaid principal balance of such loan (including without limitation, principal, interest, fees and expenses) will automatically bear interest at 4.00% per annum in excess of the rate(s) of interest that would otherwise be in effect on that loan under the terms of the Promissory Note.  All interest provided for herein will be payable on demand and will be calculated on the basis of a year consisting of 360 days. 

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ARTICLE 2.Expenses; Indemnification; Damage Waiver.
a.Costs and Expenses.  To the extent allowed by Law, the Borrower agrees to pay all reasonable out-of-pocket costs and expenses (including the fees and expenses of counsel retained or employed by Lender and/or Agent) incurred by Lender and/or Agent and any participants of Lender and/or Agent in connection with the origination, administration, collection and enforcement of this Agreement and the other Loan Documents, including, without limitation, all costs and expenses incurred in obtaining, perfecting, maintaining, determining the priority of, and releasing any security for the Borrower’s obligations to Lender and/or Agent, and any stamp, intangible, transfer or like tax incurred in connection with this Agreement or any other Loan Document or the recording hereof or thereof.
b.Indemnification.  The Borrower indemnifies Lender, Agent, each of their Affiliates and each of its and their respective officers, directors, employees, agents and advisors (each an “Indemnitee”) against, and holds each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including fees and expenses of employed or retained counsel) incurred by any Indemnitee or asserted against any Indemnitee by any third party arising out of or as a result of (a) the execution or delivery of any Loan Document, the performance or nonperformance by the Borrower of its obligations under any Loan Document or the consummation of the transactions contemplated thereby, including the use of the proceeds therefrom, (b) breach of representations, warranties or covenants of the Borrower under any Loan Document, or (c) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, including any such items or losses relating to or arising under environmental Laws or pertaining to environmental matters, regardless whether any Indemnitee is a party thereto; provided that such indemnity will not, as to an Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.
c.Waiver of Consequential Damages.  To the fullest extent permitted by applicable Law, the Borrower will not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages arising out of, in connection with, or as a result of, any Loan Document, the transactions contemplated thereby or the use of the proceeds thereof.
ARTICLE 2.Miscellaneous.
a.Amendments; Waivers; Etc.  No amendment, modification, or waiver of any provision of this Agreement or the other Loan Documents, and no consent to any departure by the Borrower herefrom or therefrom, will be effective unless approved by Agent and contained in a writing signed by or on behalf of Lender by Agent, and then such waiver or consent will be effective only in the specific instance and for the specific purpose for which given.  In the event this Agreement is amended or restated, each such amendment or restatement will be applicable to all Promissory Notes hereto.
b.Notices.  All notices hereunder will be in writing and will be deemed to have been duly given when addressed to the party intended to receive the same at the address of such party set forth below (or such other address either party may specify by like notice), (a) upon delivery if personally delivered to a party at such address, (b) three days after the same is deposited in the 

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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

United States mail as first class, certified mail, return receipt requested, postage paid, (c) one business day after the same has been deposited with Federal Express or another nationally recognized overnight courier service if designated for next-day delivery, and (d) upon delivery if sent by facsimile or electronic mail with confirmation of delivery of the same: 

						
	If to Lender, as follows:
FARM CREDIT SERVICES OF AMERICA, FLCA and FARM CREDIT SERVICES OF AMERICA, PCA
5015 South 118th Street
Omaha, Nebraska 68137  

Attn:  ___________________________
Fax No.:   ________________________

If to Agent, as follows:

For general correspondence purposes:
P.O. Box 5110
Denver, CO  80217-5110

For direct delivery purposes, when desired:
6340 S. Fiddlers Green Cir.
Greenwood Village, CO  80111-1914

Attention:  Credit Information Services 
Fax No.:  (303) 224-6101

	If to the Borrower, as follows:

Golden Grain Energy, LLC
1822 43RD ST. SW
MASON CITY, Iowa  50401

1822 43rd St. SW
Mason City, Iowa  50401

Attention:  Manager & Controller
Fax No.:  (641) 421-8457

c.Survival.  Notwithstanding anything to the contrary in this or any other Loan Document, Sections 5.12, 8.2, all of Article 9, and Section 10.7 will survive the termination of this Agreement, repayment of every Promissory Note, and the foreclosure, or any other enforcement action, of any and all security pledged pursuant to Section 2.3 above.  The representations, warranties, acknowledgments, and agreements set forth herein shall survive the date of this Agreement, but not its termination unless otherwise agreed.
d.Effectiveness and Severability.  This Agreement will continue in effect until:  (a) all indebtedness and obligations of the Borrower under this Agreement and the other Loan Documents have been paid or satisfied; (b) Lender has no commitment to extend credit to or for the account of the Borrower under any Promissory Note; and (c) either Lender, Agent, or the Borrower sends written notice to the other parties terminating this Agreement.  Any provision of this Agreement or any other Loan Document that is prohibited or unenforceable in any jurisdiction will be ineffective to the extent of such prohibition or unenforceable without invalidating the remaining provisions hereof or thereof.
e.Successors and Assigns.
5.Successors and Assigns Generally.  This Agreement and the other Loan Documents will be binding upon and inure to the benefit of the Borrower, Lender, Agent and their respective successors and assigns, except that the Borrower may not assign or transfer its rights or obligations under this Agreement or the other Loan Documents without the prior written consent of Agent.
6.Participations, Etc.  From time to time, Lender and/or Agent may sell to one or more banks, financial institutions, or other lenders a participation in one or more of the loans or other extensions of credit made pursuant to this Agreement.  However, no such participation will relieve Lender of any commitment made to the Borrower hereunder.  In connection with the foregoing, Lender and Agent may disclose information concerning the Borrower and its subsidiaries, if any, to any participant or prospective participant, provided that such participant or prospective participant agrees to keep such information confidential.  Patronage distributions in the event of a sale of a participation interest will be governed by Lender’s or Lender’s Parent Association Bylaws and Capital Plan (as each may be amended from time to time).  A sale of a participation interest may include certain voting rights of the participants regarding the loans hereunder (including without limitation the administration, servicing, and enforcement thereof).  Lender and Agent agrees to give written notification to the Borrower of any sale of a participation interest, which notifications may be given by Agent on behalf of Lender.
f.Integration; Other Types of Credit; Counterparts; Electronic Signatures.
7.Integration.  The Loan Documents are intended by the parties to be a complete and final expression of their agreement.  Each Promissory Note will be deemed to incorporate all of the 

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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

terms and conditions of this Agreement as if fully set forth therein.  Without limiting the foregoing, any capitalized term utilized in any Promissory Note (or in any amendment to this Agreement or Promissory Note) and not otherwise defined in the Promissory Note (or amendment) will have the meaning set forth herein or, if applicable, in the Accounting Standards.  In the event the Accounting Standards are changed after the date hereof, then all such changes will be applicable hereto, unless Lender otherwise specifies in writing.
8.Other Types of Credit.  From time to time, Lender may issue letters of credit or extend other types of credit to or for the account of the Borrower.  In the event the parties desire to do so under the terms of this Agreement, then the agreement of the parties with respect thereto may be set forth in a Promissory Note and this Agreement will be applicable thereto.
9.Counterparts; Electronic Signatures.  This Agreement, each Promissory Note and any other Loan Document may be executed in counterparts, each of which will constitute an original, but all of which when taken together will constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement, any Promissory Note or any other Loan Document by facsimile or other electronic means will be as effective as delivery of a manually executed counterpart of each such Agreement, Promissory Note or Loan Document. The parties agree that the electronic signature of a party to this Agreement, any Promissory Note or any other Loan Document shall be as valid as an original signature of such party and shall be effective to bind such party to this Agreement or such Loan Document.  The parties agree that any electronically signed Loan Document (including this Agreement) shall be deemed (i) to be “written” or “in writing,” (ii) to have been signed and (iii) to constitute a record established and maintained in the ordinary course of business and an original written record when printed from electronic files.  The parties presently intend to authenticate any Loan Documents to which they are a party by either signing such Loan Document or attaching thereto or logically associating therewith an electronic sound, symbol or process as their respective electronic signature.  The words “execution,” “signed,” “signature,” and words of like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any similar state Laws based on the Uniform Electronic Transactions Act.
g.Applicable Law; Submission to Jurisdiction; Service of Process; Waiver of Venue; Waiver of Jury Trial.
10.Applicable Law.  Without giving effect to the principles of conflict of laws and except to the extent governed by federal law, the Laws of the State of Colorado, without reference to choice of law doctrine, will govern this Agreement, each Promissory Note and any other Loan Document for which Colorado is specified as the applicable law, and all disputes and matters between the parties to this Agreement, including all disputes and matters whatsoever arising under, in connection with or incident to the lending and/or leasing or other business relationship between the parties, and the rights and obligations of the parties to this Agreement or any other Loan Document by and between the parties for which Colorado is specified as the applicable law.
11.Submission to Jurisdiction; Service of Process.  The Borrower hereby irrevocably consents to the nonexclusive jurisdiction of any state or federal court in Denver, Colorado, and consents that Lender and/or Agent may effect any service of process in the manner and at the 

