Document:

EX-4.3

 Exhibit 4.3 
 ENERGY TRANSFER PARTNERS, L.P. 
 TO 

U.S. BANK NATIONAL ASSOCIATION, 
 As Trustee 
  

 
 Indenture

 Dated as of June 24, 2013 

 
  

 ENERGY TRANSFER PARTNERS, L.P. 

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939 
 AND INDENTURE, DATED AS OF June 24, 2013 
  

					
	 Section of

Trust
 Indenture

Act of 1939
	  	 	  	Section(s) of
Indenture
	 Section 310
	  	(a)(1)	  	710
		  	(a)(2)	  	710
		  	(a)(3)	  	Not Applicable
		  	(a)(4)	  	Not Applicable
		  	(a)(5)	  	710
		  	(b)	  	708, 710
	 Section 311
	  	(a)	  	711
		  	(b)	  	711
		  	(c)	  	Not Applicable
	 Section 312
	  	(a)	  	207
		  	(b)	  	1103
		  	(c)	  	1103
	 Section 313
	  	(a)	  	706
		  	(b)	  	706
		  	(c)	  	706
		  	(d)	  	706
	 Section 314
	  	(a)	  	403, 404
		  	(b)	  	Not Applicable
		  	(c)(1)	  	1104
		  	(c)(2)	  	1104
		  	(c)(3)	  	Not Applicable
		  	(d)	  	Not Applicable
		  	(e)	  	1105
	 Section 315
	  	(a)	  	701(b)
		  	(b)	  	705
		  	(c)	  	701(a)
		  	(d)	  	701(c)
		  	(d)(1)	  	701(c)(1)
		  	(d)(2)	  	701(c)(2)
		  	(d)(3)	  	701(c)(3)
		  	(e)	  	1105
	 Section 316
	  	(a)(1)(A)	  	605
		  	(a)(1)(B)	  	604
		  	(a)(2)	  	Not Applicable
		  	(a) (last sentence)	  	211
		  	(b)	  	607
		  	(c)	  	904
	 Section 317
	  	(a)(1)	  	608
		  	(a)(2)	  	609
		  	(b)	  	206
	 Section 318
	  	(a)	  	1101

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture.

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article One Definitions and Incorporation by Reference
	  	 	1	  
			
	 Section 101.
	 	Definitions	  	 	1	  
	 Section 102.
	 	Other Definitions	  	 	6	  
	 Section 103.
	 	Incorporation by Reference of Trust Indenture Act	  	 	6	  
	 Section 104.
	 	Rules of Construction	  	 	6	  
	 Section 105.
	 	No Personal Liability of Directors, Officers, Employees, Limited Partners and Shareholders	  	 	7	  
		
	 Article Two The Debt Securities
	  	 	7	  
			
	 Section 201.
	 	Amount Unlimited; Issuable in Series	  	 	7	  
	 Section 202.
	 	Denominations	  	 	10	  
	 Section 203.
	 	Forms Generally	  	 	10	  
	 Section 204.
	 	Execution, Authentication, Delivery and Dating	  	 	11	  
	 Section 205.
	 	Registrar and Paying Agent	  	 	13	  
	 Section 206.
	 	Paying Agent to Hold Money in Trust	  	 	13	  
	 Section 207.
	 	Holder Lists	  	 	13	  
	 Section 208.
	 	Transfer and Exchange	  	 	14	  
	 Section 209.
	 	Replacement Debt Securities	  	 	15	  
	 Section 210.
	 	Outstanding Debt Securities	  	 	15	  
	 Section 211.
	 	Original Issue Discount, Foreign-Currency Denominated and Treasury Debt Securities	  	 	15	  
	 Section 212.
	 	Temporary Debt Securities	  	 	16	  
	 Section 213.
	 	Cancellation	  	 	16	  
	 Section 214.
	 	Payments; Defaulted Interest	  	 	16	  
	 Section 215.
	 	Persons Deemed Owners	  	 	17	  
	 Section 216.
	 	Computation of Interest	  	 	17	  
	 Section 217.
	 	Global Securities; Book-Entry Provisions	  	 	17	  
	 Section 218.
	 	Form of Face of Security	  	 	19	  
	 Section 219.
	 	Form of Reverse of Security	  	 	21	  
		
	 Article Three Redemption
	  	 	25	  
			
	 Section 301.
	 	Applicability of Article	  	 	25	  
	 Section 302.
	 	Notice to the Trustee	  	 	25	  
	 Section 303.
	 	Selection of Debt Securities To Be Redeemed	  	 	25	  
	 Section 304.
	 	Notice of Redemption	  	 	25	  
	 Section 305.
	 	Effect of Notice of Redemption	  	 	26	  
	 Section 306.
	 	Deposit of Redemption Price	  	 	26	  
	 Section 307.
	 	Debt Securities Redeemed or Purchased in Part	  	 	27	  
	 Section 308.
	 	Purchase of Debt Securities	  	 	27	  
	 Section 309.
	 	Mandatory and Optional Sinking Funds	  	 	27	  
	 Section 310.
	 	Satisfaction of Sinking Fund Payments with Debt Securities	  	 	28	  
	 Section 311.
	 	Redemption of Debt Securities for Sinking Fund	  	 	28	  

							
	 Article Four Covenants
	  	 	29	  
			
	 Section 401.
	 	Payment of Debt Securities	  	 	29	  
	 Section 402.
	 	Maintenance of Office or Agency	  	 	29	  
	 Section 403.
	 	SEC Reports; Financial Statements	  	 	30	  
	 Section 404.
	 	Compliance Certificate	  	 	30	  
	 Section 405.
	 	Existence	  	 	31	  
	 Section 406.
	 	Waiver of Stay, Extension or Usury Laws	  	 	31	  
	 Section 407.
	 	Additional Amounts	  	 	31	  
		
	 Article Five Successors
	  	 	31	  
			
	 Section 501.
	 	Limitations on Mergers and Consolidations	  	 	31	  
	 Section 502.
	 	Successor Person Substituted	  	 	32	  
		
	 Article Six Defaults and Remedies
	  	 	32	  
			
	 Section 601.
	 	Events of Default	  	 	32	  
	 Section 602
	 	Acceleration of Maturity; Rescission and Annulment	  	 	34	  
	 Section 603.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	35	  
	 Section 604.
	 	Trustee May File Proofs of Claim	  	 	36	  
	 Section 605.
	 	Trustee May Enforce Claims Without Possession of Debt Securities	  	 	36	  
	 Section 606.
	 	Application of Money Collected	  	 	36	  
	 Section 607.
	 	Limitation on Suits	  	 	37	  
	 Section 608.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	38	  
	 Section 609.
	 	Restoration of Rights and Remedies	  	 	38	  
	 Section 610.
	 	Rights and Remedies Cumulative	  	 	38	  
	 Section 611.
	 	Delay or Omission Not Waiver	  	 	38	  
	 Section 612.
	 	Control by Holders	  	 	38	  
	 Section 613.
	 	Waiver of Past Defaults	  	 	39	  
	 Section 614.
	 	Undertaking for Costs	  	 	39	  
	 Section 615.
	 	Waiver of Stay or Extension Laws	  	 	39	  
		
	 Article Seven The Trustee
	  	 	40	  
			
	 Section 701.
	 	Duties of Trustee	  	 	40	  
	 Section 702.
	 	Rights of Trustee	  	 	41	  
	 Section 703.
	 	May Hold Debt Securities	  	 	42	  
	 Section 704.
	 	Trustee’s Disclaimer	  	 	42	  
	 Section 705.
	 	Notice of Defaults	  	 	42	  
	 Section 706.
	 	Reports by Trustee to Holders	  	 	42	  
	 Section 707.
	 	Compensation and Indemnity	  	 	43	  
	 Section 708.
	 	Replacement of Trustee	  	 	43	  

  
 ii 

							
	 Section 709.
	 	Successor Trustee by Merger, etc.	  	 	45	  
	 Section 710.
	 	Eligibility; Disqualification	  	 	45	  
	 Section 711.
	 	Preferential Collection of Claims Against the Partnership	  	 	46	  
		
	 Article Eight Defeasance and Covenant Defeasance
	  	 	46	  
			
	 Section 801.
	 	Applicability of Article	  	 	46	  
	 Section 802.
	 	Satisfaction and Discharge of Indenture; Defeasance	  	 	46	  
	 Section 803.
	 	Conditions of Defeasance	  	 	47	  
	 Section 804.
	 	Deposited Money and Government Obligations to Be Held in Trust; Miscellaneous Provisions	  	 	48	  
		
	 Article Nine Supplemental Indentures and Amendments
	  	 	49	  
			
	 Section 901.
	 	Without Consent of Holders	  	 	49	  
	 Section 902.
	 	With Consent of Holders	  	 	50	  
	 Section 903.
	 	Compliance with Trust Indenture Act	  	 	52	  
	 Section 904.
	 	Revocation and Effect of Consents	  	 	52	  
	 Section 905.
	 	Notation on or Exchange of Debt Securities	  	 	52	  
	 Section 906.
	 	Trustee to Sign Amendments, etc.	  	 	53	  
		
	 Article Ten Subordination of Subordinated Securities
	  	 	53	  
			
	 Section 1001.
	 	Agreement to Subordinate	  	 	53	  
	 Section 1002.
	 	Payment on Dissolution, Liquidation or Reorganization; Default on Senior Indebtedness	  	 	53	  
	 Section 1003.
	 	Payment Prior to Dissolution or Default	  	 	56	  
	 Section 1004.
	 	Securityholders Authorize Trustee to Effectuate Subordination of Securities	  	 	56	  
	 Section 1005.
	 	Right of Trustee to Hold Senior Indebtedness	  	 	56	  
	 Section 1006.
	 	Article Ten Not to Prevent Events of Default	  	 	57	  
	 Section 1007.
	 	No Fiduciary Duty of Trustee to Holders of Senior Indebtedness	  	 	57	  
		
	 Article Eleven Miscellaneous
	  	 	57	  
			
	 Section 1101.
	 	Trust Indenture Act Controls	  	 	57	  
	 Section 1102.
	 	Notices	  	 	57	  
	 Section 1103.
	 	Communication by Holders with Other Holders	  	 	58	  
	 Section 1104.
	 	Certificate and Opinion as to Conditions Precedent	  	 	59	  
	 Section 1105.
	 	Statements Required in Certificate or Opinion	  	 	59	  
	 Section 1106.
	 	Rules by Trustee and Agents	  	 	59	  
	 Section 1107.
	 	Legal Holidays	  	 	59	  
	 Section 1108.
	 	Governing Law	  	 	60	  
	 Section 1109.
	 	No Adverse Interpretation of Other Agreements	  	 	60	  
	 Section 1110.
	 	Successors	  	 	60	  
	 Section 1111.
	 	Severability	  	 	60	  
	 Section 1112.
	 	Counterpart Originals	  	 	60	  
	 Section 1113.
	 	Table of Contents, Headings, etc.	  	 	60	  

  
 iii

 INDENTURE dated as of June 24, 2013 among Energy Transfer Partners, L.P., a
Delaware limited partnership (the “Partnership”), and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”). 
 The Partnership has 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”), as in this Indenture provided. 
 All things necessary to make this Indenture a valid agreement of the Partnership, in accordance with its terms, have been done. 
 Article One 
 Definitions and Incorporation by Reference 

Section 101. Definitions 
 “Additional Amounts” means any additional amounts required by the express terms of a Debt Security or by or pursuant to a Board Resolution, under circumstances specified therein or pursuant
thereto, to be paid by the Partnership with respect to certain taxes, assessments or other governmental charges imposed on certain Holders and that are owing to such Holders. 
 “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
purposes of this definition, “control” of a Person shall mean 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” shall have meanings correlative to the foregoing. 
 “Agent”
means any Registrar or Paying Agent. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or
for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Bankruptcy Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 “Bankruptcy Law” means Title 11 of the United States Code or any similar federal, state or foreign law for the relief of debtors. 

“Board of Directors,” means the Board of Directors of Energy Transfer Partners, L.L.C., the general partner of the General
Partner or any authorized committee of the Board of Directors of Energy Transfer Partners, L.L.C. or any directors and/or officers of Energy Transfer Partners, L.L.C. to whom such Board of Directors or such committee shall have duly delegated its
authority to act hereunder. 

 “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of Energy Transfer Partners, L.L.C. to have been duly adopted by the Board of Directors of Energy Transfer Partners, L.L.C. and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 “Business Day” means any day that is not a Legal Holiday. 

“Corporate Trust Office of the Trustee” means the office of the Trustee located at 5847 San Felipe, Suite 1050, Houston, Texas
77057, Attention: Corporate Trust Group, and as may be located at such other address as the Trustee may give notice to the Partnership. 
 “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 Securities” has the meaning stated in the preamble of this Indenture and more particularly means any Debt Securities
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, with respect to the Debt
Securities of any series issuable or issued in whole or in part in global form, the Person specified pursuant to Section 201 hereof as the initial Depositary with respect to the Debt Securities of such series, until a successor shall have been
appointed and become such pursuant to the applicable provision of this Indenture, and thereafter “Depositary” shall mean or include such successor. 
 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the payment of public and private debt.

 “Energy Transfer Partners, L.L.C.” means Energy Transfer Partners, L.L.C., a Delaware limited liability company.

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

“GAAP” means generally accepted accounting principles in the United States 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
Energy Transfer Partners GP, L.P., a Delaware limited partnership, and its successors as general partner of the Partnership. 

“Government Obligations” means, with respect to a series of Debt Securities, direct obligations of the government that issues
the currency in which the Debt Securities of the series are payable for the payment of which the full faith and credit of such government is pledged, or obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of such government, the payment of which is unconditionally guaranteed as a full faith and credit obligation by such government. 

  
 2 

 “Holder” means a Person in whose name a Debt Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time pursuant to the provisions hereof, and includes
the terms of a particular series of Debt Securities established as contemplated by Section 201. 
 “interest”
means, with respect to an Original Issue Discount Security that by its terms bears interest only after Maturity, interest payable after Maturity. 
 “Interest Payment Date,” when used with respect to any Debt Security, shall have the meaning assigned to such term in the Debt Security as contemplated by Section 201. 

“Issue Date” means, with respect to Debt Securities of a series, the date on which the Debt Securities of such series are
originally issued under this Indenture. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking
institutions in any of The City of New York, New York or a Place of Payment are authorized or obligated by law, regulation or executive order to remain closed. 
 “Maturity” means, with respect to any Debt Security, the date on which the principal of such Debt Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity thereof, or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chairman of the Board, any Chief Executive Officer, the President, any Vice Chairman of the Board, any Vice
President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Assistant Secretary of a Person. 
 “Officers’ Certificate” means a certificate signed by two Officers of a Person. 
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. Such counsel may be an employee of or counsel to the Partnership or the Trustee. 

“Original Issue Discount 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 602. 

“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; provided, however, that for purposes of any provision contained herein which is required
by the TIA, “Partnership” shall also mean each other obligor (if any), on the Securities of a series. 

  
 3 

 “Partnership Order” and “Partnership Request” mean, respectively, a
written order or request signed in the name of the Partnership by two Officers of Energy Transfer Partners, L.L.C. and delivered to the Trustee. 
 “Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint stock company, trust, unincorporated
organization or government or other agency, instrumentality or political subdivision thereof or other entity of any kind. 

“Place of Payment” means, with respect to the Debt Securities of any series, the place or places where the principal of,
premium (if any) and interest on and any Additional Amounts with respect to the Debt Securities of that series are payable as specified in accordance with Section 201 subject to the provisions of Section 402. 

“principal” of a Debt Security means the principal of the Debt Security plus, when appropriate, the premium, if any, on the
Debt Security 
 “Redemption Date” means, with respect to any Debt Security to be redeemed, the date fixed for such
redemption by or pursuant to this Indenture. 
 “Redemption Price” means, with respect to any Debt Security to be
redeemed, the price at which it is to be redeemed pursuant to this Indenture. 
 “Responsible Officer” means any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture. 
 “Rule 144” means Rule 144 promulgated under
the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 144A Securities” means Debt Securities of a series designated pursuant to Section 201 as entitled to the benefits of
Section 403(b). 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“SEC” means the Securities and Exchange Commission. 
 “Security Custodian” means, with respect to Debt Securities of a series issued in global form, the Trustee for Debt Securities of such series, as custodian with respect to the Debt Securities of
such series, or any successor entity thereto. 

  
 4 

 “Senior Indebtedness” means all obligations or indebtedness of, or guaranteed or
assumed by, the Partnership, whether or not represented by bonds, debentures, notes or similar instruments, for borrowed money, and any amendments, renewals, extensions, modifications and refundings of any such obligations or indebtedness, unless in
the instrument creating or evidencing any such indebtedness or obligations or pursuant to which the same is outstanding it is specifically stated, at or prior to the time the Partnership becomes liable in respect thereof, that any such obligation or
indebtedness or such amendment, renewal, extension, modification and refunding thereof is not Senior Indebtedness. 

“Stated Maturity” means, when used with respect to any Debt Security or any installment of principal thereof or interest
thereon, the date specified in such Debt Security as the fixed date on which the principal of such Debt Security or such installment of principal or interest is due and payable. 

“Subordinated Security” means any security issued under this Indenture which is designated as a Subordinated Security.

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

 “TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date hereof; provided, however, that
if the TIA is amended after the date hereof, “TIA” means, to the extent required by any such amendment, the TIA as so amended. 
 “Trustee” means the Person named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture, and thereafter “Trustee” means each Person
who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Debt Securities of any series means the Trustee with respect to Debt Securities of that series. 

“United States” means the United States of America (including the States and the District of Columbia) and its territories and
possessions, which include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 “U.S. Government Obligations” means Government Obligations with respect to Debt Securities payable in Dollars. 

  
 5 

 Section 102. Other Definitions 

 

					
	 Term
	  	Defined in Section	 
	 “Agent Members”
	  	 	217	  
	 “covenant defeasance option”
	  	 	802	  
	 “Event of Default”
	  	 	601	  
	 “Exchange Rate”
	  	 	211	  
	 “legal defeasance option”
	  	 	802	  
	 “mandatory sinking fund payment”
	  	 	309	  
	 “optional sinking fund payment”
	  	 	309	  
	 “Paying Agent”
	  	 	205	  
	 “Registrar”
	  	 	205	  
	 “Successor”
	  	 	501	  

 Section 103. 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
(and if the Indenture is not qualified under the TIA at that time, as if it were so qualified unless otherwise provided). The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC. 
 “indenture securities” means the Debt Securities. 
 “indenture
security holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Partnership or any other obligor on the Debt Securities. 

