Document:

exv4w4

EXHIBIT 4.4

 

 

TEPPCO Partners, L.P.

KEY TO ABBREVIATIONS

     The following abbreviations shall be construed as though the words set forth below opposite each
abbreviation were written in full where such abbreviation appears:

	 	 	 	 	 
	     	 	 	 	 
	TEN COM
	 	— as tenants in common
	 	UNIF GIFT MIN ACT–               Guardian                    
	TEN ENT
	 	— as tenants by the entireties
	 	(Cust)                    (Minor)       
	JT TEN
	 	— as joint tenants with rights of
	 	under Uniform Gifts to Minors 
	 
	 	    survivorship and not as tenants
	 	Act                                          
	 
	 	    in common
	 	                                         (state)

Additional abbreviations may also be used though not in the above list.

 

     TEPPCO Partners, L.P., a limited partnership formed under the laws of the State of Delaware (the
“Partnership”), will furnish to the holder and each assignee of this Certificate and the Units
evidenced hereby, without charge, on written request to the Partnership at its principal place of
business in Houston, Texas 77252, a copy of the Agreement of Limited Partnership of the
Partnership, as amended or restated from time to time.

     The holder, by accepting this Certificate, is deemed to have (i) requested admission as, and agreed
to become, a Limited Partner or a Substituted Limited Partner (as defined in the Partnership
Agreement, the terms of which are incorporated herein by reference), as applicable, and to have
agreed to comply with and be bound by and to have executed the Partnership Agreement, (ii)
represented and warranted that the holder has all right, power and authority necessary to enter
into the partnership Agreement, (iii) appointed the General Partner and, if a liquidator shall be
appointed, the liquidator of the Partnership as the holder’s attorney to execute, swear to,
acknowledge and file any document, including, without limitation, the Partnership Agreement, any
amendment of the Agreement of Limited Partnership of the Partnership (the “Partnership Agreement”)
and the Certificate of Limited Partnership of the Partnership, necessary or appropriate for the
Holder’s admission as a Limited Partner or a Substituted Limited Partner, as applicable, in the
Partnership and as a party to the Partnership Agreement, (iv) given the powers of attorney Provided
for in the Partnership Agreement and (v) made the waivers and given the approvals contained in the
Partnership Agreement.

     FOR VALUE RECEIVED,                                                                                  hereby sell, assign and transfer unto

	 	 	 	 	 
	 	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	 	 	 
	 	 

	 	 	 
	 	 
	 	 	 
	 	 	 	 	 

 

 

                                                                                                     Units representing limited partner interests evidenced by this Certificate, subject
to the Agreement of Limited Partnership
of the Partnership, an amended or restated from time to time, and do hereby irrevocably constitute
and appoint

                                                            
                  
                 
                 
                 
            his attorney, to transfer the said Units on the books of the Partnership with full power of
substitution in the premises.

Dated:                                                                                 

	 	 	 	 	 	 	 
	 

	 	 	 	NOTICE: The Signature(s) to this Assignment must correspond with the name(s) as written upon the face
of this Certificate in every particular, without alteration or enlargement or any change whatsoever.	 	 
	SIGNATURE(S) MUST BE GUARANTEED BY A MEMBER FIRM OF
	 		 		 	
	THE NATIONAL ASSOCIATION OF SECURITY DEALERS, INC.

	 	 	 	 
	 	 
	OR BY A COMMERCIAL BANK OR TRUST COMPANY

	 	 	 	(Signature)	 	 
	 
	 	 	 	 	 	 
	SIGNATURE(S) GUARANTEED

	 	 	 	 

(Signature)
	 	 

     No transfer of the Units evidenced hereby will be registered on the books of the Partnership,
unless the Certificate evidencing the Units to be transferred is surrendered for registration or
transfer and an Application for transfer of Units has been executed by a transferee either (a) on
the form set forth below or (b) on a separate application that the Partnership will furnish on
request without charge. A transferor of the Units shall have no duty to the transferee with respect
to execution of the transfer application in order for such transferee
to obtain registration of the transfer of the Units.

APPLICATION FOR TRANSFER OF UNITS

     The undersigned (“Assignee”) hereby applies for transfer to the name of the Assignee of the Units
evidenced hereby.

     The Assignee (a) requests admission as a substituted Limited Partner and agrees to comply with and
be bound by, and hereby executes, the Partnership Agreement, as amended or restated to the date
hereof, (b) represents and warrants that the Assignee has all right, power and authority and, if an
individual, the capacity necessary to enter into the Partnership agreement, (c) appoints the
General Partner and the liquidator if one is appointed his attorney to execute, swear to,
acknowledge and file any document, including, without limitation, the Partnership Agreement, any
amendment to the Partnership Agreement and the Certificate of Limited Partnership of the
Partnership, necessary or appropriate for the Assignee’s admission as a substituted Limited Partner
and as a party to the Partnership Agreement, (d) gives the powers of attorney provided for in the
Partnership Agreement and (e) makes the consents and waivers
and gives the approvals contained in
the Partnership Agreement. Capitalized terms not defined herein have the meanings assigned to such
terms in the Partnership Agreement.

	 								
	Date:
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 

(Signature of Assignee)                    
          
	 	 

	 	 	 	 	 
	 	SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	 	 	 
	 	 

	 	 	 
	 	 
	 	 	 
	 	 	 	 	 

 
 Name and Address of Assignee

	 	 	 
	 

Purchase Price (including commissions, if any)
	 	 

Type of
Entity (check one):   o Individual   o Partnership   o Corporation   o Trust    o Other (specify):            
                 

Note: if the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee
holder or an agent of any of the foregoing, and is holding for the account of any other person,
this application should be completed by an officer thereof or, in the case of a broker or dealer,
by a registered representative who is a member of a registered national securities exchange or a
member of the National Association of Securities Dealers, Inc., or, in the case of any other
nominee holder, a person performing a similar function. If the
Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee holder or an agent of any of the
foregoing, the above certification as to any person for whom the Assignee will hold the Units shall
be made to the best of the Assignee’s knowledge.

 

     You have acquired an interest in TEPPCO Partners, L.P., Houston, Texas 77252, whose taxpayer
identification number is 76-0291058. The Internal Revenue Service has issued TEPPCO Partners, LP.
the following tax shelter registration number: 90036000017.

     YOU MUST REPORT THIS REGISTRATION NUMBER TO THE INTERNAL REVENUE SERVICE IF YOU CLAIM ANY
DEDUCTION, LOSS, CREDIT, OR OTHER TAX BENEFIT OR REPORT ANY INCOME BY REASON OF YOUR INVESTMENT IN
TEPPCO PARTNERS, L.P.

     You must report the registration number (as well as the name and taxpayer identification number of
TEPPCO Partners, L.P.) on Internal Revenue Service Form 8271. FORM 8271 MUST BE ATTACHED TO THE
RETURN ON WHICH YOU CLAIM THE DEDUCTION, LOSS, CREDIT, OR OTHER TAX BENEFIT OR REPORT ANY INCOME.

     ISSUANCE OF A REGISTRATION NUMBER DOES NOT INDICATE THAT THIS INVESTMENT OR THE CLAIMED TAX
BENEFITS HAVE BEEN REVIEWED, EXAMINED, OR APPROVED BY THE INTERNAL REVENUE SERVICE.exv4w5

EXHIBIT 4.5

TEPPCO PARTNERS, L.P.

as Issuer,

TE PRODUCTS PIPELINE COMPANY, LLC,

TCTM, L.P.,

TEPPCO MIDSTREAM COMPANIES, LLC

and

VAL VERDE GAS GATHERING COMPANY, L.P.

to the extent herein provided, as Subsidiary Guarantors,

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

a national banking association

as Trustee

FORM OF INDENTURE

Dated as of  
               
               ,
    
         

Debt Securities

 

 

CROSS-REFERENCE TABLE

	 	 	 	 	 
	TIA Section	 	Indenture Section
	310
	 	(a)	 	7.10
	 
	 	(b)	 	7.10
	 
	 	(c)	 	N.A.
	311
	 	(a)	 	7.11
	 
	 	(b)	 	7.11
	 
	 	(c)	 	N.A.
	312
	 	(a)	 	5.01
	 
	 	(b)	 	5.02
	 
	 	(c)	 	5.02
	313
	 	(a)	 	5.03
	 
	 	(b)	 	5.03
	 
	 	(c)	 	13.03
	 
	 	(d)	 	5.03
	314
	 	(a)	 	4.05
	 
	 	(b)	 	N.A.
	 
	 	(c)(1)	 	13.05
	 
	 	(c)(2)	 	13.05
	 
	 	(c)(3)	 	N.A.
	 
	 	(d)	 	N.A.
	 
	 	(e)	 	13.05
	 
	 	(f)	 	N.A.
	315
	 	(a)	 	7.01
	 
	 	(b)	 	6.07 & 13.03
	 
	 	(c)	 	7.01
	 
	 	(d)	 	7.01
	 
	 	(e)	 	6.08
	316
	 	(a) (last sentence)	 	1.01
	 
	 	(a)(1)(A)	 	6.06
	 
	 	(a)(1)(B)	 	6.06
	 
	 	(a)(2)	 	9.01(d)
	 
	 	(b)	 	6.04
	 
	 	(c)	 	5.04
	317
	 	(a)(1)	 	6.02
	 
	 	(a)(2)	 	6.02
	 
	 	(b)	 	4.04
	318
	 	(a)	 	13.07

 

N.A. means Not Applicable

NOTE: This Cross-Reference table shall not, for any purpose, be deemed part of this Indenture.

i

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	Section 1.01. Definitions
	 	 	1	 
	Section 1.02. Other Definitions
	 	 	7	 
	Section 1.03. Incorporation by Reference of Trust Indenture Act
	 	 	7	 
	Section 1.04. Rules of Construction
	 	 	7	 
	 
	 	 	 	 
	ARTICLE II DEBT SECURITIES
	 	 	8	 
	Section 2.01. Forms Generally
	 	 	8	 
	Section 2.02. Form of Trustee’s Certificate of Authentication
	 	 	8	 
	Section 2.03. Principal Amount; Issuable in Series
	 	 	8	 
	Section 2.04. Execution of Debt Securities
	 	 	11	 
	Section 2.05. Authentication and Delivery of Debt Securities
	 	 	11	 
	Section 2.06. Denomination of Debt Securities
	 	 	13	 
	Section 2.07. Registration of Transfer and Exchange
	 	 	13	 
	Section 2.08. Temporary Debt Securities
	 	 	14	 
	Section 2.09. Mutilated, Destroyed, Lost or Stolen Debt Securities
	 	 	15	 
	Section 2.10. Cancellation of Surrendered Debt Securities
	 	 	15	 
	Section 2.11. Provisions of the Indenture and Debt Securities for the Sole Benefit of
the Parties and the Holders
	 	 	16	 
	Section 2.12. Payment of Interest; Interest Rights Preserved
	 	 	16	 
	Section 2.13. Securities Denominated in Dollars
	 	 	16	 
	Section 2.14. Wire Transfers
	 	 	16	 
	Section 2.15. Securities Issuable in the Form of a Global Security
	 	 	17	 
	Section 2.16. Medium Term Securities
	 	 	19	 
	Section 2.17. Defaulted Interest
	 	 	20	 
	Section 2.18. CUSIP and ISIN Numbers
	 	 	20	 
	 
	 	 	 	 
	ARTICLE III REDEMPTION OF DEBT SECURITIES
	 	 	21	 
	Section 3.01. Applicability of Article
	 	 	21	 
	Section 3.02. Notice of Redemption; Selection of Debt Securities
	 	 	21	 
	Section 3.03. Payment of Debt Securities Called for Redemption
	 	 	22	 
	Section 3.04. Mandatory and Optional Sinking Funds
	 	 	23	 
	Section 3.05. Redemption of Debt Securities for Sinking Fund
	 	 	23	 
	 
	 	 	 	 
	ARTICLE IV PARTICULAR COVENANTS OF THE PARTNERSHIP
	 	 	25	 
	Section 4.01. Payment of Principal of, and Premium, If Any, and Interest on, Debt
Securities
	 	 	25	 
	Section 4.02. Maintenance of Offices or Agencies for Registration of Transfer, Exchange
and Payment of Debt Securities
	 	 	25	 
	Section 4.03. Appointment to Fill a Vacancy in the Office of Trustee
	 	 	26	 
	Section 4.04.
Duties of Paying Agents, etc.
	 	 	26	 
	Section 4.05. SEC Reports; Financial Statements
	 	 	27	 
	Section 4.06. Compliance Certificate
	 	 	27	 
	Section 4.07. Further Instruments and Acts
	 	 	28	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	Section 4.08. Existence
	 	 	28	 
	Section 4.09. Maintenance of Properties
	 	 	28	 
	Section 4.10. Payment of Taxes and Other Claims
	 	 	28	 
	Section 4.11. Waiver of Certain Covenants
	 	 	28	 
	 
	 	 	 	 
	ARTICLE V HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE
	 	 	29	 
	Section 5.01. Partnership to Furnish Trustee Information as to Names and Addresses of
Holders; Preservation of Information
	 	 	29	 
	Section 5.02. Communications to Holders
	 	 	29	 
	Section 5.03. Reports by Trustee
	 	 	29	 
	Section 5.04. Record Dates for Action by Holders
	 	 	30	 
	 
	 	 	 	 
	ARTICLE VI REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT
	 	 	30	 
	Section 6.01. Events of Default
	 	 	30	 
	Section 6.02. Collection of Debt by Trustee, etc.
	 	 	32	 
	Section 6.03. Application of Moneys Collected by Trustee
	 	 	33	 
	Section 6.04. Limitation on Suits by Holders
	 	 	34	 
	Section 6.05. Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver
of Default
	 	 	35	 
	Section 6.06. Rights of Holders of Majority in Principal Amount of Debt Securities
	 	 	35	 
	Section 6.07. Trustee to Give Notice of Defaults Known to It, but May Withhold
	 	 	36	 
	Section 6.08. Requirement of an Undertaking to Pay Costs in Certain Suits under the
Indenture or Against the Trustee
	 	 	36	 
	 
	 	 	 	 
	ARTICLE VII CONCERNING THE TRUSTEE
	 	 	36	 
	Section 7.01. Certain Duties and Responsibilities
	 	 	36	 
	Section 7.02. Certain Rights of Trustee
	 	 	38	 
	Section 7.03. Trustee Not Liable for Recitals in Indenture or in Debt Securities
	 	 	39	 
	Section 7.04. Trustee, Paying Agent or Registrar May Own Debt Securities
	 	 	39	 
	Section 7.05. Moneys Received by Trustee to Be Held in Trust
	 	 	39	 
	Section 7.06. Compensation and Reimbursement
	 	 	39	 
	Section 7.07. Right of Trustee to Rely on an Officers’ Certificate Where No Other
Evidence Specifically Prescribed
	 	 	40	 
	Section 7.08. Separate Trustee; Replacement of Trustee
	 	 	40	 
	Section 7.09. Successor Trustee by Merger
	 	 	41	 
	Section 7.10. Eligibility; Disqualification
	 	 	42	 
	Section 7.11. Preferential Collection of Claims Against Partnership
	 	 	42	 
	Section 7.12. Compliance with Tax Laws
	 	 	42	 
	 
	 	 	 	 
	ARTICLE VIII CONCERNING THE HOLDERS
	 	 	42	 
	Section 8.01. Evidence of Action by Holders
	 	 	42	 
	Section 8.02. Proof of Execution of Instruments and of Holding of Debt Securities
	 	 	42	 
	Section 8.03. Who May Be Deemed Owner of Debt Securities
	 	 	43	 
	Section 8.04. Instruments Executed by Holders Bind Future Holders
	 	 	43	 
	 
	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES
	 	 	44	 
	Section 9.01. Purposes for Which Supplemental Indenture May Be Entered into Without
Consent of Holders
	 	 	44	 
	Section 9.02. Modification of Indenture with Consent of Holders of Debt Securities
	 	 	46	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	Section 9.03. Effect of Supplemental Indentures
	 	 	47	 
	Section 9.04. Debt Securities May Bear Notation of Changes by Supplemental Indentures
	 	 	47	 
	 
	 	 	 	 
	ARTICLE X CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	 	 	47	 
	Section 10.01. Consolidations and Mergers of the Partnership
	 	 	47	 
	Section 10.02. Rights and Duties of Successor Partnership
	 	 	48	 
	 
	 	 	 	 
	ARTICLE XI SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE; UNCLAIMED MONEYS
	 	 	48	 
	Section 11.01. Applicability of Article
	 	 	48	 
	Section 11.02. Satisfaction and Discharge of Indenture; Defeasance
	 	 	48	 
	Section 11.03. Conditions of Defeasance
	 	 	49	 
	Section 11.04. Application of Trust Money
	 	 	51	 
	Section 11.05. Repayment to Partnership
	 	 	51	 
	Section 11.06. Indemnity for U.S. Government Obligations
	 	 	51	 
	Section 11.07. Reinstatement
	 	 	51	 
	 
	 	 	 	 
	ARTICLE XII [RESERVED]
	 	 	51	 
	 
	 	 	 	 
	ARTICLE XIII MISCELLANEOUS PROVISIONS
	 	 	51	 
	Section 13.01. Successors and Assigns of Partnership Bound by Indenture
	 	 	51	 
	Section 13.02. Acts of Board, Committee or Officer of Successor Partnership Valid
	 	 	51	 
	Section 13.03. Required Notices or Demands
	 	 	52	 
	Section 13.04. Indenture and Debt Securities to Be Construed in Accordance with the Laws
of the State of New York
	 	 	53	 
	Section 13.05. Officers’ Certificate and Opinion of Counsel to Be Furnished upon
	 	 	53	 
	Section 13.06. Payments Due on Legal Holidays
	 	 	53	 
	Section 13.07. Provisions Required by TIA to Control
	 	 	54	 
	Section 13.08. Computation of Interest on Debt Securities
	 	 	54	 
	Section 13.09. Rules by Trustee, Paying Agent and Registrar
	 	 	54	 
	Section 13.10. No Recourse Against Others
	 	 	54	 
	Section 13.11. Severability
	 	 	54	 
	Section 13.12. Effect of Headings
	 	 	54	 
	Section 13.13. Indenture May Be Executed in Counterparts
	 	 	54	 
	 
	 	 	 	 
	ARTICLE XIV GUARANTEE
	 	 	54	 
	Section 14.01. Unconditional Guarantee
	 	 	54	 
	Section 14.02. Execution and Delivery of Notation of Guarantee
	 	 	56	 
	Section 14.03. Limitation on Subsidiary Guarantors’ Liability
	 	 	57	 
	Section 14.04. Release of Subsidiary Guarantors from Guarantee
	 	 	57	 
	Section 14.05. Subsidiary Guarantor Contribution
	 	 	58	 
	Notation of Guarantee Annex A
	 	 	 	 

iv

 

     INDENTURE dated as of                                          ,                     ,
among TEPPCO Partners, L.P., a Delaware limited
partnership (the “Partnership”), TE Products Pipeline Company, LLC, a Texas limited liability
company (“TE Products”), TCTM, L.P., a Delaware limited partnership (“TCTM”), TEPPCO Midstream
Companies, LLC, a Texas limited liability company (“TEPPCO Midstream”), Val Verde Gas Gathering
Company, L.P., a Delaware limited partnership (together with TE Products, TCTM and TEPPCO Midstream
(and as more fully defined in Section 1.01), the “Subsidiary Guarantors”), and The Bank of New York
Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”).

