ENTERPRISE PRODUCTS OPERATING
LLC
ENTERPRISE PRODUCTS PARTNERS
L.P.
AS PARENT GUARANTOR,
and
WELLS FARGO BANK,
NATIONAL ASSOCIATION,
SEVENTEENTH SUPPLEMENTAL
INDENTURE
Dated as of
[ ][ ],
2009
to
Indenture dated as of October 4, 2004
7.625% Senior Notes due 2012
6.125% Senior Notes due 2013
5.90% Senior Notes due 2013
6.65% Senior Notes due 2018
7.55% Senior Notes due 2038
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Page
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ARTICLE I
THE NOTES
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Form
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2
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Title, Amount
and Payment of Principal and Interest
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3
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Registrar and
Paying Agent
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7
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Transfer and
Exchange
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7
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Guarantee of
the Notes
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7
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Defeasance and
Discharge
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7
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Amendment to
Section 4.12 of the Original Indenture
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7
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Amendment to
Section 4.13 of the Original Indenture
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7
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ARTICLE II
REDEMPTION
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Redemption
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ARTICLE III
MISCELLANEOUS PROVISIONS
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Table of
Contents, Headings, etc.
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8
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Counterpart
Originals
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8
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Governing
Law
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8
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Form of Note
for the 7.625% Senior Notes due 2012
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A-1
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Form of Note
for the 6.125% Senior Notes due 2013
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B-1
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Form of Note
for the 5.90% Senior Notes due 2013
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C-1
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Form of Note
for the 6.65% Senior Notes due 2018
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D-1
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Form of Note
for the 7.55% Senior Notes due 2038
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E-1
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i
THIS SEVENTEENTH
SUPPLEMENTAL INDENTURE dated as of
[ ] [ ], 2009,
is among Enterprise Products Operating LLC, a Texas limited
liability company (the “Issuer”), Enterprise Products
Partners L.P., a Delaware limited partnership (the “Parent
Guarantor”), and Wells Fargo Bank, National Association, a
national banking association, as trustee (the
“Trustee”). Each capitalized term used but not defined
in this Seventeenth Supplemental Indenture shall have the meaning
assigned to such term in the Original Indenture (as defined
below).
WHEREAS,
Enterprise Products Operating L.P. and the Parent Guarantor have
executed and delivered to the Trustee an Indenture, dated as of
October 4, 2004 (the “Original Indenture”),
providing for the issuance by Enterprise Products Operating L.P.
from time to time of its debentures, notes, bonds or other
evidences of indebtedness, issued and to be issued in one or more
series unlimited as to principal amount (the “Debt
Securities”), and the guarantee by each Guarantor of the Debt
Securities (the “Guarantee”);
WHEREAS, the
Issuer and the Parent Guarantor have executed and delivered to the
Trustee a Tenth Supplemental Indenture, dated as of June 30,
2007, providing for the Issuer as the successor issuer (the
Original Indenture together with the Tenth Supplemental Indenture,
the “Base Indenture”);
WHEREAS, on or
before the date hereof the Issuer has issued several series of Debt
Securities pursuant to previous supplements to the Base
Indenture;
WHEREAS, the
Issuer has duly authorized and desires to cause to be issued
pursuant to the Base Indenture and this Seventeenth Supplemental
Indenture each of the following new series of Debt Securities
(collectively, the “Notes”):
(i) a
series of Debt Securities in the aggregate principal amount of up
to $500,000,000, which series shall be designated as the 7.625%
Senior Notes due 2012;
(ii) a
series of Debt Securities in the aggregate principal amount of up
to $200,000,000, which series shall be designated as the 6.125%
Senior Notes due 2013;
(iii) a
series of Debt Securities in the aggregate principal amount of up
to $250,000,000, which series shall be designated as the 5.90%
Senior Notes due 2013;
(iv) a
series of Debt Securities in the aggregate principal amount of up
to $350,000,000, which series shall be designated as the 6.65%
Senior Notes due 2018; and
(v) a
series of Debt Securities in the aggregate principal amount of up
to $400,000,000, which series shall be designated as the 7.55%
Senior Notes due 2038.
WHEREAS, all of
such Notes will be guaranteed by the Parent Guarantor as provided
in Article XIV of the Original Indenture;
WHEREAS, the
Issuer desires to cause the issuance of the Notes pursuant to
Sections 2.01 and 2.03 of the Original Indenture, which
sections permit the execution of indentures supplemental thereto to
establish the form and terms of Debt Securities of any
series;
WHEREAS, pursuant
to Section 9.01 of the Original Indenture, the Issuer and the
Parent Guarantor have requested that the Trustee join in the
execution of this Seventeenth Supplemental Indenture to establish
the form and terms of the Notes;
WHEREAS, all
things necessary have been done to make the Notes, when executed by
the Issuer and authenticated and delivered hereunder and under the
Base Indenture and duly issued by the Issuer, and the Guarantee of
the Parent Guarantor, when the Notes are duly issued by the Issuer,
the valid obligations of the Issuer and the Parent Guarantor,
respectively, and to make this Seventeenth Supplemental Indenture a
valid agreement of the Issuer and the Parent Guarantor enforceable
in accordance with its terms.
NOW, THEREFORE,
the Issuer, the Parent Guarantor and the Trustee hereby agree that
the following provisions shall supplement the Base
Indenture:
(1) The
7.625% Senior Notes due 2012 and the related Trustee’s
certificate of authentication shall be substantially in the form of
Exhibit A-1 to this Seventeenth Supplemental
Indenture;
(2) the
6.125% Senior Notes due 2013 and the related Trustee’s
certificate of authentication shall be substantially in the form of
Exhibit A-2 to this Seventeenth Supplemental
Indenture;
(3) the
5.90% Senior Notes due 2013 and the related Trustee’s
certificate of authentication shall be substantially in the form of
Exhibit A-3 to this Seventeenth Supplemental
Indenture;
(4) the
6.65% Senior Notes due 2018 and the related Trustee’s
certificate of authentication shall be substantially in the form of
Exhibit A-4 to this Seventeenth Supplemental
Indenture; and
(5) the
7.55% Senior Notes due 2038 and the related Trustee’s
certificate of authentication shall be substantially in the form of
Exhibit A-5 to this Seventeenth Supplemental
Indenture.