All terms used in this Indenture that are defined by the TIA, defined by a TIA reference to another statute or defined by an SEC rule
under the TIA have the meanings so assigned to them. 
 Section 104. Rules of Construction 

Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 

  
 6 

 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance
with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5) provisions apply to successive events and transactions; and 
 (6) all
references in this instrument to Articles and Sections are references to the corresponding Articles and Sections in and of this instrument. 
 Section 105. No Personal Liability of Directors, Officers, Employees, Limited Partners and Shareholders 
 The Trustee, and each Holder of a Debt Security by its acceptance thereof, will be deemed to have agreed in this Indenture that no director, officer, employee, limited partner or shareholder, as such, of
the Partnership or the General Partner shall have any personal liability in respect of the obligations of the Partnership under this Indenture or the Debt Securities issued hereunder by reason of his, her or its status. 

Article Two 

The Debt Securities 
 Section 201. Amount Unlimited; Issuable in Series 
 The aggregate
principal amount of Debt Securities that may be authenticated and delivered under this Indenture is unlimited. 
 The Debt
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution, and set forth, or determined in the manner provided, in an Officers’ Certificate of Energy Transfer Partners, L.L.C. or in a
Partnership Order, or established in one or more indentures supplemental hereto, prior to the issuance of Debt Securities of any series: 
 (1) the title of the Debt Securities of the series (which shall distinguish the Debt Securities of the series from the Debt Securities of all other series); 

(2) if there is to be a limit, the 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 Section 208, 209,
212, 217, 307 or 905 and except for any Debt Securities which, pursuant to Section 204 or 217, are deemed never to have been authenticated and delivered hereunder); provided, however, that unless otherwise provided in the terms of the series,
the authorized aggregate principal amount of such series may be increased before or after the issuance of any Debt Securities of the series by a Board Resolution (or action pursuant to a Board Resolution) to such effect; 

  
 7 

 (3) whether any Debt Securities of the series are to be issuable initially
in temporary global form and whether any Debt Securities of the series are to be issuable in permanent global form, as Global Securities or otherwise, and, if so, whether beneficial owners of interests in any such Global Security may exchange such
interests for Debt Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if other than in the manner provided in Section 217, and the initial
Depositary and Security Custodian, if any, for any Global Security or Securities of such series; 
 (4) the
manner in which any interest payable on a temporary Global Security on any Interest Payment Date will be paid if other than in the manner provided in Section 214; 

(5) the date or dates on which the principal of and premium (if any) on the Debt Securities of the series is payable or
the method of determination thereof; 
 (6) the rate or rates, or the method of determination thereof, at which
the Debt Securities of the series shall bear interest, under what circumstances Additional Amounts with respect to such Debt Securities shall be payable, the date or dates from which such interest shall accrue, the Interest Payment Dates on which
such interest shall be payable and the record date for the interest payable on any Debt Securities on any Interest Payment Date, or if other than provided herein, the Person to whom any interest on Debt Securities of the series shall be payable;

 (7) the place or places where, subject to the provisions of Section 402, the principal of, premium (if
any) and interest on and any Additional Amounts with respect to the Debt Securities of the series shall be payable; 
 (8) the period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at 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, if the Partnership is to have that option, and the manner in which the Partnership must exercise any such option, if different from those set forth herein; 

(9) 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 period or periods within which, the price or prices (whether denominated in cash, securities or otherwise) at 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; 

  
 8 

 (10) if other than denominations of $1,000 and any integral multiple
thereof, the denomination in which any Debt Securities of that series shall be issuable; 
 (11) if other than
Dollars, the currency or currencies (including composite currencies) or the form, including equity securities, other debt securities (including Debt Securities), warrants or any other securities or property of the Partnership or any other Person, in
which payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Debt Securities of the series shall be payable; 

(12) if the principal of, premium (if any) or interest on or any Additional Amounts with respect to the Debt Securities of
the series are to be payable, at the election of the Partnership or a Holder thereof, in a currency or currencies (including composite currencies) other than that in which the Debt Securities are stated to be payable, the currency or currencies
(including composite currencies) in which payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to Debt Securities of such series as to which such election is made shall be payable, and the periods
within which and the terms and conditions upon which such election is to be made; 
 (13) if the amount of
payments of principal of, premium (if any) and interest on and any Additional Amounts with respect to the Debt Securities of the series may be determined with reference to any commodities, currencies or indices, values, rates or prices or any other
index or formula, the manner in which such amounts shall be determined; 
 (14) if other than the entire
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 602; 

(15) any additional means of satisfaction and discharge of this Indenture and any additional conditions or limitations to
discharge with respect to Debt Securities of the series pursuant to Article Eight or any modifications of or deletions from such conditions or limitations; 
 (16) any deletions or modifications of or additions to the Events of Default set forth in Section 601 or covenants of the Partnership set forth in Article Four pertaining to the Debt Securities of
the series; 
 (17) any restrictions or other provisions with respect to the transfer or exchange of Debt
Securities of the series, which may amend, supplement, modify or supersede those contained in this Article Two; 

  
 9 

 (18) if the Debt Securities of the series are to be convertible into or
exchangeable for capital stock, other debt securities or any other securities or property of the Partnership or any other Person, at the option of the Partnership or the Holder or upon the occurrence of any condition or event, the terms and
conditions for such conversion or exchange; 
 (19) whether the Debt Securities of the series are to be entitled
to the benefit of Section 403(b) (and accordingly constitute Rule 144A Securities); 
 (20) whether such
Debt Securities are Subordinated Securities and if so, the provisions for such subordination if other than the provisions set forth in Article Ten; and 
 (21) any other terms of the series (which terms shall not be prohibited by the provisions of this Indenture). 
 All Debt Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and
(subject to Section 203) set forth, or determined in the manner provided, in the Officers’ Certificate or Partnership Order referred to above or in any such indenture supplemental hereto. 

If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action, together with such Board Resolution, shall be set forth in an Officers’ Certificate or certified by the Secretary or an Assistant Secretary of Energy Transfer Partners, L.L.C. and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate or Partnership Order setting forth the terms of the series. 
 Section 202.
Denominations. 
 The Debt Securities of each series shall be issuable in such denominations as shall be specified as
contemplated by Section 201. In the absence of any such provisions with respect to the Debt Securities of any series, the Debt Securities of such series denominated in Dollars shall be issuable in denominations of $1,000 and any integral
multiples thereof. 
 Section 203. Forms Generally. 

The Debt Securities of each series shall be in fully registered form and in substantially such form or forms (including temporary or
permanent global form) established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto. The Debt Securities may have notations, legends or endorsements required by law, securities exchange rule, the
Partnership’s certificate of limited partnership, agreement of limited partnership or other similar governing documents, agreements to which the Partnership is subject, if any, or usage (provided that any such notation, legend or endorsement is
in a form acceptable to the Partnership). A copy of the Board Resolution establishing the form or forms of Debt Securities of any series shall be delivered to the Trustee at or prior to the delivery of the Partnership Order contemplated by
Section 204 for the authentication and delivery of such Debt Securities. 

  
 10 

 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 thereof. 
 The Trustee’s certificate of authentication shall be in substantially the following form: 
 “This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

									
		 	U.S. Bank National Association, as Trustee	 		 	
					
		 	By:	 	 	 		 	
				
		 	Authorized Signatory”.	 		 	

 Section 204. Execution, Authentication, Delivery and Dating. 

Two Officers of Energy Transfer Partners, L.L.C. shall sign the Debt Securities on behalf of the Partnership, in each case by manual or
facsimile signature. 
 If an Officer of Energy Transfer Partners, L.L.C. whose signature is on a Debt Security no longer holds
that office at the time the Debt Security is authenticated, the Debt Security shall be valid nevertheless. 
 A Debt Security
shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of an authorized signatory of the Trustee, which signature shall be conclusive evidence that the Debt
Security has been authenticated under this Indenture. Notwithstanding the foregoing, if any Debt Security has been authenticated and delivered hereunder but never issued and sold by the Partnership, and the Partnership delivers such Debt Security to
the Trustee for cancellation as provided in Section 213, together with a written statement (which need not comply with Section 1105 and need not be accompanied by an Opinion of Counsel) stating that such Debt Security has never been issued
and sold by the Partnership, for all purposes of this Indenture such Debt Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

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 authenticate and deliver such Debt Securities for original issue upon a Partnership Order for the authentication and delivery of such Debt Securities or
pursuant to such procedures acceptable to the Trustee as may be specified from time to time by Partnership Order. Such order shall specify the amount of the Debt Securities to be authenticated, the date on which the original issue of Debt Securities
is to be authenticated, the name or names of the initial Holder or Holders and any other terms of the Debt Securities of such series not otherwise determined. If provided for in such procedures, such Partnership Order may authorize
(1) authentication and delivery of Debt Securities of such series for original issue from time to time, with certain terms (including, without limitation, the Maturity dates or dates, original issue date or dates and interest rate or rates)
that differ from Debt Security to Debt Security and (2) authentication and delivery pursuant to oral or electronic instructions from the Partnership or its duly authorized agent, which instructions shall be promptly confirmed in writing.

  
 11 

 If the form or terms of the Debt Securities of the series have been established in or
pursuant to one or more Board Resolutions as permitted by Section 201, 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 (in addition to the Partnership Order referred to above and the other documents required by Section 1104), and (subject to Section 701) shall be fully protected in relying upon: 

 

	(a)	an Officers’ Certificate setting forth the Board Resolution and, if applicable, an appropriate record of any action taken pursuant thereto, as contemplated by the
last paragraph of Section 201; and 

  

	(b)	an Opinion of Counsel to the effect that: 

  

	 	(i)	the form of such Debt Securities has been established in conformity with the provisions of this Indenture; 

 

	 	(ii)	the terms of such Debt Securities have been established in conformity with the provisions of this Indenture; and 

 

	 	(iii)	that, 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,
such Debt Securities will constitute valid and binding obligations of the Partnership, enforceable against the Partnership in accordance with their terms, except as the enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other similar laws in effect from time to time affecting the rights of creditors generally, and the application of general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). 

 If all the Debt Securities of any series are not to be issued
at one time, it shall not be necessary to deliver an Officers’ Certificate and Opinion of Counsel at the time of issuance of each such Debt Security, but such Officers’ Certificate and Opinion of Counsel shall be delivered at or before the
time of issuance of the first Debt Security of the series to be issued. 
 The Trustee shall not be required to authenticate
such Debt Securities if the issuance of such Debt Securities pursuant to this Indenture would affect the Trustee’s own rights, duties or immunities under the Debt Securities and this Indenture or otherwise in a manner not reasonably acceptable
to the Trustee. 
 The Trustee may appoint an authenticating agent acceptable to the Partnership to authenticate Debt
Securities. Unless limited by the terms of such appointment, an authenticating agent may authenticate Debt Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Partnership or an Affiliate of the Partnership. 

  
 12 

 Each Debt Security shall be dated the date of its authentication. 

Section 205. Registrar and Paying Agent 
 The Partnership shall maintain an office or agency for each series of Debt Securities where Debt Securities of such series may be presented for registration of transfer or exchange (“Registrar”)
and an office or agency where Debt Securities of such series may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Debt Securities of such series and of their transfer and exchange. The Partnership may
appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. 

The Partnership shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The
agreement shall implement the provisions of this Indenture that relate to such Agent. The Partnership shall notify the Trustee of the name and address of any Agent not a party to this Indenture. The Partnership may change any Paying Agent or
Registrar without notice to any Holder. If the Partnership fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Partnership or any Subsidiary may act as Paying Agent or Registrar. 

The Partnership initially appoints the Trustee as Registrar and Paying Agent. 

Section 206. Paying Agent to Hold Money in Trust. 
 The Partnership shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying
Agent for the payment of principal of, premium, if any, or interest on or any Additional Amounts with respect to Debt Securities and will notify the Trustee of any default by the Partnership in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. The Partnership at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for
any funds disbursed. Upon payment over to the Trustee and upon accounting for any funds disbursed, the Paying Agent (if other than the Partnership or a Subsidiary) shall have no further liability for the money. If the Partnership or a Subsidiary
acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Each Paying Agent shall otherwise comply with TIA Section 317(b). 

Section 207. Holder Lists. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA
Section 312(a). If the Trustee is not the Registrar with respect to a series of Debt Securities, the Partnership shall furnish to the Trustee at least five Business Days before each Interest Payment Date with respect to such series of Debt
Securities, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of such series, and the Partnership shall otherwise comply
with TIA Section 312(a). 

  
 13 

 Section 208. Transfer and Exchange. 

Except as set forth in Section 217 or as may be provided pursuant to Section 201: 

When Debt Securities of any series are presented to the Registrar with the request to register the transfer of such Debt Securities or to
exchange such Debt Securities for an equal principal amount of Debt Securities of the same series of like tenor and of other authorized denominations, the Registrar shall register the transfer or make the exchange as requested if its requirements
and the requirements of this Indenture for such transactions are met; provided, however, that the Debt Securities presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instruction of
transfer in form reasonably satisfactory to the Registrar duly executed by the Holder thereof or by his attorney, duly authorized in writing, on which instruction the Registrar can rely. 

To permit registrations of transfers and exchanges, the Partnership shall execute and the Trustee shall authenticate Debt Securities at
the Registrar’s written request and submission of the Debt Securities or Global Securities. No service charge shall be made to a Holder for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Partnership may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than such transfer tax or similar governmental charge payable upon exchanges pursuant to
Section 212, 307 or 905). The Trustee shall authenticate Debt Securities in accordance with the provisions of Section 204. Notwithstanding any other provisions of this Indenture to the contrary, the Partnership shall not be required to
register the transfer or exchange of (a) any Debt Security selected for redemption in whole or in part pursuant to Article III, except the unredeemed portion of any Debt Security being redeemed in part, or (b) any Debt Security during the
period beginning 15 Business Days prior to the mailing of notice of any offer to repurchase Debt Securities of the series required pursuant to the terms thereof or of redemption of Debt Securities of a series to be redeemed and ending at the close
of business on the day of mailing. 
 Each Holder of a Debt Security agrees to indemnify the Partnership and the Trustee against
any liability that may result from the transfer, exchange or assignment of such Holder’s Debt Securities in violation of any provision of this Indenture and/ or applicable United States Federal or state securities law. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Debt Security (including any transfers between or among Agent Members or beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof. 

  
 14 

 Section 209. Replacement Debt Securities. 

If any mutilated Debt Security is surrendered to the Trustee, or if the Holder of a Debt Security claims that the Debt Security has been
destroyed, lost or stolen and the Partnership and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of such Debt Security, the Partnership shall issue and the Trustee shall authenticate a replacement Debt Security
of the same series if the Trustee’s requirements are met. If any such mutilated, destroyed, lost or stolen Debt Security has become or is about to become due and payable, the Partnership in its discretion may, instead of issuing a new Debt
Security, pay such Debt Security. If required by the Trustee or the Partnership, such Holder must furnish an indemnity bond that is sufficient in the judgment of the Trustee and the Partnership to protect the Partnership, the Trustee, any Agent or
any authenticating agent from any loss that any of them may suffer if a Debt Security is replaced. The Partnership and the Trustee may charge a Holder for their expenses in replacing a Debt Security. 

Every replacement Debt Security is an additional obligation of the Partnership. 

Section 210. Outstanding Debt Securities. 
 The Debt Securities outstanding at any time are all the Debt Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the
interest in a Global Security effected by the Trustee hereunder and those described in this Section 210 as not outstanding. 
 If a Debt Security is replaced pursuant to Section 209, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Debt Security is held by a bona fide
purchaser. 
 If the principal amount of any Debt Security is considered paid under Section 401, it ceases to be
outstanding and interest on it ceases to accrue. 
 A Debt Security does not cease to be outstanding because the Partnership or
an Affiliate of the Partnership holds the Debt Security. 
 Section 211. Original Issue Discount, Foreign-Currency
Denominated and Treasury Debt Securities. 
 In determining whether the Holders of the required principal amount of Debt
Securities have concurred in any direction, amendment, supplement, waiver or consent, (a) the principal amount of an Original Issue Discount Security shall be the principal amount thereof that would be due and payable as of the date of such
determination upon acceleration of the Maturity thereof pursuant to Section 602, (b) the principal amount of a Debt Security denominated in a foreign currency shall be the Dollar equivalent, as determined by the Partnership by reference to
the noon buying rate in The City of New York for cable transfers for such currency, as such rate is certified for customs purposes by the Federal Reserve Bank of New York (the “Exchange Rate”) on the date of original issuance of such Debt
Security, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent, as determined by the Partnership by reference to the Exchange Rate on the date of original issuance of such Debt Security, of the

  
 15 

 
amount determined as provided in (a) above), of such Debt Security and (c) 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, except that, for the purpose of determining whether the Trustee shall be protected in relying upon any such direction, amendment, supplement, waiver or consent, only Debt Securities that a
Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 
 Section 212. Temporary Debt
Securities. 
 Until definitive Debt Securities of any series are ready for delivery, the Partnership may prepare and the
Trustee shall authenticate temporary Debt Securities. Temporary Debt Securities shall be substantially in the form of definitive Debt Securities, but may have variations that the Partnership considers appropriate for temporary Debt Securities.
Without unreasonable delay, the Partnership shall prepare and the Trustee shall authenticate definitive Debt Securities in exchange for temporary Debt Securities. Until so exchanged, the temporary Debt Securities shall in all respects be entitled to
the same benefits under this Indenture as definitive Debt Securities. 
 Section 213. Cancellation. 

The Partnership at any time may deliver Debt Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Debt Securities surrendered to them for registration of transfer, exchange, payment or redemption or for credit against any sinking fund payment. The Trustee shall cancel all Debt Securities surrendered for registration of
transfer, exchange, payment, redemption, replacement or cancellation or for credit against any sinking fund. Unless the Partnership shall direct in writing that canceled Debt Securities be returned to it, after written notice to the Partnership all
canceled Debt Securities held by the Trustee shall be disposed of in accordance with the usual disposal procedures of the Trustee, and the Trustee shall maintain a record of their disposal. The Partnership may not issue new Debt Securities to
replace Debt Securities that have been paid or that have been delivered to the Trustee for cancellation. 
 Section 214.
Payments; Defaulted Interest. 
 Unless otherwise provided as contemplated by Section 201, interest (except defaulted
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 Persons who are registered Holders of that Debt Security at the close of business on the record date next
preceding such Interest Payment Date, even if such Debt Securities are canceled after such record date and on or before such Interest Payment Date. The Holder must surrender a Debt Security to a Paying Agent to collect principal payments. Unless
otherwise provided with respect to the Debt Securities of any series, the Partnership will pay the principal of, premium (if any) and interest on and any Additional Amounts with respect to the Debt Securities in Dollars. Such amounts shall be
payable at the offices of the Trustee or any Paying Agent, provided that at the option of the Partnership, the Partnership may pay such amounts (1) by wire transfer with respect to Global Securities or (2) by check payable in such money
mailed to a Holder’s registered address with respect to any Debt Securities. 

