Document:

First Supplemental Indenture

 Exhibit 4.2 

Execution Version 

MAGELLAN MIDSTREAM PARTNERS, L.P. 

as Issuer 

and 

U.S. BANK NATIONAL ASSOCIATION 

as Trustee 

$300,000,000 

4.25% SENIOR NOTES DUE 2021 

FIRST SUPPLEMENTAL INDENTURE 

Dated as of August 11, 2010 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I. ESTABLISHMENT OF NEW SERIES
	  	1
	 Section 1.01
	 	Establishment of New Series	  	1
		
	ARTICLE II. DEFINITIONS AND INCORPORATION BY REFERENCE	  	2
	 Section 2.01
	 	Definitions	  	2
		
	ARTICLE III. THE NOTES	  	5
	 Section 3.01
	 	Form	  	5
	 Section 3.02
	 	Issuance of Additional Notes	  	5
	 Section 3.03
	 	Transfer of Notes	  	5
	 Section 3.04
	 	Restrictive Legend	  	5
		
	ARTICLE IV. REDEMPTION	  	5
	 Section 4.01
	 	Optional Redemption	  	5
	 Section 4.02
	 	Mandatory Redemption	  	6
		
	ARTICLE V. COVENANT SUPPLEMENTS AND AMENDMENTS	  	6
	 Section 5.01
	 	Covenants of the Partnership	  	6
		
	ARTICLE VI. ADDITIONAL EVENT OF DEFAULTS	  	9
	 Section 6.01
	 	Events of Default	  	9
		
	ARTICLE VII. MODIFICATION OF INDENTURE	  	10
	 Section 7.01
	 	Modification of Indenture with Consent of Holders of Debt Securities	  	10
		
	ARTICLE VIII. MISCELLANEOUS	  	10
	 Section 8.01
	 	Integral Part	  	10
	 Section 8.02
	 	Adoption, Ratification and Confirmation	  	10
	 Section 8.03
	 	Counterparts	  	10
	 Section 8.04
	 	Governing Law	  	11
	 Section 8.05
	 	Trustee Makes No Representation	  	11

  

 i 

 FIRST SUPPLEMENTAL INDENTURE dated as of August 11, 2010 (this “First
Supplemental Indenture”) between Magellan Midstream Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”), and U.S. Bank National Association, a national
banking association, as trustee (the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Issuer has heretofore entered into an Indenture, dated as of August 11, 2010 (the “Original
Indenture”), with U.S. Bank National Association, as trustee; 
 WHEREAS, the Original Indenture, as supplemented
pursuant to this First Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, the Issuer
proposes to create under the Indenture a new series of Debt Securities; 
 WHEREAS, additional Debt Securities of other series
hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented and modified by a supplemental
indenture; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this First Supplemental Indenture
and to make it a valid and binding obligation of the Issuer have been done or performed; 
 NOW, THEREFORE, in consideration of
the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I. 

ESTABLISHMENT OF NEW SERIES 

Section 1.01 Establishment of New Series. 

(a) There is hereby established a new series of Notes to be issued under the Indenture, to be designated as the
Issuer’s 4.25% Senior Notes due 2021 (the “Notes”). 
 (b) There are to be
authenticated and delivered $300,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter there may be authenticated and delivered an unlimited principal amount of Additional Notes. 

(c) The Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out in
Exhibit A hereto. The Depositary with respect to the Notes shall be The Depository Trust Company. 
 (d)
Initially, there shall be no Subsidiary Guarantors. Each Note shall be dated the date of authentication thereof and shall bear interest as provided in paragraph 1 of the form of Note in Exhibit A hereto. 

 

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 (e) If and to the extent that the provisions of the Original Indenture are
duplicative of, or in contradiction with, the provisions of this First Supplemental Indenture, the provisions of this First Supplemental Indenture shall govern. 

ARTICLE II. 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 2.01 Definitions. All capitalized terms used herein and not otherwise defined below shall have the
meanings ascribed thereto in the Original Indenture. The following are additional definitions used in this First Supplemental Indenture: 

“Additional Notes” has the meaning assigned to it in Section 3.02 hereof. 

“Commodity Trading Obligations” with respect to any Person, means the obligations of such Person under
(1) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, and any put, call or other agreement or
arrangement, or combination thereof, designed to protect such Person against fluctuations in commodity prices or (2) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity hedge agreement, and any put,
call or other agreement or arrangement, or combination thereof (including an agreement or arrangement to hedge foreign exchange risks) in respect of commodities entered into by the Partnership pursuant to asset optimization and risk management
policies and procedures adopted in good faith by the Board of Directors. 
 “Consolidated Net Tangible
Assets” means, at any date of determination, the total amount of assets after deducting therefrom (1) all current liabilities (excluding (A) any current liabilities that by their terms are extendible or renewable at the option
of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (B) current maturities of long-term debt), and (2) the amount (net of any applicable reserves) of all goodwill, trade
names, trademarks, patents and other like intangible assets, all as set forth on the consolidated balance sheet of the Partnership and its consolidated subsidiaries for the Partnership’s most recently completed fiscal quarter, prepared in
accordance with GAAP. 
 “Debt” means any obligation created or assumed by any Person for the repayment
of money borrowed, any purchase money obligation created or assumed by such Person and any guarantee of the foregoing. 

“Funded Debt” means all Debt maturing one year or more from the date of the creation thereof, all Debt directly
or indirectly renewable or extendible, 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. 
 “Issue
Date” means the date on which the Notes are initially issued. 
 “Lien” means, as to any
Person, any mortgage, lien, pledge, security interest or other encumbrance in or on, or adverse interest or title of any vendor, lessor, lender or other secured party to or of such Person under conditional sale or other title retention agreement or
capital lease with respect to, any property or asset of such Person. 
  