Exhibits
A-1 through A-5 are hereby incorporated into
this Seventeenth Supplemental Indenture. The terms and provisions
contained in the Notes shall constitute, and are hereby expressly
made, a part of this Seventeenth Supplemental Indenture and to the
extent applicable, the Issuer, the Parent Guarantor and the
Trustee, by their execution and delivery of this
2
Seventeenth
Supplemental Indenture, expressly agree to such terms and
provisions and to be bound thereby.
The Notes shall be
issued only as Registered Securities. The Notes shall be issued
upon original issuance in whole in the form of one or more Global
Securities (the “Book-Entry Notes”). Each Book-Entry
Note shall represent such of the Outstanding Notes as shall be
specified therein and shall provide that it shall represent the
aggregate amount of Outstanding Notes from time to time endorsed
thereon and that the aggregate amount of Outstanding Notes
represented thereby may from time to time be reduced or increased,
as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Book-Entry Note to reflect the amount, or any
increase or decrease in the amount, of Outstanding Notes
represented thereby shall be made by the Trustee in accordance with
written instructions or such other written form of instructions as
is customary for the Depositary, from the Depositary or its nominee
on behalf of any Person having a beneficial interest in the
Book-Entry Note.
The Issuer
initially appoints The Depository Trust Company (“DTC”)
to act as Depositary with respect to the Book-Entry
Notes.
SECTION 1.2
Title, Amount and Payment of Principal and Interest
.
(1)
7.625% Senior Notes due 2012 . The 7.625% Senior
Notes due 2012 shall be entitled the “7.625% Senior Notes due
2012.” The Trustee shall authenticate and deliver
(i) the 7.625% Senior Notes due 2012 for original issue on the
date hereof (the “7.625% Original Notes”) in the
aggregate principal amount of $500 million and
(ii) additional 7.625% Senior Notes due 2012 for original
issue from time to time after the date hereof in such principal
amounts as may be specified in the Company Order described in this
sentence, provided that no such additional 7.625% Senior Notes due
2012 may be issued at a price that would cause such 7.625% Senior
Notes due 2012 to have “original issue discount” within
the meaning of the Internal Revenue Code of 1986, as amended, in
each case upon a Company Order for the authentication and delivery
thereof and satisfaction of the other provisions of
Section 2.05 of the Original Indenture. Such order shall
specify the amount of the 7.625% Senior Notes due 2012 to be
authenticated, the date on which the original issue of 7.625%
Senior Notes due 2012 is to be authenticated, and the name or names
of the initial Holder or Holders. The aggregate principal amount of
7.625% Senior Notes due 2012 that may be outstanding at any time
may not exceed $500 million plus such additional principal
amounts as may be issued and authenticated pursuant to clause
(ii) of this paragraph (except as provided in
Section 2.09 of the Original Indenture).
The principal
amount of each 7.625% Senior Notes due 2012 shall be payable on
February 15, 2012. Each 7.625% Senior Note due 2012 shall bear
interest from and including August 15, 2009, or from and
including the most recent date to which interest has been paid, at
the fixed rate of 7.625% per annum. The dates on which interest on
the 7.625% Senior Notes due 2012 shall be payable shall be
February 15 and August 15 of each year, commencing
February 15, 2010, in the case of the 7.625% Original Notes
(the “7.625% Interest Payment Dates”). The regular
record date for interest payable on the 7.625% Senior Notes due
2012 on any 7.625% Interest Payment Date shall be February 1 or
August 1 (the “7.625% Regular Record Date”), as the
case may be, preceding such 7.625% Interest Payment
Date.
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Payments of
principal of, premium, if any, and interest due on the 7.625%
Senior Notes due 2012 representing Book-Entry Notes on any 7.625%
Interest Payment Date or at maturity will be made available to the
Trustee by 11:00 a.m., New York City time, on such date,
unless such date falls on a day which is not a Business Day, in
which case such payments will be made available to the Trustee by
11:00 a.m., New York City time, on the next Business Day. As
soon as possible thereafter, the Trustee will make such payments to
the Depositary.
(2)
6.125% Senior Notes due 2013 . The 6.125% Senior
Notes due 2013 shall be entitled the “6.125% Senior Notes due
2013.” The Trustee shall authenticate and deliver
(i) the 6.125% Senior Notes due 2013 for original issue on the
date hereof (the “6.125% Original Notes”) in the
aggregate principal amount of $200 million and
(ii) additional 6.125% Senior Notes due 2013 for original
issue from time to time after the date hereof in such principal
amounts as may be specified in the Company Order described in this
sentence, provided that no such additional 6.125% Senior Notes due
2013 may be issued at a price that would cause such 6.125% Senior
Notes due 2013 to have “original issue discount” within
the meaning of the Internal Revenue Code of 1986, as amended, in
each case upon a Company Order for the authentication and delivery
thereof and satisfaction of the other provisions of
Section 2.05 of the Original Indenture. Such order shall
specify the amount of the 6.125% Senior Notes due 2013 to be
authenticated, the date on which the original issue of 6.125%
Senior Notes due 2013 is to be authenticated, and the name or names
of the initial Holder or Holders. The aggregate principal amount of
6.125% Senior Notes due 2013 that may be outstanding at any time
may not exceed $200 million plus such additional principal
amounts as may be issued and authenticated pursuant to clause
(ii) of this paragraph (except as provided in
Section 2.09 of the Original Indenture).
The principal
amount of each 6.125% Senior Note due 2013 shall be payable on
February 1, 2013. Each 6.125% Senior Note due 2013 shall bear
interest from and including August 1, 2009, or from and
including the most recent date to which interest has been paid, at
the fixed rate of 6.125% per annum. The dates on which interest on
the 6.125% Senior Notes due 2013 shall be payable shall be February
1 and August 1 of each year, commencing February 1, 2010, in
the case of the 6.125% Original Notes (the “6.125% Interest
Payment Dates”). The regular record date for interest payable
on the 6.125% Senior Notes due 2013 on any 6.125% Interest Payment
Date shall be January 15 or July 15 (the “6.125% Regular
Record Date”), as the case may be, preceding such 6.125%
Interest Payment Date.
Payments of
principal of, premium, if any, and interest due on the 6.125%
Senior Note due 2013 representing Book-Entry Notes on any 6.125%
Interest Payment Date or at maturity will be made available to the
Trustee by 11:00 a.m., New York City time, on such date,
unless such date falls on a day which is not a Business Day, in
which case such payments will be made available to the Trustee by
11:00 a.m., New York City time, on the next Business Day. As
soon as possible thereafter, the Trustee will make such payments to
the Depositary.