RECITALS OF THE PARTNERSHIP AND THE SUBSIDIARY GUARANTORS

     The Partnership and Subsidiary Guarantors have duly authorized the execution and delivery of
this Indenture to provide for the issuance from time to time of the Partnership’s debentures,
notes, bonds or other evidences of indebtedness to be issued in one or more series unlimited as to
principal amount (herein called the “Debt Securities”), and the Guarantee by each of the Subsidiary
Guarantors of the Debt Securities, if any, as in this Indenture provided.

     The Partnership and the Subsidiary Guarantors are members of the same consolidated group of
companies. The Subsidiary Guarantors will derive direct and indirect economic benefit from the
issuance of the Debt Securities. Accordingly, each Subsidiary Guarantor has duly authorized the
execution and delivery of this Indenture in light of the possibility that such Subsidiary Guarantor
will provide for its full, unconditional and joint and several guarantee of one or more series of
Debt Securities to the extent provided in or pursuant to this Indenture.

     All things necessary to make this Indenture a valid agreement of the Partnership, in
accordance with its terms, have been done.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH

     That in order to declare the terms and conditions upon which the Debt Securities are
authenticated, issued and delivered, and in consideration of the premises, and of the purchase and
acceptance of the Debt Securities by the holders thereof, it is mutually covenanted and agreed, for
the benefit of the respective Holders from time to time of the Debt Securities or any series
thereof, as follows:

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.01. Definitions.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. The Trustee

1

 

may request and may conclusively rely upon an Officers’ Certificate to determine whether any
Person is an Affiliate of any specified Person.

     “Agent” means any Registrar or paying agent.

     “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors.

     “Board of Directors” means the Board of Directors of the General Partner or any authorized
committee of the Board of Directors of the General Partner or any directors and/or officers of the
General Partner to whom such Board of Directors or such committee shall have duly delegated its
authority to act hereunder. If the Partnership shall change its form of entity to other than a
limited partnership, the references to the Board of Directors of the General Partner shall mean the
Board of Directors (or other comparable governing body) of the Partnership.

     “Business Day” means any day other than a Legal Holiday.

     “capital stock” of any Person means and includes any and all shares, rights to purchase,
warrants or options (whether or not currently exercisable), participations or other equivalents of
or interests in (however designated) the equity (which includes, but is not limited to, common
stock, preferred stock and partnership and joint venture interests) of such Person (excluding any
debt securities that are convertible into, or exchangeable for, such equity).

     “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law.

     “Debt” of any Person at any date means any obligation created or assumed by such Person for
the repayment of borrowed money and any guarantee thereof.

     “Debt Security” or “Debt Securities” has the meaning stated in the first recital of this
Indenture and more particularly means any debt security or debt securities, as the case may be, of
any series authenticated and delivered under this Indenture.

     “Default” means any event, act or condition that is, or after notice or the passage of time or
both would be, an Event of Default.

     “Depositary” means, unless otherwise specified by the Partnership pursuant to either Section
2.03 or Section 2.15, with respect to Debt Securities of any series issuable or issued in whole or
in part in the form of one or more Global Securities, The Depository Trust Company, New York, New
York, or any successor thereto registered as a clearing agency under the Exchange Act or other
applicable statute or regulations.

     “Dollar” or “$” means such currency of the United States as at the time of payment is legal
tender for the payment of public and private debts.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor
statute.

2

 

     “Floating Rate Security” means a Debt Security that provides for the payment of interest at a
variable rate determined periodically by reference to an interest rate index specified pursuant to
Section 2.03.

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant segment of the
accounting profession of the United States, as in effect from time to time.

     “General Partner” means Texas Eastern Products Pipeline Company, LLC, a Delaware limited
liability company, and its successors as general partner of the Partnership.

     “Global Security” means with respect to any series of Debt Securities issued hereunder, a Debt
Security which is executed by the Partnership and authenticated and delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and
any Indentures supplemental hereto, or resolution of the Board of Directors and set forth in an
Officers’ Certificate, which shall be registered in the name of the Depositary or its nominee and
which shall represent, and shall be denominated in an amount equal to the aggregate principal
amount of, all the Outstanding Debt Securities of such series or any portion thereof, in either
case having the same terms, including, without limitation, the same original issue date, date or
dates on which principal is due and interest rate or method of determining interest.

     “guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Debt or other obligation of any other Person and any obligation, direct
or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Debt or other obligation of such other Person (whether
arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial statement conditions or
otherwise) or (b) entered into for purposes of assuring in any other manner the obligee of such
Debt or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided, however, that the term “guarantee” shall not include
endorsements for collection or deposit in the ordinary course of business. The term “guarantee”
used as a verb has a corresponding meaning.

     “Holder,” “Holder of Debt Securities” or other similar terms means, a Person in whose name a
Debt Security is registered in the Debt Security Register (as defined in Section 2.07(a)).

     “Indenture” means this instrument as originally executed, or, if amended or supplemented as
herein provided, as so amended or supplemented and shall include the form and terms of particular
series of Debt Securities as contemplated hereunder, whether or not a supplemental Indenture is
entered into with respect thereto.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City
of Houston, Texas, City of New York, New York or at a Place of Payment are authorized by law,
regulation or executive order to remain closed. If a payment date is a Legal

3

 

Holiday at a Place of Payment, payment may be made at that place on the next succeeding day
that is not a Legal Holiday, and no interest shall accrue for the intervening period.

     “Lien” means, with respect to any asset, any mortgage, lien, security interest, pledge, charge
or other encumbrance of any kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law.

     “Officer” means, with respect to a Person, the Chairman of the Board, the President, any Vice
President or Assistant Vice President, the Treasurer, any Assistant Treasurer, Controller,
Secretary or any Assistant Secretary of such Person.

     “Officers’ Certificate” means a certificate signed by two Officers of the General Partner, one
of whom must be the General Partner’s chief executive officer, chief financial officer or Treasurer
(or if the Partnership shall change its form of entity to other than a limited partnership, by
Persons, officers, members, agents and others holding positions comparable to those of the
foregoing nature, as applicable).

     “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the
Trustee. The counsel may be an employee of or counsel to the Partnership or the Trustee.

     “Original Issue Discount Debt Security” means any Debt Security that provides for an amount
less than the principal amount thereof to be due and payable upon a declaration of acceleration of
the maturity thereof pursuant to Section 6.01.

     “Outstanding,” when used with respect to any series of Debt Securities, means, as of the date
of determination, all Debt Securities of that series theretofore authenticated and delivered under
this Indenture, except:

	 	(a)	 	Debt Securities of that series theretofore canceled by the Trustee or delivered
to the Trustee for cancellation;
	 
	 	(b)	 	Debt Securities of that series for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Trustee or any paying agent
(other than the Partnership) in trust or set aside and segregated in trust by the
Partnership (if the Partnership shall act as its own paying agent) for the Holders of
such Debt Securities; provided, that, if such Debt Securities are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made;
	 
	 	(c)	 	Debt Securities of that series which have been paid pursuant to Section 2.09 or
in exchange for or in lieu of which other Debt Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Debt Securities in respect of
which there shall have been presented to the Trustee proof satisfactory to it that such
Debt Securities are held by a bona fide purchaser in whose hands such Debt Securities
are valid obligations of the Partnership; and

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	 	(d)	 	Except to the extent provided in Section 11.02, Debt Securities with respect to
which the Partnership has effected legal defeasance or covenant defeasance as provided
in Article XI that continues in effect.

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Debt Securities of any series have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Debt Securities owned by the Partnership or any other obligor
upon the Debt Securities or any Affiliate of the Partnership or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall
be protected in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Debt Securities which a Trust Officer actually knows to be so owned shall be so
disregarded. Debt Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
act with respect to such Debt Securities and that the pledgee is not the Partnership or any other
obligor upon the Debt Securities or an Affiliate of the Partnership or of such other obligor. In
determining whether the Holders of the requisite principal amount of Outstanding Debt Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of an Original Issue Discount Debt Security that shall be deemed to be Outstanding
for such purposes shall be the amount of the principal thereof that would be due and payable as of
the date of such determination upon a declaration of acceleration of the maturity thereof pursuant
to Section 6.01.

     “Partnership” means the Person named as the “Partnership” in the first paragraph of this
instrument until a successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter “Partnership” shall mean such successor Person.

     “Partnership Order” means a written request or order signed in the name of the Partnership by
the Chairman of the Board, the President or a Vice President of the General Partner, and by the
Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an
Assistant Secretary of the General Partner, and delivered to the Trustee, or if the Partnership
shall change its form of entity to other than a limited partnership, by Persons or officers,
members, agents and others holding positions comparable to those of the foregoing nature, as
applicable.

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

     “Redemption Date,” when used with respect to any Debt Security to be redeemed, means the date
fixed for such redemption by or pursuant to this Indenture.

     “SEC” means the Securities and Exchange Commission.

     “Securities Act” means the Securities Act of 1933, as amended, and any successor statute.

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     “Stated Maturity” means, with respect to any security, the date specified in such security as
the fixed date on which the payment of principal of such security is due and payable, including
pursuant to any mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the happening of any
contingency beyond the control of the issuer unless such contingency has occurred).

     “Subsidiary” of any Person means:

	 	(1)	 	any corporation, association or other business entity of which more than 50% of
the total voting power of equity interests entitled, without regard to the occurrence
of any contingency, to vote in the election of directors, managers, trustees or
equivalent Persons thereof is at the time of determination owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries of such
Person or combination thereof; or
	 
	 	(2)	 	in the case of a partnership, any partnership of which more than 50% of the
partners’ equity interests, considering all partners’ equity interests as a single
class, is at the time of determination owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of such Person or combination
thereof.

     “Subsidiary Guarantors” means the Person or Persons named as the “Subsidiary Guarantors” in
the first paragraph of this instrument, or a supplement hereto, until a successor Person or Persons
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Subsidiary Guarantors” shall mean such successor Person or Persons, and any other Subsidiary of
the Partnership who may execute this instrument, or a supplement hereto, in each case for the
purpose of providing a Guarantee of Debt Securities of one or more series pursuant to this
Indenture.

     “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb), as in
effect on the date of this Indenture as originally executed and, to the extent required by law, as
amended.

     “Trustee” initially means The Bank of New York Mellon Trust Company, N.A. and any other Person or
Persons appointed as such from time to time pursuant to Section 7.08, and, subject to the
provisions of Article VII, includes its or their successors and assigns. If at any time there is
more than one such Person, “Trustee” as used with respect to the Debt Securities of any series
shall mean the Trustee with respect to the Debt Securities of that series.

     “Trust Officer” means any officer or assistant officer of the Trustee assigned by the Trustee
to administer its corporate trust matters.

     “United States” means the United States of America (including the states thereof and the
District of Columbia), its territories, its possessions and other areas subject to its
jurisdiction.

     “U.S. Government Obligations” means direct obligations of the United States of America,
obligations on which the payment of principal and interest is fully guaranteed by the

6

 

United States of America or obligations or guarantees for the payment of which the full faith
and credit of the United States of America is pledged.

     “Yield to Maturity” means the yield to maturity, calculated at the time of issuance of a
series of Debt Securities, or, if applicable, at the most recent redetermination of interest on
such series and calculated in accordance with accepted financial practice.

     Section 1.02. Other Definitions.

	 	 	 	 	 
	Term	 	Defined in Section
	“covenant defeasance option”
	 	 	11.02	 
	“Debt Security Register”
	 	 	2.07	 
	“Defaulted Interest”
	 	 	2.17	 
	“Event of Default”
	 	 	6.01	 
	“Funding Guarantor”
	 	 	14.05	 
	“Guarantee”
	 	 	14.01	 
	“legal defeasance option”
	 	 	11.02	 
	“mandatory sinking fund payment”
	 	 	3.04	 
	“optional sinking fund payment”
	 	 	3.04	 
	“Place of Payment”
	 	 	2.03	 
	“Registrar”
	 	 	2.07	 
	“Successor Partnership”
	 	 	10.01	 

     Section 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a
provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture.

     All terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule under the TIA have the meanings so assigned to them.

     Section 1.04. Rules of Construction. Unless the context otherwise requires:

	 	(a)	 	a term has the meaning assigned to it;
	 
	 	(b)	 	an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP;
	 
	 	(c)	 	“or” is not exclusive;
	 
	 	(d)	 	words in the singular include the plural, and in the plural include the
singular;
	 
	 	(e)	 	provisions apply to successive events and transactions; and
	 
	 	(f)	 	the principal amount of any noninterest bearing or other discount security at
any date shall be the principal amount thereof that would be shown on a balance sheet
of the issuer dated such date prepared in accordance with GAAP.

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ARTICLE II

DEBT SECURITIES

     Section 2.01.
Forms Generally. The Debt Securities of each series shall be in substantially the form
established without the approval of any Holder by or pursuant to a resolution of the Board of
Directors or in one or more Indentures supplemental hereto, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this
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 (and, if not contained in a
supplemental Indenture entered into in accordance with Article IX, as are not prohibited by the
provisions of this Indenture) or as may be required or appropriate to comply with any law or with
any rules made pursuant thereto or with any rules of any securities exchange on which such series
of Debt Securities may be listed, or to conform to general usage, or as may, consistently herewith,
be determined by the officers executing such Debt Securities as evidenced by their execution of the
Debt Securities.

     The definitive Debt Securities of each series shall be printed, lithographed or engraved on
steel engraved borders or may be produced in any other manner, all as determined by the officers
executing such Debt Securities, as evidenced by their execution of such Debt Securities.

     Section 2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication on all Debt Securities authenticated by the Trustee shall be in substantially the
following form:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 	 	 
	 	 	[               ],	 	 
	 	 	As Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

     Section 2.03. Principal Amount; Issuable in Series. The aggregate principal amount of Debt Securities
that may be issued, executed, authenticated, delivered and outstanding under this Indenture is
unlimited.

     The Debt Securities may be issued in one or more series in fully registered form. There shall
be established, without the approval of any Holders, in or pursuant to a resolution of the
Board of Directors and set forth in an Officers’ Certificate, or established in one or more
Indentures supplemental hereto, prior to the issuance of Debt Securities of any series, any or all
of the following:

8

 

     (a) the title of the Debt Securities of the series (which shall distinguish the Debt
Securities of the series from all other Debt Securities);

     (b) any limit upon the aggregate principal amount of the Debt Securities of the series that
may be authenticated and delivered under this Indenture (except for Debt Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt
Securities of the series pursuant to this Article II);

     (c) the date or dates on which the principal of and premium, if any, on the Debt Securities of
the series are payable;

     (d) the rate or rates (which may be fixed or variable) at which the Debt Securities of the
series shall bear interest, if any, or the method of determining such rate or rates, the date or
dates from which such interest shall accrue, the interest payment dates on which such interest
shall be payable, or the method by which such date will be determined, the record dates for the
determination of Holders thereof to whom such interest is payable; and the basis upon which
interest will be calculated if other than that of a 360-day year of twelve thirty-day months;

     (e) the place or places, if any, in addition to or instead of the corporate trust office of
the Trustee, where the principal of, and premium, if any, and interest on, Debt Securities of the
series shall be payable (“Place of Payment”);

     (f) the price or prices at which, the period or periods within which and the terms and
conditions upon which Debt Securities of the series may be redeemed, in whole or in part, at the
option of the Partnership or otherwise;

     (g) whether Debt Securities of the series are entitled to the benefits of the Guarantee of any
Subsidiary Guarantor pursuant to this Indenture, the identity of such Subsidiary Guarantor and the
terms of such Guarantee with respect to the Debt Securities of the series in addition to those set
forth in Article XIV, or any exceptions or changes to those set forth in Article XIV;

     (h) the obligation, if any, of the Partnership to redeem, purchase or repay Debt Securities of
the series pursuant to any sinking fund or analogous provisions or at the option of a Holder
thereof, and the price or prices (whether denominated in cash, securities or otherwise) at which,
the period or periods within which and the terms and conditions upon which Debt Securities of the
series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation;

     (i) the terms, if any, upon which the Debt Securities of the series may be convertible into or
exchanged for capital stock (which may be represented by depositary shares), other Debt Securities
or warrants for capital stock or Debt or other securities of any kind of the Partnership or any
other obligor and the terms and conditions upon which such conversion or exchange shall be
effected, including the initial conversion or exchange price or rate, the conversion or exchange
period and any other provision in addition to or in lieu of those described herein;

     (j) if other than denominations of $1,000 and any integral multiple thereof, the denominations
in which Debt Securities of the series shall be issuable;

9

 

     (k) if the amount of principal of or premium, if any, or interest on Debt Securities of the
series may be determined with reference to an index, currency, value or price or pursuant to a
formula, the manner in which such amounts will be determined;

     (l) if the principal amount payable at the Stated Maturity of Debt Securities of the series
will not be determinable as of any one or more dates prior to such Stated Maturity, the amount that
will be deemed to be such principal amount as of any such date for any purpose, including the
principal amount thereof that will be due and payable upon any maturity other than the Stated
Maturity or that will be deemed to be Outstanding as of any such date (or, in any such case, the
manner in which such deemed principal amount is to be determined);

     (m) any changes or additions to Article XI, including the addition of additional covenants
that may be subject to the covenant defeasance option pursuant to Section 11.02(b);

     (n) if other than the principal amount thereof, the portion of the principal amount of Debt
Securities of the series that shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.01 or provable in bankruptcy pursuant to Section 6.02;

     (o) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the
Debt Securities of the series of any properties, assets, moneys, proceeds, securities or other
collateral, including whether certain provisions of the TIA are applicable and any corresponding
changes to provisions of this Indenture as currently in effect;

     (p) any addition to or change in the Events of Default with respect to the Debt Securities of
the series and any change in the right of the Trustee or the Holders to declare the principal of,
and premium, if any, and interest on, such Debt Securities due and payable;

     (q) if the Debt Securities of the series shall be issued in whole or in part in the form of a
Global Security or Securities, the terms and conditions, if any, upon which such Global Security or
Securities may be exchanged in whole or in part for other individual Debt Securities in definitive
registered form; and the Depositary for such Global Security or Securities and the form of any
legend or legends to be borne by any such Global Security or Securities in addition to or in lieu
of the legend referred to in Section 2.15(a);

     (r) any trustees, authenticating or paying agents, transfer agents or registrars;

     (s) the applicability of, and any addition to or change in the covenants and definitions
currently set forth in this Indenture or in the terms currently set forth in Article X, including
conditioning any merger, conveyance, transfer or lease permitted by Article X upon the satisfaction
of any Debt coverage standard by the Partnership and Successor Partnership (as defined in Article
X);

     (t) with regard to Debt Securities of the series that do not bear interest, the dates for
certain required reports to the Trustee; and

     (u) any other terms of the Debt Securities of the series (which terms shall not be prohibited
by the provisions of this Indenture).