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 “Notes” has the meaning assigned to it in Section 1.01(a)
hereof. 
 “Permitted Hedging Obligations” of any Person shall mean (1) hedging obligations entered
into in the ordinary course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates
and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the Debt being hedged thereby and (2) Commodity Trading Obligations. 

“Permitted Liens” means (1) Liens upon rights-of-way for pipeline purposes; (2) any statutory or
governmental Lien, mechanics’, materialmen’s, carriers’ or similar Lien incurred in the ordinary course of business which is not yet due or which is being contested in good faith by appropriate proceedings and any undetermined Lien
which is incidental to construction; (3) the right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license, permit or by any provision of law, to purchase or recapture or to
designate a purchaser of, any property or assets; (4) Liens for taxes and assessments which are (A) for the then current year, (B) not at the time delinquent, or (C) delinquent but the validity of which is being contested at the
time by the Partnership or any Restricted Subsidiary in good faith; (5) Liens arising under, or to secure performance of, leases, other than capital leases; (6) any Lien upon, or deposits of, any assets in favor of any surety company or
clerk of court for the purpose of obtaining indemnity or stay of judicial proceedings; (7) any Lien upon property or assets acquired or sold by the Partnership or any Restricted Subsidiary resulting from the exercise of any rights arising out
of defaults on receivables; (8) any Lien incurred in the ordinary course of business in connection with workmen’s compensation, unemployment insurance, temporary disability, social security, retiree health or similar laws or regulations or
to secure obligations imposed by statute or governmental regulations; (9) any Lien in favor of the United States of America or any state thereof, or any other country, or any political subdivision of any of the foregoing, to secure partial,
progress, advance or other payments pursuant to any contract or statute, or any Lien securing industrial development, pollution control or similar revenue bonds; (10) any easements, exceptions or reservations in any property or assets of the
Partnership or any Restricted Subsidiary granted or reserved for the purpose of pipelines, roads, the removal of oil, gas, coal or other minerals, and other like purposes, or for the joint or common use of real property, facilities and equipment,
which are incidental to, and do not materially interfere with, the ordinary conduct of its business or the business of the Partnership and its Subsidiaries, taken as a whole; (11) Liens securing Permitted Hedging Obligations; or (12) Liens
arising by reason of any judgment, decree or order of any court not giving rise to an Event of Default, so long as any such Lien is being contested in good faith, and any appropriate legal proceedings that may have been duly initiated for the review
of such judgment, decree or order have not been finally terminated or the period within which such proceedings may be initiated has not expired. 

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

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 “Principal Property” means any pipeline, terminal or terminal
facility property or asset owned or leased by the Partnership or any Subsidiary, including any related property or asset employed in the transportation (including vehicles that generate transportation revenues), distribution, terminalling,
gathering, treating, processing, marketing or storage of crude oil or refined petroleum products, natural gas, natural gas liquids, fuel additives, petrochemicals or ammonia, except (1) any property or asset consisting of inventories,
furniture, office fixtures and equipment (including data processing equipment), vehicles and equipment used on, or useful with, vehicles (but excluding vehicles that generate transportation revenues as provided above), and (2) any such property
or asset, plant or terminal which, in the opinion of the Board of Directors, is not material in relation to the activities of the Partnership and its Subsidiaries, taken as a whole. 

“Ratings Affirmation” means, with respect to any particular action or proposed action, each of
Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. or, if either or both of such ratings agencies do not then rate the Notes, such other nationally recognized statistical rating organization (as defined in the
rules and regulations of the SEC) then having issued long-term debt ratings for the Notes, affirms that such long-term debt ratings will not be lowered as a result of the taking of such action or proposed action. 

“Restricted Subsidiary” means any Subsidiary of the Partnership that owns or leases, directly or indirectly
through ownership of or an ownership interest in another Subsidiary, any Principal Property. 
 “Sale-Leaseback
Transaction” means the sale or transfer by the Partnership or any Restricted Subsidiary of any Principal Property to a Person (other than the Partnership or a Restricted Subsidiary) and the taking back by the Partnership or any
Restricted Subsidiary, as the case may be, of a lease of such Principal Property. 
 “Subsidiary” means,
with respect to any Person, 
 (1) any other Person of which more than 50% of the total voting power of capital interests
(without regard to any contingency to vote in the election of directors, managers, trustees, or equivalent persons), at the time of such determination, is owned or controlled, directly or indirectly, by such Person or one or more of the Subsidiaries
of such Person; 
 (2) in the case of a partnership, any Person of which more than 50% of the partners’ capital interests
(considering all partners’ capital interests as a single class), at the time of such determination, is owned or controlled, directly or indirectly, by such Person or one or more of the Subsidiaries of such Person; or 

(3) any other Person in which such Person or one or more of the Subsidiaries of such Person have the power to control, by contract or
otherwise, the board of directors, managers, trustees or equivalent governing body of, or otherwise control, such other Person. 
  

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 ARTICLE III. 

THE NOTES 

Section 3.01 Form. The Notes shall be issued in the form of one or more Global Securities, and the Notes and
Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this First Supplemental Indenture, and the Issuer and the Trustee, by their
execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.02 Issuance of Additional Notes. The Issuer may, from time to time, issue an unlimited amount of
additional Notes (“Additional Notes”) under the Indenture, which shall be issued in the same form as the Notes issued on the Issue Date and which shall have the same terms as the Notes issued on the Issue Date except as may
be otherwise specified in connection with the issuance of such additional notes with respect to the payment of interest accruing prior to the issue date of such Additional Notes or except for the first payment of interest following the issue date of
such Additional Notes. The Notes issued on the Issue Date shall be limited in aggregate principal amount to $300,000,000. The Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated as a single series for
purposes of giving of notices, consents, waivers, amendments and taking any other action permitted under the Indenture and for purposes of interest accrual (except as may be otherwise specified in connection with the issuance of such additional
notes) and redemptions. 
 Section 3.03 Transfer of Notes. When Notes are presented to the Registrar
with the request to register the transfer of such Notes or exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar shall register the transfer or make the exchange in accordance with Article II of
the Original Indenture. 
 Section 3.04 Restrictive Legend. Each security certificate evidencing the
Global Securities shall bear a legend substantially in the form set forth in Section 2.15(a) of the Original Indenture. 