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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

Borrower’s address set forth herein for providing notice or demand; provided that nothing contained in this Agreement will prevent Lender and/or Agent from bringing any action, enforcing any award or judgment or exercising any rights against the Borrower individually, against any collateral or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction.
12.Waiver of Venue.  The Borrower acknowledges and agrees that the venue provided above is the most convenient forum for the Borrower and Lender and Agent.  The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Agreement.
13.Waiver of Jury Trial.  The Borrower and Lender each hereby irrevocably waives any right it may have to a trial by jury in connection with any action directly or indirectly arising out of or relating to this Agreement or any other Loan Document.  Each party hereto (1) certifies that no representative, administrative agent or attorney of any other person has represented, expressly or otherwise, that such other person would not, in the event of litigation, seek to enforce the foregoing waiver and (2) acknowledges that it and the other parties hereto have been induced to enter into this Agreement and other Loan Documents by, among other things, the mutual waivers and certifications in this section.
h.USA Patriot Act Notice.  Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify, and record information that identifies the Borrower in accordance with the USA Patriot Act.  The Borrower covenants and agrees it will not, and agrees to cause each of its subsidiaries not to, at any time, directly or indirectly be (a) a person with whom Lender and/or Agent is restricted from doing business under any Anti-Terrorism Law, (b) engaged in any business involved in making or receiving any contribution of funds, goods or services to or for the benefit of such a person or in any transaction that evades or avoids, or has the purpose of evading or avoiding, the prohibitions set forth in any Anti-Terrorism Law, or (c) otherwise in violation of any Anti-Terrorism Law (the Borrower will and will cause each of its subsidiaries to provide to Lender and/or Agent any certifications or information that Lender and/or Agent requests to confirm compliance by the Borrower and its subsidiaries with any Anti-Terrorism Law).  “Anti-Terrorism Law” means any Law relating to terrorism or money laundering, including Executive Order No. 13224, the USA Patriot Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by the United States Treasury Department’s Office of Foreign Asset Control, as any of the foregoing Laws may from time to time be amended, renewed, extended, or replaced.
ARTICLE 11   Administrative Fee.  The Company agrees to pay to Agent on October 1, 2020, and on each October 1 thereafter, for as long as the Company has commitments from Lead Lender, an administrative fee in the amount of $5,000.00.

SIGNATURE PAGE FOLLOWSSIGNATURE PAGE TO CREDIT AGREEMENT

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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

IN WITNESS WHEREOF, the parties hereto, by their duly authorized officers, have executed this Agreement.
						
	Golden Grain Energy, LLC	
		
	By:	
		
	Name:	
		
	Title:	

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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

SIGNATURE PAGE TO CREDIT AGREEMENT
IN WITNESS WHEREOF, the parties hereto, by their duly authorized officers, have executed this Agreement.
						
	FARM CREDIT SERVICES OF AMERICA, FLCA	
		
	By:	
		
	Name:	
		
	Title:	

						
	FARM CREDIT SERVICES OF AMERICA, PCA	
		
	By:	
		
	Name:	
		
	Title:	

SCHEDULE 5.0 - Subsidiaries

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Golden Grain Energy, LLC
Mason City, Iowa
Agreement No. 00065626SLA

Agreement No. 24411SLA

GGE Export Sales, Inc.

21

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