10

 

     All Debt Securities of any one series appertaining thereto’ shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant to such resolution
of the Board of Directors and as set forth in such Officers’ Certificate or in any such Indenture
supplemental hereto.

     Section 2.04. Execution of Debt Securities. The Debt Securities shall be signed on behalf of the
Partnership by the Chairman of the Board, the President or a Vice President of the General Partner
and, if the seal of the General Partner is reproduced thereon, it shall be attested by its
Secretary, an Assistant Secretary, Treasurer or an Assistant Treasurer of the General Partner. Such
signatures upon the Debt Securities may be the manual or facsimile signatures of the present or any
future such authorized officers and may be imprinted or otherwise reproduced on the Debt
Securities. The seal of the General Partner, if any, may be in the form of a facsimile thereof and
may be impressed, affixed, imprinted or otherwise reproduced on the Debt Securities.

     Only such Debt Securities as shall bear thereon a certificate of authentication substantially
in the form hereinbefore recited, signed manually by the Trustee, shall be entitled to the benefits
of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon
any Debt Security executed by the General Partner on behalf of the Partnership shall be conclusive
evidence that the Debt Security so authenticated has been duly authenticated and delivered
hereunder.

     In case any officer of the General Partner who shall have signed any of the Debt Securities
shall cease to be such officer before the Debt Securities so signed shall have been authenticated
and delivered by the Trustee, or disposed of by the Partnership, such Debt Securities nevertheless
may be authenticated and delivered or disposed of as though the Person who signed such Debt
Securities had not ceased to be such officer of the General Partner; and any Debt Security may be
signed on behalf of the General Partner by such Persons as, at the actual date of the execution of
such Debt Security, shall be the proper officers of the General Partner, although at the date of
such Debt Security or of the execution of this Indenture any such Person was not such officer.

     Section 2.05. Authentication and Delivery of Debt Securities. At any time and from time to time after
the execution and delivery of this Indenture, the Partnership may deliver Debt Securities of any
series executed by the Partnership to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver said Debt Securities to or upon a Partnership Order. In
authenticating such Debt Securities, and accepting the additional responsibilities under this
Indenture in relation to such Debt Securities, the Trustee shall be entitled to receive, and
(subject to Section 7.01) shall be fully protected in relying upon:

     (a) a copy of any resolution or resolutions of the Board of Directors, certified by the
Secretary or Assistant Secretary of the General Partner, authorizing the terms of issuance of any
series of Debt Securities;

     (b) an executed supplemental Indenture, if any;

     (c) an Officers’ Certificate; and

11

 

	 	(d)	 	an Opinion of Counsel prepared in accordance with Section 13.05 and
substantially to the following effect:

     (i) that the form of such Debt Securities has been established by or pursuant to a
resolution of the Board of Directors or by a supplemental Indenture as permitted by Section
2.01 in conformity with the provisions of this Indenture;

     (ii) that the terms of such Debt Securities have been established by or pursuant to a
resolution of the Board of Directors or by a supplemental Indenture as permitted by Section
2.03 in conformity with the provisions of this Indenture;

     (iii) that such Debt Securities, when authenticated and delivered by the Trustee and
issued by the Partnership in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the
Partnership, enforceable in accordance with their terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally and rights of acceleration and the availability of equitable
remedies may be limited by equitable principles of general applicability;

     (iv) that the Partnership has the partnership power to issue such Debt Securities and
has duly taken all necessary partnership action with respect to such issuance;

     (v) that the issuance of such Debt Securities will not contravene the organizational
documents of the Partnership or result in any material violation of any of the terms or
provisions of any law or regulation or of any material indenture, mortgage or other
agreement known to such counsel or identified therein by which the Partnership is bound;

     (vi) that authentication and delivery of such Debt Securities and the execution and
delivery of any supplemental Indenture will not violate the terms of this Indenture; and

     (vii) such other matters as the Trustee may reasonably request.

     Such Opinion of Counsel need express no opinion as to whether a court in the United States
would render a money judgment in a currency other than that of the United States.

     The Trustee shall have the right to decline to authenticate and deliver any Debt Securities
under this Section 2.05 if the Trustee, being advised by counsel, determines that such action may
not lawfully be taken or if the Trustee in good faith by its board of directors or trustees,
executive committee or a trust committee of directors, trustees or vice presidents (or any
combination thereof) shall determine that such action would expose the Trustee to personal
liability to existing Holders.

     The Trustee may appoint an authenticating agent reasonably acceptable to the Partnership to
authenticate Debt Securities of any series. Unless limited by the terms of such appointment, an
authenticating agent may authenticate Debt Securities whenever the Trustee may do so. Each

12

 

reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as any Registrar, paying agent or agent for service of
notices and demands.

     Unless otherwise provided in the form of Debt Security for any series, each Debt Security
shall be dated the date of its authentication.

     Section 2.06. Denomination of Debt Securities. Unless otherwise provided in the form of Debt Security
for any series, the Debt Securities of each series shall be issuable only as fully registered Debt
Securities in such Dollar denominations as shall be specified or contemplated by Section 2.03. In
the absence of any such specification with respect to the Debt Securities of any series, the Debt
Securities of such series shall be issuable in denominations of $1,000 and any integral multiple
thereof.

     Section 2.07. Registration of Transfer and Exchange.

     (a) The Partnership shall keep or cause to be kept a register for each series of Debt
Securities issued hereunder (hereinafter collectively referred to as the “Debt Security Register”),
in which, subject to such reasonable regulations as it may prescribe, the Partnership shall provide
for the registration of all Debt Securities and the transfer of Debt Securities as in this Article
II provided. At all reasonable times the Debt Security Register shall be open for inspection by the
Trustee. Subject to Section 2.15, upon due presentment for registration of transfer of any Debt
Security at any office or agency to be maintained by the Partnership in accordance with the
provisions of Section 4.02, the Partnership shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new Debt Security or Debt Securities of
authorized denominations for a like aggregate principal amount. In no event may Debt Securities be
issued as, or exchanged for, bearer securities.

     Unless and until otherwise determined by the Partnership by resolution of the Board of
Directors, the Debt Security Register shall be kept at the principal corporate trust office of the
Trustee and, for this purpose, the Trustee shall be designated “Registrar.”

     Debt Securities of any series (other than a Global Security, except as set forth below) may be
exchanged for a like aggregate principal amount of Debt Securities of the same series of other
authorized denominations. Subject to Section 2.15, Debt Securities to be exchanged shall be
surrendered at the office or agency to be maintained by the Partnership as provided in Section
4.02, and the Partnership shall execute and the Trustee shall authenticate and deliver in exchange
therefor the Debt Security or Debt Securities which the Holder making the exchange shall be
entitled to receive.

     (b) All Debt Securities presented or surrendered for registration of transfer, exchange or
payment shall (if so required by the Partnership, the Trustee or the Registrar) be duly endorsed or
be accompanied by a written instrument or instruments of transfer, in form satisfactory to the
Partnership, the Trustee and the Registrar, duly executed by the Holder or his attorney duly
authorized in writing.

13

 

     All Debt Securities issued in exchange for or upon transfer of Debt Securities shall be the
valid obligations of the Partnership, evidencing the same debt, and entitled to the same benefits
under this Indenture as the Debt Securities surrendered for such exchange or transfer.

     No service charge shall be made for any exchange or registration of transfer of Debt
Securities (except as provided by Section 2.09), but the Partnership may require payment of a sum
sufficient to cover any tax, fee, assessment or other governmental charge that may be imposed in
relation thereto, other than those expressly provided in this Indenture to be made at the
Partnership’s own expense or without expense or without charge to the Holders.

     The Partnership shall not be required (i) to issue, register the transfer of or exchange any
Debt Securities for a period of 15 days next preceding any mailing of notice of redemption of Debt
Securities of such series or (ii) to register the transfer of or exchange any Debt Securities
selected, called or being called for redemption.

     Prior to the due presentation for registration of transfer of any Debt Security, the
Partnership, any Subsidiary Guarantors, the Trustee, any paying agent or any Registrar may deem and
treat the Person in whose name a Debt Security is registered as the absolute owner of such Debt
Security for the purpose of receiving payment of principal of, and premium, if any, and (subject to
Section 2.12) interest on, such Debt Security and for all other purposes whatsoever, whether or not
such Debt Security is overdue, and none of the Partnership, any Subsidiary Guarantors, the Trustee,
any paying agent or any Registrar shall be affected by notice to the contrary.

     Section 2.08. Temporary Debt Securities. Pending the preparation of definitive Debt Securities of any
series, the Partnership may execute and the Trustee shall authenticate and deliver temporary Debt
Securities (printed, lithographed, photocopied, typewritten or otherwise produced) of any
authorized denomination, and substantially in the form of the definitive Debt Securities in lieu of
which they are issued, in registered form with such omissions, insertions and variations as may be
appropriate for temporary Debt Securities, all as may be determined by the Partnership with the
concurrence of the Trustee. Temporary Debt Securities may contain such reference to any provisions
of this Indenture as may be appropriate. Every temporary Debt Security shall be executed by the
Partnership and be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Debt Securities.

     If temporary Debt Securities of any series are issued, the Partnership will cause definitive
Debt Securities of such series to be prepared without unreasonable delay. After the preparation of
definitive Debt Securities of such series, the temporary Debt Securities of such series shall be
exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt
Securities of such series at the office or agency of the Partnership at a Place of Payment for such
series, without charge to the Holder thereof, except as provided in Section 2.07 in connection with
a transfer. Upon surrender for cancellation of any one or more temporary Debt Securities of
any series, the Partnership shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Debt Securities of the same series of
authorized denominations and of like tenor. Until so exchanged, temporary Debt Securities of

14

 

any
series shall in all respects be entitled to the same benefits under this Indenture as definitive
Debt Securities of such series.

     Upon any exchange of a portion of a temporary Global Security for a definitive Global Security
or for the individual Debt Securities represented thereby pursuant to Section 2.07 or this Section
2.08, the temporary Global Security shall be endorsed by the Trustee to reflect the reduction of
the principal amount evidenced thereby, whereupon the principal amount of such temporary Global
Security shall be reduced for all purposes by the amount to be exchanged and endorsed.

     Section 2.09. Mutilated, Destroyed, Lost or Stolen Debt Securities. If (a) any mutilated Debt Security
is surrendered to the Trustee at its corporate trust office or (b) the Partnership and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Debt Security, and
there is delivered to the Partnership and the Trustee such security or indemnity as may be required
by them to save each of them and any paying agent harmless, and neither the Partnership nor the
Trustee receives notice that such Debt Security has been acquired by a bona fide purchaser, then
the Partnership shall execute and, upon a Partnership Order, the Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Debt Security,
a new Debt Security of the same series of like tenor, form, terms and principal amount, bearing a
number not contemporaneously Outstanding. Upon the issuance of any substituted Debt Security, the
Partnership may require the payment of a sum sufficient to cover any tax, fee, assessment or other
governmental charge that may be imposed in relation thereto and any other expenses connected
therewith. In case any Debt Security which has matured or is about to mature or which has been
called for redemption shall become mutilated or be destroyed, lost or stolen, the Partnership may,
instead of issuing a substituted Debt Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Debt Security) if the applicant for such
payment shall furnish the Partnership and the Trustee with such security or indemnity as either may
require to save it harmless from all risk, however remote, and, in case of destruction, loss or
theft, evidence to the satisfaction of the Partnership and the Trustee of the destruction, loss or
theft of such Debt Security and of the ownership thereof.

     Every substituted Debt Security of any series issued pursuant to the provisions of this
Section 2.09 by virtue of the fact that any Debt Security is destroyed, lost or stolen shall
constitute an original additional contractual obligation of the Partnership, whether or not the
destroyed, lost or stolen Debt Security shall be found at any time, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all other Debt Securities
of that series duly issued hereunder. All Debt Securities shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Debt Securities, and shall preclude any and all other rights
or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with
respect to the replacement or payment of negotiable instruments or other securities without their
surrender.

     Section 2.10. Cancellation of Surrendered Debt Securities. All Debt Securities surrendered for payment,
redemption, registration of transfer or exchange shall, if surrendered to the Partnership or any
paying agent or a Registrar, be delivered to the Trustee for cancellation by

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it, or if surrendered
to the Trustee, shall be canceled by it, and no Debt Securities shall be issued in lieu thereof
except as expressly permitted by any of the provisions of this Indenture. All canceled Debt
Securities held by the Trustee shall be disposed of in accordance with its standard practice
(subject to the record retention requirements of the Exchange Act) and certification of their
disposition delivered to the Partnership upon written request. On request of the Partnership, the
Trustee shall deliver to the Partnership canceled Debt Securities held by the Trustee. If the
Partnership shall acquire any of the Debt Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the Debt represented thereby unless and until the same are
delivered or surrendered to the Trustee for cancellation. The Partnership may not issue new Debt
Securities to replace Debt Securities it has redeemed, paid or delivered to the Trustee for
cancellation, except as expressly permitted by any of the provisions of this Indenture.

     Section 2.11. Provisions of the Indenture and Debt Securities for the Sole Benefit of the Parties and the
Holders. Nothing in this Indenture or in the Debt Securities, expressed or implied, shall give
or be construed to give to any Person, other than the parties hereto, the Holders or any Registrar
or paying agent, any legal or equitable right, remedy or claim under or in respect of this
Indenture, or under any covenant, condition or provision herein contained; all its covenants,
conditions and provisions being for the sole benefit of the parties hereto, the Holders and any
Registrar and paying agents.

     Section 2.12. Payment of Interest; Interest Rights Preserved.

     (a) Interest on any Debt Security that is payable and is punctually paid or duly provided for
on any interest payment date shall be paid to the Person in whose name such Debt Security is
registered at the close of business on the regular record date for such interest notwithstanding
the cancellation of such Debt Security upon any transfer or exchange subsequent to the regular
record date. Payment of interest on Debt Securities shall be made at the corporate trust office of
the Trustee (except as otherwise specified pursuant to Section 2.03), or at the option of the
Partnership, by check mailed to the address of the Person entitled thereto as such address shall
appear in the Debt Security Register or, if provided pursuant to Section 2.03 and in accordance
with arrangements satisfactory to the Trustee, at the option of the Holder by wire transfer to an
account in the United States designated by the Holder.

     (b) Subject to the foregoing provisions of this Section 2.12 and Section 2.17, each Debt
Security of a particular series delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Debt Security of the same series shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other Debt Security.

     Section 2.13.
Securities Denominated in Dollars. Except as otherwise specified pursuant to Section 2.03 for Debt Securities of any series, payment
of the principal of, and premium, if any, and interest on, Debt Securities of such series will be
made in Dollars.

     Section 2.14. Wire Transfers. Notwithstanding any other provision to the contrary in this Indenture, the
Partnership may make any payment of moneys required to be deposited with the Trustee on account of
principal of, or premium, if any, or interest on, the Debt Securities (whether pursuant to optional
or mandatory redemption payments, interest payments or otherwise) by wire transfer in immediately
available funds to an account in the United States

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designated by the Trustee before 11:00 a.m., New York City
time, on the date such moneys are to be paid to the Holders of the Debt Securities in accordance
with the terms hereof.

     Section 2.15. Securities Issuable in the Form of a Global Security.

     (a) If the Partnership shall establish pursuant to Section 2.01 and Section 2.03 that the Debt
Securities of a particular series are to be issued in whole or in part in the form of one or more
Global Securities, then the Partnership shall execute and the Trustee or its agent shall, in
accordance with Section 2.05, authenticate and deliver, such Global Security or Securities, which
shall represent, and shall be denominated in an amount equal to the aggregate principal amount of,
the Outstanding Debt Securities of such series to be represented by such Global Security or
Securities, or such portion thereof as the Partnership shall specify in an Officers’ Certificate,
shall be registered in the name of the Depositary for such Global Security or Securities or its
nominee, shall be delivered by the Trustee or its agent to the Depositary or pursuant to the
Depositary’s instruction and shall bear a legend substantially to the following effect:

     “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.”

or such other legend as may then be required by the Depositary for such Global Security or
Securities.

     (b) Notwithstanding any other provision of this Section 2.15 or of Section 2.07 to the
contrary, and subject to the provisions of paragraph (c) below, unless the terms of a Global
Security expressly permit such Global Security to be exchanged in whole or in part for definitive
Debt Securities in registered form, a Global Security may be transferred, in whole but not in part
and in the manner provided in Section 2.07, only by the Depositary to a nominee of the Depositary
for such Global Security, or by a nominee of the Depositary to the Depositary or another nominee of
the Depositary, or by the Depositary or a nominee of the Depositary to a successor Depositary for
such Global Security selected or approved by the Partnership, or to a nominee of such successor
Depositary.

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     (c) (i) If at any time the Depositary for a Global Security or Securities notifies the
Partnership that it is unwilling or unable to continue as Depositary for such Global Security or
Securities or if at any time the Depositary for the Debt Securities for such series shall no longer
be eligible or in good standing under the Exchange Act or other applicable statute, rule or
regulation, the Partnership shall appoint a successor Depositary with respect to such Global
Security or Securities. If a successor Depositary for such Global Security or Securities is not
appointed by the Partnership within 90 days after the Partnership receives such notice or becomes
aware of such ineligibility, the Partnership shall execute, and the Trustee or its agent, upon
receipt of a Partnership Order for the authentication and delivery of such individual Debt
Securities of such series in exchange for such Global Security or Securities, will authenticate and
deliver, individual Debt Securities of such series of like tenor and terms in definitive form in an
aggregate principal amount equal to the principal amount of the Global Security or Securities in
exchange for such Global Security or Securities.

     (ii) The Partnership may at any time and in its sole discretion determine that the Debt
Securities of any series or portion thereof issued or issuable in the form of one or more
Global Securities shall no longer be represented by such Global Security or Securities. In
such event the Partnership will execute, and the Trustee, upon receipt of a Partnership
Order for the authentication and delivery of individual Debt Securities of such series in
exchange in whole or in part for such Global Security or Securities, will authenticate and
deliver individual Debt Securities of such series of like tenor and terms in definitive form
in an aggregate principal amount equal to the principal amount of such series or portion
thereof in exchange for such Global Security or Securities.