  
 16 

 If the Partnership defaults in a payment of interest on the Debt Securities of any series,
the Partnership shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest on the defaulted interest, in each case at the rate provided in the Debt Securities of such series and in Section 401. The Partnership
may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. At least 15 days before any special record date selected by the Partnership, the Partnership (or the Trustee, in the name of and at the expense of the
Partnership upon 20 days’ prior written notice from the Partnership setting forth such special record date and the interest amount to be paid) shall mail to Holders a notice that states the special record date, the related payment date and the
amount of such interest to be paid. 
 Section 215. Persons Deemed Owners. 

The Partnership, the Trustee, any Agent and any authenticating agent may treat the Person in whose name any Debt Security is registered as
the owner of such Debt Security for the purpose of receiving payments of principal of, premium (if any) or interest on or any Additional Amounts with respect to such Debt Security and for all other purposes. None of the Partnership, the Trustee, any
Agent or any authenticating agent shall be affected by any notice to the contrary. 
 Section 216. Computation of
Interest. 
 Except as otherwise specified as contemplated by Section 201 for Debt Securities of any series, interest on
the Debt Securities of each series shall be computed on the basis of a year comprising twelve 30-day months. 

Section 217. Global Securities; Book-Entry Provisions. 

If Debt Securities of a series are issuable in global form as a Global Security, as contemplated by Section 201, then,
notwithstanding clause (10) of Section 201 and the provisions of Section 202, any such Global Security shall represent such of the outstanding Debt Securities of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of outstanding Debt Securities from time to time endorsed thereon and that the aggregate amount of outstanding Debt Securities represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges, transfers or redemptions. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of outstanding Debt Securities represented thereby shall be made by the Trustee (i) in such
manner and upon instructions given by such Person or Persons as shall be specified in such Debt Security or in a Partnership Order to be delivered to the Trustee pursuant to Section 204 or (ii) otherwise in accordance with written
instructions or such other written form of instructions as is customary for the Depositary for such Debt Security, from such Depositary or its nominee on behalf of any Person having a beneficial interest in such Global Security. Subject to the
provisions of Section 204 and, if applicable, Section 212, the Trustee shall deliver and redeliver any Debt Security in permanent global form in the manner and upon instructions given by the Person or Persons specified in such Debt
Security or in the applicable Partnership Order. With respect to the Debt Securities of any series that are represented by a Global Security, the Partnership authorize the execution and delivery by the Trustee of a letter of representations or other
similar agreement or instrument in the form customarily provided for by the Depositary appointed with respect to such Global Security. Any Global Security may be deposited with the 

  
 17 

 
Depositary or its nominee, or may remain in the custody of the Trustee or the Security Custodian therefor pursuant to a FAST Balance Certificate Agreement or similar agreement between the Trustee
and the Depositary. If a Partnership Order has been, or simultaneously is, delivered, any instructions by the Partnership with respect to endorsement or delivery or redelivery of a Debt Security in global form shall be in writing but need not comply
with Section 1105 and need not be accompanied by an Opinion of Counsel. 
 Members of, or participants in, the Depositary
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee or the Security Custodian as its custodian, or under such Global Security, and the
Depositary may be treated by the Partnership, the Trustee or the Security Custodian and any agent of the Partnership, the Trustee or the Security Custodian as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding
the foregoing, (i) the registered holder of a Global Security of a series may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder
of Debt Securities of such series is entitled to take under this Indenture or the Debt Securities of such series and (ii) nothing herein shall prevent the Partnership, the Trustee or the Security Custodian, or any agent of the Partnership, the
Trustee or the Security Custodian, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or shall impair, as between the Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a beneficial owner of any Debt Security. 
 Notwithstanding Section 208, and except
as otherwise provided pursuant to Section 201: Transfers of a Global Security shall be limited to transfers of such Global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of
beneficial owners in a Global Security may be transferred in accordance with the rules and procedures of the Depositary. Debt Securities shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Security
if, and only if, either (1) the Depositary notifies the Partnership that it is unwilling or unable to continue as Depositary for the Global Security and a successor Depositary is not appointed by the Partnership within 90 days of such notice,
(2) an Event of Default has occurred with respect to such series and is continuing and the Registrar has received a request from the Depositary to issue Debt Securities in lieu of all or a portion of the Global Security (in which case the
Partnership shall deliver Debt Securities within 30 days of such request) or (3) the Partnership determines not to have the Debt Securities represented by a Global Security. 

In connection with any transfer of a portion of the beneficial interests in a Global Security to beneficial owners pursuant to this
Section 217, the Registrar shall reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the beneficial interests in the Global Security to be
transferred, and the Partnership shall execute, and the Trustee upon receipt of a Partnership Order for the authentication and delivery of Debt Securities shall authenticate and deliver, one or more Debt Securities of the same series of like tenor
and amount. 

  
 18 

 In connection with the transfer of all the beneficial interests in a Global Security to
beneficial owners pursuant to this Section 217, the Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Partnership shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner
identified by the Depositary in exchange for its beneficial interests in the Global Security, an equal aggregate principal amount of Debt Securities of authorized denominations. 

Neither the Partnership nor the Trustee will have any responsibility or liability for any aspect of the records relating to, or payments
made on account of, Debt Securities by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary relating to such Debt Securities. Neither the Partnership nor the Trustee shall be liable for any delay by the related
Global Security Holder or the Depositary in identifying the beneficial owners, and each such Person may conclusively rely on, and shall be protected in relying on, instructions from such Global Security Holder or the Depositary for all purposes
(including with respect to the registration and delivery, and the respective principal amounts, of the Debt Securities to be issued). Neither the Trustee nor any agent shall have any responsibility for any actions taken or not taken by the
Depositary. 
 The provisions of the last sentence of the third paragraph of Section 204 shall apply to any Global Security
if such Global Security was never issued and sold by the Partnership and the Partnership delivers to the Trustee the Global Security together with written instructions (which need not comply with Section 1105 and need not be accompanied by an
Opinion of Counsel) with regard to the cancellation or reduction in the principal amount of Debt Securities represented thereby, together with the written statement contemplated by the last sentence of the third paragraph of Section 204.

 Notwithstanding the provisions of Sections 203 and 214, unless otherwise specified as contemplated by Section 201,
payment of principal of, premium (if any) and interest on and any Additional Amounts with respect to any Global Security shall be made to the Person or Persons specified therein. 

Section 218. Form of Face of Security 
 [Insert any legend required by the Internal Revenue Code and the regulations thereunder.] 
 ENERGY
TRANSFER PARTNERS, L.P. 
  
  

No.
                             
 $                     
 CUSIP No.                      

Energy Transfer Partners, L.P., a Delaware limited liability partnership (herein called the “Partnership,” which term includes
any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to , or registered assigns, the principal sum of Dollars on
                    [if the Security is to bear interest prior to Maturity and interest payment periods are not extendable, insert—, and to pay
interest thereon from                     or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
[insert—semi-

  
 19 

 
annually, quarterly, monthly or other description of the relevant payment period] on [            
,                 ,] and in each year, commencing , at the rate of % per annum, until the principal hereof is paid or made available for payment [if applicable,
insert—, provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate
of                    % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
[            ] (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture]. 

[If the Security is not to bear interest prior to Maturity, insert—The principal of this Security shall not bear interest except in
the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue premium shall bear interest at the rate of% per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest on overdue principal or
premium which is not paid on demand shall bear interest at the rate of             % per annum (to the extent that the payment of such interest on interest shall be legally enforceable),
from the date of such demand until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.] 
 Payment of the principal of (and premium, if any) and [if applicable, insert—any such] interest on this Security will be made at the office or agency of the Partnership maintained for that purpose in
, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts [if applicable, insert—; provided, however, that at the option of the Partnership payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or by wire transfer at such place and to such account at a banking institution in the United States as may be designated
in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto]. 

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

  
 20 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Partnership has caused this instrument to be duly executed by its sole General Partner. 
  

							
	Dated:	 		 	Energy Transfer Partners, L.P.
				
		 		 	By:	 	Energy Transfer Partners GP, L.P.
		 		 	Its:	 	 General Partner
  

		 		 	By:	 	Energy Transfer Partners, L.L.C.
		 		 	Its:	 	General Partner
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

 Section 219. Form of Reverse of Security 

This Security is one of a duly authorized issue of securities of the Partnership (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of June 24, 2013 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Partnership and U.S. Bank National
Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitation of rights, duties and
immunities thereunder of the Partnership, the Trustee [if applicable, insert, the holders of Senior Indebtedness] and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof [if applicable, insert—, [initially] limited in aggregate principal amount to $             ]. 

[If applicable, insert—The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail,
[if applicable, insert—(1) on             in any year commencing with the year and ending with the year through operation of the sinking fund for this series at a Redemption Price
equal to 100% of the principal amount, and (2)] at any time [if applicable, insert—on or after                     ,
                    ], as a whole or in part, at the election of the Partnership, at the following Redemption Prices (expressed as percentages of the
principal amount): If redeemed [if applicable, insert— on or before ,            %, and if redeemed] during the 12-month period beginning
                    of the years indicated, 

  
 21 

							
	 YEAR
	  	 REDEMPTION

PRICE
	  	 YEAR
	  	 REDEMPTION

PRICE

 and thereafter at a Redemption Price equal to                     % of the principal amount, together in
the case of any such redemption [if applicable, insert-(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date
will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert—The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail,
(1) on         in any year commencing with the year                     and ending with the year
        through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the
table below, and (2) at any time [if applicable, insert—on or after         ], as a whole or in part, at the election of the Partnership, at the Redemption Prices for redemption otherwise than
through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12- month period beginning         of the years indicated,

  

					
	 Year
	  	 Redemption Price for
 Redemption through
 Operation of the
Sinking Fund
	  	 Redemption Price for
 Redemption otherwise than
 through
Operation 
of the Sinking Fund

 and thereafter at a Redemption Price equal to
                    % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or
otherwise) with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at
the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 
 [If
applicable, insert—Notwithstanding the foregoing, the Partnership may not, prior to , redeem any Securities of this series as contemplated by [if applicable, insert—Clause (2) of] the preceding paragraph as a part of, or in
anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Partnership (calculated in accordance with generally accepted financial practice) of less than % per annum.]

 [If applicable, insert—The sinking fund for this series provides for the redemption on
                    in each year beginning with the year and ending with the year of [if applicable, insert—not less than $ (“mandatory
sinking fund”) and not more than] $         aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Partnership otherwise than through [if
applicable, insert-mandatory] sinking fund payments may be credited against subsequent [if applicable, insert—mandatory] sinking fund payments otherwise required to be made [if applicable, insert—, in the inverse order in which they become
due].] 

  
 22 

 [If the Security is subject to redemption of any kind, insert—In the event of
redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.] 

[If applicable, insert—The Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security]
[or] [certain restrictive covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth in the Indenture.] 
 [If the Security is not an Original Issue Discount Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of
this series may be declared due and payable in the manner and with the effect provided in the Indenture.] 
 [If the Security is
an Original Issue Discount Security, insert—If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture. Such amount shall be equal to [insert formula for determining the amount]. Upon payment of (i) the amount of principal so declared due and payable and (ii) interest on any overdue principal,
premium and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Partnership’s obligations in respect of the payment of the principal of and premium and interest, if any, on the
Securities of this series shall terminate.] 
 The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Partnership and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Partnership and the Trustee with the consent of the Holders
of a majority in principal amount of the Securities of all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the
Securities of all series at the time Outstanding with respect to which a default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of the Securities of all such series, to waive, with certain
exceptions, such past default with respect to all such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Partnership with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to

  
 23 

 
the Securities of this series, the Holders of not less than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Partnership, which is absolute and unconditional, to pay the
principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration
of transfer at the office or agency of the Partnership in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Partnership and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only
in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Partnership may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Partnership, the Trustee
and any agent of the Partnership or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Partnership, the Trustee nor any such agent
shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the Indenture shall have
the meanings assigned to them in the Indenture. 

  
 24 

 Article Three 
 Redemption 
 Section 301. Applicability of Article. 

Debt Securities of any series that are redeemable before their Stated Maturity shall be redeemable in accordance with their terms and
(except as otherwise specified as contemplated by Section 201 for Debt Securities of any series) in accordance with this Article Three. 
 Section 302. Notice to the Trustee. 
 If the Partnership elects to
redeem Debt Securities of any series pursuant to this Indenture, it shall notify the Trustee of the Redemption Date and the principal amount of Debt Securities of such series to be redeemed. The Partnership shall so notify the Trustee at least 45
days before the Redemption Date (unless a shorter notice shall be satisfactory to the Trustee) by delivering to the Trustee an Officers’ Certificate stating that such redemption will comply with the provisions of this Indenture and of the Debt
Securities of such series. Any such notice may be canceled at any time prior to the mailing of such notice of such redemption to any Holder and shall thereupon be void and of no effect. 

Section 303. Selection of Debt Securities To Be Redeemed. 

If less than all the Debt Securities of any series are to be redeemed (unless all of the Debt Securities of such series of a specified
tenor are to be redeemed), the particular Debt Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee from the outstanding Debt Securities of such series (and tenor) not previously called for
redemption, either pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate and that may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Debt Securities of that
series or any integral multiple thereof) of the principal amount of Debt Securities of such series of a denomination larger than the minimum authorized denomination for Debt Securities of that series or of the principal amount of Global Securities
of such series. 
 The Trustee shall promptly notify the Partnership and the Registrar 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. 
 For purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Debt Securities shall relate, in the case of any of the Debt Securities redeemed or to be
redeemed only in part, to the portion of the principal amount thereof which has been or is to be redeemed. 

Section 304. Notice of Redemption. 
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Debt Securities to be redeemed, at
the address of such Holder appearing in the register of Debt Securities maintained by the Registrar. 

  
 25 

 All notices of redemption shall identify the Debt Securities to be redeemed and shall state:

 (1) the Redemption Date; 
 (2) the Redemption Price; 
 (3) that, unless the Partnership default in making the
redemption payment, interest on Debt Securities called for redemption ceases to accrue on and after the Redemption Date, and the only remaining right of the Holders of such Debt Securities is to receive payment of the Redemption Price upon surrender
to the Paying Agent of the Debt Securities redeemed; 
 (4) if any Debt Security is to be redeemed in part, the portion of the
principal amount thereof to be redeemed and that on and after the Redemption Date, upon surrender for cancellation of such Debt Security to the Paying Agent, a new Debt Security or Debt Securities in the aggregate principal amount equal to the
unredeemed portion thereof will be issued without charge to the Holder; 
 (5) that Debt Securities called for redemption must be
surrendered to the Paying Agent to collect the Redemption Price and the name and address of the Paying Agent; 
 (6) that the
redemption is for a sinking or analogous fund, if such is the case; and 
 (7) the CUSIP number, if any, relating to such Debt
Securities. 
 Notice of redemption of Debt Securities to be redeemed at the election of the Partnership shall be given by the
Partnership or, at the Partnership’s written request, by the Trustee in the name and at the expense of the Partnership. 

Section 305. Effect of Notice of Redemption. 
 Once notice of redemption is mailed, Debt Securities called for redemption become due and payable on the Redemption Date and at the Redemption Price. Upon surrender to the Paying Agent, such Debt
Securities called for redemption shall be paid at the Redemption Price, but interest installments whose maturity is on or prior to such Redemption Date will be payable on the relevant Interest Payment Dates to the Holders of record at the close of
business on the relevant record dates specified pursuant to Section 201. 
 Section 306. Deposit of Redemption
Price. 
 On or prior to 10:00 a.m., New York City time, on any Redemption Date, the Partnership shall deposit with the
Trustee or the Paying Agent (or, if the Partnership is acting as the Paying Agent, segregate and hold in trust as provided in Section 206) an amount of money in same day funds sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest on and any Additional Amounts with respect to, the Debt Securities or portions thereof which are to be redeemed on that date, other than Debt Securities or portions thereof called
for redemption on that date which have been delivered by the Partnership to the Trustee for cancellation. 

  
 26 

 If the Partnership complies with the preceding paragraph, then, unless the Partnership
defaults in the payment of such Redemption Price, interest on the Debt Securities to be redeemed will cease to accrue on and after the applicable Redemption Date, whether or not such Debt Securities are presented for payment, and the Holders of such
Debt Securities shall have no further rights with respect to such Debt Securities except for the right to receive the Redemption Price upon surrender of such Debt Securities. If any Debt Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal, premium, if any, any Additional Amounts, and, to the extent lawful, accrued interest thereon shall, until paid, bear interest from the Redemption Date at the rate specified pursuant to
Section 201 or provided in the Debt Securities or, in the case of Original Issue Discount Securities, such Debt Securities’ yield to maturity. 
 Section 307. Debt Securities Redeemed or Purchased in Part. 
 Upon
surrender to the Paying Agent of a Debt Security to be redeemed in part, 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 and 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 that is not redeemed.

 Section 308. Purchase of Debt Securities. 

Unless otherwise specified as contemplated by Section 201, the Partnership and any Affiliate of the Partnership may, subject to
applicable law, at any time purchase or otherwise acquire Debt Securities in the open market or by private agreement. Any such acquisition shall not operate as or be deemed for any purpose to be a redemption of the indebtedness represented by such
Debt Securities. Any Debt Securities purchased or acquired by the Partnership may be delivered to the Trustee and, upon such delivery, the indebtedness represented thereby shall be deemed to be satisfied. Section 213 shall apply to all Debt
Securities so delivered. 
 Section 309. Mandatory and Optional Sinking Funds. 

The minimum amount of any sinking fund payment provided for by the terms of Debt Securities of any series 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 is herein referred to as an “optional sinking fund payment.” Unless otherwise provided
by the terms of Debt Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 310. Each sinking fund payment shall be applied to the redemption of Debt Securities of any series as
provided for by the terms of Debt Securities of such series and by this Article Three. 

  
 27 

 Section 310. Satisfaction of Sinking Fund Payments with Debt Securities.