(3)
5.90% Senior Notes due 2013 . The 5.90% Senior Notes
due 2013 shall be entitled the “5.90% Senior Notes due
2013.” The Trustee shall authenticate and deliver
(i) the 5.90% Senior Notes due 2013 for original issue on the
date hereof (the “5.90% Original Notes”) in the
aggregate principal amount of $250 million and
(ii) additional 5.90% Senior Notes due 2013 for original issue
from time to time after the date hereof in such principal amounts
as may be specified in the Company Order described in this
sentence, provided that no such additional
4
5.90% Senior Notes due 2013 may be issued at a price that would
cause such 5.90% Senior Notes due 2013 to have “original
issue discount” within the meaning of the Internal Revenue
Code of 1986, as amended, in each case upon a Company Order for the
authentication and delivery thereof and satisfaction of the other
provisions of Section 2.05 of the Original Indenture. Such
order shall specify the amount of the 5.90% Senior Notes due 2013
to be authenticated, the date on which the original issue of 5.90%
Senior Notes due 2013 is to be authenticated, and the name or names
of the initial Holder or Holders. The aggregate principal amount of
5.90% Senior Notes due 2013 that may be outstanding at any time may
not exceed $250 million plus such additional principal amounts
as may be issued and authenticated pursuant to clause (ii) of
this paragraph (except as provided in Section 2.09 of the
Original Indenture).
The principal
amount of each 5.90% Senior Note due 2013 shall be payable on
April 15, 2013. Each 5.90% Senior Note due 2013 shall bear
interest from and including October 15, 2009, or from and
including the most recent date to which interest has been paid, at
the fixed rate of 5.90% per annum. The dates on which interest on
the 5.90% Senior Notes due 2013 shall be payable shall be
April 15 and October 15 of each year, commencing
April 15, 2010, in the case of the 5.90% Original Notes (the
“5.90% Interest Payment Dates”). The regular record
date for interest payable on the 5.90% Senior Notes due 2013 on any
5.90% Interest Payment Date shall be April 1 or October 1 (the
“5.90% Regular Record Date”), as the case may be,
preceding such 5.90% Interest Payment Date.
Payments of
principal of, premium, if any, and interest due on the 5.90% Senior
Note due 2013 representing Book-Entry Notes on any 5.90% Interest
Payment Date or at maturity will be made available to the Trustee
by 11:00 a.m., New York City time, on such date, unless such
date falls on a day which is not a Business Day, in which case such
payments will be made available to the Trustee by 11:00 a.m.,
New York City time, on the next Business Day. As soon as possible
thereafter, the Trustee will make such payments to the
Depositary.
(4)
6.65% Senior Notes due 2018 . The 6.65% Senior Notes
due 2018 shall be entitled the “6.65% Senior Notes due
2018.” The Trustee shall authenticate and deliver
(i) the 6.65% Senior Notes due 2018 for original issue on the
date hereof (the “6.65% Original Notes”) in the
aggregate principal amount of $350 million and
(ii) additional 6.65% Senior Notes due 2018 for original issue
from time to time after the date hereof in such principal amounts
as may be specified in the Company Order described in this
sentence, provided that no such additional 6.65% Senior Notes due
2018 may be issued at a price that would cause such 6.65% Senior
Notes due 2018 to have “original issue discount” within
the meaning of the Internal Revenue Code of 1986, as amended, in
each case upon a Company Order for the authentication and delivery
thereof and satisfaction of the other provisions of
Section 2.05 of the Original Indenture. Such order shall
specify the amount of the 6.65% Senior Notes due 2018 to be
authenticated, the date on which the original issue of 6.65% Senior
Notes due 2018 is to be authenticated, and the name or names of the
initial Holder or Holders. The aggregate principal amount of 6.65%
Senior Notes due 2018 that may be outstanding at any time may not
exceed $350 million plus such additional principal amounts as
may be issued and authenticated pursuant to clause (ii) of
this paragraph (except as provided in Section 2.09 of the
Original Indenture).
The principal
amount of each 6.65% Senior Note due 2018 shall be payable on
April 15, 2018. Each 6.65% Senior Note due 2018 shall bear
interest from and including October 15,
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2009, or from
and including the most recent date to which interest has been paid,
at the fixed rate of 6.65% per annum. The dates on which interest
on the 6.65% Senior Notes due 2018 shall be payable shall be
April 15 and October 15 of each year, commencing
April 15, 2010, in the case of the 6.65% Original Notes (the
“6.65% Interest Payment Dates”). The regular record
date for interest payable on the 6.65% Senior Notes due 2018 on any
6.65% Interest Payment Date shall be April 1 or October 1 (the
“6.65% Regular Record Date”), as the case may be,
preceding such 6.65% Interest Payment Date.
Payments of
principal of, premium, if any, and interest due on the 6.65% Senior
Note due 2018 representing Book-Entry Notes on any 6.65% Interest
Payment Date or at maturity will be made available to the Trustee
by 11:00 a.m., New York City time, on such date, unless such
date falls on a day which is not a Business Day, in which case such
payments will be made available to the Trustee by 11:00 a.m.,
New York City time, on the next Business Day. As soon as possible
thereafter, the Trustee will make such payments to the
Depositary.
(5)
7.55% Senior Notes due 2038 . The 7.55% Senior Notes
due 2038 shall be entitled the “7.55% Senior Notes due
2038.” The Trustee shall authenticate and deliver
(i) the 7.55% Senior Notes due 2038 for original issue on the
date hereof (the “7.55% Original Notes”) in the
aggregate principal amount of $400 million and
(ii) additional 7.55% Senior Notes due 2038 for original issue
from time to time after the date hereof in such principal amounts
as may be specified in the Company Order described in this
sentence, provided that no such additional 7.55% Senior Notes due
2038 may be issued at a price that would cause such 7.55% Senior
Notes due 2038 to have “original issue discount” within
the meaning of the Internal Revenue Code of 1986, as amended, in
each case upon a Company Order for the authentication and delivery
thereof and satisfaction of the other provisions of
Section 2.05 of the Original Indenture. Such order shall
specify the amount of the 7.55% Senior Notes due 2038 to be
authenticated, the date on which the original issue of 7.55% Senior
Notes due 2038 is to be authenticated, and the name or names of the
initial Holder or Holders. The aggregate principal amount of 7.55%
Senior Notes due 2038 that may be outstanding at any time may not
exceed $400 million plus such additional principal amounts as
may be issued and authenticated pursuant to clause (ii) of
this paragraph (except as provided in Section 2.09 of the
Original Indenture).