     (iii) If specified by the Partnership pursuant to Section 2.01 and Section 2.03 with
respect to Debt Securities issued or issuable in the form of a Global Security, the
Depositary for such Global Security may surrender such Global Security in exchange in whole
or in part for individual Debt Securities of such series of like tenor and terms in
definitive form on such terms as are acceptable to the Partnership, the Trustee and such
Depositary. Thereupon the Partnership shall execute, and the Trustee or its agent upon
receipt of a Partnership Order for the authentication and delivery of definitive Debt
Securities of such series shall authenticate and deliver, without service charge, to each
Person specified by such Depositary a new Debt Security or Securities of the same series of
like tenor and terms and of any authorized denomination as requested by such Person
in aggregate principal amount equal to and in exchange for such Person’s beneficial
interest in the Global Security; and to such Depositary a new Global Security of like tenor
and terms and in an authorized denomination equal to the difference, if any, between the
principal amount of the surrendered Global Security and the aggregate principal amount of
Debt Securities delivered to Holders thereof.

     (iv) In any exchange provided for in any of the preceding three paragraphs, the
Partnership will execute and the Trustee or its agent will authenticate and deliver
individual Debt Securities. Upon the exchange of the entire principal amount of a Global
Security for individual Debt Securities, such Global Security shall be canceled by the
Trustee or its agent. Except as provided in the preceding paragraph, Debt Securities issued
in exchange for a Global Security pursuant to this Section 2.15 shall be registered in such
names and in such authorized denominations as the Depositary for such Global

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Security,
pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee or the Registrar. The Trustee or the Registrar shall deliver such Debt
Securities to the Persons in whose names such Debt Securities are so registered.

     (v) Payments in respect of the principal of and interest on any Debt Securities issued
in the form of a Global Security registered in the name of the Depositary or its nominee
will be payable to the Depositary or such nominee in its capacity as the registered owner of
such Global Security. The Partnership and the Trustee may treat the Person in whose name the
Debt Securities, including any Global Security, are registered as the owner thereof for the
purpose of receiving such payments and for any and all other purposes whatsoever. None of
the Partnership, any Subsidiary Guarantor, the Trustee, any Registrar, the paying agent or
any agent of the Partnership or the Trustee will have any responsibility or liability for
any aspect of the records relating to or payments made on account of the beneficial
ownership interests in any Global Security, for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests or for any action taken or failure
to act by a Depositary, its nominee or any of its direct or indirect participants with
respect to any Debt Securities including, without limitation, any failure of an owner of a
beneficial interest in Debt Securities to receive any payments or notices provided for in
this Indenture or for the selection of beneficial interests in Debt Securities to be
redeemed. None of the Partnership, any Subsidiary Guarantor, the Trustee or any such agent
will be liable for any delay by the Depositary, its nominee, or any of its direct or
indirect participants in identifying the beneficial owners of the Debt Securities, and the
Partnership and the Trustee may conclusively rely on, and will be protected in relying on,
instructions from the Depositary or its nominee for all purposes (including with respect to
the registration and delivery, and the respective principal amounts, of the Debt Securities
to be issued).

     Section 2.16. Medium Term Securities. Notwithstanding any contrary provision herein, if all Debt Securities of a series are not to be
originally issued at one time, it shall not be necessary for the Partnership to deliver to the
Trustee an Officers’ Certificate, resolutions of the Board of Directors, supplemental Indenture,
Opinion of Counsel or written order or any other document otherwise required pursuant to Section
2.01, 2.03, 2.05 or 13.05 at or prior to the time of authentication of each Debt Security of such
series if
such documents are delivered to the Trustee or its agent at or prior to the authentication upon
original issuance of the first such Debt Security of such series to be issued; provided, that any
subsequent request by the Partnership to the Trustee to authenticate Debt Securities of such series
upon original issuance shall constitute a representation and warranty by the Partnership that, as
of the date of such request, the statements made in the Officers’ Certificate delivered pursuant to
Section 2.05 or Section 13.05 shall be true and correct as if made on such date and that the
Opinion of Counsel delivered at or prior to such time of authentication of an original issuance of
Debt Securities shall specifically state that it shall relate to all subsequent issuances of Debt
Securities of such series that are identical to the Debt Securities issued in the first issuance of
Debt Securities of such series.

     A Partnership Order delivered by the Partnership to the Trustee in the circumstances set forth
in the preceding paragraph may provide that Debt Securities which are the subject thereof will be
authenticated and delivered by the Trustee or its agent on original issue from time to time upon
the telephonic or written order of Persons designated in such written order (any such

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telephonic
instructions to be promptly confirmed in writing by such Person) and that such Persons are
authorized to determine, consistent with the Officers’ Certificate, supplemental Indenture or
resolution of the Board of Directors relating to such written order, such terms and conditions of
such Debt Securities as are specified in such Officers’ Certificate, supplemental Indenture or such
resolution.

     Section 2.17. Defaulted Interest. Any interest on any Debt Security of a particular series which is payable, but is not punctually
paid or duly provided for, on the dates and in the manner provided in the Debt Securities of such
series and in this Indenture (herein called “Defaulted Interest”) shall forthwith cease to be
payable to the Holder thereof on the relevant record date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Partnership, at its election in each case, as provided
in clause (i) or (ii) below:

     (i) The Partnership may elect to make payment of any Defaulted Interest to the Persons
in whose names the Debt Securities of such series are registered at the close of business on
a special record date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Partnership shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each such Debt Security of such series and the
date of the proposed payment, and at the same time the Partnership shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon the Trustee shall fix a special record date for the payment of such
Defaulted Interest, which shall be not more than 15 days and not less than 10 days prior to
the date of the proposed payment and not less than 10 days after the receipt by the Trustee
of the notice of the proposed payment. The Trustee shall promptly notify the Partnership of
such special record date and, in the name and at the expense of the Partnership, shall cause
notice of the proposed payment of such Defaulted Interest and the special record date
therefor to be mailed, first class
postage pre-paid, to each Holder thereof at its address as it appears in the Debt
Security Register, not less than 10 days prior to such special record date. Notice of the
proposed payment of such Defaulted Interest and the special record date therefor having been
so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Debt
Securities of such series are registered at the close of business on such special record
date.

     (ii) The Partnership may make payment of any Defaulted Interest on the Debt Securities
of such series in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Debt Securities of such series may be listed, and upon such
notice as may be required by such exchange, if, after notice given by the Partnership to the
Trustee of the proposed payment pursuant to this clause, such manner of payment shall be
deemed practicable by the Trustee.

     Section 2.18. CUSIP and ISIN Numbers. The Partnership in issuing the Debt Securities may use “CUSIP” and corresponding “ISIN” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” and corresponding “ISIN”
numbers in notices of redemption as a

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convenience to Holders; provided that any such notice may
state that no representation is made as to the accuracy of such numbers either as printed on the
Debt Securities or as contained in any notice of a redemption and that reliance may be placed only
on the other identification numbers printed on the Debt Securities, and any such redemption shall
not be affected by any defect in or omission of such numbers. The Partnership will promptly notify
the Trustee in writing of any change in the “CUSIP” or “ISIN” numbers.

ARTICLE III

REDEMPTION OF DEBT SECURITIES

     Section 3.01. Applicability of Article. The provisions of this Article shall be applicable to the Debt Securities of any series which are
redeemable before their Stated Maturity except as otherwise specified as contemplated by Section
2.03 for Debt Securities of such series.

     Section 3.02. Notice of Redemption; Selection of Debt Securities. In case the Partnership shall desire to exercise the right to redeem all or, as the case may be,
any part of the Debt Securities of any series in accordance with their terms, by resolution of the
Board of Directors or a supplemental Indenture, the Partnership shall fix a date for redemption and
shall give notice of such redemption at least 30 and not more than 60 days prior to the date fixed
for redemption to the Holders of Debt Securities of such series so to be redeemed as a whole or in
part, in the manner provided in Section 13.03. The notice if given in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the Holder receives such
notice. In any case, failure to give such notice or any defect in the notice to the Holder of any
Debt Security of a series designated for redemption as a whole or in part shall
not affect the validity of the proceedings for the redemption of any other Debt Security of such
series.

     Each such notice of redemption shall specify (i) the Redemption Date, (ii) the redemption
price at which Debt Securities of such series are to be redeemed (or the method of calculating such
redemption price), (iii) the Place or Places of Payment that payment will be made upon presentation
and surrender of such Debt Securities, (iv) that any interest accrued to the Redemption Date will
be paid as specified in said notice, (v) that the redemption is for a sinking fund payment (if
applicable), (vi) that, unless otherwise specified in such notice, if the Partnership defaults in
making such redemption payment, the paying agent is prohibited from making such payment pursuant to
the terms of this Indenture, (vii) that on and after said date any interest thereon or on the
portions thereof to be redeemed will cease to accrue, (viii) that in the case of Original Issue
Discount Securities original issue discount accrued after the Redemption Date will cease to accrue,
(ix) the terms of the Debt Securities of that series pursuant to which the Debt Securities of that
series are being redeemed and (x) that no representation is made as to the correctness or accuracy
of the CUSIP or ISIN number, if any, listed in such notice or printed on the Debt Securities of
that series. If less than all the Debt Securities of a series are to be redeemed at any time, the
notice of redemption shall identify the particular Debt Securities (or portion thereof) of that
series to be redeemed. In case any Debt Security of a series is to be redeemed in part only, the
notice of redemption shall state the portion of the principal amount thereof to be redeemed and
shall state that on and after the Redemption Date, upon surrender of such Debt Security, a new Debt
Security or Debt Securities of that series in principal amount equal to the unredeemed portion
thereof will be issued.

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     At least 45 days but not more than 60 days before the redemption date, unless the Trustee
consents to a shorter period, the Partnership shall give written notice to the Trustee of the
Redemption Date, the principal amount of Debt Securities to be redeemed and the series and terms of
the Debt Securities pursuant to which such redemption will occur. Such notice shall be accompanied
by an Officers’ Certificate and an Opinion of Counsel from the Partnership to the effect that such
redemption will comply with the conditions herein. If fewer than all the Debt Securities of a
series are to be redeemed, the record date relating to such redemption shall be selected by the
Partnership and given in writing to the Trustee, which record date shall be not less than 15 days
after the date of notice to the Trustee.

     By 11 a.m., New York City time, on the Redemption Date for any Debt Securities, the
Partnership shall deposit with the Trustee or with a paying agent (or, if the Partnership is acting
as its own paying agent, segregate and hold in trust) an amount of money in Dollars (except as
provided pursuant to Section 2.03) sufficient to pay the redemption price of such Debt Securities
or any portions thereof that are to be redeemed on that date, together with any interest accrued to
the Redemption Date.

     If less than all the Debt Securities of like tenor and terms of a series are to be redeemed
(other than pursuant to mandatory sinking fund redemptions), the Trustee shall select, on a pro
rata basis, by lot or by such other method as in its sole discretion it shall deem appropriate and
fair, the Debt Securities of that series or portions thereof (in multiples of $1,000) to be
redeemed. In any case where more than one Debt Security of such series is registered in the same
name, the Trustee in its discretion may treat the aggregate principal amount so registered as if it
were
represented by one Debt Security of such series. The Trustee shall promptly notify the
Partnership in writing of the Debt Securities selected for redemption and, in the case of any Debt
Securities selected for partial redemption, the principal amount thereof to be redeemed. If any
Debt Security called for redemption shall not be so paid upon surrender thereof on such Redemption
Date, the principal, premium, if any, and interest shall bear interest until paid from the
Redemption Date at the rate borne by the Debt Securities of that series. If less than all the Debt
Securities of unlike tenor and terms of a series are to be redeemed, the particular Debt Securities
to be redeemed shall be selected by the Partnership. Provisions of this Indenture that apply to
Debt Securities called for redemption also apply to portions of Debt Securities called for
redemption.

     Section 3.03.
Payment of Debt Securities Called for Redemption. If notice of redemption has been given as provided in Section 3.02, the Debt Securities or
portions of Debt Securities of the series with respect to which such notice has been given shall
become due and payable on the date and at the Place or Places of Payment stated in such notice at
the applicable redemption price, together with any interest accrued to the Redemption Date, and on
and after said date (unless the Partnership shall default in the payment of such Debt Securities at
the applicable redemption price, together with any interest accrued to said date) any interest on
the Debt Securities or portions of Debt Securities of any series so called for redemption shall
cease to accrue, and any original issue discount in the case of Original Issue Discount Securities
shall cease to accrue. On presentation and surrender of such Debt Securities at the Place or Places
of Payment in said notice specified, the said Debt Securities or the specified portions thereof
shall be paid and redeemed by the Partnership at the applicable redemption price, together with any
interest accrued thereon to the Redemption Date.

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     Any Debt Security that is to be redeemed only in part shall be surrendered at the Place of
Payment with, if the Partnership, the Registrar or the Trustee so requires, due endorsement by, or
a written instrument of transfer in form satisfactory to the Partnership, the Registrar and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing, and the
Partnership shall execute, and the Trustee shall authenticate and deliver to the Holder of such
Debt Security without service charge, a new Debt Security or Debt Securities of the same series, of
like tenor and form, of any authorized denomination as requested by such Holder in aggregate
principal amount equal to and in exchange for the unredeemed portion of the principal of the Debt
Security so surrendered; except that if a Global Security is so surrendered, the Partnership shall
execute, and the Trustee shall authenticate and deliver to the Depositary for such Global Security,
without service charge, a new Global Security in a denomination equal to and in exchange for the
unredeemed portion of the principal of the Global Security so surrendered. In the case of a Debt
Security providing appropriate space for such notation, at the option of the Holder thereof, the
Trustee, in lieu of delivering a new Debt Security or Debt Securities as aforesaid, may make a
notation on such Debt Security of the payment of the redeemed portion thereof.

     Section 3.04.
Mandatory and Optional Sinking Funds. The minimum amount of any sinking fund payment provided for by the terms of Debt Securities of
any series, resolution of the Board of Directors or a supplemental Indenture is
herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum
amount provided for by the terms of Debt Securities of any series, resolution of the Board of
Directors or a supplemental Indenture is herein referred to as an “optional sinking fund payment.”

     In lieu of making all or any part of any mandatory sinking fund payment with respect to any
Debt Securities of a series in cash, the Partnership may at its option (a) deliver to the Trustee
Debt Securities of that series theretofore purchased or otherwise acquired by the Partnership or
(b) receive credit for the principal amount of Debt Securities of that series which have been
redeemed either at the election of the Partnership pursuant to the terms of such Debt Securities or
through the application of permitted optional sinking fund payments pursuant to the terms of such
Debt Securities, resolution or supplemental Indenture; provided, that such Debt Securities have not
been previously so credited. Such Debt Securities shall be received and credited for such purpose
by the Trustee at the redemption price specified in such Debt Securities, resolution or
supplemental Indenture for redemption through operation of the sinking fund and the amount of such
mandatory sinking fund payment shall be reduced accordingly.

     Section 3.05.
Redemption of Debt Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any series of Debt Securities,
the Partnership will deliver to the Trustee an Officers’ Certificate specifying the amount of the
next ensuing sinking fund payment for that series pursuant to the terms of that series, any
resolution or supplemental Indenture, the portion thereof, if any, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by delivering and
crediting Debt Securities of that series pursuant to this Section 3.05 (which Debt Securities, if
not previously redeemed, will accompany such certificate) and whether the Partnership intends to
exercise its right to make any permitted optional sinking fund payment with respect to such series.
Such certificate shall also state that no Event of Default has occurred and is continuing with
respect to such series. Such certificate shall be irrevocable and upon its delivery the Partnership
shall be obligated to make the cash payment

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or payments therein referred to, if any, by 11 a.m.,
New York City time, on the next succeeding sinking fund payment date. Failure of the Partnership to
deliver such certificate (or to deliver the Debt Securities specified in this paragraph) shall not
constitute a Default, but such failure shall require that the sinking fund payment due on the next
succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of such Debt Securities subject to a mandatory sinking
fund payment without the option to deliver or credit Debt Securities as provided in this Section
3.05 and without the right to make any optional sinking fund payment, if any, with respect to such
series.

     Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused
balance of any preceding sinking fund payments made in cash which shall equal or exceed $100,000
(or a lesser sum if the Partnership shall so request) with respect to the Debt Securities of any
particular series shall be applied by the Trustee on the sinking fund payment date on which such
payment is made (or, if such payment is made before a sinking fund payment date, on the sinking
fund payment date following the date of such payment) to the redemption of such Debt Securities at
the redemption price specified in such Debt Securities, resolution or supplemental Indenture for
operation of the sinking fund together with any accrued interest to the
date fixed for redemption. Any sinking fund moneys not so applied or allocated by the Trustee
to the redemption of Debt Securities shall be added to the next cash sinking fund payment received
by the Trustee for such series and, together with such payment, shall be applied in accordance with
the provisions of this Section 3.05. Any and all sinking fund moneys with respect to the Debt
Securities of any particular series held by the Trustee on the last sinking fund payment date with
respect to Debt Securities of such series and not held for the payment or redemption of particular
Debt Securities shall be applied by the Trustee, together with other moneys, if necessary, to be
deposited sufficient for the purpose, to the payment of the principal of the Debt Securities of
that series at its Stated Maturity.

     The Trustee shall select the Debt Securities to be redeemed upon such sinking fund payment
date in the manner specified in the last paragraph of Section 3.02 and the Partnership shall cause
notice of the redemption thereof to be given in the manner provided in Section 3.02, except that
the notice of redemption shall also state that the Debt Securities are being redeemed by operation
of the sinking fund. Such notice having been duly given, the redemption of such Debt Securities
shall be made upon the terms and in the manner stated in Section 3.03.

     At least one Business Day before each sinking fund payment date, the Partnership shall pay to
the Trustee (or, if the Partnership is acting as its own paying agent, the Partnership shall
segregate and hold in trust) in cash a sum equal to any interest accrued to the Redemption Date of
Debt Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to
this Section 3.05.

     The Trustee shall not redeem any Debt Securities of a series with sinking fund moneys or mail
any notice of redemption of such Debt Securities by operation of the sinking fund for such series
during the continuance of a Default in payment of interest on such Debt Securities or of any Event
of Default (other than an Event of Default occurring as a consequence of this paragraph) with
respect to such Debt Securities, except that if the notice of redemption of any such Debt
Securities shall theretofore have been mailed in accordance with the provisions hereof, the Trustee
shall redeem such Debt Securities if cash sufficient for that purpose shall be

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deposited with the
Trustee for that purpose in accordance with the terms of this Article III. Except as aforesaid, any
moneys in the sinking fund for such series at the time when any such Default or Event of Default
shall occur and any moneys thereafter paid into such sinking fund shall, during the continuance of
such Default or Event of Default, be held as security for the payment of such Debt Securities;
provided, however, that in case such Default or Event of Default shall have been cured or waived as
provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for
such Debt Securities on which such moneys may be applied pursuant to the provisions of this Section
3.05.

ARTICLE IV

PARTICULAR COVENANTS OF THE PARTNERSHIP

     Section 4.01.
Payment of Principal of, and Premium, If Any, and Interest on, Debt
Securities. The Partnership, for the benefit of each series of Debt Securities, will duly and punctually pay
or cause to be paid the principal of, and premium, if any, and interest on, each of the Debt
Securities at the place, at the respective times and in the manner provided herein or in the Debt
Securities. Each installment of interest on the Debt Securities may at the Partnership’s option be
paid by mailing checks for such interest payable to the Person entitled thereto pursuant to Section
2.07(a) to the address of such Person as it appears on the Debt Security Register.

