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Exhibit 4.1  

 

PLAINS ALL AMERICAN PIPELINE, L.P.

PAA FINANCE CORP.
  as Issuers  

 and  

THE SUBSIDIARY GUARANTORS NAMED HEREIN
  as Guarantors  

$150,000,000  

 SERIES A AND SERIES B  

5.25% SENIOR NOTES DUE 2015  

FIFTH  

 SUPPLEMENTAL  

 INDENTURE  

Dated as of May 27, 2005  

 WACHOVIA BANK, NATIONAL ASSOCIATION

as Trustee  

 

  

 
 

TABLE OF CONTENTS    
    

	ARTICLE I	 	1
	 	Section 1.01.	 	Establishment	 	1
	

ARTICLE II    DEFINITIONS AND INCORPORATION BY REFERENCE	
 	

2
	 	Section 2.01.	 	Definitions	 	2
	 	Section 2.02.	 	Other Definitions	 	6
	

ARTICLE III    THE NOTES	
 	

6
	 	Section 3.01.	 	Form	 	6
	 	Section 3.02.	 	Issuance of Additional Notes	 	7
	 	Section 3.03.	 	Transfer of Transfer Restricted Securities	 	7
	 	Section 3.04.	 	Restrictive Legends	 	9
	

ARTICLE IV    REDEMPTION AND PREPAYMENT	
 	

10
	 	Section 4.01.	 	Optional Redemption	 	10
	 	Section 4.02.	 	Mandatory Redemption	 	10
	

ARTICLE V    COVENANTS	
 	

10
	 	Section 5.01.	 	Compliance Certificate	 	10
	 	Section 5.02.	 	Limitations on Liens	 	11
	 	Section 5.03.	 	Restriction of Sale-Leaseback Transaction	 	12
	 	Section 5.04.	 	SEC Reports; Financial Statements	 	13
	 	Section 5.05.	 	Additional Subsidiary Guarantees	 	13
	

ARTICLE VI    SUCCESSORS	
 	

13
	 	Section 6.01.	 	Consolidation and Mergers of the Issuers	 	13
	 	Section 6.02.	 	Rights and Duties of Successor	 	14
	 	Section 6.03.	 	Supplemental Indenture	 	14
	

ARTICLE VII    DEFAULTS AND REMEDIES	
 	

14
	 	Section 7.01.	 	Events of Default	 	14
	

ARTICLE VIII    LEGAL DEFEASANCE AND COVENANT DEFEASANCE	
 	

15
	 	Section 8.01.	 	Option to Effect Legal Defeasance or Covenant Defeasance	 	15
	 	Section 8.02.	 	Legal Defeasance and Discharge	 	16
	 	Section 8.03.	 	Covenant Defeasance	 	16
	 	Section 8.04.	 	Conditions to Legal or Covenant Defeasance	 	16
	 	Section 8.05.	 	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	 	17
	 	Section 8.06.	 	Repayment to Issuers	 	18
	 	Section 8.07.	 	Reinstatement	 	18
	

ARTICLE IX    SUBSIDIARY GUARANTEES	
 	

19
	 	Section 9.01.	 	Subsidiary Guarantees	 	19
	 	Section 9.02.	 	Limitation on Liability	 	20
	 	Section 9.03.	 	Successors and Assigns	 	20
	 	Section 9.04.	 	No Waiver	 	20
	 	Section 9.05.	 	Modification	 	20
	 	Section 9.06.	 	Execution of Supplemental Indenture for Future Subsidiary Guarantors	 	21
	 	Section 9.07.	 	Release of Guarantee	 	21
	 	 	 	 	 

	

ARTICLE X    MISCELLANEOUS	
 	

21
	 	Section 10.01.	 	Additional Amendments	 	21
	 	Section 10.02.	 	Integral Part	 	21
	 	Section 10.03.	 	Adoption, Ratification and Confirmation	 	21
	 	Section 10.04.	 	Counterparts	 	21
	 	Section 10.05.	 	Governing Law	 	21

	

EXHIBIT A:	
 	

Form of Note
	EXHIBIT B:	 	Form of Supplemental Indenture
	EXHIBIT C:	 	Certificate to be Delivered Upon Exchange or Registration of Transfer of Securities Pursuant to Rule 144A or Rule 501
	EXHIBIT D:	 	Transferee Letter of Representations
	EXHIBIT E:	 	Certificate to be Delivered Upon Exchange or Registration of Transfer of Securities Pursuant to Regulation S

        FIFTH SUPPLEMENTAL INDENTURE dated as of May 27, 2005 (this "Supplemental Indenture") among PLAINS ALL AMERICAN PIPELINE, L.P., a Delaware limited partnership (the "Partnership"),
PAA FINANCE CORP., a wholly owned subsidiary of the Partnership and a Delaware corporation ("PAA Finance" and, together with the Partnership, the "Issuers"), and the subsidiary guarantors signatory
hereto (the "Subsidiary Guarantors"), and WACHOVIA BANK, NATIONAL ASSOCIATION, as trustee (the "Trustee"). 

W
I T N E S S E T H: 

        WHEREAS,
the Issuers have heretofore entered into an Indenture, dated as of September 25, 2002 (the "Original Indenture"), with Wachovia Bank, National Association, as trustee; 

        WHEREAS,
the Original Indenture, as supplemented by this Supplemental Indenture, is herein called the "Indenture"; 

        WHEREAS,
under the Original Indenture, a new series of Debt Securities may at any time be established by the Boards of Directors of the Managing General Partner and PAA Finance in
accordance with the provisions of the Original Indenture and the form and terms of such series may be established by a supplemental Indenture executed by the Issuers and the Trustee; 

        WHEREAS,
also under the Original Indenture, guarantors with respect to a series of Debt Securities may be added as parties to the Indenture by a supplemental Indenture executed by
themselves, the Issuers and the Trustee; 

        WHEREAS,
the Issuers propose to create under the Indenture a new series of Debt Securities, such series to be guaranteed by the Subsidiary Guarantors; 

        WHEREAS,
additional Debt Securities of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from
time to time pursuant to the Original Indenture as at the time supplemented and modified; and 

        WHEREAS,
all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding obligation of the Issuers and the Subsidiary
Guarantors have been done or performed. 

        NOW,
THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the
parties hereto hereby agree as follows: 

ARTICLE I 

        Section 1.01.    Establishment.    (a) There is hereby established a new series of Debt Securities to be
issued under the Indenture, to be designated as the Issuers' 5.25% Senior Notes due 2015 (the "Notes"). As provided in Article III hereof, the Notes shall be issued as either Series A
Notes or Series B Notes, and any Notes may have such additional designation. 

        (b)   There
are to be authenticated and delivered $150,000,000 principal amount of Series A Notes on the Issue Date, and from time to time thereafter there may be
authenticated and delivered an unlimited principal amount of Additional Notes. Further, from time to time after the Issue Date, Series B Notes may be authenticated and delivered in a principal
amount equal to the principal amount of the Series A Notes exchanged therefor pursuant to an Exchange Offer. 

        (c)   The
Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out in Exhibit A hereto. The Depositary with
respect to the Notes shall be The Depository Trust Company. 

        (d)   Each
Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent date to which
interest has been paid or duly provided for. 

 

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

ARTICLE II

DEFINITIONS AND INCORPORATION BY REFERENCE 

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

        "Additional
Interest" means all additional interest owing on the Notes pursuant to a registration default under an Exchange and Registration Rights Agreement. 

        "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," as used with respect to any Person, shall mean the possession directly or indirectly of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; and the terms "controlling," "controlled by" and "under common control with" shall have correlative
meanings. 

        "Attributable
Indebtedness," when used with respect to any Sale-leaseback Transaction, means, as at the time of determination, the present value (discounted at the rate set
forth or implicit in the terms of the lease included in such transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of property
taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease
included in such Sale-leaseback Transaction (including any period for which such lease has been extended). In the case of any lease that is terminable by the lessee upon the payment of a
penalty or other termination payment, such amount shall be the lesser of the amount determined assuming termination upon the first date such lease may be terminated (in which case the amount shall
also include the amount of the penalty or termination payment, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated)
or the amount determined assuming no such termination. 

        "Capital
Interests" means any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, including, without limitation, with respect to
partnerships, partnership interests (whether general or limited) and any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such Person. 

        "Consolidated
Net Tangible Assets" means, at any date of determination, the total amount of assets after deducting therefrom: (1) all current liabilities (excluding (a) any
current liabilities that by their terms are extendible or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being
computed; and (b) current maturities of long-term debt); and (2) the amount, net of any applicable reserves, of all goodwill, trade names, trademarks, patents and other like
intangible assets, all as set forth on the consolidated balance sheet of the Partnership for its most recently completed fiscal quarter, prepared in accordance with GAAP. 

        "Debt"
means any obligation created or assumed by any Person for the repayment of money borrowed, any purchase money obligation created or assumed by such Person, and any guarantee of
the foregoing. 

2

 

        "Exchange
and Registration Rights Agreement" means (a) the Registration Rights Agreement among the Partnership, PAA Finance, the Subsidiary Guarantors and the Initial Purchasers
dated the Issue Date relating to the Series A Notes issued on such date and (b) any similar agreement that the Issuers may enter into in relation to any other Series A Notes, in
each case as such agreement may be amended or modified from time to time. 

        "Exchange
Offer" means the offer by the Issuers to the Holders of all outstanding Transfer Restricted Securities to exchange all such outstanding Transfer Restricted Securities held by
such Holders for Series B Notes, in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 

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

        "Guarantee"
means a guarantee of the Notes given by a Subsidiary Guarantor pursuant to the Indenture, including all obligations under Article IX hereof. 

        "guarantee"
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including,
without limitation, by way of a pledge of assets, or through letters of credit or reimbursement, "claw-back," "make-well," or "keep-well" agreements in respect
thereof), of all or any part of the payment of any Debt. The term "guarantee" used as a verb has a corresponding meaning. 

        "Initial
Purchasers" means J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC and the other initial purchasers party to the initial Exchange and Registration Rights
Agreement. 

        "Issue
Date" means, with respect to the Notes, the date on which the Notes are initially issued. 

        "Notes"
has the meaning assigned to it in Section 1.01(a) hereof, and includes both the Series A Notes and the Series B Notes. 

        "Obligations"
means any principal, interest, liquidated damages, penalties, fees, indemnifications, reimbursement obligations, damages and other liabilities payable under the
documentation governing any Debt. 

        "Pari
Passu Debt" means any Funded Debt of either of the Issuers, whether outstanding on the Issue Date of thereafter created, incurred or assumed, unless, in the case of any particular
Funded Debt, the instrument creating or evidencing the same or pursuant to which the same is outstanding expressly provides that such Funded Debt shall be subordinated in right of payment to the
Notes. 

        "Partnership
Agreement" means the Third Amended and Restated Agreement of Limited Partnership of Plains All American Pipeline, L.P., amended and restated effective as of June 27,
2001, as amended by Amendment No. 1 thereto dated as of April 15, 2004 and as such may be otherwise amended, modified or supplemented from time to time. 

        "Permitted
Liens" means: 

        (1)   Liens
upon rights-of-way for pipeline purposes; 

        (2)   any
statutory or governmental Lien or Lien arising by operation of law, or any mechanics', repairmen's, materialmen's, suppliers', carriers', landlords', warehousemen's
or similar Lien incurred in the ordinary course of business which is not yet due or which is being contested in good faith by appropriate proceedings and any undetermined Lien which is incidental to
construction, development, improvement or repair; 

3

 

        (3)   the
right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license, permit or by any provision of law,
to purchase or recapture or to designate a purchaser of, any property; 

        (4)   Liens
of taxes and assessments which are (A) for the then current year, (B) not at the time delinquent, or (C) delinquent but the validity of which
is being contested at the time by an Issuer or any Restricted Subsidiary in good faith; 

        (5)   Liens
of, or to secure performance of, leases, other than capital leases; 

        (6)   any
Lien upon, or deposits of, any assets in favor of any surety company or clerk of court for the purpose of obtaining indemnity or stay of judicial proceedings; 

        (7)   any
Lien upon property or assets acquired or sold by an Issuer or any Restricted Subsidiary resulting from the exercise of any rights arising out of defaults on
receivables; 

        (8)   any
Lien incurred in the ordinary course of business in connection with worker's compensation, unemployment insurance, temporary disability, social security, retiree
health or similar laws or regulations or to secure obligations imposed by statute or governmental regulations; 

        (9)   any
Lien in favor of an Issuer or any Restricted Subsidiary; 

        (10) any
Lien in favor of the United States of America or any state thereof, or any department, agency or instrumentality or political subdivision of the United States of
America or any state thereof, to secure partial, progress, advance, or other payments pursuant to any contract or statute, or any Debt incurred by an Issuer or any Restricted Subsidiary for the
purpose of financing all or any part of the
purchase price of, or the cost of constructing, developing, repairing or improving, the property or assets subject to such Lien; 

        (11) any
Lien securing industrial development, pollution control or similar revenue bonds; 

        (12) any
Lien securing Debt of an Issuer or any Restricted Subsidiary, all or a portion of the net proceeds of which are used, substantially concurrently with the funding
thereof (and for purposes of determining such "substantial concurrence," taking into consideration, among other things, required notices to be given to Holders of Outstanding Debt Securities
(including the Notes) in connection with such refunding, refinancing or repurchase, and the required corresponding durations thereof), to refinance, refund or repurchase all Outstanding Debt
Securities (including the Notes), including the amount of all accrued interest thereon and reasonable fees and expenses and premium, if any, incurred by the Issuers or any Restricted Subsidiary in
connection therewith; 

        (13) Liens
in favor of any Person to secure obligations under the provisions of any letters of credit, bank guarantees, bonds or surety obligations required or requested by
any governmental authority in connection with any contract or statute; 

        (14) any
Lien upon or deposits of any assets to secure performance of bids, trade contracts, leases or statutory obligations; 

        (15) any
Lien or privilege vested in any grantor, lessor or licensor or permittor for rent or other charges due or for any other obligations or acts to be performed, the
payment of which rent or other charges or performance of which other obligations or acts is required under leases, easements, rights-of-way, licenses, franchises, privileges,
grants or permits, so long as payment of such rent or the performance of such other obligations or acts is not delinquent or the requirement for such payment or performance is being contested in good
faith by appropriate proceedings; 

4

 

        (16) easements,
exceptions or reservations in any property of the Partnership or any of the Restricted Subsidiaries granted or reserved for the purpose of pipelines, roads,
the removal of oil, gas, coal or other minerals, and other like purposes for the joint or common use of real property, facilities and equipment, which are incidental to, and do not materially
interfere with, the ordinary conduct of its business or the business of the Partnership and its Subsidiaries, taken as a whole; 

        (17) Liens
arising under operating agreements, joint venture agreements, partnership agreements, oil and gas leases, farmout agreements, division orders, contracts for sale,
transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements and other agreements arising in the ordinary course of the
Partnership's or any Restricted Subsidiary's business that are customary in the business of marketing, transportation and terminalling of crude oil and/or marketing of liquefied petroleum gas; or 

        (18) any
obligations or duties to any municipality or public authority with respect to any lease, easement, right-of-way, license, franchise,
privilege, permit or grant. 