The principal
amount of each 7.55% Senior Note due 2038 shall be payable on
April 15, 2038. Each 7.55% Senior Note due 2038 shall bear
interest from and including October 15, 2009, or from and
including the most recent date to which interest has been paid, at
the fixed rate of 7.55% per annum. The dates on which interest on
the 7.55% Senior Notes due 2038 shall be payable shall be
April 15 and October 15 of each year, commencing
April 15, 2010, in the case of the 7.55% Original Notes (the
“7.55% Interest Payment Dates”). The regular record
date for interest payable on the 7.55% Senior Notes due 2038 on any
7.55% Interest Payment Date shall be April 1 or October 1 (the
“7.55% Regular Record Date”), as the case may be,
preceding such 7.55% Interest Payment Date.
Payments of
principal of, premium, if any, and interest due on the 7.55% Senior
Note due 2038 representing Book-Entry Notes on any 7.55% Interest
Payment Date or at maturity will be made available to the Trustee
by 11:00 a.m., New York City time, on such date, unless such
date falls on a day which is not a Business Day, in which case such
payments will be made available
6
to the Trustee
by 11:00 a.m., New York City time, on the next Business Day.
As soon as possible thereafter, the Trustee will make such payments
to the Depositary.
SECTION 1.3
Registrar and Paying Agent .
The Issuer
initially appoints the Trustee as Registrar and paying agent with
respect to the Notes. The office or agency in the City and State of
New York where Notes may be presented for registration of transfer
or exchange and the Place of Payment for the Notes shall initially
be the corporate trust office of the Trustee located at 45
Broadway, 14th Floor, New York, New York 10006.
SECTION 1.4
Transfer and Exchange .
The transfer and
exchange of Book-Entry Notes or beneficial interests therein shall
be effected through the Depositary, in accordance with
Section 2.15 of the Original Indenture and the rules and
procedures of the Depositary therefor.
SECTION 1.5
Guarantee of the Notes .
In accordance with
Article XIV of the Original Indenture, the Notes will be
fully, unconditionally and absolutely guaranteed on an unsecured,
unsubordinated basis by the Parent Guarantor. Initially, there will
be no Subsidiary Guarantors.
SECTION 1.6
Defeasance and Discharge .
The Notes shall be
subject to satisfaction and discharge and to both legal defeasance
and covenant defeasance as contemplated by Article XI of the
Original Indenture.
SECTION 1.7
Amendment to Section 4.12 of the Original Indenture
.
The last paragraph
of Section 4.12 of the Original Indenture is hereby amended
and restated in relation solely to the Notes to read as
follows:
“Notwithstanding
the foregoing provisions of this Section, the Parent Guarantor may,
and may permit any Subsidiary to, effect any Sale/Leaseback
Transaction that is not excepted by clauses (a) through (d),
inclusive, of this Section, provided that the Attributable
Indebtedness from such Sale/Leaseback Transaction, together with
the aggregate principal amount of all other such Attributable
Indebtedness deemed to be outstanding and all outstanding
Indebtedness (other than the Debt Securities) secured by liens,
other than Permitted Liens, upon Principal Properties or upon any
capital stock of any Restricted Subsidiary, do not exceed 10% of
Consolidated Net Tangible Assets.”
SECTION 1.8
Amendment to Section 4.13 of the Original Indenture
.
The last sentence
of Section 4.13 of the Original Indenture is hereby amended
and restated in relation solely to the Notes to read as
follows:
7
“Notwithstanding
the foregoing, the Parent Guarantor may, and may permit any
Subsidiary to, create, assume, incur or suffer to exist any lien,
other than a Permitted Lien, upon any Principal Property or upon
any capital stock of any Restricted Subsidiary to secure
Indebtedness of the Parent Guarantor, the Company or any other
Person (other than the Debt Securities), without in any such case
making effective provision whereby all the Debt Securities
Outstanding under this Indenture are secured equally and ratably
with, or prior to, such Indebtedness so long as such Indebtedness
is secured; provided that the aggregate principal amount of all
Indebtedness then outstanding secured by such lien and all similar
liens, together with the aggregate amount of Attributable
Indebtedness deemed to be outstanding in respect of all
Sale/Leaseback Transactions (exclusive of any such Sale/Leaseback
Transactions otherwise permitted under clauses (a) through
(d) of Section 4.12), does not exceed 10% of Consolidated
Net Tangible Assets.”
The Issuer shall
have no obligation to redeem, purchase or repay the Notes pursuant
to any mandatory redemption, sinking fund or analogous provisions
or at the option of a Holder thereof. The Issuer, at its option,
may redeem the Notes in accordance with the provisions of paragraph
5 of the Notes and Article III of the Original
Indenture.
ARTICLE III
MISCELLANEOUS PROVISIONS
SECTION 3.1
Table of Contents, Headings, etc.
The table of
contents and headings of the Articles and Sections of this
Seventeenth Supplemental Indenture have been inserted for
convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or
provisions hereof.
SECTION 3.2
Counterpart Originals .
The parties may
sign any number of copies of this Seventeenth Supplemental
Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.
SECTION 3.3
Governing Law .
THIS
SEVENTEENTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.
8
IN WITNESS
WHEREOF, the parties hereto have caused this Seventeenth
Supplemental Indenture to be duly executed as of the day and year
first above written.
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ENTERPRISE
PRODUCTS OPERATING LLC,
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as
Issuer
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By:
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Enterprise
Products OLPGP, Inc.
its sole manager
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By:
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Name:
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W. Randall
Fowler
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Title:
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Executive Vice
President and
Chief Financial Officer
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ENTERPRISE
PRODUCTS PARTNERS L.P.,
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as Parent
Guarantor
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By:
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Enterprise
Products GP, LLC
its General Partner
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By:
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Name:
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W. Randall
Fowler
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Title:
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Executive Vice
President and
Chief Financial Officer
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WELLS FARGO
BANK,
NATIONAL ASSOCIATION,
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as
Trustee
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By:
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Name:
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Patrick T.