 The Partnership may deliver outstanding Debt Securities of a series (other than any previously called for redemption) and
may apply as a credit Debt Securities of a series that 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, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Debt Securities of such series required to be made pursuant to the terms of such series of Debt Securities; 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 for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly. 
 Section 311. Redemption of Debt
Securities for Sinking Fund. 
 Not less than 45 days prior (unless a shorter period shall be satisfactory to the Trustee) 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, 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 delivery of or by crediting Debt Securities of that series pursuant to Section 310 and will also
deliver or cause to be delivered to the Trustee any Debt Securities to be so delivered. Failure of the Partnership to timely deliver or cause to be delivered such Officers’ Certificate and Debt Securities specified in this paragraph, if any,
shall not constitute a default but shall constitute the election of the Partnership (i) that the mandatory sinking fund payment for such series due on the next succeeding sinking fund payment date shall be paid entirely in cash without the
option to deliver or credit Debt Securities of such series in respect thereof and (ii) that the Partnership will make no optional sinking fund payment with respect to such series as provided in this Section 311. 

If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on the next succeeding sinking fund payment
date plus any unused balance of any preceding sinking fund payments made in cash shall exceed $100,000 (or the Dollar equivalent thereof based on the applicable Exchange Rate on the date of original issue of the applicable Debt Securities) or a
lesser sum if the Partnership shall so request with respect to the Debt Securities of any particular series, such cash shall be applied on the next succeeding sinking fund payment date to the redemption of Debt Securities of such series at the
sinking fund redemption price together with accrued interest to the date fixed for redemption. If such amount shall be $100,000 (or the Dollar equivalent thereof as aforesaid) or less and the Partnership makes no such request then it shall be
carried over until a sum in excess of $100,000 (or the Dollar equivalent thereof as aforesaid) is available. Not less than 30 days before each such sinking fund payment date, the Trustee shall select the Debt Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 303 and cause notice of the redemption thereof to be given in the name of and at the expense of the Partnership in the manner provided in Section 304. Such notice having been
duly given, the redemption of such Debt Securities shall be made upon the terms and in the manner stated in Sections 305, 306 and 307. 

  
 28 

 Article Four 
 Covenants 
 Section 401. Payment of Debt Securities.

 The Partnership shall pay the principal of, premium (if any) and interest on and any Additional Amounts with respect to
the Debt Securities of each series on the dates and in the manner provided in the Debt Securities of such series and in this Indenture. Principal, premium, interest and any Additional Amounts shall be considered paid on the date due if the Paying
Agent (other than the Partnership or a Subsidiary) holds on that date money deposited by the Partnership designated for and sufficient to pay all principal, premium, interest and any Additional Amounts then due. 

The Partnership shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and
premium (if any), at a rate equal to the then applicable interest rate on the Debt Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and any Additional Amount (without regard to any applicable grace period) at the same rate to the extent lawful. 

Section 402. Maintenance of Office or Agency. 
 The Partnership will maintain in each Place of Payment for any series of Debt Securities an office or agency (which may be an office of the Trustee, the Registrar or the Paying Agent) where Debt
Securities of that series may be presented for registration of transfer or exchange, where Debt Securities of that series may be presented for payment and where notices and demands to or upon the Partnership in respect of the Debt Securities of that
series and this Indenture may be served. Unless otherwise designated by the Partnership by written notice to the Trustee, such office or agency shall be the office of the Trustee in The City of New York, which on the date hereof is located at One
Penn Plaza, Suite 1414, New York, New York 10119, Attention: Corporate Trust Group. 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 Corporate Trust Office of the
Trustee. 
 The Partnership may also from time to time designate one or more other offices or agencies where the Debt Securities
of one or more series may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Partnership of its
obligation to maintain an office or agency in each Place of Payment for Debt Securities of any series for such purposes. The Partnership will give prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency. 

  
 29 

 Section 403. SEC Reports; Financial Statements. 

(a) If the Partnership is subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Partnership shall file with the
Trustee, within 15 days after it is required to file 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. If this Indenture is qualified under the TIA, but not otherwise, the Partnership shall also comply with the provisions of TIA
Section 314(a). If the Partnership is not subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Partnership shall file with the Trustee, within 15 days after it would have been required to file with the SEC, financial
statements (and with respect to annual reports, an auditor’s report by a firm of established national reputation) and a Management’s Discussion and Analysis of Financial Condition and Results of Operations, both comparable to what it would
have been required to file with the SEC had it been subject to the requirements of Section 13 or 15(d) of the Exchange Act. If the Partnership is required to furnish annual or quarterly reports to its equity holders pursuant to the Exchange
Act, it shall file these reports with the Trustee. Delivery of such reports, information and documents to the Trustee shall be for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the Partnership’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates
or certificates delivered pursuant to Section 404). 
 (b) If the Partnership is not subject to the requirements of
Section 13 or 15(d) of the Exchange Act, the Partnership shall furnish to all Holders of Rule 144A Securities and prospective purchasers of Rule 144A Securities designated by the Holders of Rule 144A Securities, promptly upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) promulgated under the Securities Act of 1933, as amended. 

Section 404. Compliance Certificate. 
 (a) The Partnership shall deliver to the Trustee, within 120 days after the end of each fiscal year, a statement signed by an Officer of Energy Transfer Partners, L.L.C., which need not constitute an
Officers’ Certificate, complying with TIA Section 314(a)(4) and stating that in the course of performance by the signing Officer of his duties as such Officer of Energy Transfer Partners, L.L.C., he would normally obtain knowledge of the
keeping, observing, performing and fulfilling by the Partnership of their obligations under this Indenture, and further stating that to the best of his knowledge the Partnership have observed, performed and fulfilled each and every covenant
contained in this Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events 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 Debt Securities of any series 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 and what action the Partnership is taking or proposes to take with respect thereto. 

  
 30 

 Section 405. Existence. 

Subject to Article Five, the Partnership shall do or cause to be done all things necessary to preserve and keep in full force and effect
its existence. 
 Section 406. Waiver of Stay, Extension or Usury Laws. 

The Partnership covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or forgive it from paying all or any portion of the principal of or interest on the Debt Securities as contemplated
herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) each of the Partnership hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 Section 407. Additional Amounts 
 If the Debt Securities of a series expressly provide for the payment of Additional Amounts, the Partnership will pay to the Holder of any Debt Security of such series Additional Amounts as expressly
provided therein. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any Debt Security of any series or the net proceeds received from the sale or exchange
of any Debt Security of any series, such mention shall be deemed to include mention of the payment of Additional Amounts provided for in this Section 407 to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof pursuant to the provisions of this Section 407 and express mention of the payment of Additional Amounts (if applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in those provisions hereof
where such express mention is not made. 
 Article Five 
 Successors 
 Section 501. Limitations on Mergers and
Consolidations. 
 The Partnership shall not, in any transaction or series of transactions, consolidate with or merge into
any Person, or sell, lease, convey, transfer or otherwise dispose of all or substantially all of its assets to any Person, unless: 
 (1) the Person formed by or resulting from any such consolidation or merger or to which such sale, lease, conveyance, transfer or other disposition shall be made (collectively, the “Successor”),
is either the Partnership or expressly assumes by supplemental indenture, the due and punctual payment of the principal of, premium (if any) and interest on and any Additional Amounts with respect to all the Debt Securities and the performance of
the Partnership’s covenants and obligations under this Indenture and the Debt Securities; 

  
 31 

 (2) the Successor is organized under the laws of the United States, any State thereof or the
District of Columbia; 
 (3) immediately after giving effect to such transaction or series of transactions, no Default or Event
of Default shall have occurred and be continuing or would result therefrom; and 
 (4) the Partnership, delivers to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and any such supplemental indenture comply with this Indenture. 
 Section 502. Successor Person Substituted. 
 Upon any consolidation or
merger of the Partnership, or any sale, lease, conveyance, transfer or other disposition of all or substantially all of the assets of the Partnership in accordance with Section 501, the Successor formed by such consolidation or merger or to
which such sale, lease, conveyance, transfer or other disposition is made shall succeed to, and be substituted for, and may exercise every right and power of the Partnership under this Indenture and the Debt Securities with the same effect as if
such Successor had been named as the Partnership herein and the predecessor Partnership shall be released from all obligations under this Indenture and the Debt Securities, except that no such release shall occur in the case of any lease of all or
substantially all of the assets of the Partnership. 
 Article Six 

Defaults and Remedies 
 Section 601. Events of Default 
 “Event of Default,” wherever
used herein with respect to Debt Securities of any series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), unless it is inapplicable to a particular series or is specifically deleted or modified in the Board Resolution (or action taken
pursuant thereto), Officers’ Certificate or supplemental indenture under which such series of Securities is issued or has been deleted or modified in an indenture supplemental hereto: 

(1) default in the payment of any interest upon any Debt Security of that series when it becomes due and payable, and
continuance of such default for a period of 30 days; provided, however, that if the Partnership is permitted by the terms of the Debt Securities of such series to defer the payment in question, the date on which such payment is due and payable
shall be the date on which the Partnership is required to make payment following such deferral, if such deferral has been elected pursuant to the terms of the Debt Securities; or 

  
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 (2) default in the payment of the principal of or any premium on any Debt
Security of that series at its Maturity; or 
 (3) default in the making of any sinking fund payment, when and as
due by the terms of a Debt Security of that series, and continuance of such default for a period of 60 days; or 
 (4) default in the performance, or breach, of any covenant of the Partnership in this Indenture (other than a covenant a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with or which has expressly been included in this Indenture solely for the benefit of series of Debt Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been
given, by registered or certified mail, to the Partnership by the Trustee or to the Partnership and the Trustee by the Holders of at least 25% in principal amount of then outstanding Debt Securities of that series a written notice specifying such
default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder, unless the Trustee, or the Trustee and the Holders of a principal amount of Debt Securities of such series not less than the
principal amount of Debt Securities the Holders of which gave such notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration; provided, however, that the Trustee, or the Trustee and the Holders of such
principal amount of Debt Securities of such series, as the case may be, shall be deemed to have agreed to an extension of such period if corrective action is initiated by the Partnership within such period and is being diligently pursued; or

 (5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Partnership in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Partnership a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Partnership under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Partnership or of any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or
order unstayed and in effect for a period of 60 consecutive days; or 
 (6) the commencement by the Partnership
of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the Partnership in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent 

  
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seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Partnership or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due, or the authorization of any such action by the Board of Directors; or 
 (7) any other Event of Default provided with respect to Debt Securities of that series. 
 The Trustee shall not be deemed to know or have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event
which is in fact such a Default or 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. 

Section 602. Acceleration of Maturity; Rescission and Annulment 

If an Event of Default with respect to Debt Securities of any series at the time Outstanding occurs and is continuing, then in every such
case the Trustee or the Holders of not less than 25% in principal amount of the then outstanding Debt Securities of that series may declare the principal amount of all the Debt Securities of that series (or, if any Debt Securities of that series are
Original Issue Discount Securities, such portion of the principal amount of such Debt Securities as may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Partnership (and to the Trustee if given by
Holders), and upon any such declaration such principal amount (or specified amount) shall become immediately due and payable. 

At any time after such a declaration of acceleration with respect to Debt Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Event of Default giving rise to such declaration of acceleration shall, without further act, be deemed to have been waived, and such
declaration and its consequences shall, without further act, be deemed to have been rescinded and annulled, if 

(a) the Partnership has paid or deposited with the Trustee a sum sufficient to pay 

(1) all overdue interest on all Debt Securities of that series, 

(2) the principal of (and premium, if any, on) any Debt Securities of that series which have become due otherwise than by
such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in such Debt Securities, 

  
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 (3) to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such Debt Securities, and 
 (4) all sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; 

and 
 (b) all
Events of Default with respect to Debt Securities of that series, other than the non-payment of the principal of Debt Securities of that series which has become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 513. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 603. Collection of Indebtedness and Suits for Enforcement by Trustee 

The Partnership covenants that if 
 (a) default is made in the payment of any interest on any Debt Security when such interest becomes due and payable and such default continues for a period of 30 days, or 

(b) default is made in the payment of the principal of (or premium, if any, on) any Debt Security at the Maturity thereof,

 the Partnership will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Debt Securities, the whole amount then
due and payable on such Debt Securities for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on any overdue interest, at the rate
or rates prescribed therefor in such Debt Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel. 
 If an Event of Default with respect to Debt Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Debt Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
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 Section 604. Trustee May File Proofs of Claim 

In case of any judicial proceeding relative to the Partnership (or any other obligor upon the Debt Securities), its property or its
creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 

To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 607 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties which the Holders of the Debt Securities may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or otherwise. 

No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Debt Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

Section 605. Trustee May Enforce Claims Without Possession of Debt Securities 

All rights of action and claims under this Indenture or the Debt Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Debt Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Debt Securities in respect of which such judgment
has been recovered. 
 Section 606. Application of Money Collected 

Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Debt Securities 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 amounts due the Trustee under Section 607;

 Second: Subject to the subordination terms established pursuant to 201(20), if applicable, to the payment of
the amounts then due and unpaid for principal of and any premium and interest on the Debt Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Debt Securities for principal and any premium and interest, respectively; and 

Third: To the payment of the balance, if any, to the Partnership or any other Person or Persons legally entitled thereto.

 Section 607. Limitation on Suits 
 No Holder of any Debt Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless 
 (a) such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Debt Securities of that series; 
 (b) the Holders of not less
than a majority in principal amount of the Outstanding Debt Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses
and liabilities to be incurred in compliance with such request; 
 (d) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and 
 (e) no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the then outstanding Debt Securities of that series; 

it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such Holders. 

  
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 Section 608. Unconditional Right of Holders to Receive Principal, Premium and
Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Debt Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Debt Security on the respective Stated Maturities expressed in such Debt Security (or, in the case of
redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 Section 609. Restoration of Rights and Remedies 
 If the Trustee or any
Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Partnership, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the
Holders shall continue as though no such proceeding had been instituted. 
 Section 610. Rights and Remedies Cumulative

 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Debt
Securities in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 611. Delay or
Omission Not Waiver 
 No delay or omission of the Trustee or of any Holder of any Debt Securities to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. 
 Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be. 
 Section 612. Control by Holders. 

The Holders of at least a majority in principal amount of the then outstanding Debt Securities of any series 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 that 

  
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 (a) such direction shall not be in conflict with any rule of law or with
this Indenture, 
 (b) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and 
 (c) subject to the provisions of Section 601, the Trustee shall
have the right to decline to follow any such direction if the Trustee in good faith shall determine that the proceeding so directed would involve the Trustee in personal liability. 

Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion from
Holders directing the Trustee against all losses and expenses caused by taking or not taking such action. 

Section 613. Waiver of Past Defaults 
 The Holders of not less than a majority in principal amount of the then outstanding Debt Securities of all series with respect to which any default under the Indenture shall have occurred and be
continuing (voting as one class) may, on behalf of the Holders of all Debt Securities of all such series, waive such past default under the Indenture and its consequences, except a default 

(a) in the payment of the principal of or any premium or interest on any Debt Security of such series, or 

(b) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended without the
consent of the Holder of each outstanding Debt Security of the series affected. 
 Upon any such waiver, such default shall cease to exist and
be deemed not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair
any right consequent thereon. 
 Section 614. Undertaking for Costs 

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,
suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the
Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Partnership or the Trustee.

 Section 615. Waiver of Stay or Extension Laws 

The Partnership covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may 

  
 39 

 
affect the covenants or the performance of this Indenture; and the Partnership (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and
covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Article Seven 

The Trustee 
 Section 701. Duties of Trustee. 
 (a) If an Event of Default has
occurred and is continuing, 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 such exercise, as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default with respect to the Debt
Securities of any series: 
 (1) the Trustee need perform only those duties that are specifically set forth in this Indenture and
no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine such certificates and opinions to determine whether, on their face, they appear to conform to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of Section 701(b); 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to any action
it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 605. 
 (d)
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this Section 701. 
 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power unless it
receives security or indemnity satisfactory to the Trustee against any cost, liability or expense. 

  
 40 

 (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Partnership. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. All money received by the Trustee shall, until applied as herein provided, be held in
trust for the payment of the principal of, premium (if any) and interest on and Additional Amounts with respect to the Debt Securities. 
 Section 702. Rights of Trustee. 
 (a) The Trustee may conclusively rely
on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require instruction, an Officers’ Certificate or an Opinion of Counsel or
both to be provided. In the absence of bad faith on the part of the Trustee, the Trustee shall not be liable for any action it takes or omits to take in reliance on such instruction, Officers’ Certificate or Opinion of Counsel. The Trustee may
consult at the Partnership’s expense with counsel of its 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, suffered or omitted by it
hereunder in good faith and in reliance thereon. 
 (c) The Trustee may execute any of the trusts or powers hereunder, perform
any duties hereunder or otherwise act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within
its rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Partnership shall be sufficient if signed by an Officer of Energy Transfer Partners, L.L.C. 
 (f) The Trustee shall not be obligated to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document. 
 (g) 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 enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder. 
 (h) The Trustee may request that the Partnership deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

  
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 Section 703. May Hold Debt Securities. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Debt Securities and may make loans to, accept
deposits from, perform services for and otherwise deal with the Partnership or any of their respective Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties. However, the Trustee
is subject to Sections 710 and 711. 
 Section 704. Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Debt Securities, it shall not be accountable
for the Partnership’s use of the proceeds from the Debt Securities or any money paid to the Partnership or upon the Partnership’s direction under any provision hereof, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee and it shall not be responsible for any statement or recital herein or any statement in the Debt Securities other than its certificate of authentication. 

Section 705. Notice of Defaults. 
 If a Default or Event of Default with respect to the Debt Securities of any series occurs and is continuing and it is known to the Trustee, the Trustee shall mail to Holders of Debt Securities of such
series a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium (if any) and interest on and Additional Amounts or any sinking fund
installment with respect to the Debt Securities of such series, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of Debt
Securities of such series. 
 Section 706. Reports by Trustee to Holders. 

Within 60 days after each September 15 of each year after the execution of this Indenture, the Trustee shall mail to Holders of a
series and the Partnership a brief report dated as of such reporting date 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 with respect to a series, no report need be transmitted to Holders of such series. The Trustee also shall comply with TIA Section 313(b). The Trustee shall also transmit by mail all reports if and as required by TIA Sections
313(c) and 313(d). 
 A copy of each report at the time of its mailing to Holders of a series of Debt Securities shall be filed
by the Partnership with the SEC and each securities exchange, if any, on which the Debt Securities of such series are listed. The Partnership shall notify the Trustee if and when any series of Debt Securities is listed on any securities exchange.