ARTICLE IV. 

REDEMPTION 

Section 4.01 Optional Redemption. 

(a) At its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from time to time.

 (b) To redeem the Notes, the Issuer must pay a redemption price in an amount determined in accordance with the
provisions of paragraph number 5 of the form of Note in Exhibit A hereto, plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant
interest payment date). 
 (c) Any redemption pursuant to this Section 4.01 shall be made pursuant to the
provisions of Sections 3.01 through 3.03 of the Original Indenture. The actual redemption price, calculated as provided in paragraph number 5 of the form of Note in Exhibit A hereto, shall be certified in writing to the Issuer and the Trustee
by the Independent Investment Banker (as defined in such paragraph 5) no later than two Business Days prior to each Redemption Date. 
  

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 Section 4.02 Mandatory Redemption. The Issuer shall not be
required to make mandatory redemption or sinking fund payments with respect to the Notes and shall have no obligation to repurchase any Notes at the option of the Holders. 

ARTICLE V. 

COVENANT SUPPLEMENTS AND AMENDMENTS 

Section 5.01 Covenants of the Partnership. Article IV of the Original Indenture is hereby supplemented, but
only in relation to the Notes, by the addition of the following new Sections at the end of Article IV: 

“Section 4.09. Subsidiary Guarantees. If any Subsidiary of the Partnership that is not then a Subsidiary
Guarantor becomes a guarantor or co-obligor of any Funded Debt of the Partnership, in either case after the Issue Date, then the Partnership shall cause such Subsidiary to promptly execute and deliver a supplemental Indenture, substantially in the
form of Exhibit B hereto, providing for the Guarantee of the payment of the Notes pursuant to Article XIV hereof. 

Section 4.10. Limitations on Liens. The Partnership will not, nor will it permit any Subsidiary to, create,
assume, incur or suffer to exist any Lien upon any Principal Property or upon any capital stock of any Restricted Subsidiary, whether owned or leased on the date of this Indenture or thereafter acquired, to secure any Debt of the Partnership or any
other Person (other than the Debt Securities issued hereunder), without in any such case making effective provision whereby all of the Debt Securities Outstanding hereunder shall be secured equally and ratably with, or prior to, such Debt so long as
such Debt shall be so secured. This restriction shall not apply to or prevent the creation or existence of: 

(a) any Lien on any property or assets of the Partnership or any Restricted Subsidiary in existence on the Issue Date or
created pursuant to an “after-acquired property” clause or similar term in existence on the Issue Date in any mortgage, pledge agreement, security agreement or other similar instrument applicable to the Partnership or any Restricted
Subsidiary and in existence on the Issue Date; 
 (b) any Lien on any property or assets created at the time of
acquisition of such property or assets by the Partnership or any Restricted Subsidiary or within one year after such time to secure all or a portion of the purchase price for such property or assets or Debt incurred to finance such purchase price,
whether such Debt was incurred prior to, at the time of or within one year of such acquisition; 
 (c) any Lien
on any property or assets existing thereon at the time of the acquisition thereof by the Partnership or any Restricted Subsidiary (whether or not the obligations secured thereby are assumed by the Partnership or any Restricted Subsidiary), provided
that such Lien only encumbers the property or assets so acquired; 
  

 6 

 (d) any Lien on any property or assets of a Person existing thereon at the time such Person
becomes a Restricted Subsidiary by acquisition, merger or otherwise, provided that such Lien is not incurred in anticipation of such Person becoming a Restricted Subsidiary; 

(e) any Lien on any property or assets to secure all or part of the cost of construction, development, repair or improvements thereon or
to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any such
purpose; 
 (f) any Lien in favor of the Partnership or any Restricted Subsidiary; 

(g) any Lien created or assumed by the Partnership or any Restricted Subsidiary in connection with the issuance of Debt the interest on
which is excludable from gross income of the holder of such Debt pursuant to the Internal Revenue Code of 1986, as amended, or any successor statute, for the purpose of financing, in whole or in part, the acquisition or construction of property or
assets to be used by the Partnership or any Subsidiary; 
 (h) Permitted Liens; 