        "Principal
Property" means, whether owned or leased on the Issue Date or thereafter acquired: (1) any of the pipeline assets of the Partnership or the pipeline assets of any
Subsidiary of the Partnership, including any related facilities employed in the transportation, distribution, terminalling, gathering, treating, processing, marketing or storage of crude oil or
refined petroleum products, natural gas, natural gas liquids, fuel additives or petrochemicals, and (2) any processing or manufacturing plant or terminal owned or leased by the Partnership or
any Subsidiary of the Partnership; except, in the case of either clause (1) or (2), (a) any such assets consisting of inventories, furniture, office fixtures and equipment, including
data processing equipment, vehicles and equipment used on, or useful with, vehicles, and (b) any such assets, plant or terminal which, in the good faith opinion of the Board of Directors, is
not material in relation to the activities of the Partnership or the activities of the Partnership and its Subsidiaries, taken as a whole. 

        "Restricted
Subsidiary" means any Subsidiary of the Partnership owning or leasing, directly or indirectly through ownership in another Subsidiary, and Principal Property. 

        "Sale-leaseback
Transaction" means the sale or transfer by an Issuer or any Subsidiary of the Partnership of any Principal Property to a Person (other than an Issuer or a
Subsidiary of the Partnership) and the taking back by an Issuer or any Subsidiary of the Partnership, as the case may be, of a lease of such Principal Property. 

        "Securities"
shall have the meaning assigned to such term in the Exchange and Registration Rights Agreement relating thereto. 

        "Series A
Notes" means the Issuers' 5.25% Series A Senior Notes due 2015 to be issued pursuant to this Supplemental Indenture. 

        "Series B
Notes" means the Issuers' 5.25% Series B Notes due 2015 to be issued pursuant to an Exchange Offer. 

        "Subsidiary"
means, with respect to any Person: (1) any other Person of which more than 50% of the total voting power of shares or other Capital Interests entitled, without regard
to the occurrence of any contingency, to vote in the election of directors, managers or trustees (or equivalent persons) thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of such Person or a combination thereof; or (2) in the case of a partnership, more than 50% of the partners' Capital Interests, considering all
partners' Capital Interests as a single class, is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination
thereof. 

5

 

        "Subsidiary
Guarantors" means each of: 

        (1)   the
Subsidiaries of the Partnership named as the "Subsidiary Guarantors" on the signature pages of this Supplemental Indenture; 

        (2)   any
other Subsidiary that executes a supplemental Indenture to provide a Guarantee in accordance with the provisions of the Indenture; and 

        (3)   their
respective successors and assigns. 

Notwithstanding
anything in the Indenture to the contrary, PAA Finance, Plains LPG Services GP LLC, Plains LPG Services, L.P., Plains LPG Marketing, L.P. and Atchafalaya Pipeline, L.L.C. shall not be
Subsidiary Guarantors. 

        "Transfer
Restricted Securities" means any Notes outstanding prior to the Resale Restriction Termination Date with respect to such Notes and which must bear the legend required under
Section 3.04 hereof. 

        Section 2.02.    Other Definitions.    

	Term
 
	 	Defined in

Section
	 
	"Additional Notes"	 	3.02	 
	"Covenant Defeasance"	 	8.03	 
	"Distribution Compliance Period"	 	3.03	(c)
	"Event of Default"	 	7.01	 
	"IAI Global Note"	 	3.01	 
	"IAIs"	 	3.01	 
	"Legal Defeasance"	 	8.02	 
	"Note Obligations"	 	9.01	 
	"Payment Default	 	7.01	 
	"QIBs"	 	3.01	 
	"Regulation S"	 	3.01	 
	"Regulation S Global Note"	 	3.01	 
	"Required Filing Dates"	 	5.04	 
	"Resale Restriction Termination Date"	 	3.04	 
	"Rule 144A"	 	3.01	 
	"Rule 144A Global Note"	 	3.01	 
	"Successor Company"	 	6.01	 
	"U.S. Persons"	 	3.01	 

ARTICLE III

THE NOTES 

        Section 3.01.    Form.    The Notes shall be issued initially in the form of one or more Global Securities as
Series A Notes, with Series A Notes initially resold in reliance upon Rule 144A and Regulation S being represented by separate Global Securities, which are referred to
herein as the "Rule 144A Global Note" and the "Regulation S Global Note," respectively. The Series A Notes and Trustee's certificate of authentication shall be substantially in
the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this Supplemental Indenture, and the Issuers and the Trustee, by their execution and delivery of this
Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. The Series A Notes constituting Transfer Restricted Securities will be resold initially only to
(a) Qualified Institutional Buyers (as such term is defined in Section 144A of the Securities Act) ("QIBs") in reliance on Rule 144A of the Securities Act ("Rule 144A") and
(b) Persons other than U.S. Persons (as defined under Regulation S under the 

6

 

Securities
Act ("Regulation S")) ("U.S. Persons") in reliance on Regulation S. Thereafter, the Series A Notes may be transferred to, among others, QIBs, purchasers in reliance upon
Regulation S and institutional "accredited investors" (as defined in subparagraph (a)(1), (2), (3) or (7) of Rule 501 of the Securities Act ("IAIs")) in accordance with the
procedures set forth in Rule 501 of the Securities Act, provided that any Series A Notes constituting Transfer Restricted Securities that are transferred to IAIs who are not QIBs shall
be issued only in definitive form or in the form of interests in a separate Global Security (the "IAI Global Note"). Pursuant to the terms of an Exchange and Registration Rights Agreement, upon
consummation of the Exchange Offer contemplated thereby, the Series A Notes constituting Transfer Restricted Securities will be exchanged by the Holders for Series B Notes to be issued
by the Issuers in accordance with Section 3.03 hereof. The Series B Notes shall be issued initially in the form of one or more Global Securities, and the Series B Notes and the
Trustee's certificate of authentication shall be substantially in the form of Exhibit A hereto. 

        Section 3.02.    Issuance of Additional Notes.    The Issuers may, from time to time, issue an unlimited amount
of additional Series A Notes ("Additional Notes") under the Indenture, which shall be issued in the same form as the Series A Notes issued on the Issue Date and which shall have
identical terms as the Series A Notes issued on the Issue Date other than with respect to the issue date, issue price and date of first payment of interest. The Series A Notes issued on
the Issue Date shall be limited in aggregate principal amount to $150,000,000. The Series A Notes issued on the Issue Date and any Additional Notes subsequently issued, together with any
Series B Notes issued in exchange therefor pursuant to an Exchange Offer, shall be treated as a single series for all purposes under the Indenture, including waivers, amendments, redemptions
and offers to purchase. If the Issuers issue additional Series A Notes prior to the completion of an Exchange Offer, the period of the resale restrictions applicable to any Series A
Notes previously offered and sold in reliance on Rule 144A will be automatically extended to the last day of the period of any resale restrictions imposed on any such additional Series A
Notes. 

        Section 3.03.    Transfer of Transfer Restricted Securities.    

        (a)   When
Notes are presented to the Registrar with the request to register the transfer of such Notes or exchange such Notes for an equal principal amount of Notes of other
authorized denominations, the Registrar shall register the transfer or make the exchange in accordance with Article II of the Original Indenture. In addition, in the case of Series A
Notes that are Transfer Restricted Securities in definitive form, such request to register the transfer or make the exchange shall be accompanied by the following additional information and documents,
as applicable, upon which the Registrar may conclusively rely: 

        (1)   if
such Transfer Restricted Securities are being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification
from such Holder to that effect in substantially the form of Exhibit C hereto; or 

        (2)   if
such Transfer Restricted Securities are being transferred (i) to a QIB in accordance with Rule 144A under the Securities Act or (ii) pursuant to
an exemption from registration in accordance with Rule 144 under the Securities Act (and based upon an opinion of counsel if the Issuers or the Trustee so requests) or (iii) pursuant to
an effective registration statement under the Securities Act, a certification to that effect from such Holder in substantially the form of Exhibit C hereto; or 

        (3)   if
such Transfer Restricted Securities are being transferred to an IAI within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
Act pursuant to a private placement exemption from the registration requirements of the Securities Act (and based upon an opinion of counsel if the Issuers or the Trustee so requests), a certification
to that effect from such Holder in substantially the form of Exhibit C hereto and a certification from the applicable transferee in substantially the form of Exhibit D hereto; or 

        (4)   if
such Transfer Restricted Securities are being transferred to Persons other than U.S. Persons in reliance on Regulation S, a certification to that effect from
such Holder in substantially the form of Exhibit E hereto; or 

7

  

        (5)   if
such Transfer Restricted Securities are being transferred in reliance on another exemption from the registration requirements of the Securities Act (and based upon an
opinion of counsel if the Issuers or the Trustee so requests), a certification to that effect from such Holder in substantially the form of Exhibit C hereto. 

        (b)   Upon
any sale or transfer of a Transfer Restricted Security (including any Transfer Restricted Security represented by a Global Security) pursuant to Rule 144
under the Securities Act or an effective registration statement under the Securities Act: 

        (1)   in
the case of any Transfer Restricted Security that is in the form of a definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Security for a definitive Note that does not bear the legend set forth in Section 3.04(a) below and rescind any restriction on the transfer of such Transfer Restricted Security; and 

        (2)   in
the case of any Transfer Restricted Security represented by a Global Security, such Transfer Restricted Security shall not be required to bear the legend set forth in
Section 3.04(a) below if all other interests in such Global Security have been or are concurrently being sold or transferred pursuant to Rule 144 under the Securities Act or pursuant to
an effective registration statement under the Securities Act. 

Notwithstanding
the foregoing, upon consummation of an Exchange Offer, the Issuers shall issue and, upon receipt of an authentication order in accordance with Section 2.05 of the Original
Indenture, the Trustee shall authenticate Series B Notes in exchange for Series A Notes accepted for exchange in the Exchange Offer, which Series B Notes shall not bear the legend
set forth in Section 3.04(a) below, and the Registrar shall rescind any restriction on the transfer of such Notes, in each case unless the Holder of such Series A Notes is either
(1) is an affiliate of the Issuers within the meaning of Rule 405 under the Securities Act or an Initial Purchaser holding Series A Notes acquired by it and having the status of
an unsold allotment in the initial offering and sale of Series A Notes pursuant to the Purchase Agreement, dated as of May 25, 2005, between the Issuers, the other parties referred to as
"Plains Parties" therein and the Initial Purchasers, (2) does not acquire the Series B Notes in the ordinary course of such Holder's business or (3) has an arrangement or
understanding with any Person to participate in the Exchange Offer for the purpose of distributing such Series B Notes or is engaged in, and intends to engage in, any such distribution. The
Issuers shall identify to the Trustee such Holders of the Notes in a written certification signed by an officer of each Issuer and, absent certification from the Issuers to such effect, the Trustee
shall assume that there are no such Holders. 

        (c)   Until
the 40th day after the later of the commencement of the offering of the Series A Notes and the Issue Date thereof (such period, the "Distribution Compliance
Period"), a beneficial interest in a Regulation S Global Note may be transferred to a Person who takes delivery in the form of an interest in a Rule 144A Global Note or an IAI Global
Note only if the transferor first delivers to the Trustee a written certificate (in the form provided in Exhibit C hereto) to the effect that such transfer is being made to a Person who the
transferor reasonably believes is purchasing for its own account or accounts as to which it exercises sole investment discretion and that such Person is a QIB acquiring such Series A Notes in a
transaction meeting the requirements of Rule 144A or an IAI acquiring such Series A Notes pursuant to a private placement exemption under the Securities Act, in each case in accordance
with any applicable securities laws of any state of the United States or any other jurisdiction; provided that, in the case of a transfer to a Person who takes delivery in the form of an interest in
an IAI Global Note, such Person shall deliver to the Trustee a written certificate in the form provided in Exhibit D hereto. After the expiration of the Distribution Compliance Period, such
certification requirements shall not apply to such transfers of beneficial interests in the Regulation S Global Notes. 

        (d)   Beneficial
interests in a Rule 144A Global Note or an IAI Global Note may be transferred to a Person who takes delivery in the form of an interest in a
Regulation S Global Note, whether before 

8

 

or
after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the form provided in Exhibit C or E hereto, as
applicable) to the effect that such transfer is being made in accordance with Rule 904 of Regulation S or Rule 144 (if available). 

        Section 3.04.    Restrictive Legends.    

        (a)   Except
as provided in Section 3.03 hereof, prior to the Resale Restriction Termination Date, each security certificate evidencing the Notes shall bear a legend in
substantially the following form: 

        THE
ISSUANCE AND SALE OF THIS SECURITY (AND ANY GUARANTEE HEREOF) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY (NOR ANY GUARANTEE HEREOF) NOR ANY INTEREST OR PARTICIPATION HEREIN (OR THEREIN) MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF
IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS. THE
HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS SECURITY, AGREES FOR THE BENEFIT OF THE ISSUERS THAT THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED PRIOR TO THE EXPIRATION OF THE
HOLDING PERIOD APPLICABLE THERETO UNDER RULE 144(k) UNDER THE SECURITIES ACT WHICH IS APPLICABLE TO THIS SECURITY (THE "RESALE RESTRICTION TERMINATION DATE") OTHER THAN (1) TO THE ISSUERS OR
THEIR RESPECTIVE SUBSIDIARIES, (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES
IS A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) INSIDE THE UNITED STATES TO AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2), (3) OR
(7) UNDER THE SECURITIES ACT), (4) TO A NON-"U.S. PERSON" IN AN "OFFSHORE TRANSACTION" (AS SUCH TERMS ARE DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (5) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE EXEMPTION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT, IF AVAILABLE, OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OF LAW THAT THE
DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL, AND SUBJECT TO THE RIGHT OF THE ISSUERS OR THE TRUSTEE FOR THE SECURITIES
PRIOR TO ANY SUCH SALE, PLEDGE OR OTHER TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED
UPON REQUEST OF THE HOLDER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE. 

9

 

        (b)   Each
security certificate evidencing the Global Securities shall bear a legend in substantially the following form: 

        THIS
GLOBAL SECURITY IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS GLOBAL SECURITY
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10
OF THE ORIGINAL INDENTURE AND (D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 

ARTICLE IV

REDEMPTION AND PREPAYMENT 

        Section 4.01.    Optional Redemption.    

        (a)   At
their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes, at once or from time to time. 

        (b)   To
redeem the Notes, the Issuers must pay a redemption price in an amount determined in accordance with the provisions of paragraph number 5 of the form of Note in
Exhibit A hereto, plus accrued and unpaid interest, if any, including Additional Interest, if any, to the redemption date (subject to the right of Holders on the relevant record date to receive
interest due on the relevant interest payment date). 