  
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 Section 707. Compensation and Indemnity. 

The Partnership agrees to pay to the Trustee for its acceptance of this Indenture and services hereunder such compensation as the
Partnership and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Partnership agrees to reimburse the Trustee upon request for
all reasonable disbursements, advances and expenses incurred by it. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

The Partnership hereby indemnifies the Trustee and any predecessor Trustee against any and all loss, liability, damage, claim or expense,
including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, except as set forth in
the next following paragraph. The Trustee shall notify the Partnership promptly of any claim for which it may seek indemnity. The Partnership shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate
counsel and the Partnership shall pay the reasonable fees and expenses of such counsel. The Partnership need not pay for any settlement made without its consent. 
 The Partnership shall not be obligated to reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the Trustee’s negligence or bad faith. 

To secure the payment obligations of the Partnership in this Section 707, the Trustee shall have a lien prior to the Debt Securities
on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium (if any) and interest on and any Additional Amounts with respect to particular Debt Securities of any series. Such lien and the
Partnership’s obligations under this Section 707 shall survive the satisfaction and discharge of this Indenture. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 601(5) or (6) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 708. Replacement of Trustee. 
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 708.

 The Trustee may resign and be discharged at any time with respect to the Debt Securities of one or more series by so
notifying the Partnership. The Holders of a majority in principal amount of the then outstanding Debt Securities of any series may remove the Trustee with respect to the Debt Securities of such series by so notifying the Trustee and the Partnership.
The Partnership may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 710; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 

  
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 (3) a Bankruptcy Custodian or public officer takes charge of the Trustee or its property; or

 (4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to the Debt Securities
of one or more series, the Partnership shall promptly appoint a successor Trustee or Trustees with respect to the Debt Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Debt
Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Debt Securities of any particular series). Within one year after the successor Trustee with respect to the Debt Securities of
any series takes office, the Holders of a majority in principal amount of the Debt Securities of such series then outstanding may appoint a successor Trustee to replace the successor Trustee appointed by the Partnership. 

If a successor Trustee with respect to the Debt Securities of any series does not take office within 30 days after the retiring or
removed Trustee resigns or is removed, the retiring or removed Trustee (at the expense of the Partnership), the Partnership or the Holders of at least 10% in principal amount of the then outstanding Debt Securities of such series may petition any
court of competent jurisdiction for the appointment of a successor Trustee with respect to the Debt Securities of such series. 

If the Trustee with respect to the Debt Securities of a series fails to comply with Section 710, any Holder of Debt Securities of
such series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to the Debt Securities of such series. 

In case of the appointment of a successor Trustee with respect to all Debt Securities, each such successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee, 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
retiring Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. 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 707. 
 In case of the appointment of a successor Trustee with respect to the Debt Securities of one or more
(but not all) series, the Partnership, the retiring Trustee and each successor Trustee with respect to the Debt Securities of one or more (but not all) series shall execute and deliver an indenture supplemental hereto in which each successor Trustee
shall accept such appointment and that (1) shall confer to each successor Trustee all the rights, powers and duties of the retiring Trustee with respect to the Debt Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Debt Securities, shall confirm that all the rights, powers and duties of the retiring Trustee with respect to the Debt Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (3) 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. Nothing herein or in such supplemental indenture shall 

  
 44 

 
constitute such Trustees co-trustees of the same trust, and each such 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. Upon the execution and delivery of such supplemental indenture, the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee shall have all the
rights, powers and duties of the retiring Trustee with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee relates. On request of the Partnership or any successor Trustee, such retiring Trustee
shall transfer to such successor Trustee all property held by such retiring Trustee as Trustee with respect to the Debt Securities of that or those series to which the appointment of such successor Trustee relates. Such retiring Trustee shall,
however, have the right to deduct its unpaid fees and expenses, including attorneys’ fees. 
 Notwithstanding replacement
of the Trustee or Trustees pursuant to this Section 708, the obligations of the Partnership under Section 707 shall continue for the benefit of the retiring Trustee or Trustees. 

Section 709. Successor Trustee by Merger, etc. 
 Subject to Section 710, if the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation
without any further act shall be the successor Trustee; provided, however, that in the case of a transfer of all or substantially all of its corporate trust business to another corporation, the transferee corporation expressly assumes all of the
Trustee’s liabilities hereunder. 
 In case any Debt Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the 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 710. Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder which shall be a corporation or banking association organized and doing business under the laws of the United States, any State thereof or the District of
Columbia and authorized under such laws to exercise corporate trust power, shall be subject to supervision or examination by federal or state (or the District of Columbia) authority and shall have, or be a subsidiary of a bank or bank holding
company having, a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 
 The Indenture shall always have a Trustee who satisfies the requirements of TIA Sections 310(a)(1), 310(a)(2) and 310(a)(5). The Trustee is subject to and shall comply with the provisions of TIA
Section 310(b) during the period of time required by this Indenture. Nothing in this Indenture shall prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA Section 310(b). 

  
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 Section 711. Preferential Collection of Claims Against the Partnership.

 The Trustee is subject to and shall comply with the provisions of TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
 Article Eight 
 Defeasance and Covenant Defeasance 

Section 801. Applicability of Article. 
 The provisions of this Article Eight relating to either the satisfaction and discharge or the defeasance of Debt Securities shall be applicable to each series of Debt Securities except as otherwise
specified pursuant to Section 201 for Debt Securities of such series. 
 Section 802. 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 that shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 209 and Debt
Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Partnership as provided in Section 805) 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 at their Stated Maturity 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 the currency in which such Debt Securities are denominated (except as otherwise provided pursuant to Section 201) sufficient to pay at Stated
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 date of 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 then due and payable hereunder by the Partnership with respect to the Debt Securities of such series, then this Indenture shall cease to be
of further effect 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 the Debt Securities of such series. 
 (b) Subject to Sections 802(c), 803 and 807, 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 (x) any covenant made applicable to such Debt Securities pursuant to Section 201, (y) Sections 601(4),
(7) and (8) (except to the extent covenants or 

  
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agreements referenced in Section 601(4) remain applicable) and (z) as they relate to the Subsidiary Guarantors only, Sections 601(5) and (6) (“covenant defeasance
option”). 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 Sections 601(4), (7) and (8). 

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 Sections 205, 208, 209, 402, 407, 707, 805, 806 and 807 shall survive until the Debt Securities of the defeased series have been paid in full. Thereafter, the Partnership’s obligations in Sections 707, 805 and
806 shall survive. 
 Section 803. 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: 
 (a) The Partnership shall irrevocably have deposited or caused to be deposited with the
Trustee as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (A) money in an amount, or (B) Government
Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount, or (C) a combination thereof, sufficient,
in the case of (B) or (C), without reinvestment, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be
applied by the Trustee to pay and discharge, the principal of and any premium and interest on such Securities on the respective Stated Maturities or on any Redemption Date established pursuant to Clause (3) below, in accordance with the terms
of this Indenture and such Securities. As used herein, “Government Obligation” means (x) any security which is (i) a direct obligation of the United States of America or the government which issued the foreign currency in which
such Securities are payable, for the payment of which its full faith and credit is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such
government which issued the foreign currency in which such Securities are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government, which, in either
case (i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any Government
Obligation which is 

  
 47 

 
specified in clause (x) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any
Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt. 
 (b) No event which is, or after notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other Securities shall have occurred and be continuing at the time
of such deposit or, with regard to any such event specified in Sections 501(5) and (6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after
such 90th day). 
 (c) If the Securities are to be redeemed prior to Stated Maturity (other than from mandatory
sinking fund payments or analogous payments), notice of such redemption shall have been duly given pursuant to this Indenture. 
 (d) The Partnership shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant
Defeasance have been complied with. 
 Section 804. Deposited Money and Government Obligations to Be Held in Trust;
Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of Section 1003, all money and Government
Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 1304 in respect of any Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any such Paying Agent (including the Partnership acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in
respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. Moneys and Government Obligations (and the proceeds thereof) held pursuant to this Section
for the benefit of the Holders of Subordinated Securities shall not be subject to the subordination provisions established with respect to such Securities pursuant to Section 201(20) 

The Partnership shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government
Obligations deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Outstanding Securities. 

Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Partnership from time to time upon
Partnership Request any money or Government Obligations held by it as provided in Section 1304 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect to such Securities. 

  
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 Article Nine 
 Supplemental Indentures and Amendments 
 Section 901. Without
Consent of Holders. 
 The Partnership and the Trustee may amend or supplement this Indenture or the Debt Securities or waive
any provision hereof or thereof without the consent of any Holder: 
 (1) to cure any ambiguity, correct or supplement any
provision in this Indenture that may be defective or inconsistent with any other provision herein or in any supplemental indenture or make any other provisions with respect to matters or questions arising under this Indenture, provided that such
provisions, as so changed, corrected or modified, shall not adversely affect the interests of the Holders of Debt Securities in any material respect; 
 (2) to comply with Section 501; 
 (3) to provide for uncertificated Debt
Securities in addition to or in place of certificated Debt Securities, or to provide for the issuance of bearer Debt Securities (with or without coupons); 
 (4) to provide any security for any series of Debt Securities; 
 (5) to comply with
any requirement in order to effect or maintain the qualification of this Indenture under the TIA; 
 (6) to add to the covenants
of the Partnership for the benefit 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), or to surrender any right or power herein conferred upon the Partnership; 
 (7) to change or
eliminate any of the provisions of this Indenture; provided that any such change or elimination shall become effective only when there is no outstanding Debt Security of any series created prior to the execution of such amendment or supplemental
indenture that is adversely affected by such change in or elimination of such provision; 
 (8) to establish the form or terms of
Debt Securities of any series as permitted by Section 201; 
 (9) to supplement any of the provisions of this Indenture to
such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series of Debt Securities pursuant to Article Eight; provided, however, that any such action shall not adversely affect the rights of the Holders of Debt
Securities of such series or any other series of Debt Securities in any material respect; or 

  
 49 

 (10) to evidence and provide for the acceptance of appointment hereunder by a successor
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,
pursuant to the requirements of Section 708. 
 Upon the request of the Partnership, accompanied by a Board Resolution, and
upon receipt by the Trustee of the documents described in Section 906, the Trustee shall, subject to Section 906, join with the Partnership in the execution of any supplemental indenture authorized or permitted by the terms of this
Indenture and make any further appropriate agreements and stipulations that may be therein contained. 
 Section 902.
With Consent of Holders. 
 Except as provided below in this Section 902, the Partnership and the Trustee may amend or
supplement this Indenture with the written consent (including consents obtained in connection with a tender offer or exchange offer for Debt Securities of any one or more series or all series or a solicitation of consents in respect of Debt
Securities of any one or more series or all series, provided that in each case such offer or solicitation is made to all Holders of then outstanding Debt Securities of each such series (but the terms of such offer or solicitation may vary from
series to series)) of the Holders of at least a majority in principal amount of the then outstanding Debt Securities of each series affected by such amendment or supplement. 
 Upon the request of the Partnership, accompanied by a Board Resolution, and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the
documents described in Section 906, the Trustee shall, subject to Section 906, join with the Partnership in the execution of such amendment or supplemental indenture. 

It shall not be necessary for the consent of the Holders under this Section 902 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 The Holders of a
majority in principal amount of the then outstanding Debt Securities of one or more series or of all series may waive compliance in a particular instance by the Partnership with any provision of this Indenture with respect to Debt Securities of such
series (including waivers obtained in connection with a tender offer or exchange offer for Debt Securities of such series or a solicitation of consents in respect of Debt Securities of such series, provided that in each case such offer or
solicitation is made to all Holders of then outstanding Debt Securities of such series (but the terms of such offer or solicitation may vary from series to series)). 
 However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 902 may not: 
 (1) reduce the percentage in principal amount of Debt Securities whose Holders must consent to an amendment, supplement or waiver; 

  
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 (2) reduce the rate of or extend the time for payment of interest, including default
interest, on any Debt Security; 
 (3) reduce the principal of, any premium on or any mandatory sinking fund payment with respect
to, or change the Stated Maturity of, any Debt Security or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 602; 
 (4) reduce the premium, if any, payable upon the redemption of any Debt Security or change the time at which
any Debt Security may or shall be redeemed; 
 (5) change any obligation of the Partnership to pay Additional Amounts with
respect to any Debt Security; 
 (6) change the coin or currency or currencies (including composite currencies) in which any Debt
Security or any premium, interest or Additional Amounts with respect thereto are payable; 
 (7) impair the right of any Holder
to receive payment of principal of and premium, if any, and interest on or any Additional Amounts with respect to such Holder’s Debt Securities or to institute suit for the enforcement of any payment of principal of, premium (if any) or
interest on or any Additional Amounts with respect to such Holder’s Debt Securities pursuant to Sections 607 and 608, except as limited by Section 606; 
 (8) make any change in the percentage of principal amount of Debt Securities necessary to waive compliance with certain provisions of this Indenture pursuant to Section 604 or 607 or make any change
in this sentence of Section 902; 
 (9) waive a continuing Default or Event of Default in the payment of principal of,
premium (if any) or interest on or Additional Amounts with respect to the Debt Securities; or 
 (10) release any security that
may have been granted in respect of any Debt Securities other than in accordance with this Indenture. 
 A supplemental
indenture that changes or eliminates any covenant or other provision of this Indenture which has expressly been 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. 

The right of any Holder to participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation
of the Partnership to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Debt Securities with respect to which such consent is required or
sought as of a date identified by the Partnership in a notice furnished to Holders in accordance with the terms of this Indenture. 

  
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 After an amendment, supplement or waiver under this Section 902 becomes effective, the
Partnership shall mail to the Holders of each Debt Security affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Partnership to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such amendment, supplement or waiver. 
 Section 903. Compliance with Trust
Indenture Act. 
 Every amendment or supplement to this Indenture or the Debt Securities shall comply in form and substance
with the TIA as then in effect. 
 Section 904. Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and every
subsequent Holder of a Debt Security or portion of a Debt Security that evidences the same debt as the consenting Holder’s Debt Security, even if notation of the consent is not made on any Debt Security. However, any such Holder or subsequent
Holder may revoke the consent as to his or her Debt Security or portion of a Debt Security if the Trustee receives written notice of revocation before a date and time therefor identified by the Partnership in a notice furnished to such Holder in
accordance with the terms of this Indenture or, if no such date and time shall be identified, the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and
thereafter binds every Holder. 
 The Partnership may, but shall not be obligated to, fix a record date (which need not comply
with TIA Section 316(c)) for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver or to take any other action under this Indenture. If a record date is fixed, then notwithstanding the provisions of
the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent
previously given, whether or not such Persons continue to be Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless consents from Holders of the principal amount of Debt Securities
required hereunder for such amendment or waiver to be effective shall have also been given and not revoked within such 90-day period. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it is of the type described in any of clauses (1) through (10) of Section 902 hereof. In such
case, the amendment, supplement or waiver shall bind each Holder who has consented to it and every subsequent Holder that evidences the same debt as the consenting Holder’s Debt Security. 

Section 905. Notation on or Exchange of Debt Securities. 

If an amendment or supplement changes the terms of an outstanding Debt Security, the Partnership may require the Holder of the Debt
Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Debt Security at the request of the Partnership regarding the changed terms and return it to the Holder. Alternatively, if the Partnership so determines, the
Partnership in exchange for the Debt Security shall issue and the Trustee shall authenticate, a new Debt Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Debt Security shall not affect the validity
of such amendment or supplement. 

  
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 Debt Securities of any series authenticated and delivered after the execution of any
amendment or supplement 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 amendment or supplement. 

Section 906. Trustee to Sign Amendments, etc. 
 The Trustee shall sign any amendment or supplement authorized pursuant to this Article if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. If it does, the Trustee may, but need not, sign it. In signing or refusing to sign such amendment or supplement, the Trustee shall be entitled to receive indemnity satisfactory to it, and, subject to Section 701 hereof, shall be fully
protected in relying upon, an Officers’ Certificate and an Opinion of Counsel provided at the expense of the Partnership as conclusive evidence that such amendment or supplement is authorized or permitted by this Indenture, that it is not
inconsistent herewith, and that it will be valid and binding upon the Partnership in accordance with its terms. 
 Article Ten

 Subordination of Subordinated Securities 
 Section 1001. Agreement to Subordinate. 
 The Partnership covenants and
agrees, and each Holder of any Subordinated Security issued hereunder by his acceptance thereof, whether upon original issue or upon transfer or assignment, likewise covenants and agrees, that the principal of (and premium, if any) and interest on
each and all of the Subordinated Securities issued hereunder are hereby expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior Indebtedness. 

Section 1002. Payment on Dissolution, Liquidation or Reorganization; Default on Senior Indebtedness. 

Upon any payment or distribution of assets or securities of the Partnership of any kind or character, whether in cash, property or
securities, upon any dissolution or winding up or total or partial liquidation or reorganization of the Partnership, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other similar proceedings, or upon any assignment for
the benefit of creditors or any other marshalling of the assets and liabilities of the Partnership or otherwise, all principal of (and premium, if any) and interest then due upon all Senior Indebtedness shall first be paid in full, or payment
thereof provided for in money or money’s worth, before the Holders of the Subordinated Securities or the Trustee on their behalf shall be entitled to receive any assets or securities (other than shares of stock of the Partnership as reorganized
or readjusted or securities of the Partnership or any other corporation provided for 

  
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by a plan of reorganization or readjustment, junior to, or the payment of which is subordinated at least to the extent provided in this Article to the payment of, all Senior Indebtedness which
may at the time be outstanding or any securities issued in respect thereof under any such plan of reorganization or readjustment) in respect of the Subordinated Securities (for principal, premium or interest). Upon any such dissolution or winding up
or liquidation or reorganization, any payment or distribution of assets or securities of the Partnership of any kind or character, whether in cash, property or securities (other than as aforesaid), to which the Holders of the Subordinated Securities
or the Trustee on their behalf would be entitled, except for the provisions of this Article, shall be made by the Partnership or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution,
directly to the holders of Senior Indebtedness or their representatives to the extent necessary to pay all Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the
holders of Senior Indebtedness. In the event that, notwithstanding the foregoing, the Trustee or the Holder of any Subordinated Security shall, under the circumstances described in the two preceding sentences, have received any payment or
distribution of assets or securities of the Partnership of any kind or character, whether in cash, property or securities (other than as aforesaid) before all Senior Indebtedness is paid in full or payment thereof provided for in money or
money’s worth, and if such fact shall then have been made known to the Trustee or, as the case may be, such Holder, then such payment or distribution of assets or securities of the Partnership shall be paid over or delivered forthwith to the
receiver, trustee in bankruptcy, liquidating trustee, agent or other person making payment or distribution of assets or securities of the Partnership for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary
to pay all Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent payment or distribution to or for the holders of Senior Indebtedness. 