(i) any Lien on any additions, improvements, replacements, repairs, fixtures, appurtenances or component parts thereof, attaching to or
required to be attached to property or assets pursuant to the terms of any mortgage, pledge agreement, security agreement or other similar instrument, creating a Lien upon such property or assets permitted by Clauses (a) through (h), inclusive,
of this Section; or 
 (j) any extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals,
refinancings, refundings or replacements) of any Lien, in whole or in part, that is referred to in Clauses (a) through (i), inclusive, of this Section, or of any Debt secured thereby; provided, however, that the principal amount of Debt secured
thereby shall not exceed the greater of (1) the principal amount of Debt so secured at the time of such extension, renewal, refinancing, refunding or replacement (plus the aggregate amount of premiums, other payments, costs and expenses
required to be paid or incurred in connection with such extension, renewal, refinancing, refunding or replacement) and (2) the maximum committed principal amount of Debt so secured at such time; provided further, however, that such extension,
renewal, refinancing, refunding or replacement shall be limited to all or a part of the property or assets (including improvements, alterations and repairs on such property or assets) subject to the Lien so extended, renewed, refinanced, refunded or
replaced (plus improvements, alterations and repairs on such property or assets). 
 Notwithstanding the foregoing provisions of
this Section, the Partnership may, and may permit any Subsidiary to, create, assume, incur or suffer to exist any Lien upon any Principal Property or capital stock of a Restricted Subsidiary to secure Debt of the Partnership or any other Person
(other than the Debt Securities) that is not excepted by Clauses (a) through (j), inclusive, of this Section without securing the Debt Securities issued hereunder, provided that the aggregate principal amount of all Debt then outstanding
secured by such Lien and all other Liens not excepted by Clauses (a) through (j), inclusive, of this Section, together with all net sale proceeds from Sale-Leaseback Transactions (excluding Sale-Leaseback Transactions permitted by Clauses
(a) through (d), inclusive, of Section 4.11), does not exceed at any one time 15% of Consolidated Net Tangible Assets. 
  

 7 

 Section 4.11. Restriction of Sale-Leaseback Transaction. The Partnership will
not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: 
 (a) the Sale-Leaseback
Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; 

(b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; 

(c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.10 to incur Debt secured by a Lien on the
Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or 

(d) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to
be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership or any Funded Debt of a Subsidiary of
the Partnership, or (2) investment in another Principal Property. 
 Notwithstanding the foregoing provisions of this
Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such
Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of
Section 4.10, do not exceed at any one time 15% of Consolidated Net Tangible Assets. 
 Section 4.12. Compliance
with and Modification of Organizational Documents. The Partnership shall comply with the terms and provisions of Sections 2.9, 7.9 and 12.9 of its Fifth Amended and Restated Agreement of Limited Partnership, dated as of September 28, 2009
and shall not amend, supplement or otherwise modify (pursuant to a waiver or otherwise) any of such Sections in a manner materially adverse to the interests of the Holders of the Notes unless the Partnership obtains a Ratings Affirmation in
connection with any such amendment, supplement or modification or failure to comply.” 
  

 8 

 ARTICLE VI. 

ADDITIONAL EVENT OF DEFAULTS 

Section 6.01 Events of Default. With respect to the Notes only, the following additional Events of Default are
hereby added to Section 6.01(h) of the Original Indenture: 
 “(h-1) default by the Partnership or any
of its Subsidiaries in the payment at the Stated Maturity, after the expiration of any applicable grace period, of principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in excess of the greater of $50.0
million or 5% of the Partnership’s total consolidated partners’ capital, or acceleration of any Debt having a principal amount in excess of such amount so that it becomes due and payable prior to its Stated Maturity and such acceleration
is not rescinded within 60 days after the date on which written notice specifying such default shall have been given to the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in aggregate principal amount
of the Notes at the time Outstanding; 
 (h-2) a final judgment or order for the payment of money in excess the
greater of $50.0 million or 5% of the Partnership’s total consolidated partners’ capital (in each case, net of applicable insurance coverage) having been rendered against the Partnership or any Subsidiary and such judgment or order shall
continue unsatisfied and unstayed for a period of 60 days; and 
 (h-3) the failure of the General Partner to
comply with the terms and provisions of Sections 2.08 and 7.10(c) of its Third Amended and Restated Limited Liability Company Agreement, dated September 28, 2009, or the amendment, supplementation or other modification of (pursuant to a waiver
or otherwise) either of such Sections in a manner materially adverse to the interests of the Holders of the Notes unless the Partnership obtains a Ratings Affirmation in connection with any such amendment, supplementation or modification or
failure to comply.” 
  

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 ARTICLE VII. 

MODIFICATION OF INDENTURE 

Section 7.01 Modification of Indenture with Consent of Holders of Debt Securities. The first paragraph of
Section 9.02 of the Original Indenture is hereby amended and restated in its entirety, but only in relation to the Notes, as follows: 

“Without notice to any Holder but with the consent (evidenced as provided in Section 8.01) of the Holders of not
less than a majority in aggregate principal amount of the Outstanding Debt Securities of each series affected by such supplemental Indenture (including consents obtained in connection with a tender offer or exchange offer for any such series of Debt
Securities), the Partnership and the Subsidiary Guarantors, when authorized by resolutions of the Board of Directors, and the Trustee may from time to time and at any time enter into an Indenture or Indentures supplemental hereto (which shall
conform to the provisions of the TIA as in force at the date of execution thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental Indenture or of
modifying in any manner the rights of the Holders of the Debt Securities of such series; provided, with respect to amending the Indenture as to matters that require the consent of the Holders of not less than a majority in aggregate principal amount
of all Debt Securities of each series that would be affected by such amendment, the Notes and any Additional Notes shall vote together as a single class with any future series of the Partnership’s senior Debt Securities (unless otherwise
provided in the prospectus relating to such future series of senior Debt Securities) and any other series of the Partnership’s senior Debt Securities then Outstanding which are entitled by their terms to vote on the amendment in question;
provided further, that no such supplemental Indenture, without the consent of the Holders of each Debt Security so affected, shall: reduce the percentage in principal amount of Debt Securities of any series whose Holders must consent to an
amendment; reduce the rate of or extend the time for payment of interest on any Debt Security; reduce the principal of or extend the Stated Maturity of any Debt Security; reduce any premium payable upon the redemption of any Debt Security or change
the time at which any Debt Security may or shall be redeemed in accordance with Article III; make any Debt Security payable in currency other than the Dollar; impair the right of any Holder to receive payment of premium, if any, principal of and
interest on such Holder’s Debt Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Debt Securities; release any security that may have been granted in
respect of the Debt Securities, other than in accordance with this Indenture; make any change in Section 6.06 or this Section 9.02; or, except as provided in Section 11.02(b) or Section 14.04, release the Subsidiary Guarantors
other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders.” 
 ARTICLE VIII.