Giordano
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Title:
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Vice
President
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Seventeenth Supplemental
Indenture Signature Page
FORM OF NOTE
[ FACE OF SECURITY
]
[
UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. ] *
[
TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN. ]
*
$
[ which amount may be
increased or decreased by the Schedule
of Increases and Decreases in Global Security attached hereto.
] *
ENTERPRISE PRODUCTS OPERATING
LLC
7.625% SENIOR NOTE DUE 2012
ENTERPRISE
PRODUCTS OPERATING LLC, a Texas limited liability company (the
“Company,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby
promises to pay to [ Cede & Co. ]
*
or its registered assigns, the
principal sum of
($
U.S. dollars, [ or such greater or lesser principal sum as
is shown on the attached Schedule of Increases and Decreases in
Global Security ] * , on February 15, 2012 in such coin and currency
of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, and to
pay interest at an annual rate of 7.625% payable on
February 15 and August 15 of each year, to the person
in
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*
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To be included
in a Book-Entry Note.
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A-1
whose name the
Security (as defined on the reverse side of this security) is
registered at the close of business on the record date for such
interest, which shall be the preceding February 1 and August 1
(each, a “Regular Record Date”), respectively, payable
commencing on February 15, 2010, with interest accruing from
and including August 15, 2009, or from and including the most
recent date to which interest shall have been paid.
Reference is made
to the further provisions of this Security set forth on the reverse
hereof. Such further provisions shall for all purposes have the
same effect as though fully set forth at this place.
The statements in
the legends set forth in this Security are an integral part of the
terms of this Security and by acceptance hereof the Holder of this
Security agrees to be subject to, and bound by, the terms and
provisions set forth in each such legend.
This Security is
issued in respect of a series of Debt Securities of an initial
aggregate of $500 million in principal amount designated as
the 7.625% Senior Notes due 2012 of the Company and is governed by
the Indenture dated as of October 4, 2004 (the “Original
Indenture”), duly executed and delivered by the Company, as
issuer, and Enterprise Products Partners L.P., as parent guarantor
(the “Parent Guarantor”), to Wells Fargo Bank, National
Association, as trustee (the “Trustee”), as amended by
the Tenth Supplemental Indenture, dated as of June 30, 2007,
providing for the Company as the successor issuer (the “Tenth
Supplemental Indenture”), and the Seventeenth Supplemental
Indenture dated as of October [___], 2009, duly executed by the
Company, the Parent Guarantor and the Trustee (the
“Seventeenth Supplemental Indenture”, and together with
the Original Indenture and the Tenth Supplemental Indenture, the
“Indenture”). The terms of the Indenture are
incorporated herein by reference. This Security shall in all
respects be entitled to the same benefits as definitive Debt
Securities under the Indenture.
If and to the
extent any provision of the Indenture limits, qualifies or
conflicts with any other provision of the Indenture that is
required to be included in the Indenture or is deemed applicable to
the Indenture by virtue of the provisions of the Trust Indenture
Act of 1939, as amended (the “TIA”), such required
provision shall control.
The Company hereby
irrevocably undertakes to the Holder hereof to exchange this
Security in accordance with the terms of the Indenture without
charge.
This Security
shall not be valid or become obligatory for any purpose until the
Trustee’s Certificate of Authentication hereon shall have
been manually signed by the Trustee under the Indenture.
A-2
IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed
by its sole manager.
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ENTERPRISE
PRODUCTS OPERATING LLC
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By:
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Enterprise
Products OLPGP, Inc.
its sole manager
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By:
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Name:
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Title:
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TRUSTEE’S
CERTIFICATE OF AUTHENTICATION:
This is one of the
Debt Securities of the series designated herein referred to in the
within-mentioned Indenture.
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WELLS FARGO
BANK, NATIONAL ASSOCIATION,
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as
Trustee
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By:
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Authorized
Signatory
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A-3
[ REVERSE OF SECURITY ]
ENTERPRISE PRODUCTS OPERATING LLC
7.625% SENIOR NOTE DUE
2012
This Security is
one of a duly authorized issue of debentures, notes or other
evidences of indebtedness of the Company (the “Debt
Securities”) of the series hereinafter specified, all issued
or to be issued under and pursuant to the Indenture, to which
Indenture reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company, the Parent Guarantor and
the Holders of the Debt Securities. The Debt Securities may be
issued in one or more series, which different series may be issued
in various aggregate principal amounts, may mature at different
times, may bear interest (if any) at different rates, may be
subject to different sinking, purchase or analogous funds (if any)
and may otherwise vary as provided in the Indenture. This Security
is one of a series designated as the 7.625% Senior Notes due 2012
of the Company, in initial aggregate principal amount of $500
million (the “Securities”).
The Company
promises to pay interest on the principal amount of this Security
at the rate of 7.625% per annum.
The Company will
pay interest semi-annually on February 15 and August 15
of each year (each an “Interest Payment Date”),
commencing February 15, 2010. Interest on the Securities will
accrue from and including the most recent date to which interest
has been paid or, if no interest has been paid on the Securities,
from and including August 15, 2009. Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.
The Company shall pay interest (including post-petition interest in
any proceeding under any applicable bankruptcy laws) on overdue
installments of interest (without regard to any applicable grace
period) and on overdue principal and premium, if any, from time to
time on demand at the same rate per annum, in each case to the
extent lawful.
The Company shall
pay interest on the Securities (except Defaulted Interest) to the
persons who are the registered Holders at the close of business on
the Regular Record Date immediately preceding the Interest Payment
Date. Any such interest not so punctually paid or duly provided for
(“Defaulted Interest”) may be paid to the persons who
are registered Holders at the close of business on a special record
date for the payment of such Defaulted Interest, or in any other
lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may then be listed if
such manner of payment shall be deemed practicable by the Trustee,
as more fully provided in the Indenture. The Company shall pay
principal, premium, if any, and interest in such coin or currency
of the United States of America as at the time of payment shall be
legal tender for payment of public and private debts. Payments in
respect of a Global Security (including principal, premium, if any,
and interest) will be made by wire transfer of immediately
available funds to the accounts specified by the Depositary.