Subject to the payment in full, in money or money’s worth, of all Senior Indebtedness, the Holders of the Subordinated Securities
(together with the holders of any indebtedness of the Partnership which is subordinate in right of payment to the payment in full of all Senior Indebtedness and which is not subordinate in right of payment to the Subordinated Securities) shall be
subrogated to the rights of the holders of Senior Indebtedness to receive payments or distribution of assets or securities of the Partnership applicable to Senior Indebtedness until the principal of (and premium, if any) and interest on the Senior
Indebtedness shall be paid in full. No such payments or distributions applicable to Senior Indebtedness shall, as between the Partnership, its creditors other than the holders of Senior Indebtedness, and the Holders of the Subordinated Securities,
be deemed to be a payment by the Partnership to or on account of the Subordinated Securities, it being understood that the provisions of this Article are and are intended solely for the purpose of defining the relative rights of the Holders of the
Subordinated Securities, on the one hand, and the holders of Senior Indebtedness, on the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the Subordinated Securities is intended to or shall impair, as between the
Partnership and the Holders of Subordinated Securities, the obligation of the Partnership, which is unconditional and absolute, to pay to the Holders of the Subordinated Securities the principal of (and premium, if any) and interest on the
Subordinated Securities as and when the same shall become due and payable in accordance with their terms, or to affect (except to the extent specifically provided above in this paragraph) the relative rights of the Holders of the Subordinated
Securities and creditors of the Partnership other than the holders of Senior Indebtedness. Nothing contained herein shall prevent the Trustee or 

  
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the Holder of any Subordinated Security from exercising all remedies otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if any, under this Article, of
the holders of Senior Indebtedness in respect of assets or securities of the Partnership of any kind or character, whether cash, property or securities, received upon the exercise of any such remedy. 

Upon any payment or distribution of assets or securities of the Partnership referred to in this Article, the Trustee and the Holders of
the Subordinated Securities shall be entitled to rely upon any order or decree of a court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending, and upon a certificate of the receiver,
trustee in bankruptcy, liquidating trustee, agent or other person making any such payment or distribution, delivered to the Trustee or to the Holders of the Subordinated Securities for the purpose of ascertaining the persons entitled to participate
in such distribution, the holders of Senior Indebtedness and other indebtedness of the Partnership, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article.

 If: 
 (A) there shall have occurred a default in the payment on account of the principal of (or premium, if any) or interest on or other monetary amounts due and payable on any Senior Indebtedness, or

 (B) any other default shall have occurred concerning any Senior Indebtedness which permits the holder or
holders thereof to accelerate the maturity of such Senior Indebtedness following notice, the lapse of time, or both, or 
 (C) during any time Senior Indebtedness is outstanding, the principal of, and accrued interest on, any series of Subordinated Securities shall have been declared due and payable upon an Event of Default
pursuant to Section 602 hereof (and such declaration shall not have been rescinded or annulled pursuant to this Indenture); 
 then, unless
and until such default shall have been cured or waived or shall have ceased to exist, or such declaration shall have been waived, rescinded or annulled, no payment shall be made by the Partnership on account of the principal (or premium, if any) or
interest on the Subordinated Securities. 
 The Trustee shall be entitled to rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness (or a representative of such holder or a trustee under any indenture under which any instruments evidencing any such Senior Indebtedness may have been issued) to establish that such
notice has been given by a holder of such Senior Indebtedness or such representative or trustee on behalf of such holder. In the event that the Trustee determines in good faith that further evidence is required with respect to the right of any
Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to this Article Ten, the Trustee may request such Person to furnish evidence to the 

  
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reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and
any other facts pertinent to the right of such Person under this Article Ten, and, if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as to the right of such Person to receive such
payment or distribution. 
 Section 1003. Payment Prior to Dissolution or Default. 

Nothing contained in this Article or elsewhere in this Indenture, or in any of the Subordinated Securities, shall prevent (a) the
Partnership, at any time except under the conditions described in Section 1002 or during the pendency of any dissolution or winding up or total or partial liquidation or reorganization proceedings therein referred to, from making payments at
any time of principal of (or premium, if any) or interest on Subordinated Securities or from depositing with the Trustee or any Paying Agent moneys for such payments, or (b) the application by the Trustee or any Paying Agent of any moneys
deposited with it under this Indenture to the payment of or on account of the principal of (or premium, if any) or interest on Subordinated Securities to the Holders entitled thereto if such payment would not have been prohibited by the provisions
of Section 1002 on the day such moneys were so deposited. 
 Notwithstanding the provisions of Section 1001 or any
other provision of this Indenture, the Trustee and any Paying Agent shall not be charged with knowledge of the existence of any Senior Indebtedness, or of the occurrence of any default with respect to Senior Indebtedness of the character described
in Section 1002, or of any other facts which would prohibit the making of any payment of moneys to or by the Trustee or such Paying Agent, unless and until the Trustee shall have received, no later than three Business Days prior to such
payment, written notice thereof from the Partnership or from a holder of such Senior Indebtedness (or a representative of such holder or a trustee under any indenture under which any instruments evidencing any such Senior Indebtedness may have been
issued) and the Trustee shall not be affected by any such notice which may be received by it on or after such third Business Day. 
 Section 1004. Securityholders Authorize Trustee to Effectuate Subordination of Securities. 
 Each Holder of Subordinated Securities by his or her acceptance thereof authorizes and expressly directs the Trustee on his or her behalf to take such action in accordance with the terms of this Indenture
as may be necessary or appropriate to effectuate the subordination provisions contained in this Article Ten and to protect the rights of the Holders of Subordinated Securities pursuant to this Indenture, and appoints the Trustee his or her
attorney-in-fact for such purpose. 
 Section 1005. Right of Trustee to Hold Senior Indebtedness. 

The Trustee shall be entitled to all of the rights set forth in this Article Ten in respect of any Senior Indebtedness at any time held by
it to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall be construed to deprive the Trustee of any of its rights as such holder. 

  
 56 

 Section 1006. Article Ten Not to Prevent Events of Default. 

The failure to make a payment on account of principal of, premium, if any, or interest on the Subordinated Securities by reason of any
provision of this Article Ten shall not be construed as preventing the occurrence of an Event of Default under Section 601 or an event which with the giving of notice or lapse of time, or both, would become an Event of Default or in any way
prevent the Holders of Subordinated Securities from exercising any right hereunder other than the right to receive payment on the Subordinated Securities. 
 Section 1007. No Fiduciary Duty of Trustee to Holders of Senior Indebtedness. 
 With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform and observe only such covenants and obligations as are specifically set forth in this Article Ten, and no implied
covenants or obligations with respect to the holders of Senior Indebtedness shall be read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness, and shall not be
liable to any such holders if it shall in good faith (whether mistakenly or otherwise) pay over or distribute to the Holders of Subordinated Securities or the Partnership or any other Person, cash, property or securities to which any holders of
Senior Indebtedness shall be entitled by virtue of this Article Ten or otherwise. Nothing in this Section 1007 shall affect the obligation of any other such Person to hold such payment for the benefit of, and to pay such payment over to, the
holders of Senior Indebtedness or their representative. Nothing in this Article Ten shall apply to amounts due the Trustee pursuant to Section 607 or any other Section of this Indenture. 

Article Eleven 

Miscellaneous 
 Section 1101. Trust Indenture Act Controls. 
 If any provision of this
Indenture limits, qualifies or conflicts with the duties imposed by operation of TIA Section 318(c), the imposed duties shall control. 
 Section 1102. Notices. 
 Any notice or communication by the Partnership
or the Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), telex, facsimile or overnight air courier guaranteeing next day delivery, to the
other’s address: 
 If to the Partnership: 
 Energy Transfer Partners, L.P. 
 3738 Oak Lawn Avenue 

Dallas, Texas 75219 
 Attn: Martin Salinas, CFO 
 Telephone: (214) 981-0720 

Facsimile: (214) 981-0701 

  
 57 

 If to the Trustee: 
 U.S. Bank National Association 
 5847 San Felipe, Suite 1050 

Houston, Texas 77057 
 Attn: Corporate Trust Group 
 Telephone: (713) 278-4321 

Facsimile: (713) 278-4329 
 The Partnership 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; when answered back, if telexed; when receipt acknowledged, if by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery. 
 Any notice or communication to a Holder shall be mailed by first-class mail, postage prepaid,
to the Holder’s address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it, except in the case of notice to the Trustee, it is duly given only when received. 
 If the Partnership
mails a notice or communication to Holders, it shall mail a copy to the others and to the Trustee and each Agent at the same time. 
 All notices or communications, including without limitation notices to the Trustee or the Partnership by Holders, shall be in writing, except as otherwise set forth herein. 

In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice
required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 
 Section 1103. Communication by Holders with Other Holders. 
 Holders
may communicate pursuant to TIA Section 312(b) 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 TIA
Section 312(c). 

  
 58 

 Section 1104. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Partnership to the Trustee to take any action under this Indenture, the Partnership shall, if
requested by the Trustee, furnish to the Trustee at the expense of the Partnership: 
 (1) an Officers’ Certificate (which
shall include the statements set forth in Section 1105) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and

 (2) an Opinion of Counsel (which shall include the statements set forth in Section 1105 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been complied with. 
 Section 1105.
Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 

(1) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(2) 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; 
 (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
 Section 1106. Rules by Trustee and Agents. 
 The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or the Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 1107. Legal Holidays. 
 If a payment date is a Legal 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. 

  
 59 

 Section 1108. Governing Law. 

THIS INDENTURE AND THE DEBT SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 1109. No Adverse Interpretation of Other Agreements. 
 This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Partnership or any Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 1110. Successors. 
 All agreements of the Partnership in this Indenture and the Debt Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 1111. Severability. 
 In case any provision in this Indenture or in the Debt Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall, to the fullest
extent permitted by applicable law, not in any way be affected or impaired thereby. 
 Section 1112. Counterpart
Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. 
 Section 1113. Table of Contents, Headings, etc. 

The table of contents, cross-reference table and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 [Signature page follows] 

  
 60 

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

			
	Energy Transfer Partners, L.P.
		
	By:	 	/s/ Martin Salinas, Jr.
	Name:	 	Martin Salinas, Jr.
	Title:	 	Chief Financial Officer

  

			
	U.S. Bank National Association, as Trustee
		
	By:	 	/s/ Mauri J. Cowen
	Name:	 	Mauri J. Cowen
	Title:	 	Vice President

  
 61EX-4.4

 Exhibit 4.4 

 
  

 
 ENERGY TRANSFER PARTNERS, L.P.,

 as Issuer, 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 

FIRST SUPPLEMENTAL INDENTURE 
 Dated as of June 24, 2013 
 to 

Indenture dated as of June 24, 2013 
 Floating Rate Junior Subordinated Notes due 2066 
  

 
  

 Table of Contents 

 

					
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 SECTION 1.1 Generally
	  	 	1	  
	 SECTION 1.2 Definition of Certain Terms
	  	 	2	  
		
	 ARTICLE II GENERAL TERMS OF THE NOTES
	  	 	4	  
	 SECTION 2.1 Form
	  	 	4	  
	 SECTION 2.2 Title, Amount and Payment of Principal and Interest
	  	 	5	  
	 SECTION 2.3 Transfer and Exchange
	  	 	7	  
		
	 ARTICLE III REDEMPTION
	  	 	20	  
	 SECTION 3.1 Optional Redemption
	  	 	20	  
		
	 ARTICLE IV OPTION TO DEFER INTEREST PAYMENTS
	  	 	20	  
	 SECTION 4.1 Option to Defer Interest Payments
	  	 	20	  
	 SECTION 4.2 Notice of Deferral
	  	 	21	  
		
	 ARTICLE V ADDITIONAL COVENANTS; AMENDMENTS
	  	 	21	  
	 SECTION 5.1 Dividend and Other Payment Stoppages
	  	 	21	  
	 SECTION 5.2 Special Interest
	  	 	22	  
	 SECTION 5.3 Conforming Amendments
	  	 	23	  
		
	 ARTICLE VI EVENT OF DEFAULT
	  	 	23	  
	 SECTION 6.1 Events of Default
	  	 	23	  
		
	 ARTICLE VII SUBORDINATION
	  	 	24	  
	 SECTION 7.1 Subordination
	  	 	24	  
		
	 ARTICLE VIII MISCELLANEOUS PROVISIONS
	  	 	25	  
	 SECTION 8.1 Ratification of Base Indenture
	  	 	25	  
	 SECTION 8.2 Trustee Not Responsible for Recitals
	  	 	25	  
	 SECTION 8.3 Table of Contents, Headings, etc.
	  	 	25	  
	 SECTION 8.4 Counterpart Originals
	  	 	25	  
	 SECTION 8.5 Governing Law
	  	 	25	  

  
 i 

 THIS FIRST SUPPLEMENTAL INDENTURE dated as of June 24, 2013 (the “First
Supplemental Indenture”), is between Energy Transfer Partners, L.P., a Delaware limited partnership (the “Partnership”), and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”).

 RECITALS: 
 WHEREAS, the Partnership has executed and delivered to the Trustee an Indenture, dated June 24, 2013 (the “Base Indenture” and as supplemented by this First Supplemental Indenture, the
“Indenture”), providing for the issuance by the Partnership from time to time of its debentures, notes, bonds or other evidences of indebtedness to be issued in one or more series unlimited as to principal amount (the “Debt
Securities”); 
 WHEREAS, the Partnership has duly authorized and desires to cause to be established pursuant to the Base
Indenture and this First Supplemental Indenture a new series of Debt Securities designated the “Floating Rate Junior Subordinated Notes due 2066” (the “Notes”); 

WHEREAS, Sections 201 and 203 of the Base Indenture permit the execution of indentures supplemental thereto to establish the form and
terms of Debt Securities of any series; 
 WHEREAS, pursuant to Section 901 of the Base Indenture, the Partnership has
requested that the Trustee join in the execution of this First Supplemental Indenture to establish the form and terms of the Notes; 
 WHEREAS, all things necessary have been done to make the Notes, when executed by the Partnership and authenticated and delivered hereunder and under the Base Indenture and duly issued by the Partnership,
the valid obligations of the Partnership, and to make this First Supplemental Indenture a valid agreement of the Partnership enforceable in accordance with its terms. 
 NOW, THEREFORE, the Partnership and the Trustee hereby agree that the following provisions shall supplement the Base Indenture: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.1 Generally. 
 (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Base Indenture. 

(b) The rules of interpretation set forth in the Base Indenture shall be applied hereto as if set forth in full herein. 

  
 1 

 SECTION 1.2 Definition of Certain Terms. 

For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires,
the following terms shall have the following respective meanings: 
 “144A Global Note” means a Global
Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
 “Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 

“Calculation Agent” has the meaning set forth in Section 2.2. 

“Calculation Date” has the meaning set forth in Section 2.2. 

“Clearstream” means Clearstream Banking, S.A., or any successor clearance agency. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance
with Section 2.3 hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.1 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Exchange Notes” means the Notes issued in the Registered Exchange Offer pursuant to Section 2.3(f) hereof. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system, or any successor securities
clearance agency. 
 “Global Note Legend” means the legend set forth in Section 2.3(g)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture. 

  
 2 

 “Global Notes” means, individually and collectively, each of the Restricted Global
Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto, and that bears the Global Note Legend and that has the “Schedule
of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.1, 2.3(b)(3), 2.3(b)(4), 2.3(d)(2) or 2.3(f) hereof. 
 “Indebtedness” of any Person at any date means any obligation created or assumed by such Person for the repayment of borrowed money or any guaranty thereof. 

“Independent Investment Banker” means J.P. Morgan Securities LLC and UBS Securities LLC (and their respective successors) or,
if any such firm is not willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee and reasonably acceptable to the Partnership. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Letter of Transmittal” means the letter of transmittal to be prepared by the Partnership and sent to all Holders of Notes for
use by such Holders in connection with the Registered Exchange Offer. 
 “LIBOR Determination Date” has the meaning
set forth in Section 2.2. 
 “London banking day” means any day on which commercial banks are open for general
business (including dealings in deposits in U.S. dollars ) in London. 
 “Non-U.S. Person” means a Person who is not a
U.S. Person. 
 “Notes” has the meaning assigned to it in the second recital to this Indenture. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary,
Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Private Placement Legend” means the legend set forth in Section 2.3 (g)(1)(A) hereof to be placed on all Notes issued
under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Registered Exchange
Offer” has the meaning set forth in the Registration Rights Agreement. 
 “Registration Rights Agreement” means
the Registration Rights Agreement, dated as of June 24, 2013, among the Partnership and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time. 

  
 3 

 “Regulation S Global Note” means a Global Note substantially in the form of
Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of
the Notes sold in reliance on Rule 903 of Regulation S. 
 “Restricted Definitive Note” means a Definitive Note
bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement
Legend. 
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Reuters Page LIBOR01” has the meaning set forth in Section 2.2. 

“Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement.

 “Special Interest” has the meaning assigned to that term pursuant to the Registration Rights Agreement. 

“Three-month LIBOR” has the meaning set forth in Section 2.2. 

“Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement
Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private
Placement Legend. 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 ARTICLE II 
 GENERAL TERMS OF THE NOTES 
 SECTION 2.1 Form. 

The Notes and the Trustee’s certificates of authentication shall be substantially in the form of Exhibit A to this First Supplemental
Indenture, which is hereby incorporated into this First Supplemental Indenture. The terms and provisions contained in the Note shall constitute, and are hereby expressly made, a part of this First Supplemental Indenture and to the extent applicable,
the Partnership and the Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

  
 4 

 The Notes shall be issued upon original issuance in whole in the form of one or more Global
Notes substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the
form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be
specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made
by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.3 hereof. 
 The Notes are designated as Rule 144A Securities under the Indenture and the provisions of Section 403(b) of the Base Indenture shall apply to the Notes. 

Partnership initially appoints The Depository Trust Company to act as Depositary with respect to the Global Notes. 