        (c)   Any
redemption pursuant to this Section 4.01 shall otherwise be made pursuant to the provisions of Sections 3.01 through 3.03 of the Original Indenture. The
actual redemption price shall be set forth in an Officers' Certificate delivered to the Trustee no later than two Business Days prior to each redemption date. 

        Section 4.02.    Mandatory Redemption.    The Issuers shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes. 

ARTICLE V

COVENANTS 

        Section 5.01.    Compliance Certificate.    (a) In lieu of the Officers' Certificate required by
Section 4.05 of the Original Indenture, the Issuers and Subsidiary Guarantors shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers' Certificate
stating that a review of the activities of the Partnership and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers (one of whom shall be the
principal executive, financial or accounting officer of each Issuer and Subsidiary Guarantor) with a view to determining whether the Issuers have kept, observed, performed and fulfilled their
obligations under the Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed, performed and
fulfilled each and every covenant contained in the Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of the Indenture (or, if a Default
or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or propose to take with respect
thereto) and that to the best of his or her knowledge no 

10

 

event
has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of
the event and what action the Issuers are taking or propose to take with respect thereto. 

        (b)   The
Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith and in any event within five days upon any Officer becoming aware of
any Default or Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers' Certificate specifying such Default or Event of Default
and what action the Issuers are taking or propose to take with respect thereto. 

        Section 5.02.    Limitations on Liens.    The Issuers will not, nor will they permit any Subsidiary of the
Partnership to, create, assume, incur or suffer to exist any Lien upon any Principal Property or upon any Capital Interests of any Restricted Subsidiary, whether owned or leased on the Issue Date or
thereafter acquired, to secure any Debt of an Issuer or any other Person (other than Debt Securities), without in any such case making effective provision whereby all of the Notes shall be secured
equally and ratably with, or prior to, such Debt so long as such Debt shall be so secured. This restriction shall not apply to: 

        (a)   Permitted
Liens; 

        (b)   any
Lien upon any property or assets created at the time of acquisition of such property or assets by an Issuer or any Restricted Subsidiary or within one year after
such time to secure all or a portion of the purchase price for such property or assets or Debt incurred to finance such purchase price, whether such Debt was incurred prior to, at the time of or
within one year after the date of such acquisition; 

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

        (d)   any
Lien upon any property or assets existing thereon at the time of the acquisition thereof by an Issuer or any Restricted Subsidiary (whether or not the obligations
secured thereby are assumed by an Issuer or any Restricted Subsidiary); provided, however, that such Lien only encumbers the property or assets so acquired; 

        (e)   any
Lien upon any property or assets of a Person existing thereon at the time such Person becomes a Restricted Subsidiary by acquisition, merger or otherwise; provided,
however, that such Lien only encumbers the property or assets of such Person at the time such Person becomes a Restricted Subsidiary; 

        (f)    any
Lien upon any property or assets of an Issuer or any Restricted Subsidiary in existence on December 10, 2003 or provided for pursuant to agreements existing
on December 10, 2003; 

        (g)   Liens
imposed by law or order as a result of any proceeding before any court or regulatory body that is being contested in good faith, and Liens which secure a judgment
or other court-ordered award or settlement as to which an Issuer or the applicable Restricted Subsidiary, as the case may be, has not exhausted its appellate rights; 

        (h)   any
extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals, refinancing, refunding or replacements) of Liens, in whole or in part,
referred to in clauses (a) through (g), inclusive, of this Section 5.02; provided, however, that any such extension, renewal, refinancing, refunding or replacement Lien shall be limited
to the property or assets covered by the Lien extended, renewed, refinanced, refunded or replaced and that the obligations secured by any such extension, renewal, refinancing, refunding or replacement
Lien shall be in an amount not greater than the amount of the obligations secured by the Lien extended, renewed, refinanced, refunded or replaced 

11

 

and
any expenses of the Issuers and the Restricted Subsidiaries (including any premium) incurred in connection with such extension, renewal, refinancing, refunding or replacement; or 

        (i)    any
Lien resulting from the deposit of moneys or evidence of indebtedness in trust for the purpose of defeasing Debt of an Issuer or any Restricted Subsidiary. 

        Notwithstanding
the foregoing provisions of this Section 5.02, the Issuers may, and may permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien upon
any Principal Property or Capital Interests of a Restricted Subsidiary to secure Debt of an Issuer or any Person (other than Debt Securities) that is not excepted by clauses (a) through (i),
inclusive, of this Section 5.02 without securing the Notes, provided that the aggregate principal amount of all Debt then outstanding secured by such Lien and all other Liens not excepted by
clauses (a) through (i), inclusive, of this Section 5.02, together with all Attributable Indebtedness from Sale-leaseback Transactions (excluding Sale-leaseback
Transactions permitted by clauses (a) through (d), inclusive, of Section 5.03), does not exceed 10% of Consolidated Net Tangible Assets. 

        Section 5.03.    Restriction of Sale-Leaseback Transactions.    The Issuers will not, and will not
permit any Subsidiary of the Partnership to, engage in a Sale-Leaseback Transaction, unless: 

        (a)   such
Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date
of the completion of construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; 

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

        (c)   the
Attributable Indebtedness from that Sale-Leaseback Transaction is an amount equal to or less than the amount the Issuers or such Subsidiary would be
allowed to incur as Debt secured by a Lien on the Principal Property subject thereto without equally and ratably securing the Notes under Section 5.02; or 

        (d)   the
Issuers or such Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not
less than the net sale proceeds from such Sale-Leaseback Transaction to (A) the prepayment, repayment, redemption, reduction or retirement of any Pari Passu Debt of an Issuer or any
Subsidiary of the Partnership, or (B) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of the Partnership or its Subsidiaries. 

        Notwithstanding
the foregoing provisions of this Section 5.03, the Issuers may, and may permit any Subsidiary of the Partnership to, effect any Sale-Leaseback
Transaction that is not excepted by clauses (a) through (d), inclusive, of this Section 5.03, provided that the Attributable Indebtedness from such Sale-leaseback
Transaction, together with the aggregate principal amount of then outstanding Debt (other than Debt Securities) secured by Liens upon Principal Property not excepted by clauses (a) through (i),
inclusive, of Section 5.02, does not exceed 10% of Consolidated Net Tangible Assets. 

12

   
        Section 5.04.    SEC Reports; Financial Statements.    

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

        (b)   If
such filings are not then permitted by the Commission, or such filings are not generally available on the Internet free of charge, the Issuers shall provide the
Trustee with, and the Trustee will mail to any Holder of Notes requesting in writing to the Trustee copies of, such annual, quarterly and other periodic reports specified in Sections 13 and 15(d) of
the Exchange Act within 15 days after the respective Required Filing Dates. 

        (c)   In
addition, the Issuers shall furnish to the Holders of Notes and to prospective investors, upon the requests of Holders of Notes, any information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act, so long as the Notes are not freely transferable under the Securities Act. 

        (d)   The
Partnership shall provide the Trustee with a sufficient number of copies of all reports and other documents and information that the Trustee may be required to
deliver to Holders of Notes under clause (b) of this Section 5.04. 

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

        Section 5.05.    Additional Subsidiary Guarantees.    If any Subsidiary (or its successor) of the Partnership
that is not then a Subsidiary Guarantor guarantees Debt of either of the Issuers or any other Subsidiary of the Partnership, in either case after the Issue Date, then such Subsidiary (or successor)
shall execute
and deliver a supplemental Indenture providing for the guarantee of the payment of the Notes pursuant to Article IX hereof. 

ARTICLE VI

SUCCESSORS 

        With
respect to the Notes, the provisions of this Article VI shall preempt the provisions of Article X of the Original Indenture in their entirety. 

        Section 6.01.    Consolidation and Mergers of the Issuers.    Neither Issuer shall consolidate or amalgamate
with or merge with or into any Person, or sell, convey, transfer, lease or otherwise dispose of all or substantially all its assets to any Person, whether in a single transaction or a series of
related transactions, except (1) in accordance with the provisions of the Partnership Agreement, and (2) unless: (a) either (i) such Issuer shall be the surviving Person in
the case of a merger or (ii) the resulting, surviving or transferee Person if other than such Issuer (the "Successor Company") shall be a partnership, limited liability company or corporation
organized and existing under the laws of the United States, any state thereof or the District of Columbia (provided that PAA Finance may not merge, amalgamate or consolidate with or into another
Person other than a corporation satisfying such requirement for so long as the Partnership is not a corporation) and the Successor Company shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form 

13

 

reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest (including Additional Interest, if any) on all of the Notes, and the due and
punctual performance or observance of all the other obligations under the Indenture to be performed or observed by such Issuer; (b) immediately after giving effect to such transaction or series
of transactions, no Default or Event of Default would occur or be continuing; (c) if such Issuer is not the continuing Person, then each Subsidiary Guarantor, unless it has become the Successor
Company, shall confirm that its Guarantee shall continue to apply to the obligations under the Notes and the Indenture; and (d) such Issuer shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition and such supplemental Indenture (if any)
comply with this Section 6.01 and any other applicable provisions of the Indenture. 

        Section 6.02.    Rights and Duties of Successor.    In case of any consolidation, amalgamation or merger where
an Issuer is not the continuing Person, or disposition of all or substantially all of the assets of an Issuer in accordance with Section 6.01, the Successor Company shall succeed to and be
substituted for such Issuer with the same effect as if it had been named herein as the respective party to the Indenture, and the predecessor entity shall be released from all liabilities and
obligations under the Indenture and the Notes, except that no such release will occur in the case of a lease of all or substantially all of an Issuer's assets. In case of any such consolidation,
amalgamation, merger, sale, conveyance, transfer,
lease or other disposition, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

        Section 6.03.    Supplemental Indenture.    Section 9.01 of the Original Indenture is hereby amended,
with respect to the Notes, by adding the words "or the confirmation of a Subsidiary Guarantor's" immediately after the word "Issuer's" in Section 9.01(c). 

ARTICLE VII

DEFAULTS AND REMEDIES 

        Section 7.01.    Events of Default.    With respect to the Notes, the provisions of this Section 7.01
shall preempt the provisions of the first and final paragraphs of Section 6.01 of the Original Indenture in their entirety. 

        (a)   An
"Event of Default" occurs if: 

          (i)  the
Issuers default for 60 days in the payment when due of interest on, or Additional Interest with respect to, the Notes; 

         (ii)  the
Issuers default in the payment when due of principal of or premium, if any, on the Notes at maturity, upon redemption or otherwise; 

        (iii)  failure
by an Issuer or any Subsidiary Guarantor for 30 days after receipt of notice by the Issuers from the Trustee or to the Issuers and the Trustee by the
Holders of at least 25% in principal amount of the Notes then Outstanding to comply with any other term, covenant or warranty in the Indenture or the Notes
(provided that notice need not be given, and an Event of Default shall occur, 30 days after any breach of the provisions of Section 6.01
hereof); 

        (iv)  default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Debt of an Issuer or any of the
Partnership's Subsidiaries (or the payment of which is guaranteed by the Partnership or any of its Subsidiaries), whether such Debt or guarantee now exists or is created after the Issue Date, if that
default (A) is caused by a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace period provided in such Debt (a "Payment Default") or
(B) results in the acceleration of the maturity of such Debt to a date prior to its original stated maturity, and, in 

14

 

each
case described in clause (A) or (B), the principal amount of any such Debt, together with the principal amount of any other such Debt under which there has been a Payment Default or the
maturity of which has been so accelerated, aggregates $25.0 million or more; provided, further, that if any such default is cured or waived or
any such acceleration rescinded, or such Debt is repaid, within a period of 30 days from the continuation of such default beyond the applicable grace period or the occurrence of such
acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment
or decree; 

         (v)  except
as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force and effect (except as otherwise provided in the Indenture) or is
declared null and void in a judicial proceeding or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under the Indenture or
its Guarantee; 

        (vi)  an
Issuer or any Subsidiary Guarantor pursuant to or within the meaning of any Bankruptcy Law: 

        (A)  commences
a voluntary case, 

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

        (C)  consents
to the appointment of a custodian of it or for all or substantially all of its property, 

        (D)  makes
a general assignment for the benefit of its creditors, or 

        (E)  generally
is not paying its debts as they become due; or 

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

        (A)  is
for relief against an Issuer or any Subsidiary Guarantor in an involuntary case; 

        (B)  appoints
a custodian of an Issuer or any Subsidiary Guarantor or for all or substantially all of the property of an Issuer or any Subsidiary Guarantor; or 

        (C)  orders
the liquidation of an Issuer or any Subsidiary Guarantor; 

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

        (b)   In
the case of an Event of Default arising from Section 7.01(a)(vi) or 7.01(a)(vii) hereof involving an Issuer (and, for the avoidance of debt,
excluding any such Event of Default that involves only one or more Subsidiary Guarantors), the principal amount of all Outstanding Notes and interest thereon shall become due and payable immediately
without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Notes may declare the
principal amount of all the Notes and interest thereon to be due and payable immediately by a notice in writing to the Issuers (and to the Trustee if given by the Holders) and upon any such
declaration such principal amount and interest thereon shall be due and payable immediately. 

ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

        Section 8.01.    Option to Effect Legal Defeasance or Covenant Defeasance.    The Issuers may, at the option of
the Boards of Directors evidenced by a Board Resolution set forth in an Officers' Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes
and Guarantees upon compliance with the conditions set forth below in this Article VIII. 

15

 

        Section 8.02.    Legal Defeasance and Discharge.    Upon the Issuers' exercise under Section 8.01 hereof
of the option applicable to this Section 8.02, each of the Issuers and the Subsidiary Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and Guarantees on the date the
conditions set forth below are satisfied (hereinafter, "Legal Defeasance"). For this purpose, Legal Defeasance means that each of the Issuers shall be deemed to have paid and discharged the entire
Debt represented by the outstanding Notes, which shall thereafter be deemed to be "Outstanding" only for the purposes of Section 8.05 hereof and the other Sections of the Indenture referred to
in (a) and (b) below, and to have satisfied all its other obligations under such Notes and the Indenture, and each of the Subsidiary Guarantors shall be deemed to have discharged its
obligations under its Guarantee (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder: 

        (a)   the
rights of Holders of Outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section,
payments in respect of the principal of, premium on, if any, interest and Additional Interest, if any, on such Notes when such payments are due (but not the Change of Control Payment or the payment
pursuant to an Asset Sale Offer), 

        (b)   the
Issuers' obligations with respect to such Notes under Sections 2.07, 2.08, 2.09 and 4.02 of the Original Indenture, 

        (c)   the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuers' obligations in connection therewith, 

        (d)   this
Article VIII, and 

        (e)   the
Issuers' rights of optional redemption under Section 4.01 hereof. 

Subject
to compliance with this Article VIII, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of their option under Section 8.03
hereof. 