 MISCELLANEOUS 

Section 8.01 Integral Part. This First Supplemental Indenture constitutes an integral part of the Indenture.

 Section 8.02 Adoption, Ratification and Confirmation. The Original Indenture, as supplemented and
amended by this First Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 
 Section 8.03
Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same
instrument. 
  

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 Section 8.04 Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE AND THE
NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 8.05
Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this First Supplemental Indenture. 

[Signatures on following page] 
  

 11 

 SIGNATURES 

 

					
	ISSUER:
	
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	By:	 	Magellan GP, LLC, its General Partner
			
		 	By:	 	 /s/ John D. Chandler

		 		 	John D. Chandler
		 		 	Chief Financial Officer and
		 		 	Senior Vice President of
		 		 	Magellan GP, LLC
	
	TRUSTEE:
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ George Hogan

		 	 George Hogan
 Vice
President

 Signature Page to First Supplemental Indenture 

 EXHIBIT A 

(Form of Face of Note) 

No.     

CUSIP 55907RAA6 

$300,000,000 

ISIN US55907RAA68 

MAGELLAN MIDSTREAM PARTNERS, L.P. 

4.25% Senior Note due 2021 

Magellan Midstream Partners, L.P., a Delaware limited partnership, promises to pay to
                                , or registered assigns, the principal sum
of                      Dollars [or such greater or lesser amount as may be endorsed on the Schedule attached
hereto]1 on February 1, 2021. 

 

			
	Interest Payment Dates:	 	February 1 and August 1
		
	Record Dates:	 	January 15 and July 15

  

					
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	By:	 	Magellan GP, LLC, its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
	U.S. BANK NATIONAL ASSOCIATION,
	As Trustee
		
	By:	 	  

		 		 	    Authorized Signatory
		
	Dated:	 	  

 

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

 

 Exhibit A-1 

 (Form of Back of Note) 

4.25% Senior Note due 2021 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
HEREIN.]2 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1. Interest. Magellan Midstream Partners, L.P., a Delaware limited partnership (the
“Partnership” or the “Issuer”), promises to pay interest on the principal amount of this Note at 4.25% per annum from August 11, 2010 until maturity. The Issuer shall pay interest
semi-annually on February 1 and August 1 of each such year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from
the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance, August 11, 2010; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be
February 1, 2011. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the same rate; and it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be
computed on the basis of a 360-day year of twelve 30-day
months.
2 

2. Method of Payment. The Issuer shall pay interest on the Notes (except Defaulted Interest) to the Persons who are registered
Holders of Notes at the close of business on the January 15 or July 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.17 of the Original Indenture with respect to Defaulted Interest, and the Issuer shall pay principal (and premium, if any) of the Notes upon surrender thereof to the Trustee or a paying agent on or after the Stated Maturity thereof.
The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Trustee maintained for such purpose in New York, New York (which initially is 100 Wall Street, Suite 1600, New York, New York 10005), or, at the
option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the Debt Security Register, and provided that payment by wire transfer of immediately available funds shall be required with respect
to principal of, and interest and premium, if any, on, (a) each Global Security and (b) all other Notes aggregating at least $1,000,000 in principal amount the Holder of which shall have provided wire transfer instructions to the Issuer or
the paying agent on or prior to the applicable record date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

 

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

  

 Exhibit A-2 

 3. Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee
under the Indenture, shall act as paying agent and Registrar. The Issuer may change any paying agent or Registrar without notice to any Holder. The Partnership may act in any such capacity. 

4. Indenture. The Issuer issued the Notes under an Indenture dated as of August 11, 2010 (the “Original
Indenture”), as supplemented by the First Supplemental Indenture, dated as of August 11, 2010 (the “First Supplemental Indenture,” and, together with the Original Indenture the
“Indenture”) between the Issuer and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
§§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are the obligation of the Issuer, initially in aggregate principal amount of $300.0 million. The Issuer may issue an unlimited aggregate principal amount of
Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as the same series (with the same terms except in some cases with respect to the payment of interest
accruing prior to the issue date of such Additional Notes or except for the first payments of interest following the issue date of such Additional Notes) as the initial Notes for the purposes indicated in Section 3.02 of the First Supplemental
Indenture). Initially, the Notes are not guaranteed, but in the future they may be guaranteed by one or more Subsidiary Guarantors on the conditions and subject to the terms provided in Section 4.09 and Article XIV of the Indenture. 

5. Optional Redemption. (a) At its option, the Issuer may choose to redeem all or any portion of the Notes, at once or from
time to time. 
 (b) To redeem the Notes, the Issuer must pay a redemption price equal to the greater of (i) 100% of the
principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis points, plus, in either case, accrued and unpaid interest, if any, to the Redemption Date
(subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date). 
  

 Exhibit A-3 

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

 “Comparable Treasury Issue” means the United States Treasury security or securities selected by the
Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Treasury Price” means, for any Redemption Date, (1) the average of four Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest of all of the Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than six such Reference Treasury Dealer Quotations,
the average of all such quotations. 
 “Independent Investment Banker” means J.P. Morgan Securities
Inc., Banc of America Securities LLC, Morgan Stanley & Co. Incorporated and Wells Fargo Securities, LLC, or any of their respective successor firms, or if each such firm is unwilling or unable to select the Comparable Treasury Issue, an
independent investment banking institution of national standing appointed by the Trustee after consultation with the Partnership. 

“Primary Treasury Dealer” means a primary U.S. government securities dealer in New York City. 