SECTION 2.2 Title, Amount and Payment of Principal and Interest. 
 The Notes shall be entitled the “Floating Rate Junior Subordinated Notes due 2066”. The Trustee shall authenticate and deliver the Notes for original issue on the date hereof (the “Original
Notes”) in the aggregate principal amount of $545,531,000, and (ii) additional Notes for original issue from time to time after the date hereof in such principal amounts as may be specified in a Partnership Order described in this
sentence, in each case upon a Partnership Order for the authentication and delivery thereof and satisfaction of the other provisions of Section 204 of the Base Indenture. Such order shall specify the amount of the Notes to be authenticated, the
date on which the original issue of Notes is to be authenticated, and the name or names of the initial Holder or Holders. The aggregate principal amount of Notes that may be outstanding at any time may not exceed $600,000,000 plus such additional
principal amounts as may be issued and authenticated pursuant to clause (ii) of this paragraph (except as provided in Section 209 of the Base Indenture). The Original Notes and any additional Notes issued and authenticated pursuant to
clause (ii) of this paragraph shall constitute a single series of Debt Securities for all purposes under the Indenture. 

The principal amount of each Note shall be payable on November 1, 2066. The Notes shall bear interest from the date of original
issuance, or the most recent date to which interest has been paid, at the Three-Month LIBOR Rate plus 3.0175% per annum, reset quarterly on the LIBOR Determination Dates (the “Coupon Rate”) and will bear interest on any overdue
principal at the then prevailing Coupon Rate and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the then prevailing Coupon Rate (“Additional Interest”),
compounded quarterly, payable (subject to the provisions of Article IV) quarterly in arrears on February 1, May 1, August 1 and November 1 of each year, commencing August 1, 2013 (the “Interest Payment
Dates”) to the Person in whose name such Note is registered, subject to certain exceptions, at the close of business on the January 15, April 15, July 15 or October 15, as the case may be, next preceding such
Interest Payment Date). If any Interest Payment Date falls on a day that is not a Business Day, the payment will be made on the next 

  
 5 

 
Business Day and no interest will accrue on the amount of interest due on that Interest Payment Date for the period from and after the Interest Payment Date to the date of payment, except that,
if such Business Day is in the next succeeding calendar month, interest will be payable on the immediately preceding Business Day. The interest rate in effect on any LIBOR Determination Date will be the applicable rate as reset on that date and the
interest rate applicable to any other day will be the interest rate as reset on the immediately preceding LIBOR Determination Date. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. 

“Three-month LIBOR” means, with respect to any interest period, the rate (expressed as a percentage per annum) for deposits in
U.S. dollars for a three-month period commencing on the first day of that interest period that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time, on the LIBOR Determination Date for that interest period. If such rate does not appear on
Reuters Page LIBOR01, three- month LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for a three-month period commencing on the first day of that interest period and in a principal amount of not less than
$1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market selected by the Calculation Agent after consultation with us, at approximately 11:00 a.m., London time, on the LIBOR
Determination Date for that interest period. The Calculation Agent will request the principal London office of each of these banks to provide a quotation of its rate. If at least two such quotations are provided, three- month LIBOR with respect to
that floating-rate interest period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of such quotations. If fewer than two quotations are provided, three-month LIBOR with respect to that interest
period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of the rates quoted by three major banks in New York City selected by the Calculation Agent after consultation with us, at approximately 11:00
a.m., New York City time, on the first day of that interest period for loans in U.S. dollars to leading European banks for a three-month period commencing on the first day of that interest period and in a principal amount of not less than
$1,000,000. However, if fewer than three banks selected by the Calculation Agent to provide quotations are quoting as described above, three-month LIBOR for that interest period will be the same as three-month LIBOR as determined for the previous
interest period or, in the case of the interest period beginning on June 24, 2013, 3.29%. The establishment of three-month LIBOR for each interest period by the Calculation Agent will (in the absence of manifest error) be final and binding.

 “LIBOR Determination Date” means the second London banking day (as defined below) immediately preceding the first
day of the relevant interest period. 
 “Reuters Page LIBOR01” means the display so designated on the Reuters 3000
Xtra (or such other page as may replace that page on that service, or such other service as may be nominated by us as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered Rate for U.S.
dollar deposits ). 
 The “Calculation Agent” shall be the agent appointed by the Partnership to calculate the Coupon
Rate and will initially be U.S. Bank National Association. The Calculation Agent shall calculate the Coupon Rate in accordance with the foregoing. On or before each Calculation Date (as defined below), the Calculation Agent will determine the
interest rate and notify the Paying Agent. The “Calculation Date” pertaining to any LIBOR Determination Date will be the earlier 

  
 6 

 
of (i) the tenth calendar day after such LIBOR Determination Date, or, if any such day is not a Business Day, the next succeeding Business Day, and (ii) the Business Day immediately
preceding the applicable Interest Payment Date or the Stated Maturity, as the case may be. Absent manifest error, all determinations of the Calculation Agent shall be conclusive for all purposes and final and binding on the Partnership and the
Holders of the Notes, without any liability on the part of the Calculation Agent. The Calculation Agent shall, in its reasonable discretion, make all calculations and determinations regarding the Coupon Rate applicable to the Notes and neither the
Trustee nor the Paying Agent shall have the duty to verify determinations of the Coupon Rates made by the Calculation Agent. The Holder of this Note will not be entitled to any compensation from the Partnership for any loss suffered as a result of
any determination of the Coupon Rate by the Calculation Agent. 
 SECTION 2.3 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be
exchanged by the Partnership for Definitive Notes, in minimum denominations of $1,000 and multiples of $1,000 in excess thereof, if: 
 (1) the Partnership delivers to the Trustee notice from the Depositary that the Depositary is unwilling or unable to continue to act as Depositary or that the Depositary is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Partnership within 120 days after the date of such notice from the Depositary; 

(2) the Partnership in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged
for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Global Note be exchanged for Definitive Notes prior to (a) the expiration of the Restricted Period and
(b) the receipt of any certificates required under the provisions of Regulation S; or 
 (3) there has
occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of either of the
preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 209 and 212 of
the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.3 or Section 209 or 212 of the Base Indenture, shall be authenticated and delivered
in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.3(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.3(b), (c), (d) or (f) hereof. 

  
 7 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer
and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be
subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (1) or
(2) below, as applicable, as well as one or more of the other following subparagraphs of this Section 2.3, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial
interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in
the Regulation S Global Note may not be made to a “U.S. Person” or for the account or benefit of a U.S. Person. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.3(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.3(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 

(B) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in
an amount equal to the beneficial interest to be transferred or exchanged; and 
 (ii) instructions given by the
Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 

  
 8 

 Upon consummation of a Registered Exchange Offer by the Partnership in accordance with Section 2.3(f)
hereof, the requirements of this Section 2.3(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the
Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall
adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.3(h) hereof. 
 (3)
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted
Global Note if the transfer complies with the requirements of Section 2.3(b)(2) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; and 
 (B) if the transferee will take delivery in the form of a
beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof and if such transfer occurs prior to the expiration of the
Restricted Period then the transferee must hold such beneficial interest through Euroclear or Clearstream. 
 (4)
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest
in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.3(b)(2) above and:

 (A) such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the
Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a
Participating Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Partnership; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 

  
 9 

 (C) such transfer is effected by a Participating Broker-Dealer pursuant to
the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the
Registrar receives the following: 
 (i) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Partnership shall issue and, upon receipt of a Partnership Order in accordance with Section 204 of the Base Indenture, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the
form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive
Notes. 
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of
such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(2)(a) thereof; 

  
 10 

 (B) if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Partnership or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.3(h) hereof, and the Partnership shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant to this Section 2.3(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.3(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial
interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if:

 (A) such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the
Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Participating
Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Partnership; 

  
 11 

 (B) such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a Participating
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) if the holder of
such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or 
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes
to transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.3(b)(2) hereof, the Trustee shall cause the aggregate principal amount of the applicable
Unrestricted Global Note to be reduced accordingly pursuant to Section 2.3(h) hereof, and the Partnership shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.3(c)(3) shall be registered in such name or names and in such authorized denomination or denominations as the holder of
such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so
registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.3(c)(3) shall not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

  
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 (1) Restricted Definitive Notes to Beneficial Interests in Restricted
Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of
a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being
transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such Restricted
Definitive Note is being transferred to the Partnership or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note,
in the case of clause (B) above, the 144A Global Note and, in the case of clause (C) above, the Regulation S Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted
Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 

  
 13 

 (A) such exchange or transfer is effected pursuant to the Registered
Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Participating
Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Partnership; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives
the following: 
 (i) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(ii) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.3(d)(2), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B),
(2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Partnership shall issue and, upon receipt of a Partnership Order in accordance with Section 204 of the Base Indenture, the Trustee shall
authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

  
 14 

 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a
Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.3(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the
requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly
authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.3(e). 

(1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred
to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will
be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable. 
 (2) Restricted Definitive Notes to Unrestricted
Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if:

 (A) such exchange or transfer is effected pursuant to the Registered Exchange Offer in accordance with the
Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Participating Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Partnership; 
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 

  
 15 

 (C) any such transfer is effected by a Participating Broker-Dealer pursuant
to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the
Registrar receives the following: 
 (i) if the Holder of such Restricted Definitive Notes proposes to exchange
such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes.
A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the
occurrence of the Registered Exchange Offer in accordance with the Registration Rights Agreement, the Partnership shall issue and, upon receipt of a Partnership Order in accordance with Section 204 of the Base Indenture, the Trustee shall
authenticate: 
 (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes accepted for exchange in the Registered Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Participating
Broker-Dealers or if they are Participating Broker-Dealers, they will deliver a prospectus meeting the requirements of the Securities Act in connection with the resale of Exchange Notes, (B) they are not participating in a distribution of the
Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Partnership; and 
 (2)
Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Registered Exchange Offer by Persons that certify in the applicable Letters of Transmittal
that (A) they are not Participating Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Partnership. 

  
 16 

 Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and the Partnership will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted
Definitive Notes in the appropriate principal amount. 
 (g) Legends. The following legends will appear on the face of all
Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private Placement Legend. 
 (A) Except as permitted by
subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 

“THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933
(THE “SECURITIES ACT”). THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS
SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER
OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE.” 

  
 17 

 (B) Notwithstanding the foregoing, any Global Note or Definitive Note
issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.3 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.3 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.3(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 213 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE PARTNERSHIP. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST PARTNERSHIP (55 WATER STREET, NEW YORK, NEW YORK 10041) (“DTC”), 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 
 (3) Additional Legends. Definitive Notes issued to
affiliates (as defined under Rule 144) of the Partnership may bear additional legends to reflect further restrictions on transfer. 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has
been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 213 of the Base Indenture. At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by
such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for
or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by
the Depositary at the direction of the Trustee to reflect such increase. 

  
 18 

 (i) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Partnership shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon receipt of a Partnership Order in accordance with Section 204 of the Base Indenture or at the Registrar’s request. 

(2) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Partnership may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 212, 307, 309 and 905 of the Base Indenture). 
 (3) The Registrar shall not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes
or Definitive Notes shall be the valid obligations of the Partnership, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or
exchange. 
 (5) Neither the Registrar nor the Partnership shall be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business
15 days before the day of any selection of Notes for redemption under Section 303 of the Base Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a
Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due presentment for the
registration of a transfer of any Note, the Trustee, any Agent and the Partnership may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and
interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Partnership shall be affected by notice to the contrary. 

  
 19 

 (7) The Trustee shall authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 204 of the Base Indenture. 
 (8) All certifications, certificates
and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.3 to effect a registration of transfer or exchange may be submitted by facsimile. 

ARTICLE III 

REDEMPTION 

SECTION 3.1 Optional Redemption. 
 (a) The Notes are redeemable, at the option of the Partnership, in whole at any time or in part from time to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed
plus accrued and unpaid interest to, but excluding, the Redemption Date; provided that if the Notes are not redeemed in whole, at least $25 million aggregate principal amount of the Notes, excluding any Notes held by the Partnership or any of its
affiliates, must remain outstanding after giving effect to such redemption. 
 (b) The actual Redemption Price, determined as
provided in Section 3.1(a), shall be calculated and certified to the Trustee and the Partnership by the Independent Investment Banker. 
 (c) The Partnership shall have no obligation to redeem, purchase or repay the Notes pursuant to any mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof.

 ARTICLE IV 
 OPTION TO DEFER INTEREST PAYMENTS 
 SECTION 4.1 Option to Defer Interest
Payments. 
 So long as there is no Event of Default under the Indenture with respect to the Notes that is continuing, the
Partnership may defer interest payments on the Notes for a period of up to 10 consecutive years (each period, commencing on the date that the first such interest payment would otherwise have been made, an “Optional Deferral Period”),
except that no such Optional Deferral Period may extend beyond the Stated Maturity or redemption date, if earlier, of the Notes and the Partnership may not begin a new Optional Deferral Period until it has paid all accrued interest on the Notes from
the previous Optional Deferral Period. A deferral of interest payments may not extend beyond the Stated Maturity of the Notes, and the Company may not begin a new Optional Deferral Period until it has paid all accrued interest on the Notes from the
previous Optional Deferral Period. During the Optional Deferral Period, the interest on the Notes will continue to accrue at the Three-Month LIBOR Rate plus 301.75 basis points (3.0175%) reset quarterly. In addition, Additional Interest on any
deferred interest will accrue at a rate equal to the Coupon Rate then applicable to the Notes, compounded quarterly, to the extent permitted by law. 

  
 20 

 Before the end of any Optional Deferral Period that is shorter than 10 consecutive years,
the Partnership may extend the Optional Deferral Period, so long as the entire Optional Deferral Period does not exceed 10 consecutive years or extend beyond the Stated Maturity or Redemption Date, if earlier, of the Notes. The Partnership may also
elect to shorten the length of any Optional Deferral Period. No Optional Deferral Period (including as extended or shortened) may end on a day other than the last day of a scheduled quarterly Interest Payment Period. At the end of any Optional
Deferral Period, if all amounts then due on the Notes, including any Additional Interest, have been paid, the Partnership may elect to begin a new Optional Deferral Period. 
 SECTION 4.2 Notice of Deferral. 
 The Partnership will give the holders of the
Notes and the Trustee notice of any optional deferral of interest no more than 15 business days prior to the earlier of (1) the next succeeding Interest Payment Date or (2) the date upon which the Partnership is required to give notice to
the NYSE or any applicable self-regulatory organization or to Holders of the Notes of such next succeeding Interest Payment Date or the record date therefor. The special record date established under the Indenture for the payment of deferred
interest will be the regular record date with respect to the interest payment date at the end of the respective deferral period. 

ARTICLE V 

ADDITIONAL COVENANTS; AMENDMENTS 
 SECTION 5.1 Dividend and Other Payment Stoppages. 
 So long as any Notes remain
outstanding, if the Partnership shall have given notice of its election to defer interest payments on the Notes but the related Optional Deferral Period has not yet commenced, or an Optional Deferral Period is continuing; then it will not, nor will
it permit any Subsidiary of the Partnership to 
 (a) declare or pay any dividends or distributions on, or redeem, purchase,
acquire or make a liquidation payment with respect to, any units representing its partnership securities; 
 (b) make any payment
of principal of, or interest or premium, if any, on, or repay, purchase or redeem any of its debt securities that rank upon the Partnership’s liquidation on a parity with or junior to the Notes ; or 

(c) make any guarantee payments regarding any guarantee issued by the Partnership of securities of any of its Subsidiaries if the
guarantee ranks upon the Partnership’s liquidation on a parity with or junior to the Notes. 
 The restrictions listed above do not apply
to: 
 (a) any purchase, redemption or other acquisition of units representing the Partnership’s partnership securities in
connection with: 

  
 21 

 (1) any employment contract, benefit plan or other similar arrangement with
or for the benefit of any one or more employees, officers, directors, consultants or independent contractors; 

(2) the satisfaction of the Partnership’s obligations pursuant to any contract entered into prior to the beginning of
the applicable Optional Deferral Period; 
 (3) a dividend reinvestment or shareholder purchase plan; or

 (4) the issuance of the Partnership’s partnership securities, or securities convertible into or
exercisable for such partnership securities, as consideration in an acquisition transaction, the definitive agreement for which is entered into prior to the applicable deferral period; 

(b) any exchange, redemption or conversion of any class or series of the Partnership’s partnership securities, or the capital stock,
partnership securities or membership interests of one of the Partnership’s Subsidiaries, for any other class or series of the Partnership’s partnership securities, or of any class or series of the Partnership’s indebtedness for any
class or series of the Partnership’s partnership securities; 
 (c) any purchase of fractional interests in units of the
Partnership’s partnership securities pursuant to the conversion or exchange provisions of such partnership securities or the securities being converted or exchanged; 
 (d) any declaration of a dividend in connection with any shareholder rights plan, or the issuance of rights, stock or other property under any unitholder rights plan, or the redemption or purchase of
rights pursuant thereto; 
 (e) any dividend in the form of stock, warrants, options or other rights where the dividend stock or
stock issuable upon exercise of such warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock; or 

(f) (i) any payment of current or deferred interest on the Partnership’s debt securities that rank upon the Partnership’s
liquidation on a parity with the Notes (“parity securities”) that is made pro rata to the amounts due on such parity securities (including the Notes ) and (ii) any payment of principal or current or deferred interest on parity
securities that, if not made, would cause the Partnership to breach the terms of the instrument governing such parity securities. 
 For the avoidance of doubt, no terms of the Notes will restrict in any manner the ability of any of the Partnership’s Subsidiaries to pay dividends or make any distributions to the Partnership or to
any of the Partnership’s other Subsidiaries. 
 SECTION 5.2 Special Interest. 

The Partnership will pay to the Holder of any Notes Special Interest as expressly required pursuant to the Registration Rights Agreement.
Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium or interest on, or in respect of, any 

  
 22 

 
Notes, such mention shall be deemed to include mention of the payment of Special Interest provided for in this Section 5.2 to the extent that, in such context, Special Interest is, was or
would be payable in respect thereof pursuant to the provisions of this Section 5.2 and express mention of the payment of Special Interest (if applicable) in any provisions hereof shall not be construed as excluding Special Interest in those
provisions hereof where such express mention is not made. 
 SECTION 5.3 Conforming Amendments. 