        Section 8.03.    Covenant Defeasance.    Upon the Issuers' exercise under Section 8.01 hereof of the
option applicable to this Section 8.03, each of the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under
the covenants contained in Sections 5.02, 5.03, 5.04 and 5.05 hereof with respect to the Outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied
(hereinafter, "Covenant Defeasance"), and the Notes shall thereafter be deemed not "Outstanding" for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be deemed "Outstanding" for all other purposes hereunder (it being understood that such Notes shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the Outstanding Notes, the Issuers may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default
under Section 7.01 hereof, but, except as specified above, the remainder of the Indenture, the Guarantees and such Notes shall be unaffected thereby. 

        Section 8.04.    Conditions to Legal or Covenant Defeasance.    The following shall be the conditions to the
application of either Section 8.02 or 8.03 hereof to the Outstanding Notes: 

        In
order to exercise either Legal Defeasance or Covenant Defeasance: 

        (a)   the
Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in Dollars, U.S. Government Obligations, or a
combination thereof, in such amounts 

16

 

as
shall be sufficient, in the written opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium on, if any, interest and Additional Interest, if any,
on the Outstanding Notes at the Stated Maturity thereof or on the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to maturity or to a
particular redemption date; 

        (b)   in
the case of an election under Section 8.02 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that (i) the Issuers
have received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of the Indenture, there has been a change in the applicable federal income tax
law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Outstanding Notes shall not recognize income, gain or loss for federal income
tax purposes as a result of such Legal Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred; 

        (c)   in
the case of an election under Section 8.03 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that the Holders of the
Outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

        (d)   no
Default or Event of Default shall have occurred and be continuing either (i) on the date of such deposit (other than a Default or Event of Default resulting
from the incurrence of Debt all or a portion of the proceeds of which shall be applied to such deposit) or (ii) insofar as Section 7.01(a)(vi) or 7.01(a)(vii) hereof is
concerned, at any time in the period ending on the 91st day after the date of deposit; 

        (e)   such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any agreement or instrument (other than the
Notes and the Indenture) to which the Partnership or any of its Subsidiaries is a party or by which the Partnership or any of its Subsidiaries is bound; 

        (f)    the
Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit, the trust funds shall not be subject
to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; 

        (g)   the
Issuers shall have delivered to the Trustee an Officers' Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders
over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuers; and 

        (h)   the
Issuers shall have delivered to the Trustee an Officers' Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating
to the Legal Defeasance or the Covenant Defeasance have been complied with. 

        Section 8.05.    Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous
Provisions.    Subject to Section 8.06 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the "Trustee") pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Notes and the Indenture, to the payment, either directly or through any paying agent (including an Issuer acting as paying agent) as the
Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium on, if any, interest and Additional Interest, if any, but such money need
not be segregated from other funds except to the extent required by law. 

17

 

        The
Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to
Section 8.04 hereof 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 the Outstanding Notes. 

        Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the written request of the Issuers any money
or U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance. 

        Section 8.06.    Repayment to Issuers.    Any money deposited with the Trustee or any paying agent, or then
held by the Issuers, in trust for the payment of the principal of, premium on, if any, interest or Additional Interest, if any, on any Note and remaining unclaimed for two years after such principal,
premium, if any, interest or Additional Interest, if any, has become due and payable shall be paid to the Issuers on their written request or (if then held by the Issuers) shall be discharged from
such trust; and the Holder of such Note shall thereafter, as an unsecured creditor, look only to the Issuers for payment thereof, and all liability of the Trustee or such paying agent with respect to
such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such paying agent,
before being required to make any such repayment, may at the expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such
money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money
then remaining shall be repaid to the Issuers. 

        Section 8.07.    Reinstatement.    If the Trustee or paying agent is unable to apply any Dollars or U.S.
Government Obligations in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Issuers' obligations under the Indenture and the Notes and the Subsidiary Guarantors' obligations under the Guarantees shall be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or paying agent is permitted to apply all such money in accordance with
Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuers make any payment of principal of, premium on, if any,
interest or Additional Interest, if any, on any Note following the reinstatement of their obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money held by the Trustee or paying agent. 

18

   ARTICLE IX

SUBSIDIARY GUARANTEES 

        Section 9.01.    Subsidiary Guarantees.    (a) Each Subsidiary Guarantor hereby jointly and severally
unconditionally and irrevocably guarantees on a senior basis to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment of principal, premium, if any,
interest, and Additional Interest, if any, with respect to, the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Issuers
under the Indenture (including obligations to the Trustee) and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuers under
the Indenture and the Notes (all the foregoing being hereinafter collectively called the "Note Obligations"). Each Subsidiary Guarantor further agrees that the Note Obligations may be extended or
renewed, in whole or in part, without notice or further assent from each such Subsidiary Guarantor, and that each such Subsidiary Guarantor shall remain bound under this Article IX
notwithstanding any extension or renewal of any Note Obligation. 

        (b)   Each
Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Issuers of any of the Note Obligations and also waives notice of protest for
nonpayment. Each Subsidiary Guarantor waives notice of any Default or Event of Default under the Notes or the Note Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be
affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuers or any other Person under the Indenture, the Notes
or any other agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of the
Indenture, the Notes or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Note Obligations or any of them; (v) the failure of any Holder or
Trustee to exercise any right or remedy against any other guarantor of the Note Obligations; or (vi) any change in the ownership of such Subsidiary Guarantor, except as provided in
Section 9.02 hereof. 

        (c)   Each
Subsidiary Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of
collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Note Obligations. 

        (d)   The
obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason other than
indefeasible payment in full of the Note Obligations, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Note Obligations or otherwise. Without limiting the generality of the foregoing, the
obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any
remedy under the Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the
obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would
otherwise operate as a discharge of any Subsidiary Guarantor as a matter of law or equity. 

        (e)   Each
Subsidiary Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of principal, premium, if any, interest or Additional Interest, if any, with respect to any Note Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon
the bankruptcy or reorganization of either of the Issuers or otherwise. 

19

 

        (f)    In
furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity against any Subsidiary Guarantor by
virtue hereof, upon the failure of the Issuers to pay the principal, premium, if any, interest or Additional Interest, if any, with respect to any Note Obligation when and as the same shall become
due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Note Obligation, each Subsidiary Guarantor hereby promises to and shall forthwith pay, or
cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Note Obligations, (ii) accrued and unpaid interest on such
Note Obligations (but only to the extent not prohibited by law) and (iii) all other monetary Note Obligations of the Issuers to the Holders and the Trustee. 

        (g)   Each
Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Note Obligations guaranteed
hereby until payment in full of all Note Obligations. Each Subsidiary Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the
maturity of the Note Obligations guaranteed hereby may be accelerated as provided in Article VII hereof for the purposes of any Subsidiary Guarantor's Guarantee herein, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the Note Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such
obligations as provided in Article VII hereof, such Note Obligations (whether or not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for the purposes of
this Section 9.01. 

        (h)   Each
Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Trustee or any Holder in enforcing any
rights under this Section 9.01. 

        Section 9.02.    Limitation on Liability.    Any term or provision of the Indenture to the contrary
notwithstanding, the maximum, aggregate amount of the Note Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that, after giving effect to all other
contingent and fixed liabilities of such Subsidiary Guarantor and to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of its obligations under its
Guarantee, can be hereby guaranteed without rendering the Indenture, as it relates to any Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer. 

        Section 9.03.    Successors and Assigns.    This Article IX shall be binding upon each Subsidiary
Guarantor and, except as provided in Section 9.07, its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of
any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in the Indenture and in the Notes shall automatically extend to and be vested in
such transferee or assignee, all subject to the terms and conditions of the Indenture. 

        Section 9.04.    No Waiver.    Neither a failure nor a delay on the part of either the Trustee or the Holders
in exercising any right, power or privilege under this Article IX shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any
right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which
either may have under this Article IX at law, in equity, by statute or otherwise. 

        Section 9.05.    Modification.    No modification, amendment or waiver of any provision of this
Article IX, nor the consent to any departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary
Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

20

 

        Section 9.06.    Execution of Supplemental Indenture for Future Subsidiary Guarantors.    Each Subsidiary which
is required to become a Subsidiary Guarantor pursuant to Section 5.05 hereof shall promptly execute and deliver to the Trustee a supplemental Indenture in substantially the form of
Exhibit B hereto pursuant to which such Subsidiary shall become a Subsidiary Guarantor under this Article IX and shall guarantee the Note Obligations. Concurrently with the execution and
delivery of such supplemental Indenture, the Issuers shall deliver to the Trustee an Opinion of Counsel to the effect that such supplemental Indenture has been duly authorized, executed and delivered
by such Subsidiary and that,
subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors' rights generally and to the principles of equity,
whether considered in a proceeding at law or in equity, the Guarantee of such Subsidiary Guarantor is a legal, valid and binding obligation of such Subsidiary Guarantor, enforceable against such
Subsidiary Guarantor in accordance with its terms. 

        Section 9.07.    Release of Guarantee.    Provided that no Default shall have occurred and shall be continuing
under the Indenture, the Guarantee of a Subsidiary Guarantor under this Article IX shall terminate and be of no further force and effect, and such Subsidiary Guarantor shall be released from
the Indenture and all Note Obligations, upon the following events: 

        (a)   upon
any sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including by way of merger, consolidation or otherwise) to any
Person that is not an Affiliate of either of the Issuers (provided such sale or other disposition is not prohibited by the Indenture); 

        (b)   upon
any sale or other disposition of all of the Equity Interests of a Subsidiary Guarantor, to any Person that is not an Affiliate of either of the Issuers; or 

        (c)   following
the release or discharge of all guarantees by such Subsidiary Guarantor of any Debt of the Issuers and any Subsidiary of the Partnership (other than any Debt
Securities), upon delivery by the Issuers to the Trustee of a written notice of such release or discharge from the guarantees. 

ARTICLE X

MISCELLANEOUS 

        Section 10.01.    Additional Amendments.    With respect to the Notes, references to
(A) "Section 6.01" in the Original Indenture shall be deemed to be references to "Section 7.01 of this Supplemental Indenture; (B) "Section 11.02" in the Original
Indenture shall be deemed to be references to "Section 8.06" of this Supplemental Indenture; (C) "Section 6.01(g) or (h)" in the Original Indenture shall be deemed to be
references to Section 7.01(a)(vi) or (a)(vii) of this Supplemental Indenture; and (D) "Article X" in the Original Indenture shall be deemed to be a reference to
Article VI of this Supplemental Indenture. All references to "interest" in the Original Indenture shall be deemed to include Additional Interest, if any, unless the context otherwise requires. 

        Section 10.02.    Integral Part.    This Supplemental Indenture constitutes an integral part of the Indenture. 

        Section 10.03.    Adoption, Ratification and Confirmation.    The Original Indenture, as supplemented and
amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

        Section 10.04.    Counterparts.    This Supplemental Indenture may be executed in any number of counterparts,
each of which when so executed shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 

        Section 10.05.    Governing Law.    THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[Signatures
on following pages] 

21

   SIGNATURES 

	 	 	ISSUERS:
	

 	
 	

PLAINS ALL AMERICAN PIPELINE, L.P.
	

 	
 	

By:	
 	

Plains AAP, L.P., its General Partner
	

 	
 	

By:	
 	

Plains All American GP LLC, its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	

PAA FINANCE CORP.
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	
SUBSIDIARY GUARANTORS:
	

 	
 	

PLAINS MARKETING, L.P.
	

 	
 	

By:	
 	

Plains Marketing GP Inc., its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	

PLAINS PIPELINE, L.P.
	

 	
 	

By:	
 	

Plains Marketing GP Inc., its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	

PLAINS MARKETING GP INC.
	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	 	 	 	 	 	 	 

22

 

	

 	
 	

PLAINS MARKETING CANADA LLC
	

 	
 	

By:	
 	

Plains Marketing, L.P., its Sole Member
	

 	
 	

By:	
 	

Plains Marketing GP Inc., its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	

PMC (NOVA SCOTIA) COMPANY
	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President
	

 	
 	

PLAINS MARKETING CANADA, L.P.
	

 	
 	

By:	
 	

PMC (Nova Scotia) Company, its General Partner
	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President
	

 	
 	

BASIN HOLDINGS GP LLC
	

 	
 	

By:	
 	

Plains Pipeline, L.P., its Sole Member
	

 	
 	

By:	
 	

Plains Marketing GP Inc., its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	

BASIN PIPELINE HOLDINGS, L.P.
	

 	
 	

By:	
 	

Basin Holdings GP LLC, its General Partner
	

 	
 	

By:	
 	

Plains Pipeline, L.P., its Sole Member
	

 	
 	

By:	
 	

Plains Marketing GP Inc., its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	 	 	 	 	 	 	 

23

 

	

 	
 	

RANCHO HOLDINGS GP LLC
	

 	
 	

By:	
 	

Plains Pipeline, L.P., its Sole Member
	

 	
 	

By:	
 	

Plains Marketing GP Inc., its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	

RANCHO PIPELINE HOLDINGS, L.P.
	

 	
 	

By:	
 	

Rancho Holdings GP LLC, its General Partner
	

 	
 	

By:	
 	

Plains Pipeline, L.P., its Sole Member
	

 	
 	

By:	
 	

Plains Marketing GP Inc., its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      
 Phil Kramer

Executive Vice President

and Chief Financial Officer
	

 	
 	
TRUSTEE: 
	

 	
 	

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Trustee
	

 	
 	

By:	
 	

/s/  KEVIN M. DOBRAVA      
 Name: Kevin M. Dobrava

Title: Vice President

24

   EXHIBIT A  

(Form
of Face of Note) 

	CUSIP	    
	 	 	 	No.	    

	ISIN	    
	 	 	 	$	    

PLAINS ALL AMERICAN PIPELINE, L.P.

PAA FINANCE CORP. 

5.25% Series              Senior Notes due 2015 

        Plains
All American Pipeline, L.P., a Delaware limited partnership, and PAA Finance Corp., a Delaware corporation, jointly and severally promise to pay to
                        , or registered assigns, the principal sum
of                          Dollars [or such greater or lesser amount as may be endorsed on the Schedule attached
hereto](1) on June 15, 2015. 

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

Interest
Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1 

	 	 	PLAINS ALL AMERICAN PIPELINE, L.P.
	 	 	By:	Plains AAP, L.P., its General Partner
	 	 	By:	Plains All American GP LLC, its General Partner
	

 	
 	

 	

By:	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

PAA FINANCE CORP.
	

 	
 	

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. 