“Reference Treasury Dealer” means each of J.P. Morgan Securities Inc., Banc of America Securities LLC, Morgan
Stanley & Co. Incorporated and a Primary Treasury Dealer designated by Wells Fargo Securities, LLC, plus two other U.S. government securities dealers (in each case, or its affiliates and successors) that the Issuer specifies from time to
time, provided that if any of such four Reference Treasury Dealers resigns, its successor dealer shall be a Primary Treasury Dealer selected by the Trustee. 

“Reference Treasury Dealer Quotations” means, for each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m.,
New York City time, on the third Business Day preceding such Redemption Date. 
 “Treasury Rate” means,
with respect to any Redemption Date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury
Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Notes to be redeemed, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor
release) is not published during the week in which the calculation date falls (or in the immediately preceding week if the calculation date falls on any day prior to the usual publication date for such release) or does not contain such yields, the
rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. Any weekly average yields calculated by interpolation or extrapolation will be rounded to the nearest 1/100th of 1%, with
any figure of 1/200th of 1% or above being rounded upward. 
  

 Exhibit A-4 

 6. Mandatory Redemption. The Issuer shall not be required to make mandatory
redemption or sinking fund payments with respect to the Notes or to repurchase them at the option of the Holders. 
 7.
Notice of Redemption. Notice of redemption shall be mailed by first class mail at least 30 days but not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at its registered address. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the Redemption Date interest shall cease to accrue on Notes or portions thereof
called for redemption and with respect to which the redemption price has been paid. 
 8. Denominations, Transfer,
Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.
The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the Issuer may require a Holder to pay any taxes or other governmental charges imposed in relation thereto.

 9. Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. 

10. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture may be amended or supplemented with the consent
of the Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes, and any existing default or compliance with any provision of the Indenture relating to the Notes may be waived with the consent of the Holders of
not less than a majority in aggregate principal amount of the then Outstanding Notes; provided, with respect to amending the Original Indenture as to matters that require the consent of the Holders of not less than a majority in aggregate principal
amount of all Debt Securities of each series that would be affected by such amendment, the Notes and any Additional Notes shall vote together as a single class with any future series of the Partnership’s senior Debt Securities (unless otherwise
provided in the prospectus relating to such future series of senior Debt Securities) and any other series of the Partnership’s senior Debt Securities then Outstanding which are entitled by their terms to vote on the amendment in question.
Without the consent of any Holder of a Note, the Indenture may be amended or supplemented for any of the purposes set forth in Section 9.01 of the Indenture, including to provide for the assumption of the Issuer’s obligations to Holders of
the Notes in case of a merger or consolidation of the Issuer or sale of all or substantially all of the Issuer’s assets, to add to the covenants of the Issuer or any Subsidiary Guarantor, to cure any ambiguity or omission or to correct any
defect or inconsistency, to permit the qualification of the Indenture under the TIA, to add or release Subsidiary Guarantors pursuant to the terms of the Indenture, to make any change that does not adversely affect the rights under the Indenture of
any Holder of the Notes, to add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Debt Securities in certain circumstances, to evidence or provide for the acceptance of appointment under the Indenture
of a successor or separate Trustee or to establish the form or terms of any other series of Debt Securities. 
  

 Exhibit A-5 

 11. Defaults and Remedies. Events of Default with respect to the Notes include:
(i) default for 30 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes when due at Stated Maturity, upon redemption or otherwise; (iii) failure by
the Partnership or any Subsidiary Guarantor to comply for 60 days after notice with any of its other covenants or agreements in the Indenture relating to the Notes; (iv) certain events of bankruptcy, insolvency or reorganization with respect to
the Issuer or, if and so long as the Notes are guaranteed by a Subsidiary Guarantor, such Subsidiary Guarantor; (v) any Guarantee ceasing to be in full force and effect or held in any judicial proceeding to be null and void, or any Subsidiary
Guarantor denying or disaffirming its obligations under the Indenture or its Guarantee; (vi) default by the Partnership or any of its Subsidiaries in the payment at the Stated Maturity, after the expiration of any applicable grace period, of
principal of, premium, if any, or interest on any Debt then outstanding having a principal amount in excess of the greater of $50.0 million or 5% of the Issuer’s total consolidated partners’ capital, or acceleration of any Debt having a
principal amount in excess of such amount so that it becomes due and payable prior to its Stated Maturity and such acceleration is not rescinded within 30 days after notice; (vii) a final judgment or order for the payment of money in excess of
the greater of $50.0 million or 5% of the Issuer’s total consolidated partners’ capital (in each case, net of applicable insurance coverage) having been rendered against the Partnership or any Subsidiary and such judgment or order
continues unsatisfied and unstayed for a period of 60 days and (viii) the failure of the General Partner to comply with certain separateness and bankruptcy related provisions of its limited liability company agreement or the amendment or
modification of such provisions. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all the Notes to be due and payable.
Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all Outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or
the Notes except as provided in the Indenture. Subject to certain limitations, Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee
may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if the Trustee determines in good faith that withholding notice is in the Holders’
interests. The Holders of not less than a majority in aggregate principal amount of the Notes then Outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any past Default or Event of Default and its consequences
under the Indenture except a Default or Event of Default in the payment of interest on, the principal of, or premium, if any, on, the Notes or an Event of Default relating to a provision of the Indenture that cannot be amended without the consent of
each Holder affected thereby. The Partnership is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Partnership is required within 30 days after the occurrence of any Default or Event of Default,
to deliver to the Trustee a statement specifying such Default or Event of Default and certain additional information. 
  

 Exhibit A-6 

 12. Trustee Dealings with Issuer. The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. 

13. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. 
 14. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

15. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Issuer has caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 Magellan Midstream Partners, L.P. 