In addition to those supplemental indentures permitted under Section 901 of the Base Indenture, without the consent of any Holders,
the Partnership, when authorized by a Board Resolution, and the Trustee, as requested in a Partnership Order, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture, each in a form reasonably
satisfactory to the Trustee, to modify and amend this First Supplemental Indenture, and any instruments evidencing the Notes, if such modification or amendment only conforms the terms of the First Supplemental Indenture or such instruments to the
terms thereof as contained in the offering memorandum of Energy Transfer Partners, L.P., with respect to the offering of the Notes dated May 16, 2013. 
 ARTICLE VI 
 EVENT OF DEFAULT 

SECTION 6.1 Events of Default. 
 Solely for purposes of the Notes, Section 601 of the Base indenture shall be deleted and replaced with the following: 
 “Event of Default,” wherever used herein with respect to the Notes, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(1) failure to pay interest on the Notes within 30 days after such interest is due (provided, however, that a failure to
pay interest during a valid Optional Deferral Period, pursuant to Section 4.1 will not constitute an Event of Default); 
 (2) failure to pay principal of or any premium on the Notes when due; or 
 (3) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Partnership in an involuntary case or proceeding under any applicable federal or
state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Partnership bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Partnership under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Partnership or of any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

  
 23 

 (4) the commencement by the Partnership of a voluntary case or proceeding
under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in
respect of the Partnership in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it,
or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Partnership or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of
its inability to pay its debts generally as they become due, or the authorization of any such action by the Board of Directors. 

The Trustee shall have no right or obligation under this Indenture or otherwise to exercise any remedies on behalf of the Holders of the
Notes pursuant to this Indenture in connection with any failure by the Partnership to comply with any covenant hereunder, which failure does not constitute, or with the giving of notice or passage of time would not constitute, an Event of Default
hereunder. 
 ARTICLE VII 
 SUBORDINATION 
 SECTION 7.1 Subordination. 

The Notes are designated as Subordinated Securities under the Indenture and the provisions of Article Ten of the Base Indenture shall
apply to the Notes, provided that, for the purposes of such Article Ten as it applies to the Notes, (a) the term “Senior Indebtedness” will not include (i) any indebtedness which by its terms ranks equally with the Notes in right
of payment, including guarantees of such indebtedness, (ii) any indebtedness which by its terms is subordinated to the Notes in right of payment, which shall rank junior in right of payment to the Notes, (iii) any indebtedness owed by the
Partnership to trade creditors incurred in connection with the purchase of goods, materials or services obtained in the ordinary course of business, which shall rank equally in right of payment with the Notes, (iv) indebtedness owed by the
Partnership to its Subsidiaries, which shall rank equally in right of payment with the Notes or (v) indebtedness owed by the Partnership to its employees, which shall rank equally in right of payment with the Notes, and (b) the first
sentence of the second paragraph of Section 1002 of the Base Indenture shall not apply to the Notes and the following shall apply to the Notes as if included in the Base Indenture in lieu thereof: 

“Subject to the payment in full, in money or money’s worth, of all Senior Indebtedness, the Holders of the Subordinated
Securities (together with the holders of any indebtedness of the Partnership which is subordinate in right of payment to the payment in full of all 

  
 24 

 
Senior Indebtedness and which is not subordinate in right of payment to the Subordinated Securities) shall be subrogated to the rights of the holders of Senior Indebtedness to receive payments or
distribution of assets or securities of the Partnership applicable to Senior Indebtedness until the principal of (and premium, if any) and interest on the Subordinated Securities shall be paid in full.” 

ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 
 SECTION 8.1 Ratification of Base Indenture.

 The Base Indenture, as supplemented by this First Supplemental Indenture, is in all respects ratified and confirmed, and this
First Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 
 SECTION 8.2 Trustee Not Responsible for Recitals. 
 The recitals contained herein
and in the Notes, except with respect to the Trustee’s certificates 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 First Supplemental Indenture or of the Notes. 
 SECTION 8.3 U.S.
Bank National Association as Calculation Agent 
 References to the Trustee in Sections 701(b), 702, 707 and 709 of the Base
Indenture shall be deemed also to include U.S. Bank National Association in its capacity as Calculation Agent, except that Section 701(b) shall be applicable to it in such capacity whether or not an Event of Default with respect to the Notes
shall then exist. If for any reason U.S. Bank National Association resigns or is removed as Trustee, it shall, automatically and without further action on the part of any Person, be deemed to have resigned or been removed as Calculation Agent.

 SECTION 8.4 Table of Contents, Headings, etc. 
 The table of contents and headings of the Articles and Sections of this First Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall
in no way modify or restrict any of the terms or provisions hereof. 
 SECTION 8.5 Counterpart Originals. 

The parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. 
 SECTION 8.6 Governing Law. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

  
 25 

 (Signature Pages Follow) 

  
 26 

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

 

			
	ISSUER:
	
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	Energy Transfer Partners GP, L.P.,
	Its:	 	General Partner
		
	By:	 	Energy Transfer Partners, L.L.C.
	Its:	 	General Partner
		
	By:	 	 /s/ Martin Salinas, Jr.

	Name:	 	Martin Salinas, Jr.
	Title:	 	Chief Financial Officer
	
	TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Mauri J. Cowen

	Name:	 	Mauri J. Cowen
	Title:	 	Vice President

 Signature Page of First Supplemental Indenture 

 Exhibit A 

FORM OF NOTE 
 [FACE OF SECURITY] 
 [THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.3 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.3(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 213 OF
THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE PARTNERSHIP.]* 

[UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK 10041) (“DTC”), 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.]* 

[THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE
“SECURITIES ACT”). THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF THIS
SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER
OF THIS SECURITY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (III)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE.]** 
  

			
	No.                     	 	$                     
		 	 CUSIP: [ — ]

ISIN: [ — ]

  
 A-1

 ENERGY TRANSFER PARTNERS, L.P. 

FLOATING RATE JUNIOR SUBORDINATED NOTES DUE 2066 
 ENERGY TRANSFER PARTNERS, L.P., a Delaware limited partnership (the “Partnership,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co.* or its registered assigns, the principal sum of             U.S. dollars ($            ),
[or such greater or lesser principal sum as is shown on the attached Schedule of Increases and Decreases in Global Security], on November 1, 2066 in such coin and currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts, and to pay interest thereon at the Three-Month LIBOR Rate plus 3.0175% per annum, reset quarterly on the LIBOR Rate Reset Dates (the “Coupon Rate”) payable on
February 1, May 1, August 1 and November 1 of each year, to the Person in whose name such Note is registered, subject to certain exceptions, at the close of business on the
January 15, April 15, July 15 or October 15, as the case may be, next preceding such Interest Payment Date), payable commencing August 1, 2013. 

Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all
purposes have the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this
Security are an integral part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

This Security is issued in respect of a series of Debt Securities of an initial aggregate principal amount of $545,531,000 designated as
the Floating Rate Junior Subordinated Notes due 2066 of the Partnership and is governed by the Indenture dated as of June 24, 2013 (the “Base Indenture”), duly executed and delivered by the Partnership, as issuer, to U.S. Bank
National Association, as trustee, as supplemented by the First Supplemental Indenture dated as of June 24, 2013, duly executed by the Partnership and U.S. Bank National Association (the “Trustee”) (the “First Supplemental
Indenture”, and together with the Base Indenture, the “Indenture”). The terms of the Indenture are incorporated herein by reference. This Security shall in all respects be entitled to the same benefits as definitive Debt Securities
under the Indenture. 
 If and to the extent any provision of the Indenture limits, qualifies or conflicts with any other
provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as amended (the “TIA”), such required provision shall
control. 
 This Security shall not be valid or become obligatory for any purpose until the Trustee’s Certificate of
Authentication hereon shall have been manually signed by the Trustee under the Indenture. 

  
 A-2

 IN WITNESS WHEREOF, the Partnership has caused this instrument to be duly executed by its
sole General Partner. 
 Dated: 
  

			
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	Energy Transfer Partners GP, L.P.
	Its:	 	General Partner
		
	By:	 	Energy Transfer Partners, L.L.C.
	Its:	 	General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

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

		 	Authorized Signatory

  
 A-3

 [REVERSE OF SECURITY] 

ENERGY TRANSFER PARTNERS, L.P. 
 FLOATING RATE JUNIOR SUBORDINATED NOTES DUE 2066 
 This Security is
one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Partnership (the “Debt Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, to which
Indenture reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Partnership and the Holders of the Debt Securities. The Debt Securities may be issued in one
or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different sinking, purchase or analogous funds (if any) and
may otherwise vary as provided in the Indenture. This Security is one of a series designated as the Floating Rate Junior Subordinated Notes due 2066 of the Partnership, in an initial aggregate principal amount of $545,531,000 (the
“Securities”). 
  

	1.	Interest. 

 The
Partnership promises to pay interest on the principal amount of this Security at the Three-Month LIBOR Rate plus 3.0175% per annum, reset quarterly on the LIBOR Rate Reset Dates (the “Coupon Rate”) and will bear interest on any
overdue principal at the then prevailing Coupon Rate and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the then prevailing Coupon Rate (“Additional Interest”),
compounded quarterly, and shall pay Special Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. 
 The Partnership will pay interest (subject to the provisions of Article IV) and Special Interest, if any, quarterly in arrears on February 1, May 1, August 1 and November 1
of each year (each an “Interest Payment Date”), commencing August 1, 2013. Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid on the Securities, from
June 24, 2013. Interest will be computed on the basis of a 360-day year and the actual number of days elapsed. The Partnership shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on
overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent lawful. 

 

	2.	Method of Payment. 

 The
Partnership shall pay interest and Special Interest, if any, on the Securities (except Defaulted Interest) to the persons who are the registered Holders at the close of business on the Regular Record Date immediately preceding the Interest Payment
Date. Any such interest and Special Interest, if any, not so punctually paid or duly provided for (“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of business on a special record date for the
payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may then be listed if such manner of payment shall be deemed practicable by the Trustee, as
more fully provided in the 

  
 A-4

 
Indenture. The Partnership shall pay principal, premium, if any, and interest and Special Interest, if any, in such coin or currency of the United States of America as at the time of payment
shall be legal tender for payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest and Special Interest, if any) will be made by wire transfer of immediately available funds to
the accounts specified by the Depositary. Payments in respect of Securities in definitive form (including principal, premium, if any, and interest and Special Interest, if any) will be made at the office or agency of the Partnership maintained for
such purpose within The City of New York, which initially will be at the corporate trust office of the Trustee located at 100 Wall Street, Suite 1600, New York, New York 10005, Mail Station: EX-NY-WALL, or, at the option of the Partnership, payment
of interest and Special Interest, if any, may be made by check mailed to the Holders on the relevant record date at their addresses set forth in the register of Holders maintained by the Registrar or at the option of the Holder, payment of interest
and Special Interest, if any, on Securities in definitive form will be made by wire transfer of immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely
wire transfer instructions to the Paying Agent. The Holder must surrender this Security to a Paying Agent to collect payment of principal. 
  

	3.	Paying Agent and Registrar. 

 Initially, U.S. Bank National Association will act as Paying Agent and Registrar. The Partnership may change any Paying Agent or Registrar at any time upon notice to the Trustee and the Holders. The
Partnership may act as Paying Agent. 
  

	4.	Indenture. 

 This Security
is one of a duly authorized issue of Debt Securities of the Partnership issued and to be issued in one or more series under the Indenture. 
 Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the Base Indenture, those made part of the Indenture by
reference to the TIA, as in effect on the date of the Base Indenture, and those terms stated in the First Supplemental Indenture. The Securities are subject to all such terms, and Holders of Securities are referred to the Base Indenture, the First
Supplemental Indenture and the TIA for a statement of them. The Securities of this series are general unsecured obligations of the Partnership limited to an initial aggregate principal amount of $600,000,000; provided, however, that the
authorized aggregate principal amount of such series may be increased from time to time as provided in the First Supplemental Indenture. 
  

	5.	Redemption. 

 Optional
Redemption. The Securities are redeemable, at the option of the Partnership, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest and Special Interest,
if any, to, but excluding, the Redemption Date; provided, that if the Securities are not redeemed in whole, at least $25 million aggregate principal amount of the Securities, excluding any Securities held by the Partnership or any of its
affiliates, must remain outstanding after giving effect to such redemption. 

  
 A-5

 The actual Redemption Price, calculated as provided above, shall be calculated and certified
to the Trustee and the Partnership by the Independent Investment Banker. 
 Except as set forth above, the Securities will not
be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any sinking fund. 
  

	6.	Denominations; Transfer; Exchange. 

 The Securities are to be issued in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of, or exchange,
Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. 

 

	7.	Person Deemed Owners. 

The registered Holder of a Security may be treated as the owner of it for all purposes. 

 

	8.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any provision may be waived, with the consent of the Holders of a majority
in principal amount of the outstanding Debt Securities of each series affected. Without consent of any Holder of a Security, the parties thereto may amend or supplement the Indenture to, among other things, cure any ambiguity or omission, to correct
any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Security. Any such consent or waiver by the Holder of this Security (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this
Security or such other Securities. 
  

	9.	Defaults and Remedies. 

Certain events of bankruptcy or insolvency are Events of Default that will result in the principal amount of the Securities, together with
premium, if any, and accrued and unpaid interest and Special Interest, if any, thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the Securities occurs and is
continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then outstanding may declare the principal amount of all the Securities, together with premium, if any, and accrued
and unpaid interest and Special Interest, if any, thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of
acceleration has been made, the Holders of a majority in principal amount of the outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment
or decree of a court already rendered and if all Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest and Special Interest, if any, which has become due solely by such declaration
acceleration, shall have been cured or 

  
 A-6

 
shall have been waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities
except as provided in the Indenture. The Trustee may require indemnity or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the
Securities then outstanding may direct the Trustee in its exercise of any trust or power. 
  

	10.	Subordination 

 Payment of
principal of, premium on, if any, interest and Special Interest, if any, on, the Notes is subordinated to the prior payment of Senior Debt on the terms provided in the Indenture. 

 

	11.	Trustee Dealings with Partnership. 

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

	12.	Authentication. 

 This
Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 
  

	13.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with right of
survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 
  

	14.	Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes. 

In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive
Notes will have all the rights set forth in the Registration Rights Agreement dated as of June 24, 2013, among the Partnership and the other parties named on the signature pages thereof (the “Registration Rights Agreement”).

  

	15.	CUSIP Numbers. 

 Pursuant
to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Partnership has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as
to the accuracy of such number as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon. 

  
 A-7

	16.	Absolute Obligation. 

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

	17.	No Recourse. 

 No
director, officer, employee, limited partner or shareholder, as such, of the Partnership or the General Partner shall have any personal liability in respect of the obligations of the Partnership under the Securities, the Indenture or any Guarantee
by reason of his, her or its status. Each Holder by accepting the Securities waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 

 

	18.	Governing Law. 

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

 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

			
	TEN COM—as tenants in common	  	UNIF GIFT MIN ACT—
		  	(Cust.)
	TEN ENT—as tenants by entireties	  	Custodian for:
		  	(Minor)
	JT TEN—as joint tenants with right of survivorship and not as tenants in common	  	Under Uniform Gifts to Minors Act of
		  	(State)

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

ASSIGNMENT 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE 

  
 A-8

 Please print or type name and address including postal zip code of assignee: 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing to transfer said Security on the books of the Partnership,
with full power of substitution in the premises. 
  

			
	Dated	  	Registered Holder

  
 A-9

 SCHEDULE OF INCREASES OR DECREASES 

IN GLOBAL SECURITY* 
 The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of Decrease

in Principal Amount
 of this Global
 Security
	 	 Amount of Increase

in Principal Amount
 of this Global
 Security
	  	Principal Amount of
this Global
Security
Following Such
Decrease (or Increase)	  	Signature of
Authorized Officer of
Trustee or
Depositary

  
  

	*	To be included in a Global Note. 

  
 A-10

 Exhibit B 

FORM OF CERTIFICATE OF TRANSFER 

Energy Transfer Partners, L.P. 
 3738 Oak Lawn
Avenue 
 Dallas, Texas 75219 
 U.S.
Bank National Association 
 5847 San Felipe, Suite 1050 
 Houston, Texas 77057 
 Re: Floating Rate Junior Subordinated Notes due 2066

 Reference is hereby made to the Indenture, dated as of June 24, 2013 (the “Base Indenture”), between
Energy Transfer Partners, L.P., as issuer (the “Partnership”) and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the first supplemental indenture, dated as of June 24, 2013
(together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
             , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A
hereto, in the principal amount of $            in such Note[s] or interests (the “Transfer”), to
            (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 
 1.      ̈   Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted
Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby
further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with
respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such
Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive
Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

2.      ̈   Check if Transferee will take delivery of
a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf 

  
 B-1

 
knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule
904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed Transfer is being made prior to the expiration of
the Restricted Period, the Transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3.      ̈   Check and complete if Transferee will take
delivery of a beneficial interest in a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to
beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor
hereby further certifies that (check one): 
 (a)
     ̈   such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 

or 

(b)      ̈   such Transfer is being effected
to the Partnership or a subsidiary thereof; 
 or 

(c)      ̈   such Transfer is being effected
pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act. 
 4.      ̈   Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an
Unrestricted Definitive Note. 
 (a)      ̈
  Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (b)
     ̈   Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

  
 B-2

 (c)      ̈  
Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and
in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Partnership. 

 

			
	  

	        [Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                     

  
 B-3

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 
  

	 	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP             ), or

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP             ), or

  

	 	(b)	 ̈ a Restricted Definitive Note. 

 

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

	 	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP             ), or

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP             ), or

  

	 	(iii)	 ̈ Unrestricted Global Note (CUSIP             ); or

  

	 	(b)	 ̈ a Restricted Definitive Note; or 

 

	 	(c)	 ̈ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 

  
 B-4

 Exhibit C 

FORM OF CERTIFICATE OF EXCHANGE 

Energy Transfer Partners, L.P. 
 3738 Oak Lawn
Avenue 
 Dallas, Texas 75219 
 U.S.
Bank National Association 
 5847 San Felipe, Suite 1050 
 Houston, Texas 77057 
 Re: Floating Rate Junior Subordinated Notes due 2066

 (CUSIP [            ]) 

Reference is hereby made to the Indenture, dated as of June 24, 2013 (the “Base Indenture”), between Energy
Transfer Partners, L.P., as issuer (the “Partnership”) and U.S. Bank National Association, as trustee (the “Trustee”), as supplemented by the first supplemental indenture, dated as of June 24, 2013 (together
with the Base Indenture, the “Indenture”), between the Partnership and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    , (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $            in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of
Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
 (a)      ̈   Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an
Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)      ̈   Check if Exchange is from beneficial interest
in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States. 

  
 C-1

 (c)      ̈
  Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted
Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)      ̈   Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with
the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United
States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a)      ̈   Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note
and in the Indenture and the Securities Act. 
 (b)      ̈
  Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in
compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Partnership. 

 

			
	  

	        [Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                                 

  
 C-2

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