     Principal of, premium, if any, and interest on Debt Securities of any series shall be
considered paid on the date due if, by 11 a.m., New York City time, on such date the Trustee or any
paying agent holds in accordance with this Indenture money sufficient to pay in Dollars all
principal, premium and interest then due.

     The Partnership shall pay interest on overdue principal at the rate specified therefor in the
Debt Securities, and it shall pay interest on overdue installments of interest at the same rate to
the extent lawful.

     Section 4.02.
Maintenance of Offices or Agencies for Registration of Transfer, Exchange
and Payment of Debt Securities. The Partnership will maintain in each Place of Payment for any series of Debt Securities an
office or agency where Debt Securities of such series may be presented or surrendered for payment,
and it shall also maintain (in or outside such Place of Payment) an office or agency where Debt
Securities of such series may be surrendered for transfer or exchange and where notices and demands
to or upon the Partnership in respect of the Debt Securities of such series and this Indenture may
be served. The Partnership will give prompt written notice to the Trustee of the location, and any
change in the location, of such office or agency. If at any time the Partnership shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the office of
the Trustee where its corporate trust business is principally administered in the United States,
and the Partnership hereby appoints the Trustee as its agent to receive all presentations,
surrenders, notices and demands.

     The Partnership may also from time to time designate different or additional offices or
agencies to be maintained for such purposes (in or outside of such Place of Payment), and may

25

 

from
time to time rescind any such designation; provided, however, that no such designation or
rescission shall in any manner relieve the Partnership of its obligations described in the
preceding paragraph. The Partnership will give prompt written notice to the Trustee of any such
additional designation or rescission of designation and any change in the location of any such
different or additional office or agency.

     Section 4.03.
 Appointment to Fill a Vacancy in the Office of Trustee. The Partnership, whenever necessary to avoid or fill a vacancy in the office of Trustee, will
appoint, in the manner provided in Section 7.08, a Trustee, so that there shall at all times be a
Trustee hereunder with respect to each series of Debt Securities.

     Section 4.04. Duties of Paying Agents, etc.
The Partnership shall cause each paying agent, if any, other than the Trustee, to execute and
deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to
the provisions of this Section 4.04,

     (i) that it will hold all sums held by it as such agent for the payment of the
principal of, and premium, if any, or interest on, the Debt Securities of any series
(whether such sums have been paid to it by the Partnership or by any other obligor on the
Debt Securities of such series) in trust for the benefit of the Holders of the Debt
Securities of such series;

     (ii) that it will give the Trustee notice of any failure by the Partnership (or by any
other obligor on the Debt Securities of such series) to make any payment of the principal
of, and premium, if any, or interest on, the Debt Securities of such series when the same
shall be due and payable; and

     (iii) that it will at any time during the continuance of an Event of Default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held by it as such
agent.

     (b) If the Partnership shall act as its own paying agent, it will, on or before each due date
of the principal of, and premium, if any, or interest on, the Debt Securities of any series, set
aside, segregate and hold in trust for the benefit of the Holders of the Debt Securities of such
series a sum sufficient to pay such principal, premium, if any, or interest so becoming due. The
Partnership will promptly notify the Trustee of any failure by the Partnership to take such action
or the failure by any other obligor on such Debt Securities to make any payment of the principal
of, and premium, if any, or interest on, such Debt Securities when the same shall be due and
payable.

     (c) Anything in this Section 4.04 to the contrary notwithstanding, the Partnership may, at any
time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by it or any paying agent, as
required by this Section 4.04, such sums to be held by the Trustee upon the same trusts as those
upon which such sums were held by the Partnership or such paying agent.

     (d) Whenever the Partnership shall have one or more paying agents with respect to any series
of Debt Securities, it will, prior to each due date of the principal of, and premium, if any, or
interest on, any Debt Securities of such series, deposit with any such paying agent a sum

26

 

sufficient to pay the principal, premium or interest so becoming due, such sum to be held in trust
for the benefit of the Persons entitled thereto, and (unless any such paying agent is the Trustee)
the Partnership will promptly notify the Trustee of its action or failure so to act.

     (e) Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 4.04 is subject to the provisions of Section 11.05.

     Section 4.05. SEC Reports; Financial Statements.

     (a) If the Partnership is subject to Section 13 or 15(d) of the Exchange Act, the Partnership
shall, so long as any of the Debt Securities are Outstanding, deliver to the Trustee,
within 15 days after it files the same with the SEC, copies of the annual reports and the
information, documents and other reports (or copies of such portions of any of the foregoing as the
SEC may by rules and regulations prescribe) that the Partnership is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act. The Partnership shall also comply with the
provisions of TIA Section 314(a).

     (b) If the Partnership is required to furnish annual or quarterly reports to its stockholders
pursuant to the Exchange Act, the Partnership shall, so long as any of the Debt Securities are
outstanding, cause any annual report furnished to its stockholders generally and any quarterly or
other financial reports furnished by it to its stockholders generally to be delivered to the
Trustee and mailed to the Holders in the manner and to the extent provided in Section 5.03.

     (c) The Partnership shall provide the Trustee with a sufficient number of copies of all
reports and other documents and information that the Trustee may be required to deliver to Holders
under this Section.

     (d) Delivery of such reports, information and documents to the Trustee pursuant to this
Section 4.05 is for informational purposes only, and the Trustee’s receipt of such shall not
constitute notice or constructive notice of any information contained therein or determinable from
information contained therein, including the Partnership’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

     Section 4.06. Compliance Certificate.

     (a) The Partnership shall, so long as any of the Debt Securities are outstanding, deliver to
the Trustee, within 120 days after the end of each fiscal year of the Partnership, an Officers’
Certificate stating that a review of the activities of the Partnership and its Subsidiaries during
the preceding fiscal year has been made under the supervision of the signing Officers of the
General Partner with a view to determining whether the Partnership has kept, observed, performed
and fulfilled its obligations under this Indenture, and further stating, as to each such Officer
signing such certificate, that to the best of his knowledge the Partnership has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions hereof, without
regard to any grace period or requirement of notice required by this Indenture (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events

27

 

of Default of which
such Officer may have knowledge and what action the Partnership, is taking or proposes to take with
respect thereto).

     (b) The Partnership shall, so long as any of the Debt Securities are outstanding, deliver to
the Trustee within 30 days after the occurrence of any Default or Event of Default under this
Indenture, an Officers’ Certificate specifying such Default or Event of Default, the status thereof
and what action the Partnership is taking or proposes to take with respect thereto.

     Section 4.07.
Further Instruments and Acts. The Partnership will, upon request of the Trustee, execute and deliver such further instruments
and do such further acts as may reasonably be necessary or proper to carry out more effectually the
purposes of this Indenture.

     Section 4.08.
Existence. Except as permitted by Article X hereof, the Partnership shall do or cause to be done all things
necessary to preserve and keep in full force and effect its existence and all rights (charter and
statutory) and franchises of the Partnership, provided that the Partnership shall not be required
to preserve any such right or franchise, if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Partnership.

     Section 4.09.
Maintenance of Properties. The Partnership shall cause all properties owned by the Partnership or any of its Subsidiaries
or used or held for use in the conduct of its business or the business of any such Subsidiary to be
maintained and kept in good condition, repair and working order (reasonable wear and tear excepted)
and supplied with all necessary equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the judgment of the
Partnership may be necessary so that the business carried on in connection therewith may be
properly and advantageously conducted at all times; provided that nothing in this Section shall
prevent the Partnership from discontinuing the operation or maintenance of any of such properties
if such discontinuance is, in the judgment of the Partnership, desirable in the conduct of its
business or the business of any such Subsidiary. and not disadvantageous in any material respect to
the Holders.

     Section 4.10.
Payment of Taxes and Other Claims. The Partnership shall pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the
Partnership or any of its Subsidiaries or upon the income, profits or property of the Partnership
or any of its Subsidiaries, and (ii) all lawful claims for labor, materials and supplies which, if
unpaid, might by law become a Lien upon the property of the Partnership or any of its Subsidiaries;
provided that the Partnership shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings.

     Section 4.11.
Waiver of Certain Covenants. The Partnership and any Subsidiary Guarantors may, with respect to the Debt Securities of any
series, omit in any particular instance to comply with any covenant, term, provision or condition
set forth in this Article IV (except Section 4.01 through Section 4.08) or made applicable to such
Debt Securities pursuant to Section 2.03, if, before or after the time for such compliance, the
Holders of at least a majority in principal amount of the Outstanding Debt Securities of each
series affected, waive such

28

 

compliance in such instance with such covenant, term, provision or
condition, but no such waiver shall extend to or affect such covenant, term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Partnership and any such Subsidiary Guarantors and the duties of the
Trustee in respect of any such covenant, term, provision or condition shall remain in full force
and effect.

ARTICLE V

HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE

     Section 5.01. Partnership to Furnish Trustee Information as to Names and Addresses of
Holders; Preservation of Information.
The Partnership covenants and agrees that it will furnish or cause to be furnished to the
Trustee with respect to the Debt Securities of each series:

     (a) not more than 10 days after each record date with respect to the payment of interest, if
any, a list, in such form as the Trustee may reasonably require, of the names and addresses of the
Holders as of such record date, and

     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Partnership of any such request, a list of similar form and contents as of a date
not more than 15 days prior to the time such list is furnished;

provided, however, that so long as the Trustee shall be the Registrar, such lists shall not be
required to be furnished.

     The Trustee shall preserve, in as current a form as is reasonably practicable, all information
as to the names and addresses of the Holders (i) contained in the most recent list furnished to it
as provided in this Section 5.01 or (ii) received by it in the capacity of paying agent or
Registrar (if so acting) hereunder.

     The Trustee may destroy any list furnished to it as provided in this Section 5.01 upon receipt
of a new list so furnished.

     Section 5.02.
Communications to Holders. Holders may communicate pursuant to Section 312(b) of the TIA with other Holders with respect to
their rights under this Indenture or the Debt Securities. The Partnership, the Trustee, the
Registrar and anyone else shall have the protection of Section 312(c) of the TIA.

     Section 5.03.
Reports by Trustee. Within 60 days after each January 31, beginning with the first January 31 following the date of
this Indenture, and in any event on or before April 1 in each year, the Trustee shall mail to
Holders a brief report dated as of such January 31 that complies with TIA Section 313 (a);
provided, however, that if no event described in TIA Section 313 (a) has occurred within the twelve
months preceding the reporting date, no report need be transmitted. The Trustee also shall comply
with TIA Section 313 (b).

     Reports pursuant to this Section 5.03 shall be transmitted by mail:

29

 

     (a) to all Holders, as the names and addresses of such Holders appear in the Debt Security
Register; and

     (b) except in the cases of reports under Section 313(b)(2) of the TIA, to each Holder of a
Debt Security of any series whose name and address appear in the information preserved at the time
by the Trustee in accordance with Section 5.01.

     A copy of each report at the time of its mailing to Holders shall be filed with the Securities
and Exchange Commission and each stock exchange (if any) on which the Debt Securities of any series
are listed. The Partnership agrees to notify promptly the Trustee whenever the Debt Securities of
any series become listed on any stock exchange and of any delisting thereof.

     Section 5.04.
Record Dates for Action by Holders. If the Partnership shall solicit from the Holders of Debt Securities of any series any action
(including the making of any demand or request, the giving of any direction, notice, consent or
waiver or the taking of any other action), the Partnership may, at its option, by resolution of the
Board of Directors, fix in advance a record date for the determination of Holders of Debt
Securities entitled to take such action, but the Partnership shall have no obligation to do so. Any
such record date shall be fixed at the Partnership’s discretion. If such a record date is fixed,
such action may be sought or given before or after the record date, but only the Holders of Debt
Securities of record at the close of business on such record date shall be deemed to be Holders of
Debt Securities for the purpose of determining whether Holders of the requisite proportion of Debt
Securities of such series Outstanding have authorized or agreed or consented to such action, and
for that purpose the Debt Securities of such series Outstanding shall be computed as of such record
date.

ARTICLE VI

REMEDIES OF THE TRUSTEE AND HOLDERS IN EVENT OF DEFAULT

     Section 6.01.
Events of Default. If any one or more of the following shall have occurred and be continuing with respect to Debt
Securities of any series (each of the following, an “Event of Default”):

     (a) default in the payment of any installment of interest upon any Debt Securities of that
series as and when the same shall become due and payable, and continuance of such default for a
period of 30 days; or

     (b) default in the payment of the principal of or premium, if any, on any Debt Securities of
that series as and when the same shall become due and payable, whether at Stated Maturity, upon
redemption, by declaration, upon required repurchase or otherwise; or

     (c) default in the payment of any sinking fund payment with respect to any Debt Securities of
that series as and when the same shall become due and payable; or

     (d) failure on the part of the Partnership, or if any series of Debt Securities Outstanding
under this Indenture is entitled to the benefits of a Guarantee, any of the Subsidiary Guarantors,
duly to observe or perform any other of the covenants or agreements on the part of

30

 

the Partnership,
or if applicable, any of the Subsidiary Guarantors, in the Debt Securities of that series, in any
resolution of the Board of Directors authorizing the issuance of that series of Debt Securities, in
this Indenture with respect to such series or in any supplemental Indenture with respect to such
series (other than a covenant a default in the performance of which is elsewhere in this Section
specifically dealt with), continuing for a period of 60 days after the date on which written notice
specifying such failure and requiring the Partnership, or if applicable, the Subsidiary Guarantor,
to remedy the same shall have been given, by registered or certified mail, to the Partnership, or
if applicable, the Subsidiary Guarantor, by the Trustee or to the Partnership, or if applicable,
the Subsidiary Guarantor, and the Trustee by the Holders of at least 25% in aggregate principal
amount of the Debt Securities of that series at the time Outstanding; or

     (e) the Partnership, or if any series of Debt Securities Outstanding under this Indenture is
entitled to the benefits of a Guarantee, any of the Subsidiary Guarantors, pursuant to or within
the meaning of any Bankruptcy Law,

     (i) commences a voluntary case,

     (ii) consents to the entry of an order for relief against it in an involuntary case,

     (iii) consents to the appointment of a Custodian of it or for all or substantially all
of its property or

     (iv) makes a general assignment for the benefit of its creditors; or

     (f) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

     (i) is for relief against the Partnership, or if any series of Debt Securities
Outstanding under this Indenture is entitled to the benefits of a Guarantee, any of the
Subsidiary Guarantors, as debtor in an involuntary case,

     (ii) appoints a Custodian of the Partnership, or if any series of Debt Securities
Outstanding under this Indenture is entitled to the benefits of a Guarantee, any of the
Subsidiary Guarantors, or a Custodian for all or substantially all of the property of the
Partnership, or if applicable, any of the Subsidiary Guarantors, or

     (iii) orders the liquidation of the Partnership, or if any series of Debt Securities
Outstanding under this Indenture is entitled to the benefits of a Guarantee, any of the
Subsidiary Guarantors,

and the order or decree remains unstayed and in effect for 60 days; or

     (g) if any series of Debt Securities Outstanding under this Indenture is entitled to the
benefits of a Guarantee, the Guarantee of any of the Subsidiary Guarantors ceases to be in full
force and effect with respect to Debt Securities of that series (except as otherwise provided
in this Indenture) or is declared null and void in a judicial proceeding or the Subsidiary
Guarantors deny or disaffirm their obligations under the Indenture or such Guarantee; or

31

 

     (h) any other Event of Default provided with respect to Debt Securities of that series;

then and in each and every case that an Event of Default described in clause (a), (b), (c), (d),
(g), or (h) with respect to Debt Securities of that series at the time Outstanding occurs and is
continuing, unless the principal of, premium, if any, and interest on all the Debt Securities of
that series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Debt Securities of that series then Outstanding
hereunder, by notice in writing to the Partnership (and to the Trustee if given by Holders), may
declare the principal of (or, if the Debt Securities of that series are Original Issue Discount
Debt Securities, such portion of the principal amount as may be specified in the terms of that
series), premium, if any, and accrued and unpaid interest on all the Debt Securities of that series
to be due and payable immediately, and upon any such declaration the same shall become and shall be
immediately due and payable, anything in this Indenture or in the Debt Securities of that series
contained to the contrary notwithstanding. If an Event of Default described in clause (e) or (f)
occurs, then and in each and every such case, unless the principal of and interest on all the Debt
Securities shall have become due and payable, the principal of (or, if any Debt Securities are
Original Issue Discount Debt Securities, such portion of the principal amount as may be specified
in the terms thereto), premium, if any, and accrued and unpaid interest on all the Debt Securities
then Outstanding hereunder shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holders, anything in this Indenture or
in the Debt Securities contained to the contrary notwithstanding.

     The Holders of a majority in aggregate principal amount of the Debt Securities of a particular
series by written notice to the Trustee may rescind an acceleration and its consequences if the
rescission would not conflict with any judgment or decree of a court of competent jurisdiction
already rendered and if all existing Events of Default with respect to Debt Securities of that
series have been cured or waived except nonpayment of principal, premium, if any, or interest that
has become due solely because of acceleration. Upon any such rescission, the parties hereto shall
be restored respectively to their several positions and rights hereunder, and all rights, remedies
and powers of the parties hereto shall continue as though no such proceeding had been taken.

     Section 6.02.
Collection of Debt by Trustee, etc. If an Event of Default occurs and is continuing, the Trustee, in its own name and as trustee of
an express trust, shall be entitled and empowered to institute any action or proceedings at law or
in equity for the collection of the sums so due and unpaid or enforce the performance of any
provision of the Debt Securities of the affected series or this Indenture, and may prosecute any
such action or proceedings to judgment or final decree, and may enforce any such judgment or final
decree against the Subsidiary Guarantors or the Partnership or any other obligor upon the Debt
Securities of such series (and collect in the manner provided by law out of the property of the
Subsidiary Guarantors or the Partnership or any other obligor upon the Debt Securities of such
series wherever situated the moneys adjudged or decreed to be payable).

     In case there shall be pending proceedings for the bankruptcy or for the reorganization of the
Subsidiary Guarantors or the Partnership or any other obligor upon the Debt Securities of any
series under any Bankruptcy Law, or in case a Custodian shall have been appointed for its property,
or in case of any other similar judicial proceedings relative to the Subsidiary

32

 

Guarantors or the
Partnership or any other obligor upon the Debt Securities of any series, its creditors or its
property, the Trustee, irrespective of whether the principal of Debt Securities of any series shall
then be due and payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.02,
shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and
prove a claim or claims for the whole amount of principal, premium, if any, and interest (or, if
the Debt Securities of such series are Original Issue Discount Debt Securities, such portion of the
principal amount as may be specified in the terms of such series) owing and unpaid in respect of
the Debt Securities of such series, and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for reasonable
compensation to the Trustee, its agents, attorneys and counsel, and for reimbursement of all
expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its
negligence or bad faith) and of the Holders thereof allowed in any such judicial proceedings
relative to the Subsidiary Guarantors or the Partnership, or any other obligor upon the Debt
Securities of such series, its creditors or its property, and to collect and receive any moneys or
other property payable or deliverable on any such claims, and to distribute all amounts received
with respect to the claims of such Holders and of the Trustee on their behalf, and any receiver,
assignee or trustee in bankruptcy or reorganization is hereby authorized by each of such Holders to
make payments to the Trustee, and, in the event that the Trustee shall consent to the making of
payments directly to such Holders, to pay to the Trustee such amount as shall be sufficient to
cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other
reasonable expenses and liabilities incurred, and all advances made, by the Trustee except as a
result of its negligence or bad faith.