	

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Trustee	
 	

 
	

By:	

 	
 	

 
	 	
 Authorized Signatory	 	 
	

Dated:	

 	
 	

 
	 	
	 	 

A-1

   
(Form of Back of Note) 

5.25%
Series    Senior Notes due 2015 

        [THIS GLOBAL SECURITY IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF
THE ORIGINAL INDENTURE, (B) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS GLOBAL SECURITY MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE AND (D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUERS.](2) 

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

        [THE ISSUANCE AND SALE OF THIS SECURITY (AND ANY GUARANTEE HEREOF) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY (NOR ANY GUARANTEE HEREOF) NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ITS ACCEPTANCE OF THIS SECURITY, AGREES FOR THE BENEFIT OF THE ISSUERS THAT THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE THERETO UNDER RULE 144(k) UNDER THE SECURITIES ACT (OR, IN THE CASE OF A TRANSFER PURSUANT TO REGULATION S, THE DISTRIBUTION
COMPLIANCE PERIOD DEFINED THEREIN) WHICH IS APPLICABLE TO THIS SECURITY (THE "RESALE RESTRICTION TERMINATION DATE") OTHER THAN (1) TO THE ISSUERS OR THEIR RESPECTIVE SUBSIDIARIES, (2) SO
LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A"), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" WITHIN
THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN EACH CASE TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A, (3) INSIDE THE UNITED STATES TO AN INSTITUTIONAL "ACCREDITED INVESTOR" (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT),
(4) TO A NON-"U.S. PERSON" IN AN "OFFSHORE TRANSACTION" (AS SUCH TERMS ARE DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES
ACT, (5) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE,
OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OF LAW THAT THE DISPOSITION OF ITS PROPERTY OR THE
PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL, AND SUBJECT TO THE RIGHT OF THE ISSUERS OR THE TRUSTEE FOR THE SECURITIES PRIOR TO ANY SUCH SALE, PLEDGE OR
OTHER TRANSFER TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION  

A-2

 

 SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON REQUEST OF THE HOLDER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE.](3) 

	(3)
	To
be included on Transfer Restricted Securities only. 

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

        1.    Interest; Additional Interest.    Plains All American Pipeline, L.P., a Delaware limited partnership (the
"Partnership"), and PAA Finance Corp., a Delaware corporation ("PAA Finance" and, together with the Partnership, the "Issuers"), jointly and severally promise to pay interest on the principal amount
of this Note at 5.25% per annum from                ,            until maturity. The Issuers shall pay
interest semi-annually on June 15 and December 15 of
each such year, or if any such day is not a Business Day, on the next succeeding Business Day (each an "Interest Payment Date"). Interest on the Notes shall accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of issuance. The first Interest Payment Date shall be                ,
            . The Issuers shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum
in excess of the rate then in effect; and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve
30-day months. 

        2.    Method of Payment.    The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who
are registered Holders of Notes at the close of business on the June 1 or December 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and
on or before such Interest Payment Date, except as provided in Section 2.17 of the Original Indenture with respect to defaulted interest, and the Issuers shall pay principal (and premium, if
any) of the Notes upon surrender thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable as to principal, premium, if any, and interest at the
office or agency of the Trustee maintained for such purpose within or without The City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the
Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be
required with respect to principal of and interest, premium on, each Global Security and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the
paying agent on or prior to the applicable record date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts. 

        3.    Paying Agent and Registrar.    Initially, Wachovia Bank, National Association, the Trustee under the Indenture,
shall act as paying agent and Registrar. The Issuers may change any paying agent or Registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act in any such capacity. 

        4.    Indenture.    The Issuers issued the Notes under an Indenture dated as of September 25, 2002 (the
"Original Indenture"), as supplemented by the Fifth Supplemental Indenture dated as of May 27, 2005 (the "Supplemental Indenture" and, together with the Original Indenture, the "Indenture")
among the Issuers and the Trustee and, with respect to the Supplemental Indenture, the subsidiary guarantors signatory thereto (the "Subsidiary Guarantors"). The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes
are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of
the Indenture, the provisions of the 

A-3

 

Indenture
shall govern and be controlling. The Notes are joint and several obligations of the Issuers initially in aggregate principal amount of $150 million. The Issuers may issue an unlimited
aggregate principal amount of Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as the same series (with
identical terms other than with respect to the issue date, issue price and date of first payment of interest) as the initial Notes) for all purposes of the Indenture, including waivers, amendments,
redemptions and offers to purchase. To secure the due and punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes
when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Subsidiary Guarantors have unconditionally
guaranteed the Note Obligations under the Indenture and the Notes on a senior basis pursuant to the terms of the Indenture. 

        5.    Optional Redemption.    (a) At their option at any time prior to maturity, the Issuers may choose to
redeem all or any portion of the Notes at once or from time to time. 

        (b)   To
redeem the Notes, the Issuers must pay a redemption price equal to the greater of (a) 100% of the principal amount of the Notes to be redeemed, and
(b) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not
including any portion of those payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 25 basis points, plus, in either case, accrued and unpaid interest, including Additional Interest,
if any, to the date of redemption (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). 

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

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

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

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

        "Quotation
Agent" means J.P. Morgan Securities Inc. or another Reference Treasury Dealer appointed by the Issuers. 

        "Reference
Treasury Dealer" means (a) J.P. Morgan Securities Inc. and its successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government
securities dealer in the United States (a "Primary Treasury Dealer"), the Issuers shall substitute another Primary Treasury Dealer; and (b) any other Primary Treasury Dealer selected by the
Issuers. 

        "Reference
Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted 

A-4

 

in
writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that date of redemption. 

        6.    Mandatory Redemption.    The Issuers shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes. 

        7.    Notice of Redemption.    Notice of redemption shall be mailed at least 30 days but not more than
60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole
multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. Unless the Issuers default in
payment of the redemption price, on and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 

        8.    Denominations, Transfer, Exchange.    The Notes are in registered form without coupons in denominations of
$1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes or other governmental charges required by law or permitted by the
Indenture. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption or repurchase, except for the unredeemed or unrepurchased portion of any Note
being redeemed or repurchased in part. Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or
repurchased or during the period between a record date and the corresponding Interest Payment Date. 

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

        10.    Amendment, Supplement and Waiver.    Subject to certain exceptions, the Indenture or the Notes may be amended
or supplemented with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes, and any existing default or compliance with any provision of the Indenture or
the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the
Notes may be amended or supplemented for any of the purposes set forth in Section 9.01 of the Original Indenture (as amended by the Supplemental Indenture), including to cure any ambiguity,
defect or inconsistency, to provide for the assumption of an Issuer's obligations to Holders of the Notes in case of a merger or consolidation of such Issuer or sale of all or substantially all of
such Issuer's assets, to add or release Subsidiary Guarantors (or their successors) pursuant to the terms of the Indenture, to make any change that would provide any additional rights or benefits to
the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any Holder of the Notes, to comply with the requirements of the Commission to permit the
qualification of the Indenture under the Trust Indenture Act, to evidence or provide for the acceptance of appointment under the Indenture of a successor Trustee, to add any additional Events of
Default, to secure the Notes or the Guarantees or to establish the form or terms of any other series of Debt Securities. 

        11.    Defaults and Remedies.    Events of Default with respect to the Notes include: (i) default for
60 days in the payment when due of interest on, or Additional Interest with respect to, the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes at
maturity, upon redemption or otherwise, (iii) failure by an Issuer or any Subsidiary Guarantor for 30 days after notice to comply with any of the other agreements in the Indenture
(provided that notice need not be given, and an Event of Default shall occur, 30 days after any breach of the provisions of Section 6.01
of the Supplemental Indenture); (iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Debt of an Issuer or
any of the Partnership's Subsidiaries (or the payment of which is guaranteed by the Partnership or any of its 

A-5

 

Subsidiaries),
whether such Debt or guarantee now exists or is created after the Issue Date, if that default (a) is caused by a failure to pay principal of or premium, if any, or interest on
such Debt prior to the expiration of the grace period provided in such Debt (a "Payment Default") or (b) results in the acceleration of the maturity of such Debt to a date prior to its original
stated maturity, and, in each case described in clause (a) or (b), the principal amount of any such Debt, together with the principal amount of any other such Debt under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates $25.0 million or more, subject to the proviso set forth in Section 7.01(a)(iv) of the Supplemental
Indenture; (v) except as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force and effect (except as otherwise provided in the Indenture) or is declared null
and void in a judicial proceeding or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under the Indenture or its Guarantee
and (vi) certain events of bankruptcy or insolvency with respect to an Issuer or any of the Subsidiary Guarantors. If any Event of Default occurs and is continuing, the Trustee or the Holders
of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising
from certain events of bankruptcy or insolvency involving an Issuer, but not any Subsidiary Guarantor, all Outstanding Notes shall become due and payable without further action or notice. Holders may
not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then Outstanding Notes may direct
the Trustee in its exercise of any trust or power. If and so long as the board of directors, an executive committee of the board of directors or trust committee of Responsible Officers of the Trustee
in good faith so determines, the Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of
principal, premium, if any, or interest) if it determines that withholding notice is in their interests. The Holders of a majority in aggregate principal amount of the Notes then Outstanding by notice
to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default
in the payment of interest on, the principal of, or premium, if any, on the Notes. The Issuers and the Subsidiary Guarantors are required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Issuers are required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

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

        13.    No Recourse Against Others.    The General Partner and its directors, officers, employees and partners (in
their capacities as such) shall not have any liability for any obligations of the Issuers under the Notes. In addition, the Managing General Partner and its directors, officers, employees and members
shall not have any liability for any obligations of the Issuers under the Notes. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. 

        14.    Authentication.    This Note shall not be valid until authenticated by the manual signature of the Trustee or
an authenticating agent. 

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

        16.    CUSIP and ISIN Numbers.    Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuers have caused CUSIP and corresponding ISIN 

A-6

 

numbers
to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

        17.    Additional Rights of Holders of Transfer Restricted Securities.    In addition to the rights provided to
Holders of Notes under the Indenture, Holders of Transfer Restricted Securities shall have all the rights set forth in the Exchange and Registration Rights Agreement, including the right to receive
Additional Interest as set forth therein. 

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

Plains
All American Pipeline, L.P.

333 Clay Street, Suite 1600

Houston, Texas 77002

Attention: Investor Relations 

A-7

   Assignment Form  

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

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

	    
	

	    
	

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

	and irrevocably appoint	 
	 	

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

	

Date:	

 	
 	

 	

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

	

Signature Guarantee:	

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

A-8

 
SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE(4)  

	 	The original principal amount of this Global Note is	 	 	.
	 	 	
	 
	    	 	 	 

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

	Date of

Exchange
	 	Amount of

decrease in

Principal Amount of

this Global Note
	 	Amount of

increase in

Principal Amount of

this Global Note
	 	Principal Amount of this Global Note following such decrease (or increase)
	 	Signature of authorized signatory of Trustee or Note Custodian

	 	 	 	 	 	 	 	 	 

	(4)
	To
be included only if the Note is issued in global form. 

A-9

   EXHIBIT B  

FORM OF SUPPLEMENTAL INDENTURE 

        SUPPLEMENTAL
INDENTURE (this "Supplemental Indenture"), dated as of                        , among Plains All American Pipeline, L.P., a
Delaware limited partnership (the "Partnership"), PAA
Finance Corp., a Delaware corporation ("PAA Finance" and, together with the Partnership, the "Issuers"),                        
(the "Subsidiary Guarantor"), a direct or indirect subsidiary of Plains All
American Pipeline, L.P. (or its successor), a Delaware limited partnership (the "Partnership"), and Wachovia Bank, National Association, as trustee under the indenture referred to below (the
"Trustee"). 

W I T N E S S E T H 

        WHEREAS,
the Issuers have heretofore executed and delivered to the Trustee an indenture (the "Original Indenture"), dated as of September 25, 2002, as supplemented by the Fifth
Supplemental Indenture (the "Fifth Supplemental Indenture" and, together with the Original Indenture, the "Indenture") dated as of May 27, 2005, among the Issuers, the Subsidiary Guarantors and
the Trustee, providing for the issuance of the Issuers' 5.25% Senior Notes due 2015 (the "Notes"); 

        WHEREAS,
Section 5.05 of the Fifth Supplemental Indenture provides that under certain circumstances the Partnership is required to cause the Subsidiary Guarantor to execute and
deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Issuers' obligations under the Notes pursuant to a Guarantee on
the terms and conditions set forth herein; and 

        WHEREAS,
pursuant to Section 9.01 of the Original Indenture, the Issuers and the Trustee are authorized to execute and deliver this Supplemental Indenture; 

        NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuers, the Subsidiary Guarantor and the
Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

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

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

        2.     Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and severally with all other Subsidiary Guarantors
under the Indenture, to guarantee the Issuers' obligations under the Notes on the terms and subject to the conditions set forth in Article IX of the Fifth Supplemental Indenture and to be bound
by all other applicable provisions of the Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and
delivered shall be bound hereby. 

        3.     GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

B-1

 

        4.     Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture. 

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

        6.     Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 

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

	 	 	PLAINS ALL AMERICAN PIPELINE, L.P.
	

 	
 	

By:	

Plains AAP, L.P., its General Partner
	

 	
 	

By:	

Plains All American GP LLC, its General Partner

	

 	
 	

 	
 	

By:	

 
	 	 	 	 	 	
 Name:

Title:

	

 	
 	

PAA FINANCE CORP.
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

[SUBSIDIARY GUARANTOR],
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

WACHOVIA BANK, NATIONAL ASSOCIATION, as Trustee
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

B-2

   EXHIBIT C  

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER OF SECURITIES

PURSUANT TO RULE 144A OR RULE 501  

	Re:
	5.25%
Series [A/B] Senior Notes due 2015 of Plains All American Pipeline, L.P. and PAA Finance Corp. (together, the "Issuers") 

        This
Certificate relates to $            principal amount of the above captioned Notes held in definitive form (the "Securities")
by                        (the "Transferor"). 

The
Transferor has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 

        In
connection with such request and in respect of each such Security, the Transferor does hereby certify that the Transferor is familiar with the Indenture and the Supplemental Indenture
relative to the Securities and that the transfer of this Security does not require registration under the Securities Act (as defined below) because:* 

        o     Such
Security is being acquired for the Transferor's own account without transfer. 

        o     Such
Security is being transferred to a "qualified institutional buyer" (as defined in Rule 144A under the Securities
Act of 1933, as amended (the "Securities Act")), in reliance on Rule 144A under the Securities Act and in accordance with any applicable securities laws of any state of the United States or any
other jurisdiction, that is purchasing for its own account or for the account of another qualified institutional buyer, in each case to whom notice is given that the transfer is being made in reliance
on Rule 144A. 

        o     Such
Security is being transferred (i) in accordance with Rule 144 under the Securities Act (and based on an
opinion of counsel if the Issuers or the Trustee so requests) or (ii) pursuant to an effective registration statement under the Securities Act. 

        o     Such
Security is being transferred to an institutional "accredited investor" within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act pursuant to a private placement exemption from the registration requirements of the Securities Act (and based on an opinion of counsel if the Issuers or the
Trustee so requests) and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction, that is purchasing for its own account or for the account of
another institutional accredited investor, together with a certification in substantially the form of Exhibit D to the Supplemental Indenture and, to the knowledge of the Transferor, such
institutional accredited investor to whom such Security is to be transferred is not an "affiliate" (as defined in Rule 144 under the Securities Act) of an Issuer. 

        o     Such
Security is being transferred in reliance on and in compliance with another exemption from the registration requirements
of the Securities Act (and based on an opinion of counsel if the Issuers so request). 