Payments in respect of Securities in definitive form (including
principal, premium, if any, and
A-4
interest) will
be made at the office or agency of the Company maintained for such
purpose within The City of New York, which initially will be the
corporate trust office of Wells Fargo Bank, National Association at
45 Broadway, 14th Floor, New York, New York 10006, or, at the
option of the Company, payment of interest may be made by check
mailed to the Holders on the relevant record date at their
addresses set forth in the Debt Security Register of Holders or at
the option of the Holder, payment of interest on Securities in
definitive form will be made by wire transfer of immediately
available funds to any account maintained in the United States,
provided such Holder has requested such method of payment and
provided timely wire transfer instructions to the paying agent. The
Holder must surrender this Security to a paying agent to collect
payment of principal.
Paying Agent
and Registrar .
Initially, Wells
Fargo Bank, National Association will act as paying agent and
Registrar. The Company may change any paying agent or Registrar at
any time upon notice to the Trustee and the Holders. The Company
may act as paying agent.
This Security is
one of a duly authorized issue of Debt Securities of the Company
issued and to be issued in one or more series under the
Indenture.
Capitalized terms
herein are used as defined in the Indenture unless otherwise
defined herein. The terms of the Securities include those stated in
the Original Indenture, those made part of the Indenture by
reference to the TIA, as in effect on the date of the Original
Indenture, and those terms stated in the Seventeenth Supplemental
Indenture. The Securities are subject to all such terms, and
Holders of Securities are referred to the Original Indenture, the
Seventeenth Supplemental Indenture and the TIA for a statement of
them. The Securities of this series are general unsecured
obligations of the Company limited to an initial aggregate
principal amount of $500 million; provided, however ,
that the authorized aggregate principal amount of such series may
be increased from time to time as provided in the Seventeenth
Supplemental Indenture.
The Securities are
redeemable, at the option of the Company, at any time in whole, or
from time to time in part, at a redemption price (the
“Make-Whole Price”) equal to the greater of: (i) 100%
of the principal amount of the Securities to be redeemed; or
(ii) the sum of the present values of the remaining scheduled
payments of principal and interest (at the rate in effect on the
date of calculation of the redemption price) on the Securities to
be redeemed (exclusive of interest accrued to the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Yield plus 35 basis points; plus, in either
case, accrued interest to the Redemption Date.
A-5
The actual
Make-Whole Price, calculated as provided above, shall be calculated
and certified to the Trustee and the Company by the Independent
Investment Banker. For purposes of determining the Make-Whole
Price, the following definitions are applicable:
“Treasury
Yield” means, with respect to any Redemption Date applicable
to the Securities, the rate per annum equal to the semi-annual
equivalent yield to maturity (computed as of the third Business Day
immediately preceding such Redemption Date) of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the
applicable Comparable Treasury Price for the Redemption
Date.
“Comparable
Treasury Issue” means the United States Treasury security
selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Securities to be redeemed
that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining
terms of the Securities to be redeemed; provided, however,
that if no maturity is within three months before or after the
maturity date for the Securities, yields for the two published
maturities most closely corresponding to such United States
Treasury security will be determined and the treasury rate will be
interpolated or extrapolated from those yields on a straight line
basis rounding to the nearest month.
“Independent
Investment Banker” means any of Citigroup Global Markets
Inc., J.P. Morgan Securities Inc., UBS Securities LLC and Wachovia
Capital Markets, LLC and their respective successors, or, if no
such firm is willing and able to select the applicable Comparable
Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee and reasonably
acceptable to the Company.
“Comparable
Treasury Price” means, with respect to any Redemption Date,
(a) the average of the Reference Treasury Dealer Quotations
for the Redemption Date, after excluding the highest and lowest
Reference Treasury Dealer Quotations, or (b) if the
Independent Investment Banker obtains fewer than five Reference
Treasury Dealer Quotations, the average of all such
quotations.
“Reference
Treasury Dealer” means (a) each of Citigroup Global
Markets Inc., J.P. Morgan Securities Inc., UBS Securities LLC and
Wachovia Capital Markets, LLC and their respective successors, and
(b) one other primary U.S. government securities dealer in New
York City selected by the Independent Investment Banker (each, a
“Primary Treasury Dealer”); provided ,
however , that if any of the foregoing shall cease to be a
Primary Treasury Dealer, the Company will substitute therefor
another Primary Treasury Dealer.
“Reference
Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date for the
Securities, an average, as determined by an Independent Investment
Banker, of the bid and asked prices for the Comparable Treasury
Issue for the Securities (expressed in each case as a percentage of
its principal amount) quoted in writing to an Independent
Investment Banker by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such
Redemption Date.
A-6
Except as set
forth above, the Securities will not be redeemable prior to their
Stated Maturity and will not be entitled to the benefit of any
sinking fund.
Securities called
for optional redemption become due on the Redemption Date. Notices
of optional redemption will be mailed at least 30 but not more than
60 days before the Redemption Date to each Holder of the
Securities to be redeemed at its registered address. The notice of
optional redemption for the Securities will state, among other
things, the amount of Securities to be redeemed, the Redemption
Date, the method of calculating such redemption price and the
place(s) that payment will be made upon presentation and surrender
of Securities to be redeemed. Unless the Company defaults in
payment of the redemption price, interest will cease to accrue on
the Redemption Date with respect to any Securities that have been
called for optional redemption. If less than all the Securities are
redeemed at any time, the Trustee will select the Securities to be
redeemed on a pro rata basis or by any other method the Trustee
deems fair and appropriate.
The Securities may
be redeemed in part in multiplies of $1,000 only. Any such
redemption will also comply with Article III of the
Indenture.
Denominations; Transfer; Exchange
.
The Securities are
to be issued in registered form, without coupons, in denominations
of $1,000 and integral multiples of $1,000 in excess thereof. A
Holder may register the transfer of, or exchange, Securities in
accordance with the Indenture. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture.
The registered
Holder of a Security may be treated as the owner of it for all
purposes.
Amendment;
Supplement; Waiver .
Subject to certain
exceptions, the Indenture may be amended or supplemented, and any
existing Event of Default or compliance with any provision may be
waived, with the consent of the Holders of a majority in principal
amount of the Outstanding Debt Securities of each series affected.
Without consent of any Holder of a Security, the parties thereto
may amend or supplement the Indenture to, among other things, cure
any ambiguity or omission, to correct any defect or inconsistency,
or to make any other change that does not adversely affect the
rights of any Holder of a Security. Any such consent or waiver by
the Holder of this Security (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Security and any
Securities which may be issued in exchange or substitution herefor,
irrespective of whether or not any notation thereof is made upon
this Security or such other Securities.