     All rights of action and of asserting claims under this Indenture, or under any of the Debt
Securities of any series, may be enforced by the Trustee without the possession of any such Debt
Securities, or the production thereof in any trial or other proceedings relative thereto, and any
such action or proceedings instituted by the Trustee shall be brought in its own name as trustee of
an express trust, and any recovery of judgment (except for any amounts payable to the Trustee
pursuant to Section 7.06) shall be for the ratable benefit of the Holders of all the Debt
Securities in respect of which such action was taken.

     In case of an Event of Default hereunder the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or
in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

     Section 6.03.
Application of Moneys Collected by Trustee. Any moneys or other property collected by the Trustee pursuant to Section 6.02 with respect to
Debt Securities of any series shall be applied, in the order following, at the date or dates fixed
by the Trustee for the distribution of such moneys or other property, upon presentation of the
several Debt Securities of such series in respect of which moneys or other property have been
collected, and the notation thereon of the payment, if only partially paid, and upon surrender
thereof if fully paid:

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     FIRST: To the payment of all money due the Trustee pursuant to Section 7.06;

     SECOND: In case the principal of the Outstanding Debt Securities in respect of which such
moneys have been collected shall not have become due, to the payment of interest on the Debt
Securities of such series in the order of the maturity of the installments of such interest, with
interest (to the extent that such interest has been collected by the Trustee) upon the overdue
installments of interest at the rate or Yield to Maturity (in the case of Original Issue Discount
Debt Securities) borne by the Debt Securities of such series, such payments to be made ratably to
the Persons entitled thereto, without discrimination or preference;

     THIRD: In case the principal of the Outstanding Debt Securities in respect of which such
moneys have been collected shall have become due, by declaration or otherwise, to the payment of
the whole amount then owing and unpaid upon the Debt Securities of such series for principal and
premium, if any, and interest, with interest on the overdue principal and premium, if any, and (to
the extent that such interest has been collected by the Trustee) upon overdue installments of
interest at the rate or Yield to Maturity (in the case of Original Issue Discount Debt Securities)
borne by the Debt Securities of such series; and, in case such moneys shall be insufficient to pay
in full the whole amount so due and unpaid upon the Debt Securities of such series, then to the
payment of such principal and premium, if any, and interest, without preference or priority of
principal and premium, if any, over interest, or of interest over principal and premium, if any, or
of any installment of interest over any other installment of interest, or of any Debt Security of
such series over any Debt Security of such series, ratably to the aggregate of such principal and
premium, if any, and interest; and

     FOURTH: The remainder, if any, shall be paid to the Subsidiary Guarantors or the Partnership,
as applicable, its successors or assigns, or to whomsoever may be lawfully entitled to receive the
same, or as a court of competent jurisdiction may direct.

     The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.03. At least 15 days before such record date, the Partnership shall mail to each Holder
and the Trustee a notice that states the record date, the payment date and amount to be paid.

     Section 6.04.
Limitation on Suits by Holders. No Holder of any Debt Security of any series shall have any right by virtue or by availing of
any provision of this Indenture to institute any action or proceeding at law or in equity or in
bankruptcy or otherwise, upon or under or with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless such Holder previously shall have
given to the Trustee written notice of an Event of Default with respect to Debt Securities of
that same series and of the continuance thereof and unless the Holders of not less than 25% in
aggregate principal amount of the Outstanding Debt Securities of that series shall have made
written request upon the Trustee to institute such action or proceedings in respect of such Event
of Default in its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity or security as it may require against the costs, expenses and liabilities to
be incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice,
request and offer of indemnity or security shall have failed to institute any such action or
proceedings and no direction inconsistent with such written request shall have been given to the
Trustee pursuant to Section 6.06; it being

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understood and intended, and being expressly covenanted
by the Holder of every Debt Security with every other Holder and the Trustee, that no one or more
Holders shall have any right in any manner whatever by virtue or by availing of any provision of
this Indenture to affect, disturb or prejudice the rights of any Holders, or to obtain or seek to
obtain priority over or preference to any other such Holder, or to enforce any right under this
Indenture, except in the manner herein provided and for the equal, ratable and common benefit of
all such Holders. For the protection and enforcement of the provisions of this Section 6.04, each
and every Holder and the Trustee shall be entitled to such relief as can be given either at law or
in equity.

     Notwithstanding any other provision in this Indenture, however, the right of any Holder of any
Debt Security to receive payment of the principal of, and premium, if any, and (subject to Section
2.12) interest on, such Debt Security, on or after the respective due dates expressed in such Debt
Security, and to institute suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

     Section 6.05.
Remedies Cumulative; Delay or Omission in Exercise of Rights Not a Waiver of
Default. All powers and remedies given by this Article VI to the Trustee or to the Holders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other
powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise,
to enforce the performance or observance of the covenants and agreements contained in this
Indenture, and no delay or omission of the Trustee or of any Holder to exercise any right or power
accruing upon any Default occurring and continuing as aforesaid, shall impair any such right or
power, or shall be construed to be a waiver of any such Default or an acquiescence therein; and,
subject to the provisions of Section 6.04, every power and remedy given by this Article VI or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Holders.

     Section 6.06.
Rights of Holders of Majority in Principal Amount of Debt Securities to
Direct Trustee and to Waive Default. The Holders of a majority in aggregate principal amount of the Debt Securities of any series at
the time Outstanding shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Debt Securities of such series; provided, however, that such
direction shall not be otherwise than in accordance with law and the provisions of this Indenture,
and that subject to the provisions of Section 7.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee being advised by counsel shall determine that the action
so directed may not lawfully be taken, or if the Trustee shall by a responsible officer or officers
determine that the action so directed would involve it in personal liability or would be unjustly
prejudicial to Holders of Debt Securities of such series not taking part in such direction; and
provided, further, however, that nothing in this Indenture contained shall impair the right of the
Trustee to take any action deemed proper by the Trustee and which is not inconsistent with such
direction by such Holders. The Holders of a majority in aggregate principal amount of the Debt
Securities of that series at the time Outstanding may on behalf of the Holders of all the Debt
Securities of that series waive any past Default or Event of Default and its consequences for that
series, except a Default or Event of Default in the payment of the principal of, and premium, if
any, or interest on, any of the Debt Securities and a Default or Event of Default in respect of a
provision that under Section 9.02 cannot be amended without the consent of each Holder affected
thereby. In case of any such

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waiver, such Default shall cease to exist, any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of this Indenture, and the
Subsidiary Guarantors, the Partnership, the Trustee and the Holders of the Debt Securities of that
series shall be restored to their former positions and rights hereunder, respectively; but no such
waiver shall extend to any subsequent or other Default or Event of Default or impair any right
consequent thereon.

     Section 6.07.
Trustee to Give Notice of Defaults Known to It, but May Withhold Such
Notice in Certain Circumstances. The Trustee shall, within 90 days after the occurrence of a Default known to it, or if later,
within 30 days after the Trustee obtains actual knowledge of the Default, with respect to a series
of Debt Securities give to the Holders thereof, in the manner provided in Section 13.03, notice of
all Defaults with respect to such series known to the Trustee, unless such Defaults shall have been
cured or waived before the giving of such notice; provided, that, except in the case of Default in
the payment of the principal of, or premium, if any, or interest on, any of the Debt Securities of
such series or in the making of any sinking fund payment with respect to the Debt Securities of
such series, the Trustee shall be protected in withholding such notice if and so long as the board
of directors, the executive committee or a committee of directors or responsible officers of the
Trustee in good faith determine that the withholding of such notice is in the interests of the
Holders thereof.

     Section 6.08. Requirement of an Undertaking to Pay Costs in Certain Suits under the
Indenture or Against the Trustee. All parties to this Indenture agree, and each Holder of any Debt Security by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit in the manner and to the extent provided in the TIA,
and that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 6.08 shall not apply to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10 percent in principal amount of
the Outstanding
Debt Securities of that series or to any suit instituted by any Holder for the enforcement of the
payment of the principal of, or premium, if any, or interest on, any Debt Security on or after the
due date for such payment expressed in such Debt Security.

ARTICLE VII

CONCERNING THE TRUSTEE

     Section 7.01.
Certain Duties and Responsibilities. The Trustee, prior to the occurrence of an Event of Default and after the curing or waiving of
all Events of Default which may have occurred, undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture. In case an Event of Default has occurred
(which has not been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs.

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     No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that:

     (a) this paragraph shall not be construed to limit the effect of the first paragraph of this
Section 7.01;

     (b) prior to the occurrence of an Event of Default with respect to the Debt Securities of a
series and after the curing or waiving of all Events of Default with respect to such series which
may have occurred:

     (i) the duties and obligations of the Trustee with respect to Debt Securities of any
series shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and obligations with
respect to such series as are specifically set forth in this Indenture, and no implied
covenants or obligations with respect to such series shall be read into this Indenture
against the Trustee; and

     (ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall be under a duty to examine the same to determine whether or not they conform
to the requirements of this Indenture;

     (iii) the Trustee shall not be liable for an error of judgment made in good faith by a
Trust Officer, unless it shall be proved that the Trustee was negligent in ascertaining the
pertinent facts; and

     (iv) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it with respect to Debt Securities of any series in good faith in accordance with
the direction of the Holders of not less than a majority in aggregate principal amount of
the Outstanding Debt Securities of that series relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred upon the Trustee, under this Indenture with respect to Debt Securities of
such series.

     None of the provisions of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

     Whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Section.

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     Section 7.02.
Certain Rights of Trustee. Except as otherwise provided in Section 7.01:

     (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, approval, bond, debenture, note, other evidence of indebtedness
or other paper or document (whether in its original or facsimile form) believed by it to be genuine
and to have been signed or presented by the proper party or parties;

     (b) any request, direction, order or demand of the Partnership mentioned herein shall be
sufficiently evidenced by a Partnership Order (unless other evidence in respect thereof be herein
specifically prescribed); and any resolution of the Board of Directors may be evidenced to the
Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the General
Partner;

     (c) the Trustee may consult with counsel of its own selection, and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken or suffered or omitted by it hereunder in good faith and in reliance thereon;

     (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Holders of Debt Securities of
any series pursuant to the provisions of this Indenture, unless such Holders shall have offered to
the Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and
liabilities which may be incurred by it in compliance with such request, order or direction;

     (e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;

     (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, approval, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Partnership, personally or by agent or attorney, to the extent reasonably required by such inquiry
or investigation at the expense of the Partnership and shall incur no liability of any kind by
reason of such inquiry or investigation;

     (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed by it
with due care hereunder;

     (h) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be

38

 

enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and the
Person employed to act hereunder;

     (i) in no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action;

     (j) the Trustee shall not be deemed to have notice or knowledge of an Event of Default unless
a Trust Officer has actual knowledge thereof or unless written notice of such Event of Default is
received by the Trustee at the corporate trust office of the Trustee, and such notice references
the Debt Securities and this Indenture;

     (k) the Trustee may from time to time request that the Partnership deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture; and

     (l) if any property other than cash shall at any time be subject to a Lien in favor of the
Holders, the Trustee, if and to the extent authorized by a receivership or bankruptcy court of
competent jurisdiction or by the supplemental instrument subjecting such property to such Lien,
shall be entitled to make advances for the purpose of preserving such property or of discharging
tax Liens or other prior Liens or encumbrances thereon.

     Section 7.03.
Trustee Not Liable for Recitals in Indenture or in Debt Securities. The recitals contained herein, in the Debt Securities (except the Trustee’s certificate of
authentication) shall be taken as the statements of the Partnership, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Debt Securities of any series. The Trustee
shall not be accountable for the use or application by the Partnership of any of the Debt
Securities or of the proceeds thereof.

     Section 7.04.
Trustee, Paying Agent or Registrar May Own Debt Securities. The Trustee or any paying agent or Registrar, in its individual or any other capacity, may
become the owner or pledgee of Debt Securities and subject to the provisions of the TIA relating to
conflicts of interest and preferential claims may otherwise deal with the Partnership with the same
rights it would have if it were not Trustee, paying agent or Registrar.

     Section 7.05.
Moneys Received by Trustee to Be Held in Trust. Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used
or applied as herein provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any moneys received by it hereunder.

     Section 7.06.
Compensation and Reimbursement. The Partnership covenants and agrees to pay in Dollars to the Trustee from time to time, and the
Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder
(which shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust),
and, except as otherwise expressly provided herein, the Partnership will pay or
reimburse in Dollars the Trustee

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upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture
(including the reasonable compensation and the expenses and disbursements of its agents, attorneys
and counsel and of all Persons not regularly in its employ), including without limitation, Section
6.02, except any such expense, disbursement or advances as may arise from its negligence or bad
faith. The Partnership also covenants to indemnify in Dollars the Trustee for, and to hold it
harmless against, any loss, liability or expense incurred without negligence, willful misconduct or
bad faith on the part of the Trustee, arising out of or in connection with the acceptance or
administration of this trust or trusts hereunder, including the reasonable costs and expenses of
defending itself against any claim of liability in connection with the exercise or performance of
any of its powers or duties hereunder. The obligations of the Partnership under this Section 7.06
to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder and shall survive the
satisfaction and discharge of this Indenture. The Partnership and the Holders agree that such
additional indebtedness shall be secured by a Lien prior to that of the Debt Securities upon all
property and funds held or collected by the Trustee, as such, except funds held in trust for the
payment of principal of, and premium, if any, or interest on, particular Debt Securities.

     When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(e) or Section 6.01(f) occurs, the expenses and the compensation for the services are
intended to constitute expenses of administration under any Bankruptcy Law.

     Section 7.07. Right of Trustee to Rely on an Officers’ Certificate Where No Other Evidence
Specifically Prescribed. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions
of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting any action hereunder, such matter (unless
other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad
faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers’ Certificate delivered to the Trustee.

     Section 7.08.
Separate Trustee; Replacement of Trustee. The Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt
Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at
any time by giving notice to the Partnership. The Holders of a majority in principal amount of the
Debt Securities of a particular series may remove the Trustee for such series and only such series
by so notifying the Trustee and may appoint a successor Trustee. The Partnership shall remove the
Trustee if:

	 	(a)	 	the Trustee fails to comply with Section 7.10;
	 
	 	(b)	 	the Trustee is adjudged bankrupt or insolvent;
	 
	 	(c)	 	a Custodian takes charge of the Trustee or its property; or
	 
	 	(d)	 	the Trustee otherwise becomes incapable of acting.

     If the Trustee resigns, is removed by the Partnership or by the Holders of a majority in
principal amount of the Debt Securities of a particular series and such Holders do not reasonably
promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any

40

 

reason (the Trustee in such event being referred to herein as the retiring Trustee), the
Partnership shall promptly appoint a successor Trustee. No resignation or removal of the Trustee
and no appointment of a successor Trustee shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable requirements of this Section
7.08.

     A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Partnership. Thereupon the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders of Debt Securities of each applicable series. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in
Section 7.06.

     If a successor Trustee does not take office within 30 days after the retiring Trustee gives
notice of resignation or is removed, the retiring Trustee or the Holders of 25% in principal amount
of the Debt Securities of any applicable series may petition any court of competent jurisdiction
for the appointment of a successor Trustee for the Debt Securities of such series.

     If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of any
applicable series may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee for the Debt Securities of such series.

     Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the
Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring
Trustee.

     In the case of the appointment hereunder of a separate or successor Trustee with respect to
the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor
or separate Trustee with respect to the Debt Securities of any applicable series shall execute and
deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring
Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is
not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one trustee, it being understood that
nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the
same trust and that each such separate, retiring or successor Trustee shall be Trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee.

     Section 7.09.
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation or banking association without any further act shall
be the successor Trustee.

     In case at the time such successor or successors to the Trustee by merger, conversion,
consolidation or transfer shall succeed to the trusts created by this Indenture any of the Debt
Securities shall have been authenticated but not delivered, any such successor to the Trustee may

41

 

adopt the certificate of authentication of any predecessor Trustee, and deliver such Debt
Securities so authenticated; and in case at that time any of the Debt Securities shall not have
been authenticated, any successor to the Trustee may authenticate such Debt Securities either in
the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all
such cases such certificates shall have the full force which it is anywhere in the Debt Securities
or in this Indenture provided that the certificate of the Trustee shall have.

     Section 7.10.
Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA. The
Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most
recent published annual report of condition. No obligor upon the Debt Securities of a particular
series or Person directly or indirectly controlling, controlled by or under common control with
such obligor shall serve as Trustee upon the Debt Securities of such series. The Trustee shall
comply with Section 310(b) of the TIA; provided, however, that there shall be excluded from the
operation of Section 310(b)(1) of the TIA this Indenture or any indenture or indentures under
which other securities or certificates of interest or participation in other securities of the
Partnership are outstanding if the requirements for such exclusion set forth in Section 310(b)(1)
of the TIA are met.

     Section 7.11.
Preferential Collection of Claims Against Partnership. The Trustee shall comply with Section 311(a) of the TIA, excluding any creditor relationship
listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the TIA to the extent indicated therein.

     Section 7.12.
Compliance with Tax Laws. The Trustee hereby agrees to comply with all U.S. federal income tax information reporting and
withholding requirements applicable to it with respect to payments of premium (if any) and interest
on the Debt Securities, whether acting as Trustee, Registrar, paying agent or otherwise with
respect to the Debt Securities.

ARTICLE VIII

CONCERNING THE HOLDERS

     Section 8.01.
Evidence of Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage in
aggregate principal amount of the Debt Securities of any or all series may take action (including
the making of any demand or request, the giving of any direction, notice, consent or waiver or the
taking of any other action) the fact that at the time of taking any such action the Holders of such
specified percentage have joined therein may be evidenced by any instrument or any number of
instruments of similar tenor executed by Holders in Person or by agent or proxy appointed in
writing, by the record of the Holders voting in favor thereof at any meeting of Holders duly called
and held in accordance with the provisions of Section 5.02 or by a combination of such instrument
or instruments and any such record of such a meeting of Holders.

     Section 8.02.
Proof of Execution of Instruments and of Holding of Debt Securities. Subject to the provisions of Section 7.01, Section 7.02 and Section 13.09, proof of the
execution of any instrument by a Holder or his agent or proxy shall be sufficient if made in
accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in
such

42

 

manner as shall be satisfactory to the Trustee. The ownership of Debt Securities of any series
shall be proved by the Debt Security Register or by a certificate of the Registrar for such series.
The Trustee may require such additional proof of any matter referred to in this Section 8.02 as it
shall deem necessary.