*Check appropriate response. 

	 	 	 	 	
 [INSERT NAME OF TRANSFEROR]
	

 	
 	

 	
 	

By:	
 	

            

	 	 	 	 	 	 	Name:

Title:

Address:
	Date:	 	            
	 	 	 	 

C-1

   EXHIBIT D  

TRANSFEREE LETTER OF REPRESENTATIONS 

Plains
All American Pipeline, L.P.

PAA Finance Corp.

c/o Wachovia Bank, National Association, Trustee

5847 San Felipe, Suite 1050

Houston, Texas 77057

Attn: Corporate Trust Group 

Ladies
and Gentlemen: 

        In
connection with our proposed purchase of $                        aggregate principal amount of 5.25% Senior Notes due 2015 (the
"Securities") of Plains All American Pipeline, L.P. and PAA
Finance Corp. (together, the "Issuers"): 

        1.     We
understand that the Securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or under any other applicable securities
laws, and may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing the Securities to offer, sell or
otherwise transfer such Securities prior to the date which is two years after the later of the date of original issue and the last date on which the Issuers or any affiliate of an Issuer was the owner
of such Securities, or any predecessor, thereto (the "Resale Restriction Termination Date") only (a) to the Issuers, (b) pursuant to a registration statement that has been declared
effective by the Securities and Exchange Commission (the "Commission"), (c) for so long as the Securities are eligible for resale pursuant to Rule 144A under the Securities Act, to a
person we reasonably believe is a qualified institutional buyer under Rule 144A (a "QIB") that purchases for its own account or for the account of a QIB to whom notice is given that the
transfer is being made in reliance on Rule 144A, (d) to an institutional "accredited investor" within the meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501
under the Securities Act (an "Institutional Accredited Investor") that is acquiring the Securities for its own account or for the account of another Institutional Accredited Investor for investment
purposes and not with a view to, or for offer or sale in connection with, any distribution thereof in violation of the regulations of the Securities Act and any other applicable securities laws or
(e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of
our property and the property of such investor account or accounts be at all times within our or their control. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction
Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall
deliver a letter from the transferee substantially in the form of this letter to the Trustee, which shall provide, among other things, that the transferee is an Institutional Accredited Investor and
that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. We acknowledge that the Issuers and the Trustee reserve the right prior to any
offer, sale or other transfer pursuant to clause (d) or (e) prior to the Resale Restriction Termination Date of the Securities to require the delivery of an opinion of counsel,
certifications and/or other information satisfactory to the Issuers and the Trustee. 

        2.     We
are an Institutional Accredited Investor purchasing for our own account or for the account of another Institutional Accredited Investor. 

        3.     We
are acquiring the Securities purchased by us for our own account, or for one or more accounts as to each of which we exercise sole investment discretion, for
investment purposes and not with a view to, or for offer or sale in connection with any distribution in violation of, the Securities Act. 

D-1

 

We
have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of investment in the Securities, we invest in securities similar to the
Securities in the normal course of our business and we, and all accounts for which we are acting, are able to bear the economic risks of investment in the Securities. 

        4.     You
are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy thereof to any interested party in any administrative or
legal proceeding or official inquiry with respect to the matters covered hereby. 

	 	 	Very truly yours,
	

 	
 	

[NAME OF TRANSFEREE]
	

 	
 	

By:	

 
	 	 	 	
 Authorized Signatory

        Upon
transfer, the Securities should be registered in the name of the new beneficial owner as follows: 

	

Name:	

 	

 
	 	
	 
	Address:	 	 
	 	
	 
	

 	

	

 
	

 	

	

 
	Taxpayer ID No:	 	 
	 	
	 

D-2

   EXHIBIT E  

CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S  

        [Date] 

Plains
All American Pipeline, LP

PAA Finance Corp.

c/o Wachovia Bank, National Association, Trustee

5847 San Felipe, Suite 1050

Houston, Texas 77057

Attn: Corporate Trust Group 

	Re:
	Plains
All American Pipeline, L.P. and PAA Finance Corp. (the "Issuers") 5.25% Series [A/B] Senior Notes due 2015 (the "Securities") 

Ladies
and Gentlemen: 

        In
connection with our proposed sale of $            aggregate principal amount of the Securities, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act"), and, accordingly, we represent that: 

        (a)   the
offer of the Securities was not made to a person in the United States; 

        (b)   either
(i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed
that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we
nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

        (c)   no
directed selling efforts have been made in the United States in contravention of the requirements of Rule 904(a) of Regulation S, as applicable; and 

        (d)   the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

        In
addition, if the sale is made during a restricted period and the provisions of Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been
made in accordance with the applicable provisions of Rule 904(b)(1). 

        You
and the Issuers are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

	 	 	Very truly yours,
	

 	
 	

[NAME OF TRANSFEROR]
	

 	
 	

By:	

 
	 	 	 	
 Authorized Signatory

E-1

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Exhibit 10.1  

        EXCHANGE AND REGISTRATION RIGHTS AGREEMENT  

 AMONG  

 PLAINS ALL AMERICAN PIPELINE, L.P.,  

 PAA FINANCE CORP.,  

 THE GUARANTORS  

 AND  

 THE INITIAL PURCHASERS  

 Dated as of May 27, 2005  

PLAINS ALL AMERICAN PIPELINE, L.P.

PAA FINANCE CORP.  

 5.25% Senior Notes due 2015  

 
 

EXCHANGE AND REGISTRATION RIGHTS AGREEMENT    
    

        May 27, 2005 

J.P.
Morgan Securities Inc.

Wachovia Capital Markets, LLC

Citigroup Global Markets Inc.

UBS Securities LLC

Banc of America Securities LLC

Scotia Capital (USA) Inc.

SunTrust Capital Markets, Inc.

Fortis Securities LLC

Daiwa Securities America Inc.

SG Americas Securities, LLC

RBC Capital Markets Corporation 

	c/o
	J.P.
Morgan Securities Inc.

270 Park Avenue

New York, New York 10017 

Ladies
and Gentlemen: 

        Plains
All American Pipeline, L.P., a Delaware limited partnership (the "Partnership"), PAA Finance Corp., a Delaware corporation ("PAA Finance," and together with the Partnership, the
"Issuers") and the Guarantors listed on Schedule 1 hereto (the "Guarantors"), propose to issue and sell to the initial purchasers listed on Schedule 2 hereto (the "Initial Purchasers"),
upon the terms set forth in a purchase agreement dated May 24, 2005 (the "Purchase Agreement"), $150,000,000 principal amount of 5.25% Senior Notes due 2015 (the "Securities") relating to the
initial placement of the Securities (the "Initial Placement"). To induce the Initial Purchasers to enter into the Purchase Agreement and to satisfy a condition of your obligations thereunder, the
Issuers and the Guarantors agree with you for your benefit and the benefit of the other holders from time to time of the Securities (including the Initial Purchasers) (each a "Holder" and, together,
the "Holders"), as follows: 

        1.    Definitions.    Capitalized terms used herein without definition shall have their respective meanings set forth
in the Purchase Agreement. As used in this Agreement, the following capitalized defined terms shall have the following meanings: 

        "Act"
shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 

        "Affiliate"
of any specified Person shall mean any other Person that, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified Person.
For purposes of this definition, control of a Person shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by contract or
otherwise; and the terms "controlling" and "controlled" shall have meanings correlative to the foregoing. 

        "Broker-Dealer"
shall mean any broker or dealer registered as such under the Exchange Act. 

        "Business
Day" shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close
in New York City. 

        "Commission"
shall mean the Securities and Exchange Commission. 

 

        "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 

        "Exchange
Offer Registration Period" shall mean the one-year period following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop
order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 

        "Exchange
Offer Registration Statement" shall mean a registration statement of the Issuers and the Guarantors on an appropriate form under the Act with respect to the Registered Exchange
Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein. 

        "Exchanging
Dealer" shall mean any Holder (which may include any Initial Purchaser) that is a Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for
its own account as a result of market-making activities or other trading activities (but not directly from the Issuers and the Guarantors or any Affiliate of the Issuers and the Guarantors) for New
Securities. 

        "Final
Memorandum" shall have the meaning set forth in the Purchase Agreement. 

        "Guarantors"
shall have the meaning set forth in the preamble hereto and shall also include any Guarantor's successor. 

        "Holder"
shall have the meaning set forth in the preamble hereto. 

        "Indenture"
shall mean the Indenture relating to the Securities and the New Securities, dated as of September 25, 2002, among the Issuers and Wachovia Bank, National Association,
as trustee, as amended by the Fifth Supplemental Indenture, dated as of May 27, 2005, among the Issuers, the Guarantors and the Trustee, as the same may be amended from time to time in
accordance with the terms thereof. 

        "Initial
Placement" shall have the meaning set forth in the preamble hereto. 

        "Initial
Purchasers" shall have the meaning set forth in the preamble hereto. 

        "Losses"
shall have the meaning set forth in Section 7(d) hereof. 

        "Majority
Holders" shall mean the Holders of a majority of the aggregate principal amount of Securities registered under a Registration Statement. 

        "Managing
Underwriters" shall mean the investment banker or investment bankers and manager or managers that shall administer an underwritten offering. 

        "New
Securities" shall mean debt securities of the Issuers identical in all material respects to the Securities (except that the interest rate step-up provisions and the
transfer restrictions shall be eliminated) and to be issued under the Indenture. 

        "Prospectus"
shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the New Securities covered by such Registration Statement, and all amendments and supplements thereto and all material incorporated by reference therein. 

        "Purchase
Agreement" shall have the meaning set forth in the preamble hereto. 

        "Registered
Exchange Offer" shall mean the proposed offer of the Issuers and the Guarantors to issue and deliver to the Holders of the Securities that are not prohibited by any law or
policy of the 

2

 

Commission
from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New Securities. 

        "Registration
Default" shall have the meaning set forth in Section 4(a) hereof. 

        "Registration
Statement" shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Securities or the New Securities pursuant to the
provisions of this Agreement, any amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained therein), all exhibits thereto and all material incorporated by reference therein. 

        "Securities"
shall have the meaning set forth in the preamble hereto. 

        "Shelf
Registration" shall mean a registration effected pursuant to Section 3 hereof. 

        "Shelf
Registration Period" has the meaning set forth in Section 3(b) hereof. 

        "Shelf
Registration Statement" shall mean a "shelf" registration statement of the Issuers and the Guarantors pursuant to the provisions of Section 3 hereof which covers some or
all of the Securities or New Securities, as applicable, on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments and
supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein. 

        "Trustee"
shall mean the trustee with respect to the Securities and the New Securities under the Indenture. 

        "Trust
Indenture Act" shall mean the Trust Indenture Act of 1939, as amended from time to time. 

        "underwriter"
shall mean any underwriter of Securities in connection with an offering thereof under a Shelf Registration Statement. 

        2.    Registered Exchange Offer.    (a) Except as set forth in Section 3, the Issuers and the Guarantors
shall prepare and shall use their reasonable best efforts to file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer, not later than
120 days following the date of the original issuance of the Securities (or if such 120th day is not a Business Day, the next succeeding Business Day). The Issuers and the Guarantors shall use
their reasonable best efforts to cause the Exchange Offer Registration Statement to become effective under the Act within 210 days of the date of the original issuance of the Securities and to
consummate the Registered Exchange Offer within 240 days of the date of the original issuance of the Securities (if such 210th or 240th day is not a Business Day, the next succeeding Business
Day, as applicable). 

        (a)   Upon
the effectiveness of the Exchange Offer Registration Statement, the Issuers and the Guarantors shall promptly commence the Registered Exchange Offer, it being the
objective of such Registered Exchange Offer to enable each Holder electing to exchange Securities for New Securities (assuming that such Holder is not an Affiliate of the Issuers or the Guarantors,
acquires the New Securities in the ordinary course of such Holder's business, has no arrangements with any Person to participate in the distribution of the New Securities and is not prohibited by any
law or policy of the Commission from participating in the Registered Exchange Offer) to trade such New Securities from and after their receipt without any limitations or restrictions under the Act and
without material restrictions under the securities laws of a substantial proportion of the several states of the United States. 

        (b)   In
connection with the Registered Exchange Offer, the Issuers and the Guarantors shall: 

          (i)  mail
to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related
documents; 

3

 

         (ii)  keep
the Registered Exchange Offer open for not less than 20 Business Days after the date the notice thereof is mailed to the Holders (or, in each case, longer if
required by applicable law); 

        (iii)  use
their reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented and amended as required under
the Act to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer Registration Period; 

        (iv)  utilize
the services of a bank depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City, which may be the Trustee or an
Affiliate of the Trustee; 

         (v)  permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer
is open; 

        (vi)  prior
to effectiveness of the Exchange Offer Registration Statement, provide a supplemental letter to the Commission (A) stating that the Issuers and the
Guarantors are conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail.
May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991) and (B) including a representation that the Issuers and
the Guarantors have not entered into any arrangement or
understanding with any Person to distribute the New Securities to be received in the Registered Exchange Offer and that, to the best of the Issuers' and the Guarantors' information and belief, each
Holder participating in the Registered Exchange Offer is acquiring the New Securities in the ordinary course of business and has no arrangement or understanding with any Person to participate in the
distribution of the New Securities; and 

       (vii)  comply
in all material respects with all applicable laws. 

        (c)   As
soon as practicable after the close of the Registered Exchange Offer, the Issuers and the Guarantors shall: 

          (i)  accept
for exchange all Securities tendered and not validly withdrawn pursuant to the Registered Exchange Offer; and 

         (ii)  issue
and cause the Trustee promptly to authenticate a global certificate representing New Securities exchanged for Securities and to deliver to each Holder of
Securities a principal amount of New Securities equal to the principal amount of the Securities of such Holder so accepted for exchange. 

        (d)   Each
Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in a distribution of the New
Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Morgan Stanley and
Co., Inc. (pub. avail. June 5, 1991) and Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the registration and
prospectus delivery requirements of the Act in connection with any secondary resale transaction and must be covered by an effective registration statement containing the selling security holder
information required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are of New Securities obtained by such Holder in exchange for Securities
acquired by such Holder directly from the Issuers or the Guarantors or one of their Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent
to the Issuers and the Guarantors that, at the time of the consummation of the Registered Exchange Offer: 

          (i)  any
New Securities received by such Holder will be acquired in the ordinary course of business; 

4

 

         (ii)  such
Holder will have no arrangement or understanding with any Person to participate in the distribution of the Securities or the New Securities within the meaning of
the Act; and 

        (iii)  such
Holder is not an Affiliate of the Issuers or the Guarantors. 