P.O. Box 22186 

Tulsa, Oklahoma 74121-2186 

Attention: General Counsel 
  

 Exhibit A-7 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 

	
	  

	
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	 (Print or type assignee’s name, address and zip code)

 
 and irrevocably appoint

	
	  

 agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date:                        
                             

 

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

  

			
	Signature Guarantee:	 	  

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

 

 Exhibit A-8 

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL
NOTE3 

The original principal amount of this Global Note is $300,000,000. The following increases or decreases in this Global Note have been
made: 
  

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

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  

	3
	 To be included only if the Note is issued in global form. 

 

 Exhibit A-9 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
            , among Magellan Midstream Partners, L.P., a Delaware limited partnership (the “Partnership” or the “Issuer”),
                     (the “Subsidiary Guarantor”), a direct or indirect subsidiary of the Partnership, and U.S.
Bank National Association, as trustee under the indenture referred to below (the “Trustee”), 
 W I T
N E S S E T H: 
 WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (the
“Original Indenture”), dated as of August 11, 2010, as supplemented by the First Supplemental Indenture (the “First Supplemental Indenture,” and, together with the Original Indenture, the
“Indenture”) dated as of August 11, 2010, between the Issuer and the Trustee, providing for the issuance of the Issuer’s 4.25% Senior Notes due 2021 (the “Notes”); 

WHEREAS, Section 4.09 of the Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary
Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Issuer’s obligations under the Notes pursuant to a Guarantee on the terms and
conditions set forth herein; and 
 WHEREAS, pursuant to Section 9.01(g) of the Original Indenture, the Issuer, the
Subsidiary Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture; 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Notes as follows: 
 1. Definitions. 

(a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 (b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless
the context otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and
“hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

2. Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and severally with any other Subsidiary Guarantors under the
Indenture, to guarantee the Issuer’s obligations under the Notes and all other amounts due and payable under the Indenture on the terms and subject to the conditions set forth in Article XIV of the Original Indenture and to be bound by all
other applicable provisions of the Indenture. To further evidence the Guarantee set forth in Section 14.01 of the Original Indenture, the Subsidiary Guarantor is executing a notation relating to such Guarantee, substantially in the form
attached to the Original Indenture as Annex A. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

 

 Exhibit B-1 

 3. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK
CONTRACT, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4. Trustee Makes
No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

5. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 
 6. Effect of Headings. The Section headings herein are for
convenience only and shall not effect the construction thereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture to be duly executed as of the date first above written. 
  

					
	ISSUER:
	
	MAGELLAN MIDSTREAM PARTNERS, L.P.
		
	By:	 	Magellan GP, LLC, its General Partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

	
	[SUBSIDIARY GUARANTOR]
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

 Exhibit A-2 

					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 

 Exhibit B-1Line of Credit Note

 Exhibit 10.11 

 

 

 Line of Credit Note 

$10,000,000.00 

Date: May 20, 2010 

Promise to Pay. On or before August 20, 2012, for value received, Neogen Corporation, a Michigan corporation (the “Borrower”)
promises to pay to JPMorgan Chase Bank, N.A. (the “Bank”), acting through its Lansing Business Banking LPO, whose address is 620 S. Capitol Ave., Flr. 3, Lansing, Michigan 48933, or order, in lawful money of the United States of America,
the sum of Ten Million and 00/100 Dollars ($10,000,000.00) or so much thereof as may be advanced and outstanding, plus interest on the unpaid principal balance as provided below. 

Variable Interest Rate. The interest rate on this Note is subject to change from time to time based on changes in an index which is the LIBOR Rate
(the “Index”). “LIBOR Rate” shall mean the offered rate for U.S. Dollar deposits of not less than $1,000,000.00 for a period of time equal to each Interest Period as of 11:00 A.M. City of London, England time two London
Business Days prior to the first date of each Interest Period of this Note as shown on the display designated as “British Bankers Assoc. Interest Settlement Rates” on the Reuters Screen (“Reuters”) LIBOR01 Page, or such other
page or pages as may replace such pages on Reuters for the purpose of displaying such rate. Provided, however, that if such rate is not available on Reuters then such offered rate shall be otherwise independently determined by the Bank from an
alternate, substantially similar independent source available to the Bank or shall be calculated by the Bank by a substantially similar methodology as that theretofore used to determine such offered rate in Reuters. “London Business Day”
means any day other than a Saturday, Sunday or a day on which banking institutions are generally authorized or obligated by law or executive order to close in the City of London, England. Each change in the rate to be charged on this Note will
become effective without notice on the commencement of each Interest Period based upon the Index then in effect. “Interest Period” means each consecutive one month period (the first of which shall commence on the date of this Note)
effective as of the first day of each Interest Period and ending on the last day of each Interest Period, provided that if any Interest Period is scheduled to end on a date for which there is no numerical equivalent to the date on which the Interest
Period commenced, then it shall end instead on the last day of such calendar month. The interest rate to be applied to the unpaid principal balance of this Note will be at a rate equal to the Index, plus 1.00% per annum. NOTICE: Under no
circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. 
 Prepayment. Borrower may
pay without fee all or a portion of the principal amount owed hereunder earlier than it is due. All prepayments shall be applied to the indebtedness in such order and manner as Lender may from time to time determine in its sole discretion.

 Interest After Default. So long as an event of default under Section 7.1 of the Credit Agreement has occurred and has not been
waived by the Bank, whether or not the Bank elects to accelerate the maturity of this Note because of such event of default, all loans outstanding under this Note shall, if permitted under applicable law, bear interest at a per annum rate equal to
the Index plus four percent (4.00%) per annum from the date the Bank elects to impose such rate. The interest rate will not exceed the maximum rate permitted by applicable law. 