     Section 8.03. Who May Be Deemed Owner of Debt Securities. Prior to due presentment for registration of transfer of any Debt Security, the Partnership, any
Subsidiary Guarantor, the Trustee, any paying agent and any Registrar may deem and treat the
Person in whose name any Debt Security shall be registered upon the books of the Partnership as the
absolute owner of such Debt Security (whether or not such Debt Security shall be registered in the
name of a Depositary or shall be overdue and notwithstanding any notation of ownership or other
writing thereon) for the purpose of receiving payment of or on account of the principal of and
premium, if any, and (subject to Section 2.12) interest on such Debt Security and for all other
purposes, and none of the Partnership, any Subsidiary Guarantor, the Trustee, any paying agent or
any Registrar shall be affected by any notice to the contrary; and all such payments so made to any
such Holder for the time being, or upon his order, shall be valid and, to the extent of the sum or
sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such
Debt Security.

     None of the Partnership, any Subsidiary Guarantor, the Trustee, any Registrar, the paying
agent or any agent of the Partnership or the Trustee will have any responsibility or liability for
any aspect of the records relating to or payments made on account of the beneficial ownership
interests in any Global Security, for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests or for any action taken or failure to act by a Depositary, its
nominee or any of its direct or indirect participants with respect to any Debt Securities
including, without limitation, any failure of an owner of a beneficial interest in Debt Securities
to receive any payments or notices provided for in this Indenture or for the selection of
beneficial interests in Debt Securities to be redeemed.

     Section 8.04. Instruments Executed by Holders Bind Future Holders. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01,
of the taking of any action by the Holders of the percentage in aggregate principal amount of the
Debt Securities of any series specified in this Indenture in connection with such action and
subject to the following paragraph, any Holder of a Debt Security which is shown by the evidence to
be included in the Debt Securities the Holders of which have consented to such action may, by
filing written notice with the Trustee at its corporate trust office and upon proof of holding as
provided in Section 8.02, revoke such action so far as concerns such Debt Security. Except as
aforesaid any such action taken by the Holder of any Debt Security shall be conclusive and binding
upon such Holder and upon all future Holders and owners of such Debt Security and of any Debt
Security issued upon transfer thereof or in exchange or substitution therefor, irrespective of
whether or not any notation in regard thereto is made upon such Debt Security or such other Debt
Securities. Any action taken by the Holders of the percentage in aggregate principal amount of the
Debt Securities of any series specified in this Indenture in connection with such action shall be
conclusively binding upon the Partnership, the Subsidiary Guarantors, the Trustee and the Holders
of all the Debt Securities of such series.

     The Partnership may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders of Debt Securities entitled to give their consent or take any other action

43

 

required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then
notwithstanding the immediately preceding paragraph, those Persons who were Holders of Debt
Securities at such record date (or their duly designated proxies), and only those Persons, shall be
entitled to give such consent or to revoke any consent previously given or to take any such action,
whether or not such Persons continue to be Holders of Debt Securities after such record date. No
such consent shall be valid or effective for more than 120 days after such record date
unless the consent of the Holders of the percentage in aggregate principal amount of the Debt
Securities of such series specified in this Indenture shall have been received within such 120-day
period.

ARTICLE IX

SUPPLEMENTAL INDENTURES

     Section 9.01. Purposes for Which Supplemental Indenture May Be Entered into Without
Consent of Holders. The Partnership and any Subsidiary Guarantors, when authorized by resolutions of the Board of
Directors, and the Trustee may from time to time and at any time, without the consent of Holders,
enter into an Indenture or Indentures supplemental hereto (which shall conform to the provisions of
the TIA as in force at the date of the execution thereof) for one or more of the following
purposes:

     (a) to evidence the succession pursuant to Article X of another Person to the Partnership, or
successive successions, and the assumption by the Successor Partnership (as defined in Section
10.01) of the covenants, agreements and obligations of the Partnership in this Indenture and in the
Debt Securities;

     (b) to surrender any right or power herein conferred upon the Partnership or the Subsidiary
Guarantors, to add to the covenants of the Partnership or the Subsidiary Guarantors such further
covenants, restrictions, conditions or provisions for the protection of the Holders of all or any
series of Debt Securities (and if such covenants are to be for the benefit of less than all series
of Debt Securities, stating that such covenants are expressly being included solely for the benefit
of such series) as the Board of Directors shall consider to be for the protection of the Holders of
such Debt Securities, and to make the occurrence, or the occurrence and continuance, of a Default
in any of such additional covenants, restrictions, conditions or provisions a Default or an Event
of Default permitting the enforcement of all or any of the several remedies provided in this
Indenture; provided, that in respect of any such additional covenant, restriction, condition or
provision such supplemental Indenture may provide for a particular period of grace after Default
(which period may be shorter or longer than that allowed in the case of other Defaults) or may
provide for an immediate enforcement upon such Default or may limit the remedies available to the
Trustee upon such Default or may limit the right of the Holders of a majority in aggregate
principal amount of any or all series of Debt Securities to waive such default;

     (c) to cure any ambiguity or omission or to correct or supplement any provision contained
herein, in any supplemental Indenture or in any Debt Securities of any series that may be defective
or inconsistent with any other provision contained herein, in any supplemental Indenture or in the
Debt Securities of such series or to convey, transfer, assign, mortgage or pledge any property to
or with the Trustee;

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     (d) to permit the qualification of this Indenture or any Indenture supplemental hereto under
the TIA as then in effect, except that nothing herein contained shall permit or authorize the
inclusion in any Indenture supplemental hereto of the provisions referred to in Section
316(a)(2) of the TIA;

     (e) to add to or change any of the provisions of this Indenture to change or eliminate any
restrictions on the payment of principal of, or premium, if any, on, Debt Securities; provided,
that any such action shall not adversely affect the interests of the Holders of Debt Securities of
any series in any material respect;

     (f) to comply with Article XIV, including without limitation to reflect the release of any
Subsidiary Guarantor in accordance with such article;

     (g) to add Subsidiary Guarantors with respect to any or all of the Debt Securities or to
secure any or all of the Debt Securities or the Guarantee;

     (h) to make any change that does not adversely affect the rights under the Indenture of any
Holder;

     (i) to add to, change or eliminate any of the provisions of this Indenture in respect of one
or more series of Debt Securities; provided, however, that any such addition, change or elimination
not otherwise permitted under this Section 9.01 shall neither apply to any Debt Security of any
series created prior to the execution of such supplemental Indenture and entitled to the benefit of
such provision nor modify the rights of the Holder of any such Debt Security
with respect to such provision or shall become effective only when there is no such Debt
Security Outstanding;

     (j) to evidence and provide for the acceptance of appointment hereunder by a successor or
separate Trustee with respect to the Debt Securities of one or more series and to add to or change
any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee; and

     (k) to establish the form or terms of Debt Securities of any series as permitted by Section
2.01 and Section 2.03.

     The Trustee is hereby authorized to join with the Partnership and any Subsidiary Guarantors in
the execution of any such supplemental Indenture, to make any further appropriate agreements and
stipulations which may be therein contained and to accept the conveyance, transfer, assignment,
mortgage or pledge of any property thereunder, but the Trustee shall not be obligated to enter into
any such supplemental Indenture which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.

     Any supplemental Indenture authorized by the provisions of this Section 9.01 may be executed
by the Partnership, any Subsidiary Guarantors and the Trustee without the consent of the Holders of
any of the Debt Securities at the time Outstanding, notwithstanding any of the provisions of
Section 9.02.

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     Section 9.02.
Modification of Indenture with Consent of Holders of Debt Securities. 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 any 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,
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 the 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 any Subsidiary Guarantor or modify the Guarantee in any manner adverse to
the Holders.

     A supplemental Indenture which changes or eliminates any covenant or other provision of this
Indenture which has been expressly included solely for the benefit of one or more particular series
of Debt Securities or which modifies the rights of the Holders of Debt Securities of such series
with respect to such covenant or other provision shall be deemed not to affect the rights under
this Indenture of the Holders of Debt Securities of any other series.

     Upon the request of the Partnership and any Subsidiary Guarantors, accompanied by a copy of
resolutions of the Board of Directors authorizing the execution of any such supplemental Indenture,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the
Trustee shall join with the Partnership in the execution of such supplemental Indenture unless such
supplemental Indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter
into such supplemental Indenture.

     It shall not be necessary for the consent of the Holders under this Section 9.02 to approve
the particular form of any proposed supplemental Indenture, but it shall be sufficient if such
consent shall approve the substance thereof.

     After an amendment under this Section 9.02 becomes effective, the Partnership shall mail to
Holders of Debt Securities of each series affected thereby a notice briefly describing such

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amendment. The failure to give such notice to all such
Holders, or any defect therein, shall not
impair or affect the validity of an amendment under this Section 9.02.

     Section 9.03.
Effect of Supplemental Indentures. Upon the execution of any supplemental Indenture pursuant to the provisions of this Article IX,
this Indenture shall be and be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Partnership, any Subsidiary Guarantors and the Holders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such modifications and
amendments, and all the terms and conditions of any such supplemental Indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all purposes.

     The Trustee, subject to the provisions of Section 7.01 and Section 7.02, shall receive an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such supplemental
Indenture complies with the provisions of this Article IX.

     Section 9.04.
Debt Securities May Bear Notation of Changes by Supplemental Indentures. Debt Securities of any series authenticated and delivered after the execution of any
supplemental Indenture pursuant to the provisions of this Article IX may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such
supplemental Indenture. New Debt Securities of any series so modified as to conform, in
the opinion of the Trustee and the Board of Directors, to any modification of this Indenture
contained in any such supplemental Indenture may be prepared and executed by the Partnership,
authenticated by the Trustee and delivered in exchange for the Debt Securities of such series then
Outstanding. Failure to make the appropriate notation or to issue a new Debt Security of such
series shall not affect the validity of such amendment.

ARTICLE X

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

     Section 10.01.
Consolidations and Mergers of the Partnership. The Partnership shall not consolidate or amalgamate with or merge with or into any Person, or
sell, convey, transfer, lease or otherwise dispose of all or substantially all its assets to any
Person, whether in a single transaction or a series of related transactions, unless: (a) either (i)
the Partnership shall be the continuing Person in the case of a merger or (ii) the resulting,
surviving or transferee Person if other than the Partnership (the “Successor Partnership”), shall
be a partnership, limited liability company or corporation organized and existing under the laws of
the United States, any state thereof or the District of Columbia and the Successor Partnership
shall expressly assume, by an Indenture supplemental hereto, executed and delivered to the Trustee,
in form satisfactory to the Trustee, all the obligations of the Partnership under this Indenture
and the Debt Securities according to their tenor; (b) immediately after giving effect to such
transaction or series of transactions (and treating any Debt which becomes an obligation of the
Successor Partnership or any Subsidiary of the Partnership as a result of such transaction or
series of transactions as having been incurred by the Successor
Partnership or such Subsidiary at
the time of such transaction), no Default or Event of Default would occur or be continuing; (c) if
the Partnership is not the continuing Person, then each Subsidiary Guarantor, unless it has become
the Successor

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Partnership, shall confirm that the Guarantee shall continue to apply to the
obligations under the Debt Securities and this Indenture; and (d) the Partnership shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, amalgamation, merger or disposition and such supplemental Indenture (if any) comply
with this Indenture.

     Section 10.02.
Rights and Duties of Successor Partnership. In case of any consolidation, amalgamation or merger, or disposition of all or substantially all
of the assets of the Partnership in accordance with Section 10.01, the Successor Partnership shall
succeed to and be substituted for the Partnership with the same effect as if it had been named
herein as the respective party to this Indenture, and the predecessor entity shall be released from
all liabilities and obligations under the Indenture and the Debt Securities, except that no such
release will occur in the case of a lease of all or substantially all of its assets. The Successor
Partnership thereupon may cause to be signed, and may issue either in its own name or in the name
of the Partnership, any or all the Debt Securities issuable hereunder which theretofore shall not
have been signed by the Partnership and delivered to the Trustee; and, upon the order of the
Successor Partnership, instead of the Partnership, and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Debt
Securities which previously shall have been signed and delivered by the officers of the
Partnership to the Trustee for authentication, and any Debt Securities which the Successor
Partnership thereafter shall cause to be signed and delivered to the Trustee for that purpose. All
the Debt Securities so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Debt Securities theretofore or thereafter issued in accordance with the terms of
this Indenture as though all such Debt Securities had been issued at the date of the execution
hereof.

     In case of any such consolidation, amalgamation, merger, sale or disposition such changes in
phraseology and form (but not in substance) may be made in the Debt Securities thereafter to be
issued as may be appropriate.

ARTICLE XI

SATISFACTION AND DISCHARGE OF

INDENTURE; DEFEASANCE; UNCLAIMED MONEYS

     Section 11.01.
Applicability of Article. The provisions of this Article XI relating to discharge or defeasance of Debt Securities shall
be applicable to each series of Debt Securities except as otherwise specified pursuant to Section
2.03 for Debt Securities of such series.

     Section 11.02. Satisfaction and Discharge of Indenture; Defeasance.

     (a) If at any time the Partnership shall have delivered to the Trustee for cancellation all
Debt Securities of any series theretofore authenticated and delivered (other than any Debt
Securities of such series which shall have been destroyed, lost or stolen and which shall have
been replaced or paid as provided in Section 2.09 and Debt Securities for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Partnership as provided in Section
11.05) or all Debt Securities of such series not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become due and payable

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within one year or are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption, and the Partnership shall deposit with the
Trustee as trust funds the entire amount in cash sufficient to pay at maturity or upon redemption
all Debt Securities of such series not theretofore delivered to the Trustee for cancellation,
including principal and premium, if any, and interest due or to become due on such Stated Maturity
or Redemption Date, as the case may be, and if in either case the Partnership shall also pay or
cause to be paid all other sums payable hereunder by the Partnership, then this Indenture shall
cease to be of further effect (except as to any surviving rights of registration of transfer or
exchange of such Debt Securities herein expressly provided for) with respect to the Debt Securities
of such series, and the Trustee, on demand of the Partnership accompanied by an Officers’
Certificate and an Opinion of Counsel and at the cost and expense of the Partnership, shall execute
proper instruments acknowledging satisfaction of and discharging this Indenture with respect to
Debt Securities of such series.

     (b) Subject to Section 11.02(c), Section 11.03 and Section 11.07, the Partnership at any time
may terminate, with respect to Debt Securities of a particular series, all its obligations
under the Debt Securities of such series and this Indenture with respect to the Debt
Securities of such series (“legal defeasance option”) or the operation of Section 6.01(d), (g) and
(h) and, as they relate to the Subsidiary Guarantors only, Section 6.01(e) and (f) (“covenant
defeasance option”). If the Partnership exercises its legal defeasance option or its covenant
defeasance option with respect to Debt Securities of a particular series, the Guarantee with
respect to that series of Debt Securities, if any, will terminate and be automatically released and
discharged, and any security that may have been granted in respect of such series shall be
automatically released. The Partnership may exercise its legal defeasance option notwithstanding
its prior exercise of its covenant defeasance option.

     If the Partnership exercises its legal defeasance option, payment of the Debt Securities of
the defeased series may not be accelerated because of an Event of Default. If the Partnership
exercises its covenant defeasance option, payment of the Debt Securities of the defeased series may
not be accelerated because of an Event of Default specified in Section 6.01(d), (g) and (h) and,
with respect to the Subsidiary Guarantors only, Section 6.01(e) and (f).

     Upon satisfaction of the conditions set forth herein and upon request of the Partnership, the
Trustee shall acknowledge in writing the discharge of those obligations that the Partnership
terminates.

     (c) Notwithstanding clauses (a) and (b) above, the Partnership’s obligations in Section 2.07,
Section 2.09, Section 4.02, Section 4.04, Section 5.01, Section 7.06, Section 11.05, Section 11.06
and Section 11.07 shall survive until the Debt Securities of the defeased series have been paid in
full. Thereafter, the Partnership’s obligations in Section 7.06, Section 11.05 and Section 11.06
shall survive.

     Section 11.03.
Conditions of Defeasance. The Partnership may exercise its legal defeasance option or its covenant defeasance option with
respect to Debt Securities of a particular series only if:

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     (a) the Partnership irrevocably deposits in trust with the Trustee money or U.S. Government
Obligations for the payment of principal of, and premium, if any, and interest on, the Debt
Securities of such series to Stated Maturity or the Redemption Date, as the case may be;

     (b) the Partnership delivers to the Trustee a certificate from a nationally recognized firm of
independent accountants expressing their opinion that the payments of principal and interest when
due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money
without investment will provide cash at such times and in such amounts as will be sufficient to pay
the principal, premium, if any, and interest when due on all the Debt Securities of such series to
Stated Maturity or the Redemption Date, as the case may be;

     (c) 91 days pass after the deposit is made and during the 91-day period no Default specified
in Section 6.01(e) or Section 6.01(f) with respect to the Partnership occurs which is continuing at
the end of the period;

     (d) no Default has occurred and is continuing on the date of such deposit and after giving
effect thereto;

     (e) the deposit does not constitute a default under any other agreement binding on the
Partnership;

     (f) the Partnership delivers to the Trustee an Opinion of Counsel to the effect that the trust
resulting from the deposit does not constitute, or is qualified as, a regulated investment company
under the Investment Company Act of 1940;

     (g) in the event of the legal defeasance option, the Partnership shall have delivered to the
Trustee an Opinion of Counsel stating that the Partnership has received from the Internal Revenue
Service a ruling, or since the date of this Indenture there has been a change in the applicable
federal income tax law, in either case to the effect that, and based thereon such Opinion of
Counsel shall confirm that, the Holders of Debt Securities of such series will not recognize
income, gain or loss for federal income tax purposes as a result of such defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such defeasance had not occurred;

     (h) in the event of the covenant defeasance option, the Partnership shall have delivered to
the Trustee an Opinion of Counsel to the effect that the Holders of Debt Securities of such series
will not recognize income, gain or loss for federal income tax purposes as a result of such
covenant defeasance and will be subject to federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant defeasance had not
occurred; and

     (i) the Partnership delivers to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent to the defeasance and discharge of the Debt
Securities of such series as contemplated by this Article XI have been complied with.

     Before or after a deposit, the Partnership may make arrangements satisfactory to the Trustee
for the redemption of Debt Securities of such series at a future date in accordance with Article
III.

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     Section 11.04.
Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant
to this Article XI. It shall apply the deposited money and the money from U.S. Government
Obligations through any paying agent and in accordance with this Indenture to the payment of
principal of, and premium, if any, and interest on, the Debt Securities of the defeased series.

     Section 11.05.
Repayment to Partnership. The Trustee and any paying agent shall promptly turn over to the Partnership upon request any
excess money or securities held by them at any time.