        3.    Shelf Registration.    (a) If (i) due to any change in law or applicable interpretations thereof
by the Commission's staff, the Issuers and the Guarantors determine upon advice of their outside counsel that they are not permitted to effect the Registered Exchange Offer as contemplated by
Section 2 hereof; (ii) for any other reason the Registered Exchange Offer is not consummated within 240 days of the date hereof; (iii) any Initial Purchaser so requests
with respect to Securities that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that are held by it following consummation of the Registered Exchange Offer, or
(iv) any Holder (other than an Initial Purchaser) is not eligible to participate in the Registered Exchange Offer, the Issuers and the Guarantors shall effect a Shelf Registration Statement in
accordance with subsection (b) below. 

        (b)   (i)    The
Issuers and the Guarantors shall as promptly as practicable (but in no event more than 120 days after so required or requested pursuant to
this Section 3), file with the Commission and thereafter shall use their reasonable best efforts to cause to be declared effective under the Act, within 210 days after so required or
requested pursuant to this Section 3, a Shelf Registration Statement relating to the offer and sale of the Securities or the New Securities, as applicable, by the Holders thereof from time to
time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided,  however, that no
Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration
Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder; and provided further,
that with respect to New Securities received by an Initial Purchaser in exchange for Securities constituting any portion of an unsold allotment, the Issuers and the Guarantors may, if permitted by
current interpretations by the Commission's staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or
508 of Regulation S-K, as applicable, in satisfaction of their obligations under this subsection with respect thereto, and any such Exchange Offer Registration Statement, as so
amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement. 

         (ii)  The
Issuers and the Guarantors shall use their reasonable best efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as
required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of two years from the date the Shelf Registration Statement is declared effective by
the Commission or such shorter period that will terminate when all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement under the Act (in any such case, such period being called the "Shelf Registration Period"). The Issuers and the Guarantors shall be deemed not to have used their reasonable best
efforts to keep the Shelf Registration Statement effective during the requisite period if either Issuer or any Guarantor voluntarily takes any action that would result in Holders of Securities covered
thereby not being able to offer and sell such Securities during that period, unless (A) such action is required by applicable law; or (B) such action is taken by such Issuer or such
Guarantor in good faith and for valid business reasons (not including avoidance of the Issuers' or the Guarantors' obligations hereunder), including the
acquisition or divestiture of assets, so long as the Issuers and the Guarantors promptly thereafter comply with the requirements of Section 5(k) hereof, if applicable. 

        (iii)  The
Issuers and the Guarantors shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective
date of the Shelf Registration Statement or such amendment or supplement, (A) to comply in all material respects 

5

 

with
the applicable requirements of the Act and the rules and regulations of the Commission; and (B) not to contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

        4.    Additional Interest.    

        (a)   In
the event that (i) the Issuers and the Guarantors have not filed the Exchange Offer Registration Statement or the Shelf Registration Statement with the
Commission on or before the date on which such Registration Statement is required to be so filed pursuant to Section 2(a) and 3(b), respectively, or (ii) such Exchange Offer Registration
Statement or Shelf Registration Statement has not been declared effective by the Commission under the Act on or before the date on which such Registration Statement is required to be declared
effective under the Act pursuant to Section 2(a) or 3(b), respectively, or (iii) the Exchange Offer has not been consummated within 240 days after the date of issuance of the
Securities, or (iv) the Exchange Offer Registration Statement or Shelf Registration Statement required by Section 2(a) or 3(b) hereof is filed and declared effective by the Commission
under the Act but shall thereafter cease to be effective (except as specifically permitted herein) without being succeeded immediately by an additional Registration Statement filed and declared
effective by the Commission under the Act (each such event referred to in clauses (i) through (iv) is referred to herein as a "Registration Default"), then the interest rate on the
Securities will be increased, for the period from the occurrence of the Registration Default until such time as all Registration Defaults are cured (at which time the interest rate will be reduced to
its initial rate) by 0.25% per annum during the first 90-day period following the occurrence and during the continuation of the Registration Default, and by 0.25% per annum for each
subsequent 90-day period during which such Registration Default continues. The interest rate will not at any time be increased by greater than 0.50% per annum. 

        (b)   Without
limiting the remedies available to the Initial Purchasers and the Holders, the Issuers and the Guarantors acknowledge that any failure by the Issuers or the
Guarantors to comply with their obligations under Section 2(a) or 3(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as
may be required to specifically enforce the Issuers' and the Guarantors' obligations under Section 2(a) or Section 3(b) hereof. 

        5.    Additional Registration Procedures.    In connection with any Shelf Registration Statement and, to the extent
applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 

        (a)   The
Issuers and the Guarantors shall: 

          (i)  furnish
to you, not less than five Business Days prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf
Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein (including all documents incorporated by reference therein after the
initial filing) and shall use their reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as you reasonably propose; 

         (ii)  include
the information set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange
Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange
Offer Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 

6

  

        (iii)  if
requested by an Initial Purchaser, include the information required by Item 507 or 508 of Regulation S-K, as applicable, in the Prospectus
contained in the Shelf Registration Statement; and 

        (iv)  in
the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities pursuant to the Shelf Registration Statement as selling
security holders. 

        (b)   The
Issuers and the Guarantors shall ensure that: 

          (i)  any
Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto comply in all material respects
with the Act and the rules and regulations thereunder; and 

         (ii)  any
Registration Statement and any amendment thereto do not, when they become effective, contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading. 

        (c)   The
Issuers and the Guarantors shall advise you, the Holders of Securities covered by any Shelf Registration Statement and any Exchanging Dealer under any Exchange Offer
Registration Statement that has provided in writing to the Issuers and the Guarantors a telephone or facsimile number and address for notices, and, if requested in writing by you or any such Holder or
Exchanging Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the
Issuers and the Guarantors shall have remedied the basis for such suspension): 

          (i)  when
a Registration Statement and any amendment thereto have been filed with the Commission and when the Registration Statement or any post-effective
amendment thereto has become effective; 

         (ii)  of
any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or for additional information; 

        (iii)  of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 

        (iv)  of
the receipt by the Issuers and the Guarantors of any notification with respect to the suspension of the qualification of the Securities included therein for sale in
any jurisdiction or the initiation of any proceeding for such purpose; and 

         (v)  of
the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of such date, the statements therein are not
misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under
which they were made) not misleading. 

        (d)   The
Issuers and the Guarantors shall use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
or the qualification of the Securities therein for sale in any jurisdiction at the earliest possible time. 

        (e)   The
Issuers and the Guarantors shall furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge, at least one copy of such Shelf
Registration Statement and any post-effective amendment thereto, including all material incorporated therein by reference, and, if the Holder so requests in writing, all exhibits thereto
(including exhibits incorporated by reference therein). 

        (f)    The
Issuers and the Guarantors shall, during the Shelf Registration Period, deliver to each Holder of Securities covered by any Shelf Registration Statement, without
charge, as many copies of 

7

 

the
Prospectus (including each preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request. The Issuers and the
Guarantors consent to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered
by the Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

        (g)   The
Issuers and the Guarantors shall furnish to each Exchanging Dealer which so requests, without charge, at least one copy of the Exchange Offer Registration Statement
and any post-effective amendment thereto, including all material incorporated by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits thereto (including
exhibits incorporated by reference therein). 

        (h)   The
Issuers and the Guarantors shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other Person required to deliver a Prospectus during the
effectiveness of the Exchange Offer Registration Statement, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement
thereto as any such Person may reasonably request. The Issuers and the Guarantors consent to the use of the Prospectus or any amendment or supplement thereto by any Initial Purchaser, any Exchanging
Dealer and any such other Person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the New Securities covered by the
Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement. 

        (i)    Prior
to the Registered Exchange Offer or any other offering of Securities pursuant to any Registration Statement, the Issuers and the Guarantors shall arrange, if
necessary, for the qualification of the Securities or the New Securities for sale under the laws of such jurisdiction as any Holder shall reasonably request and will maintain such qualification in
effect so long as required; provided that in no event shall either Issuer or any Guarantor be obligated to qualify to do business in any jurisdiction
where it is not then so qualified or to take any action that would subject it to service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or
any offering pursuant to a Shelf Registration Statement, in any such jurisdiction where it is not then so subject. 

        (j)    If
any of the Securities or the New Securities are not issued in global form, then the Issuers and the Guarantors shall cooperate with the Holders of Securities to
facilitate the timely preparation and delivery of certificates representing New Securities or Securities to be issued or sold pursuant to any Registration Statement free of any restrictive legends and
in such denominations and registered in such names as Holders may request. 

        (k)   Upon
the occurrence of any event contemplated by subsections (c)(ii) or (v) above, the Issuers and the Guarantors shall promptly prepare a
post-effective amendment to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter
delivered to Initial Purchasers of the securities included therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading. In such circumstances, the period of effectiveness of the Exchange Offer Registration Statement
provided for in Section 2 and the Shelf Registration Statement provided for in Section 3(b) shall each be extended by the number of days from and including the date of the giving of a
notice of suspension pursuant to Section 5(c) to and including the date when the Initial Purchasers, the Holders of the Securities and any known Exchanging Dealer shall have received such
amended or supplemented Prospectus pursuant to this Section. 

        (l)    Not
later than the effective date of any Registration Statement, the Issuers and the Guarantors shall provide a CUSIP number for the Securities or the New Securities, as
the case may be, registered under such Registration Statement and provide the Trustee with certificates for such Securities or New Securities, in a form eligible for deposit with The Depository Trust
Company. 

8

 

        (m)  The
Issuers and the Guarantors shall comply with all applicable rules and regulations of the Commission and shall make generally available to the Issuers' security
holders as soon as practicable after the effective date of the applicable Registration Statement an earnings statement satisfying the provisions of Section 11(a) of the Act. 

        (n)   The
Issuers and the Guarantors shall cause the Indenture to be qualified under the Trust Indenture Act in a timely manner. 

        (o)   The
Issuers and the Guarantors may require each Holder of Securities to be sold pursuant to any Shelf Registration Statement to furnish to the Issuers and the Guarantors
such information regarding the Holder and the distribution of such Securities as the Issuers and the Guarantors may from time to time reasonably require for inclusion in such Registration Statement.
The Issuers and the Guarantors may exclude from such Shelf Registration Statement the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after
receiving such request. 

        (p)   In
the case of any Shelf Registration Statement, the Issuers and the Guarantors shall enter into such agreements and take all other appropriate actions (including, if
requested, an underwriting agreement in customary form) in order to expedite or facilitate the registration or the disposition of the Securities, and in connection therewith, if an underwriting
agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 7 (or such other provisions and procedures
acceptable to the Majority Holders and the Managing Underwriters, if any, with respect to all parties to be indemnified pursuant to Section 7). 

        (q)   In
the case of any Shelf Registration Statement, the Issuers and the Guarantors shall: 

          (i)  make
reasonably available for inspection by the Holders of Securities to be registered thereunder, any underwriter participating in any disposition pursuant to such
Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records, pertinent partnership, corporate or
limited liability company documents and properties of the Issuers and the Guarantors and their respective subsidiaries; 

         (ii)  cause
the Issuers' and the Guarantors' respective officers, directors and employees to supply all relevant information reasonably requested by the Holders or any such
underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations;  provided, however, that any information that is designated in writing by the Issuers or the Guarantors,
in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Holders or any such underwriter, attorney, accountant or agent, unless such disclosure is
made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying obligation of
confidentiality; 

        (iii)  make
such representations and warranties to the Holders of Securities registered thereunder and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 

        (iv)  obtain
opinions of counsel to the Issuers and the Guarantors and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by such Holders and underwriters; 

         (v)  obtain
"cold comfort" letters and updates thereof from the independent certified public accountants of the Issuers and the Guarantors (and, if necessary, any other
independent certified 

9

 

public
accountants of any subsidiary of the Issuers and the Guarantors or of any business acquired by the Issuers and the Guarantors for which financial statements and financial data are, or are
required to be, included in the Registration Statement), addressed to each selling Holder of Securities registered thereunder and the underwriters, if any, in customary form and covering matters of
the type customarily covered in "cold comfort" letters in connection with primary underwritten offerings; and 

        (vi)  deliver
such documents and certificates as may be reasonably requested by the Majority Holders and the Managing Underwriters, if any, including those to evidence
compliance with Section 5(k) and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Issuers or the Guarantors. 

The
actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall be performed at (A) the effectiveness of such Registration Statement and each
post-effective amendment thereto; and (B) each closing under any underwriting or similar agreement as and to the extent required thereunder. 

        (r)   [omitted]

        (s)   [omitted]

        (t)    [omitted]

        (u)   In
the event that any Broker-Dealer shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or "assist in the
distribution" (within the meaning of the Conduct Rules and the By-Laws of the National Association of Securities Dealers, Inc.) thereof, whether as a Holder of such Securities or as
an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist such Broker-Dealer in complying with the requirements of such Rules and By-Laws,
including, without limitation, by: 

          (i)  if
such Rules or By-Laws shall so require, engaging a "qualified independent underwriter" (as defined in such Rules) to participate in the preparation of
the Registration Statement, to exercise usual standards of due diligence with respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten
offering or is made through a placement or sales agent, to recommend the yield of such Securities; 

         (ii)  indemnifying
any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 7 hereof; and 

        (iii)  providing
such information to such Broker-Dealer as may be required in order for such Broker-Dealer to comply with the requirements of such Rules. 

        (iv)  The
Issuers and the Guarantors shall use their reasonable best efforts to take all other steps necessary to effect the registration of the Securities or the New
Securities, as the case may be, covered by a Registration Statement. 

        6.    Registration Expenses.    The Issuers and the Guarantors bear all expenses incurred in connection with the
performance of their obligations under Sections 2, 3 and 5 hereof and, in the event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one
firm or counsel designated by the Majority Holders to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, will reimburse the Initial
Purchasers for the reasonable fees and disbursements of counsel acting in connection therewith. 

        7.    Indemnification and Contribution.    (a)    The Issuers and each Guarantor agree to indemnify and hold
harmless each Holder of Securities or New Securities, as the case may be, covered by any Registration Statement (including each Initial Purchaser and, with respect to any Prospectus delivery as
contemplated in Section 5(h) hereof, each Exchanging Dealer), the directors, officers, employees and 

10

 

agents
of each such Holder and each Person who controls any such Holder within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or
several, to which they or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and agree to reimburse each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action;  provided, however, that (i) the Issuers and the Guarantors will not be liable in any case to the
extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon
and in conformity with written information furnished to the Issuers or the Guarantors by or on behalf of any such Holder specifically for inclusion therein. This indemnity agreement will be in
addition to any liability which the Issuers or the Guarantors may otherwise have. 

        The
Issuers and each Guarantor also agree to indemnify or contribute as provided in Section 7(d) to Losses of any underwriter of Securities or New Securities, as the case may be,
registered under a Shelf Registration Statement, their directors, officers, employees or agents and each Person who controls such underwriter on substantially the same basis as that of the
indemnification of the Initial Purchasers and the selling Holders provided in this Section 7(a). The Issuers and each Guarantor shall, if requested by any Holder, enter into an underwriting
agreement reflecting such agreement, as provided in Section 5(p) hereof. 