Certain events of
bankruptcy or insolvency are Events of Default that will result in
the principal amount of the Securities, together with premium, if
any, and accrued and unpaid
A-7
interest
thereon, becoming due and payable immediately upon the occurrence
of such Events of Default. If any other Event of Default with
respect to the Securities occurs and is continuing, then in every
such case the Trustee or the Holders of not less than 25% in
aggregate principal amount of the Securities then Outstanding may
declare the principal amount of all the Securities, together with
premium, if any, and accrued and unpaid interest thereon, to be due
and payable immediately in the manner and with the effect provided
in the Indenture. Notwithstanding the preceding sentence, however,
if at any time after such a declaration of acceleration has been
made, the Holders of a majority in principal amount of the
Outstanding Securities, by written notice to the Trustee, may
rescind such declaration and annul its consequences if the
rescission would not conflict with any judgment or decree of a
court already rendered and if all Events of Default with respect to
the Securities, other than the nonpayment of the principal,
premium, if any, or interest which has become due solely by such
declaration acceleration, shall have been cured or shall have been
waived. No such rescission shall affect any subsequent default or
shall impair any right consequent thereon. Holders of Securities
may not enforce the Indenture or the Securities except as provided
in the Indenture. The Trustee may require indemnity or security
satisfactory to it before it enforces the Indenture or the
Securities. Subject to certain limitations, Holders of a majority
in aggregate principal amount of the Securities then Outstanding
may direct the Trustee in its exercise of any trust or power with
respect to the Securities.
Trustee
Dealings with Company .
The Trustee under
the Indenture, in its individual or any other capacity, may make
loans to, accept deposits from, and perform services for the
Company or its Affiliates or any subsidiary of the Company’s
Affiliates, and may otherwise deal with the Company or its
Affiliates as if it were not the Trustee.
This Security
shall not be valid until the Trustee signs the certificate of
authentication on the other side of this Security.
Abbreviations and Defined Terms
.
Customary
abbreviations may be used in the name of a Holder of a Security or
an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants
by the entireties), JT TEN (joint tenants with right of
survivorship and not as tenants in common), CUST (Custodian), and
U/G/M/A (Uniform Gifts to Minors Act).
Pursuant to a
recommendation promulgated by the Committee on Uniform Note
Identification Procedures, the Company has caused CUSIP numbers to
be printed on the Securities as a convenience to the Holders of the
Securities. No representation is made as to the accuracy of such
number as printed on the Securities and reliance may be placed only
on the other identification numbers printed hereon.
A-8
No reference
herein to the Indenture and no provision of this Security or the
Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of,
premium, if any, and interest on this Security in the manner, at
the respective times, at the rate and in the coin or currency
herein prescribed.
The General
Partner and the general partner of the Parent Guarantor and their
respective directors, officers, employees and members, as such,
shall have no liability for any obligations of any Guarantor or the
Issuer under the Securities, the Indenture or any Guarantee or for
any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting the
Securities waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the
Securities.
This Security
shall be construed in accordance with and governed by the laws of
the State of New York.
The Securities are
fully and unconditionally guaranteed on an unsecured,
unsubordinated basis by the Parent Guarantor as set forth in
Article XIV of the Indenture, as noted in the Notation of
Guarantee to this Security, and under certain circumstances set
forth in the Original Indenture one or more Subsidiaries of the
Parent Guarantor may be required to join in such
guarantee.
The Holder, by
accepting this Security, acknowledges and affirms that (i) it
has purchased the Security in reliance upon the separateness of
Parent Guarantor and the general partner of Parent Guarantor from
each other and from any other Persons, including EPCO, Inc., and
(ii) Parent Guarantor and the general partner of Parent
Guarantor have assets and liabilities that are separate from those
of other Persons, including EPCO, Inc.
A-9
The Parent
Guarantor (which term includes any successor Person under the
Indenture), has fully, unconditionally and absolutely guaranteed,
to the extent set forth in the Indenture and subject to the
provisions in the Indenture, the due and punctual payment of the
principal of, and premium, if any, and interest on the Securities
and all other amounts due and payable under the Indenture and the
Securities by the Company.
The obligations of
the Parent Guarantor to the Holders of Securities and to the
Trustee pursuant to its Guarantee and the Indenture are expressly
set forth in Article XIV of the Indenture and reference is
hereby made to the Indenture for the precise terms of the
Guarantee.
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ENTERPRISE
PRODUCTS PARTNERS L.P.
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By:
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Enterprise
Products GP, LLC,
its General Partner
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By:
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Name:
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W. Randall
Fowler
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Title:
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Executive Vice
President and
Chief Financial Officer
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A-10
The following
abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in
full according to applicable laws or regulations:
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— as
tenants in common
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UNIF GIFT MIN
ACT —
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— as
tenants by entireties
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Custodian
for:
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— as
joint tenants with right of survivorship and not as tenants in
common
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under Uniform
Gifts to Minors Act of
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Additional abbreviations may also be
used though not in the above list.
FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
PLEASE INSERT
SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
Please print or type name and
address including postal zip code of assignee
the within
Security and all rights thereunder, hereby irrevocably constituting
and appointing
to transfer
said Security on the books of the Company, with full power of
substitution in the premises.
A-11
SCHEDULE OF INCREASES OR
DECREASES
IN GLOBAL SECURITY *
The following
increases or decreases in this Global Security have been
made:
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Amount of
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Amount of
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Principal Amount
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Decrease in
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Increase in
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of this Global
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Signature of
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Principal
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Principal Amount
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Security following
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authorized officer
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Amount of this
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of this
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such decrease
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of Trustee or
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Date of
Exchange
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Global Security
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Global Security
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(or increase)
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Depositary
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*
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To be included
in a Book-Entry Note.
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A-12
FORM OF NOTE
[ FACE OF SECURITY
]
[
UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE
& CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. ] *
[
TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN. ]
*
$
[ which amount may be
increased or decreased by the Schedule
of Increases and Decreases in Global Security attached hereto.