     Subject to any applicable abandoned property law, the Trustee and any paying agent shall pay
to the Partnership upon request any money held by them for the payment of principal, premium or
interest that remains unclaimed for two years, and, thereafter, Holders entitled to such money must
look to the Partnership for payment as general creditors.

     Section 11.06.
Indemnity for U.S. Government Obligations. The Partnership shall pay and shall indemnify the Trustee and the Holders against any tax, fee
or other charge imposed on or assessed against deposited U.S. Government Obligations or the
principal and interest received on such U.S. Government Obligations.

     Section 11.07.
Reinstatement. If the Trustee or any paying agent is unable to apply any money or U.S. Government Obligations
in accordance with this Article XI by reason of any legal proceeding or by reason of any order or
judgment of any court or government authority enjoining, restraining or otherwise prohibiting such
application, the Partnership’s obligations under this Indenture and the Debt Securities of the
defeased series shall be revived and reinstated as though no deposit had occurred pursuant to this
Article XI until such time as the Trustee or any paying agent is permitted to apply all such money
or U.S. Government Obligations in accordance with this Article XI.

ARTICLE XII

[RESERVED]

     This Article XII has been intentionally omitted.

ARTICLE XIII

MISCELLANEOUS PROVISIONS

     Section 13.01.
Successors and Assigns of Partnership Bound by Indenture. All the covenants, stipulations, promises and agreements in this Indenture contained by or in
behalf of the Partnership, the Subsidiary Guarantors or the Trustee shall bind their respective
successors and assigns, whether so expressed or not.

     Section 13.02.
Acts of Board, Committee or Officer of Successor Partnership Valid. Any act or proceeding by any provision of this Indenture authorized or required to be done or
performed by any board, committee or officer of the General Partner on behalf of the Partnership

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or
any Subsidiary Guarantor shall and may be done and performed with like force and effect by the like
board, committee or officer of any Successor Partnership.

     Section 13.03.
Required Notices or Demands. Any notice or communication by the Partnership, any Subsidiary Guarantor or the Trustee to the
others is duly given if in writing (in the English language) and delivered in Person or mailed by
registered or certified mail (return receipt requested), telecopier or overnight air courier
guaranteeing next day delivery, to the other’s address:

If to the Partnership or any Subsidiary Guarantor:

TEPPCO Partners, L.P.

1100 Louisiana Street, Suite 1600

Houston, Texas 77002

Attention: Chief Financial Officer

Telecopy No. 713-381-8225

If to the Trustee:

The Bank of New York Mellon Trust Company, N.A.

601 Travis Street, 18th Floor

Houston, Texas 77002

Attn: Corporate Debt

Telecopy: 713-483-7038

     The Partnership, any Subsidiary Guarantor or the Trustee by notice to the others may designate
additional or different addresses for subsequent notices or communications.

     All notices and communications shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; on the first Business Day on or after being sent, if telecopied and the sender
receives confirmation of successful transmission; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery.

     Any notice required or permitted to a Holder by the Partnership, any Subsidiary Guarantor or
the Trustee pursuant to the provisions of this Indenture shall be deemed to be properly mailed by
being deposited postage prepaid in a post office letter box in the United States addressed to such
Holder at the address of such Holder as shown on the Debt Security Register. Any report pursuant to
Section 313 of the TIA shall be transmitted in compliance with subsection (c) therein.

     Notwithstanding the foregoing, any notice to Holders of Floating Rate Securities regarding the
determination of a periodic rate of interest, if such notice is required pursuant to Section 2.03,
shall be sufficiently given if given in the manner specified pursuant to Section 2.03.

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     In the event of suspension of regular mail service or by reason of any other cause it shall be
impracticable to give notice by mail, then such notification as shall be given with the approval of
the Trustee shall constitute sufficient notice for every purpose hereunder.

     In the event it shall be impracticable to give notice by publication, then such notification
as shall be given with the approval of the Trustee shall constitute sufficient notice for every
purpose hereunder.

     Failure to mail a notice or communication to a Holder or any defect in it or any defect in any
notice by publication as to a Holder shall not affect the sufficiency of such notice with
respect to other Holders. If a notice or communication is mailed or published in the manner
provided above, it is conclusively presumed duly given.

     Section 13.04. Indenture and Debt Securities to Be Construed in Accordance with the Laws
of the State of New York. THIS INDENTURE, EACH DEBT SECURITY AND THE GUARANTEE SHALL BE DEEMED TO BE NEW YORK CONTRACTS,
AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

     Section 13.05. Officers’ Certificate and Opinion of Counsel to Be Furnished upon
Application or Demand by the Partnership. Upon any application or demand by the Partnership to the Trustee to take any action under any of
the provisions of this Indenture, the Partnership shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of
such counsel, all such conditions precedent have been complied with, except that in the case of any
such application or demand as to which the furnishing of such document is specifically required by
any provision of this Indenture relating to such particular application or demand, no additional
certificate or opinion need be furnished.

     Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include (a)
a statement that the Person making such certificate or opinion has read such covenant
or condition, (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are
based, (c) a statement that, in the opinion of such Person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with and (d) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with.

     Section 13.06. Payments Due on Legal Holidays. In any case where the date of maturity of interest on or principal of and premium, if any, on
the Debt Securities of a series or the Redemption Date or repayment of any Debt Security or the
making of any sinking fund payment shall not be a Business Day at any Place of Payment for the Debt
Securities of such series, then payment of interest or principal and premium, if any, or the making
of such sinking fund payment need not be made on such date at such Place of Payment, but may be
made on the next succeeding Business Day at such Place of Payment with the same force and effect as
if made on

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the date of maturity or the Redemption Date, and no interest shall accrue for the period
after such date. If a record date is not a Business Day, the record date shall not be affected.

     Section 13.07. Provisions Required by TIA to Control. If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
another provision included in this Indenture which is required to be included in this Indenture by
any of Sections 310 to 318, inclusive, of the TIA, such required provision shall control.

     Section 13.08. Computation of Interest on Debt Securities. Interest, if any, on the Debt Securities shall be computed on the basis of a 360-day year of
twelve 30-day months, except as may otherwise be provided pursuant to Section 2.03.

     Section 13.09. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar and
any paying agent may make reasonable rules for their functions.

     Section 13.10. No Recourse Against Others. The General Partner and its directors, officers, members, employees, incorporators and
stockholders, as such, shall have no liability for any obligations of the Subsidiary Guarantors or
the Partnership under the Debt Securities, the Indenture or the Guarantee or for any claim based
on, in respect of, or by reason of, such obligations or their creation. By accepting a Debt
Security, each Holder shall waive and release all such liability. The waiver and release shall be
part of the consideration for the issue of the Debt Securities.

     Section 13.11. Severability. In case any provision in this Indenture or the Debt Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

     Section 13.12. Effect of Headings. The Article and Section headings herein and in the Table of Contents are for convenience only
and shall not affect the construction hereof.

     Section 13.13. Indenture May Be Executed in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.

ARTICLE XIV

GUARANTEE

     Section 14.01. Unconditional Guarantee.

     (a) Notwithstanding any provision of this Article XIV to the contrary, the provisions of this
Article XIV shall be applicable only to, and inure solely to the benefit of, the Debt
Securities of any series designated, pursuant to Section 2.03, as entitled to the benefits of
the Guarantee of one or more Subsidiary Guarantors.

     (b) For value received, each of the Subsidiary Guarantors hereby fully, unconditionally and
absolutely guarantees (the “Guarantee”) to the Holders and to the Trustee

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the due and punctual
payment of the principal of, and premium, if any, and interest on the Debt Securities and all other
amounts due and payable under this Indenture and the Debt Securities by the Partnership, when and
as such principal, premium, if any, and interest shall become due and payable, whether at the
Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to
the terms of the Debt Securities and this Indenture, subject to the limitations set forth in
Section 14.03.

     (c) Failing payment when due of any amount guaranteed pursuant to the Guarantee, for whatever
reason, each of the Subsidiary Guarantors will be jointly and severally obligated to pay the same
immediately. The Guarantee hereunder is intended to be a general, unsecured, senior obligation of
each of the Subsidiary Guarantors and will rank pari passu in right of payment with all Debt of
each Subsidiary Guarantor that is not, by its terms, expressly subordinated in right of payment to
the Guarantee. Each of the Subsidiary Guarantors hereby agrees that its obligations hereunder,
shall be full, unconditional and absolute, irrespective of the validity, regularity or
enforceability of the Debt Securities, the Guarantee (including the Guarantee of any other
Subsidiary Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver
or consent by any Holder of the Debt Securities with respect to any provisions hereof or thereof,
the recovery of any judgment against the Partnership or any other Subsidiary Guarantor, or any
action to enforce the same or any other circumstances which might otherwise constitute a legal or
equitable discharge or defense of the Subsidiary Guarantors. Each of the Subsidiary Guarantors
hereby agrees that in the event of a default in payment of the
principal of, or premium, if any, or interest on the Debt Securities, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may
be instituted by the Trustee on behalf of the Holders or, subject to Section 6.04, by the Holders,
on the terms and conditions set forth in this Indenture, directly against such Subsidiary Guarantor
to enforce the Guarantee without first proceeding against the Partnership or any other Subsidiary
Guarantor.

     (d) The obligations of each of the Subsidiary Guarantors under this Article XIV shall be as
aforesaid full, unconditional and absolute and shall not be impaired, modified, released or limited
by any occurrence or condition whatsoever, including, without limitation, (A) any compromise,
settlement, release, waiver, renewal, extension, indulgence or modification of, or any change in,
any of the obligations and liabilities of the Partnership or any of the Subsidiary Guarantors
contained in the Debt Securities or this Indenture, (B) any impairment, modification, release or
limitation of the liability of the Partnership, any of the Subsidiary Guarantors 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, (C) the assertion or exercise by the Partnership, any of the
Subsidiary Guarantors or the Trustee of any rights or remedies under the Debt Securities or this
Indenture or their delay in or failure to assert or exercise any such rights or remedies, (D) the
assignment or the purported assignment of any property as security for the Debt Securities,
including all or any part of the rights of the Partnership or any of the Subsidiary
Guarantors under this Indenture, (E) the extension of the time for payment by the Partnership
or any of the Subsidiary Guarantors of any payments or other sums or any part thereof owing or
payable under any of the terms and provisions of the Debt Securities or this Indenture or of the
time for performance by the Partnership or any of the Subsidiary Guarantors of any other
obligations under or arising out of any such terms and provisions or the extension or the renewal

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of any thereof, (F) the modification or amendment (whether material or otherwise) of any duty,
agreement or obligation of the Partnership or any of the Subsidiary Guarantors set forth in this
Indenture, (G) 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 or any of
the Subsidiary Guarantors or any of their respective assets, or the disaffirmance of the Debt
Securities, the Guarantee or this Indenture in any such proceeding, (H) the release or discharge of
the Partnership or any of the Subsidiary Guarantors from the performance or observance of any
agreement, covenant, term or condition contained in any of such instruments by operation of law,
(I) the unenforceability of the Debt Securities, the Guarantee or this Indenture or (J) any other
circumstances (other than payment in full or discharge of all amounts guaranteed pursuant to the
Guarantee) which might otherwise constitute a legal or equitable discharge of a surety or
guarantor.

     (e) Each of the Subsidiary Guarantors hereby (A) waives diligence, presentment, demand of
payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the
Partnership or any of the Subsidiary Guarantors, and all demands whatsoever, (B) acknowledges that
any agreement, instrument or document evidencing the Guarantee may be transferred and that the
benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or
document evidencing the Guarantee without notice to it and (C)
covenants that the Guarantee will not be discharged except by complete performance of the
Guarantee. Each of the Subsidiary Guarantors further agrees that if at any time all or any part of
any payment theretofore applied by any Person to the Guarantee is, or must be, rescinded or
returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or
reorganization of the Partnership or any of the Subsidiary Guarantors, the 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 the Guarantee shall continue to be effective or be
reinstated, as the case may be, as though such application had not been made.

     (f) Each of the Subsidiary Guarantors shall be subrogated to all rights of the Holders and the
Trustee against the Partnership in respect of any amounts paid by such 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 until all of the Debt Securities and the Guarantee shall have been paid in
full or discharged.

     Section 14.02. Execution and Delivery of Notation of Guarantee. To further evidence the Guarantee set forth in Section 14.01, each of the Subsidiary Guarantors
hereby agrees that a notation relating to such Guarantee, substantially in the form attached hereto
as Annex A, shall be endorsed on each Debt Security entitled to the benefits of the Guarantee
authenticated and delivered by the Trustee and executed by either manual or facsimile signature of
an officer of each such Subsidiary Guarantor, or in the case of a Subsidiary Guarantor that is a
limited partnership, an officer of the general partner of each such Subsidiary Guarantor. Each of
the Subsidiary Guarantors hereby agrees that the Guarantee set forth in Section 14.01 shall remain
in full force and effect notwithstanding any failure to endorse on each Debt Security a notation
relating to the Guarantee. If any officer of any Subsidiary Guarantor, or in the case of a

56

 

Subsidiary Guarantor that is a limited partnership, any officer of the general partner of any
Subsidiary Guarantor, whose signature is on this Indenture or a Debt Security no longer holds that
office at the time the Trustee authenticates such Debt Security or at any time thereafter, the
Guarantee of such Debt Security shall be valid nevertheless. The delivery of any Debt Security by
the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the
Guarantee set forth in this Indenture on behalf of each of the Subsidiary Guarantors.

     Section 14.03. Limitation on Subsidiary Guarantors’ Liability. Each Subsidiary Guarantor and by its acceptance hereof each Holder of a Debt Security entitled
to the benefits of the Guarantee hereby confirms that it is the intention of all such parties that
the guarantee by such Subsidiary Guarantor pursuant to the Guarantee not constitute a fraudulent
transfer or conveyance for purposes of any federal or state law. To effectuate the foregoing
intention, the Holders of a Debt Security entitled to the benefits of the Guarantee and the
Subsidiary Guarantors hereby irrevocably agree that the obligations of each Subsidiary Guarantor
under the Guarantee shall be limited to the maximum amount as will, after giving effect to all
other contingent and fixed liabilities of such Subsidiary Guarantor and to any collections from or
payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of
such other Subsidiary Guarantor under the Guarantee, result in the
obligations of such Subsidiary Guarantor under the Guarantee not constituting a fraudulent
conveyance or fraudulent transfer under federal or state law.

     Section 14.04. Release of Subsidiary Guarantors from Guarantee.

     (a) Notwithstanding any other provisions of this Indenture, the Guarantee of any Subsidiary
Guarantor may be released upon the terms and subject to the conditions set forth in Section
11.02(b) and in this Section 14.04. Provided that no Default shall have occurred and shall be
continuing under this Indenture, the Guarantee incurred by a Subsidiary Guarantor pursuant to this
Article XIV shall be unconditionally released and discharged (i) automatically upon (A) any sale,
exchange or transfer, whether by way of merger or otherwise, to any Person that is not an Affiliate
of the Partnership, of all of the Partnership’s direct or indirect limited partnership or other
equity interests in such Subsidiary Guarantor (provided such sale, exchange or transfer is not
prohibited by this Indenture) or (B) the merger of such Subsidiary Guarantor into the Partnership
or any other Subsidiary Guarantor or the liquidation and dissolution of such Subsidiary Guarantor
(in each case to the extent not prohibited by this Indenture) or (ii) following delivery of a
written notice of such release or discharge by the Partnership to the Trustee, upon the release or
discharge of all guarantees by such Subsidiary Guarantor of any Debt of the Partnership other than
obligations arising under this Indenture and any Debt Securities issued hereunder, except a
discharge or release by or as a result of payment under such guarantees.

     (b) The Trustee shall deliver an appropriate instrument evidencing any release of a Subsidiary
Guarantor from the Guarantee upon receipt of a written request of the Partnership accompanied by an
Officers’ Certificate and an Opinion of Counsel to the effect that the Subsidiary Guarantor is
entitled to such release in accordance with the provisions of this Indenture. Any Subsidiary
Guarantor not so released shall remain liable for the full amount of principal of (and premium, if
any, on) and interest on the Debt Securities entitled to the benefits of the Guarantee as provided
in this Indenture, subject to the limitations of Section 14.03.

57

 

     Section 14.05. Subsidiary Guarantor Contribution. In order to provide for just and equitable contribution among the Subsidiary Guarantors, the
Subsidiary Guarantors agree, inter se, that in the event any payment or distribution is made by any
Subsidiary Guarantor (a “Funding Guarantor”) under the Guarantee, such Funding Guarantor shall be
entitled to a contribution from each other Subsidiary Guarantor (if any) in a pro rata amount based
on the net assets of each Subsidiary Guarantor (including the Funding Guarantor) for all payments,
damages and expenses incurred by that Funding Guarantor in discharging the Partnership’s
obligations with respect to the Debt Securities or any other Subsidiary Guarantor’s obligations
with respect to the Guarantee.

     The Trustee hereby accepts the trusts in this Indenture upon the terms and conditions herein
set forth.

[Remainder of This Page Intentionally Left Blank.]

58

 

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

	 	 	 	 	 	 	 	 	 
	 	 	TEPPCO PARTNERS, L.P.
	 	 	 	 	 	 	 	 	 
	 	 	By	 	Texas Eastern Products Pipeline Company, LLC,

 its general partner	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	By	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	TE PRODUCTS PIPELINE COMPANY, LLC	 	 
	 	 	 	 	 	 	 
	 	 	By
	 	TEPPCO GP, Inc.,	 	 
	 	 	 	 	its managing member	 	 
	 	 	 	 	 	 	 
	 	 	By	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	TCTM, L.P.	 	 
	 	 	 	 	 	 	 
	 	 	By:
	 	TEPPCO GP, Inc.,	 	 
	 	 	 	 	its general partner	 	 
	 	 	 	 	 	 	 
	 	 	By	 	 	 	 
	 	 	 	 	 	 	 

59

 

	 	 	 	 	 	 	 
	 	 	TEPPCO MIDSTREAM COMPANIES, LLC	 	 
	 	 	 	 	 	 	 
	 	 	By:
	 	TEPPCO GP, Inc.,	 	 
	 	 	 	 	its managing member	 	 
	 	 	 	 	 	 	 
	 	 	By	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	VAL VERDE GAS GATHERING COMPANY, L.P.	 	 
	 	 	 	 	 	 	 
	 	 	By
	 	TEPPCO NGL Pipelines, LLC,	 	 
	 	 	 	 	its general partner	 	 
	 	 	 	 	 	 	 
	 	 	By	 	 	 	 
	 	 	 	 	 	 	 
	 
	 
	 	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

 as Trustee
	 	 	 	 	 	 	 
	 	 	By	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 

60

 

ANNEX A

NOTATION OF GUARANTEE

     Each of the Subsidiary Guarantors (which term includes any successor Person 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 Debt Securities and all other amounts due
and payable under the Indenture and the Debt Securities by the Partnership.

     The obligations of the Subsidiary Guarantors to the Holders of Debt 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.

[                                                                   ]

	 	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 

[                                                                   ]

	 	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

	 	 

A-1

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