        (b)   Each
Holder of securities covered by a Registration Statement (including each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in
Section 5(h) hereof, each Exchanging Dealer) severally and not jointly agrees to indemnify and hold harmless the Issuers, the Guarantors, the directors of the Issuers and the Guarantors, the
officers of the Issuers and the Guarantors who sign such Registration Statement and each Person who controls the Issuers or the Guarantors within the meaning of either the Act or the Exchange Act, to
the same extent as the foregoing indemnity from the Issuers and the Guarantors to each such Holder, but only with reference to written information relating to such Holder furnished to the Issuers and
the Guarantors by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which
any such Holder may otherwise have. 

        (c)   Promptly
after receipt by an indemnified party under this Section 7 or notice of the commencement of any action, such indemnified party will, if a claim in
respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying
party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than
the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party's choice at the indemnifying
party's expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses
of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be
satisfactory to the indemnified party. 

11

 

Notwithstanding
the indemnifying party's election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including
local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent
the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and
the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or
additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party
within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the
indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or
proceeding. 

        (d)   In
the event that the indemnity provided in paragraph (a) or (b) of this Section 7 is unavailable to or insufficient to hold harmless an indemnified
party for any reason, then each applicable indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other
expenses reasonably incurred in connection with investigating or defending same) (collectively "Losses") to which such indemnified party may be subject in such proportion as is appropriate to reflect
the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration Statement which resulted in
such Losses; provided, however, that in no case shall any Initial Purchaser or any subsequent Holder of
any Security or New Security be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable
to the Security that was exchangeable into such New Security, as set forth on the cover page of the Final Memorandum, nor shall any underwriter be responsible for any amount in excess of the
underwriting discount or commission applicable to the securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the
immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such proportion as is appropriate to reflect not only such relative
benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such
Losses as well as any other relevant equitable considerations. Benefits received by the Issuers or the Guarantors shall be deemed to be equal to the sum of (x) the total net proceeds from the
Initial Placement (before deducting expenses) as set forth on the cover page of the Final Memorandum and (y) the total amount of additional interest which the Issuers and the Guarantors were
not required to pay as a result of registering the securities covered by the Registration Statement which resulted in such Losses. Benefits received by the Initial Purchasers shall be deemed to be
equal to the total purchase discounts and commissions as set forth on the cover page of the Final Memorandum, and benefits received by any other Holders shall be deemed to be equal to the value of
receiving Securities or New Securities, as applicable, registered under the Act. Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions,
as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things,
whether any alleged untrue statement or omission relates to information provided by the indemnifying party, on the one hand, or by the indemnified 

12

 

party,
on the other hand, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that
it would not be just and equitable if contribution were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other method of allocation which does
not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, each Person who
controls a Holder within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to contribution as such Holder, and
each Person who controls the Issuers and the Guarantors within the meaning of either the Act or the Exchange Act, each officer of the Issuers and the Guarantors who shall have signed the Registration
Statement and each director of the Issuers and the Guarantors shall have the same rights to contribution as the Issuers and the Guarantors, subject in each case to the applicable terms and conditions
of this paragraph (d). 

        (e)   The
provisions of this Section 7 will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Issuers and the
Guarantors or any of the officers, directors or controlling Persons referred to in this Section hereof, and will survive the sale by a Holder of securities covered by a Registration Statement. 

        8.    Underwritten Registrations.    (a)    If any of the Securities or New Securities, as the case may be,
covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters shall be selected by the Majority Holders and shall be reasonably satisfactory to the
Partnership. 

        (b)   No
Person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such Person (i) agrees to sell such Person's
Securities or New Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements; and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements. 

        9.    No Inconsistent Agreements.    The Issuers and the Guarantors have not, as of the date hereof, entered into, nor
shall they, on or after the date hereof, enter into, any agreement with respect to their securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the
provisions hereof. 

        10.    Amendments and Waivers.    The provisions of this Agreement, including the provisions of this sentence, may not
be amended, qualified, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuers and the Guarantors have obtained the written
consent of the Majority Holders (or, after the consummation of any Registered Exchange Offer in accordance with Section 2 hereof, of New Securities);  provided that, with respect to any matter that
directly or indirectly affects the rights of any Initial Purchaser hereunder, the Issuers and the
Guarantors shall obtain the written consent of each such Initial Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective. Notwithstanding the foregoing
(except the foregoing proviso), a waiver or consent to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities or New
Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by the Majority Holders,
determined on the basis of Securities or New Securities, as the case may be, being sold rather than registered under such Registration Statement. 

13

   
        11.    Notices.    All notices and other communications provided for or permitted hereunder shall be made in
writing
by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 

        (a)   if
to a Holder, at the most current address given by such Holder to the Issuers in accordance with the provisions of this Section, which address initially is, with
respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture, with a copy in like manner to J.P. Morgan Securities Inc.; 

        (b)   if
to you, initially at the respective addresses set forth in the Purchase Agreement; 

        (c)   if
to the Issuers, initially at the address set forth in the Purchase Agreement; and 

        (d)   if
to the Guarantors, initially at 333 Clay Street, Suite 1600, Houston, Texas 77002. 

        All
such notices and communications shall be deemed to have been duly given when received. 

        The
Initial Purchasers, the Issuers or the Guarantors by notice to the other parties may designate additional or different addresses for subsequent notices or communications. 

        12.    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including, without the need for an express assignment or any consent by the Issuers or the Guarantors thereto, subsequent Holders of Securities and the New Securities.
The Issuers and the Guarantors hereby agree to extend the benefits of this Agreement to any Holder of Securities and the New Securities, and any such Holder may specifically enforce the provisions of
this Agreement as if an original party hereto. 

        13.    Counterparts.    This agreement may be in signed counterparts, each of which shall constitute an original and
all of which together shall constitute one and the same agreement. 

        14.    Purchases and Sales of Securities.    The Issuers and the Guarantors shall not, and shall use their best
efforts to cause their affiliates (as defined in Rule 405 under the Act) not to, purchase and then resell or otherwise transfer any Securities for two (2) years, or if a Shelf
Registration Statement shall become effective during such two (2) year period, for the period of such effectiveness. 

        15.    Third Party Beneficiaries.    Each Holder shall be a third party beneficiary to the agreements made hereunder
between the Issuers and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 

        16.    Headings.    The headings used herein are for convenience only and shall not affect the construction hereof. 

        17.    Applicable Law.    This Agreement shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed in the State of New York. 

        18.    Severability.    In the event that any one of more of the provisions contained herein, or the application
thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent
permitted by law. 

        19.    Securities Held by the Issuers, the Guarantors, etc.    Whenever the consent or approval of Holders of a
specified percentage of principal amount of Securities or New Securities is required hereunder, Securities or New Securities, as applicable, held by the Issuers, the Guarantors or their Affiliates
(other than subsequent Holders of Securities or New Securities if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Securities or New Securities) shall not
be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

14

 

        If
the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a building agreement among the Issuers, the Guarantors and the several Initial Purchasers. 

	 	 	Very truly yours,
	

 	
 	

PLAINS ALL AMERICAN PIPELINE, L.P.
	

 	
 	

By:	
 	

PLAINS AAP, L.P.

its General Partner
	

 	
 	

By:	
 	

PLAINS ALL AMERICAN GP LLC

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	

 	
 	

PAA FINANCE CORP.
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	

 	
 	

PLAINS MARKETING, L.P.
	

 	
 	

By:	
 	

PLAINS MARKETING GP INC.

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	

 	
 	

PLAINS PIPELINE, L.P.
	

 	
 	

By:	
 	

PLAINS MARKETING GP INC.

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	

 	
 	

PLAINS MARKETING GP INC.
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 	 	 	 	 	 

15

 

	

 	
 	

PLAINS MARKETING CANADA LLC
	

 	
 	

By:	
 	

PLAINS MARKETING, L.P.

its Sole Member
	

 	
 	

By:	
 	

PLAINS MARKETING GP INC.

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	

 	
 	

PMC (NOVA SCOTIA) COMPANY
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President
	

 	
 	

PLAINS MARKETING CANADA, L.P.
	

 	
 	

By:	
 	

PMC (NOVA SCOTIA) COMPANY

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President
	

 	
 	

BASIN HOLDINGS GP LLC
	

 	
 	

By:	
 	

PLAINS PIPELINE, L.P.

its Sole Member
	

 	
 	

By:	
 	

PLAINS MARKETING GP INC.

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	

 	
 	

BASIN PIPELINE HOLDINGS, L.P.
	

 	
 	

By:	
 	

BASIN HOLDINGS GP LLC

its General Partner
	

 	
 	

By:	
 	

PLAINS PIPELINE, L.P.

its Sole Member
	

 	
 	

By:	
 	

PLAINS MARKETING GP INC.

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 	 	 	 	 	 

16

 

	

 	
 	

RANCHO HOLDINGS GP LLC
	

 	
 	

By:	
 	

PLAINS PIPELINE, L.P.

its Sole Member
	

 	
 	

 	
 	

By: PLAINS MARKETING GP INC.

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer
	

 	
 	

RANCHO PIPELINE HOLDINGS, L.P.
	

 	
 	

By:	
 	

RANCHO HOLDINGS GP LLC

its General Partner
	

 	
 	

By:	
 	

PLAINS PIPELINE, L.P.

its Sole Member
	

 	
 	

By:	
 	

PLAINS MARKETING GP INC.

its General Partner
	

 	
 	

 	
 	

By:	
 	

/s/  PHIL KRAMER      

	 	 	 	 	 	 	Name:	Phil Kramer
	 	 	 	 	 	 	Title:	Executive Vice President and Chief Financial Officer

17

 

The
foregoing Agreement is hereby

confirmed and accepted as of the

date first above written. 

J.P.
MORGAN SECURITIES INC.

WACHOVIA CAPITAL MARKETS, LLC

CITIGROUP GLOBAL MARKETS INC.

UBS SECURITIES LLC

BANC OF AMERICA SECURITIES LLC

SCOTIA CAPITAL (USA) INC.

SUNTRUST CAPITAL MARKETS, INC.

FORTIS SECURITIES LLC

DAIWA SECURITIES AMERICA INC.

SG AMERICAS SECURITIES, LLC

RBC CAPITAL MARKETS CORPORATION 

	By:	 	J.P. MORGAN SECURITIES INC.
	

By:	
 	

/s/  STEPHEN L. SHEINER      
	
 	

 
	 	 	Name:	 	Stephen L. Sheiner	 	 
	 	 	Title:	 	Vice President	 	 
	

By:	
 	

WACHOVIA CAPITAL MARKETS, LLC
	

By:	
 	

/s/  STEVEN J. TAYLOR      
	
 	

 
	 	 	Name:	 	Steven J. Taylor	 	 
	 	 	Title:	 	Managing Director	 	 

18

  

 
 

SCHEDULE 1    
    

Plains
Marketing, L.P. 

Plains
Pipeline, L.P. 

Plains
Marketing GP Inc. 

Plains
Marketing Canada LLC 

PMC
(Nova Scotia) Company 

Plains
Marketing Canada, L.P. 

Basin
Holdings GP LLC 

Basin
Pipeline Holdings, L.P. 

Rancho
Holdings GP LLC 

Rancho
Pipeline Holdings, L.P. 

19

  

 
 

SCHEDULE 2    
    

J.P.
Morgan Securities Inc. 

Wachovia
Capital Markets, LLC 

Citigroup
Global Markets Inc. 

UBS
Securities LLC 

Banc
of America Securities LLC 

Scotia
Capital (USA) Inc. 

SunTrust
Capital Markets, Inc. 

Fortis
Securities LLC 

Daiwa
Securities America Inc. 

SG
Americas Securities, LLC 

RBC
Capital Markets Corporation 

20

 
 

ANNEX A    
    

        Each Broker-Dealer that receives New Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such New Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an
"underwriter" within the meaning of the Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of New Securities
received in exchange for Securities where such Securities were acquired by such Broker-Dealer as a result of market-making activities or other trading activities. The Issuers and the Guarantors have
agreed that, starting on the Expiration Date (as defined herein) and ending on the close of business one year after the Expiration Date, they will make this Prospectus available to any Broker-Dealer
for use in connection with any such resale. See "Plan of Distribution." 

  

 
 

ANNEX B    
    

        Each Broker-Dealer that receives New Securities for its own account in exchange for Securities, where such Securities were acquired by such Broker-Dealer as a
result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such New Securities. See "Plan of Distribution." 

2

  

 
 

ANNEX C
  PLAN OF DISTRIBUTION    
    

        Each Broker-Dealer that receives New Securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such New Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of New Securities
received in exchange for Securities where such Securities were acquired as a result of market-making activities or other trading activities. The Issuers and the Guarantors have agreed that, starting
on the Expiration Date and ending on the close of business one year after the Expiration Date, they will make this Prospectus, as amended or supplemented, available to any Broker-Dealer for use in
connection with any such resale. In addition, until                        , 200    [90 days] after
commencement of the offering, all dealers effecting transactions
in the New Securities may be required to deliver a prospectus. 

        The
Issuers and the Guarantors will not receive any proceeds from any sale of New Securities by Brokers-Dealers. New Securities received by Broker-Dealers for their own account pursuant
to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on
the New Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such
resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such Broker-Dealer and/or the purchasers
of any such New Securities. Any Broker-Dealer that resells New Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a
distribution of such New Securities may be deemed to be an "underwriter" within the meaning of the Act and any profit of any such resale of New Securities and any commissions or concessions received
by any such Persons may be deemed to be underwriting compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the meaning of the Act. 

        For
a period of one year after the Expiration Date, the Issuers and the Guarantors will promptly send additional copies of this Prospectus and any amendment or supplement to this
Prospectus to any Broker-Dealer that requests such documents in the Letter of Transmittal. The Issuers and the Guarantors have agreed to pay all expenses incident to the Exchange Offer (including the
reasonable expenses of one counsel for the holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the Securities (including any
Broker-Dealers) against certain liabilities, including liabilities under the Act. 

        If
applicable, add information required by Regulation S-K Items 507 and/or 508. 

3

  

 
 

ANNEX D    
    

Rider A  

	 	 	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.
	

 	
 	

Name:	

 	
 	

 
	 	 	 	
	 	 
	 	 	Address:	 	 	 
	 	 	 	
	 	 
	

 	
 	

 	

	
 	

 

Rider B  

        If the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the New Securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any Person to participate in a distribution of the New Securities. If
the undersigned is a Broker-Dealer that will receive New Securities for its own account in exchange for Securities, it represents that the Securities to be exchange for New Securities were acquired by
it as a result of market-making activities or other
trading activities and acknowledges that it will deliver a prospectus in connection with any resale of such New Securities; however, by so acknowledging and by delivering a prospectus, the undersigned
will not be deemed to admit that it is an "underwriter" within the meaning of the Act. 

4

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EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

SCHEDULE 1

SCHEDULE 2

ANNEX A

ANNEX B

ANNEX C PLAN OF DISTRIBUTION

ANNEX D

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