] *
ENTERPRISE PRODUCTS OPERATING
LLC
6.125% SENIOR NOTE DUE 2013
ENTERPRISE
PRODUCTS OPERATING LLC, a Texas limited liability company (the
“Company,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby
promises to pay to [ Cede & Co. ]
*
or its registered assigns, the
principal sum of
($
U.S. dollars, [ or such greater or lesser principal sum as
is shown on the attached Schedule of Increases and Decreases in
Global Security ] * , on February 1, 2013 in such coin and
currency of the United States of America as at the time of payment
shall be legal tender for the payment of public and private debts,
and to pay interest at an annual rate of 6.125% payable on February
1 and August 1 of each year, to the person in
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*
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To be included
in a Book-Entry Note.
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B-1
whose name the
Security (as defined on the reverse side of this security) is
registered at the close of business on the record date for such
interest, which shall be the preceding January 15 and
July 15 (each, a “Regular Record Date”),
respectively, payable commencing on February 1, 2010, with
interest accruing from and including August 1, 2009, or from
and including the most recent date to which interest shall have
been paid.
Reference is made
to the further provisions of this Security set forth on the reverse
hereof. Such further provisions shall for all purposes have the
same effect as though fully set forth at this place.
The statements in
the legends set forth in this Security are an integral part of the
terms of this Security and by acceptance hereof the Holder of this
Security agrees to be subject to, and bound by, the terms and
provisions set forth in each such legend.
This Security is
issued in respect of a series of Debt Securities of an initial
aggregate of $200 million in principal amount designated as
the 6.125% Senior Notes due 2013 of the Company and is governed by
the Indenture dated as of October 4, 2004 (the “Original
Indenture”), duly executed and delivered by the Company, as
issuer, and Enterprise Products Partners L.P., as parent guarantor
(the “Parent Guarantor”), to Wells Fargo Bank, National
Association, as trustee (the “Trustee”), as amended by
the Tenth Supplemental Indenture, dated as of June 30, 2007,
providing for the Company as the successor issuer (the “Tenth
Supplemental Indenture”), and the Seventeenth Supplemental
Indenture dated as of October [___], 2009, duly executed by the
Company, the Parent Guarantor and the Trustee (the
“Seventeenth Supplemental Indenture”, and together with
the Original Indenture and the Tenth Supplemental Indenture, the
“Indenture”). The terms of the Indenture are
incorporated herein by reference. This Security shall in all
respects be entitled to the same benefits as definitive Debt
Securities under the Indenture.
If and to the
extent any provision of the Indenture limits, qualifies or
conflicts with any other provision of the Indenture that is
required to be included in the Indenture or is deemed applicable to
the Indenture by virtue of the provisions of the Trust Indenture
Act of 1939, as amended (the “TIA”), such required
provision shall control.
The Company hereby
irrevocably undertakes to the Holder hereof to exchange this
Security in accordance with the terms of the Indenture without
charge.
This Security
shall not be valid or become obligatory for any purpose until the
Trustee’s Certificate of Authentication hereon shall have
been manually signed by the Trustee under the Indenture.
B-2
IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed
by its sole manager.
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ENTERPRISE
PRODUCTS OPERATING LLC
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By:
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Enterprise
Products OLPGP, Inc.
its sole manager
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By:
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Name:
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Title:
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TRUSTEE’S
CERTIFICATE OF AUTHENTICATION:
This is one of the
Debt Securities of the series designated herein referred to in the
within-mentioned Indenture.
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WELLS FARGO
BANK, NATIONAL ASSOCIATION,
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as
Trustee
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By:
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Authorized
Signatory
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B-3
[ REVERSE OF SECURITY ]
ENTERPRISE PRODUCTS OPERATING LLC
6.125% SENIOR NOTE DUE
2013
This Security is
one of a duly authorized issue of debentures, notes or other
evidences of indebtedness of the Company (the “Debt
Securities”) of the series hereinafter specified, all issued
or to be issued under and pursuant to the Indenture, to which
Indenture reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company, the Parent Guarantor and
the Holders of the Debt Securities. The Debt Securities may be
issued in one or more series, which different series may be issued
in various aggregate principal amounts, may mature at different
times, may bear interest (if any) at different rates, may be
subject to different sinking, purchase or analogous funds (if any)
and may otherwise vary as provided in the Indenture. This Security
is one of a series designated as the 6.125% Senior Notes due 2013
of the Company, in initial aggregate principal amount of $200
million (the “Securities”).
The Company
promises to pay interest on the principal amount of this Security
at the rate of 6.125% per annum.
The Company will
pay interest semi-annually on February 1 and August 1 of each year
(each an “Interest Payment Date”), commencing
February 1, 2010. Interest on the Securities will accrue from
and including the most recent date to which interest has been paid
or, if no interest has been paid on the Securities, from and
including August 1, 2009. Interest will be computed on the
basis of a 360-day year consisting of twelve 30-day months. The
Company shall pay interest (including post-petition interest in any
proceeding under any applicable bankruptcy laws) on overdue
installments of interest (without regard to any applicable grace
period) and on overdue principal and premium, if any, from time to
time on demand at the same rate per annum, in each case to the
extent lawful.
The Company shall
pay interest on the Securities (except Defaulted Interest) to the
persons who are the registered Holders at the close of business on
the Regular Record Date immediately preceding the Interest Payment
Date. Any such interest not so punctually paid or duly provided for
(“Defaulted Interest”) may be paid to the persons who
are registered Holders at the close of business on a special record
date for the payment of such Defaulted Interest, or in any other
lawful manner not inconsistent with the requirements of any
securities exchange on which such Securities may then be listed if
such manner of payment shall be deemed practicable by the Trustee,
as more fully provided in the Indenture. The Company shall pay
principal, premium, if any, and interest in such coin or currency
of the United States of America as at the time of payment shall be
legal tender for payment of public and private debts. Payments in
respect of a Global Security (including principal, premium, if any,
and interest) will be made by wire transfer of immediately
available funds to the accounts specified by the Depositary.
Payments in respect of Securities in definitive form (including
principal, premium, if any, and
B-4
interest) will
be made at the office or agency of the Company maintained for such
purpose within The City of New York, which initially will be the
corporate trust office of Wells Fargo Bank, National Association at
45 Broadway, 14th Floor, New York, New York 10006, or, at the
option of the Company, payment of interest may be made by check
mailed to the Holders on the relevant record date at their
addresses set forth in the Debt Security Register of Holders or at
the option of the Holder, payment of interest on Securities in
defi
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