Notice and Manner of Borrowing. The Borrower shall give the Bank written notice (effective upon receipt) of the Borrower’s intent to draw
down an advance under this Note no later than 2:00 p.m., Eastern time, on the date of disbursement. The Borrower’s notice must specify: (a) the disbursement date and (b) the amount of each advance. By the Bank’s close of business
on the disbursement date and upon fulfillment of the conditions set forth herein and in any other of the Related Documents, the Bank shall disburse the requested advance in immediately available funds by crediting the amount of such advances to the
Borrower’s account with the Bank. 

 Payments. Interest accrued on the principal balance outstanding on this Note
shall be paid monthly on the 20th day of each month,
beginning June 20, 2010. All outstanding principal and interest is due and payable in full on August 20, 2012. 
 Bank Records.
The Bank shall, in the ordinary course of business, make notations in its records of the date and amount of each loan hereunder, the applicable interest rate, the amount of each payment on the loans, and other information. Such records shall, in the
absence of manifest error, be conclusive as to the outstanding principal balance of this Note and applicable interest rate. 
 Obligations
Due on Non-Business Day. Whenever any payment under this Note becomes due and payable on a day that is not a Business Day, if no default then exists under this Note, the maturity of the payment shall be extended to the next succeeding Business
Day, except, in the case of a LIBOR Rate Advance, if the result of the extension would be to extend the payment into another calendar month, the payment must be made on the immediately preceding Business Day. “Business Day” means a day
other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed. 
 Matters Regarding
Payment and Interest Calculation. The Borrower will pay the Bank at the Bank’s address shown on loan account statements sent to the Borrower, the Bank’s address shown in any payment coupon book provided to the Borrower, or at such
other place as the Bank may designate in writing. Payments shall be allocated among principal, interest and fees at the discretion of the Bank unless otherwise agreed or required by applicable law. Acceptance by the Bank of any payment which is less
than the payment due at the time shall not constitute a waiver of the Bank’s right to receive payment in full at that time or any other time. The annual interest rate for this Note is computed on a 360/365 basis; that is, by applying the ratio
of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. The Borrower will pay a fee to the Bank of $25.00 if the Borrower
makes a payment on this Note and the check or pre-authorized charge with the Bank is later dishonored. 
 Authorization for Direct Payments
(ACH Debits). To effectuate any payment due under this Note or under any other Related Documents, the Borrower hereby authorizes the Bank to initiate debit entries to Account Number 829459171 at the Bank and to debit the same to such account.
This authorization to initiate debit entries shall remain in full force and effect until the Bank has received written notification of its termination in such time and in such manner as to afford the Bank a reasonable opportunity to act on it. The
Borrower represents that the Borrower is and will be the owner of all funds in such account. The Borrower acknowledges: (1) that such debit entries may cause an overdraft of such account which may result in the Bank’s refusal to honor
items drawn on such account until adequate deposits are made to such account; (2) that the Bank is under no duty or obligation to initiate any debit entry for any purpose; and (3) that if a debit is not made because the above-referenced
account does not have a sufficient available balance, or otherwise, the payment may be late or past due. 
 Late Fee. Any principal or
interest which is not paid within 10 days after its due date (whether as stated, by acceleration or otherwise) shall be subject to a late payment charge of 5.00% of the total payment due or $25.00, whichever is greater, up to the maximum amount of
$250.00 per late charge. The Borrower agrees to pay and stipulates that such amount is a reasonable amount for a late payment charge. The Borrower shall pay the late payment charge upon demand by the Bank or, if billed, within the time specified.

 Purpose of Loan. The Borrower acknowledges and agrees that this Note evidences a credit facility for a business, commercial,
agricultural or similar commercial enterprise purpose, and that no advance shall be used for any personal, family or household purpose. The proceeds of the advances under this Note shall be used only for the Borrower’s working capital purposes.

 Credit Facility. The Bank has approved a credit facility to the Borrower in a principal amount not to exceed the face amount of this
Note. The credit facility is in the form of advances made from time to time by the Bank to the Borrower. This Note evidences the Borrower’s obligation to repay those advances. The aggregate principal amount of debt evidenced

  

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by this Note is the amount reflected from time to time in the records of the Bank. Until the earliest to occur of maturity, any default, event of default, or any event that would constitute a
default or event of default but for the giving of notice, the lapse of time or both, the Borrower may borrow, pay down and reborrow under this Note subject to the terms of the Related Documents. 

Governing Law. This document will be governed by and interpreted in accordance with federal law and the laws of the State of Michigan. 

Miscellaneous. This Note binds the Borrower and its successors, and benefits the Bank, its successors and assigns. Any reference to the Bank
includes any holder of this Note. This Note is subject to that certain Credit Agreement by and between the Borrower and the Bank, dated as of the date or about the date of this Note, and all amendments, restatements and replacements thereof (the
“Credit Agreement”) to which reference is hereby made for a more complete statement of the terms and conditions under which the loans evidenced hereby are made and are to be repaid. The terms and provisions of the Credit Agreement are
hereby incorporated and made a part hereof by this reference thereto with the same force and effect as if set forth at length herein. No reference to the Credit Agreement and no provisions of this Note or the Credit Agreement shall alter or impair
the absolute and unconditional obligation of the Borrower to pay the principal and interest on this Note as herein prescribed. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

  

									
		 		 	Borrower:
			
	Address:	 		 	Neogen Corporation
				
	 620 Lesher Place
 Lansing,
Michigan 48912
	 		 	By:	 	 /s/ Richard R. Current

				
		 		 	Its:	 	Richard R. Current, Vice President, CFO, and Secretary
				
		 		 	Date Signed:	 	 May 20, 2010

 

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